Portfolio
Overview
The Edgewood L Select - US Select Growth Fund pursues long-term capital growth through a portfolio of 22 stocks of predominantly large-sized companies that are distinguished by their financial strength, levels of profitability, strong management, and ability to deliver long-term earnings power. The Fund aims to purchase companies that trade at substantial discounts to their fair value with the belief that, over time, the stock prices of companies it deems to be high quality will rise to reflect the true value of the underlying company. The Fund's performance is typically compared against the S&P 500 Index over a full-market cycle for comparison purposes only and is not the official benchmark of the fund.
The investment strategy of this Fund focuses on U.S. equity markets which presents a significant degree of risk because of the volatility of these markets. The value of the securities in the portfolio can be affected by daily stock market movement factors such as corporate events, company earnings, political events, and economic news and may impact the value of the Fund's investments. The Fund's exposure to growth may result in periods of high short-term volatility.
Net Performance Returns
Month-end Performance as of 03/31/2023
| FUND | ISIN | BLOOMBERG TICKER | INCEPTION | MONTH | YTD | 1 YEAR | 3 YEAR* | 5 YEAR* | TEST COL* |
|---|---|---|---|---|---|---|---|---|---|
| USD | LU0225244705 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR | LU0304955940 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Hedged | LU0225245348 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| USD Z | LU0952587862 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z Hedged | LU0952588084 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z | LU0952587946 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 56.75 |
| USD P | LU2608643784 | EDSELIP | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| S&P 500 | SPX | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 86.75 | |
| S&P 500 EUR | SPXEUR | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 26.75 |
Performance figures rounded to the nearest hundredth.
Dividends are reinvested.
* Annualized
The S&P 500 Total Return Index is used for performance comparison purposes only. The Fund is however actively managed and the investment manager is free to choose how the Fund is managed without any restriction and the Fund's portfolio may therefore deviate significantly from the above mentioned benchmark.
| FUND | ISIN | BLOOMBERG TICKER | INCEPTION | MONTH | YTD | 1 YEAR | 3 YEAR* | 5 YEAR* |
|---|---|---|---|---|---|---|---|---|
| EUR Distributing | LU0225244705 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| EUR Hedged Distributing | LU0304955940 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| USD Z Distributing | LU0225245348 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| S&P 500 | SPX | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | |
| S&P 500 EUR | SPXEUR | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
Performance figures rounded to the nearest hundredth.
Dividends are reinvested.
* Annualized
The S&P 500 Total Return Index is used for performance comparison purposes only. The Fund is however actively managed and the investment manager is free to choose how the Fund is managed without any restriction and the Fund's portfolio may therefore deviate significantly from the above mentioned benchmark.
Quarter-end Performance (As Percentage of the NAV) as of 03/31/2023
| FUND | ISIN | BLOOMBERG TICKER | INCEPTION | MONTH | YTD | 1 YEAR | 3 YEAR* | 5 YEAR* | TEST COL* |
|---|---|---|---|---|---|---|---|---|---|
| USD | LU0225244705 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR | LU0304955940 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Hedged | LU0225245348 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| USD Z | LU0952587862 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z Hedged | LU0952588084 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z | LU0952587946 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 56.75 |
| USD P | LU2608643784 | EDSELIP | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| S&P 500 | SPX | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 86.75 | |
| S&P 500 EUR | SPXEUR | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 26.75 |
Performance figures rounded to the nearest hundredth.
Dividends are reinvested.
* Annualized
The S&P 500 Total Return Index is used for performance comparison purposes only. The Fund is however actively managed and the investment manager is free to choose how the Fund is managed without any restriction and the Fund's portfolio may therefore deviate significantly from the above mentioned benchmark.
| FUND | ISIN | BLOOMBERG TICKER | INCEPTION | MONTH | YTD | 1 YEAR | 3 YEAR* | 5 YEAR* |
|---|---|---|---|---|---|---|---|---|
| EUR Distributing | LU0225244705 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| EUR Hedged Distributing | LU0304955940 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| USD Z Distributing | LU0225245348 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
| S&P 500 | SPX | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | |
| S&P 500 EUR | SPXEUR | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 |
Performance figures rounded to the nearest hundredth.
