|SYMBOL||% OF PORTFOLIO|
|Gilead Sciences, Inc.||GILD US||4.6%|
|Alkermes plc||ALKS US||4.4%|
|Comcast Corp.||CMCSA US||4.2%|
|Assured Guaranty Ltd.||AGO US||3.8%|
|US Foods Holding Corp.||USFD US||3.7%|
|Nomad Foods Ltd.||NOMD US||3.7%|
|United Parcel Service, Inc.||UPS US||3.5%|
|SS&C Technologies Holdings, Inc.||SSNC US||3.5%|
|Medtronic plc||MDT US||3.1%|
|Thermo Fisher Scientific, Inc.||TMO US||3.1%|
|Alphabet, Inc.||GOOG US||3.0%|
|Alibaba Group Holding Ltd.||BABA US||3.0%|
|Casa Systems, Inc.||CASA US||2.9%|
|Owens-Illinois, Inc.||OI US||2.9%|
|Oaktree Capital Group, LLC||OAK US||2.8%|
|CarMax, Inc.||KMX US||2.6%|
|China Mobile Ltd.||941 HK||2.6%|
|Cognizant Technology Solutions Corp.||CTSH US||2.5%|
|TRI Pointe Group, Inc.||TPH US||2.5%|
|Devon Energy Corp.||DVN US||2.5%|
|RPC Group plc||RPC LN||2.5%|
|Start Today Co. Ltd.||3092 JP||2.4%|
|PennyMac Mortgage Investment Trust||PMT US||2.4%|
|Starbucks Corp.||SBUX US||2.4%|
|Ubisoft Entertainment S.A.||UBI FP||2.4%|
|ARRIS International plc||ARRS US||2.4%|
|Pure Storage, Inc.||PSTG US||2.3%|
|ITT, Inc.||ITT US||2.2%|
|Expedia Group, Inc.||EXPE US||2.2%|
|Palo Alto Networks, Inc.||PANW US||2.1%|
|Apollo Global Management, LLC||APO US||2.0%|
|O'Reilly Automotive, Inc.||ORLY US||2.0%|
|AXA Equitable Holdings, Inc.||EQH US||2.0%|
|McDermott International, Inc.||MDR US||1.9%|
|Navient Corp.||NAVI US||1.9%|
|ADT, Inc.||ADT US||1.8%|
|Teekay LNG Partners L.P.||TGP US||1.8%|
|Facebook, Inc.||FB US||1.8%|
|Activision Blizzard, Inc.||ATVI US||1.3%|
|Amazon.com, Inc.||AMZN US||1.0%|
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.
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.
Assured Guaranty Ltd. operates as a holding company, which through its subsidiaries provides credit protection products to the U.S. and international public finance, and structured finance markets. It conducts its financial guaranty business on a direct basis from the following companies: Assured Guaranty Municipal Corp.; Assured Guaranty Corp.; Municipal Assurance Corp.; and Assured Guaranty (Europe) Ltd. The company was founded in August 2003 and is headquartered in Hamilton, Bermuda.
United Parcel Service, Inc. is a logistics and package delivery company, which provides supply chain management services. Its logistics services include transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. The company operates its business through three segments: U.S. Domestic Package, International Package and Supply Chain & Freight. The U.S. Domestic Package segment offers a full spectrum of U.S. domestic guaranteed ground and air package transportation services. This segment also offers time-definite, money-back guaranteed and small package delivery services in the U.S. The International Package segment includes small package operations in Europe, Asia-Pacific, Canada and Latin America, the Indian sub-continent, and the Middle East and Africa. This segment also offers guaranteed day and time-definite international shipping services. The Supply Chain & Freight segment offers transportation, distribution and international trade and brokerage services, as well as financial and information services. United Parcel Service was founded by James E. Casey and Claude Ryan on August 28, 1907 and is headquartered in Atlanta, GA.
