Nuance Private Accounts

Nuance Mid Cap Value

Sector Allocation
as of 08/31/2018

GICS Sectors Nuance Mid Cap Value Composite Russell Midcap Value Index
Cash 8.3 0.0
Consumer Discretionary 1.0 11.3
Consumer Staples 9.2 5.0
Energy 0.0 7.7
Financials 31.4

18.2

Healthcare 19.2 6.7
Industrials 7.0 12.4
Information Technology 6.6 9.3
Materials 3.0 6.1
Real Estate 7.0 12.9
Telecommunications 0.0 0.6
Utilities 7.4 10.0
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 08/31/2018


  Nuance Mid Cap Value Composite Russell Midcap Value Index
Weighted Average Market Cap 15.7b
15.1b
Median Market Cap 9.5b
8.2b
Price to Earnings (internal and ttm)* 19.4x
23.6x
Dividend Yield 1.7% 2.1%
Return on Equity 12.8%
12.1%
Return on Assets 5.0%
4.3%
Number of Securities 53
594

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

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

Portfolio Guidelines


Capitalization1 Mid-Cap
Cash Limits2 10.00%
International Limits3 15.00%
Diversification Limit 5.00% of Total Assets in any position for 25.00% of the assets
Convertible and Debt Limits 10.00%
Maximum Position 7.50%
Industry Constraint4 25.00% of Total Assets in any GICS Industry
Sector Constraints5 +/-15% Russell Midcap Value Index
Number of Companies6 50 -to- 90
Absolute Volatility Less than S&P 500 Index
Peer Group Mid Cap Value
Primary Benchmark Russell Midcap Value Index
Secondary Benchmarks S&P MidCap 400 Value Index
S&P 500 Index
Tracking Error Appx. 350-700 bps
Performance Focus Absolute Return & Sharpe Ratio vs. Russell Midcap® Value & S&P 500

Top 10 Holdings

as of 08/31/2018


Dentsply Sirona Co. 5.9
Sanderson Farms Inc.
5.1
Smith & Nephew Plc Sp Adr
5.0
Travelers Companies Inc.
4.0
Equity Commonwealth
3.9
Unum Group
3.6
UMB Financial Corp.
3.0
Reinsurance Group of America Inc.
3.0
White Mountains Insurance Group 3.0
Amphenol Corp. Class A
3.0
Note: Holdings are subject to change. For a complete list contact Nuance Investments.



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