U.S. Large Cap Select
The U.S. Large Cap Select strategy is a concentrated strategy that starts with Russell 1000 constituents then adjusts for risk, accounting manipulation and quality. It seeks to buy high quality companies at value prices. To overcome the inadequacies of GAAP accounting, financial statements are recast to reflect intangible investments made through the income statement. Proprietary measures of economic profit and quality are used in the valuation process.
Multi-Horizon Returns
15.7%
15.4%
15.1%
17.9%
17.3%
10.3%
26.8%
25.6%
22.0%
29.5%
28.2%
20.5%
26.7%
25.4%
12.7%
32.4%
31.1%
20.2%
QTDYTD1YR
3YR5YRITD
| QTD | YTD | 1YR | 3YR | 5YR | ITD | |
|---|---|---|---|---|---|---|
| Large-Cap Select (Gross) | 15.70% | 17.85% | 26.81% | 29.45% | 26.66% | 32.43% |
| Large-Cap Select (Net) | 15.42% | 17.27% | 25.55% | 28.17% | 25.40% | 31.12% |
| Russell 1000 Index | 15.13% | 10.32% | 22.01% | 20.47% | 12.66% | 20.23% |
| Excess (Net) | +0.29% | +6.95% | +3.54% | +7.70% | +12.75% | +10.89% |
Sector Positioning
| Portfolio | Benchmark | ||
|---|---|---|---|
| Information Technology | 50.4% | 36.2% | |
| Health Care | 29.5% | 9.1% | |
| Communication Services | 10.8% | 9.4% | |
| Consumer Staples | 5.6% | 4.4% | |
| Financials | 3.1% | 12.0% | |
| Consumer Discretionary | — | 9.4% | |
| Energy | — | 3.0% | |
| Industrials | — | 10.0% | |
| Materials | — | 2.1% | |
| Real Estate | — | 2.1% | |
| Utilities | — | 2.2% | |
| Cash & Other | 0.7% | 0.0% |
Portfolio Characteristics
| Portfolio | Benchmark | |
|---|---|---|
| # of Securities | 16 | 1,026 |
| Active Share | 99.7% | — |
| Wtd Avg Mkt Cap | $14.4B | $79.6B |
| Median Mkt Cap | $11.2B | $17.2B |
| Gross Margin | 75.7% | 50.6% |
| EBIT Margin | 17.1% | 26.5% |
| ROIC | 19.5% | 25.1% |
| P/E | 20.7x | 25.2x |
| P/CF | 11.6x | 18.6x |
| FCF Yield | 8.0% | 2.8% |
| Net Debt/EBITDA | -4.9x | 1.3x |
Top 5 Holdings
| EXEL | Exelixis, Inc. | 11.87% |
|---|---|---|
| PINS | Pinterest, Inc. Class A | 10.79% |
| LNTH | Lantheus Holdings Inc | 9.08% |
| CRUS | Cirrus Logic, Inc. | 8.74% |
| INCY | Incyte Corporation | 8.52% |
| Top 5 Total | 49.00% | |
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