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For investors seeking long-term capital growth in all areas of the market: small-cap, mid-cap, and large-cap stocks.
As of December 31, 2009
| Portfolio At-a-Glance |
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| Top 5 Holdings |
Top 5 Industries |
Cephalon, Inc.
Wright Medical Group, Inc.
Broadridge Financial Solutions, Inc.
Forest Laboratories, Inc.
Varian Medical Systems, Inc. |
Healthcare
Technology
Financials
Communications
Basic Materials
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| Characteristics |
KING |
Russell 3000® |
Price/Earnings Ratio ('09E)
Price/Book Ratio
P/E-to-Growth Rate ('09E)
Median Market Cap. ($Billion)
Number of Positions |
14.5x*
2.2x
1.2x*
$5.2
30-34 |
18.3x
1.9x
1.8x
N/A
N/A |
*BancTec, Inc. and Energy Coal Resources Inc. were eliminated. Due to high non-cash charges, these securities are valued primarily on cash flows as opposed to earnings.
The Multi-Cap Equity Portfolio includes stocks from every market segment: small-, mid-, and large-cap. Since there are no capitalization restrictions in maintaining a multi-cap portfolio, we can screen a larger universe and select stocks from a diverse group. With thousands of stocks from which to choose, new opportunities constantly present themselves. This multi-cap flexibility can provide a portfolio in which earnings are growing faster than those of the average companies without extreme valuations.
KING's multi-cap strategy began in 1981 with the firm's inception. The Multi-Cap Equity Portfolio is managed 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 worth. This multi-cap flexibility can provide a portfolio of companies selling at significant discounts to their private-market value or to their historical valuation, or whose earnings typically grow faster than those of the average company, yet without extreme valuations. KING invests in these companies with the belief that the stock market will eventually realize their true market value, causing their stock prices to rise.
The portfolio characteristics presented in the KING Multi-Cap Equity Portfolio are representative of all of the portfolios managed in the multi-cap style, and are not specific to any individual portfolio. Individual portfolios may vary.
Multi-Cap Portfolio Brochure (PDF 938kb)
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