|SYMBOL||% OF PORTFOLIO|
|FleetCor Technologies, Inc.||FLT||3.2%|
|Monster Beverage Corp.||MNST||2.6%|
|Wal-Mart Stores, Inc.||WMT||2.5%|
|Nielsen Holdings plc||NLSN||2.2%|
|Newell Brands, Inc.||NWL||1.9%|
|Affiliated Managers Group, Inc.||AMG||1.7%|
|Gilead Sciences, Inc.||GILD||1.6%|
|Bayer AG||BAYN GR||1.6%|
|Dollar General Corp.||DG||1.2%|
|Dollar Tree, Inc.||DLTR||1.1%|
Visa is a credit and debit card company that operates the world's largest retail electronic payments network. Visa cards are issued by banks worldwide, and are accepted at 29 million merchant locations and more than 1.2 million ATMs. Visa has no credit risk as they do not issue cards or make loans to cardholders. Revenue is generated from transaction based services that are processed on Visa's network. Electronic payments are gradually displacing the use of cash and credit globally, providing a secular growth tailwind.
FleetCor Technologies, Inc. manages and processes commercial fuel cards. It provides fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities. The company also provides customers with various card products that function like a charge card to purchase fuel, lodging and related products and services at participating locations. FleetCor Technologies was founded in 2000 and is headquartered in Norcross, GA.
Monster Beverage Corporation markets and distributes energy drinks, fruit juices, fruit juice smoothies, juice cocktails, iced teas, lemonades and still water in the United States and globally.
Wal-Mart Stores, Inc. operates retail stores in various formats around the world. The company operates its business through three reportable segments: Walmart U.S., Walmart International and Sam's Club. The Walmart U.S. segment includes the company's mass merchant concept in the U.S., operating under the Walmart or Wal-Mart brand, as well as walmart.com and also offers financial services and related products, including money orders, prepaid cards, wire transfers, check cashing and bill payment. The Walmart International segment includes numerous formats of retail stores, restaurants, wholesale clubs, including Sam's Clubs, and various retail websites that operate outside the U.S. This segment operates units in three major categories: retail, wholesale and other which consists of numerous formats, including discount stores, supermarkets, supercenters, hypermarkets, retail websites, warehouse clubs, restaurants and apparel stores. The Sam's Club segment includes the warehouse membership clubs in the U.S., as well as samsclub.com and also offers brand name merchandise, which include hard goods, some soft goods and selected private-label items and brands in five merchandise categories namely grocery and consumables, fuel and other categories, technology, office and entertainment, home and apparel and health and wellness. Wal-Mart Stores was founded by Samuel Moore Walton and James Lawrence Walton on July 2, 1962 and is headquartered in Bentonville, AR.
Nielsen Holdings N.V. is a global information and measurement company. The Company offers critical media and marketing information, analytics, and industry expertise about what consumers watch and what consumers buy on a global and local basis. The Company was taken private in 2006 in a leveraged buyout and became public again in January 2011.
Nielsen is a premier, global franchise whose business has high barriers to entry. It has a high level of recurring revenue, a scalable business model, and generates high levels of free cash flow. It is also a beneficiary of two secular trends: the growth of the developing markets' consumer and emerging middle class, and the capture of consumer behavior as consumers enjoy expanding ways in which to consume media.
Comcast Corp. is a media, entertainment and communications company. The company provides video, high-speed Internet and phone services to residential and business customers in the United States. The company operates its business through five reportable segments: Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks. The Cable Communications segment provides video, high-speed Internet and voice services to residential and business. The Cable Networks segment provides national cable television networks, regional sports and news networks, international cable networks, cable television production studio, and related digital media properties. The Broadcast Television segment provides NBC and telemundo broadcast networks. The Filmed Entertainment segment consists of the operations of universal pictures, which produces, acquires, markets and distributes filmed entertainment and stage plays worldwide. The Theme Parks segment provides universal theme parks in Orlando and Hollywood. Comcast was founded by Ralph J. Roberts, Daniel Aaron and Julian A. Brodsky in 1963 and is headquartered in Philadelphia, PA.