Medtronic Plc engages in the medical technology of alleviating pain, restoring health, and extending life for millions of people around the world. Its primary customers include hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations. The company operates through four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group. The Cardiac and Vascular Group consists of three divisions: Cardiac Rhythm & Heart Failure, Coronary & Structural Heart and Aortic & Peripheral Vascular. The Minimally Invasive Technologies Group consists of two divisions: Surgical Solutions and Patient Monitoring and Recovery. The Restorative Therapies Group consists of four divisions: Spine, Neuromodulation, Surgical Technologies and Neurovascular. The Diabetes Group consists of three divisions: Intensive Insulin Management, Non-Intensive Diabetes Therapies and Diabetes Services & Solutions. The company was founded on January 26, 2015 and is headquartered in Dublin, Ireland.
Thermo Fisher manufactures and distributes consumables, lab equipment, analytical instruments, software and services that are used in health care and life sciences research and diagnostics. The company’s portfolio of products includes instruments for mass spectrometry, elemental analysis, sample preparation, and air-quality monitoring. Its diverse customer base includes pharmaceutical and biotechnology companies, hospital and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial companies.
Thermo Fisher was formed in November 2006, with the merger of Thermo Electron and Fisher Scientific. The merger combined the technological breadth of Thermo’s product line with the distribution and purchasing convenience of Fisher Scientific’s Catalog distribution business. The current company is divided into two segments, Lab Products and Analytical Technologies. Within Lab Products, the Fisher Catalog and the company website provide a one-stop shop with an extensive selection of routine lab products. The Analytical Technologies segment sells advanced technologies and workflow solutions directly to lab scientists.
Investors are concerned about overall R&D spending as Pharma and Biotech companies merge and look to cut costs. While Thermo Fisher’s sales will have some sensitivity to an R&D spending slump, the majority of TMO’s sale are tied to everyday lab operations, which help insulate the company from end-demand weakness.
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.
Alibaba Group was the largest online and mobile commerce company in the world by gross merchandise volume in 2013. Alibaba operates platforms for third parties and does not engage in direct sales or hold inventory. Alibaba Group started as an online B2B marketplace platform, alibaba.com, in 1999. In 2003, it launched an online C2C marketplace platform, Taobao. In 2008, it launched an online B2C marketplace platform, Tmall.
Taobao currently has 85% market share in China C2C ecommerce market. Tmall has 55% market share in China B2C ecommerce market. We believe Alibaba Group is a beneficiary of 1) growth in China consumption, and 2) increasing penetration of online retail to offline retail.
Oaktree Capital Group LLC is a global investment management company, which focuses on alternative markets. It provides investment management services through funds and separate accounts. The company's closed-end funds are typically structured as limited partnerships that have a 10 or 11 year term and have a specified period during which clients can subscribe for limited partnership interests in the fund. Its open-end funds are structured as limited partnerships that are designed to admit clients as new limited partners or accept additional capital from existing limited partners on an ongoing basis during the fund's life. The company's evergreen funds invest in marketable securities on a long and short basis. It investments in a number of strategies within six asset classes: distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities. The company's predecessor was founded by Howard Stanley Marks, Bruce Allen Karsh, Stephen A. Kaplan, Larry W. Keele, D. Richard Masson and Sheldon Michael Stone in April 1995. Oaktree Capital Group was founded in April 13, 2007 and is headquartered in Los Angeles, CA.
Source - Factset
China Mobile is the incumbent wireless provider in China and is the world's largest wireless telecom operator with over 760 million mobile subscribers. The company holds licenses to operate nationwide 2G (GSM) and 3G (TD-SCDMA) services. China Mobile's dominant 2G network covers over 98% of the population. In its 3G network China Mobile continues to gain market share, having added over 100 million customers in 2013.
Towards the end of 2013, China Mobile was the first wireless telecom carrier in China to receive a 4G (TD-LTE) network license. The company is focused on building the infrastructure to support the 4G (TD-LTE) technology and have half a million base stations around China that will deliver continuous coverage to all cities and urban areas by the end of 2014. China Mobile may grow revenue and operating profit through driving higher data usage and 4G penetration, increasing minutes of use, managing churn, and continuing to add subscribers.
