Information Technology20.6% Consumer Discretionary14.8% Industrials14.0% Energy13.0% Financials9.5% Real Estate6.9% Telecommunication Services6.6% Materials6.3% Consumer Staples5.2% Health Care3.1%
|% OF PORTFOLIO|
|Teekay LNG Partners LP||4.9%|
|Baidu, Inc. - ADR||4.6%|
|New World Development Co. Ltd.||3.9%|
|Ryanair Holdings plc - ADR||3.7%|
|CF Industries Holdings, Inc.||3.6%|
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.
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.
Baidu is the leading internet search engine in China. As with Google, advertisers bid on Baidu-generated "key words." Baidu is paid a fee when one uses its search function, clicks on a key word, and moves to the advertiser's website. The company has nearly 80% market share of Chinese search, making it more dominant than Google is in the United States.
As online penetration increases, advertisers should begin to switch their advertising spending from more traditional media (ie TV, newspaper) to online mediums (ie internet search, video). The average Chinese person spends roughly 3x of his or her personal time using the internet versus watching TV. Despite this dynamic, 60% of China's advertising budgets are spent on TV, 6x those that target the internet. As the proportion of advertising spend adjusts to time spent on various media activities, online advertising spending should begin to take share.
As social networking websites like Facebook and Twitter become more prevalent, concerns arise over whether these platforms can become a popular method for advertising, diverting business from Baidu. However, the effectiveness and return on investment of the search medium is well-documented, while the newer social advertising business models are still young and unproven.
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.
The Altice Group is a multinational cable, fiber, telecommunications, contents and media company. Services provided include pay television, broadband internet, fixed line telephony and mobile phones for both residential and corporate customers. It operates in Western Europe, the United States, Israel and the Overseas Territories (currently comprising the French Caribbean and the Indian Ocean regions and the Dominican Republic). The company was founded by Patrick Drahi on May 18, 2015 and is headquartered in Amsterdam, the Netherlands.
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.
CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizer. It owns and operates nitrogen plants and serves agricultural and industrial customers through its distribution system. The company operates through following segments: Ammonia, Granular Urea, UAN, AN, Other and Phosphate. The Ammonia segment produces anhydrous ammonia, which is company's most concentrated nitrogen fertilizer product as it contains 82% nitrogen. The Granular Urea segment produces granular urea, which contains 46% nitrogen. The UAN segment produces urea ammonium nitrate solution, which is a liquid fertilizer product with a nitrogen content from 28% to 32%, is produced by combining urea and ammonium nitrate. The AN segment produces ammonium nitrate, which is a nitrogen-based product with a nitrogen content between 29% and 35%. The Other segment includes Diesel exhaust fluid, Nitric acid, Urea liquor and Compound fertilizer products. The Phosphate segment does not have operating results subsequent to that quarter although the segment will continue to be included until the reporting of comparable period phosphate results ceases. CF Industries Holdings was founded in 1946 and is headquartered in Deerfield, IL.
|Portfolio P/E Forward 12 Months*||18.4x|
|Portfolio Price to Cash Flow*||11.0x|
|Portfolio Price to Book*||1.8x|
|Median Market Capitalization*||$24.5 B|
|Number of Holdings||34|
|7-Year Beta* (A shares vs. MSCI AC World Index)||1.01|North America52.7% Europe ex UK19.8% Asia Pacific ex Japan17.7% UK7.6% Latin America2.2% Large Cap (> $12 B)65.7% Mid Cap ($2.5 to $12 B)26.8% Small Cap (< $2.5 B)7.5%