Nuance Private Accounts

Nuance Concentrated Value

Sector Allocation
as of 5/31/2022

GICS Sectors Nuance Concentrated Value Composite Russell 3000 Value Index
Cash 10.3 0.0
Communication Services 0.0 6.7
Consumer Discretionary 0.0 5.0
Consumer Staples 31.5 7.3
Energy 0.0 8.6
Financials 12.9 20.5
Health Care 28.2 17.9
Industrials 5.2 10.6
Information Technology 0.0 8.8
Materials 2.9 4.1
Real Estate 6.0 5.1
Utilities 3.0 5.6
Sector Allocation provided by FactSet. 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 FactSet.

Portfolio Characteristics
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
Dividend Yield 1.6% 2.0%
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.

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 5/31/2022

Henkel AG & Co. KGaA Sp ADR 8.1
Beiersdorf AG Unsp ADR 8.0
Kimberly-Clark Corporation 7.2
Baxter International Inc.
7.2
Smith & Nephew PLC Sp ADR
6.7
Equity Commonwealth
6.0
Dentsply Sirona, Inc.
5.0
Clorox Company
4.6
Travelers Companies, Inc. 4.3
Universal Health Services, Inc. Class B 4.1
Note: Holdings are subject to change. For a complete list contact Nuance Investments.



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