Equity

All Cap Growth SMA

Russell 3000® Growth Index
Benchmark name
8/31/2007
Inception date
Discovery Growth Equity Team
Team
$58.7M
Assets under management
Data as of 12/31/2023
SMA overview
Seeking companies on the right side of change
The All Cap Growth SMA pursues long-term returns by investing in core growth companies, developing situations, and valuation opportunities.

Performance is driven by employing intensive fundamental research to locate mispricings in equity markets.

Key differentiators

  • Identifies companies on the right side of change using a non-formulaic approach to idea generation
  • Develops bottom-up fundamental “edge” through all-cap “surround the company” research
  • Assesses each holding for attractive risk and return to avoid excessive valuations
  • Maintains valuation targets as part of a strong sell discipline and risk management process
  • Constructs portfolios to balance risk across core holdings, developing situations, and valuation opportunities

General facts

Weight average market cap

637.31

Dividend yield

0.41%

Quick resources

Fact Sheet

Performance

Average annual returns

Average annual returns

(as of 12/31/2023)
8/31/2007
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
4.78
16.36
34.47
34.47
-0.30
14.41
11.23
10.23
Composite (Net)
4.51
15.48
30.52
30.52
-3.27
11.05
7.96
6.98
Russell 3000® Growth Index
4.77
14.09
41.21
41.21
8.08
18.85
14.33
11.79

One-month, three-month and year-to-date returns are not annualized.

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Performance shown prior to January 1, 2005 represents results achieved by the Multi-Manager Team prior to joining Allspring. Although the composition of the investment team has evolved since the strategy’s inception date, the team has managed the strategy in a consistent manner over time.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making your investment decision.

Calendar year

Calendar year

(as of 12/31/2023)
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Fund
34.47
-36.43
15.95
43.78
37.57
1.00
35.00
1.41
2.06
4.81
Benchmark
41.21
-28.97
25.85
38.26
35.85
-2.12
29.59
7.39
5.09
12.44

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Performance and volatility metrics

Performance and volatility metrics

(as of 12/31/2023)
3 Year 5 Year 10 Year
Alpha -8.19 -4.16 -30.85
Beta 1.05 1.03 1.04
Downside Market Capture Ratio 110.39 104.37 104.72
Information Ratio -1.47 -0.81 -0.66
R2 0.94 0.94 0.93
Sharpe Ratio -0.12 0.57 0.55
Standard Deviation 22.07 21.97 18.14
Tracking Error 5.70 5.50 4.69
Upside Market Capture Ratio 82.84 89.12 95.61
Correlation 0.97 0.97 0.97

Composition

Portfolio statistics

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of holdings 52 1517
Top 10 holdings

Top 10 holdings

(as of 12/31/2023)
Security
SMA
Microsoft Corporation
11.66%
Amazon.com, Inc.
6.57%
Alphabet Inc. Class A
6.48%
Visa Inc. Class A
5.12%
UnitedHealth Group Incorporated
3.31%
MercadoLibre, Inc.
2.26%
Sherwin-Williams Company
2.10%
Waste Connections, Inc.
2.04%
ServiceNow, Inc.
2.03%
Chipotle Mexican Grill, Inc.
2.02%
Top 10 represents 43.59% of total net assets

Largest company weights are based on market value of the representative account and not necessarily held in all client portfolios. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security. A list of all holdings from the prior one-year period is available upon request.

Sector allocation

Sector allocation

(as of 12/31/2023)
Type
SMA
Benchmark
Cash & equivalents
 1.06% -
Communication services
 7.74% 10.94%
Consumer discretionary
 15.34% 15.56%
Consumer staples
 0.80% 4.15%
Energy
 0.00% 0.70%
Financials
 12.40% 6.41%
Health care
 15.01% 11.21%
Industrials
 10.13% 6.60%
Information technology
 34.26% 42.45%
Materials
 2.10% 0.87%
Real estate
 1.15% 0.98%
Utilities
 0.00% 0.12%

Sector weighting is based on a representative account within the Allspring Global Investments composite and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Date
Fact Sheet 12/31/2023 Download
GIPS Report 3/31/2024 Download
Our team
Meet the investment team

The team’s philosophy is to provide clients the power of long-term compounding through investing in businesses on the right side of change.  

View Team
Michael T.

Michael T. Smith

Head of Discovery Growth Equity
Contact Us

We look forward to helping you with your investment needs

 

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Market Risk: Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign Investment Risk: Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Growth/Value Investing Risk: Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. Smaller Company Securities Risk: Companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

Allspring Managed Account Services (the firm) is a unit within Allspring Global Investments and is responsible for the management and administration of the Allspring Funds Management, LLC, retail separately managed account portfolios (wrap portfolios). Allspring Funds Management acts as a discretionary manager for separately managed accounts ("SMA") and as a non-discretionary model provider in a variety of managed account or wrap fee programs (“MA Programs”) sponsored by third party investment advisers, broker-dealers, or other financial services firms (a “Sponsor”). When acting as non-discretionary model provider, Allspring Funds Management responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the Sponsor. The Sponsor may use these recommendations in connection with its management of MA Program accounts. In these “model-based” programs, the Sponsor serves as the investment manager and maintains trade implementation responsibility.