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U.S. Large Cap Core
MARKSTON
U.S. Large Cap Core Overview
Performance
Portfolio
What Sets Us Apart Value with a Catalyst
We employ a "Value with a Catalyst" research process. Investments generally comprise of at least three of our seven “alpha generators.” 1. 2. 3. 4. 5. 6. 7.
Insider buying (including options activity) Stock repurchase by the company Management changes Sale or spin-off of a division Consolidating industries Tax loss carryforwards "Triple-discount valuation mechanism"
We believe equity prices are prone to short-term market dislocations due to investor’s narrow investment horizon leading to irrational behavior and overreaction. We seek to capitalize on these opportunities by identifying high quality businesses then applying our “Alpha Generators”. We have followed this disciplined “Value with a Catalyst” approach since the firm’s inception in 1981 with the singular objective to uncover current value that has the ability to turn into future growth. We attempt to exploit market opportunities with timely execution, rigorous discipline and a high degree of conviction. Over full market cycles, we seek to produce consistently strong absolute and risk adjusted returns for our large cap core clients.
Strategy Facts Asset Class
U.S. Equity
Inception Date
4/30/1994
Strategy Stats Number of Holdings
52
As of
9/30/2023
People Chris Mullarkey Portfolio Manager 30+ Years of Experience James K. Mulvey Senior Analyst 30+ Years of Experience Jared Wein, CFA Senior Analyst 17+ Years of Experience Andrew Sidoti Senior Analyst 30+ Years of Experience
U.S. Large Cap Core • 3Q23
MARKSTON
U.S. Large Cap Core Overview
Performance
Portfolio
Quarterly
Annualized Q3 2023
YTD 2023
1-YR
3-YR
5-YR
10-YR
Since Inception
Gross of Fees
-2.5%
12.4%
21.1%
8.4%
8.3%
11.2%
12.7%
Net of Fees
-2.6%
11.8%
20.4%
7.8%
7.6%
10.6%
12.0%
S&P 500 Index
-3.3%
13.1%
21.6%
10.2%
9.9%
11.9%
10.0%
Relative Performance Gross of Fees
0.8%
-0.7%
-0.5%
-1.8%
-1.7%
-0.7%
2.7%
As of 9/30/2023
Calendar Year As of 9/30/2023
2017
2018
2019
2020
2021
2022
Gross of Fees
23.62
-4.15
33.01
19.12
23.96
-21.93
Net of Fees
22.92
-4.7
32.27
18.43
23.23
-22.39
S&P 500 Index
21.81
-4.39
31.49
18.39
28.68
-18.13
Relative Performance Gross of Fees
1.81
0.24
1.52
0.73
-4.72
-3.8
On 12/31/22, the Markston U.S. Large Cap Core strategy moved to DCM's platform from Markston International. Therefore, performance of this strategy prior to this date was managed at another entity. The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-484-5766.
Rolling 3-Year Performance vs. Index
U.S. Large Cap Core • 3Q23
MARKSTON
U.S. Large Cap Core Overview
Performance
Portfolio
Portfolio Stats
Risk Measures
Dividend Yield
U.S. Large S&P 500 Cap Core Index 2.01 2.01
Earning Growth (5 Year)
14.40
As of 9/30/2023
As of 9/30/23
U.S. Large Cap Core
S&P 500 Index
Beta
1.00
Information Ratio
-0.30
Sharpe Ratio
0.43
0.53
Standard Deviation
18.60
17.90
14.74
Market Capitalization ($bn) 881
631
Number of Holdings
52
504
P/B Ratio
2.74
4.08
P/E Ratio (1-Year)
15.53
17.93
Tracking Error
4.79
Return on Assets
2.20
3.72
Active Share (%)
66.47
Return on Equity
13.01
17.01
All Risk Measures are 3-Year Trailing
Up Capture
As of 9/30/23
Down Capture
Upside Capture
As of 9/30/23
U.S. Large Cap Core
102.6%
U.S. Large Cap Core
S&P 500 Index
100.0%
S&P 500 Index
Downside Capture -111.8% -100%
U.S. Large Cap Core • 3Q23
MARKSTON
U.S. Large Cap Core Overview
Performance
Portfolio
Top 10 Holdings As of 9/30/2023
Sector Breakdown Weight
ALPHABET INC-CL A
11.1
APPLE INC
10.1
MICROSOFT CORP
9.7
META PLATFORMS INC-CLASS A
6.0
BERKSHIRE HATHAWAY INC-CL B
5.5
JPMORGAN CHASE & CO
4.2
UNITEDHEALTH GROUP INC
3.4
BLACKROCK INC
3.2
WALT DISNEY CO/THE
2.7
CVS HEALTH CORP
2.6
Total
58.5
Top 5 Quarterly Contributors As of 9/30/23
Top 5 Quarterly Detractors
Contribution
Contribution
As of 9/30/23
ALPHABET INC-CL A
0.9
APPLE INC
-1.3
ABBVIE INC
0.3
MICROSOFT CORP
-0.7
META PLATFORMS INC-CLASS A
0.3
RTX CORP
-0.5
LIBERTY BROADBAND-C
0.2
LIBERTY MEDIA COR-SIRIUSXM C
-0.5
COMCAST CORP-CLASS A
0.2
WALT DISNEY CO/THE
-0.3
U.S. Large Cap Core • 3Q23
MARKSTON
U.S. Large Cap Core Disclosures Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The investments and investment strategies identified herein may not be suitable for all investors. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. Past performance is no guarantee of future results. Although DCM may take efforts to mitigate risks, certain risks cannot be eliminated or controlled and there are no guarantees that any risk management strategies or investment strategies implemented will be successful notwithstanding such efforts to mitigate risk. Disclaimers: DCM is an SEC registered investment advisor under the Investment Advisers Act of 1940 (“Advisers Act”). Registration does not imply a certain level of skill or training. Under the Advisers Act, Rule 204-3 requires DCM to provide clients with specific information about the advisory firm. DCM offers its Form ADV, Part 2 by calling DCM to serve this important purpose. Investors can acquire information on the registration status of DCM and request a copy of DCM’s Form ADV, Part 2 by calling DCM directly at (917) 386-6260 or visiting the SEC’s website at www.adviserinfo.sec.gov. DCM is a wholly owned subsidiary of Dinosaur Group Holdings, LLC. The opinions expressed herein are those of DCM Advisors, LLC (“DCM”) and are subject to change without notice. It 1 should not be assumed that the investment recommendations or decisions we make in the future will be profitable. All investment strategies have the potential for profit or loss. Information was obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness. On 12/31/22, the Markston U.S. Large Cap Core strategy moved to DCM's platform from Markston International. Therefore, performance of this strategy prior to this date was managed at another entity. Markston International, LLC claimed compliance with the Global Investment Performance Standards (GIPS®) through July 31, 2021. A firm-wide verification was performed by Ashland Partners & Company, LLP from April 1, 1981 through December 31, 2016 and by ACA Performance Services, LLC from January 1, 2017 to December 31, 2020. DCM Advisors Institutional claimed compliance with the Global Investment Performance Standards (GIPS®) through December 31, 2019. A firm-wide verification was performed by ACA Performance Services, LLC from September 1, 2017 through December 31, 2019. Returns are presented gross of investment advisory fees, broker and other commissions, and any other expenses that a client would have paid or actually paid. Returns will be reduced by such fees and expenses. For example, a 0.50% annual fee deducted quarterly (0.125%) from an account with a ten-year annualized growth rate of 5% will produce a net result of 4.4%. Actual performance results will vary from this example.
U.S. Large Cap Core • 3Q23