Special Opportunities Fund
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1 Special Opportunities Fund For institutional use only. Not to be distributed or communicated to the general public.
2 The Company Sterling Capital Management LLC is a registered investment advisor founded in An investment firm, Sterling is an independently operated subsidiary of BB&T Corporation, one of the largest financial services holding companies. Sterling is headquartered in Charlotte, NC with offices in Raleigh, Virginia Beach, Philadelphia, Atlanta, San Francisco, Richmond, and Washington, D.C. As of , Sterling has over $51 billion in assets under management overseen by 131 investment and client service professionals. Sterling provides investment management services to a diversified group of clients including corporate, public, healthcare, private clients, endowment, foundation, insurance, sub-advisory and managed investment pools. Millions 11,000 10,000 9,000 8,000 7,000 6,000 5,000 $10,215 Equity Asset Distribution 4,000 3,000 2,000 1,000 0 Total Equity $165 Small/ SMID Cap Value $2,717 $2,817 Mid Cap Value Equity Income $2,167 Special Opps $205 SCV Div Alpha $445 LCV Div Alpha $1,277 Stratton Small Cap Relative $422 Other Equity As of The views expressed represent the opinions of Sterling Capital Management. The parameters set forth by the Adviser may not represent the fundamental policy of the fund and are subject to change. Any type of investing involves risk and there are no guarantees that these methods will be successful. Page 2
3 Investment Philosophy Sterling's Equity Opportunities team is based in Virginia (offices in Richmond & Virginia Beach) and utilizes a bottom up fundamental process while remaining cognizant of macroeconomic trends. The focus of the Equity Opportunities team is to generate above average returns with below average risk by building concentrated portfolios marked by diversification and below-market risk characteristics. We believe investors who seek above average returns need to dare to be different. This go anywhere portfolio is designed to be different in that it is flexible to shift among size and style, in order to achieve the best perceived combination of underlying growth potential and compelling valuation. It is a concentrated, high conviction portfolio, consisting of approximately of our best ideas, that is best described as conservative growth. Our philosophy allows us the opportunity to meaningfully benefit from all investments and still achieve desired diversity. We believe long-term performance is maximized by our freedom to shift between large and small companies, or from value to growth stocks, based upon evershifting cycles of sentiment and therefore relative valuation. Source: Ned Davis Research, Inc. Page 3
4 Investment Process Employ both quantitative and qualitative analysis in identifying investment opportunities. Focus on companies with quality business models, strong balance sheets, and good management. Valuation analysis of each security is conducted relative to its: historical range, peers, growth rate and the market. Fundamental analysis is focused on confirming: o Attractive growth rate in projected earnings per share. o Solid return on equity ensuring sustainable business model. o Balance sheet strength providing high degree of financial flexibility. o Strong management track record in capital allocation and creating shareholder value. Long-term investment horizon allows portfolios to take advantage of transitory weakness which creates potential buying opportunities. Equity Universe Identify Investment Opportunities Universe Screens Valuation Relative To Historical Range Peers Market Growth Fundamental Analysis Return on Equity Balance Sheet Operating Growth Portfolio Construction Existing vs. New Sell Risk Opportunity Discipline Management Holdings Parameters set by the Adviser are subject to change and may differ from the Fund s fundamental policy. The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no guarantees that these methods will be successful. Page 4
