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Value Fund (WVAIX)

Fund Facts

  • Ticker
    WVAIX
  • CUSIP
    94904P856
  • Fund
    Inception
    05/09/1986
  • Class
    Inception
    07/31/2014
  • Net
    Assets
    $763 Million
    as of 06/30/2020
  • Dividend
    Frequency
    Semi-annually
  • Portfolio
    Manager(s)
      Bradley Hinton, CFA

Investment Approach

The Value Fund is a large-cap focused, no-load, concentrated stock fund. The investment objective of the Fund is capital appreciation.

Strategy and Process

High-conviction large-cap portfolio

There are a limited number of great investment ideas.

We take a long-term view and construct a high active share portfolio.

Value driven, private-buyer mindset

The value of a business is a function of the cash flows it will generate over time.

We think about and value a business like a private buyer and look to buy shares at a discount to our calculation of intrinsic value.

Focus on bottom-up, fundamental research

Human behavior and market sentiment are more volatile than the intrinsic value of a business.

We use bottom-up research to build a concentrated portfolio and may invest in companies that many other traditional value investors may not.

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.

Historical Returns
as of 08/31/2020

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
5/9/1986
Value Fund 9.82% 6.27% 18.30% 13.30% 10.07% 12.78% 10.50%
S&P 500® 9.74% 7.19% 21.94% 14.52% 14.46% 15.16% 10.59%
Russell 1000® 10.43% 7.34% 22.50% 14.58% 14.31% 15.19% 10.61%

Growth of a $10,000 Investment Since Inception
as of 08/31/2020

Summary of Returns

Year Value Fund S&P 500®Relative Results
2019 34.49% 31.49% 3.00%
2018 -4.67% -4.38% -0.29%
2017 15.80% 21.83% -6.03%
2016 3.13% 11.96% -8.83%
2015 -4.30% 1.38% -5.68%
2014 9.63% 13.69% -4.06%
2013 31.75% 32.39% -0.64%
2012 13.17% 16.00% -2.83%
2011 6.12% 2.11% 4.01%
2010 19.94% 15.06% 4.88%
2009 27.62% 26.46% 1.16%
2008 -26.90% -37.00% 10.10%
2007 -10.35% 5.49% -15.84%
2006 21.85% 15.79% 6.06%
2005 -2.77% 4.91% -7.68%
2004 15.74% 10.88% 4.86%
2003 28.73% 28.68% 0.05%
2002 -17.10% -22.10% 5.00%
2001 0.24% -11.89% 12.13%
2000 19.62% -9.10% 28.72%
1999 20.97% 21.04% -0.07%
1998 28.94% 28.58% 0.36%
1997 38.93% 33.36% 5.57%
1996 18.69% 22.96% -4.27%
1995 38.37% 37.58% 0.79%
1994 -9.83% 1.32% -11.15%
1993 20.04% 10.08% 9.96%
1992 13.63% 7.62% 6.01%
1991 27.63% 30.47% -2.84%
1990 -5.22% -3.10% -2.12%
1989 22.07% 31.69% -9.62%
1988 16.45% 16.61% -0.16%
1987 -0.54% 5.10% -5.64%
1986 (05/09/1986) 3.45% -28.48% 31.93%
Swipe/scroll vertically for full history

Since Inception Returns

Since Fund Inception (5/9/1986) Value Fund S&P 500®Relative Results
Cumulative Return 2,983.28% 3,074.60% -91.32%
Average Annual Return 10.50% 10.59% -0.09%

Morningstar Ratings™
as of 08/31/2020

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Large Growth   
out of 1228
 
out of 1091
  
out of 810
 
out of 1228
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 08/31/2020

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Large Growth 1220 / 1335
90
1103 / 1228
90
1050 / 1091
95
n/a
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2020

Gross Expense Ratio 0.94%
Net Expense Ratio 0.89%
Contractual Expiration Date 7/31/2021
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 06/30/2020