Newell Brands, Inc. is a consumer goods company. The company’s brands include Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid, Graco, Baby Jogger, NUK, Calphalon, Contigo, First Alert, Waddington and Yankee Candle. Newell Brands is focused on products that make life better every day, where they live, learn, work and play. The company was founded in 1903 and is headquartered in Atlanta, GA.
Affiliated Managers Group Inc. acquires majority interests in mid-sized investment management firms. Company management targets firms with between $500 million and $15 billion in assets. AMG's current portfolio of affiliates includes Tweedy, Browne, Essex, Friess Associates, Rorer Asset Management, Frontier Capital, The Managers Funds, and Third Avenue. The company differs from most of its competitors in that it typically purchases around a 60% ownership interest vs. 100%. The advantage of AMG's approach is that the company provides a liquidity event for the founders and other shareholders, while creating an incentive structure to keep the younger management talent in place. Principals of the acquired firms typically sign five-year employment contracts as a condition of the investment by AMG. The model appears to have better long term potential than their competitors because there is a strong incentive for investment personnel to remain highly motivated due to the key individuals retaining material ownership in the acquired firms.
The company affiliates, in aggregate, managed in excess of $200 billion in a wide variety of investment styles, from "Graham & Dodd" style value equity to performance-fee driven Aggressive Growth. Assets are roughly equally divided between institutional accounts, high net worth individuals, and mutual funds. Affiliated works with their affiliates in a hands-off fashion, but also leverages their distribution and back office systems to improve asset collection and operating efficiencies. At the time of purchase, most affiliates have displayed strong asset growth. AMG's ownership and resources can typically accelerate the pace of asset gathering.
Gilead Sciences is a biopharmaceutical company that focuses primarily on antivirals, cardiovascular conditions, and respiratory diseases. Gilead has grown rapidly since its 1987 founding, with results driven in recent years by the company's strong HIV treatment franchise. The company's HIV drugs Viread, Truvada and Atripla are safe, efficacious and easy for patients to take (Atripla, for example, simplifies a once burdensome treatment regiment to one pill once a day). Unfortunately, HIV/Aids continue to be a growing problem in developed and developing countries all over the world. The good news is that if HIV patients are diagnosed and treated early enough, Gilead's products can help these patients live healthy and productive lives for decades.
Gilead has recently expanded into a limited number of new treatment areas, both through internal development and acquisitions. Gilead's pipeline includes potentially compelling products for the treatment of HIV/Aids, resistant hypertension, and other areas of patient need.
Bayerische Motoren Werke AG engages in the manufacture and sale of automobiles and motorcycles. The company operates its business through the following segments: Automotive, Motorcycles and Financial Services. The Automotive segment develops, manufactures, assembles, and sells cars and off-road vehicles, under the following brands: BMW, MINI and Rolls-Royce, as well as spare parts and accessories. The Motorcycles segment develops, produces, assembles, and markets BMW and Husqvarna brand motorcycles, as well as spare parts and accessories. The Financial Services segment includes car leasing, fleet business, retail customer and dealer financing, customer deposit business, and insurance activities. Bayerische Motoren Werke was founded on March 6, 1916 and is headquartered in Munich, Germany.
Dollar Tree was founded in 1986 and has grown to over 2000 locations nationwide. All goods sold in Dollar Tree stores are priced at $1. Of their overall product mix, about half is considered "variety," meaning housewares, toys, gifts, and party gifts. Just over 10% of goods sold are seasonal in nature, and the balance are "consumables," household chemicals, paper, food items, health and beauty items, and plastics. Customers usually return to Dollar Tree to purchase these consumables - high quality goods bought directly from manufacturers such as Proctor and Gamble, Colgate, Kelloggï¿½s, and Lever Brothers. Among mid and large cap retailers, DLTR has one of the most aggressive store expansions planned. Dollar Tree focuses less on improving same store sales, and more on expanding the geographic footprint of the chain. Early stores were approximately 2000-3000 square feet, and the newest stores are more typically 10000 square feet.
