Edgewood Management LLC

Edgewood Large Cap Growth: Portfolio Overview

Portfolio Characteristics as of 12/31/2016*

  Edgewood S&P 500
Market Cap Mean (Billions) $111 $41
Number of Holdings 22 505
Most Recent Quarter YoY EPS Growth 33%^ 5%
Sales Growth (3 Years Historical) 17% 0.6%
Long Term EPS Growth*** 19% 8%

* All portfolio characteristics produced by Bloomberg and are rounded to the nearest percentage.

^ Edgewood's calculations using (i) Adjusted Funds from operations per share figures for American Tower and Equinix's EPS figures as we believe they are the most relevant valuation metric and (ii) Netflix's YoY EPS Growth is set to the average of the portfolio to adjust for the actual YoY EPS Growth of Netflix of 71%

*** Bloomberg estimates using the weighted average calculation methodology for Edgewood and the index fundamental value methodology for the S&P 500.

Ten Largest Portfolio Holdings as of 12/31/2016*

Holding Holding
Amazon.com Inc. PayPal Holdings Inc.
Celgene Corp. Charles Schwab Corp.
Cognizant Technology Solutions S&P Global Inc.
Facebook Inc. The Priceline Group Inc.
Illumina Inc. Visa Inc.

* Holdings are subject to change. Holdings are provided as of December 31, 2016, and represent the most recent information available to the public. Portfolio holdings are shown in alphabetical order. This information is supplemental to Edgewood's Annual Disclosure Presentation. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients, and the reader should not assume that investment in the securities identified were or will be profitable.

Sector Breakdown as of 12/31/2016**

Financials 19.8%
Consumer Discretionary 12.4
Information Technology 12.2
Internet 10.7
Medical Technology 8.3
Biotechnology 7.3
Industrials 6.0
Business Services 5.3
Media & Advertising 5.0
Wireless 4.0
Technology 3.9
Healthcare 3.7
Cash 1.5

* Sectors defined by Edgewood's Investment Committee and are rounded to the nearest tenth.

Market Cap Exposure (In $Billions) as of 12/31/2016*

Less than $20 13%
$20-$40 23
$40-$75 29
$75-$125 11
$125+ 22

* Market cap exposure rounded to the nearest percentage and is for the equity portion of the portfolio

Edgewood Management LLC claims compliance with the Global Investment Performance Standards (GIPS). To receive a complete list and description of Edgewood Management LLC’s composites and/or fully compliant presentation that adheres to the GIPS standards, contact Kitty McBride at 212-652-9100, or write to Edgewood Management LLC, 535 Madison Avenue, 15th Fl., New York, NY 10022 or KMcBride@Edgewood.com.