Astrop Advisory manages concentrated equity portfolios, as well as designs diversified asset allocation strategies.

Astrop Core 25

Astrop Advisory’s flagship core equity portfolio, Astrop Core 25, is a concentrated large-cap equity strategy that strives to outperform the S&P 500 over time. The strategy identifies roughly 25 superior companies that possess sustainable competitive advantages, allowing them to earn high returns on invested capital and generate robust fresh cash flows.

Once these companies are identified and vetted, they are only purchased when selling for significant discounts to their fair values, providing a margin of safety that protects the portfolio against downside risks.

Since inception (May 1, 2010), the strategy’s total return has exceeded the S&P 500’s total return by nearly 20%, capturing more than 100% of the upside, while enduring only 95% of the downside.

Astrop Core 25 Performance Overview

Astrop Core 25 Performance:

To view the charts and graphs, please view the Astrop Core 25 Performance Overview in PDF form.

Composite Performance as of September 30, 2017:
Reporting Period Astrop Core 25 S&P 500 TR Excess Return
2010 (May - December) 5.54% 7.48% -1.94%
2011 11.13% 2.11% 9.02%
2012 18.25% 16.00% 2.25%
2013 41.30% 32.39% 8.91%
2014 12.61% 13.69% -1.08%
2015 -3.79% 1.38% -5.17%
2016 7.53% 11.96% -4.43%
2017 YTD 17.51% 14.24% 3.27%
Cumulative 168.28% 148.62% 19.66%
Annualized 14.23% 13.07% 1.17%

NOTE: Astrop Core 25 performance figures are gross of management fees.

Top 10 Holdings as of September 30, 2017:
Holding Percent of Portfolio
Cognizant Tech 4.45%
Wynn Resorts 4.42%
Gilead 4.40%
Blackrock 4.37%
Polaris Industries 4.34%
Apple 4.33%
Berkshire Hathaway 4.31%
Mirosoft 4.28%
Bank of NY Mellon 4.24%
Union Pacific 4.24%
Total 43.38%
Portfolio Valuation Statistics September 30, 2017 - Morningstar:
Statistic Description Astrop Core 25 S&P 500
Price/Prospective Earnings 13.58 20.58
Price/Book Ratio 3.33 2.87
Return on Equity (ROE) 55.32 21.61
Proj EPS Growth - 5 yr % 11.30 9.74
Yield % 1.82 1.86
Portfolio Return Statistics Since Inception Through September 30, 2017:
Statistic Description Statistical Value
R-Squared 0.85
Annualized Alpha 1.57
Beta 0.97
Sharpe Ratio 1.11
Active Share 0.84
Upside Capture 102.10
Downside Capture 95.14
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Astrop Defensive 25

The Astrop Defensive 25 strategy is designed to minimize losses in the equity markets, while capturing most, if not all, of the stock market’s upside. The portfolio consists of approximately 25 undervalued stocks and typically allocates roughly 10% to cash, to minimize volatility. During extreme markets, this cash cushion may exceed 10%.

The strategy focuses on high quality, predictable companies who display modest volatility and low uncertainty. Additionally, each company must pay a dividend. A strict valuation discipline is imposed at all times, so the strategy will not chase yield or overpay for companies.

Since inception (January 1, 2016), the strategy has generated a total return of 25%. Most importantly, the strategy has endured only 52% of the market's downside, while delivering 79% of the market's upside.

Astrop Defensive 25 Performance Overview

Astrop Defensive 25 Performance:

To view the charts and graphs, please view the Astrop Defensive 25 Performance Overview in PDF form.

Composite Performance as of September 30, 2017:
Reporting Period Astrop Defensive 25 S&P 500 TR Excess Return
2016 9.81% 11.96% -2.15%
2017 YTD 12.04% 14.24% -2.20%
Cumulative 24.68% 27.94% -3.27%
Annualized 13.45% 15.10% -1.65%

NOTE: Astrop Defensive 25 performance figures are gross of management fees.

