Industrials24.4% Financials19.3% Consumer Discretionary13.7% Energy9.0% Information Technology6.9% Communication Services6.5% Materials6.5% Real Estate5.5% Health Care5.2% Utilities3.0%
|% OF PORTFOLIO|
|Teekay LNG Partners L.P.||5.1%|
|Aena SME S.A.||4.8%|
|Lloyds Banking Group plc||3.7%|
|New World Development Co. Ltd.||3.6%|
|JPMorgan Chase & Co.||3.3%|
Aena SA engages in the management and operation of a group of airports. It operates through the following segments: Airports, Off-terminal Services, International, and other. The Airports segment includes operations as airport manager, and management of commercial spaces in airport terminals. The Off-terminal Services segment operates parking lots and garages outside the terminals, and of the industrial and real estate assets. The International segment deals with the international development business. The company was founded on February 25, 2011 and is headquartered in Madrid, Spain.
Lloyds Banking Group Plc is a financial services company, which provides a wide range of banking and financial services. The company operates through the following business segments: Retail, Commercial Banking and Consumer Finance. The Retail segment provides banking, mortgages and other financial services to personal customers in the UK. The Commercial Banking segment provides banking and related services to business clients, from small businesses to large corporate. The Consumer Finance segment group consists of consumer and corporate credit card businesses, along with Black Horse motor financing and Lex Autolease car leasing businesses in asset finance. The company was founded by George Truett Tate on December 27, 1995 and is headquartered in London, the United Kingdom.
Ferrovial SA is engaged in the investment and development of transportation infrastructures. It operates through the following segments: Construction, Services, Toll Roads, and Airports. The Construction segment designs and performs public and private works for roads, highways, airports, and buildings. The Services segment involves in the maintenance and upkeep of infrastructures, facilities, and buildings; waste collection and treatment; and rendering of other kinds of public services. The Toll Roads segment develops, finances, and operates tollways such as 407 ETR, North Tarrant Express, LBJ Express, Indiana Toll Road, Euroscut Azores, Madrid-Levante, and Ausol I. The Airports segment develops and runs Heathrow, Glasgow, Aberdeen, and Southampton Airports. The company was founded by Rafael del Pino y Moreno in December 1952 and is headquartered in Madrid, Spain.
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.
Atlantia SpA is a holding company which engages in the infrastructures and mobility networks sectors. It operates through the following business segments: Italian Motorways, Italian Airports, Overseas Motorways, Technology, Design and Construction, and Atlantia. The Italian Motorways segment consists of the management, maintenance, construction, and widening of the Italian motorway operators under concession. The Italian Airports segment operates and develops the Rome Fiumicino and Rome Ciampino airports. The Overseas Motorways includes the holders of motorways concessions in Chile, Poland, and Brazil, and the companies that provide operational support for these overseas activities and the related foreign registered holding companies. The Technology segment includes the subsidiaries that produce and operate free-flow tolling systems, traffic, and transport management systems, public information, and electronic payment systems. The Design and Construction segment covers the companies related to the design, construction, and maintenance of road infrastructure. The Atlantia segment performs parent company functions for its subsidiaries and associates whose business is the construction and operation of motorways, airports and transport infrastructure, parking areas and intermodal systems, and management of motorway or airport traffic. The company was founded in 1950 and is headquartered in Rome, Italy.
Source – FactSet
|Portfolio P/E Forward 12 Months*||12.1x|
|Portfolio Price to Cash Flow*||5.7x|
|Portfolio Price to Book*||1.2x|
|Median Market Capitalization*||$20.3 B|
|Number of Holdings||51|
|5-Year Beta† (A shares vs. MSCI World Index)||0.90|Europe ex UK28.3% Asia Pacific ex Japan23.2% North America22.6% UK16.4% Other9.3% Latin America0.2% Large Cap (> $12 B)63.7% Mid Cap ($2.5 to $12 B)16.5% Small Cap (< $2.5 B)19.8%