For Financial Professionals in the US

Mid Cap Growth Managed Account

Time-tested investment team seeks high-quality, mid-cap companies with strong growth characteristics.

Overview

ABOUT THIS PORTFOLIO

By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth portfolio has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies that exhibit sustainable and durable growth.

Brian Demain’s Q&A with Barron’s

Portfolio Manager Brian Demain’s recent Q&A in Barron’s discussing his outlook for the year, investment criteria, and themes and stocks he is excited about in 2023.

Learn more

WHY INVEST IN THIS PORTFOLIO

Smart Growth Approach
The Portfolio’s investment approach focuses on long-duration, sustainable-growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.

Deep, Specialized Team
The Portfolio benefits from experienced Portfolio Managers with expertise in mid-cap investing; in-depth fundamental research conducted by a dedicated team of experts exclusively focused on small-mid-cap companies; and the broader support of an insightful team of equity investment professionals.

Growth Potential with Tempered Volatility
The Portfolio offers exposure to medium-sized companies with resilient business models and is designed to weather a variety of market environments and take on moderately less risk than the index.

PORTFOLIO MANAGEMENT

Brian Demain, CFA

Brian Demain, CFA

Portfolio Manager

Industry since 1999. Joined Firm in 1999.

Philip Cody Wheaton, CFA

Philip Cody Wheaton, CFA

Portfolio Manager | Research Analyst

Industry since 2001. Joined Firm in 2001.

Performance

RETURNS (%) (As of 03/31/2023)
Composite Pure Gross* Composite Net Russell MidCap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2006)
Composite Pure Gross* 9.27 9.27 -2.18 20.07 11.01 13.72 11.54
Composite Net 8.49 8.49 -5.05 16.61 7.79 10.43 8.31
Russell MidCap® Growth Index 9.14 9.14 -8.52 15.20 9.07 11.17 9.32

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 04/30/2023)
Composite Pure Gross* Composite Net Russell MidCap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2006)
Composite Pure Gross* -2.97 6.36 4.42 13.63 11.04 13.42 11.31
Composite Net -3.69 5.33 1.37 10.35 7.82 10.14 8.08
Russell MidCap® Growth Index -1.08 7.56 1.60 9.21 8.96 10.84 9.14

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 (%)
Mid Cap Growth Managed Account Russell MidCap® Growth Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Mid Cap Growth Managed Account -17.21 18.97 21.46 35.48 0.43 27.82 11.57 4.21 13.13 33.56
Russell MidCap® Growth Index -26.72 12.73 35.59 35.47 -4.75 25.27 7.33 -0.20 11.90 35.74

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 03/31/2023)

RISK / REWARD
VS. Russell MidCap® Growth Index		 3YR 5YR
Information Ratio 0.54 0.25
Alpha 7.02 2.92
Tracking Error 9.04 7.70
Beta 0.81 0.87
R-squared (%) 84.87 87.83
UP/DOWN MARKET CAPTURE (%)
VS. Russell MidCap® Growth Index		 3YR 5YR
Up Capture Ratio 90.22 90.07
Down Capture Ratio 72.39 83.48
STANDARD DEVIATION 3YR 5YR
Mid Cap Growth Managed Account 20.23 20.45
Russell MidCap® Growth Index 23.08 22.07
SHARPE RATIO 3YR 5YR
Mid Cap Growth Managed Account 0.94 0.47
Russell MidCap® Growth Index 0.62 0.35

Portfolio

Index represents the Russell MidCap® Growth Index.

Top Holdings (As of 04/30/2023)
% of Rep Account
ON Semiconductor Corp 4.15
Boston Scientific Corp 3.71
Liberty Media Corp-Liberty Formula One 3.43
SS&C Technologies Holdings Inc 2.99
LPL Financial Holdings Inc 2.98
Amdocs Ltd 2.95
Teleflex Inc 2.77
Flex Ltd 2.60
WEX Inc 2.49
GoDaddy Inc 2.35
Total 30.42
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 55 397
Market Capitalization
Weighted Average		 $21.43B $24.62B
Portfolio Turnover Rate
(1-year trailing)		 14.18% -
Price/Earnings Ratio
(1-year forward)		 16.97 20.70
Price/Book Ratio
 3.18 6.23
Earnings Growth Rate
(1-year forward)		 4.78% 17.73%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Regional Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
From fast growth to prudent growth: A changing road map for mid-caps
Feb 8, 2023
Timely & Topical

From fast growth to prudent growth: A changing road map for mid-caps

Why mid-cap companies – and investors – must adapt their approach in a more challenging investment environment.

5 min read

Market shifts break ground for new mid-cap growth leaders
Jan 6, 2023
Timely & Topical

Market shifts break ground for new mid-cap growth leaders

Brian Demain explains why new mid-cap growth leaders can emerge as some of the excesses of previous years have been reduced in the market.

5 min read

A new day for small- and mid-cap stocks?
Oct 20, 2022
Timely & Topical

A new day for small- and mid-cap stocks?

Why small- and mid-cap U.S. stocks could be due for a comeback.

4 min read