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Large Cap Value Trust (Class I)

A multidimensional approach to value investing

Highlights

Objective

The fund seeks capital growth and current income.

Strategy and process

  • A large-value focus: The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.
  • Dividend growth: The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.
  • A disciplined process: The portfolio manager invests using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $10.20
0.29% | $0.03
$10.80
09/21/18
$8.63
12/24/18
Historical fund price

Fund facts as of 01/31/19

Total net assets
$366.51M
Turnover (fiscal year end)
0%
Dividend frequency
--
Number of holdings
90
Fiscal year-end
December
CUSIP / Fund code
746750306 / 5781
Inception date
07/03/18
Class I  
Category
Value
Open to new investors
Ticker
--

Management team

Portfolio Manager
Portfolio Manager, Analyst


Literature

Fund documents

Fact Sheet (PDF)
Offering Statement (PDF)

Performance

  • Total return (%) as of 12/31/18

Annualized Total return (%) as of 12/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs.
At net asset value -- -- --
Russell 1000 Value Index -8.27%6.95%5.95%

Data is historical. Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return will fluctuate. Performance assumes reinvestment of distributions and does not account for taxes. Performance data reflects the impact of a 0.38% and 0.33% management fee for class I shares and class IA shares, respectively. In certain cases your plan's management fee may be lower and your return higher. For the most recent month-end performance, please call your plan's toll-free number. 

Performance snapshot

  At net asset value  
1 mt. as of 01/31/19 7.75%
YTD as of 02/19/19 11.03%

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 01/31/19

JPMorgan Chase 3.94%
Microsoft Corp 3.59%
Bank Of America Corp 3.41%
Citigroup 2.92%
Walmart 2.37%
Johnson Johnson 2.12%
Northrop Grumman Corp 1.95%
Apple 1.90%
BD Medical 1.90%
ConocoPhillips 1.83%
Top 10 holdings, percent of portfolio 25.93%

