Monday, December 15, 2008

Private Client Commentary - fund holdings

Dear Clients,

There is of course a whole lot going on that we can talk about; the auto bailout, fed meeting on interest rates, massive global stimulus attempts, the worst recession since the early 80's, etc, etc. But just for today, rather than focus on any of the above, let's take a look at a few of the top holdings within a large cap growth fund that occupies the majority of the portfolios we service.

This particular fund currently holds 291 stocks. The following six are among the largest positions (in terms of the percentage of the portfolio each occupies).

Keeping with last week's theme, as you read the brief profiles, ask yourself if you see these companies continuing to produce their products and/or services in the years to come.

GE (represents 1.2% of the portfolio)
The diversified technology, media and financial services company with products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products, it serves customers in more than 100 countries.

Current share price: $17.11
One year high: $38.52
Price to Earnings Ratio: 8.1
Dividend Yield: 7.25%

Microsoft (represents 2.25% of the portfolio)
Microsoft Corporation develops, manufactures, licenses and supports a range of software products for computing devices. The Company's software products include operating systems for servers, personal computers and intelligent devices, server applications for distributed computing environments, information worker productivity applications, business solution applications, high-performance computing applications and software development tools and video games.

Current share price: $18.98
One year high: $36.72
Price to Earnings Ratio: 10.2
Dividend Yield: 2.67%

Apple (represents 1.15% of the portfolio)
Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions.

Current share price: $98.27
One year high: $202.96
Price to Earnings Ratio: 18.3
Dividend Yield: n/a

PepsiCo (represents .90% of the portfolio)
PepsiCo, Inc. is a global snack and beverage company. The Company manufactures, markets and sells a range of salty, convenient, sweet and grain-based snacks, carbonated and non-carbonated beverages and foods. The Company is organized into four divisions: Frito-Lay North America (FLNA), PepsiCo Beverages North America (PBNA), PepsiCo International (PI) and Quaker Foods North America (QFNA). Its North American divisions operate in the United States and Canada. Its international division sells products in approximately 200 countries, with operations in Mexico and the United Kingdom.

Current share price: $51.81
One year high: $79.79
Price to Earnings Ratio: 14.9
Dividend Yield: 3.23%

Medtronic, Inc. (represents 1.24% of the portfolio)
Medtronic, Inc. (Medtronic) is a global player in medical technology, alleviating pain, restoring health, and extending life for millions of people around the world. The Company operates in seven business segments: Cardiac Rhythm Disease Management (CRDM); Spinal; Cardiovascular; Neuromodulation; Diabetes; Surgical Technologies, and Physio-Control.

Current share price: $29.85
One year high: $56.97
Price to Earnings Ratio: 15.3
Dividend Yield: 2.45%

Target Corp. (represents 1.3% of the portfolio)
Target Corporation operates general merchandise and food discount stores in the United States, which include Target and SuperTarget stores. The Company offers both everyday essentials and fashionable differentiated merchandise. Target

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