China3.3% Communication Services20.3% Industrials17.8% Financials13.7% Materials11.4% Consumer Discretionary11.0% Energy8.0% Real Estate4.9% Consumer Staples3.7% Information Technology3.5% Utilities2.4% Health Care2.2% Cash and Cash Equivalents1.0% Transportation13.0% Media & Entertainment12.7% Materials11.4% Energy8.0% Telecommunication Services7.6% Consumer Services7.0% Banks6.7% Diversified Financials4.9% Real Estate4.9% Capital Goods4.8%
|% OF PORTFOLIO|
|T-Mobile US, Inc.||5.7%|
|Reliance Industries Ltd.||5.7%|
|Capital One Financial Corp.||5.1%|
|New World Development Co. Ltd.||4.6%|
|Walgreens Boots Alliance, Inc.||4.4%|
|Ryanair Holdings plc||3.9%|
T-Mobile US, Inc. provides mobile communications services under the T-Mobile, MetroPCS, and GoSmart brands in the U.S., Puerto Rico, and the U.S. Virgin Islands. It offers postpaid and prepaid wireless voice, messaging and data services, and wholesale wireless services. The company also provides wireless handsets and accessories, including smartphones; wireless-enabled computers, such as notebooks and tablets; and data cards manufactured by various suppliers. It sells services, handsets, tablets, and accessories to consumers through the company's owned and operated retail stores, as well as through Websites; and to dealers and other third party distributors for resale through independent third-party retail outlets and a various third-party Websites. T-Mobile US, Inc. was formed through the business combination between T-Mobile USA, Inc. and MetroPCS Communications, Inc. on April 30, 2013 and is headquartered in Bellevue, WA.
Reliance Industries Ltd. engages in exploration and production of oil and gas, petroleum refining and marketing textiles, retail and special economic zones. The company also markets petrochemicals, polyester, fiber intermediates, plastics and chemicals. It has three reportable segments: petrochemicals, refining and oil & gas. The petrochemicals segment includes production and marketing operations of petrochemical products, including high and low density polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, polyester yarn, polyester fibre, purified terephthalic acid, paraxylene, ethylene glycol, olefins, aromatics, linear alkyl benzene, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The refining segment includes production and marketing operations of the petroleum products. The oil & gas segment includes exploration, development and production of crude oil and natural gas. Reliance Industries was founded by Dhirubhai Hirachand Ambani in 1966 and is headquartered in Mumbai, India.
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.
Capital One is a diversified financial services holding company. The company's services include domestic and international credit card lending, consumer banking, and commercial banking. Capital One is the fourth largest issuer of Visa and MasterCard credit cards in the United States and became the 5th largest U.S. depository in February 2012 when it acquired the U.S. business of ING Direct.
Capital One's business model generates high return on assets and high end of industry returns on tangible common equity (ROTCE). Its business model held up through the recession and has only been modestly impacted by regulation. As a result of its high ROTCE business model, Capital One generates capital quickly which enables it to grow organically while returning capital to shareholders.
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.
Walgreens Boots Alliance, Inc. provides drug store services. In December of 2014 Walgreens and Boots Alliance merged to become Walgreens Boots Alliance. It is the largest retail pharmacy, and health and daily living destination in the USA and Europe. The company is headquartered in Deerfield, IL.
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.
Ryanair Holdings Plc operates an ultra-low cost, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the United Kingdom, Continental Europe and Morocco. It provides low fares airline-related services, including scheduled services, and ancillary services—including car services, and Internet and other related services to third parties, across a European route network. The company was founded on June 5, 1996 and is headquartered in Dublin, Ireland.
|Portfolio P/E Trailing 12 Months*||11.2x|
|Portfolio Price to Cash Flow*||6.7x|
|Portfolio Price to Book*||1.4x|
|Median Market Capitalization*||$20.1 B|
|Number of Holdings||32|
|7-Year Beta* (A shares vs. MSCI AC World Index)||0.91|
|Emerging Markets Exposure||9.3%|
|Active Share* (vs. MSCI AC World Index)||96.4%|Large Cap (> $12 B)71.2% Mid Cap ($2.5 to $12 B)24.8% Small Cap (< $2.5 B)4.0%