Value Fund : Portfolio

As of December 31, 2016
Value Fund

Top 10 Stock Holdings

Net Assets
Security
7.1%
Berkshire Hathaway Inc. - Class B
6.5%
Liberty Broadband Corp. - Series C
6.1%
Allergan plc
5.0%
Twenty-First Century Fox, Inc. - Class A
4.9%
Liberty Global Group - Class C
3.6%
Alphabet, Inc. - Class C
3.5%
Mastercard Inc. - Class A
3.4%
QVC Group - Series A
3.4%
Laboratory Corp. of America Holdings
3.0%
Aon plc - Class A
46.5% Total

Common Stocks Industry Breakdown

34.2%
Consumer Discretionary
19.3%
Information Technology
14.7%
Financials
13.9%
Health Care
5.8%
Materials
4.6%
Industrials
4.4%
Energy
3.1%
Consumer Staples
100.0% Total

Capitalization :

53.8%
>$50 Billion
44.6%
$10-$50 Billion
1.6%
$2.5-$10 Billion
$115.8B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
29
6-Month Turnover
(9/30/2016)
13%
Annual Turnover
(3/31/16)
47%
5-Year Avg. Annual Turnover
(3/31/16)
30%

Characteristics and Volatility Measures :

Versus Russell 1000
3 Year
5 Year
10 Year
R-Squared
80.2
81.4
n/a
Beta
0.78
0.78
n/a
Alpha
-3.90
-1.27
n/a
Upside Capture Ratio
64.6
74.1
n/a
Downside Capture Ratio
96.1
87.7
n/a
Standard Deviation
9.3
9.0
n/a
Sharpe Ratio
0.26
1.09
n/a
Active Share: 89.81%
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.