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Large Cap Strategies June 30, 2017 Objective Strategy The Large Cap Strategies portfolio seeks long-term capital appreciation. A team of Bessemer professionals oversees the portfolio, which combines different but complementary investment strategies. Sands Capital invests in earlier-stage companies that are experiencing rapid growth through superior products or services. Bessemer Large Cap – Global and Harding Loevner emphasize companies with established competitive advantage achieving high and sustainable returns on operating capital, but with more moderate growth. While Bessemer Large Cap – Global is mostly focused on developed markets, Harding Loevner specializes in emerging markets. Bessemer Large Cap – U.S. focuses on companies in the U.S. selling at low valuations where there are prospects for recovery. Finally, Bessemer’s Managed Volatility Equities (MVE) is a quantitative lower-volatility strategy that narrows down the global equity universe to find companies that are attractive based on valuation, management quality, and company-specific risk; the portfolio is then constructed to achieve average volatility that is lower than the benchmark. Portfolio Characteristics Number of Holdings Weighted Average Market Cap ($Bn) Price-to-Earnings Price-to-Book Portfolio 437 $117.3 19.0x 2.9x Benchmark1 1,195 $135.1 16.4x 2.2x Portfolio 14.7% 13.3% 6.1% 15.5% 11.3% 9.3% 2.5% 0.3% 20.5% 2.0% 0.6% 3.9% 1 Benchmark 11.2% 10.3% 6.5% 19.5% 12.1% 9.6% 4.1% 2.2% 17.9% 3.7% 2.8% – Portfolio 9.9% 2.8% 0.89 Benchmark1 10.7% 0.0% 1.00 Sector Weights Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Materials Real Estate Technology Telecom Utilities Cash Highlights • Large Cap Strategies has an overweight position in technology companies due both to the identified growth potential of certain emergent companies and the strong market positions of a select number of established companies. • The portfolio is overweight U.S. and emerging markets, while being underweight developed Europe. • The portfolio is underweight the telecom and utilities sectors, which are capital intensive and lack pricing power. Regional Weights U.S. Developed Europe Japan Other Developed Markets Emerging Markets Cash Currency Exposure Portfolio 58.4% 16.4% 3.7% 3.9% 13.6% 3.9% Benchmark1 54.3% 20.4% 7.1% 6.9% 11.4% 0.0% 64% 8% 4% 4% 4% 3% 2% 2% 2% 9% U.S. Dollar Euro British Pound Japanese Yen Hong Kong Dollar Indian Rupee Swiss Franc Swedish Krona South Korean Won Other² Risk Statistics Standard Deviation Tracking Error Beta Above risk statistics are based on a 3-year time frame. 1The MSCI All Country World Large Cap Index is comprised of large-capitalization stocks in 23 developed and 23 emerging market countries. With close to 1,200 constituents, the index covers approximately 70% of the free float-adjusted market capitalization in each country. 2 Other includes: Argentine Peso, Australian Dollar, Brazilian Real, Canadian Dollar, Chilean Peso, Chinese Renminbi, Colombian Peso, Czech Koruna, Danish Krone, Egyptian Pound, Hungarian Forint, Indonesian Rupiah, Mexican Peso, Norwegian Krone, Phillipines Peso, Polish Zloty, Russian Ruble, Singapore Dollar, South African Rand, Taiwan Dollar, Thailand Baht, and Turkish Lira. Currency exposures may not total 100% due to rounding. Market capitalization is the market value of a company’s outstanding shares. Price-to-earnings ratio is the share price divided by the earnings per share, which is based on consensus earnings estimates for the next fiscal year. Price-to-book ratio is the price per share divided by the book value per share. Standard Deviation: A measure of dispersion of a set of data from its mean. Tracking Error: A measure of the divergence between a portfolio and its benchmark. Beta: Represents the systematic risk of a portfolio and measures its sensitivity to a benchmark. MSCI data provided “AS IS” without warranty or liability. No further distribution or dissemination is permitted. MSCI does not make any representation regarding the advisability of any investment and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment (including any financial products based on, tracking or otherwise utilizing any MSCI data, models, analytics or other materials or information). Data and holdings reflect the Old Westbury Large Cap Strategies Fund as of June 30, 2017. Distributed by Foreside Funds Distributors LLC. Source: FactSet; Standard & Poor’s; MSCI; Harding Loevner LP; Sands