1. Investment Philosophy
Elmbrook Mutual FundEquityPortfolio strives to invest ina highqualitycompanies
with great long-term growthprospect that will preserve the purchasingpower of
the capitalinvested inthe fund. The fundalsolooks for funds that outperform its
benchmarks and exhibit investment philosophyqualities that align withthe
investment philosophyof Elmbrook Human Society. The followingfactors are what
the fund looks for in a potential investment:
 A fund that invests incompanies withstrongfundamentalsandthe
potential to create alpha and outperform its benchmark.
 Funds with significant diversificationacross industries groups, market
capitalizations anddiversifyacrossinternational markets inorder to
reduce risk.
Additional Factors & Sustainable Advantages
Elmbrook Mutual FundEquityPortfolio alsolooks for funds with the following
characteristics:
 Strong management witha consistent track records anda substantial
tenure onthe fundtheymanage. In addition, funds withlow expense
ratios are sought to preserve the capital of the portfolio.
Fund Objectives
The investment objective of Elmbrook Mutual Fund Portfoliois to seekanannual
rate of total return greater thanthe annualrate of totalreturnof the benchmark.
Benchmark
The S&PComposite 1500® combines three leadingindices, the S&P500®, the S&P
MidCap 400®, andthe S&PSmallCap600® to cover approximately90% of the U.S.
market capitalization. It is designedfor investors seeking to replicate the
performance of the U.S. equitymarket or benchmarkagainst a representative
universe oftradable stocks. The MSCI EAFE Index is a stockmarket index that is
designedto measure the equitymarket performance ofdevelopedmarkets outside
of the U.S. & Canada. It is maintainedby MSCI Barra,[1] a provider of investment
decisionsupport tools;the EAFE acronym stands for Europe, Australasia andFar
East.
Investment Class: Equity
Elmbrook Individual Equity Holdings
Holdings Summary
Sector Allocation (% of total portfolio) Fund
Consumer Discretionary 14.09%
Consumer Staples 8.58%
Energy 6.72%
Financials 18.02%
Health Care 13.53%
Industrials 12.54%
Information Technology 17.62%
Materials 3.52%
Telecommunication Services 2.50%
Utilites 2.83%
Total 100.0%
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Ticker 1 day 1 Mo 3 Mo 6 Mo 52 Wk YTD
ARTIX 2.0% 1.3% 5.2% 5.6% 6.7% 6.9%
ARTQX 0.9% 0.1% 2.0% -7.4% -5.2% 3.5%
DODFX 1.5% 0.7% 6.8% 3.7% 1.3% 8.1%
EDIV 1.6% 4.9% 7.5% 1.9% -8.1% 6.8%
EMGNX 1.1% 0.8% 4.5% -0.5% -0.9% 6.3%
GLLIX 1.4% 2.3% 2.9% 1.3% 7.2% 2.1%
GSSIX 0.6% -1.6% 2.0% -5.0% 2.0% 1.7%
HACAX 1.4% 0.8% 5.8% 2.1% 16.5% 8.3%
HAINX 2.0% 3.5% 10.7% 8.8% 0.2% 12.8%
MINIX 1.7% 1.2% 7.0% 7.2% 5.2% 10.3%
MSGIX -0.1% -2.5% 6.9% -11.1% -7.1% 7.2%
PRGFX 1.3% 0.5% 5.8% -1.1% 11.9% 7.9%
RPMGX 1.1% 0.0% 5.8% 1.1% 11.2% 7.6%
VEIRX 1.4% 2.3% 2.5% -0.8% 4.5% 2.3%
VIIIX 1.3% 1.8% 2.6% 3.7% 12.4% 2.6%
VIMAX 1.0% -0.1% 4.3% 6.3% 15.9% 5.2%
VWNAX 1.4% 2.3% 3.5% -3.6% 1.1% 3.1%
Performance
Portfolio Details Fund
Total Assets (Thousands) 2,233$
Benchmark Index S&P 1500 + MSCI EAFE
Inception 12/31/2014
Number of Holdings 17
Expense Ratio 0.47%
Portfolio Statistics Elmbrook Benchmark
Sharpe Ratio 1.14 0.79
Jensen Alpha 4.23 N/A
Information Ratio 3.4 N/A
Treynor Ratio 0.14 N/A
Beta 0.98 1
Capture Ratio 0.82 100
Stand Deviation 11.88 12.07
Div Yield 0.019 0.0203
P/E 19.04 18.61
P/B 2.62 2.53
P/S 1.62 1.57
P/CF 11.79 11.25
P/FCF 25.24 20.41
Portfolio Holdings Fund
Artisan International Fund Inv Shs 2.1%
Artisan Mid Cap Value Fd Investor Shs 3.8%
Dodge & Cox International Stock Fund 3.7%
SPDR S&P Emerging Markets Dividend ETF 2.0%
WFA Emerging Markets Equity Fund Institutional Class 1.4%
Great Lakes Large Cap Value Fd Inst Cl 7.7%
Goldman Sachs Small Cap Value Fund Institutional Shares 3.2%
Harbor Capital Appreciation Fund Insti Cl 7.8%
Harbor International Fund Insti Cl 3.9%
MFS International Value Fund Class I 2.1%
BMO Small-Cap Growth Fd Cl I 3.4%
T. Rowe Price Growth Stock Fd 7.7%
T. Rowe Price Mid-Cap Growth Fund, Inc. 3.8%
Vanguard Equity Income Fund Admiral Shares 4.9%
Vanguard Institutional Index Fund Institutional Plus Shares 33.6%
Vanguard Mid-Cap Index Fund Admiral Shares 4.0%
Vanguard Windsor II Fund Admiral Shares 4.8%