DOCSLIB.ORG

Torrayresolute Concentrated Large Growth

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Torrayresolute Concentrated Large Growth QUARTERLY COMMENTARY March 31, 2020 Before reviewing the results of the first quarter, we would like to say that our thoughts are with all those directly and indirectly impacted by COVID-19. We are particularly grateful to the healthcare workers and first responders who are putting their lives at risk for our well-being. During this strange period of self-quarantine, it has been particularly helpful to speak with our clients and partners as we all learn to navigate an unfamiliar environment. We would like you to know that our team has been able to maintain operations without interruption and as always, we welcome your questions and observations. We look forward to hearing from you and wish that you remain safe and well. TorrayResolute Concentrated Large Growth Market Overview It would not be hyperbole to say the beginning of 2020 is proving to be among the most challenging periods for investors ever. The rapid spread of the coronavirus pandemic continues to produce historic market volatility, leaving investors with few scientific facts or economic precedents on which to base their decisions. It is something of a cliché to say that markets hate uncertainty, but true, nonetheless. It took just 17 trading days between February 19th and March 13th to bring the longest running bull market (11 years) to a conclusive end. In contrast to the financial crisis of ’08 and ’09, the monetary and fiscal The magnitude and duration of response has been swift and decisive. While the efficacy of these measures the economic downturn are not will be borne out in the coming weeks and months, the market’s direction will only dependent on how quickly be largely dictated by the trajectory of the disease. the world gets back to work, but how quickly it can do so safely. Portfolio Commentary Amidst the extraordinary volatility and losses experienced during the first quarter, relative portfolio performance was strong. The Composite declined 11.06% (11.22% net of fees), outperforming the Russell 1000 Growth Index, down 14.10%, by 3.04 percentage points, and the S&P 500 Index, down 19.60%, by 8.54 percentage points. Security selection and sector allocation were both positive. Health Care, accounting for a quarter of the Composite’s value, was the stand out sector, down just 2%, followed by Real Estate, down 5%. Financials and Materials were the laggards, down 37% and 21% respectively, reflecting the sectors’ economic sensitivity. At the security level, top contributors included Lonza (LZAGY), Amazon (AMZN) and IDEXX Laboratories (IDXX). Primary detractors included O’Reilly Automotive (ORLY), Amphenol (APH) and Fiserv (FISV). Generally, we observed a flight to defensive industries and the sale of those with more cyclical characteristics. Given the dramatic change in economic outlook and extreme market volatility, it should come as no surprise that it was an active period in which there were two purchases and two sales in the portfolio. Our initial response to the medically-induced bear market was to revisit the investment thesis of each portfolio holding and focus on the weaker 7501 Wisconsin Ave | Suite 750W | Bethesda MD | 20814 | 855.753.8174 | www.torray.com Page 2 positions as candidates for sale. This analysis resulted in the sale of Check Point Software (CHKP) and Charles Schwab (SCHW). In spite of solid secular demand for cybersecurity products and services, Check Point has failed to lead with product innovation and sales execution. We believe this will continue to pressure top line growth and profitability as the company tries to play catch up in a highly competitive industry. With respect to Charles Schwab, a key part of the growth thesis was the company’s positive leverage to rising interest rates. Given the challenges of the macroeconomic environment and the Federal Reserve’s recent actions, we believe any sustained increase in interest rates has been pushed out for the foreseeable future. While timing is one of the trickiest parts of investing, we are firm believers that market volatility creates proportional opportunity. The current environment is no exception. As we turned our attention to prospective investments, we focused on a few key characteristics; low economic sensitivity, strong balance sheets, high cash flow generation, and perhaps most important, a clear path to recovery as economic conditions normalize. In other words, we don’t believe this is an environment for bottom fishing or speculation. Our first