Barrow, Hanley, Mewhinney & Strauss, LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 11.66%, top 10 21.40%, top 20 38.30%, with JCI 2.79%, MCHP 2.57%, ETR 2.19%, CCL 2.08%, MRK 2.03%, AIG 2.01%. The baseline result is return 7.37%, alpha -0.79%, beta 0.62, Sharpe 0.64, Sortino 0.79, max drawdown -27.14%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 20.26%, Information Technology 15.37%, Industrials 14.13%, Utilities 8.66%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-12-31 (6.66% vs SPY 4.96%, excess 1.70%, turnover 13.55%); the weakest was 2022-12-31 (-6.35% vs SPY -0.25%, excess -6.10%, turnover 11.08%). The latest rows (2025-03-31 (4.03% vs SPY 9.22%, excess -5.19%, turnover 19.68%); 2025-06-30 (4.23% vs SPY 4.20%, excess 0.03%, turnover 16.21%); 2025-09-30 (2.83% vs SPY 1.49%, excess 1.34%, turnover 18.59%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether JCI 2.79%, MCHP 2.57%, ETR 2.19%, CCL 2.08% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -27.14% is acceptable for the user's risk budget.