Edgewood Large Cap Growth: Portfolio Overview
Portfolio Characteristics as of 09/30/2023*
| Edgewood | S&P 500 | Russell 1000 Growth | |
|---|---|---|---|
| Market Cap Mean (Billions)* | $344 | $592 | $909 |
| Number of Holdings | 22 | 503+ | 446+ |
| Most Recent Quarter YoY EPS Growth | 43%^ | 3% | -4% |
| Sales Growth (3 Years Historical)* | 14% | 10% | 18% |
| Long Term EPS Growth* | 22% | 14% | 17% |
* All portfolio characteristics produced by Refinitiv and are rounded to the nearest whole number with the exception of the Most Recent Quarter YoY EPS Growth which is calculated by Edgewood.
^ Most recent quarter YoY EPS (year over year earnings per share) growth figures reflect the period ended 6/30/23 with the exception of Adobe, Nike, Intuit, NVIDIA, and Lululemon whose fiscal quarters differ. These numbers are calculated based on company earnings reports and exclude the impact of non-recurring items not indicative of the underlying business, where appropriate. Blackstone’s EPS figure is actually Distributable Earnings per share as we believe it is the most relevant valuation metric. Illumina’s growth rate in the most recent quarter is calculated using reported adjusted operating profit which removes the effect of Grail dilution on YoY comparisons. We believe this metric is most representative of underlying business growth. ILMN’s most recent quarter YoY adjusted EPS growth rate is -44%. American Tower’s EPS figure is actually Adjusted Funds from Operations per share as we believe it is the most relevant valuation metric. 2023-2025 earnings estimates for the S&P 500 ($205, $230, $254 respectively) and Russell 1000 Growth earnings estimates for 2023-2025 ($92, $107, and $122 respectively) along with the current quarter year over year earnings per share growth and 5-year estimated growth rates are based on most recently available information provided by Bloomberg. Refer to slide 7 for definitions of the S&P 500 Total Return Index and Russell 1000 Growth Index.
+ Provided by S&P Dow Jones Indices. The S&P 500 is an unmanaged index with no expenses which covers 500 industrial, utility, transportation and financial companies of US markets. It is a capitalization-weighted index calculated on a total returns basis with dividends reinvested. Russell 1000 Growth Index performance produced by Russell Investments.
Five Largest Portfolio Holdings as of 09/30/2023*
| Holding |
|---|
| Adobe Inc. |
| Intuit Inc. |
| Netflix Inc. |
| NVIDIA Corp. |
| Visa Inc. |
* Holdings are subject to change. Holdings are provided as of September 30, 2023, and represent the most recent information available to the public. Portfolio holdings are shown in alphabetical order. This information is supplemental to Edgewood's Annual Disclosure Presentation. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients, and the reader should not assume that investment in the securities identified were or will be profitable.
Sector Breakdown as of 09/30/2023*
| Financials | 17.7% | |
| Business Services | 16.9% | |
| Consumer Discretionary | 16.0% | |
| Medical Technology | 15.0% | |
| Information Technology | 12.5% | |
| Media & Advertising | 5.7% | |
| Semiconductor Manufacturing | 4.6% | |
| Consumer Staples | 4.0% | |
| Healthcare | 3.4% | |
| Cash (USD) | 2.3% | |
| Wireless | 1.8% |
*Sectors defined by Edgewood's Investment Committee and are rounded to the nearest tenth.
Market Cap Exposure (In $Billions) as of 06/30/2023*
| Less than $30 | 6% | |
| $30-$75 | 14% | |
| $75-$125 | 21% | |
| $125+ | 57% |
* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio
Edgewood Management LLC claims compliance with the Global Investment Performance Standards (GIPS®). Past performance is no guarantee of future results. Performance results reflect the reinvestment of dividends and other earnings. Performance results are expressed and calculated in U.S. dollars. To receive a list of composite descriptions of Edgewood Management LLC and/or a GIPS Report that complies with the GIPS standards, contact Kitty McBride at 212-652-9100, or write to Edgewood Management LLC, 600 Steamboat Road, Suite 103, Greenwich, CT or kmcbride@edgewood.com.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.