Lyrical’s U.S. Value Equity Fund is a concentrated portfolio selected from the universe of the largest 1,000 stocks in the United States.
Andrew Wellington, John Mullins, and Dan Kaskawits are the Portfolio Managers for the fund. Like Lyrical’s other strategies, U.S. Value Equity is grounded in process. The portfolio normally includes 33 best ideas, diversified by sector and industry. Active Share is typically very high at 95% or higher. Tax efficiency has also been high, with average turnover of ~15% per annum.
The fund’s Top 10 Holdings and Sector Weightings are shown below, for convenience.
|1||Selection Universe||1,000 largest stocks traded on a U.S. exchange|
|2||# of Holdings||Approximately 33 stocks|
|3||Portfolio Weighting||Capitalization-scaled product (modified equal-weight)|
|4||Targeted Outperformance||500 bps (S&P 500)|
|5||Industry Constraints||Limit of three per industry|
|7||Max Position Size||5% at cost|
|8||Wtd. Avg. / Median Market Cap||$21.1B / $7.7B|
|9||Active Share||98.1% vs. S&P 500|
Data as of 09/30/2022
|wdt_ID||Name||Weight||Mkt Cap ($Bn)||Industry|
|1||Ameriprise Financial, Inc. (AMP)||5.7%||$27.3||Investment Banks/Brokers|
|2||United Rentals, Inc. (URI)||5.3%||$18.9||Finance/Rental/Leasing|
|3||Cigna Corporation (CI)||4.7%||$84.7||Managed Health Care|
|4||Univar Solutions Inc. (UNVR)||4.6%||$3.8||Wholesale Distributors|
|5||Assurant, Inc. (AIZ)||4.0%||$7.7||Multi-Line Insurance|
|6||HCA Healthcare Inc (HCA)||4.0%||$54.0||Hospital/Nursing Management|
|7||Centene Corporation (CNC)||3.9%||$44.5||Managed Health Care|
|8||Flex Ltd. (FLEX)||3.9%||$7.6||Electronic Production Equipment|
|9||Arrow Electronics, Inc. (ARW)||3.8%||$6.0||Electronics Distributors|
|10||Broadcom Inc. (AVGO)||3.7%||$179.8||Semiconductors|
Portfolio holdings are subject to change and should not be considered investment advice.
Data as of 12/31/2021
An Investor should consider the investment objectives, risk, and charges and expense of the Fund before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at https://funddocs.filepoint.com/lyrical/ or by calling the Fund directly at 212-415-6600. The prospectus should be read carefully before investing.
Important Risk Information:
The Fund is subject to investment risks, including, without limitation, equity securities risk, investment adviser risk, credit and interest rate risk. All mutual funds are subject to market risk, including possible loss of principal. As with any mutual fund, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objectives.
Past performance is no guarantee of future results.
S&P 500® Index is a market capitalization weighted index comprised of 500 widely-held common stocks. You cannot invest directly in an Index.
The Lyrical Mutual Funds are distributed by Ultimus Fund Distributors, LLC (Member FINRA) Ultimus Fund Distributors, LLC and Lyrical Asset Management are separate and unaffiliated.