Dollar Tree generates strong returns on equity and invested capital, and carries just a small portion of debt on the balance sheet. Just less than half of the goods are sourced overseas. More than three-quarters of the stores are located in a strip mall where the anchor tenet is Walmart, Kmart, or Target. Dollar Tree has stores on both coasts, and in the mid west, but most stores (around half) are located in the South.
|SYMBOL||% OF PORTFOLIO|
|Alphabet, Inc. Class C||GOOG||3.0%|
|Las Vegas Sands Corp.||LVS||2.9%|
|PayPal Holdings, Inc.||PYPL||2.3%|
|Acuity Brands, Inc.||AYI||2.2%|
|The TJX Companies, Inc.||TJX||1.9%|
|Alexion Pharmaceuticals, Inc.||ALXN||1.9%|
|General Electric Co.||GE||1.7%|
|Concho Resources, Inc.||CXO||1.6%|
|Chipotle Mexican Grill, Inc.||CMG||0.8%|
Facebook hosts a social networking service that allows its members to share content among their various social circles, and to restrict access through specified criteria. It is currently the pre-eminent global social platform, with ample room for international penetration growth, especially in emerging markets. It also has great scope to monetize its user base globally and to enjoy greater market share of online advertising, especially on mobile devices.
Alphabet, Inc. is a newly founded holding company for the Google group of businesses. Under the new operating structure, its main Google business will include search, ads, maps, apps, YouTube and Android and the related technical infrastructure (the 'Google business'). Businesses such as Calico, Nest, and Fiber, as well as its investing arms, such as Google Ventures and Google Capital, and incubator projects, such as Google X, will be managed separately from the Google business. The new legal and operating structure will be introduced in phases over the coming months and when finalized, Google anticipates that it will result in two reportable segments for financial reporting purposes, with the Google business presented separately from other Alphabet businesses taken as a whole. Accordingly, Alphabet will report its results under this new structure commencing with its Q4 earnings release and its Annual Report on Form 10-K for the period ending December 31, 2015. The company was founded on 2nd October, 2015 and is headquartered in Mountain View, CA.
Las Vegas Sands operates casinos, hotels and convention facilities. Properties include the Venetian Casino Resort and the Sands Expo and Convention Center in Las Vegas, Nevada; the Sands Macao Casino and Venetian Macao Casino in Macau, China; and the Marina Bay Sands in Singapore. LVS has focused on using convention business to drive higher than industry average non-gaming revenues. The company's strategy is to build signature casino resorts and then connect convention facilities in order to drive more predictable and repeatable customer traffic midweek to its properties.
The Asian gaming opportunity over the next five years is attractive. Demographics in the region are compelling for years of growth driven by low penetration of mass market gaming, growing incomes, easing of travel restrictions for mainland Chinese, and infrastructure development. LVS has positioned itself for leadership in the region with its development plans for the Cotai Strip as well as Singapore, where it is one of two licensed operators. Leading with a strategy that draws convention business to its properties, the Sands aims to repeat its success in the Las Vegas convention market in Asia. The company could also generate equity value for shareholders through real estate development activities in and around the Cotai Strip in order to capture the value of the traffic created by its casino resorts.
Amazon is the leading online retailer globally. Amazon provides a wide selection of products from books to household goods to electronics. By investing in distribution infrastructure and achieving greater scale then competitors Amazon is able to provide great selection at very competitive prices. As a percentage of retail spending e-commerce still represents a very small portion. As broadband penetration continues to grow around the world and spending habits gradually shift, e-commerce share should continue to grow. Amazon's superior product offering and scale advantage have led to share gains within e-commerce.
Apple designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players. It also sells a variety of related software, services, peripherals, and networking solutions.
PayPal Holdings, Inc. operates as a holding company of PayPal, Inc. It engages in the digital and mobile payments on behalf of consumers and merchants worldwide. The company accepts payments from merchant websites, mobile devices, and applications; and at offline retail locations through payment solutions across its payments platform, including PayPal, PayPal Credit, Venmo and Braintree products. The company was founded in January 2015 and is headquartered in San Jose, CA.
