Partners Value Fund : Portfolio

As of December 31, 2016
Partners Value Fund

Top 10 Stock Holdings

Net Assets
Security
7.2%
Liberty Broadband Corp.
7.0%
Berkshire Hathaway Inc. - Class B
6.3%
Liberty Global Group - Class C
4.6%
Allergan plc
4.0%
Twenty-First Century Fox, Inc. - Class A
3.9%
Liberty SiriusXM Group
3.5%
Laboratory Corp. of America Holdings
3.2%
Redwood Trust, Inc.
3.1%
QVC Group - Series A
3.1%
Colfax Corp.
45.9% Total

Common Stocks Industry Breakdown

38.9%
Consumer Discretionary
19.6%
Financials
17.1%
Information Technology
9.9%
Health Care
9.1%
Industrials
3.8%
Energy
1.6%
Consumer Staples
100.0% Total

Capitalization :

35.7%
>$50 Billion
37.8%
$10-$50 Billion
16.3%
$2.5-$10 Billion
10.2%
<$2.5 Billion
$89.3B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
28
6-Month Turnover
(9/30/2016)
9%
Annual Turnover
(3/31/16)
31%
5-Year Avg. Annual Turnover
(3/31/16)
26%

Characteristics and Volatility Measures :

Versus Russell 3000
3 Year
5 Year
10 Year
R-Squared
83.1
83.1
84.6
Beta
0.82
0.80
0.92
Alpha
-5.19
-1.56
-1.75
Upside Capture Ratio
58.0
71.9
82.8
Downside Capture Ratio
93.9
82.4
92.7
Standard Deviation
9.7
9.3
15.7
Sharpe Ratio
0.12
1.06
0.24
Active Share: 93.72%
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.