Concentrated Equity

Seizert Concentrated Equity represents our “best” ideas and focuses on companies with market capitalizations over $1 billion. These companies are combined to provide a relatively concentrated portfolio of 20 to 30 holdings.

Strategy AUM

(as of Sep. 30, 2017)

$459 million
Inception Date April 2008
Number of Holdings 26
Primary Benchmark Russell 1000® Index
Weighted Average Market Cap $175 billion

Performance

Performance data is based on the firm’s composite for this strategy. Past performance does not guarantee future results and future performance may be lower or higher than the performance presented, including the possibility of loss of principal.  Composite returns for one year or greater are annualized.

Returns are presented both gross and net of management fees and reflect the reinvestment of dividends and other earnings.  Gross of fee returns are calculated gross of management and custodial fees and net of transaction costs.  Net of fee returns are calculated net of management fees and transaction costs.  Net of fee returns were calculated by deducting the actual annual client fees, pro-rated on a quarterly basis. The composite was created in April 2008 and consists of non-taxable institutional accounts managed in a “Concentrated” style with a minimum portfolio size of $1,000,000. A complete list of composite descriptions is available upon request by emailing info@seizertcapital.com. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

For purposes of compliance with the Global Investment Standards (GIPS®), the Firm is defined as Seizert Capital Partners. Seizert Capital Partners claims compliance with the Global Investment Standards (GIPS®). To receive a list of composites and/or a GIPS® compliant presentation, please contact us.  Seizert Capital Partners is a registered investment adviser.

Portfolio Characteristics

Representative Account as of 9/30/17     Source: FactSet

Portfolio Russell 1000® Index
Weighted Harmonic Avg. Price/Earnings Trail 16.24x 20.80x
Weighted Harmonic Avg. Price/Earnings Forward 15.34x 18.63x
Weighted Harmonic Avg. Price/Book 2.04x 2.80x
Weighted Harmonic Avg. Price/Cash Flow 10.54x 12.96x
Debt/Capital 38.09% 44.50%
Return on Capital 9.56% 10.11%
Return on Equity 21.93% 17.78%
Dividend Yield 1.56% 1.85%
5 Year Historical Growth Rate 11.99% 9.67%
Active Share 83.43% n/a

Documents

Fact Sheet

Sep 2017

Commentary

Sep 2017

Top Holdings

Representative Account as of 9/30/17     Source: FactSet

Company Name % of Portfolio
Berkshire Hathaway Inc. Class B 5.9%
Liberty Media Corp. Series C Liberty SiriusXM 5.6%
Apple Inc. 5.5%
Liberty Media Corporation Series C Liberty Formula One 5.5%
Liberty Broadband Corp. Class C 5.3%
Bank of America Corporation 5.0%
McKesson Corporation 4.2%
Gilead Sciences, Inc. 3.6%
Johnson & Johnson 3.6%
JPMorgan Chase & Co. 3.6%

Portfolio Sector Weightings vs. Index

Representative Account as of 9/30/17     Source: FactSet

Portfolio characteristics, top ten holdings, sector allocation and market capitalization are based on a representative portfolio which is an account in the composite that we believe most closely reflects current portfolio management style for this strategy. Performance is not a consideration in the selection of the representative portfolio.  The information of the representative portfolio shown may differ from that of the composite.  The top ten holdings identified and described do not represent all securities purchased, sold, or recommended for clients in the composite and no assumption should be made that such securities or future recommendations were or will be profitable in the future.  Portfolio holdings are subject to change without notice. A complete list of holdings for previous 12 months is available upon request. Characteristics use Weighted Harmonic Average effective as of 6/30/17.

Benchmark returns have been obtained from Interactive Data Corporation, a non-affiliated third-party source. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 92% of the U.S. market.

Investing in any strategy has risks.  Accounts are subject to price volatility and the value of an account’s portfolio will change as the prices of investments go up or down.  Before investing in a strategy, you should consider the risks of the strategy as well as whether the strategy is suitable based upon your investment objectives. This communication is provided for informational purposes only.  It is not an offer to sell, or a solicitation for the offer to purchase, a security in any jurisdiction where such an offer, solicitation or sale would be unlawful.  An investment in accordance with a Seizert Capital Partners strategy may only be pursuant to an executed investment agreement.