Active Equities

Large Cap Value Trust (Class IA)

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 $10.73
-0.19% | $-0.02
$10.75
09/19/19
$8.38
12/24/18
Historical fund price

Fund facts as of 08/31/19

Total net assets
$661.58M
Turnover (fiscal year end)
0%
Dividend frequency
--
Number of holdings
93
Fiscal year-end
December
CUSIP / Fund code
746750405 / 5782
Inception date
07/24/18
Class IA  
Category
Value
Open to new investors
Ticker
--

Management team

Portfolio Manager
Portfolio Manager, Analyst
Portfolio Manager, Analyst


Literature

Fund documents

Fact Sheet (PDF)

October stock market volatility may signal a shift
Recent stock market volatility reflects a process of pricing in the fact that the global growth outlook has diverged.

Performance

  • Total return (%) as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs.
At net asset value -- -- --
Russell 1000 Value Index 8.46%10.19%7.46%

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 08/31/19 -1.90%
YTD as of 09/20/19 20.70%

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 08/31/19

JPMorgan Chase 3.97%
Bank Of America Corp 3.13%
Microsoft Corp 3.12%
Citigroup 2.76%
Walmart 2.68%
Northrop Grumman Corp 2.32%
Johnson Johnson 1.94%
American Tower Corp 1.75%
Apple 1.71%
Merck 1.70%
Top 10 holdings, percent of portfolio 25.08%

