(PUB) Investing 2016

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Data through April 30, 2016 FINRA members: For internal or institutional use only.
Becker Value Equity Retail Ticker
BVEFX
Yield
1.2%
Total Assets
$357 mil
Mstar Category
Large Value
Benchmark 1: Russell 1000 Value TR USD
Benchmark 2: S&P 500 TR USD
Morningstar Analyst Rating 04-22-16
´
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ¶ Neutral
Price ∞ Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
Historical Profile
Return
Risk
Rating
Above Avg
Average
QQQQ
Above Avg
4 1 1 1 1 1 1 1 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
) * & * ( * * & * ) * Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 History
14.24 13.54 9.28 11.65 12.92 12.67 14.46 18.28 18.81 16.14 16.81 NAV
15.78 2.65 -30.53 26.92 12.17 -0.65 15.66 36.40 11.20 -7.03 4.15 Total Return %
-6.47 2.82 6.32 7.23 -3.33 -1.04 -1.84 3.87 -2.25 -3.20 0.38 +/- Bmark 1
-0.02 -2.85 6.47 0.46 -2.89 -2.76 -0.34 4.01 -2.48 -8.41 2.41 +/- Bmark 2
1.07 1.14 0.90 1.39 1.27 1.30 1.54 1.42 1.71 1.10 0.00 Income Return %
14.71 1.50 -31.42 25.53 10.90 -1.95 14.12 34.98 9.49 -8.13 4.15 Capital Return %
80 44 10 28 69 48 39 10 40 84 26 Total Rtn % Rank Cat
0.14 0.16 0.12 0.13 0.15 0.17 0.20 0.21 0.31 0.21 0.00 Income $
0.45 0.91 0.00 0.00 0.00 0.00 0.00 1.21 1.21 1.11 0.00 Capital Gains $
1.43 1.31 1.33 1.36 1.14 1.09 1.09 1.00 0.97 0.89 . Expense Ratio %
1.15 1.14 1.10 1.62 1.19 1.33 1.49 1.40 1.77 1.07 . Income Ratio %
30 39 46 45 18 34 27 38 41 32 . Turnover Rate %
57 61 61 90 114 80 84 97 148 136 131 Net Assets $mil
Performance 04-30-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 11.13 -4.05 5.40 2.91 15.66
2013 11.00 3.61 7.28 10.56 36.40
2014 2.30 3.85 0.41 4.25 11.20
2015 0.74 0.05 -11.13 3.79 -7.03
2016 1.24 — — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 10.01 0.58 2.96 17 11,001
6 Mo 0.74 -1.19 0.31 44 10,074
1 Yr -6.02 -5.62 -7.22 83 9,398
3 Yr Avg 9.09 -0.50 -2.17 30 12,982
5 Yr Avg 9.14 -0.99 -1.87 38 15,487
10 Yr Avg 6.44 0.77 -0.46 22 18,673
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 6.96 36 1.95 64
5 Yr (estimated) 7.72 38 1.31 56
10 Yr (estimated) 5.40 14 0.98 45
Potential Capital Gain Exposure: 9% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -6.02
3 Yr 9.09 +Avg Avg QQQ
5 Yr 9.14 Avg Avg QQQ
10 Yr 6.44 +Avg -Avg QQQQ
Incept 8.19
Other Measures Standard Index Best Fit Index
Alpha -2.0 -0.6
Beta 1.01 1.02
R-Squared 92 95
Standard Deviation 11.96
Mean 9.09
Sharpe Ratio 0.78
Portfolio Analysis 01-31-16
Total Stocks: 56
Share change since 10-31-15 Sector YTD Ret % % Assets
YJPMorgan Chase & Co Finan Svcs — 3.37
YJohnson & Johnson Hlth Care — 3.25
YAT&T Inc Comm Svcs — 3.02
YEMC Corp Technology — 2.89
YWal-Mart Stores Inc Cnsmr Def — 2.85
YMerck & Co Inc Hlth Care — 2.82
YGeneral Electric Co Industrl — 2.81
YPfizer Inc Hlth Care — 2.57
YPlum Creek Timber Co Inc Basic Mat — 2.52
YBecton Dickinson & Co Hlth Care — 2.45
YDiscovery Communications Cnsmr Cyc — 2.44
YExxon Mobil Corporation Energy — 2.34
YPNC Financial Services Gr Finan Svcs — 2.32
YCSX Corp Industrl — 2.24
YAllstate Corp Finan Svcs — 2.23
YJohnson Controls Inc Cnsmr Cyc — 2.14
YBlackRock Inc Finan Svcs — 2.09
YSouthwest Airlines Co Industrl — 2.07
YMicrosoft Corp Technology — 2.05
YAmgen Inc Hlth Care — 2.02
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 38.0
Large 41.3
Mid 20.6
