|Sector Allocation||as of 10/31/2023|
|GICS® Sectors||Nuance Concentrated Value Composite||Russell 3000 Value Index|
|Portfolio Characteristics||as of 10/31/2023|
|Nuance Concentrated Value Composite||Russell 3000 Value Index|
|Weighted Average Market Cap||20.7b||125.9b|
|Median Market Cap||8.8b||1.7b|
|Price to Earnings (Normal)*||11.9x||15.7x|
|Price to Earnings (Ex-Neg Earnings)||-||13.7x|
|Return on Tangible Assets (Normal)*||10.0%||7.8%|
|Return on Tangible Assets (Trailing)||6.7%||7.8%|
|Return on Assets (Normal)*||8.0%||6.2%|
|Return on Assets (Trailing)||5.4%||6.2%|
|Number of Securities||33||2,289|
* Based on Nuance normalized earnings estimates.
Index statistics are provided by FactSet. The following characteristics are calculated using FactSet data: Weighted Average Market Cap, Median Market Cap (midpoint of market capitalization of the stocks in the portfolio), Dividend Yield (annual dividends relative to share price), Return on Tangible Assets (net income divided by tangible assets), Return on Assets (net income divided by total assets), P/E (price of a company’s stock relative to its earnings per share). Characteristics for P/E and Dividend Yield use an index aggregation calculation methodology (the index method sums the weighted portfolio value of the numerator and the denominator first, then divides those sums to determine the portfolio and benchmark values). ROTA and ROA characteristics for the benchmark use FactSet net recurrent earnings (T12M). The weighted average ROTA and ROA number for both the portfolio and the benchmark is displayed. Characteristics calculations use holdings at market close on the stated date, including cash & cash equivalents. The P/E excluding negative earners omits companies with negative earnings from the calculation to provide readers with an additional tool during periods of extreme volatility.
|Diversification Limits||50.00% of the portfolio assets will not have positions of greater than 5.00%|
|Number of Companies4||15 to 35|
|Absolute Volatility||Less than the S&P 500® Index|
|Peer Group||All-Cap Value|
|Primary Benchmark||Russell 3000® Value Index|
|Secondary Benchmarks||S&P 500® Index|
|Tracking Error||Approximately 350-1000 bps|
|Performance Focus||Absolute Return & Sharpe Ratio vs. Russell 3000® Value Index and S&P 500® Index|
|Top 10 Holdings % of Net Assets||as of 10/31/2023|
|Henkel AG & Co. KGaA Sp ADR||8.5|
|Dentsply Sirona, Inc.||7.5|
|Travelers Companies, Inc.||5.8|
|United Utilities Group PLC Sp ADR||5.4|
|Northern Trust Corporation||4.8|
|Pennon Group Plc Unsp ADR||4.1|
|Healthcare Realty Trust Inc. Class A||3.4|
Return calculations for the Composite are provided by Clearwater Analytics. Return calculations for all indices are provided by FactSet. The collection of fees has a compounding effect on the total rate of return net of investment management fees. Net of fee performance is presented after all actual investment management fees, performance-based management fees and all trading expenses that may occur. No other fees are deducted aside from trading and management fees for the calculation of net of fee performance. A full schedule of fees for all Firm products is available upon request.
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The information contained herein should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment strategy. Investing involves risk, including the possible loss of principal.(1) The portfolio generally will not exceed a 25% weighting in Cash. (2) The portfolio may invest up to 25% of its assets in equity securities of foreign companies in countries classified as developed by MSCI. Nuance utilizes MSCI to classify its international holdings. The country classification of a company is generally determined by the company’s country of incorporation and the primary listing of its securities. MSCI will classify a company in the country of incorporation if its securities have a primary listing in this country. In such cases where a company’s securities have a primary listing outside of the country of incorporation, an additional analysis is performed to determine the company’s country classification. Currently, the following countries were classified as developed by MSCI: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK, and the United States. (3) The portfolio will not exceed a 25% weighting in one industry as defined by GICS® classification standards (GICS®). (4) A typical portfolio will hold between 15 and 35 companies. This is not a fundamental diversification limit.
Past Performance is not a guarantee of future results. Securities are subject to general market risks due to a variety of factors that affect the overall market. There is no guarantee that an investment with the strategy will meet its investment objectives, and it may underperform the market. Please contact firstname.lastname@example.org to request a copy of the Firm’s Disclosure Brochure for more information.
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