For Financial Professionals in the US

Growth and Income Managed Account

Invests in what we believe are high-quality large-cap companies that are intelligently allocating capital to promote growth and pay dividends.

Overview

ABOUT THIS PORTFOLIO

A large-cap equity total return portfolio that seeks to provide dampened volatility by delivering a portfolio of high-quality companies – defined by revenue growth, earnings growth and dividend increases. We believe these companies tend to participate in market gains while being potentially resilient on the downside.

WHY INVEST IN THIS PORTFOLIO 

Holds blue chips to a higher standard
Actively managed portfolio of 60 to 80 companies we believe are differentiated and have a history of dividend growth, financial stability, high free cash flow and intelligent capital allocation to fund growth and pay dividends.

Seeks resilient companies to help cushion against market uncertainty
Core allocation with a focus on high-quality, dividend-growth companies potentially benefiting from secular growth trends. By investing in these companies, the portfolio may be resilient to downside volatility and unmanaged market uncertainty.

Experienced team with track record of success
Over half a century of combined investment experience finding dividend-growth opportunities through a variety of market cycles and economic conditions and with a record of competitive risk-adjusted excess returns.

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Performance

RETURNS (%) (As of 08/31/2023)
Composite Pure Gross* Composite Net S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Pure Gross* 6.57 12.26 14.20 10.91 10.10 12.66 10.98
Composite Net 5.80 10.09 10.89 7.70 6.91 9.40 7.77
S&P 500® Index 8.28 18.73 15.94 10.53 11.12 12.81 10.04

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 06/30/2023)
Composite Pure Gross* Composite Net S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Pure Gross* 6.69 11.87 18.55 15.03 11.61 12.76 11.03
Composite Net 5.91 10.25 15.14 11.70 8.38 9.49 7.82
S&P 500® Index 8.74 16.89 19.59 14.61 12.31 12.86 10.04

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Pure Gross* Composite Net S&P 500® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Pure Gross* -13.68 29.46 11.27 27.49 -1.04 25.85 13.81 2.28 12.09 33.45
Composite Net -16.24 25.76 8.04 23.84 -3.94 22.25 10.52 -0.70 8.85 29.64
S&P 500® Index -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS-BASED STATISTICS (Composite As of 08/31/2023)

RISK / REWARD
VS. S&P 500 TR		 3YR 5YR
Information Ratio 0.10 -0.25
Alpha 0.73 -0.43
Tracking Error 3.49 3.72
Beta 0.95 0.94
R-squared (%) 96.08 96.05
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500 TR		 3YR 5YR
Up Capture Ratio 95.73 92.28
Down Capture Ratio 94.90 96.40
STANDARD DEVIATION 3YR 5YR
Growth and Income Managed Account 17.21 18.02
S&P 500 TR 17.75 18.79
SHARPE RATIO 3YR 5YR
Growth and Income Managed Account 0.53 0.46
S&P 500 TR 0.49 0.50

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 08/31/2023)
% of Rep Account
Microsoft Corp 9.64
Apple Inc 6.97
Accenture PLC 4.42
KLA Corp 3.63
UnitedHealth Group Inc 3.05
Visa Inc 2.72
Comcast Corp 2.69
JPMorgan Chase & Co 2.62
American Express Co 2.49
Texas Instruments Inc 2.36
Total 40.59
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 59 503
Market Capitalization
Weighted Average		 $582.85B $649.01B
Portfolio Turnover Rate
(1-year trailing)		 24.97% -
Price/Earnings Ratio
(1-year forward)		 19.24 19.04
Price/Book Ratio
 5.25 4.08
Earnings Growth Rate
(1-year forward)		 8.57% 16.26%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 08/31/2023)
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 08/31/2023)
Market Capitalization Range of Equity Holdings % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 08/31/2023)
Developed vs Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 08/31/2023)

Documents

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