|SYMBOL||% OF PORTFOLIO|
|JPMorgan Chase & Co.||JPM||4.5%|
|Enterprise Products Partners L.P.||EPD||2.8%|
|Nomad Foods Ltd.||NOMD||2.7%|
|Assured Guaranty Ltd.||AGO||2.5%|
|TRI Pointe Homes, Inc.||TPH||2.5%|
|Devon Energy Corp.||DVN||2.1%|
|Apollo Global Management, LLC||APO||2.0%|
|PennyMac Mortgage Investment Trust||PMT||1.9%|
|Oaktree Capital Group, LLC||OAK||1.9%|
|General Electric Co.||GE||1.8%|
|ARRIS International plc||ARRS||1.5%|
|Acushnet Holdings Corp.||GOLF||1.3%|
|Warrior Met Coal, Inc.||HCC||1.1%|
|Citizens Financial Group, Inc.||CFG||0.9%|
|Callaway Golf Co.||ELY||0.9%|
|CBRE Group, Inc.||CBG||0.7%|
JPMorgan is a diversified financial company with banking, investment banking, private banking, asset management, securities services and credit card operations. The entity is the result first of a merger between JP Morgan and Chase Manhattan and then the acquisition of BankOne by JPMorgan Chase.
The diversified nature of JPM gives it some characteristics that are different from a traditional bank. Investment banking and securities processing are impacted more by the level of activity in the financial markets than by economic strength or interest rate movements. Revenue growth in asset management and private banking is mostly a function of growth in assets under management. Credit card operations are similar to traditional banking and can benefit from the economies of scale that have resulted from combining JPMorgan Chase and BankOne.
JPM believes that its various business units can improve the profitability of each other. Loans to potential investment banking clients have the potential to help win investment banking deals and increase loan volume. There may be synergies between asset management, private banking and investment banking. However, realizing the synergies between these businesses is not easy or automatic.
Jamie Dimon is the Chairman and CEO of JPM. Dimon is one of the most respected and highly thought of managers in the financial services sector. Prior to Dimon becoming CEO, JPMorgan Chase had not delivered the results that investors hoped for. The performance of the company in navigating the liquidity crisis and credit problems associated with the housing downturn and recession of 2007-2008 appears to have been extremely favorable relative to other industry leaders and could position the company for market share gains and high profitability in the future.
Citigroup is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company's services include investment banking, retail brokerage, corporate banking, and cash management products and services.
Citigroup's strategy focuses on banking trade flows between emerging markets, banking the affluent customer in emerging markets, and restructuring its U.S. retail bank. Citigroup has a global franchise with the ability to capture the banking revenues associated with trade flows as well as handle the cash management business of corporations. Banking the global emerging consumer is an attractive business with good returns and also provides Citigroup with the necessary deposits to fund its Corporate bank. Lastly, the realignment of the U.S. business and redeployment of that capital into higher return businesses with the potential for faster growth could lead to a business with a better than industry returns over time.
Enterprise Products Partners LP is a North American midstream energy company that is engaged in providing a wide range of services to producers and consumers of natural gas, natural gas liquids or NGLs, crude oil, refined products and certain petrochemicals. The company operates through following reportable segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment includes natural gas processing plants and related NGL marketing activities; NGL pipelines aggregating; NGL and related product storage and terminal facilities; and NGL fractionation facilities. This segment also includes the company's import and export terminal operations. The Crude Oil Pipelines & Services business segment includes crude oil pipelines, crude oil storage terminals and crude oil marketing activities. The Natural Gas Pipelines & Services business segment includes natural gas pipeline systems that provide for the gathering and transportation of natural gas in Colorado, Louisiana, New Mexico, Texas and Wyoming. This segment also includes natural gas marketing activities. The Petrochemical & Refined Products Services segment consists of propylene fractionation facilities, pipelines and related marketing activities; a butane isomerization facility and related pipeline system, octane enhancement and high purity isobutylene production facilities; refined products pipelines and related marketing activities and marine transportation and other services. Enterprise Products Partners was founded by Dan L. Duncan in April 1998 and is headquartered in Houston, TX.