purchase was Copart (CPRT), a familiar company held in our Small/Mid-Cap portfolio since 2008. Headquartered in Dallas, Texas, with more than $2 billion in annual revenues and a market capitalization of $15 billion, Copart is the dominant global auctioneer of “total loss” vehicles for insurance companies and fleet operators. The business is a volume game that has benefitted from four decades of strong secular trends in three factors; miles driven, accident frequency and total loss frequency. While the current economic downturn will temporarily impact miles driven, we believe the stock’s 30% correction discounts an appropriate amount of risk and creates an attractive entry point for a business that has performed well through prior economic contractions. Our second purchase was also a familiar company, one we had followed with interest for the better part of a decade, but did not buy due to valuation concerns. Based in Westbrook, Maine, IDEXX Laboratories (IDXX) sells diagnostic equipment and services to veterinary practices. Over the past decade, pet healthcare has been a particularly strong end market, growing at an annual rate of 8% and demonstrating little economic sensitivity. Younger generations are owning more pets and spending more on them. IDEXX has built an attractive business by offering these practices a means to retain more of their client’s spending by keeping diagnostic procedures in-house, rather than sending the tests out to reference labs. The result has been a consistent record of double-digit revenue, earnings and cash flow growth through varying economic conditions. Outlook The human and economic tolls of COVID-19 remain unknown. The magnitude and duration of the economic downturn are not only dependent on how quickly the world gets back to work, but how quickly it can do so safely. Some industries will recovery faster than others, some will thrive, and some may disappear. It is our job to differentiate between these outcomes as best we can and position your portfolios appropriately. Beyond the progression of the disease, safety and managing the “curve” will remain the key point of debate between policy makers and investors. The combination of policy actions taken and the healthcare industry’s tremendous record of innovation give us confidence that progress will be made in what we hope is a reasonable timeframe. In the interim, we will continue to do exactly what we have done over the past two decades; weigh both risk and opportunity with equal care. As ever, we appreciate your interest and trust. Nicholas C. Haffenreffer April 9th, 2020 7501 Wisconsin Ave | Suite 750W | Bethesda MD | 20814 | 855.753.8174 | www.torray.com Page 3 Top Contributors & Detractors Top 10 Holdings % Avg. % % of Security Sector Security Weight Contribution Holdings Lonza Group AG Unsp. ADR Health Care 4.7 +0.6 Amazon.com, Inc. 5.7 Amazon.com, Inc. Cons Disc 5.1 +0.4 Lonza Group AG Unsp. ADR 5.5 IDEXX Laboratories, Inc. Health Care 0.3 +0.3 Microsoft Corporation 5.3 Microsoft Corporation Info Tech 4.9 +0.1 Alphabet Inc. Class A 5.0 Roche Holding Ltd Sp. ADR Health Care 3.2 0.0 American Tower Corporation 4.9 O’Reilly Automotive, Inc. Cons Disc 3.6 -1.3 Fiserv, Inc. 4.6 Amphenol Corp. Class A Info Tech 2.8 -1.0 Apple Inc. 4.6 Fiserv, Inc. Info Tech 4.8 -0.9 Adobe Inc. 4.6 Motorola Solutions, Inc. Info Tech 2.9 -0.8 Visa Inc. Class A 4.3 Charles Schwab Corporation Financials 2.5 -0.8 Danaher Corporation 4.3 Percentage of total portfolio 48.7 Holdings are subject to change and are not recommendations to buy or sell a security. To obtain information about the calculation methodology used to select the largest contributors to and detractors from performance or to obtain a list showing every holding’s contribution to performance during the measurement period, contact [email protected]. Disclosures: This commentary is for informational purposes only and should not be viewed as a recommendation to buy or sell any security. There is no guarantee that the views expressed will come to pass. Torray LLC is an independent registered investment adviser. Registration of an investment adviser does not imply any level of skill of training. For additional information about Torray LLC, including fees and services, please contact us or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Total returns include the reinvestment of dividends and other earnings. Investing involves risk; principal loss is possible. Past performance is not indicative of future results. Source: FactSet and Torray LLC. 7501 Wisconsin Ave | Suite 750W | Bethesda MD | 20814 | 855.753.8174 | www.torray.com .
