Nuance Private Accounts

Nuance Concentrated Value

Sector Allocation
as of 06/30/2018

GICS Sectors Nuance Concentrated Value Composite Russell 3000 Value Index
Cash 22.5 0.0
Consumer Discretionary 1.0 8.6
Consumer Staples 13.4 6.9
Energy 0.0 10.8
Financials 24.0 23.7
Health Care 24.2 13.1
Industrials 4.2 8.2
Information Technology 4.5 9.9
Materials 2.6 4.1
Real Estate 3.6 5.5
Telecommunications 0.0 3.4
Utilities 0.0 5.8
Note: Sector Classifications are generally determined by referencing the Global Industry Classification Standard (GICS ®) Codes developed by Standard & Poor’s and Morgan Stanley Capital International. Sector Allocations are a percent of equity investments and subject to change. Sector Allocation provided by Bloomberg.

Portfolio Characteristics
as of 06/30/2018


  Nuance Concentrated Value Composite Russell 3000 Value Index
Weighted Average Market Cap 50.4b 109.9b
Median Market Cap 19.8b 1.7b
Price to Earnings (internal and ttm)* 15.1x 16.8x
Forward Price to Earnings 15.4x 15.0x
Dividend Yield 1.7% 2.5%
Return on Equity 19.2% 17.8%
Return on Assets 6.2% 4.9%
Number of Securities 33 2,093

Note: Portfolio Statistics provided by Bloomberg and include cash and cash equivalents.

*Based on Nuance internal estimates and benchmarked against the above noted Russell index. 

Portfolio Guidelines


Capitalization All-Cap
Cash Limits1 25.00%
International Limits2 25.00%
Diversification Limits 50.00% of the portfolio assets will not have positions of greater than 5.00%
Maximum Position 15.00%
Industry Constraints3 25.00%
Number of Companies4 15-to-35
Absolute Volatility Less than S&P 500 Index
Peer Group All-Cap Value
Primary Benchmark Russell 3000 Value Index
Secondary Benchmarks S&P 500 Index
Tracking Error Appx. 350-1000 bps
Performance Focus Absolute Return & Sharpe Ratio vs. Russell 3000 Value Index and S&P 500 Index

Top 10 Holdings

as of 06/30/2018

Dentsply Sirona Co. 5.2
Diageo Plc Sp Adr 5.0
Sanderson Farms Inc. 4.2

Smith & Nephew Plc Sp ADR

4.1
Travelers Companies Inc. 3.8
Becton Dickinson Co. 3.8
Cerner Corp. 3.7
Equity Commonwealth 3.6
Unum Group 3.4
Metlife Inc. 3.3
Note: Holdings are subject to change. For a complete list contact Nuance Investments.



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