|SYMBOL||% OF PORTFOLIO|
|Gilead Sciences, Inc.||GILD||4.5%|
|US Foods Holding Corp.||USFD||4.3%|
|PennyMac Mortgage Investment Trust||PMT||3.6%|
|Oaktree Capital Group, LLC||OAK||3.6%|
|Nomad Foods Ltd.||NOMD||3.4%|
|Assured Guaranty Ltd.||AGO||3.3%|
|Callaway Golf Co.||ELY||3.0%|
|ARRIS International plc||ARRS||2.9%|
|O'Reilly Automotive, Inc.||ORLY||2.9%|
|RPC Group plc||RPC LN||2.9%|
|TRI Pointe Group, Inc.||TPH||2.8%|
|Evolent Health, Inc.||EVH||2.8%|
|Fibra UNO Administracion S.A. de C.V.||FUNO11 MM||2.8%|
|Pure Storage, Inc.||PSTG||2.8%|
|Domino's Pizza Group plc||DOM LN||2.7%|
|Teekay LNG Partners L.P.||TGP||2.7%|
|Devon Energy Corp.||DVN||2.5%|
|KOSE Corp.||4922 JP||2.5%|
|Palo Alto Networks, Inc.||PANW||2.2%|
|China Mobile Ltd.||941 HK||2.2%|
|Apollo Global Management, LLC||APO||2.1%|
|Cognizant Technology Solutions Corp.||CTSH||2.0%|
|Activision Blizzard, Inc.||ATVI||1.8%|
|Casa Systems, Inc.||CASA||1.1%|
|Warrior Met Coal, Inc.||HCC||0.6%|
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.
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.
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.
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
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.
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.
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
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.
Fibra Uno Administración SA de CV is a real estate investment trust. It engages in the acquisition, development, rental, and operation of various types of real estate projects. Its portfolio comprises industrial properties such as Diamante, Guadalajara, La Joya, and Maravillas; retail properties which include Celaya, Tuxtla, Plaza Central, Taxco, Tuxtla II, and Chetumal; mixed-use properties such as Via Morelos, Lerma, Rentimex, Vallejo 2000, and Malecon Cancun. The company was founded in 2010 and is headquartered in Mexico City.
Domino's Pizza Group holds the exclusive master franchise to own, operate and franchise Domino's Pizza stores in the U.K., Ireland, and Germany. The company manages a base of over 800 stores, mainly in the U.K. and Ireland. The company is the leading operator in the UK pizza delivery market and has exhibited consistent growth and margin expansion as it expands in a still relatively under penetrated market.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
Echostar is a satellite telecom company based in Englewood, CO. The company was spun out of Dish Network at the beginning of 2008 and it operates three businesses: satellite broadband (formerly Hughes Communications), a wholesale satellite services business that leases satellite capacity, and a set top box business. Dish Network remains a major customer.
Satellite broadband internet is a growing service given the recent technological enhancements and Echostar shares the market with only one other competitor. A small but underpenetrated subset of U.S. households, mainly in rural areas, remains under-served by terrestrial broadband. The introduction of high capacity satellites allow Echostar to offer higher speeds and better quality internet service to users.
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.