Nuance Concentrated Value
as of 5/31/2022
|GICS Sectors||Nuance Concentrated Value Composite||Russell 3000 Value Index|
as of 5/31/2022
|Nuance Concentrated Value Composite||Russell 3000 Value Index|
|Weighted Average Market Cap||21.8b||148.1b|
|Median Market Cap||11.2b||2.2b|
|Price to Earnings (internal and ttm)*||14.2x||15.7x|
|Price to Earnings (ex-neg earnings)||-||14.5x|
|Return on Equity||10.5%||15.1%|
|Return on Assets||3.7%||2.9%|
|Number of Securities||22||2,272|
* Based on Nuance internal estimates and benchmarked against the above noted index.
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.
|Diversification Limits||50.00% of the portfolio assets will not have positions of greater than 5.00%|
|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
|Henkel AG & Co. KGaA Sp ADR||8.1|
|Beiersdorf AG Unsp ADR||8.0|
|Baxter International Inc.
|Smith & Nephew PLC Sp ADR
|Dentsply Sirona, Inc.
|Travelers Companies, Inc.||4.3|
|Universal Health Services, Inc. Class B||4.1|