Perkins Mid Cap Value Managed Account

Defensive Mid-Cap Value Equities

Quarterly Commentary - Q3 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark, the Russell Midcap Value Index, during the quarter.

Stock selection in financials and our underweight to utilities contributed to relative performance.

Relative detractors included our holdings in technology and consumer staples.

PORTFOLIO MANAGEMENT

Tom Perkins

Tom Perkins

Portfolio Manager since 1998
Industry since 1970

Kevin Preloger

Kevin Preloger

Portfolio Manager since 2013
Industry since 1997

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager since 2015
Industry since 2000