5 Identifying Investment Opportunities We believe investors who seek above-average returns need to dare to be different with a portion of their assets. The Sterling Capital Special Opportunities Fund is designed to be different from many alternatives, in that it is a high conviction portfolio with an objective of capital appreciation. The portfolio has the flexibility to shift among styles, in order to achieve the best perceived combination of underlying growth potential at the lowest available valuation. We believe our portfolio that typically holds 25 to 30 companies gives us a better opportunity to meaningfully benefit from our best ideas. Barron s affirms our active management, as it identified the mutual fund version of this strategy as having one of the highest active shares in its January 14, 2013 issue. We also believe that long-term performance can be maximized if a portfolio manager has the ability to shift from large companies to small ones, or so-called value stocks to growth, based upon ever-shifting cycles in popularity and therefore relative valuation. Our approach should result in a portfolio that is well diversified by industry, company size, and style. INTERNAL SCREENING Market Cap > $500 Million Above average growth, above average valuation, stronger balance sheet EXTERNAL SOURCES Corporate Filings & Presentations Industry Contacts Brokerage Research INVESTMENT CANDIDATES Research We believe a company s track record is the single best indicator of future success, and we consider ourselves highly disciplined in applying valuation considerations to improve our odds of capital appreciation relative to risks assumed. The key quantitative indicators in addition to dividend history include, but are not limited to: below average valuation (Price/Earnings, Book, etc.), demonstrated above average growth over time (earnings growth), above average financial strength (net debt to total Page 5
6 capital, interest coverage, payout ratio, etc.), and above average profitability (return on equity, total capital, etc.). At the end of the day, valuation defines whether a purchase is made, as many stocks reach the final level of consideration, only to be shelved waiting for the valuation event that makes them appear truly attractive. We consider the prevailing equity market environment as well as a stock s own historical tendencies. Ideas are generated by any member of the team, as a result of voracious reading, ongoing research of companies, and at times stocks identified through quantitative screens. Individually or collectively, the business models are discussed, company presentations are analyzed, SEC filings are reviewed, outside research is absorbed, and interviews with company personnel are held. Most times this results in rejecting the idea, either because of company specific issues or macro trends, but most frequently due to valuation. With turnover typically 30 percent to 35 percent, fewer than 10 new ideas are added to the fund annually. Equity Universe George Shipp, CFA Portfolio Manager Adam Bergman, CFA Generalist Josh Haggerty, CFA Generalist Michael S. Peasley, CFA Equity Strategist Colin Ducharme, CFA Generalist Chip Wittmann, CFA Generalist Dan Morrall Generalist Jeremy Lopez, CFA Generalist We believe our process is differentiated by a combination of several factors. We approach equity research by first imparting a long term view, looking at stocks as investments where we might be willing to take time risk, but we prefer not to take valuation risk. We apply this approach by going back to basics, keying on detailed fundamental analysis and valuation work while not spending any time on modeling in a world where managements provide detailed operating outlooks and Wall Street analyst build multi-level models. As such we may be willing to look across the valley of bad news to a time when a more normal valuation can be expected. We also ask our team to be engaged with the market every day, and as such they are generalists. Each analyst has some level of specialization in their past, but each is free to scour the market for the best available idea. We can do this because of the depth of experience each analyst has individually and the willingness each has to share and challenge ideas openly and collegially. Page 6
7 Valuation The portfolio managers and analysts have broad discretion to apply valuation methodologies. These methodologies are often predicated by industry or business model drivers and vary from sector to sector. Universally, we believe a portfolio that overall has a below average valuation, with above average growth, with a better than average balance sheet, and a strong history of solid returns, raises the odds of investing success. We often buy securities when their valuations are in the lower quartile of historical ranges. We do not spend time modeling financial statements that many research analysts have already modeled in detail based on management s guidance. Instead, we identify key assumptions and drivers within those business models as part of our review of the company, and assess the likely rewards and risks of operational over- and under-performance in relation to the current valuation. Historical Valuation Range Relative to Market Indices Consensus Earnings Estimates (+/- Analyst Adjustments) Relative to Industry Peers Relative to Growth Rate Sell Discipline There are four primary reasons the firm considers selling a stock: 1. To fund the purchase of a perceived better idea. 2. A change in the fundamental story that was the basis for initially adding the security to the fund. 3. A positive change in valuation (or stock price) which materially diminishes the risk/reward tradeoff prospectively to a level that the perceived reward for continuing to own the security no longer outpaces the perceived risk. 4. A position grows to be twice the target weighting of 3.7 percent or, combined with other positions in that sector, the sector weighting grows to be twice the sector weighting of the S&P 500 (excluding the smallest S&P sectors). Page 7
8 Portfolio Construction The portfolio construction process includes three contributors the team deems significant. First, the fund is concentrated, consisting of 25 to 30 core securities, to focus only on the best ideas to maximize collective analytical time and knowledge. These perceived best ideas are typically purchased with meaningful initial weightings, with a full position targeted at 3.7 percent. Second, the fund looks to stay diversified. Sector level positioning is monitored and the team avoids more than a double weighting in any one sector relative to the S&P 500. New ideas that may come up in such overweight sectors are only considered as replacement ideas. Oftentimes, the portfolio will have no exposure to at least one sector. We agree that diversification can be a valuable tool in controlling portfolio risk, but are convinced that over-diversification can be damaging to a portfolios growth prospects. As such we subscribe to the academic reviews that show 90 percent of the diversification value is gained through the first 20 equities selected for a portfolio. We believe our portfolios constructed with 25 to 30 core positions should provide both growth opportunities and benefit from diversification. Finally, the portfolio owns no percentage of any position because it is in a benchmark. The team focuses on the companies we own or might like to own, and does not routinely evaluate tracking error. We believe the combination of a core portfolio composition and the agnostic view of the benchmark will result in a high active share being achieved. The team s efforts are directed towards investing in proven business models trading at a discount. However, the portfolio avoids allowing positions to grow to greater than 7.4 percent, or double the full position target of 3.7 percent, to mitigate single position risk. Typically, target cash levels are around 5 percent allowing the team to add names without rebalancing or exiting an existing holding. Risk Management We first manage risks at the individual security basis, where each position typically begins as a 3.7 percent position in the fund. We monitor the position for a possible trim once it exceeds 5 percent of the fund, and would seldom if ever exceed a double weighting, as we believe the risk associated with being significantly overweight often exceeds the potential reward associated with maintaining that overweight. By the same token, our sector weightings (based on the GICS) would not exceed a double weighting for any of the major sectors (the very small sectors may have two or three holdings at any given time). Only stocks that trade in US markets are used in the portfolio, limiting some geographic risk from international exposure, but not restricting the ability to invest in domestic companies with international business models or ADRs traded in the U.S. Page 8
9 Performance 16% Russell 3000 Index Russell 1000 Growth Index Sterling Capital Special Opportunities Fund 12% 8% 4% QTR YTD 1 Year 3 Years 5 Years 10 Years Since Inception Inst l Shares 2.22% 5.36% 5.36% 9.69% % 11.44% R % 12.74% 12.74% 8.43% 14.67% 7.07% 8.93% R1000G 1.01% 7.08% 7.08% 8.55% % 8.84% 45% 3 15% -15% -3-45% Inst l Shares % 38.49% 13.58% -3.71% 15.63% 27.27% 15.87% 8.11% 5.36% R % 28.34% 16.93% 1.03% 16.42% 33.55% 12.56% 0.48% 12.74% R1000G % 37.21% 16.71% 2.64% 15.26% 33.48% 13.05% 5.67% 7.08% As of Source: Russell Investments; BNY Mellon. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit The performance of the Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Institutional Shares is 06/02/03. The performance shown reflects the reinvestment of all dividend and capital gains distributions. The 30-day SEC Yield for the fund is 0.36%. Page 9