Load more

Recommended publications
  • MM .1.20 Clking
    CL King Market Maker List AAXN Axon Enterprise, Inc. CROX Crocs, Inc. HELE Helen of Troy Limited MPAA Motorcar Parts of America, Inc. SBAC SBA Communications Corporation ADBE Adobe Inc. CSCO Cisco Systems, Inc. HIBB Hibbett Sports, Inc. MRVL Marvell Technology Group Ltd. SBUX Starbucks Corporation ADSK Autodesk, Inc. CSOD Cornerstone OnDemand, Inc. HLIT Harmonic Inc. MSFT Microsoft Corporation SCVL Shoe Carnival, Inc. ADTN ADTRAN, Inc. CTAS Cintas Corporation HSIC Henry Schein, Inc. MU Micron Technology, Inc. SGMS Scientific Games Corp AGNC AGNC Investment Corp. CTSH Cognizant Technology Solutions Corporation HSII Heidrick & Struggles International, Inc. NDLS Noodles & Company SHOO Steven Madden, Ltd. AIMC Altra Industrial Motion Corp. CVLT Commvault Systems, Inc. HSKA Heska Corporation NEOG Neogen Corporation SMPL The Simply Good Foods Company ALGT Allegiant Travel Company DAKT Daktronics, Inc. HSON Hudson Global, Inc. NLOK NortonLifeLock Inc. SMRT Stein Mart, Inc. AMZN Amazon.com, Inc. DECK Deckers Outdoor Corporation IART Integra LifeSciences Holdings Corporation NTUS Natus Medical Incorporated SMSI Smith Micro Software, Inc. ANDE The Andersons, Inc. DENN Denny's Corporation ICON Iconix Brand Group, Inc. ON ON Semiconductor Corporation SNBR Sleep Number Corporation ANGO AngioDynamics, Inc. DIOD Diodes Incorporated IDXX IDEXX Laboratories, Inc. OSUR OraSure Technologies, Inc. SQBG Sequential Brands Group, Inc. ANSS ANSYS, Inc. DISCA Discovery, Inc. ILMN Illumina, Inc. Holdings PACB Pacific Biosciences of California, Inc. SRDX Surmodics, Inc. AOBC American Outdoor Brands Corporation DISH DISH Network Corporation IMBI iMedia Brands, Inc. PATK Patrick Industries, Inc. STAF Staffing 360 Solutions, Inc. AOSL Alpha and Omega Semiconductor Limited DLTR Dollar Tree, Inc. IOSP Innospec Inc. PDCO Patterson Companies, Inc.
    [Show full text]
  • Fiserv Cashless Payment Innovations for Merchants, Insurers Receive 2020 Payments Awards
    Fiserv Cashless Payment Innovations for Merchants, Insurers Receive 2020 Payments Awards December 18, 2020 Solutions enable cashless payments at the point of sale and remotely Warsaw, Poland, 18 December 2020 – Fiserv, a leading global provider of payments and financial services technology, has won two 2020 Payments Awards thanks to the company’s innovative and pioneering approach to cashless payments. “First and foremost, these awards recognise the work of the entire team, as well as the innovative mindset and courage of our partners. Both awards are not only a source of great pride, but also serve as additional incentive for further growth. I am glad to be able to work with trendsetters shaping the world of cashless payments,” said Krzysztof Polończyk, President of First Data Polska, now Fiserv. The Payments Innovation of the Year Award was presented for the SoftPOS PIN on Mobile solution from Fiserv, a technology developed in conjunction with Visa, Samsung and PayCore. The solution enables cashless payment acceptance by merchants on their own devices, such as smartphones or tablets, for any payment amount and without the need for additional equipment. The solution, which is currently being piloted in Poland, opens up the possibility of increased use of mobile devices as payment terminals worldwide. “The popularity of non-cash payments in Poland continues to grow. We already have over a million terminals in Poland, and connecting smartphones and tablets to this huge network will not only increase the share of cashless transactions, but above all will have a positive impact on the cash flow of merchants, small businesses and service providers,” says Rafał Galiński, Products Development Director at First Data Polska, now Fiserv.