Small 0.0
Micro 0.0
Avg $mil:
49,244
Value Measures Rel Category
Price/Earnings 14.41 0.95
Price/Book 1.86 0.99
Price/Sales 1.05 0.77
Price/Cash Flow 9.03 1.17
Dividend Yield % 2.80 0.91
Growth Measures % Rel Category
Long-Term Erngs 8.37 0.98
Book Value 0.95 0.43
Sales -1.38 1.43
Cash Flow -8.05 6.17
Historical Erngs 3.50 1.13
Profitability %
Return on Equity 14.88
Return on Assets 5.34
Net Margin 11.68
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 36.16 1.02
r BasicMat 5.42 1.92
t CnsmrCyc 10.54 2.22
y FinanSvcs 18.40 0.80
u Real Est 1.80 0.37
j Sensitive 41.75 1.10
i CommSrvs 3.02 0.96
o Energy 11.07 0.87
p Industrl 11.83 1.14
a Technlgy 15.83 1.36
k Defensive 22.11 0.83
s CnsmrDef 6.23 0.79
d Hlthcare 15.88 1.35
f Utilities 0.00 0.00
Composition - Net
Cash 0.0
Stocks 100.0
Bonds 0.0
Other 0.0
Foreign 2.5
(% of Stock)
Morningstar's Take by Kevin McDevitt, CFA 04-22-16
Becker Value Equity's prudent approach hasn't been able
to spare it from recent volatility. But its long-term appeal
remains, earning the fund a Morningstar Analyst Rating
of Bronze.
This fund employs sensible risk controls. Most are
designed to keep the portfolio well-diversified and the
fund's results from traveling too far afield from the Russell
1000 Value Index. The portfolio is fairly compact at 55-65
holdings, but they are fairly evenly weighted with no
single position even at 4% of assets. The six portfolio
managers build the portfolio from the bottom up, but
sector weightings are kept within 10 percentage points
of the benchmark. Finally, they aim to keep tracking error
relative to the index below 4%.
However, the team still has plenty of freedom to go
its own way. This has worked out pretty well since the
fund's 2003 inception; the fund has beaten its benchmark
by about half a percentage point annualized and
performed slightly better on a risk-adjusted basis.
But after struggling during the recent 2015-16
correction, the fund's record during downturns is now
somewhat mixed. While the index dropped 15.9% peak-
to-trough during the nearly eight-month correction, the
fund fell 19.5%. Much of that underperformance owed to
having no exposure to utilities, which the team believed
had gotten expensive by early 2015. But utilities
constitute 7% of the index and gained about 9% on
average during the correction. The fund was also hit hard
by poor performance from its consumer discretionary
stocks, especially Bed Bath & Beyond BBBY, Urban
Outfitters URBN, and media stocks Time Warner TWX
and Discovery DISCK.
The team has also undergone a transition in recent
years--three of the six managers have been on the fund
for less than three years. This includes Sid Parakh, who
joined the firm in October 2015 and became a comanager
in April 2016. Still, two of the managers have been here
since inception, and the process has been a robust one
during the life of the fund. The fund's recent struggles
don't erase those attributes.
Address: Unified Series Trust (Becker) Minimum Purchase: $2500 Add: $100 IRA: —
Indianapolis, IN 46208 Min Auto Inv Plan: $2500 Add: $100
800-551-3998 Sales Fees: No-load, 1.00%R
Web Address: Management Fee: 0.55%
Inception: 11-03-03 Actual Fees: Mgt:0.55% Dist:—
Advisor: Becker Capital Management, Inc. Expense Projections: 3Yr:$254 5Yr:$443 10Yr:$989
Subadvisor: None Income Distribution: Annually
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