Active Equities

Large Cap Value Trust (Class I)

A multidimensional approach to value investing

Large Cap Value Trust received an  Overall Morningstar Rating of  as of 06/30/24 among funds in the Large Value category (Y shares, based on risk-adjusted returns)

Operational best practices

Learn about the process for setting up a collective Investent trust (CIT) and see the frequently asked questions.

Highlights

Objective

The fund seeks capital growth and current income.

Strategy and process

  • Relative value approachDefines the value universe daily with fundamental and quantitative tools to identify unique value opportunities
  • Focus on cash flowsPuts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation
  • Disciplined risk managementUtilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle

Fund price and assets

Prior close 52-week high 52-week low Net assets and outstanding shares
Net asset value $21.09
-0.71% | $-0.15
$21.56
07/16/24
$15.90
10/27/23
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Net assets and outstanding shares
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Fund facts as of 06/30/24

Total net assets
$6,500.84M
Turnover (fiscal year end)
13%
Dividend frequency
--
Number of holdings
68
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



Performance

  • Total return (%) as of 06/30/24

  • Annual performance as of 06/30/24

Annualized Total return (%) as of 06/30/24

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 07/03/18 )
Before sales charge 23.46% 11.35% 14.27% 13.00%
After sales charge 23.46% 11.35% 14.27% 13.00%
Russell 1000 Value Index 13.06%5.52%9.01%--

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

  Before sales charge After sales charge
1 mt. as of 06/30/24 0.24% 0.24%
YTD as of 07/24/24 or prior close 16.01% 16.01%

Risk-adjusted performance as of 06/30/24

Alpha (3 yrs.) 6.01
Sharpe ratio (3 yrs.) 0.54
Treynor ratio (3 yrs.) 8.99
Information ratio (3 yrs.) 2.40

Volatility as of 06/30/24

Standard deviation (3 yrs.) 15.35%
Beta 0.93
R-squared 0.98

Capture ratio as of 06/30/24

Up-market (3 yrs.) 103.64
Down-market (3 yrs.) 80.16

Morningstar Ratings as of 06/30/24

Time period Funds in category Morningstar Rating
Overall 1099
3 yrs. 1099
5 yrs. 1035
Morningstar category: Large Value

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.

Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.

The Morningstar Rating™ 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 3-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 Morningstar Rating does not include any adjustment for sales loads. 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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.

Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").

The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.

The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Exxon Mobil Corp 3.09%
Microsoft Corp 2.97%
Citigroup 2.94%
Walmart 2.74%
Bank Of America Corp 2.59%
Coca-Cola The 2.43%
Regeneron Pharmaceuticals 2.36%
AbbVie 2.25%
Procter Gamble The 2.23%
Mckesson Corp 2.23%
Top 10 holdings, percent of portfolio 25.84%



Portfolio composition as of 06/30/24

Common stock 95.36%
Cash and net other assets 4.64%

Equity statistics as of 06/30/24

Median market cap $70.30B
Weighted average market cap $262.23B
Price to book 2.36
Price to earnings 14.77

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

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. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

Sector weightings as of 06/30/24

Financials 17.49%
Health care 16.37%
Consumer staples 11.01%
Industrials 10.81%
Information technology 9.09%
Materials 7.37%
Energy 7.14%
Consumer discretionary 6.22%
Utilities 5.16%
 
Other
9.34%
Cash and net other assets 4.64%
Communication services 2.84%
Real estate 1.87%

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

Sectors will vary over time.


Expenses

Expense ratio

Class I Class IA
Total expense ratio 0.38% 0.33%
What you pay 0.38% 0.33%

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. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.