    [Show full text]
  • Cornerstone 8.3 Getting Started Guide 3 Introduction
    IDEXX Cornerstone* Getting Started Guide 8.3 Proprietary Rights Notice Information in this document is subject to change without notice. Companies, names and data used in examples are fictitious unless otherwise noted. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical or otherwise, for any purpose, without the express written permission of IDEXX Laboratories. IDEXX Laboratories may have patents or pending patent applications, trademarks, copyrights or other intellectual or industrial property rights covering this document or subject matter in this document. The furnishing of this document does not give a license to these property rights except as expressly provided in any written license agreement from IDEXX Laboratories. © 2014 IDEXX Laboratories, Inc. All rights reserved. • 06-28486-05 *Cornerstone, IDEXX SmartOrder, IDEXX SmartService, IDEXX Monitor, IDEXX VetLab, IDEXX VetVault, Image Coach, I-Vision Mobile, LaserCyte, Patient Clipboard, Pet Health Network, SmartLink, VetConnect and VetTest are trademarks or registered trademarks of IDEXX Laboratories, Inc. or its affiliates in the United States and/or other countries. DICOM is the registered trademark of the National Electrical Manufacturers Association for its standards publications relating to digital communication of medical information. Microsoft, Hotmail, Internet Explorer, Outlook, Windows, Windows Server and Windows Vista are trademarks or registered trademarks of Microsoft Corporation in the United States and/or other countries. Accelerated Payment Technologies and XCharge are trademarks or registered trademarks of Accelerated Payment Technologies, Inc. Topaz, ClipGem, SigLite and SignatureGem are trademarks of Topaz Systems, Inc. in the U.S. and/or other countries. AMD Athlon, Opteron and Sempron are trademarks of Advanced Micro Devices, Inc.
    [Show full text]
  • Notice of 2019 Annual Meeting of Shareholders & Proxy Statement
    Notice of 2019 Annual Meeting of Shareholders & Proxy Statement Wednesday, May 8, 2019, 10:00 a.m., Eastern Time Our PURPOSE To be a great company that creates exceptional long- term value for our customers, employees and shareholders by enhancing the health and well-being of pets, people and livestock. Out Guiding Principles achieve and sustain market leadership exceed the expectations of our customers empower and reward our employees innovate with intelligence cultivate entrepreneurial spirit contribute to our communities Our Achieve and sustain market GUIDING leadership PRINCIPLES Exceed the expectations of our customers Contribute Empower and to our reward our communities employees Cultivate Innovate entrepreneurial with spirit intelligence Jonathan W. Ayers President, Chief Executive Officer and Chairman of the Board of Directors March 25, 2019 Dear Fellow Shareholders, In 2018, IDEXX delivered another year of strong growth and financial performance, sustaining our track record of creating exceptional long-term value for our customers, employees and shareholders. We are inspired by the continued pursuit of our Purpose to enhance the health and well-being of pets, people and livestock. Our Purpose We achieved outstanding financial results in 2018, with 12% revenue growth over the prior year, driven by 12% organic revenue growth, operating margin expansion of To be a great company that creates 120 basis points and growth of diluted earnings per share (“EPS”) of 45% (or exceptional long-term value for our comparable constant currency EPS growth of 36%).1 We further extended our track customers, employees and record of long-term shareholder value-creation, as reflected in the 20% compound shareholders by enhancing the annual growth rate of our stock price over the past fifteen years, and our 19% annual health and well-being of pets, total shareholder return in 2018, which again outperformed the benchmark S&P people and livestock.
