Portfolio Breakdown as of 08/31/2015

Equity Assets
U.S. Large Cap 14.7%
U.S. Small/Mid Cap 22.2%
Intl Equity 14.7%
% of Total Assets 51.6%
Fixed Income Assets
Investment Grade 6.8%
High Yield 22.6%
Convertibles 9.0%
Emerging Mkt Currencies 9.3%
Other and Cash 0.7%
% of Total Assets 47.7%

Portfolio Positioning as of 06/30/2015

  • Following a mild first-quarter contraction, the U.S. economy was bolstered by a resurgence in consumer spending and further labor market improvements. Despite early signs of wage inflation, the Federal Reserve adopted a more dovish stance in its policy deliberations, and reiterated its commitment to supporting economic growth. This change in tone led to modest depreciation of the U.S. dollar against developed currencies such as the euro and contributed to the stabilization of oil prices.
  • We slightly reduced our equity allocation through sales of profitable positions in U.S. growth stocks, while maintaining an overweight to international equities. Although the Greek debt crisis and weakness in Chinese shares dominated overseas headlines late in the quarter, non-U.S. stocks—particularly those in developed European markets—should continue to benefit from a relatively strong U.S. dollar, lower energy costs, and highly accommodative monetary policy.
  • In fixed income, we took advantage of tightening credit spreads to reduce our allocations in high-yield bonds. In addition, we added to our position in investment-grade bonds, when valuations became more attractive as longer-term interest rates reached their highs of the year. We continue to maintain a small overweight to credit-sensitive fixed income, however, as fundamentals remain favorable and defaults are running well below long-term averages. Furthermore, attractive yields and relatively limited interest-rate sensitivity should support credit as the Federal Reserve moves closer to “liftoff.” 
  • We added to our positions in emerging market currencies during the period, and now we are neutral versus our long-term targets. While we expect secular U.S. dollar appreciation, aggressive central bank stimulus should lead to more balanced global growth, which is supportive of emerging economies. As in past quarters, we continue to favor countries that should benefit from low oil prices as well as those with ties to an improving European economy.

Equity Sector Allocation as of 08/31/2015

Consumer Discretionary
Information Technology
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Whirlpool Corp. 0.6%
Invesco Ltd. 0.6%
Fifth Third Bank 0.6%
Hartford Financial Services Group, Inc. 0.6%
XL Capital Ltd. 0.6%
M&T Bank Corp. 0.5%
Orbital ATK, Inc. 0.5%
PPL Corp. 0.4%
Fidelity National Information Services, Inc. 0.4%
National Australia Bank Ltd. 0.4%
Ten Largest Fixed Income Issues Assets
Yahoo!, Inc. 0.4%
MGIC Investment Corp. 0.3%
U.S. Treasury Note 0.3%
U.S. Treasury Note 0.3%
Intel Corp. 0.3%
Tesla Motors, Inc. 0.3%
U.S. Treasury Note 0.2%
Toll Brothers Finance Corp. 0.2%
Restoration Hardware Holdings, Inc. 0.2%
Newmont Mining Corp. 0.2%
Holdings Assets
High Yield Fund 23.5%
International Dividend Income Fund 16.0%
Calibrated Mid Cap Value Fund 12.8%
Mid Cap Stock Fund 11.1%
Convertible Fund 10.3%
Emerging Markets Currency Fund 9.6%
Calibrated Large Cap Value Fund 9.3%
Core Fixed Income Fund 3.7%
Short Duration Income Fund 3.6%
Fund Dividends & Cap Gains next tab

Contact a Representative