Large Cap Value

The Large Cap Value strategy focuses on companies with market capitalizations within the range of the Russell 1000® Value Index. These companies are combined to provide a well-diversified portfolio of 30 to 55 holdings.

Strategy AUM

(as of Dec. 31, 2019)

$700 million
Inception Date April 2002
Number of Holdings 33
Primary Benchmark Russell 1000® Value Index
Weighted Average Market Cap $190 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. Accounts with $0 commission costs have been included in the composite. The composite was created in April 2002 and consists of non-taxable institutional accounts managed in the “Large Cap Value” style with a minimum portfolio size of $1,000,000. Our advisory fees are disclosed in Form ADV, Part 2A. A complete list of composite descriptions, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request by emailing info@seizertcapital.com.

Portfolio Characteristics

Representative Account as of 12/31/19     Source: FactSet

Portfolio Russell 1000® Value Index
Price/Earnings Trail 16.42x 17.59x
Price/Earnings Forward 14.00x 15.77x
Price/Book 2.13x 2.03x
Price/Cash Flow 9.78x 10.36x
LT Debt/Capital 33.36% 39.16%
Return on Capital 22.43% 16.16%
Return on Equity 20.49% 14.00%
Dividend Yield 1.64% 2.43%
Active Share 80.82% n/a

Documents

Fact Sheet

Dec 2019

Commentary

Dec 2019

Top Holdings

Representative Account as of 12/31/19     Source: FactSet

Company Name % of Portfolio
Liberty Broadband Corp. Class A 3.8%
Goldman Sachs Group, Inc. 3.7%
Berkshire Hathaway Inc. Class B 3.7%
Bank of America Corp 3.5%
Capital One Financial Corporation 3.4%
JPMorgan Chase & Co. 3.4%
Liberty Media Corp. Series C Liberty SiriusXM 3.4%
Johnson & Johnson 3.4%
Ingersoll-Rand Plc 3.2%
Apple Inc. 3.2%

Portfolio Sector Weightings vs. Index

Representative Account as of 12/31/19     Source: FactSet

Portfolio characteristics, top ten holdings, sector allocation and market capitalization reflect information for a representative account from the Large Cap Value composite which we believe is illustrative of this strategy. Results for accounts in the composite or strategy may vary over time, due to timing, cash flows, among other things. The information provided should not be considered a specific recommendation to purchase or sell any securities and is subject to change. Non-performance based criteria have been used to select the securities listed. The past performance of these securities is no guarantee of future results. The specific securities identified and described may not represent all the securities purchased, sold or recommended for this strategy. The reader should not assume that investments in the securities identified or discussed were or will prove to be profitable. Portfolio holdings may not be current recommendations to buy or sell any security and may no longer be held in the representative account. To request a complete list of portfolio holdings recommendations for the past year, please email info@seizertcapital.com.

Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices. The indices referenced have been selected because they are well known, easily recognized by investors, and reflect those indices that SCP believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market. The Russell 1000® Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. Index performance information was furnished by an unaffiliated third party and is deemed to be reliable, and is believed to be accurate, but not guaranteed and the information is subject to correction.

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.