ASB Capital Profile Picture Investment Advisor

ASB Capital

ASB Capital

  • Founded 1983

Large Cap Core Equity

ASB Large Cap Core Equity seeks long-term capital appreciation primarily by investing in a well-diversified portfolio of high quality, industry-leading large capitalization domestic stocks with excellent or improving fundamentals relative to their given sector and the S&P 500 Index. ASB Large Cap Core Equity’s goal is to outperform the S&P 500 Index’s return with less risk.
Our strategy is to identify companies that are market leaders within each sector. We evaluate the general economic environment and its effect on each industry and the markets (top-down analysis). We assess how each management team is positioned to take advantage of present conditions and how they are poised to benefit from our forecasts (bottom-up analysis). We evaluate sectors of the market and how each performs relative to its position in the business cycle. We then select individual names within each sector, after considering their historical valuation ranges and growth prospects.
ASBIM’s top-down research is focused on a wide range of economic reports, analyst conference calls and trend analysis, to help monitor domestic and international macro-economic developments, industry trends, and, ultimately, sector weightings. The bottom-up research is focused on company income statement/balance sheet analysis to identify the magnitude of line item changes, what they might be forecasting, and where the best opportunities lie within each sector. Typical sources of idea generation are company reports, financial publications, ratings agencies, management conference calls, industry experts and online resources.
We use the S&P 500 sector definitions, and are generally allocated within 50% to 150% of these weightings. We have a single security maximum limit of 5% and generally hold 40 to 60 securities in our portfolio. We invest only in large capitalization domestic stocks, generally names that are in the S&P500 Index. The strategy allows for a cash position of up to 10%. A cash position of up to 5% is used for liquidity. A cash position above 5% is a sign that we are not completely comfortable with opportunities in the market. We do not use ETFs or ADRs.
If top-down sector analysis and bottom-up research indicate deteriorating fundamentals, the security is reviewed and its weighting is decreased or eliminated from the portfolio. We sell when the risk/reward outlook is no longer favorable, when we find something we like better, or when company fundamentals deteriorate. We have no set holding period, but have recently seen approximately 30% annual turnover in the portfolio. Ongoing portfolio monitoring involves two questions constantly posed for each holding: Would we buy this stock today if we did not own it, and is there something else that we would rather own today? Conclusions drawn from daily bottom-down and top-up analysis provide direction.
None.

Risk rating

2
11.3%

Best 30 days

-14.7%

Worst 30 days

Performance

  • -1.9%
    30 day
  • 0.7%
    365 days
  • 4.3%
    Since Inception
    February 01, 2011
Monthly vs S&P500
Sparkbar Graph, Large Cap Core Equity Investment Model Performance versus S&P500
1.7%

Last 12 months

  • $5,000 subscription min
  • 1.5% fee

Replicability

100.0%
  • Replicable

Top 5 Holdings View all

4.0%
3.9%
2.9%
2.7%
2.6%
  • XOM
  • MSFT
  • INTC
  • QCOM
  • CMCSA

Model commentary

  1. Here's where Google makes its gobs of money

    6 September 2011

    It's almost entirely from ads, and 4 of the 5 most expensive keywords on AdWords are for financial services.

  2. Clorox releases earnings under shadow of Icahn … 7 August 2011
  3. Staying defensive, as Fed policy stimulated m… 28 July 2011
  4. McDonald's changes its Happy Meal - will inve… 27 July 2011
  5. Google searching Hulu for acquisition opportu… 6 July 2011

show more


Performance detail

  • Manager
  • S&P 500
30D 90D 365D SI

Performance

Inception February 01, 2011
as of May 15, 2012 Manager S&P 500 Average Subscriber
Past 30 days -1.9% -2.9% -1.3%
Past 90 days -1.2% -0.9% -0.9%
Past 365 days 0.7% 0.1% -4.6%
Since Inception (Annualized) 3.3% 1.4% -
2012 (YTD) 4.0% 5.8% 2.5%

Risk Metrics

Last 365 Days
as of May 15, 2012 Manager S&P 500
Best 30 days 11.3% 13.6%
Worst 30 days -14.7% -16.7%
Volatility 20.0% 23.1%
Sharpe Ratio 0.03 -0.00
Sortino Ratio 0.03 -0.00
Maximum Drawdown -15.5% -18.8%
Value-at-risk (95%, 1 week) -4.6% -5.4%
vs. S&P 500
Information Ratio 0.15
Alpha 0.2%
Beta 0.86
R-Squared 0.99

Latest transactions view all

Average trades per month 8.1
Executed Symbol Security Replicable Type Price
05/08/12 PSX PHILLIPS 66 Yes Buy $29.21
05/04/12 V Visa Inc Yes Sell $118.15
05/04/12 ALL ALLSTATE CORP Yes Buy $34.32
04/24/12 ORCL Oracle Corp Yes Sell $28.59
04/24/12 TRV The Travelers Companies, Inc. Yes Buy $63.55
04/24/12 PFE Pfizer Inc Yes Buy $22.71
04/20/12 GOOG Google Inc Yes Sell $602.42
04/20/12 CVX Chevron Corp Yes Sell $102.73
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  • $5,000 subscription min
  • 1.5% fee

Important Information

Important Information

1. Past performance is no guarantee of future results.

2. Performance of the model manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions, and broker commissions. Manager returns include trades that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. More

3. Average subscription returns ("Avg Sub" or "Avg Client") are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying model. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. More

4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription required to follow a particular model. The minimum amount is determined by Covestor, based on the characteristics of the underlying model. It should not be considered as specific investment advice for your investment situation.

5. Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividends and earnings distributions, or transaction costs. More

6. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.

7. All Model Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Model Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Model classifications (Approach, Asset Class) are provided by Covestor, and are intended to serve as a general guide.

8. Top Replicable Holdings: These securities are currently held in the model manager's brokerage account. Those marked as "Replicable Holdings" currently pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may vary.

9. Latest Transactions: These transactions were executed in the model manager's brokerage account. Those marked as "Replicable" () passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription trade activity may vary.

10. S&P 500 Index is an unmanaged index compiled by Standard & Poor´s Corp. Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. S&P 500 index data: S&P 500 Copyright © 2012.

11. Dow Jones index data: CME Group Index Services, LLC 2012

Background provided by the manager
ASB Capital Form ADV II


About investing

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