Top 10 Holdings as of September 30, 2017:
Holding Percent of Portfolio
Cash 10.77%
Gap, Inc. 4.32%
Amgen 4.09%
Union Pacific 3.84%
MSC Industrial 3.80%
Gilead 3.75%
Ralph Lauren 3.70%
ABB Ltd. 3.68%
Canadian Pacific 3.68%
Magellan Midstream 3.65%
Total 45.28%
Portfolio Valuation Statistics September 30, 2017 - Morningstar:
Statistic Description Astrop Defensive 25 S&P 500
Price/Prospective Earnings 16.75 20.43
Price/Book Ratio 3.48 2.88
Return on Equity (ROE) 22.26 21.61
Proj EPS Growth - 5 yr % 8.30 9.76
Yield % 2.26 1.85
Portfolio Return Statistics Since Inception Through September 30, 2017:
Statistic Description Statistical Value
R-Squared 0.60
Annualized Alpha 1.82
Beta 0.77
Sharpe Ratio 1.60
Standard Deviation 8.11
Upside Capture 78.75
Downside Capture 52.02
Active Share 0.92
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Astrop Mid-Cap 20

The Astrop Mid-Cap 20 strategy is a highly concentrated mid-cap value equity strategy that strives to outperform the S&P MidCap 400 Value Index over time. The strategy identifies roughly 20 superior, mid-sized (market capitalizations ranging from $2 - $10 billion) companies that possess sustainable competitive advantages, allowing them to earn high returns on invested capital and generate robust fresh cash flows.

Once thee companies are identified and vetted, they are only purchased when selling for significant discounts to their fair values, providing a margin of safety that protects the portfolio against downside risks.

Since inception (May 1, 2017), the strategy has generated a total return of 7%, beating its benchmark by more than 3%.

Astrop Mid-Cap 20 Performance Overview

Astrop Mid-Cap 20 Performance:

To view the charts and graphs, please view the Astrop Mid-Cap 20 Performance Overview in PDF form.

Composite Performance as of September 30, 2017:
Reporting Period Astrop Mid-Cap 20 S&P 500 TR Excess Return
May - August 2017 7.03% 3.87% 3.17%
Cumulative 7.03% 3.87% 3.17%

NOTE: Astrop Mid-Cap 20 performance figures are gross of management fees.

Top 10 Holdings as of September 30, 2017:
Holding Percent of Portfolio
Myriad Genetics 8.33%
Winnebago 6.83%
Borg Warner 5.52%
Polaris Industries 5.47%
Ralph Lauren 5.20%
KKR & Co. 5.17%
Sensata Tech 5.17%
Hanesbrands 5.09%
Boston Beer Co. 5.03%
Jones Lang Lasalle 4.81%
Total 56.62%
Portfolio Valuation Statistics September 30, 2017 - Morningstar:
Statistic Description Astrop Mid-Cap 20 S&P 500
Price/Prospective Earnings 14.02 20.62
Price/Book Ratio 2.90 2.87
Return on Equity (ROE) 41.10 21.63
Proj EPS Growth - 5 yr % 11.08 9.72
Dividend Yield % 1.84 1.86
Portfolio Return Statistics Since Inception Through September 30, 2017:
Statistic Description Statistical Value
R-Squared 0.85
Annualized Alpha 4.60
Beta 1.33
Sharpe Ratio 1.25
Upside Capture 173.91
Downside Capture 0.97
Active Share 0.97
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Astrop Portfolio of Funds

Astrop Advisory devises strategic asset allocation strategies, tailored to meet each client’s individual needs. These strategies range from aggressive to conservative, from growth to income and utilize all available asset classes. The firm employs the spectrum of available investment instruments to realize these strategies, including stocks, bonds, mutual funds and exchange-traded funds.

Sample Asset Allocation Strategies:

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  • Large-Cap US Equity
  • Mid-Cap US Equity
  • Small-Cap US Equity
  • Foreign Developed Equity
  • Foreign Emerging Equity
  • Fixed Income
  • TIPS
  • Real Estate
  • Merger Arbitrage
  • Cash
  • Large-Cap US Equity
  • Mid-Cap US Equity
  • Small-Cap US Equity
  • Foreign Developed Equity
  • Foreign Emerging Equity
  • Fixed Income
  • TIPS
  • Real Estate
  • Merger Arbitrage
  • Cash
Aggressive:
Chart
Moderate:
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Conservative:
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