    [Show full text]
  • Fintech & Bank
    VOLUME 3 | 2018 THE CENTER OF COMMERCE Fintech & Bank FUsionThere Are Certain Things In Life That You Expect To Be Boring. Technology relevant to the consumer,” says Nigel So, banks have stepped up, have started There are Motyer, who heads up First Data’s Direct to “shake off” the old stodgy perceptions Acquiring Business in EMEA and sits and are beginning to innovate in on the Board of Directors at First Data response to consumer needs. Recently, certain things Europe. “Why did PayPal® become so major banks collaborated to create their all-pervasive? Because it was the only own fintech P2P platform called Zelle®, method of payment that you had on which allows account holders to transfer Fintech in life that eBay – and the consumer loved eBay.” cash instantly over apps or online. you expect to Consumers also love a new way to pay Meanwhile, the fintech world is actively their friends and family, via person-to- seizing ground once monopolized by person micropayments. Early versions banks. SoFi® is an online company that Bank Fusion be boring. allowed for easy payments via text provides personal loans, mortgages, messages. Now, person-to-person and student loan refinancing, mostly For example, rice cakes, micropayments live on a platform nearly targeting Millennials.5 GreenSky® offers waiting rooms, stories indistinguishable from social media, a instant loans for home improvements,6 about rocks – and certain no-go zone for banks.4 and Avant® offers loans to consumers things that you hope will with low credit scores.7 be boring like visits to the “Banks, traditionally, were very slow dentist and travel by plane.
    [Show full text]
  • 2020 Q1 Mid Cap Growth Factsheet
    Mid Cap Growth Strategy | Fact Sheet as of 03/31/2020 Philosophy Chuck Lauber, CFA First National believes 15% Portfolio Manager that active portfolio 10% Chuck has 25 years of management grounded in 5% investment management strong fundamental 0% experience serving a research and adherence -5% majority of that time as a to risk management will -10% Small and Mid Cap Equity add value to our clients' -15% Analyst at Koesten portfolios over full market -20% Hirschmann & Crabtree cycles by limiting volatility -25% Quarter 1 Year 3 Years 5 Years 10 Years and Security Benefit and increasing their Group. He joined First First National Bank (Gross of Fees) returns. First National Bank (Net of Fees) National in August 2006. Russell Midcap Growth Chuck earned his Bachelors in Business Quarter 1 Year 3 Years 5 years 10 Years Strategy Administration from East Composite (Gross of Fees) -21.19% -11.41% 4.91% 4.63% 10.67% Texas State University in Seeks to maximize long- Composite (Net of Fees) -21.37% -12.32% 4.01% 3.78% 9.73% 1987 and his Masters of term total return, by Russell Midcap Growth -20.04% -9.45% 6.53% 5.61% 10.89% Business Administration in identifying mid-cap 1993 at the University of growth companies in a Portfolio Statistics Strategy Benchmark Texas. broad range of economic Weighted Avg. Market Cap $17.63B $17.26B sectors and industries in Median Market Cap $11.81B $7.24B a bottom-up process. We Kurt Spieler, CFA Price/Earnings (ex-neg) 26.0x 23.0x search for companies that Senior Managing Director Price/Book Ratio 4.1x 4.4x have established a & Portfolio Manager Standard Deviation 17.78% 17.43% sustainable competitive Kurt joined First National Beta 1.01 1.00 advantage.
