PENCE Capital Appreciation SMA

A top-down approach that integrates both qualitative and fundamental research tracking changes in consumer behavior and seeks to identify companies that dominate consumer engagement.

All-Cap Growth investment approach

Seeks to identify businesses that will likely grow their market share as global economy evolves.
Seeks to identify managements that are focused on growing their top and/or bottom lines in double digit earnings/sales growth potentials in the next three-to-five years.
The portfolio utilizes about 40 individual companies varying from 1% to 5% weighting, mainly U.S. based with market cap over $1 billion.
Standard allocations in this composite are generally up to 100% equity and up to 2% cash.

Asset Allocation

As of 06/30/2022.

Characteristics

Portfolio

Weighted Average Capital ($MM)

216,616.3

Price/Earning %

30.12

Price/Book %

6.76

Price/Sales %

5.53

Price/Cash Flow %

23.06

Dividend Yield %

0.21

Projected Earnings %

14.58

Book Value %

28.53

Sales %

32.81

Cash Flow %

33.74

Trailing Earnings %

36.43

As of 06/30/2022

Sector Weightings (%)

Portfolio

Basic Materials

0.0

Consumer Cyclical

15.7

Financial Services

9.6

Real Estate

0.00

Communication Services

13.1

Energy

0.0

Industrials

0.0

Technology

61.6

Consumer Defensive

0.0

Healthcare

0.0

Utilities

0.0

As of 06/30/2022

Disclosure

The composite Benchmark is currently 100% S&P 500 Index TR, rebalanced monthly. This has been the Benchmark for this composite since inception. The S&P 500 Index is a market capitalization weighted index that is designed to measure the equity market performance of United States companies. Securities in this composite have a focus towards Large Cap Growth with approximately 25-35 equity holdings. Standard allocations in this composite are generally up to 100% equity. During periods of volatility higher cash positions may be held to limit downside. Equities selected for the composite typically focus on higher earnings growth and/or sales growth over a 3-5-year investment horizon. We may utilize all equity sector and/or country ETFs or Mutual Funds depending on market conditions.

The composite creation and implementation date is 9/01/2018.