Research Fund : Portfolio

As of December 31, 2016
Research Fund

Top 10 Stock Holdings

Net Assets
Security
5.8%
Visa Inc. - Class A
5.1%
Liberty Broadband Corp. - Series C
4.9%
Allergan plc
4.5%
Laboratory Corp. of America Holdings
4.3%
Praxair, Inc.
3.8%
Berkshire Hathaway Inc. - Class B
3.0%
Apple Inc.
2.4%
CVS Health Corp.
2.3%
Fossil Group, Inc.
2.2%
Zoe's Kitchen, Inc.
38.3% Total

Common Stocks Industry Breakdown

29.6%
Consumer Discretionary
27.6%
Information Technology
14.3%
Health Care
10.1%
Materials
7.4%
Financials
4.5%
Consumer Staples
3.3%
Industrials
1.9%
Energy
1.3%
Real Estate
100.0% Total

Capitalization :

34.5%
>$50 Billion
35.4%
$10-$50 Billion
9.2%
$2.5-$10 Billion
20.9%
>$2.5 Billion
$90.0B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
37
6-Month Turnover
(9/30/2016)
28%
Annual Turnover
(3/31/16)
73%
5-Year Avg. Annual Turnover
(3/31/16)
86%

Characteristics and Volatility Measures :

Versus Russell 3000
3 Year
R-Squared
75.5
Beta
1.00
Alpha
-5.65
Upside Capture Ratio
70.4
Downside Capture Ratio
106.8
Standard Deviation
12.5
Sharpe Ratio
0.16
Active Share: 91.96%
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.