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.
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.
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.
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
HP Inc. provides products, technologies, software, solutions and services to individual consumers, small and medium-sized businesses and large enterprises, including customers in the government, health and education sectors. It operates through seven business segments: Personal Systems, Printing, Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments. The Personal Systems segment provides commercial personal computers, consumer PCs, workstations, calculators and other related accessories, software and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media and scanning devices. Printing is also focused on imaging solutions in the commercial markets. The Enterprise Group segment provides servers, storage, networking, technology services and, when combined with HP's Cloud Service Automation software suite, the HP CloudSystem. The CloudSystem enables infrastructure, platform and software-as-a-service in private, public or hybrid environments. The Enterprise Services segment provides technology consulting, outsourcing and support services across infrastructure, applications and business process domains. This segment is divided into two units: Infrastructure Technology Outsourcing and Application and Business Services. The Infrastructure Technology Outsourcing unit delivers services that encompass the data center, IT security, cloud-based computing, workplace technology, network, unified communications, and enterprise service management. The Application and Business Services unit helps clients develop, revitalize and manage their applications and information assets. Its offerings include licenses, support, professional services, and software-as-a-service in order to provide an endto- end solution to customers. The Software segment provides enterprise information management and security solutions for businesses and enterprises of all sizes. The HP Financial Services segment provides a broad range of value-added financial life cycle management services. This segment offers leasing, financing, utility programs and asset recovery services, as well as financial asset management services. The Corporate Investments segment includes HP Labs, the webOS business and certain business incubation projects. The company was founded by William R. Hewlett and David Packard in January 1939 and is headquartered in Palo Alto, CA.
Citizens Financial Group, Inc. operates as a commercial bank holding company. It provides commercial banking services. The company operates its business through two operating segments: Consumer Banking and Commercial Banking. The Consumer segment's banking products and services include deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans and wealth management and investment services. The Commercial Banking segment offers a broad complement of financial products and solutions, including lending and leasing, trade financing, deposit and treasury management, foreign exchange and interest rate risk management, corporate finance and debt, and equity capital markets. Citizens Financial Group was founded in 1989 and is headquartered in Providence, RI.
CBRE Group, Inc. operates as a commercial real estate services and investment firm. It offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate. It operates through the following segments: Americas; Europe, Middle East, and Africa; Asia Pacific; Global Investment Management; and Development Services. The Americas segment comprises of operations throughout the United States and Canada as well as key markets in Latin America. The Europe, Middle East & Africa segment operates primarily furnished through a number of indirect wholly owned subsidiaries. Its operations are located in France, Germany, Italy, the Netherlands, Russia, Spain and the United Kingdom. The Asia Pacific segment operates primarily conducted through a number of indirect wholly owned subsidiaries. It offers a range of real estate services to corporations throughout the region, similar to the range of services provided by its Americas and EMEA segments. The Global Investment Management segment provides investment management services to pension funds, insurance companies, sovereign wealth funds, foundations, endowments and other institutional investors seeking to generate returns and diversification through investment in real estate. The Development Services segment involves development services primarily in the United States to users of and investors in commercial real estate, as well as for its own account. The company was founded by Colbert Coldwell in 1906 and is headquartered in Los Angeles, CA.
|SYMBOL||% OF PORTFOLIO|
|Thermo Fisher Scientific, Inc.||TMO||4.4%|
|Wal-Mart Stores, Inc.||WMT||4.3%|
|Gilead Sciences, Inc.||GILD||4.1%|
|US Foods Holding Corp.||USFD||3.9%|
|Alphabet, Inc. Class C||GOOG||3.5%|
|China Mobile Ltd.||941 HK||2.7%|
|O' Reilly Automotive, Inc.||ORLY||2.5%|
|Aramark Holdings Corp.||ARMK||2.1%|
|United Parcel Service, Inc.||UPS||1.8%|
|Activision Blizzard, Inc.||ATVI||1.5%|
|Domino's Pizza Group plc||DOM LN||1.3%|
|Cognizant Tech Solutions Corp.||CTSH||1.1%|
|International Flavors & Fragrances, Inc.||IFF||0.8%|
|Phibro Animal Health Corp.||PAHC||0.6%|
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.
