Value Fund : Portfolio

As of June 30, 2018
Value Fund

Top 10 Stock Holdings

Net Assets
Security
8.6%
Berkshire Hathaway Inc. - Class B
6.3%
Liberty Broadband Corp. - Series C
6.0%
Allergan plc
5.4%
Alphabet, Inc. - Class C
4.9%
Laboratory Corp. of America Holdings
4.4%
Mastercard Inc. - Class A
4.0%
Oracle Corp.
3.6%
Visa Inc. - Class A
3.5%
Dollar Tree, Inc.
3.4%
Facebook, Inc. - Class A
50.1% Total

Common Stocks Industry Breakdown

32.1%
Consumer Discretionary
27.0%
Information Technology
17.0%
Health Care
15.0%
Financials
3.5%
Materials
2.3%
Consumer Staples
1.6%
Energy
1.5%
Industrials
100.0% Total

Capitalization :

61.6%
> $50 Billion
38.2%
$10 - $50 Billion
0.2%
$2.5 - $10 Billion
0.0%
< $2.5 Billion
$198.6B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
30
Annual Turnover
(3/31/18)
15%
5-Year Avg. Annual Turnover
(3/31/18)
28%

Characteristics and Volatility Measures :

Versus Russell 1000
3 Year
5 Year
R-Squared
75.2
77.2
Beta
0.80
0.81
Alpha
-3.88
-2.75
Upside Capture Ratio
69.1
71.4
Downside Capture Ratio
107.2
96.6
Standard Deviation
9.3
9.0
Sharpe Ratio
0.47
0.81
Source:  FactSet
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.

An investment in the Fund involves certain risks, such as: The Fund may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Fund may have a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund has a greater impact upon the overall portfolio, which increases risk. See the Fund’s Prospectus for a further discussion of risks related to the Fund.

Active Share: measures the Fund's weighted stock holdings against a benchmark's weighted stock holdings.
R-Squared: portfolio’s movements that can be explained by movements in its benchmark.
Beta: measure of systematic risk with respect to a benchmark.
Alpha: difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta.
Upside Capture Ratio: manager’s performance in up markets relative to the benchmark.
Downside Capture Ratio: manager’s performance in down markets relative to the benchmark.
Standard Deviation: measure of how widely the returns varied over a certain period of time from the average.
Sharpe Ratio: measure to determine reward per unit of risk.