Industrials20.1% Communication Services19.9% Financials14.6% Materials11.6% Consumer Discretionary10.5% Information Technology7.9% Energy6.5% Real Estate4.5% Health Care2.1% Utilities2.0% Consumer Staples0.3%
|% OF PORTFOLIO|
|Reliance Industries Ltd.||5.1%|
|Capital One Financial Corp.||4.9%|
|New World Development Co. Ltd.||4.6%|
|Ryanair Holdings plc||4.4%|
|Galaxy Entertainment Group Ltd.||4.2%|
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.
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.
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.
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.
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
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.
Galaxy Entertainment is one of six casino operators with a license to operate in Macau. The company operates two flagship properties at the moment: Galaxy Macau and Starworld and is in the process of doubling the size of Galaxy Macau through Phase 2 expansion on the Cotai Peninsula.
The majority of Macau casino customers originate from China and Hong Kong with most of the revenue currently driven by the VIP market. The mass market opportunity though is increasing with rising wealth in China and infrastructure projects that enable easier access into Macau. Galaxy is well positioned to capture this incremental share.
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.
|Portfolio P/E Forward 12 Months*||15.0x|
|Portfolio Price to Cash Flow*||7.2x|
|Portfolio Price to Book*||1.7x|
|Median Market Capitalization*||$22.3 B|
|Number of Holdings||31|
|5-Year Beta† (A shares vs. MSCI AC World Index)||0.97|North America40.2% Europe ex UK28.9% Asia Pacific ex Japan27.1% UK3.8% Large Cap (> $12 B)70.2% Mid Cap ($2.5 to $12 B)27.0% Small Cap (< $2.5 B)2.8%