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Dividend Growth

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Overview

A large-cap equity strategy focused on investing in high-quality, dividend-growing companies in the United States.

Strategy Inception Date
April 30, 1980
Composite Inception Date
December 31, 2007
Composite AUM
(as of 10/31/2017)
$3.30 BN
Composite Benchmark
Russell 1000® Index
Available Vehicles
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 10/31/2017
as of 09/30/2017

Cumulative
Annualized
3 mo ytd as of 2017-09-30
1 yr 3 yr 5 yr since inception
Dividend Growth (gross of fees)
3.61% 13.18% 16.67% 8.33% 11.79% 7.08%
Dividend Growth (net of fees)
3.46% 12.68% 15.98% 7.68% 11.13% 6.44%
Russell 1000® Index
4.48% 14.17% 18.54% 10.63% 14.27% 8.12%
Cumulative
Annualized
3 mo ytd as of 2017-10-31
1 yr 3 yr 5 yr since inception
Dividend Growth (gross of fees)
3.53% 14.52% 20.65% 8.04% 12.40% 7.14%
Dividend Growth (net of fees)
3.38% 13.95% 19.94% 7.40% 11.73% 6.50%
Russell 1000® Index
4.80% 16.78% 23.67% 10.58% 15.18% 8.29%

Year Dividend Growth (gross of fees) Dividend Growth (net of fees) Russell 1000® Index
2008 -30.52% -30.95% -37.60%
2009 19.85% 19.14% 28.43%
2010 14.43% 13.76% 16.10%
2011 3.58% 2.96% 1.50%
2012 13.88% 13.20% 16.42%
2013 28.72% 27.97% 33.11%
2014 12.12% 11.45% 13.24%
2015 0.40% -0.20% 0.92%
2016 5.65% 5.02% 12.05%

Date Dividend Growth (gross of fees) Dividend Growth (net of fees) Russell 1000® Index
10/31/2012 0.00 0.00 0.00
11/30/2012 1.43 1.38 0.79
12/31/2012 2.32 2.22 1.84
1/31/2013 7.53 7.37 7.36
2/28/2013 9.27 9.06 8.81
3/31/2013 12.81 12.54 13.01
4/30/2013 13.68 13.35 15.05
5/31/2013 15.98 15.58 17.61
6/30/2013 14.28 13.84 16.00
7/31/2013 19.32 18.80 22.21
8/31/2013 16.04 15.47 18.84
9/30/2013 19.90 19.25 22.98
10/31/2013 25.03 24.29 28.40
11/30/2013 27.59 26.78 32.00
12/31/2013 31.71 30.81 35.56
1/31/2014 26.15 25.23 31.23
2/28/2014 32.75 31.71 37.46
3/31/2014 33.43 32.32 38.34
4/30/2014 32.55 31.38 38.99
5/31/2014 36.09 34.82 42.18
6/30/2014 39.03 37.66 45.41
7/31/2014 37.12 35.71 43.06
8/31/2014 41.81 40.28 48.97
9/30/2014 39.47 37.90 46.36
10/31/2014 42.23 40.56 49.94
11/30/2014 48.26 46.45 53.86
12/31/2014 47.67 45.79 53.51
1/31/2015 42.12 40.24 49.29
2/28/2015 50.38 48.31 57.92
3/31/2015 47.85 45.75 55.95
4/30/2015 48.65 46.46 57.06
5/31/2015 51.01 48.72 59.11
6/30/2015 48.79 46.46 56.13
7/31/2015 52.06 49.61 59.14
8/31/2015 42.12 39.75 49.56
9/30/2015 37.54 35.18 45.46
10/31/2015 49.12 46.49 57.23
11/30/2015 51.06 48.32 57.75
12/31/2015 48.27 45.50 54.91
1/31/2016 41.03 38.33 46.58
2/29/2016 38.51 35.79 46.53
3/31/2016 45.78 42.85 56.73
4/30/2016 46.23 43.22 57.59
5/31/2016 48.62 45.48 60.35
6/30/2016 49.08 45.86 60.71
7/31/2016 53.10 49.72 66.83
8/31/2016 52.50 49.07 67.05
9/30/2016 51.96 48.45 67.18
10/31/2016 48.67 45.17 63.92
11/30/2016 52.88 49.21 70.39
12/31/2016 56.64 52.81 73.59
1/31/2017 58.24 54.29 77.08
2/28/2017 64.47 60.29 83.93
3/31/2017 64.62 60.35 84.05
4/30/2017 66.58 62.18 85.99
5/31/2017 68.98 64.44 88.37
6/30/2017 71.11 66.43 89.68
7/31/2017 73.26 68.44 93.44
8/31/2017 74.55 69.60 94.05
9/30/2017 77.29 72.18 98.18
10/31/2017 79.38 74.12 102.72
Portfolio