Full portfolio holdings as of 12/31/18

JPMORGAN CHASE & CO 3.99%
MICROSOFT CORP 3.74%
BANK OF AMERICA CORP 3.17%
CITIGROUP INC 2.51%
WALMART INC 2.47%
JOHNSON & JOHNSON 2.21%
APPLE INC 1.91%
NORTHROP GRUMMAN CORP 1.84%
BECTON DICKINSON AND CO 1.81%
CONOCOPHILLIPS 1.78%
EXXON MOBIL CORP 1.75%
MERCK & CO. INC. 1.66%
CIGNA CORP 1.63%
ASSURED GUARANTY LTD 1.47%
DOWDUPONT INC 1.46%
AMGEN INC 1.45%
DANAHER CORP 1.44%
ELI LILLY & CO 1.39%
AMERICAN TOWER CORP 1.38%
AT&T INC 1.33%
KROGER CO 1.31%
UNION PACIFIC CORP 1.31%
CISCO SYSTEMS INC 1.28%
COMCAST CORP-CLASS A 1.28%
ASTRAZENECA PLC-SPONS ADR 1.27%
BP PLC 1.18%
RAYTHEON COMPANY 1.18%
PEPSICO INC 1.16%
VALERO ENERGY CORP 1.12%
EXELON CORP 1.11%
GILEAD SCIENCES INC 1.11%
PFIZER INC 1.11%
WELLS FARGO & CO 1.10%
KIMBERLY-CLARK CORP 1.09%
NRG ENERGY INC 1.09%
AMERICAN INTERNATIONAL GROUP 1.06%
QUALCOMM INC 1.06%
AMERICAN ELECTRIC POWER 1.05%
CHARTER COMMUNICATIONS INC-A 1.04%
FIDELITY NATIONAL INFO SERV 1.00%
GAMING AND LEISURE PROPERTIE 1.00%
KKR & CO INC -A 1.00%
REGIONS FINANCIAL CORP 0.99%
BALL CORP 0.98%
MARATHON OIL CORP 0.97%
TOTAL SA 0.97%
RADIAN GROUP INC 0.94%
JOHNSON CONTROLS INTERNATION 0.93%
GENERAL MOTORS CO 0.92%
HILTON WORLDWIDE HOLDINGS IN 0.90%
O'REILLY AUTOMOTIVE INC 0.89%
INTEL CORP 0.87%
MOLSON COORS BREWING CO -B 0.87%
GOLDMAN SACHS GROUP INC 0.84%
AIR PRODUCTS & CHEMICALS INC 0.82%
STATE STREET CORP 0.82%
SOUTHWEST AIRLINES CO 0.81%
ALCOA CORP 0.80%
HOME DEPOT INC 0.80%
EDISON INTERNATIONAL 0.79%
HARTFORD FINANCIAL SVCS GRP 0.78%
DXC TECHNOLOGY CO 0.76%
WALGREENS BOOTS ALLIANCE INC 0.74%
BOSTON PROPERTIES INC 0.73%
ANADARKO PETROLEUM CORP 0.71%
HONEYWELL INTERNATIONAL INC 0.69%
APTIV PLC 0.68%
CAPITAL ONE FINANCIAL CORP 0.67%
VERIZON COMMUNICATIONS INC 0.67%
BJ'S WHOLESALE CLUB HOLDINGS 0.62%
KINDER MORGAN INC 0.61%
TEXAS INSTRUMENTS INC 0.60%
EOG RESOURCES INC 0.57%
KEYCORP 0.56%
PULTEGROUP INC 0.56%
NEXTERA ENERGY INC 0.55%
STANLEY BLACK & DECKER INC 0.52%
SCHWAB (CHARLES) CORP 0.49%
KRAFT HEINZ CO/THE 0.48%
EMERSON ELECTRIC CO 0.47%
HALLIBURTON CO 0.47%
NXP SEMICONDUCTORS NV 0.39%
ENCANA CORP 0.37%
MFA FINANCIAL INC 0.31%
ON SEMICONDUCTOR CORP 0.28%
KEURIG DR PEPPER INC 0.27%
GENERAL ELECTRIC CO 0.21%
COTY INC-CL A 0.17%
SHERWIN-WILLIAMS CO/THE 0.16%
MANDATORY EXCH TRUST P/P 144A 05.7500 CV PFD 0.12%
CAD/USD 01/16/2019 BANKAM 0.00%
CAD/USD 01/16/2019 CITI 0.00%
EUR/USD 03/20/2019 BANKAM -0.01%
GBP/USD 03/20/2019 BANKAM -0.02%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Johnson Johnson
Northrop Grumman Corp
Apple
BD Medical
ConocoPhillips
Holdings represent 25.93% of portfolio
Top 10 holdings as of 12/31/18
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Johnson & Johnson
Apple
Northrop Grumman Corp
Becton Dickinson And
ConocoPhillips
Holdings represent 25.43% of portfolio
Top 10 holdings as of 11/30/18
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Johnson & Johnson
Apple
Becton Dickinson And
Exxon Mobil Corp
Northrop Grumman Corp
Holdings represent 25.97% of portfolio
Top 10 holdings as of 10/31/18
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Apple
Johnson & Johnson
Exxon Mobil Corp
ConocoPhillips
Northrop Grumman Corp
Holdings represent 26.62% of portfolio

Portfolio composition as of 01/31/19

Common stock 96.73%
Cash and net other assets 3.18%
Convertible preferred stock 0.09%

Equity statistics as of 01/31/19

Median market cap $50.98B
Weighted average market cap $154.04B
Price to book 2.09
Price to earnings 13.33

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Top industry sectors as of 01/31/19

Financials 21.45%
Health care 14.72%
Information technology 11.63%
Energy 10.77%
Consumer staples 9.27%
Industrials 8.17%
Consumer discretionary 4.79%
Utilities 4.38%
Communication services 4.29%
 
Other
10.53%
Materials 4.13%
Real estate 3.22%
Cash and net other assets 3.18%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

The Russell 1000 Value Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their value orientation. You cannot invest directly in an index.

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.