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For more conservative investors seeking long-term capital growth in all areas of the market: small-, mid-, and large-cap stocks, as well as in fixed income securities.
As of December 31, 2009
| Portfolio At-a-Glance |
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| Top 5 Holdings |
Top 5 Industries |
Wright Medical Group, Inc.
Cephalon, Inc.
Broadridge Financial Solutions, Inc.
Potash Corporation of Saskatchewan Inc.
Tower Group, Inc. |
Healthcare
Technology
Financials
Communications
Basic Materials |
| Characteristics |
KING |
Russell 3000 |
Price/Earnings Ratio ('09E)
Price/Book Ratio
P/E-to-Growth Rate ('09E)
Median Market Cap. ($Billion)
Number of Positions |
13.9x*
2.1x
1.2x*
$4.5
24-28 |
18.3x
1.9x
1.8x
N/A
N/A |
| Fixed Income
|
KING |
|
Average Maturity
Average Duration |
3.5 years
3.0 years |
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*BancTec, Inc.; Energy Coal Resources Inc.; and Pharmaceutical Resources were eliminated. Due to high non-cash charges, these securities are valued primarily on cash flows as opposed to earnings.
KING believes asset allocation should be driven by the client's investment objectives, not by projected asset returns. Thus, asset allocation is decided jointly at the beginning of the relationship by the client, any consultant (if applicable), and the portfolio manager, and updated as needed. Our clients' asset-allocation decisions range from 50% equity/50% fixed income to 85% equity/15% fixed income. If a client gives us no asset-allocation direction, our allocation model is typically 70% equity/30% fixed income.
KING's multi-cap strategy began in 1981 with the firm's inception. The equity portion of the balanced portfolio is managed like KING's Multi-Cap Equity Portfolio, with the same bottom-up investment philosophy as all KING products. Through disciplined, bottom-up research, KING looks for companies that appear to be selling for less than their true intrinsic values. These are companies selling at a discount to their private-market value, at low prices relative to their expected growth rates, or at a discount to their historical valuation. KING invests in these companies with the belief that the stock market will eventually realize their true intrinsic values, causing their stock prices to rise.
The portfolio characteristics presented in the KING Balanced Portfolio are representative of all of the portfolios managed in the balanced style, and are not specific to any individual portfolio. Individual portfolios may vary.
Balanced Portfolio Brochure
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