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Large Cap Equity Fund (WVALX)

Fund Facts

  • Ticker
    WVALX
  • CUSIP
    94904P203
  • Fund
    Inception
    05/09/1986
  • Class
    Inception
    05/09/1986
  • Fund
    Assets
    $940 Million
    as of 03/31/2024
  • Dividend
    Frequency
    Annually
  • Portfolio
    Manager(s)
      Brad Hinton, CFA®

Investment Approach

The Large Cap Equity 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.

Returns
as of 05/31/2024

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR20 YR30 YR35 YR Since Fund
Inception
5/9/1986
Large Cap Equity Fund 2.58% 1.65% 19.80% 4.13% 12.20% 8.83% 7.40% 10.21% 10.23% 10.37%
Russell 1000 Index 10.58% 4.71% 28.01% 8.45% 15.40% 12.39% 10.24% 10.60% 10.63% 10.82%
S&P 500 Index 11.30% 4.96% 28.19% 9.56% 15.79% 12.68% 10.19% 10.57% 10.59% 10.86%

Growth of a $10,000 Investment Since Inception
as of 05/31/2024

Calendar Year Returns
as of 05/31/2024

Year Large Cap Equity Fund Russell 1000 Index Relative Results
2023 29.62% 26.53% 3.09%
2022 -22.76% -19.13% -3.63%
2021 26.78% 26.45% 0.33%
2020 18.43% 20.96% -2.53%
2019 34.13% 31.43% 2.70%
2018 -4.87% -4.78% -0.09%
2017 15.55% 21.69% -6.14%
2016 2.88% 12.05% -9.17%
2015 -4.47% 0.92% -5.39%
2014 9.54% 13.24% -3.70%
2013 31.75% 33.11% -1.36%
2012 13.17% 16.42% -3.25%
2011 6.12% 1.50% 4.62%
2010 19.94% 16.10% 3.84%
2009 27.62% 28.43% -0.81%
2008 -40.74% -37.60% -3.14%
2007 -10.35% 5.77% -16.12%
2006 21.85% 15.46% 6.39%
2005 -2.77% 6.27% -9.04%
2004 15.74% 11.40% 4.34%
2003 28.73% 29.89% -1.16%
2002 -17.10% -21.65% 4.55%
2001 0.24% -12.45% 12.69%
2000 19.62% -7.79% 27.41%
1999 20.97% 20.91% 0.06%
1998 28.94% 27.02% 1.92%
1997 38.93% 32.85% 6.08%
1996 18.69% 22.45% -3.76%
1995 38.37% 37.77% 0.60%
1994 -9.83% 0.39% -10.22%
1993 20.04% 10.18% 9.86%
1992 13.63% 8.93% 4.70%
1991 27.63% 33.04% -5.41%
1990 -5.22% -4.21% -1.01%
1989 22.07% 30.43% -8.36%
1988 16.45% 17.26% -0.81%
1987 -0.54% 2.93% -3.47%
1986 (05/09/1986) 3.45% 2.43% 1.02%
Swipe/scroll vertically for full history

Since Inception Returns
as of 05/31/2024

Since Fund Inception (5/9/1986) Large Cap Equity Fund Russell 1000 IndexRelative Results
Cumulative Return 4,178.03% 4,899.70% -721.67%
Average Annual Return 10.37% 10.82% -0.45%

Morningstar Ratings™
as of 5/31/2024

Rating / Number of funds in the category

Category: Large Blend
3 YR 5 YR 10 YR Overall Rating

out of 1289

out of 1189

out of 887

out of 1289
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 5/31/2024

Ranking / Number of funds in the category / Percentile Ranking

Category: Large Blend
1 YR 3 YR 5 YR 10 YR
1214 / 1409
85
1199 / 1289
91
1003 / 1189
82
829 / 887
94
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2023

Gross Expense Ratio 1.04%
Net Expense Ratio 1.04%
Contractual Expiration Date 7/31/2024
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 03/31/2024

Versus Russell 1000 Index 1 Year
R-Squared 88.39
Beta 1.02
Alpha 1.08
Upside Capture Ratio 103.35
Downside Capture Ratio 95.48
Standard Deviation 14.85
Sharpe Ratio 1.78

Source: Morningstar Direct

Portfolio

Asset Allocation
% of Net Assets as of 03/31/2024

EQUITY BREAKDOWN
% of Net Assets as of 03/31/2024

Fund Russell 1000 Index
Financials 26.1 13.8
Information Technology 22.2 28.3
Communication Services 16.9 8.7
Health Care 11.2 12.3
Consumer Discretionary 6.8 10.4
Industrials 5.1 9.7
Real Estate 4.4 2.6
Materials 4.3 2.6
Consumer Staples 0.0 5.7
Energy 0.0 3.9
Utilities 0.0 2.2

Top Ten Equity Holdings
% of Net Assets as of 03/31/2024

Meta Platforms, Inc. 5.2%
Visa, Inc. 5.1%
Alphabet, Inc. 5.0%
Berkshire Hathaway, Inc. 4.9%
Mastercard, Inc. 4.9%
Thermo Fisher Scientific, Inc. 4.6%
Danaher Corp. 4.5%
CoStar Group, Inc. 4.4%
Vulcan Materials Co. 4.3%
Amazon.com, Inc. 4.3%
% of Net Assets in Top Holdings 47.2%
View Full Portfolio Holdings as of 03/31/2024 (PDF)
Download Portfolio Holdings as of 03/31/2024 (CSV)