Acuity Brands, Inc. designs, produces and distributes indoor and outdoor lighting fixtures. The company provides lighting solutions for the commercial, institutional, industrial, infrastructure and residential applications throughout North America and select international markets. Its lighting and system control product lines include Lithonia Lighting, Holophane, Peerless, Mark Architectural Lighting, Hydrel, American Electric Lighting, Gotham, Carandini, RELOC, Antique Street Lamps, Tersen, Winona Lighting, Synergy Lighting Controls, Sensor Switch, Lighting Control & Design, Dark to Light, ROAM, Sunoptics, acculamp, Healthcare Lighting and eldoLED. Acuity Brands was founded in 2001 and is headquartered in Atlanta, GA.
Alexion Pharmaceuticals is a biotechnology company that has commercialized intellectual property developed by the University of Iowa Research Foundation. The companyâ€™s product, Soliris, was approved for sale by the FDA in March of 2007. Soliris is indicated for patients with PNH (paroxysmal nocturnal hemoglobinuria), and is the first therapy approved to treat the disorder.
PNH is a very rare and disabling disease. There are an estimated 4,000 patients in the United States, and another 6,000 in the largest six European countries. Patients are often diagnosed in their early 30s. Estimated median survival after diagnosis is 10-15 years. Cost of treatment exceeds $350,000/annually.
As ALXN continues to roll out their novel treatment globally, we expect growth to continue. The company has been very successful in enrolling patients for treatment. It is also very possible that the worldwide patient population has been underestimated, leading to expanded market opportunity for Alexion.
Priceline.com Inc. is an online travel agency. They provide customers with the ability to book hotels, airline tickets, and car rentals with various vendors through the internet. Priceline also offers customers the ability to "name your own price". This allows customers to bid blindly on hotels or airline tickets with loose parameters. For example, with a hotel bid the customer can choose the night, the hotel rating, and the general location, but they won't know where they will stay until their bid has been accepted, at which point they cannot cancel. This structure creates a balance between buyers who are willing to accept tradeoffs for lower prices and sellers who can generate incremental revenue by selling below retail prices without disrupting their existing distribution channels or retail pricing structures. Priceline also has a large presence in Europe with their Booking.com business. Europe is not as far along the offline to online booking adoption curve, providing a growth tailwind in that region.
Monsanto Co. provides agricultural products for farmers. Its seeds, biotechnology trait products, and herbicides provide farmers with solutions that improve productivity and produce better foods for consumers and better feed for animals. Monsanto operates its business through the following business segments: seeds & genomics and agricultural productivity. The seeds & genomics segment produces seed brands, including DEKALB, Asgrow, Deltapine, Seminis, and De Ruiter and develops biotechnology traits that assist farmers in controlling insects and weeds. The agricultural productivity segment manufactures Roundup and Harness brand herbicides and other herbicides. It also provides other seed companies with genetic material and biotechnology traits for their seed brands. Monsanto was founded by John F. Queeny in 1901 and is headquartered in St. Louis, MO.
Concho Resources, Inc. is an independent oil and natural gas company, which engages in the acquisition, development and exploration of oil and natural gas properties. Its operations are focused in the Permian Basin region of Southeast New Mexico and West Texas. The company's three core operating areas include New Mexico Shelf, Delaware Basin and Texas Permian. The New Mexico Shelf operating area primarily targets the Yeso formations. The Delaware Basin operating area primarily targets the Bone Spring formation, including the Avalon shale and the Bone Spring sands, and the Wolfcamp shale. The Texas Permian operating area primarily targets the Wolfberry. It intends to grow its reserves and production through development drilling and exploration activities on its multi-year project inventory and through acquisitions. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
Expedia, Inc. is an online travel company. The company provides travel products and services to leisure and corporate travelers, including travel agencies, tour operators, travel supplier direct websites and call centers, consolidators and wholesalers of travel products and services, large online portals and search websites, certain travel meta-search websites, mobile travel applications, social media websites, as well as traditional consumer eCommerce and group buying websites. It also offers travel and non-travel advertisers access to a potential source of incremental traffic and transactions through its various media and advertising offerings on its transaction-based websites. The company operates through two business segments: Leisure and Egencia. The Leisure segment provides a full range of travel and advertising services to worldwide customers through a variety of brands including: Expedia.com and Hotels.com in the United States and localized Expedia and Hotels.com websites. The Egencia segment provides managed travel services to corporate customers in North America, Europe, and the Asia Pacific region. Expedia was founded on August 9, 2005 and is headquartered in Bellevue, WA.