10 Characteristics Total Net Assets: $1,094,287,232 Sterling Special Russell 3000 Opportunities Fund Index Weighted Average Market Cap $62.49 B $ B Median Market Cap $14.99 B $1.60 B Number of Holdings 34 2,977 Top 10 Holdings as % of Portfolio 41.49% 15.06% Wgt Avg P/E* Wgt Avg P/B* Net Debt/Capital Dividend Yield** Annual Turnover 25% - Ratios are computed using weighted median unless otherwise noted 35% 3 25% 2 15% 1 5% 29% 13% Consumer Discretionaries 8% Consumer Staples 7% 4% 16% Top Ten Portfolio Holdings Company % of PF Company % of PF Comcast Corp. 4.47% CBS Corp. 4.03% Alphabet, Inc. 4.42% Cisco Systems, Inc. 3.99% Ryman Hospitality Properties, Inc. 4.39% Norwegian Cruise Line Holdings, Ltd. 3.98% HCA Holdings, Inc. 4.32% Capital One Financial Corp. 3.93% Akamai Technologies, Inc. 4.05% Verisk Analytics, Inc. 3.91% Portfolio Diversification 25% 13% Sterling Capital Special Opportunities Fund 9% 11% Energy Financials Health Care Industrials Info Technology Materials Real Estate Telecomm Services CBS Mondelez Capital One Bristol Myers JB Hunt Trans Activision CBRE Group Comcast Gilead Sciences Nielsen Akamai Tech Ryman Delphi Automotive HCA Inc Com Verisk Alliance Data Discovery IMS Health Check Point Ford Mednax Cisco Lennar Myriad Google Live Nation Unitedhealth Intuit Newell Brands Zimmer Red Hat Norwegian Cruise 27% 2 3% 6% 4% Russell 3000 Index 2% 3% Utilities Cash & Equivalents *Weighted harmonic average. **Yield of underlying holdings. Actual yield of fund would be lower with fees and expenses. As of Source: FactSet; BNY Mellon. Past performance is no guarantee of future results. The composition of the Fund s holdings is subject to change. Top Ten Portfolio Holdings percentages are based on securities at market value. Allocations are based on the current weight to funds in the cited category. The composition of the Fund s holdings is subject to change. Percentages are based on securities at market value. Page 10
11 Risk vs. Reward Sterling Special Opportunities Institutional Shares Since Inception ( ) 14% 12% Return 1 8% 6% Beta Sterling Special Opportunities Russell 3000 Summary Statistics vs. Russell 3000 Index (of Monthly Returns) Portfolio Return Information Ratio 0.45 Benchmark Return 8.93 Sortino Ratio 1.07 Standard Deviation (Portfolio) Tracking Error 5.84 Standard Deviation (Benchmark) R Squared 0.84 Alpha 3.20 Up Market Capture Ratio Beta 0.90 Down Market Capture Ratio Sharpe Ratio 0.76 Quarterly Batting Average Source: Morningstar Direct *Performance as of Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit The performance of the Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Institutional Shares is The performance shown reflects the reinvestment of all dividend and capital gains distributions. Page 11
12 APPENDIX
13 Important Information This presentation must be preceded or accompanied by a prospectus. The opinions contained in the preceding commentary reflect those of Sterling Capital Management LLC, and not those of BB&T Corporation or its executives. The stated opinions are for general information only and are not meant to be predictions or an offer of individual or personalized investment advice. This information and these opinions are subject to change without notice. Any type of investing involves risk and there are no guarantees. Sterling Capital Management LLC does not assume liability for any loss which may result from the reliance by any person upon such information or opinions. Mutual Fund investing involves risk including the possible loss of principal. The fund is subject to investment style risk which depends where the fund is primarily invested. An investment in growth stocks may be particularly sensitive to market conditions while value stocks may be undervalued for longer than anticipated. The fund may invest in foreign securities subject to risks such as currency volatility, political and social instability or small capitalization companies subject to greater volatility and less liquidity due to limited resources or product lines. The fund may engage in writing covered call options. By selling covered call options, the fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. While the fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock s current market price. Sterling Capital Management LLC, a separate subsidiary of BB&T Corporation, serves as investment adviser to the Sterling Capital Funds and is paid a fee for its services. Shares of the Sterling Capital Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds are distributed by Sterling Capital Distributors LLC, which is not affiliated with Branch Banking and Trust Company or its affiliates. Not a deposit Not FDIC insured May lose value Not guaranteed by the bank Not insured by any government agency Page 12
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