Full portfolio holdings as of 06/30/19

JPMORGAN CHASE & CO 3.94%
MICROSOFT CORP 3.40%
BANK OF AMERICA CORP 3.22%
CITIGROUP INC 2.93%
WALMART INC 2.53%
NORTHROP GRUMMAN CORP 2.12%
JOHNSON & JOHNSON 2.07%
BECTON DICKINSON AND CO 1.80%
EXXON MOBIL CORP 1.70%
MERCK & CO. INC. 1.62%
APPLE INC 1.58%
AMERICAN TOWER CORP 1.54%
CONOCOPHILLIPS 1.53%
AMERICAN ELECTRIC POWER 1.52%
PROCTER & GAMBLE CO/THE 1.44%
CIGNA CORP 1.41%
UNION PACIFIC CORP 1.41%
ASSURED GUARANTY LTD 1.40%
CISCO SYSTEMS INC 1.40%
COMCAST CORP-CLASS A 1.40%
AT&T INC 1.37%
EXELON CORP 1.28%
AMERICAN INTERNATIONAL GROUP 1.25%
CHARTER COMMUNICATIONS INC-A 1.22%
PEPSICO INC 1.21%
AMGEN INC 1.21%
RAYTHEON COMPANY 1.18%
ASTRAZENECA PLC-SPONS ADR 1.18%
ELI LILLY & CO 1.17%
KKR & CO INC -A 1.16%
ABBVIE INC 1.16%
DANAHER CORP 1.15%
BP PLC 1.15%
RADIAN GROUP INC 1.14%
JOHNSON CONTROLS INTERNATION 1.13%
VALERO ENERGY CORP 1.10%
QUALCOMM INC 1.06%
NEXTERA ENERGY INC 1.05%
HILTON WORLDWIDE HOLDINGS IN 1.05%
GAMING AND LEISURE PROPERTIE 1.03%
BALL CORP 1.03%
FIDELITY NATIONAL INFO SERV 1.03%
GILEAD SCIENCES INC 1.02%
AIR PRODUCTS & CHEMICALS INC 1.00%
WELLS FARGO & CO 0.96%
ANADARKO PETROLEUM CORP 0.96%
PFIZER INC 0.93%
TOTAL SA 0.91%
BJ'S WHOLESALE CLUB HOLDINGS 0.91%
PNC FINANCIAL SERVICES GROUP 0.91%
KROGER CO 0.89%
GENERAL MOTORS CO 0.89%
GOLDMAN SACHS GROUP INC 0.87%
HARTFORD FINANCIAL SVCS GRP 0.84%
NRG ENERGY INC 0.82%
HOME DEPOT INC 0.81%
FORTUNE BRANDS HOME & SECURI 0.80%
EDISON INTERNATIONAL 0.78%
HONEYWELL INTERNATIONAL INC 0.76%
SOUTHWEST AIRLINES CO 0.75%
INTEL CORP 0.75%
APTIV PLC 0.74%
MOLSON COORS BREWING CO -B 0.74%
BOSTON PROPERTIES INC 0.69%
KINDER MORGAN INC 0.66%
CAPITAL ONE FINANCIAL CORP 0.64%
DXC TECHNOLOGY CO 0.63%
BB&T CORP 0.63%
PULTEGROUP INC 0.62%
O'REILLY AUTOMOTIVE INC 0.60%
STATE STREET CORP 0.59%
TEXAS INSTRUMENTS INC 0.56%
DUPONT DE NEMOURS INC 0.55%
ALCOA CORP 0.55%
VERIZON COMMUNICATIONS INC 0.54%
KEYCORP 0.52%
DANAHER CORP 04.7500 CUM CV PFD 0.49%
STANLEY BLACK & DECKER INC 0.49%
EOG RESOURCES INC 0.48%
WALGREENS BOOTS ALLIANCE INC 0.48%
FREEPORT-MCMORAN INC 0.45%
MARATHON OIL CORP 0.45%
NXP SEMICONDUCTORS NV 0.43%
SCHWAB (CHARLES) CORP 0.39%
DOW INC 0.36%
HALLIBURTON CO 0.33%
EMERSON ELECTRIC CO 0.28%
ENCANA CORP 0.27%
MFA FINANCIAL INC 0.26%
COTY INC-CL A 0.25%
KEURIG DR PEPPER INC 0.23%
CORTEVA INC 0.22%
GENERAL ELECTRIC CO 0.21%
SHERWIN-WILLIAMS CO/THE 0.14%
TREASURY BILL 00.0000 07/25/2019 0.02%
CAD/USD 07/17/2019 BANKAM -0.00%
CAD/USD 07/17/2019 CITI -0.00%
GBP/USD 09/18/2019 BCAP-FX -0.00%
EUR/USD 09/18/2019 BANKAM -0.00%
GBP/USD 09/18/2019 BANKAM -0.00%
EUR/USD 09/18/2019 HSBCB -0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
JPMorgan Chase
Bank Of America Corp
Microsoft Corp
Citigroup
Walmart
Northrop Grumman Corp
Johnson Johnson
American Tower Corp
Apple
Merck
Holdings represent 25.08% of portfolio
Top 10 holdings as of 07/31/19
JPMorgan Chase
Bank Of America Corp
Microsoft Corp
Citigroup
Walmart
Northrop Grumman Corp
Johnson&Johnson
Apple
Exxon Mobil Corp
Merck
Holdings represent 24.81% of portfolio
Top 10 holdings as of 06/30/19
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Northrop Grumman Corp
Johnson&Johnson
BD Medical
Exxon Mobil Corp
Danaher Corp
Holdings represent 25.36% of portfolio
Top 10 holdings as of 05/31/19
JPMorgan Chase
Microsoft Corp
Bank Of America Corp
Citigroup
Walmart
Northrop Grumman Corp
Johnson&Johnson
BD Medical
Exxon Mobil Corp
American Tower Corp
Holdings represent 24.96% of portfolio

Portfolio composition as of 08/31/19

Common stock 95.80%
Cash and net other assets 3.66%
Convertible preferred stock 0.54%

Equity statistics as of 08/31/19

Median market cap $50.64B
Weighted average market cap $164.63B
Price to book 2.10
Price to earnings 13.16

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 08/31/19

Financials 21.55%
Health care 14.47%
Industrials 11.29%
Information technology 10.64%
Consumer staples 9.07%
Energy 7.87%
Utilities 5.41%
Communication services 4.82%
Consumer discretionary 4.29%
 
Other
10.59%
Cash and net other assets 3.66%
Real estate 3.55%
Materials 3.38%

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.