    [Show full text]
  • Download the Digital Magazine At: Firstdata.Com/Connected
    VOLUME 3 | 2018 THE CENTER OF COMMERCE the innovators CASE STUDY: 2 QSR Company INFORMATION QSR customer upgrades their fraud COVER detection to enable a new mobile RESULTS: application launch PROBLEM: When this customer launched a new version of their mobile app, they saw fraud spikes that decrease & ANALYTICS called for new tools. 80% in fraud. SOLUTION: The Advanced offering of Fraud Detect was implemented with a machine learning QSR- industry model, a rules engine, and Case 14 SOLUTIONS Manager. First Data also implemented a capability $200K allowing this customer to test the model at saved after fees. DATA AT THE SPEED OF COMMERCE different scoring thresholds. The innovators Building the new retail frontier. 19 bonus: SPECIAL section Unlocking Merchant Innovation Using machine learning to combat fraud. Shopping is about to get interesting. 8 Mobility Hits Its Groove 44 Fintech & Bank Fusion 10 Outsmarting Fraudsters 47 The Power of Partnerships 12 Rewards Revolution 48 Payments Everywhere 35 The New Big Data 50 Gen-Z Rising 39 Food for Thought 54 Financial Literacy in the Gig Economy 40 Tackling the Pay Gap download the digital magazine At: FirstData.com/Connected Not sure about you, but our dogs are always finding innovative new ways to get our attention. Through this issue of Connected, we take a look at how partnerships, changing consumer landscapes, and fraud breakthroughs are fetching innovative ideas across industries – Labonardo da Vinci and Thomas Pugison would be so pleased. As you’re reading, keep an eye out for the pooches and pups hidden throughout the pages and count them up.
    [Show full text]
  • MDT Tax Aware All Cap Core SMA Model Portfolio Holdings --March
    MDT Tax Aware All Cap Core SMA Model Portfolio Holdings -- March 31, 2021 Sector Holding Name Communication Services Activision Blizzard, Inc. Alphabet Inc. * Charter Communications Inc Facebook, Inc. MSG Networks Inc. Netflix, Inc. Verizon Communications Inc. Consumer Discretionary Amazon.com, Inc. AutoZone, Inc. Carnival Corporation Dollar General Corporation Domino's Pizza, Inc. eBay Inc. Genuine Parts Company Las Vegas Sands Corp. Lowe's Companies, Inc. O'Reilly Automotive, Inc. Royal Caribbean Cruises Ltd. Tesla, Inc. The Home Depot, Inc. V.F. Corporation Wingstop, Inc. Consumer Staples Colgate-Palmolive Company * Costco Wholesale Corporation Kimberly-Clark Corporation Philip Morris International Inc. * The Clorox Company Energy Continental Resources, Inc. Halliburton Company Marathon Petroleum Corporation Schlumberger Limited Financials BlackRock, Inc. Chubb Ltd. Cincinnati Financial Corporation Discover Financial Services First Republic Bank IntercontinentalExchange Inc. MarketAxess Holdings Inc. MetLife, Inc. MSCI Inc. Prudential Financial, Inc. * State Street Corporation * The Allstate Corporation * The PNC Financial Services Group, Inc. The Travelers Companies, Inc. Health Care Abbott Laboratories Abbvie, Inc. Align Technology, Inc. Amgen Inc. Anthem, Inc. Eli Lilly and Company Humana Inc. IDEXX Laboratories, Inc. Johnson & Johnson Masimo Corporation McKesson Corporation Merck & Co., Inc. Regeneron Pharmaceuticals, Inc. Veeva Systems Inc. Vertex Pharmaceuticals Incorporated Zoetis Inc. Industrials Booz Allen Hamilton Holding Corporation Generac Holdings Inc. Howmet Aerospace, Inc. Lennox International Inc. Otis Worldwide Corporation * Southwest Airlines Co. The Boeing Company Verisk Analytics, Inc. Information Technology Adobe Systems Incorporated Analog Devices, Inc. Apple Inc. * Arista Networks, Inc. Atlassian Corporation Plc Broadcom Limited Cadence Design Systems, Inc. Citrix Systems, Inc. Cloudfare, Inc. DocuSign, Inc. DXC Technology Company Fortinet, Inc. Keysight Technologies, Inc.
