Core

The Core strategy is a dynamic allocation of large value, large growth, mid value, mid growth, small value and small growth driven by our bottom up selection process. Companies with market capitalizations over $1 billion are combined to provide a well-diversified portfolio of 30 to 55 holdings.

Strategy AUM

(as of Dec. 31, 2017)

$522 million
Inception Date January 2001
Number of Holdings 37
Primary Benchmark S&P 500® Index
Weighted Average Market Cap $205 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 January 2001. Before September 30, 2002 the composite was made up of taxable and non-taxable “Core Equity” accounts with a minimum portfolio size of $1,000,000. Beginning October 1, 2002 the composite has consisted of non-taxable institutional accounts managed in the “Core Equity” 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.

Portfolio Characteristics

Representative Account as of 12/31/17     Source: FactSet

Portfolio S&P 500® Index
Price/Earnings Trail 16.54x 21.81x
Price/Earnings Forward 14.93x 18.81x
Price/Book 2.44x 2.93x
Price/Cash Flow 11.45x 13.73x
Debt/Capital 37.37% 40.64%
Return on Capital 12.94% 15.08%
Return on Equity 21.79% 19.35%
Dividend Yield 1.52% 1.83%
Active Share 74.53% n/a

Documents

Fact Sheet

Dec 2017

Commentary

Dec 2017

Top Holdings

Representative Account as of 12/31/17     Source: FactSet

Company Name % of Portfolio
Apple Inc. 4.6%
Fifth Third Bancorp 3.2%
Berkshire Hathaway Inc. Class B 3.2%
Alphabet Inc. Class A 3.2%
Bank of America Corporation 3.2%
JPMorgan Chase & Co. 3.1%
Goldman Sachs Group, Inc. 3.1%
Citigroup Inc 3.0%
Biogen Inc. 2.9%
Microsoft Corporation 2.9%

Portfolio Sector Weightings vs. Index

Representative Account as of 12/31/17     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. *S&P 500 Index reflects the iShares Core S&P 500 ETF for Portfolio Characteristics and Portfolio Sector Weightings vs Index. Price Characteristics use Weighted Harmonic Average effective as of 6/30/17.

Benchmark returns have been obtained from Interactive Data, a non-affiliated third-party source. The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. There is over $7.8 trillion USD benchmarked to the index, with index assets comprising approximately $2.2 trillion USD of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The indices are unmanaged and unavailable for direct investment.

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.