Versus Russell 1000 3 Year 5 Year
R-Squared 94.0 90.2
Beta 0.94 0.90
Alpha -0.31 -2.40
Upside Capture Ratio 89.5 81.7
Downside Capture Ratio 89.0 93.1
Standard Deviation 16.7 14.1
Sharpe Ratio 0.47 0.39

Source: Factset

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2020

Sector Allocation
% of Common Stock as of 06/30/2020

Communication Services 24.7%
Information Technology 23.4%
Financials 20.3%
Health Care 12.9%
Materials 6.7%
Consumer Discretionary 6.3%
Industrials 3.4%
Consumer Staples 2.3%

Top 10 Holdings
% of Net Assets as of 06/30/2020

Alphabet, Inc. - Class C 7.4%
Berkshire Hathaway Inc. - Class B 6.2%
Liberty Broadband Corp. - Series C 5.9%
Facebook, Inc. - Class A 4.8%
Thermo Fisher Scientific Inc. 4.7%
Visa Inc. - Class A 4.3%
Danaher Corp. 4.3%
Mastercard Inc. - Class A 4.1%
Aon plc - Class A 4.0%
Analog Devices, Inc. 4.0%
% of Net Assets in Top Holdings 49.7%
View Full Portfolio Holdings as of 06/30/2020

Capitalization
% of Common Stock as of 06/30/2020

> $50 Billion 65.4%
$25 - $50 Billion 15.6%
$10 - $25 Billion 19.0%
$2.5 - $10 Billion 0.0%
< $2.5 Billion 0.0%
Weighted Average Market Cap $272.4 Billion

Portfolio Characteristics
as of 06/30/2020

Number of Companies 25
Active Share vs. Russell 1000 84.8%
Annual Turnover*
16%
5-Year Avg. Annual Turnover* 27%

*as of most recent Annual Report

Morningstar Stock Stylebox
as of 6/30/2020

Value
Blend
Growth
Large
10
39
32
Medium
3
9
7
Small
0
0
0
 

Weight %

  • 50+
  • 25-49
  • 10-24
  • 0-9
  • 50+
  • 25-49
  • 10-24
  • 0-9

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
06/16/20 06/17/20 n/a n/a 1.2600 1.2600 45.12
12/16/19 12/17/19 n/a n/a 0.9500 0.9500 47.14
06/17/19 06/18/19 n/a n/a 1.2534 1.2534 44.16
12/26/18 12/27/18 n/a n/a 2.0400 2.0400 36.88
06/26/18 06/27/18 n/a n/a 1.9793 1.9793 42.08
12/26/17 12/27/17 n/a n/a 1.3500 1.3500 43.04
06/27/17 06/28/17 n/a n/a 1.7051 1.7051 41.84
12/27/16 12/28/16 n/a n/a n/a n/a n/a
06/27/16 06/28/16 n/a n/a n/a n/a n/a
12/28/15 12/29/15 n/a n/a 1.9200 1.9200 38.80
06/25/15 06/26/15 n/a n/a 3.0634 3.0634 43.97
12/26/14 12/29/14 n/a n/a 2.0450 2.0450 45.80

Literature

Fact Sheet Commentary Summary Prospectus
Annual Report Semi-Annual Report Prospectus SAI XBRL*

Risks

An investment in a mutual fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors.  Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases such as the COVID-19 pandemic) which can lead to increased market volatility and negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot be reasonably estimated.  

Value Investing Risk
Value investors seek to invest in companies whose stock prices are low in relation to their estimated worth or future prospects. Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. 

Concentration Risk
The risk that the Fund›s performance may be hurt disproportionately by the poor performance of relatively few stocks. The fund tends to invest a high percentage of assets in its largest holdings.

Large Company Risk
Large companies tend to have less overall volatility, compared to mid-size and small companies; however, large companies may not be able to attain the high growth rates of successful mid-size or small companies.  In addition, large companies may be less capable of responding to competitive challenges and disruptive changes.

Non-U.S. Securities Risk
The Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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