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Large Cap Concentrated Strategy

We are long-term, intrinsic value investors who treat each share of stock as a true ownership interest. We look to buy what we believe are good businesses we can understand at a discount to our estimate of intrinsic value.

Team

Group Item Count: 2
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Brian Fontanella, CFA

Portfolio Specialist

Philosophy and process highlights

Under our intrinsic value philosophy, we:

Treat every investment as a partial ownership interest in that company

Seek to always invest with a margin of safety

Possess a long-term investment temperament

Recognize that market price and intrinsic value tend to converge over a reasonable period of time

Related insights

Large Cap Concentrated Composite

Returns

Period and Annualized Total Returns (%) As of 31 Jul 2025
Since Inception
(31 Dec 2011)		 10Y5Y3Y1YYTD3MOJul
Gross of Fees 12.83 11.29 13.62 12.99 7.55 6.28 4.13 -1.69
Net of Fees 12.09 10.59 12.93 12.31 6.90 5.91 3.97 -1.74
Russell 1000 Value Index 11.25 9.20 13.18 10.59 8.79 6.61 7.66 0.57
Russell 1000 Index 14.63 13.38 15.49 16.94 16.54 8.48 14.25 2.22
Swipe or scroll right for more data
Period and Annualized Total Returns (%) As of 30 Jun 2025
Since Inception
(31 Dec 2011)		 10Y5Y3Y1YYTD2Q25
Gross of Fees 13.05 11.66 15.47 16.71 14.50 8.11 2.73
Net of Fees 12.32 10.95 14.77 16.01 13.81 7.78 2.57
Russell 1000 Value Index 11.27 9.19 13.93 12.76 13.70 6.00 3.79
Russell 1000 Index 14.54 13.35 16.30 19.59 15.66 6.12 11.11
Swipe or scroll right for more data

Past performance is not a guarantee of future results. Composite results reflect the reinvestment of dividends, capital gains and other earnings when appropriate. Net returns are calculated by reducing the gross returns by the highest stated fee in the composite fee schedule. Only transaction costs are deducted from gross of fees returns. Prior to 30 September 2022, actual fees were used in calculating net returns. All net returns were changed retroactively to reflect the highest fee in the composite fee schedule. To view a GIPS Report for all composites, click here.

Calendar Year Returns (%)

Year Gross of Fees Net of FeesRussell 1000 Value IndexRussell 1000 Index
2024 14.97 14.28 14.37 24.51
2023 17.32 16.62 11.46 26.53
2022 -12.59 -13.12 -7.54 -19.13
2021 27.43 26.65 25.16 26.45
2020 10.51 9.79 2.80 20.96
2019 31.76 30.90 26.54 31.43
2018 -7.17 -7.77 -8.27 -4.78
2017 19.26 18.48 13.66 21.69
2016 19.17 18.33 17.34 12.05
2015 -0.58 -1.28 -3.83 0.92
2014 10.70 9.92 13.45 13.24
2013 38.75 37.78 32.53 33.11
2012 10.00 9.23 17.51 16.42

Peer Group Quartile Rankings1 As of 30 Jun 2025

Diamond
Hill
Percentile
17th
44th
19th
35th

Statistics

Portfolio Characteristics vs Benchmark3,4 As of 30 Jun 2025

  Large Cap Concentrated Composite Russell 1000 Value IndexRussell 1000 Index
Inception 31 Dec 2011 ——
Status Open ——
Median Forward P/E 21.2x 18.7x20.0x
Median Trailing P/E 25.3x 22.2x24.5x
Median Price/Book 4.8x 2.9x3.4x
Median Price/Sales 3.5x 2.4x2.9x
Median Market Cap. $77.1B $13.6B$15.5B
Weighted Average Market Cap. $219.4B $267.3B$1,020.4B
Portfolio Turnover (5-Year) 44% ——
Active Share vs Core/Value Benchmark 92%/90% ——
Upside/Downside Capture Ratio vs Core Benchmark 93%/98% ——
Upside/Downside Capture Ratio vs Value Benchmark 108%/100% ——

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Portfolio

Portfolio Guidelines

  • Typically 20 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 50% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from holdings in the SJF Large Cap strategy. The portfolio typically invests in companies with a market capitalization of $15 billion or greater.

Top Ten Equity Holdings5 As of 30 Jun 2025

  Sector % of Net Assets
American International Group, Inc. Financials 8.3
Texas Instruments, Inc. Info. Technology 6.4
Capital One Financial Corp. Financials 6.3
Berkshire Hathaway, Inc. (Cl B) Financials 6.2
Abbott Laboratories Health Care 5.7
ConocoPhillips Energy 5.4
Ferguson Enterprises, Inc. Industrials 5.0
Colgate-Palmolive Co. Consumer Staples 4.8
Aon PLC (Cl A) Financials 4.6
Sysco Corp. Consumer Staples 4.6
Total as % of Net Assets 57.4%
Total number of equity holdings 21

Sector Allocation6 (%) As of 30 Jun 2025

Russell 1000 Value Index
Russell 1000 Index

1 Source: eVestment Analytics. Ranking within eVestment US Large Cap Value Equity universe based on monthly returns gross of fees. Ranking data calculated on 21 Jul 2025 (as of 30 Jun 2025) and is subject to change as additional firms within the category submit data. SJF pays an annual fee to eVestment to access their platform and to use their data, including peer group rankings, in marketing materials. SJF does not pay for the ranking.

2 Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. In other words, when the market price of a security is significantly below your estimation of its intrinsic value, the difference is the margin of safety.

3 Source: FactSet. The Russell 1000 Index is the core benchmark. The Russell 1000 Value Index is the value benchmark. Upside/Downside Capture: Source: eVestment Analytics based on monthly returns from 1 Jan 2012– 30 Jun 2025.

4 Data, where applicable, is shown gross of fees and should be viewed in conjunction with the net of fee returns included in this document.

5 Securities referenced may not be representative of all portfolio holdings. The reader should not assume that an investment in the securities was or will be profitable.

6 Cash & Other may include cash, treasurys, money market funds and short duration fixed income funds.

Index data source: London Stock Exchange Group PLC. See www.silvercrestjefferson.com/disclosures for index definitions, data sources and other definitions.