    [Show full text]
  • Fiserv 16X9 Arial Template
    USING THE PAST TO MANAGE PAYMENT FRAUD RISK FORTUNE Magazine World's Most Admired Companies® © 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED 2014 | 2015 | 2016 | 2017 | 2018 Speakers Andrew Davies VP, Global Market Strategy, Financial Crimes Risk Management, Fiserv Andrew Davies has 25 years experience in financial services and risk management with particular focus on AML, fraud, risk management, settlement risk and payment processing. He is responsible for working with Fiserv customers around the world to design and deploy effective financial crime risk management solutions. Andrew has experience working for and with organizations like Nomura, The Federal Reserve Bank of New York, the Continuous Linked Settlement Bank, ING, Sun Life, Manulife Financial, Citizens Bank, Deutsche Bank and the Bank of Tokyo-Mitsubishi, among others. FORTUNE Magazine World's Most Admired Companies® © 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED 2014 | 2015 | 2016 | 2017 | 2018 Speakers Dave Richardson Senior Manager Fraud & ATM Operations First National Bank of Omaha Dave brings 19 years experience in fraud prevention field as it relates to various on-line channels, primarily within the financial services industry. He has successfully created a best-in-class fraud prevention team responsible for monitoring and mitigating fraud against consumer, business, and commercial bank accounts. He is an expert at building out tools to prevent losses through ACH, wire, ATM, and mobile channels. Also, he has developed risk control guidance for mobile banking deposit products, on-line money movement, business mobile banking, and enterprise-wide transaction monitoring. His approach focuses on the impacts of fraud prevention to the customer experience.
    [Show full text]
  • Usaa Fund Holdings Usaa Nasdaq-100 Index Fund
    USAA FUND HOLDINGS As of June 30, 2021 USAA NASDAQ-100 INDEX FUND CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE 00507V109 ATVI ACTIVISION BLIZZARD INC 229,531.00 21,906,438.64 00724F101 ADBE ADOBE INC 141,201.00 82,692,953.64 007903107 AMD ADVANCED MICRO DEVICES 358,915.00 33,712,885.95 015351109 ALXN ALEXION PHARMACEUTICALS 65,289.00 11,994,242.19 016255101 ALGN ALIGN TECHNOLOGY INC 23,377.00 14,283,347.00 02079K107 GOOG ALPHABET INC - CLASS C 62,814.00 157,431,984.48 02079K305 GOOGL ALPHABET INC - CLASS A 58,382.00 142,556,583.78 023135106 AMZN AMAZON.COM, INC. 97,900.00 336,791,664.00 025537101 AEP AEP CO., INC. 147,626.00 12,487,683.34 031162100 AMGN AMGEN, INC. 169,722.00 41,369,737.50 032654105 ADI ANALOG DEVICES, INC. 108,951.00 18,757,004.16 03662Q105 ANSS ANSYS INC 25,745.00 8,935,059.70 037833100 AAPL APPLE, INC. 3,239,420.00 443,670,963.20 038222105 AMAT APPLIED MATERIALS, INC. 269,988.00 38,446,291.20 052769106 ADSK AUTODESK, INC. 65,007.00 18,975,543.30 053015103 ADP AUTOMATIC DATA PROCESSING 125,698.00 24,966,136.76 056752108 BIDU BAIDU INC 76,539.00 15,606,302.10 09062X103 BIIB BIOGEN INC 44,474.00 15,400,011.98 09857L108 BKNG BOOKING HOLDINGS INC 12,127.00 26,534,967.43 11135F101 AVGO BROADCOM INC 120,612.00 57,512,626.08 12514G108 CDW CDW CORP OF DELAWARE 41,416.00 7,233,304.40 126408103 CSX CSX CORP.