Netflix, Inc. operates as an Internet subscription service company, which provides subscription service streaming movies and TV episodes over the Internet and sending DVDs by mail. The company operates its business through three operating segments: Domestic streaming, International streaming and Domestic DVD. Netflix obtains content from various studios and other content providers through fixed-fee licenses, revenue sharing agreements and direct purchases. It markets its service through various channels, including online advertising, broad-based media, such as television and radio, as well as various partnerships. The company was founded by Marc Randolph and Wilmot Reed Hastings Jr., on August 29, 1997 and is headquartered in Los Gatos, CA.
Source - Factset
Chipotle Mexican Grill, Inc. engages in the development and operation of “fast-casual,” fresh Mexican food restaurants throughout the U.S., which serve a focused menu of burritos, tacos, burrito bowls and salads. It also has restaurants in Canada, England, France and Germany. The company was founded by Steve Ells in 1993 and is headquartered in Denver, CO.
|SYMBOL||% OF PORTFOLIO|
|SVB Financial Group||SIVB||2.5%|
|CF Industries Holdings, Inc.||CF||2.4%|
|Zillow Group, Inc. Class C||Z||2.2%|
|Palo Alto Networks, Inc.||PANW||1.7%|
|Pioneer Natural Resources Co.||PXD||1.5%|
|Blue Buffalo Pet Products||BUFF||1.5%|
|Criteo SA ADR||CRTO||1.5%|
|Auto Trader Group plc||AUTO LN||1.3%|
SVB Financial Group engages in the provision of diversified financial services to emerging, growth and established technology companies and the life science, cleantech, venture capital, private equity and premium wine markets. It operates business through three segments: Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment provides solutions to the financial needs of commercial clients through lending, deposit products, cash management services, and global banking and trade products and services. The SVB Private Bank segment provides banking products and a range of credit services primarily to venture capital/private equity professionals using both long-term secured and short-term unsecured lines of credit. The SVB Capital segment is the venture capital investment arm of SVB Financial Group, which focuses primarily on funds management. The company was founded in 1983 and is headquartered in Santa Clara, CA.
CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizer. It owns and operates nitrogen plants and serves agricultural and industrial customers through its distribution system. The company operates through following segments: Ammonia, Granular Urea, UAN, AN, Other and Phosphate. The Ammonia segment produces anhydrous ammonia, which is company's most concentrated nitrogen fertilizer product as it contains 82% nitrogen. The Granular Urea segment produces granular urea, which contains 46% nitrogen. The UAN segment produces urea ammonium nitrate solution, which is a liquid fertilizer product with a nitrogen content from 28% to 32%, is produced by combining urea and ammonium nitrate. The AN segment produces ammonium nitrate, which is a nitrogen-based product with a nitrogen content between 29% and 35%. The Other segment includes Diesel exhaust fluid, Nitric acid, Urea liquor and Compound fertilizer products. The Phosphate segment does not have operating results subsequent to that quarter although the segment will continue to be included until the reporting of comparable period phosphate results ceases. CF Industries Holdings was founded in 1946 and is headquartered in Deerfield, IL.
Zillow Group, Inc. houses a portfolio of the real estate and home-related brands on the Web and mobile. Its portfolio includes: Zillow, Trulia, StreetEasy, and HotPads. It also houses the following business brands: ActiveRain, Diverse Solutions, Market Leader, Mortech, Postlets, and Retsly. The company was founded by Richard N. Barton and Lloyd D. Frink on December 13, 2004 and is headquartered in Seattle, WA.
Source – FactSet
DexCom, Inc. is a medical device manufacturing company. The company is focused on the design, development and commercialization of continuous glucose monitoring systems for ambulatory use by people with diabetes and for use by healthcare providers in the hospital for the treatment of both diabetic and non-diabetic patients. Its products include Dexcom G4 PLATINUM System, Dexcom studio and Mobile apps. The company was founded by John F. Burd in May 1999 and is headquartered in San Diego, CA.
