Nuance Private Accounts

Nuance Mid Cap Value

Sector Allocation
as of 2/28/2021

GICS Sectors Nuance Mid Cap Value Composite Russell Midcap Value Index
Cash 5.3 0.0
Communication Services 0.0 4.8
Consumer Discretionary 0.0 12.4
Consumer Staples 15.8 3.7
Energy 0.0 4.3
Financials 28.5 16.1
Health Care 21.1 7.5
Industrials 4.3 17.1
Information Technology 3.1 9.7
Materials 0.1 7.7
Real Estate 10.4 9.9
Utilities 11.4 6.8
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 2/28/2021


  Nuance Mid Cap Value Composite Russell Midcap Value Index
Weighted Average Market Cap 20.6b
19.6b
Median Market Cap 10.3b
9.5b
Price to Earnings (internal and ttm)* 16.0x
39.6x
Price to Earnings (ex-neg earnings) - 21.6x
Dividend Yield 1.9% 1.8%
Return on Equity 8.9% 6.0%
Return on Assets 2.3%
1.2%
Number of Securities 54 697

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


Capitalization1 Mid-Cap
Cash Limits2 10.00%
International Limits3 15.00%
Diversification Limit 5.00% of Total Assets in any position for 25.00% of the assets
Convertible and Debt Limits 10.00%
Maximum Position 7.50%
Industry Constraint4 25.00% of Total Assets in any GICS Industry
Sector Constraints5 +/-15% Russell Midcap Value Index
Number of Companies6 50 -to- 90
Absolute Volatility Less than S&P 500 Index
Peer Group Mid Cap Value
Primary Benchmark Russell Midcap Value Index
Secondary Benchmarks S&P MidCap 400 Value Index
S&P 500 Index
Tracking Error Approximately 350-700 bps
Performance Focus Absolute Return & Sharpe Ratio vs. Russell Midcap® Value & S&P 500

Top 10 Holdings

as of 2/28/2021


Travelers Companies, Inc.
7.1
Equity Commonwealth 6.1
Beiersdorf AG Unsp ADR 5.5
Sanderson Farms, Inc. 4.8
Northern Trust Corporation 4.5
Dentsply Sirona, Inc. 4.5
Smith & Nephew PLC Sp ADR 4.1
BDX 6 06/01/23 Pfd 3.8
Everest Re Group, Ltd. 3.4
Cal-Maine Foods, Inc. 3.3
Note: Holdings are subject to change. For a complete list contact Nuance Investments.



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