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Nuance Private Accounts

Nuance Mid Cap Value

Sector Allocationas of 1/31/2024
GICS® SectorsNuance Mid Cap Value CompositeRussell Midcap Value Index
Cash4.60.0
Communication Services0.03.3
Consumer Discretionary0.09.2
Consumer Staples18.43.7
Energy0.05.2
Financials17.318.0
Health Care21.46.8
Industrials16.919.5
Information Technology0.39.5
Materials1.47.5
Real Estate6.510.3
Utilities13.47.1
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 FactSet.
Portfolio Characteristicsas of 1/31/2024
Nuance Mid Cap Value CompositeRussell Midcap Value Index
Weighted Average Market Cap20.4b23.3b
Median Market Cap13.9b10.2b
Price to Earnings (Normal)*13.3x20.2x
Price to Earnings (ex-neg earnings)-16.3x
Dividend Yield3.0%2.0%
Return on Tangible Assets (Normal)*9.7%6.5%
Return on Tangible Assets (Trailing)6.0%6.5%
Return on Assets (Normal)*7.5%5.1%
Return on Assets (Trailing)4.6%5.1%
Number of Securities52700

* 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.

Portfolio Guidelines
Capitalization1Mid-Cap
Cash Limits210.00%
International Limits315.00%
Diversification Limits25.00% of the portfolio assets will not have positions of greater than 5.00%
Convertible and Preferred Security Limits10.00%
Maximum Position7.50%
Industry Constraint425.00% of Total Assets in any GICS Industry
Sector Constraints5+/-15% Russell Midcap® Value Index
Number of Companies650 to 90
Absolute VolatilityLess than the S&P 500® Index
Peer GroupMid-Cap Value
Primary BenchmarkRussell Midcap® Value Index
Secondary BenchmarksS&P MidCap 400® Value Index, S&P 500® Index
Tracking ErrorApproximately 350-750 bps
Performance FocusAbsolute Return & Sharpe Ratio vs. Russell Midcap® Value Index and S&P 500® Index
Top 10 Holdings % of Net Assetsas of 1/31/2024
3M Company7.3
Dentsply Sirona, Inc.7.3
Kimberly-Clark Corporation4.9
Northern Trust Corporation4.7
Henkel AG & Co. KGaA Sp ADR4.2
United Utilities Group PLC Sp ADR3.7
Reinsurance Group of America, Inc.3.6
Mueller Water Products, Inc. Class A3.6
Healthcare Realty Trust Inc. Class A3.5
QIAGEN NV2.9
Note: Holdings are subject to change. For a complete list contact Nuance Investments.

Nuance Investments, LLC (the “Firm”) is a Registered Investment Advisor. The Firm’s Nuance Mid Cap Value Composite (the “Composite”) is a composite of actual accounts invested in the Nuance Mid Cap Value investment strategy. The creation and inception date for the Composite is 11/03/2008. The Composite includes all accounts that have invested in the strategy; including accounts no longer managed by the Firm and are presented in US Dollars. Actual account returns may be higher or lower than the Composite returns due to differences in portfolio holdings, timing of security transactions, and account inception date. The Primary Benchmark for the Composite is the Russell Midcap Value Index. The Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Secondary Benchmarks for the Composite are the S&P MidCap 400 Value TR Index and the S&P 500 TR Index. The S&P MidCap 400 Value TR Index measures value in separate dimensions across six risk factors. The Value factors include book value to price ratio, sales to price ratio and dividend yield. The S&P 500 TR Index is a market-value weighted index representing the performance of 500 widely held publicly traded large-capitalization stocks. Individuals cannot invest directly in any index. Indices are used for comparison purposes only and are not meant to be indicative of a portfolio’s performance, asset composition, or volatility. The performance of the Composite may differ markedly from that of compared indices due to varying degrees of diversification and/or other facts.

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 weighted average market capitalization generally will be maintained between the smallest and largest members of the Russell Midcap Index. The market capitalization of at least 80 percent of these securities will generally fall between the range of the smallest and largest members of the Russell Mid Cap Index (defined using a trailing 12 month average derived from FactSet of the smallest and largest members on a month to month basis.
(2) The portfolio will generally not exceed a 10% weighting in Cash.
(3) The portfolio may invest up to 15% of its assets in equity securities of foreign companies in countries classified as “developed” by MSCI.  Nuance utilizes FactSet’s country assignments for individual companies. Currently, the following countries are 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, UK, and the United States.
(4) The portfolio will generally not exceed a 25% weighting in one industry as defined by GICS classification standards (GICS®).
(5) Sector diversification will be within +/- 15% Russell Midcap Value Index. This is a fundamental diversification limit.
(6) A typical portfolio will generally hold between 50 and 90 companies. This is 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 client.services@nuanceinvestments.com to request a copy of the Firm’s Disclosure Brochure for more information.

Nuance Investments, LLC • 4900 Main Street, Suite 220, Kansas City, MO 64112​

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