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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 $9.26
-0.43% | $-0.04
$10.80
09/21/18
$9.26
12/18/18
Historical fund price

Fund facts as of 11/30/18

Total net assets
$236.16M
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

Offering Statement (PDF)

Performance

Annual performance data will be shown after the fund has been in operation for a full calendar quarter.

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. 

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 11/30/18

JPMorgan Chase 4.11%
Microsoft Corp 3.70%
Bank Of America Corp 3.31%
Citigroup 2.84%
Walmart 2.34%
Johnson Johnson 2.26%
Apple 1.96%
Becton Dickinson And 1.85%
Exxon Mobil Corp 1.84%
Northrop Grumman Corp 1.76%
Top 10 holdings, percent of portfolio 25.97%

Full portfolio holdings as of 09/30/18

JPMORGAN CHASE & CO 3.98%
MICROSOFT CORP 3.63%
BANK OF AMERICA CORP 3.27%
CITIGROUP INC 2.99%
APPLE INC 2.37%
NORTHROP GRUMMAN CORP 2.32%
WALMART INC 2.16%
JOHNSON & JOHNSON 2.03%
CONOCOPHILLIPS 1.93%
EXXON MOBIL CORP 1.88%
BECTON DICKINSON AND CO 1.83%
MARATHON OIL CORP 1.61%
DOWDUPONT INC 1.52%
CIGNA CORP 1.50%
VALERO ENERGY CORP 1.45%
ASSURED GUARANTY LTD 1.39%
RAYTHEON COMPANY 1.38%
AT&T INC 1.35%
AMGEN INC 1.34%
MERCK & CO. INC. 1.34%
UNION PACIFIC CORP 1.33%
DANAHER CORP 1.31%
CISCO SYSTEMS INC 1.23%
AMERICAN INTERNATIONAL GROUP 1.22%
BP PLC 1.22%
KKR & CO INC -A 1.22%
KROGER CO 1.20%
GILEAD SCIENCES INC 1.18%
QUALCOMM INC 1.17%
REGIONS FINANCIAL CORP 1.16%
COMCAST CORP-CLASS A 1.15%
ASTRAZENECA PLC-SPONS ADR 1.14%
DXC TECHNOLOGY CO 1.14%
ELI LILLY & CO 1.10%
WELLS FARGO & CO 1.07%
AMERICAN TOWER CORP 1.06%
TOTAL SA 1.04%
ALCOA CORP 1.03%
PEPSICO INC 1.01%
RADIAN GROUP INC 1.01%
CHARTER COMMUNICATIONS INC-A 1.00%
GOLDMAN SACHS GROUP INC 0.96%
JOHNSON CONTROLS INTERNATIONAL 0.96%
KIMBERLY-CLARK CORP 0.96%
PFIZER INC 0.96%
STATE STREET CORP 0.94%
ANADARKO PETROLEUM CORP 0.93%
GAMING AND LEISURE PROPERTIE 0.93%
SOUTHWEST AIRLINES CO 0.93%
EXELON CORP 0.92%
FIDELITY NATIONAL INFO SERV 0.92%
O'REILLY AUTOMOTIVE INC 0.90%
NRG ENERGY INC 0.88%
HILTON WORLDWIDE HOLDINGS 0.87%
HOME DEPOT INC 0.84%
MOLSON COORS BREWING CO -B 0.82%
EDISON INTERNATIONAL 0.80%
GENERAL MOTORS CO 0.79%
APTIV PLC 0.77%
HARTFORD FINANCIAL SVCS GRP 0.75%
INTEL CORP 0.74%
AIR PRODUCTS & CHEMICALS INC 0.72%
EOG RESOURCES INC 0.72%
HONEYWELL INTERNATIONAL INC 0.72%
CAPITAL ONE FINANCIAL CORP 0.71%
BOSTON PROPERTIES INC 0.67%
BALL CORP 0.66%
HALLIBURTON CO 0.63%
KEYCORP 0.63%
KINDER MORGAN INC 0.60%
SUNCOR ENERGY INC 0.59%
TEXAS INSTRUMENTS INC 0.58%
AMERICAN ELECTRIC POWER 0.57%
VERIZON COMMUNICATIONS INC 0.54%
EMERSON ELECTRIC CO 0.53%
KRAFT HEINZ CO/THE 0.52%
SCHWAB (CHARLES) CORP 0.51%
WALGREENS BOOTS ALLIANCE INC 0.47%
NEXTERA ENERGY INC 0.46%
P G & E CORP 0.43%
NXP SEMICONDUCTORS NV 0.39%
PULTEGROUP INC 0.39%
BJ'S WHOLESALE CLUB HOLDINGS 0.36%
MFA FINANCIAL INC 0.28%
ON SEMICONDUCTOR CORP 0.26%
COTY INC-CL A 0.25%
GENERAL ELECTRIC CO 0.24%
INVESCO LTD 0.24%
KEURIG DR PEPPER INC 0.20%
DELPHI TECHNOLOGIES PLC 0.09%
CAD/USD 10/17/2018 BANKAM 0.00%
CAD/USD 10/17/2018 CITI 0.00%
EUR/USD 12/19/2018 BANKAM -0.01%
GBP/USD 12/19/2018 BANKAM -0.01%

Prior top 10 holdings

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
Top 10 holdings as of 09/30/18
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Apple
Northrop Grumman Corp
Walmart
Johnson Johnson
ConocoPhillips
Exxon Mobil Corp
Holdings represent 26.56% of portfolio
Top 10 holdings as of 08/31/18
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Apple
Walmart
Northrop Grumman Corp
Johnson & Johnson
BD Medical
ConocoPhillips
Holdings represent 26.35% of portfolio

Portfolio composition as of 11/30/18

Common stock 95.47%
Cash and net other assets 4.39%
Convertible preferred stock 0.14%

Equity statistics as of 11/30/18

Median market cap $47.51B
Weighted average market cap $163.34B
Price to book 2.15
Price to earnings 13.05

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 11/30/18

Financials 21.41%
Health care 14.82%
Information technology 11.85%
Energy 10.50%
Consumer staples 9.01%
Industrials 7.94%
Consumer discretionary 4.53%
Cash and net other assets 4.39%
Communication services 4.31%
 
Other
11.24%
Utilities 4.17%
Materials 4.10%
Real estate 2.97%

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.