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.
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.
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.
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.
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.
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.
Aramark operates as a holding company with interest in providing food, facilities and uniform services to education, healthcare, business and industry, sports, leisure and corrections clients. It operates through three reportable segments: Food & Support Services North America, Food & Support Services International and Uniform & Career Apparel. The Food and Support Services North America segment operates four service segments: Education, Healthcare, Business & Industry and Sports, Leisure & Corrections. The Education segment provides clients a single source provider for managed service solutions, including dining, catering, food service and capital project management, convenience-oriented retail operations, grounds and facilities maintenance, custodial, energy, construction, and capital project management. The Healthcare segment offer healthcare organizations a single source provider for managed service solutions, which include food services such as patient food and nutrition services and retail food services, and facilities services such as clinical equipment maintenance, environmental services, laundry and linen distribution, plant operations, energy management, strategic/technical services, supply chain management, purchasing and central transportation. The Business and Industry segment services on-site restaurants, catering, convenience stores and executive dining. It also provides management of housekeeping, plant operations and maintenance, energy management, laundry and linen, groundskeeping, landscaping, transportation, capital program management and commissioning services and other facility consulting services relating to building operations. The Sports, Leisure and Corrections segment provides administers concessions, banquet and catering services, retail services and merchandise sales, recreational and lodging services, and facility management services at sports, entertainment and recreational facilities; and offers correctional food services, and food and facilities management services for parks, as well as operates commissaries, laundry facilities, property rooms and provide food and facilities management services for parks. The Food and Support Services International segment provides food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities serving the general public to worldwide. The Uniform and Career Apparel segment provides rental, sale, cleaning, maintenance and delivery of personalized uniform and career apparel and other textile items on a contract basis and direct marketing of personalized uniforms and career apparel and accessories to businesses, public institutions and individuals. Aramark was founded in 1959 and is headquartered in Philadelphia, PA.
Source – FactSet
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.
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.
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.
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.
International Flavors & Fragrances, Inc. creates flavor and fragrance used in a wide variety of consumer products. It operates through two segments: flavors and fragrances. The flavors segment compounds are sold to the food and beverage industries for use in consumer products such as prepared foods, beverages, dairy, food and sweet products. The fragrances segment is comprised of fine fragrances, beauty care products, detergents, and household goods. Major fragrance customers include the cosmetics industry, including perfume and toiletries manufacturers, and the household products industry, including manufacturers of soaps, detergents, fabric care, household cleaners and air fresheners. The company was founded in 1958 and is headquartered in New York, NY.
Phibro Animal Health Corp. is a developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture. The company operates through three business segment: Animal Health, Mineral Nutrition and Performance Products. The Animal Health segment develops, manufactures and markets antibacterials, nutritional specialty products, anticoccidials, vaccines and related products. The Mineral Nutrition segment manufactures and markets formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds. The Performance Products segment manufactures and markets a number of specialty ingredients for use in the personal care, automotive, industrial chemical and chemical catalyst industries, predominantly in the U.S. Phibro Animal Health was founded in May 11, 1946 and is headquartered in Teaneck, NJ.
Source – FactSet
|SYMBOL||% OF PORTFOLIO|
|Pure Storage, Inc.||PSTG||1.2%|
|Palo Alto Networks, Inc.||PANW||1.1%|
|Evolent Health, Inc.||EVH||1.0%|
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.
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.
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.
|% OF PORTFOLIO|
|Cash & Cash Equivalents||8.3%|
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.