Contributors and detractors
Posted: Thu Jul 10, 2025 5:34 am
As expected, the majority of active outperformance came from stock selection withinsectors and not from differences in sector weights between the portfolio and S&P 500
Index. The fund benefited primarily from strong security selection in the informationtechnology, energy, financials and materials sectors, which was enough to offset poorer
performance in health care and consumer discretionary.In information technology, we were overweight Apple, which had high returns for the
period on record holiday sales, as demand for iPads, iPhones and Macs continue to reach
new highs and, later in the period, it raised mobile database its earnings guidance ahead of a new iPadproduct launch announcement.
The stock also received a boost when it announced plansto initiate a dividend and share repurchase program commencing later this year. In
energy, we were underweight poorer performing Exxon Mobil and overweight Valero
Energy, which was one of the strongest performing names in the sector. In financials,performance was aided by JPMorgan Chase. This large, diversified global financial
services firm benefited from an improving view of the global economy, as well asaccelerating loan growth and higher capital markets activity.
Eli Lilly, Humana and Pfizer were the worst performers in the health care sector, as many
of the largest detractors in the portfolio were the top performers in the second half of 2011.
Pharmaceutical giant Pfizer gave back some of the gains it posted in late 2011. Thecompany beat expectations through lower cost of goods sold and lowering sales
expenses. Concerns over its ability to continue to cut costs, coupled with a currencyheadwind, put negative pressure on the share price. In the consumer discretionary sector,Apollo Group, which provides educational services through subs
Index. The fund benefited primarily from strong security selection in the informationtechnology, energy, financials and materials sectors, which was enough to offset poorer
performance in health care and consumer discretionary.In information technology, we were overweight Apple, which had high returns for the
period on record holiday sales, as demand for iPads, iPhones and Macs continue to reach
new highs and, later in the period, it raised mobile database its earnings guidance ahead of a new iPadproduct launch announcement.
The stock also received a boost when it announced plansto initiate a dividend and share repurchase program commencing later this year. In
energy, we were underweight poorer performing Exxon Mobil and overweight Valero
Energy, which was one of the strongest performing names in the sector. In financials,performance was aided by JPMorgan Chase. This large, diversified global financial
services firm benefited from an improving view of the global economy, as well asaccelerating loan growth and higher capital markets activity.
Eli Lilly, Humana and Pfizer were the worst performers in the health care sector, as many
of the largest detractors in the portfolio were the top performers in the second half of 2011.
Pharmaceutical giant Pfizer gave back some of the gains it posted in late 2011. Thecompany beat expectations through lower cost of goods sold and lowering sales
expenses. Concerns over its ability to continue to cut costs, coupled with a currencyheadwind, put negative pressure on the share price. In the consumer discretionary sector,Apollo Group, which provides educational services through subs