Capitalization
% of Common Stock as of 03/31/2024

More than $50 Billion 64.4%
$25 - $50 Billion 25.0%
$10 - $25 Billion 7.1%
$2.5 - $10 Billion 3.4%
Less than $2.5 Billion 0.0%
Weighted Average Market Cap $420.9 Billion

Characteristics
as of 03/31/2024

No. of Equity Issuers 29
Active Share (%) vs. Russell 1000 Index 85.2
Annual Turnover (%) 20

Morningstar Stock Stylebox
as of 3/31/2024

Value
Blend
Growth
Large
0
32
33
Medium
6
13
14
Small
2
0
1
 

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
12/12/23 12/13/23 n/a n/a 2.7732 2.7732 50.90
12/13/22 12/14/22 n/a n/a 5.9359 5.9359 43.32
12/14/21 12/15/21 n/a 0.0241 2.3040 2.3281 61.33
N/A 12/31/20 n/a n/a n/a n/a 10.00
12/15/20 12/16/20 n/a n/a 3.3500 3.3500 49.55
N/A 11/30/20 n/a n/a n/a n/a 0.00
06/16/20 06/17/20 n/a n/a 1.2600 1.2600 44.42
12/16/19 12/17/19 n/a n/a 0.9500 0.9500 46.47
06/17/19 06/18/19 n/a n/a 1.2534 1.2534 43.60
12/26/18 12/27/18 n/a n/a 2.0400 2.0400 36.47
06/26/18 06/27/18 n/a n/a 1.9793 1.9793 41.68
12/26/17 12/27/17 n/a n/a 1.3500 1.3500 42.70
06/27/17 06/28/17 n/a n/a 1.7051 1.7051 41.56
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 38.68
06/25/15 06/26/15 n/a n/a 3.0634 3.0634 43.89
12/26/14 12/29/14 n/a n/a 2.0450 2.0450 45.77
06/25/14 06/26/14 n/a n/a 1.7395 1.7395 45.39
06/27/12 06/28/12 0.0341 n/a n/a 0.0341 31.87
06/27/11 06/28/11 0.0700 n/a n/a 0.0700 29.69
12/28/10 12/29/10 n/a n/a n/a 0.000000 0.00
06/25/09 06/26/09 0.0564 n/a n/a 0.0564 19.61
06/26/08 06/27/08 0.1916 n/a n/a 0.1916 25.80
12/27/07 12/28/07 0.1000 0.3324 2.1448 2.5772 31.68
06/27/07 06/28/07 0.1821 0.0682 1.8680 2.1183 39.73
12/27/06 12/28/06 0.1000 0.1708 2.0825 2.3533 40.40
06/28/06 06/29/06 0.1842 0.0958 0.1979 0.4779 36.75
12/27/05 12/28/05 0.1000 0.3841 0.4655 0.9496 35.47
06/27/05 06/28/05 0.2730 n/a 0.0151 0.2881 36.64
12/29/04 12/30/04 0.1000 0.0746 1.5779 1.7525 37.73
06/28/04 06/29/04 0.1068 n/a 1.6519 1.7587 35.40
12/29/03 12/30/03 0.0860 n/a n/a 0.0860 35.74
06/26/03 06/27/03 0.0677 n/a n/a 0.0677 32.00
12/27/02 12/30/02 0.1603 n/a n/a 0.1603 27.72
06/26/02 06/27/02 0.0366 0.1580 0.1583 0.3529 28.86
12/27/01 12/28/01 0.2518 n/a n/a 0.2518 34.43
06/26/01 06/27/01 0.1149 0.1814 0.4922 0.7885 35.68
12/31/00 12/31/00 0.4887 0.4772 2.9434 3.9093 1.00
12/31/99 12/31/99 0.3694 0.1389 1.5325 2.0408 1.00
12/31/98 12/31/98 0.1716 0.1455 2.8695 3.1866 1.00
12/31/97 12/31/97 0.3124 0.5308 2.0785 2.9217 1.00
12/31/96 12/31/96 0.1252 0.4124 0.6895 1.2271 1.00
12/31/95 12/31/95 0.4180 0.2880 0.7932 1.4992 1.00
12/31/94 12/31/94 n/a 0.0284 0.6997 0.7281 1.00
12/31/93 12/31/93 0.0228 0.0869 0.5040 0.6137 1.00
12/31/92 12/31/92 0.2747 n/a 0.5450 0.8197 1.00
12/31/91 12/31/91 0.3239 0.0100 0.3866 0.7205 1.00
12/31/90 12/31/90 0.3795 0.0187 0.0495 0.4477 1.00
12/31/89 12/31/89 0.4297 n/a 0.6292 1.0589 1.00
12/31/88 12/31/88 0.3185 n/a n/a 0.3185 1.00
12/31/87 12/31/87 0.4874 0.1124 n/a 0.5998 1.00

Literature

Fact Sheet
(03/24)
Commentary
(03/24)
Summary Prospectus
(07/23)
Prospectus
(07/23)
SAI
(07/23)
Annual Report*
(03/24)
Portfolio Holdings
(06/23)
Semi-Annual Report*
(09/23)
Portfolio Holdings
(12/23)

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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