As the incumbent telecom, China Mobile benefits from significant economies of scale and a mature, cash generative, core franchise. Over the next few years capital expenditure should decrease and free cash flow generation should ramp up in a company that already pays an attractive dividend.
Cognizant Technology Solutions Corp. offers information technology, consulting, and business process outsourcing services. It operates through the following segments: Financial Services, Healthcare, Manufacturing, Retail and Logistics, and Other. The Financial Services segment involves in customers providing banking/transaction processing, capital markets, and insurance services. The Healthcare segment offers healthcare providers and payers as well as life sciences customers. The Manufacturing, Retail and Logistics segment comprises of manufacturers, retailers, and customers providing logistics services. The Other segment includes communications, information, media and entertainment, and high technology. The company was founded by Wijeyaraj Kumar Mahadeva and Francisco D'Souza in 1994 and is headquartered in Teaneck, NJ.
TRI Pointe Homes, Inc. is engaged in the design, construction and sale of innovative single family homes in planned communities. It also builds, markets and sells homes for independent third-party property owners. The company operates through six segments: Maracay, Pardee, Quadrant, Trendmaker, TRI Pointe and Winchester. The Maracay segment includes operations in Arizona. The Pardee segment includes operations in California and Nevada. The Trendmaker segment includes operations in Texas. The TRI Pointe segment includes operations in California and Colorado. The Winchester segment includes operations in Maryland and Virginia. TRI Pointe Homes was founded by Douglas F. Bauer, Thomas J. Mitchell and Michael D. Grubbs in April 2009 and is headquartered in Irvine, CA.
Source - Factset
Devon Energy Corp. engages in the exploration, development, and production of oil, natural gas and natural gas liquids. It operates through the following geographical segments: U.S., Canada, and EnLink. It develops and operates Delaware Basin; Eagle Ford; Heavy Oil; Baarnett Shale; STACK; Rockies Oil; Marketing and Midstream; and Contractors, Suppliers, and Vendors. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
PennyMac Mortgage Investment Trust is a specialty finance company which through its subsidiaries invests primarily in residential mortgage loans and mortgage-related assets. It operates through two segments: correspondent lending and investment activities. The correspondent lending segment focuses on the purchase for resale of newly originated mortgage loans. The investment activities segment focuses on mortgage assets that are acquired and held for investment purposes. The company's objective is to provide attractive risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. It is managed by PNMAC Capital Management LLC an investment adviser. Its primary focus is on investing in distressed residential mortgage loans. PennyMac Mortgage Investment Trust was founded on May 18, 2009 and is headquartered in Moorpark, CA.
Starbucks Corp. engages in the manufacture and sale of coffee and tea. The firm operates through the following segments: Americas; Europe, Middle East, and Africa; China/Asia Pacific; Channel Development; and Other. Its brand portfolio includes Starbucks Coffee, Seattle's Best Coffee, Tazo Tea, Evolution Fresh, La Boulange, and Torrefazione Italia Coffee. The company was founded in 1971 and is headquartered in Seattle, WA.
Source - Factset
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.
Apollo Global Management LLC is a global alternative investment manager. It provides private equity, credit-oriented capital markets and real estate. The company raises, invests and manages funds on pension and endowment funds as well as other institutional and individual investors. It operates through three business segments: Private Equity, Credit and Real Estate. The Private Equity segment invests in control equity and related debt instruments, convertible securities and distressed debt instruments. The Credit segment primarily invests in non-control corporate and structured debt instruments. The Real estate segment invests in legacy commercial mortgage-backed securities, commercial first mortgage loans, mezzanine investments and other commercial real estate-related debt investments. The company was founded in 1990 and is headquartered in New York, NY.
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.
Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products with a focus on the hard-core gamer in categories including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy. Hard-core gaming is a stable and growing market with high margins and fewer competitors producing quality games. Investors seem overly concerned that the transition to online gaming will put the hard-core gaming business into decline; we believe that the online transition should help Activision better monetize its games and price discriminate.
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.
Short positions are excluded from the list above.
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.