Information Technology36.4% Consumer Discretionary20.5% Health Care13.7% Financials11.5% Consumer Staples4.3% Materials3.6% Energy3.5% Cash and Cash Equivalents6.6% Software & Services32.6% Retailing12.0% Health Care Equipment & Services7.8% Diversified Financials6.2% Pharma, Biotech & Life Sciences5.9% Banks5.3% Food, Beverage & Tobacco4.3% Technology Hardware & Equipment3.7% Materials3.6% Consumer Services3.6%
|% OF PORTFOLIO|
|FleetCor Technologies, Inc.||3.4%|
|SVB Financial Group||3.3%|
|Las Vegas Sands Corp.||3.3%|
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.
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.
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.
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.
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.
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.
Worldpay Group Plc engages in global payment solutions. It operates through the following business divisions: global ecommerce, Worldpay UK, and Worldpay U.S. The global ecommerce division provides a range of online and mobile multi-currency payment acceptance, validation, and settlement services. The Worldpay UK division offers in-store, phone, online, and mobile payment acceptance solutions. The Worldpay U.S. division includes in-store, online, and mobile payment acceptance solutions for United States-based merchants, with a focus on developing omni-chanel and integrated payment solutions. The company is headquartered in London, the United Kingdom.
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.
|Portfolio P/E Trailing 12 Months*||24.3x|
|Portfolio Price to Cash Flow*||18.7x|
|Portfolio Price to Book*||4.7x|
|Median Market Capitalization*||$25.8 B|
|Number of Holdings||45|
|7-Year Beta* (A shares vs. Russell 3000 Growth Index)||1.11|
|Active Share* (vs. Russell 3000 Growth Index)||80.1%|Consistent Growth21.7% Growth Industry Leaders43.3% Emerging Growth28.4% Cash & Cash Equivalents6.6% Large Cap (> $12 B)77.6% Mid Cap ($2.5 to $12 B)17.6% Small Cap (< $2.5 B)4.8%