ServiceNow, Inc. provides cloud based services to automate enterprise information technology operations. The company focuses on transforming enterprise IT by automating and standardizing business processes and consolidating IT across the global enterprise. Its services include the following applications, including management applications, such as project management, IT cost management and IT governance services; operational applications, including incident management, problem management, change management, release management, service catalog and request management and software development lifecycle management; and infrastructure applications, including configuration management, discovery, asset management and orchestration. The company was founded by Frederic B. Luddy in June 2004 and is headquartered in Santa Clara, CA.
Palo Alto Networks, Inc. engages in the provision of network security solutions. It offers network security functions which include threat protection, firewall, intrusion detection system, intrusion prevention system and uniform resource locator filtering. The company was founded by Nir Zuk, Rajiv Batra and Yuming Mao in March 2005 and is headquartered in Santa Clara, CA.
Splunk develops software to analyze web data. The software collects, indexes, and analyzes machine data generated by websites, applications, servers, networks, and mobile devices. Splunk enables users to search, monitor, and report on the data to improve service levels and mitigate security risks.
Criteo SA operates as a global technology company, which specializes in digital performance marketing. The company enables e-commerce companies to leverage large volumes of granular data to engage and convert their customers. Its solution is comprised of the Criteo engine, data assets, access to display advertising inventory, and advertiser and publisher platforms. The company also offers e-commerce companies an integrated technology platform that enables comprehensive internet display advertising campaign management and includes a unified and easy-to-use dashboard and a suite of software and services that automates most campaign processes. Criteo was founded by Jean-Baptiste Rudelle, Franck Le Ouay and Romain Niccoli on November 3, 2005 and is headquartered in Paris, France.
Proofpoint, Inc. is a pioneering security-as-a-service provider company, which focuses on cloud-based solutions for threat protection, compliance, archiving & governance and secure communications. The company's platform currently includes four solutions bundled for the convenience of its customers, distributors and resellers: Proofpoint Enterprise Protection, Proofpoint Enterprise Privacy, Proofpoint Enterprise Archive and Proofpoint Enterprise Governance. Proofpoint Enterprise Protection is designed to protect customers' mission-critical messaging infrastructure from outside threats, including spam, phishing, unpredictable email volumes, malware and other forms of objectionable or dangerous content before they reach the enterprise. Proofpoint Enterprise Privacy is a data loss prevention, encryption and compliance solution defends against leaks of confidential information, and helps ensure compliance with common U.S., international and industry-specific data protection regulations, including HIPAA, GLBA, PIPEDA and PCI-DSS. Proofpoint Enterprise Archive is designed to ensure: accurate enforcement of data governance, data retention and supervision policies and mandates; cost effective litigation support through efficient discovery; and active legal hold management. Proofpoint Enterprise Governance provides organizations the ability to track, classify, monitor, and apply governance policies to unstructured information across the enterprise. Proofpoint was founded by Eric Hahn in June 2002 and is headquartered in Sunnyvale, CA.
Workday is a fast growing, early stage company providing human resources software to large enterprise clients. It operates under the software as a service or subscription in the cloud model. Workday is disintermediating traditional on-premise HR solutions such as Peoplesoft, which cannot keep up with the flexible pace of innovation that on-demand software like Workday can deliver.
Auto Trader Group Plc engages in the operation of an online procurement site for automotives. It sells cars, bikes, vans, motor homes, caravans, and trucks. It also offers automotive insurance products. The company was founded in 1977 and is headquartered in Manchester, United Kingdom.
Inogen, Inc. operates as a medical technology company. It develops, manufactures and markets innovative portable oxygen concentrators which are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The company was founded by Alison Perry, Alison Bauerlein, Brenton Taylor and Byron Myers on November 27, 2001 and is headquartered in Goleta, CA.
Source - Factset
|% OF PORTFOLIO|
|Cash & Cash Equivalents||5.2%|
It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.