Dividends are reinvested.
* Annualized
The S&P 500 Total Return Index is used for performance comparison purposes only. The Fund is however actively managed and the investment manager is free to choose how the Fund is managed without any restriction and the Fund's portfolio may therefore deviate significantly from the above mentioned benchmark.
Characteristics
Portfolio Characteristics as of 03/31/2023
| FUND | ISIN | BLOOMBERG TICKER | INCEPTION | MONTH | YTD | 1 YEAR | 3 YEAR* | 5 YEAR* | TEST COL* |
|---|---|---|---|---|---|---|---|---|---|
| USD | LU0225244705 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR | LU0304955940 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Hedged | LU0225245348 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| USD Z | LU0952587862 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z Hedged | LU0952588084 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 16.75 |
| EUR Z | LU0952587946 | COMWUIC | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 56.75 |
| USD P | LU2608643784 | EDSELIP | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 6.75 |
| S&P 500 | SPX | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 86.75 | |
| S&P 500 EUR | SPXEUR | 09/21/2005 | -6.80 | 20.70 | 31.06 | -0.60 | 6.75 | 26.75 |
* All portfolio characteristics produced by Refinitiv and are rounded to the nearest whole number with the exception of the Most Recent Quarter YoY EPS Growth which is calculated by Edgewood.
^ ^Most recent quarter YoY EPS (year over year earnings per share) growth figures reflect the period ended 12/31/22 with the exception of Adobe, Nike, Intuit, NVIDIA, and Lululemon whose quarters end in January. These numbers are calculated based on company earnings reports excluding the impact of non-recurring items that are not indicative of the underlying business. Illumina's growth rate in the most recent quarter is calculated using reported adjusted operating profit which removes the effect of Grail dilution on YoY comparisons. We believe this metric is most representative of underlying business growth. ILMN's most recent quarter YoY adjusted EPS growth rate is -81%. American Tower's EPS figure is actually Adjusted Funds from Operations per share as we believe it is the most relevant valuation metric. Match's growth rate in the most recent quarter is calculated using reported adjusted Operating Income growth instead of EPS as we believe this metric is most representative of underlying business growth.
+ +Provided by S&P Dow Jones Indices. The S&P 500 is an unmanaged index with no expenses which covers 500 industrial, utility, transportation and financial companies of US markets. It is a capitalization-weighted index calculated on a total returns basis with dividends reinvested. Russell 1000 Growth Index performance produced by Russell Investments.
Five Largest Portfolio Holdings as of 03/31/2023
| Holdings |
|---|
| ASML Holding N.V. |
| Netflix Inc. |
| NVIDIA Corp. |
| ServiceNow Inc. |
| Visa Inc. |
* Holdings are subject to change. Holdings are provided as of March 31, 2023, and represent the most recent information available to the public. Portfolio holdings are shown in alphabetical order. This information is supplemental to Edgewood's Annual Disclosure Presentation. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients, and the reader should not assume that investment in the securities identified were or will be profitable.
Market Cap Exposure (in $Billions) as of 03/31/2023
* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio.
* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio.
Market Cap Exposure (in $Billions) as of 03/31/2023
* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio.
* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio.
Edgewood Management LLC claims compliance with the Global Investment Performance Standards (GIPS®). Past performance is no guarantee of future results. Performance results reflect the reinvestment of dividends and other earnings. Performance results are expressed and calculated in U.S. dollars. To receive a list of composite descriptions of Edgewood Management LLC and/or a GIPS Report that complies with the GIPS standards, contact Kitty McBride at 212-652-9100, or write to Edgewood Management LLC, 600 Steamboat Road, Suite 103, Greenwich, CT or kmcbride@edgewood.com.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.