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NFJ Dividend Value Portfolio
- Screen 1,000 largest stocks for low P/E, high dividend yield, and visible earnings.
- Apply quantitative grid measuring price momentum, earnings revisions, fundamental change, and insider trading.
- Conduct in-depth fundamental research on the remaining 250-300 companies focusing on earnings, cash flow generation, and product potential.
- Construct a portfolio of 40-50 companies.
- Regularly monitor for buy and sell candidates-Continually repeat the research process to identify new buy and sell candidates. Sell a stock when an alternative stock with equally strong fundamentals demonstrates a substantially lower price-to-earnings ratio, and/or a substantially higher dividend yield.
OCC Index Call Writing Strategy
- Utilize both broad index options and narrower based sector index options with the objective of optimizing the correlation between the NFJ stock portfolio's sector allocation and the option strategy's exposure.
- Write options slightly out-of-the-money with an average duration of 3 months.
NACM Convertibles
- Gather information from internal and external sources, proprietary research models, other portfolio managers and bottom-up fundamental analysis
- Combine dedicated and disciplined credit analysis with stock research in selecting convertible securities
- Invest only in companies with each of the following three characteristics:
- Positive Change-Earnings acceleration, global competitiveness, earnings estimate revision
- Sustainability-Long-term earnings consistency, corporate characteristics, economic criteria
- Timeliness/Risk Reward Criteria-Up/down participation, solid return in flat environment, significant downside protection
- Sell any security that fails to exhibit any one of the preceding three characteristics
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Objective
Seeks current income and gains, with a secondary objective of long-term capital appreciation.
Assets (in millions)
| Common |
$1,677.0 |
| Preferred |
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| Total |
$1,677.0 |
Inception Date
Feb 28, 2005
Shares Outstanding
94,524,325
Avg. Daily Volume
383,175
NAV Yield
3.38%
Market Price Yield
3.97%
Taxable Equivalent Yield
-
Managers
Stephen Bond-Nelson
Ben Fischer
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Ben Fischer, CFA, is Managing Director and Portfolio Manager of NFJ Investment Group. A founding partner of NFJ, Mr. Fischer's experience in the value sector began in 1966. |
Douglas Forsyth
Management Firm
NFJ Investment Group LLC (NFJ)
Dallas, Texas
NFJ employs a deep value equity investment style that focuses on dividends, discipline and diversification. Over the years, the firm's strict adherence to this approach has helped it to deliver consistent results for investors with lower-than-average risk.
> Management Commentary
Nicholas-Applegate Capital Management LLC (NACM)
San Diego, California
Nicholas-Applegate believes that investing in companies undergoing positive change with sustainable characteristics and timely market recognition will result in outstanding investment performance. This investment approach is supported by a foundation of academic research in behavioral finance indicating that investors react inefficiently to changing information. This market inefficiency presents mispricing opportunities that the firm capitalizes on to earn excess return.
> Management Commentary
Oppenheimer Capital LLC (OPCAP)
New York, NY
Oppenheimer Capital (OCC) provides a broad range of innovative equity investment strategies for both institutional and individual investors. The firm’s disciplined approach to money management is focused on delivering alpha to investors’ portfolios through proprietary, bottom-up research that results in differentiated insights.
> Management Commentary
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