Shenandoah Large Cap Core Strategy
- Portfolio Holdings, Sector Weights, and
Characteristics
Top Ten Holdings (6/30/2010)
Security Name Ticker Portfolio Weight (%) Sector APPLE INC AAPL 2.8 Information Technology MICROSOFT CORP MSFT 2.5 Information Technology JOHNSON & JOHNSON JNJ 2.4 Health Care IBM IBM 2.4 Information Technology GENERAL ELECTRIC GE 2.2 Industrials AT&T CORP T 2.2 Telecom Services CHEVRONTEXACO CVX 2.2 Energy BANK OF AMERICA BAC 2.1 Financials EXXON MOBIL CORP XOM 1.9 Energy INTEL INTC 1.9 Information Technology Total Held in Top 10 Holdings 22.5
Sector Weights (%)
The chart below shows the Standard & Poor's Global Industry
Classification Standards (GICS®) Sector Weights resulting
from the portfolio holdings for the most recent quarter end.
Portfolio Characteristics
The table below shows the characteristics of the resulting portfolio
as of the most recent quarter end.
Characteristic Portfolio Number of Holdings 160 Wtd. Average Market Capitalization (millions) 60,683 Median Market Capitalization (millions) 6,279 P/E Last Fiscal Year 15.1 P/E Next Fiscal Year 13.3 Price/Book 2.6 Price/Sales 2.3 Price to Cash Flow 9.0 Dividend Yield 1.8 Historical Growth Rate 9.8 Future Growth Rate 10.7 Return on Equity 18.4 Predicted Beta (vs S&P 500) 1.1
Sources
Russell Top 200®, Midcap®, and 1000® Indexes
are registered trademarks of the
Russell Investment Group
Plan Sponsor Network (PSN) is a product of
Informa
Investment Solutions
Global Industry Classification Standards (GICS®)
are a registered trademark of Standard & Poor's and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied
Finance Group, LTD.
HYPOTHETICAL PERFORMANCE
DISCLOSURE
Past Hypothetical Performance does not guarantee future actual results.
Hypothetical results have many inherent limitations. No representation
is being made that any account will or is likely to achieve returns
similar to those shown. In fact, there are frequently sharp differences
between hypothetical performance results and the actual results
subsequently achieved by any particular investment strategy.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical investment does not involve financial risk, and no hypothetical investment record can completely account for the impact of financial risk in actual investing. For example, the ability to withstand losses or to adhere to a particular investment strategy in spite of investment losses are material points which can also adversely affect actual investment results. There are numerous other factors related to the markets in general or to the implementation of any specific investment strategy which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual investment results.
Performance for periods greater than one year is annualized. Gross returns (including realized and unrealized capital gains, reinvestment of dividends and interest) are before fees and administrative expenses. Net returns reflect the return to investors after all fees and administrative expenses. Net returns are NOT provided here as they are a determined by the fee level, which is a function of the assets under management in the client's specific application. We will be happy to provide simulated net returns by applying a fee level based upon a client-specified asset level.
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