Value Opportunity is a value-oriented investment strategy which seeks to achieve long-term
capital appreciation by investing in undervalued equity securities. The strategy uses a company’s relative market
capitalization to revenues to ascertain a historical framework for investment. The research process attempts to discover
stock prices lower than companies’ terminal net worth.
Composite Total Returns as of 9/30/2017
Performance for periods greater than one year is annualized. Past performance is not indicative of future results. Index data
source: Informa Investment Solutions.
10 Largest Holdings as of 9/30/2017
Sector Weightings as of 9/30/2017
Reader should not assume that investments in the securities identified were or will be profitable.
Percent of total equity holdings. Due to rounding, figures shown may or may not sum exactly to 100%
Fundamental Characteristics as of 9/30/2017
VO = SKBA's Value Opportunity / MLV = Morningstar US Large Value / SPV = S&P 500 Value
Characteristic data is calculated by Factset and aggregate price
ratios are calculated using weighted harmonic averages
The Fundamental Characteristics, 10 Largest Holdings and Sector Weightings are included as supplemental information to the
Value Opportunity (VO) Composite and complements a full disclosure presentation, which can be obtained upon request.