Information Technology20.4% Consumer Discretionary14.1% Industrials13.8% Energy12.5% Financials11.2% Materials7.8% Telecommunication Services7.7% Real Estate5.8% Consumer Staples4.0% Health Care2.6%
|% OF PORTFOLIO|
|Teekay LNG Partners LP||4.7%|
|Ryanair Holdings plc - ADR||4.3%|
|T-Mobile US, Inc.||4.2%|
|CF Industries Holdings, Inc.||3.7%|
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.
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.
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.
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.
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.
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.
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*||18.9x|
|Portfolio Price to Cash Flow*||11.5x|
|Portfolio Price to Book*||1.9x|
|Median Market Capitalization*||$15.2 B|
|Number of Holdings||34|
|7-Year Beta* (A shares vs. MSCI AC World Index)||1.00|North America47.3% Europe ex UK20.1% Asia Pacific ex Japan19.3% UK6.4% Other5.4% Latin America1.6% Large Cap (> $12 B)64.7% Mid Cap ($2.5 to $12 B)29.3% Small Cap (< $2.5 B)6.0%