Top Issuers

(53.2% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Equity Sector
Industry
Asset Allocation
Market Cap
Country Dividend Growth Russell 1000® Index Overweight / Underweight
United States 95.9% 99.7% -3.8%
Canada 2.9% 0.0% 2.9%
United Kingdom 1.0% 0.0% 1.0%
Developed Markets Dividend Growth Russell 1000® Index Overweight / Underweight
Americas 98.8% 99.7% -0.9%
Europe 1.0% 0.2% 0.8%
Equity Sector Dividend Growth Russell 1000® Index Overweight / Underweight
Information Technology 23.6% 24.0% -0.4%
Industrials 12.6% 10.3% 2.2%
Health Care 11.9% 13.4% -1.5%
Financials 11.3% 14.8% -3.5%
Consumer Discretionary 9.8% 12.2% -2.4%
Energy 8.6% 5.7% 2.9%
Real Estate 7.4% 3.6% 3.7%
Consumer Staples 6.9% 7.4% -0.5%
Materials 4.7% 3.4% 1.3%
Utilities 3.0% 3.2% -0.1%
Industry Dividend Growth Russell 1000® Index Overweight / Underweight
Oil Gas & Consumable Fuels 8.6% 5.0% 3.6%
Software 7.4% 5.4% 2.1%
Equity Real Estate Investment Trusts (REITs) 7.4% 3.5% 3.9%
Banks 7.3% 6.4% 0.9%
Technology Hardware Storage & Peripherals 5.6% 4.0% 1.5%
IT Services 4.9% 4.2% 0.6%
Semiconductors & Semiconductor Equipment 4.3% 4.0% 0.3%
Health Care Providers & Services 4.1% 2.5% 1.5%
Pharmaceuticals 4.0% 4.3% -0.2%
Chemicals 3.2% 2.4% 0.8%
Aerospace & Defense 3.1% 2.4% 0.7%
Beverages 3.0% 1.8% 1.3%
Hotels Restaurants & Leisure 2.9% 2.0% 0.9%
Trading Companies & Distributors 2.9% 0.3% 2.7%
Health Care Equipment & Supplies 2.5% 2.7% -0.2%
Specialty Retail 2.5% 2.0% 0.5%
Capital Markets 2.3% 3.0% -0.6%
Tobacco 2.2% 1.2% 1.0%
Textiles Apparel & Luxury Goods 2.0% 0.6% 1.4%
Electric Utilities 2.0% 1.9% 0.1%
Asset Allocation Dividend Growth Russell 1000® Index Overweight / Underweight
Equity 99.8% 100.0% -0.2%
Net Cash and Equivalents 0.2% - -
Market Cap Dividend Growth Russell 1000® Index Overweight / Underweight
Large 66.2% 78.9% -12.7%
Mid 30.9% 19.2% 11.7%
Small 2.7% 1.9% 0.9%
Analytics
(As of 10/31/2017)

Performance Statistics
3Y
5Y
Alpha
-2.10
-2.17
Beta
0.98
0.98
Information Ratio
-1.03
-1.26
R-Squared
94.18
94.77
Sharpe Ratio
0.78
1.24
Standard Deviation
10.18
9.62
Upside Capture
94.18
92.72
Downside Capture
115.31
112.87
Sortino Ratio
0.38
0.65
Win Ratio
44.00
40.00
Loss Ratio
56.00
60.00
Margin of Outperformance
0.40
0.38
Margin of Underperformance
-0.67
-0.60
Tracking Error
2.46
2.21
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$159.10 B
$173.50 B
Median Market Cap (weighted)
$58.00 B
$79.50 B
P/E Ratio (LTM)
19.94
22.13
P/E Ratio (NTM)
17.46
18.55
Price/Book
3.64
3.12
Debt to Capital Ratio
52.45
45.31
Turnover Ratio
96.00%
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    Investments in securities of growth companies may be volatile. There is no guarantee that the issuers of stocks held by mutual funds will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Diversification does not guarantee profit or protect against loss.

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