Capital Management LLC; Bessemer Investment Management LLC, a member of the Bessemer Trust group of companies. Large Cap Strategies Adviser/Sub-Adviser Allocation Large Cap – U.S. Bessemer Geographical Exposure Top 10 Holdings Top 5 Sectors U.S. Developed Emerging Apple Oracle Philip Morris International PepsiCo Johnson & Johnson UnitedHealth Allergan JPMorgan Chase Qualcomm Mondelez Technology Healthcare Consumer Staples Financials Consumer Discretionary 99.8% 0.0% 0.0% Key Themes • Overweight several consumer cyclicals with strong cash flow generation • Overweight undervalued healthcare companies with steady growth outlooks and durable cash flows • Recovery situations with strong business franchises under new management Price-to-Earnings Ratio Earnings-per-Share Growth Rate Percent of Portfolio 16.1x 8.5x 25.8% Large Cap – Global Bessemer June 30, 2017 Large Cap – Global Growth Sands Capital Large Cap – Managed Vol. Equities Bessemer Large Cap – Emerging Markets Harding Loevner 45.9% U.S. 43.1% Developed 11.0% Emerging RELX NV U.S. Bancorp Mastercard Texas Instruments Nestle S.A. Alphabet Tencent Holdings Nomura Research Institute Becton, Dickinson and Company Sampo Technology Financials Industrials Consumer Staples Consumer Discretionary • Overweight high-return consumerfacing companies with strong brands • Underweight commodity-related stocks with low barriers to entry • Invested in technology companies with high barriers to entry and recurring revenue streams 56.7% U.S. 14.0% Developed 29.2% Emerging Alibaba Facebook Priceline Visa HDFC Amazon Charles Schwab Regeneron Pharma Workday Baidu Consumer Discretionary Technology Healthcare Financials Consumer Staples • Overweight faster-growing global technology companies • Invested in a number of biotechnology and healthcare technology companies • Underweight banks 64.6% U.S. 18.8% Developed 16.6% Emerging Darden Restaurants CBOE Holdings Annaly Capital Quest Diagnostics Wal-Mart Stores Waste Management Clorox Vail Resorts Republic Services Conagra Brands Technology Consumer Discretionary Financials Consumer Staples Industrials • Security selection based on specific fundamental quantitative factors and minimizing volatility at the portfolio level • Devloped-market holdings mostly in Japan and Asia ex-Japan rather than Europe • Overweight consumer staples, telecommunications, and utilities companies U.S. 1.1% Developed 12.2% Emerging 86.6% Samsung Taiwan Semiconductor Tencent AIA Group Sberbank Russia Maruti Suzuki India LUKOIL Grupo Financiero Banorte PT Bank Rakyat Indonesia Axis Bank Financials Technology Consumer Discretionary Industrials Consumer Staples • Overweight emerging-market technology companies mainly in Asia • Largest weighting is in financials but well below the benchmark • Overweight healthcare and consumerfacing sectors 20.1x 11.2x 48.6%* 34.4x 25.4x 13.2% 16.3x 12.1x 6.8% 15.8x 20.6x 5.6% The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. Investing in emerging and foreign markets may involve additional risks such as economic and political instability, market illiquidity, and currency volatility. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The use of derivative instruments involves significant risks, and losses may occur. Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus, which can be obtained by calling 800-607-2200, contains this and other important information about the Fund and should be read carefully before investing. Sector and Industry classifications included in this presentation utilize the Global Industry Classification Standard (“GICS®”). GICS® is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. Neither MSCI nor S&P makes any express or implied warranties or representations or shall have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) with respect to GICS® data or results obtained therefrom. Top holdings are listed in order of weight within each strategy. The earnings per share growth rate is a consensus of 3- to 5-year earnings per share growth rate and represents a weighted average of the Fund’s holdings. *Includes cash and exchange-traded funds. This material is provided for your general information. The mention of a particular security is not intended to represent a stock-specific recommendation. Views expressed are subject to change without notice. Source: FactSet; Standard & Poor’s; Harding Loevner LP; Sands Capital Management LLC; Bessemer Investment Management LLC, a member of the Bessemer Trust group of companies.