Nuance Private Accounts

Nuance Concentrated Value

Sector Allocation
as of 11/30/2020

GICS Sectors Nuance Concentrated Value Composite Russell 3000 Value Index
Cash 14.1 0.0
Communication Services 0.0 9.0
Consumer Discretionary 0.0 8.0
Consumer Staples 20.1 7.6
Energy 0.0 4.3
Financials 24.8 19.6
Health Care 26.6 13.0
Industrials 3.8 13.9
Information Technology 2.7 9.3
Materials 0.0 4.9
Real Estate 5.3 4.7
Utilities 2.7 5.6
Note: Sector Classifications are generally determined by referencing the Global Industry Classification Standard (GICS ®) Codes developed by Standard & Poor’s and Morgan Stanley Capital International. Sector Allocations are a percent of equity investments and subject to change. Sector Allocation provided by Bloomberg.

Portfolio Characteristics
as of 11/30/2020


  Nuance Concentrated Value Composite Russell 3000 Value Index
Weighted Average Market Cap 49.9b 123.2b
Median Market Cap 18.2b 1.9b
Price to Earnings (internal and ttm)* 15.9x 27.7x
Price to Earnings (ex-neg earnings) - 20.5x
Dividend Yield 1.6% 2.3%
Return on Equity 8.8% 7.9%
Return on Assets 2.2% 1.5%
Number of Securities 24 2,298

Index statistics are provided by FactSet. The following Composite characteristics are calculated using FactSet data: Weighted Average Market Cap, Median Market Cap (midpoint of market capitalization of the stocks in the portfolio), Dividend Yield (annual dividends relative to share price), Return on Equity (net income divided by shareholder equity), Return on Assets (net income divided by average total assets), P/E (price of a company’s stock relative to its earnings per share). Characteristics for P/E, DY, ROE & ROA use an index aggregation calculation methodology (the index method sums the weighted portfolio value of the numerator and the denominator first, then divides those sums to determine the portfolio and benchmark values). Characteristics calculations use holdings at market close on the stated date, including cash & cash equivalents. The P/E excluding negative earners omits companies with negative earnings from the calculation to provide readers with an additional tool during periods of extreme volatility.

Portfolio Guidelines


Capitalization All-Cap
Cash Limits1 25.00%
International Limits2 25.00%
Diversification Limits 50.00% of the portfolio assets will not have positions of greater than 5.00%
Maximum Position 15.00%
Industry Constraints3 25.00%
Number of Companies4 15-to-35
Absolute Volatility Less than S&P 500 Index
Peer Group All-Cap Value
Primary Benchmark Russell 3000 Value Index
Secondary Benchmarks S&P 500 Index
Tracking Error Approximately 350-1000 bps
Performance Focus Absolute Return & Sharpe Ratio vs. Russell 3000 Value Index and S&P 500 Index

Top 10 Holdings

as of 11/30/2020

Travelers Companies, Inc.
8.6
Diageo PLC Sp ADR 8.0
Dentsply Sirona, Inc.
7.1
Smith & Nephew PLC Sp ADR 5.6
Equity Commonwealth
5.3
Charles Schwab Corp.
4.3
Sanderson Farms, Inc. 4.0
Chubb Ltd. 3.9
Johnson & Johnson 3.9
Beiersdorf AG Unsp ADR 3.9
Note: Holdings are subject to change. For a complete list contact Nuance Investments.



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