    [Show full text]
  • Alliant Techsystems, Inc
    Appendix A General Industry Compensation Benchmark Group A&P Cincinnati Bell GTECH McDermott A.O. Smith Cintas H.B. Fuller McGraw-Hill Abercrombie & Fitch Clear Channel Communications H.J. Heinz MeadWestvaco AbitibiBowater Cliffs Natural Resources Hanesbrands Mecklenburg County ACH Food Clorox Harland Clarke Medtronic Activision Blizzard Coach Harley-Davidson Memorial Sloan-Kettering Cancer Center Acuity Brands Coinstar Hasbro Meredith Advanced Micro Devices Cole Haan HD Supply Metro-Goldwyn-Mayer Aeropostale Colgate-Palmolive Health Net Micron Technology Agilent Technologies Columbia Sportswear HealthSouth Millennium Inorganic Chemicals Agrium ConAgra Foods Hearst Millennium Pharmaceuticals Air Liquide Conde Nast Publications Henkel of America Millipore Air Products and Chemicals ConvaTec Henry Ford Health Systems Mizuno USA Alcoa Convergys Herman Miller Molson Coors Brewing Alcon Laboratories Cooper Industries Hershey Momentive Specialty Chemicals Alexander & Baldwin Corning Hertz Monsanto Allergan Covance Hexcel Mosaic Alpha Natural Resources Covidien HNI MTV Networks American Crystal Sugar Cox Enterprises Home Shopping Network Murphy Oil AMERIGROUP Cracker Barrel Old Country Stores Hormel Foods MWH Global AMETEK Crown Castle Hospira Nash-Finch Amgen Crown Holdings Host Hotels & Resorts National Starch Polymers Group Anadarko Petroleum CSC Houghton Mifflin Harcourt Publishing Navistar International Ann Taylor Stores CSM HR Access NCR AOL CSX Hunt Consolidated Neoris USA APL Curtiss-Wright Huntsman New York Times Applied Materials Cytec
    [Show full text]
  • 2019 Commerce and Payments Year In
    2019 Commerce and Fintech Year in Review Fiserv Data & Analytics FORTUNE Magazine World's Most Admired Companies® 1 © 2019 Fiserv, Inc. or its affiliates. 2014 | 2015 | 2016 | 2017 | 2018 | 2019 Top Trends of 2019 Holiday shopping Resurrection Open banking in 01 kickoff 05 retailers 09 the US Amazon’s brand Upping the brand Banking 02 partnerships 06 experience 10 disruption Amazon Go Delivery fulfillment Neo and challenger 03 expansion 07 frenzy 11 bank lessons Walmart’s shifting Revamping the QSR Voice 04 eCommerce strategy 08 drive thru 12 banking FORTUNE Magazine World's Most Admired Companies® 2 © 2019 Fiserv, Inc. or its affiliates. 2014 | 2015 | 2016 | 2017 | 2018 | 2019 YoY Growth YoY Growth Pre-Holiday Thanksgiving + Black Friday Total 15% Spend 11.9% 11.5% 10% Through Black Friday, the 2019 holiday season looks to be off to a solid start, 7.1% and reminiscent of patterns we saw in 5.7% 2017. 5.1% 5% 2.6% 0% 2017 2018 2019 Note: Figures include Brick & Mortar and eCommerce channels. Source: Fiserv aggregated same-store consumer spending data. FORTUNE Magazine World's Most Admired Companies® 3 © 2019 Fiserv, Inc. or its affiliates. 2014 | 2015 | 2016 | 2017 | 2018 | 2019 Thanksgiving + Black Friday YoY Growth Total Retail = 7.5% 17.2% Growth by 14.4% Category 10.6% With tremendous momentum from eCommerce, Furniture, DIY, and Sporting Goods led all retail categories for growth 7.7% during Thanksgiving and Black Friday. 6.2% 5.6% 5.4% Furniture / Building Sporting General Clothing & Electronics & Specialty Furnishings Materials & Goods Merchandise Accessories Appliances Retailers DIY Note: Figures include Brick & Mortar and eCommerce channels.
    [Show full text]