Quarterly Statistics

DALCX Quarterly Statistics as of September 30, 2018

Portfolio Characteristics
DALCX
Russell Midcap Value
Russell Midcap
Wtd Avg. Mkt. Cap
$11.6B
$14.7B
$15.6B
Median Mkt. Cap
$10.1B
$8.0B
$8.6B
*P/E (excl. negative earnings)
20.3x
18.6x
20.9x
*P/E (projected next 12 months)
17.5x
15.2x
17.2x
Price/Book
3.0x
2.1x
2.9x
Price/Cash Flow
13.8x
10.2x
12.5x
Number of Holdings
60
595
791
Cash & Equiv.
2.3%
0.0%
0.0%
Non-US
4.8%
0.0%
0.0%
*P/E – a stock’s price compared to its earnings per share (EPS)
Top Ten Holdings
Ticker Name Sector % Total
ELS Equity LifeStyle Properties Inc Real Estate 2.4%
KEYS Keysight Technologies Inc Information Technology 2.2%
EGN Energen Corp Energy 2.2%
AEE Ameren Corp Utilities 2.2%
SNPS Synopsys Inc Information Technology 2.2%
VNO Vornado Realty Trust Real Estate 2.1%
ATO Atmos Energy Corp Utilities 2.0%
XEL Xcel Energy Inc Utilities 1.9%
BRO Brown & Brown Inc Financials 1.9%
ZBH Zimmer Biomet Holdings Inc Health Care 1.9%
% in top 10 21.1%
Sector Weights
DALCX
Russell Midcap Value
Russell Midcap
Communication Services
1.7%
3.3%
3.5%
Consumer Discretionary
9.1%
9.0%
12.0%
Consumer Staples
7.4%
4.9%
4.1%
Energy
7.1%
7.8%
5.3%
Financials
15.9%
17.5%
13.1%
Health Care
7.2%
6.9%
10.3%
Industrials
17.6%
12.6%
14.2%
Information Technology
10.3%
9.1%
18.1%
Materials
6.2%
6.1%
5.1%
Real Estate
8.0%
12.7%
8.3%
Utilities
9.5%
10.1%
6.0%

Russell Midcap Value measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect deductions for fees, expenses or taxes. Index is not available for purchase.

The Russell Midcap is an unmanaged, capitalization-weighted index of domestic mid-cap stocks. It is a subset of the Russell 1000 Index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.