Portfolio Breakdown as of 05/29/2015

Equity Assets
U.S. Large Cap 14.9%
U.S. Small/Mid Cap 22.7%
Intl Equity 15.1%
% of Total Assets 52.7%
Fixed Income Assets
Investment Grade 6.7%
High Yield 21.7%
Convertibles 9.2%
Emerging Mkt Currencies 9.2%
Other and Cash 0.7%
% of Total Assets 46.8%

Portfolio Positioning as of 03/31/2015

  • The regional divergences in economic growth and central bank policy that characterized 2014 gave way to an incipient redistribution of growth during the first quarter of 2015. The cross-border impact of a relatively strong U.S. economy became evident in recent months, with the primary transmission mechanism coming in the form of a rising U.S. dollar that provided a tailwind for export markets around the world.
  • We meaningfully increased the portfolio’s allocation to emerging market currencies during the period. Expectations of a broad-based global expansion have led us to become more constructive on emerging currencies, although we continue to distinguish between those countries that should most benefit from low oil prices and structural reforms and those that are dependent on commodity exports or are expected to cut interest rates in the near-future.
  • Although we maintained a similar allocation to equities quarter-over-quarter, we shifted the composition of the portfolio’s stock holdings in favor of international securities. Given our outlook for longer-term U.S. dollar strength, we implemented currency hedges for non-U.S. equity purchases.
  • We utilized recent price appreciation as an opportunity to trim the portfolio’s high yield debt exposure. However, attractive yields and relatively limited interest rate sensitivity support the case for continued emphasis on credit-sensitive fixed income as the U.S. Federal Reserve inches closer to liftoff.

Equity Sector Allocation as of 05/29/2015

Financials
Consumer Discretionary
Health Care
Information Technology
Energy
Industrials
Utilities
Consumer Staples
Materials
Telecommunication Services
Unclassified
Ten Largest Equity Holdings Assets
Invesco Ltd. 0.7%
Whirlpool Corp. 0.7%
Fifth Third Bank 0.6%
XL Capital Ltd. 0.6%
Hartford Financial Services Group, Inc. 0.6%
International Paper Co. 0.5%
Cardinal Health, Inc. 0.5%
Mallinckrodt plc 0.5%
Baytex Energy Corp. 0.4%
PPL Corp. 0.4%
Ten Largest Fixed Income Issues Assets
Priceline.com, Inc. 0.4%
Yahoo!, Inc. 0.3%
Tesla Motors, Inc. 0.3%
MGIC Investment Corp. 0.3%
Intel Corp. 0.3%
Twitter, Inc. 0.3%
U.S. Treasury Note 0.3%
Gilead Sciences, Inc. 0.2%
HomeAway, Inc. 0.2%
SunPower Corp. 0.2%
Holdings Assets
High Yield Fund 22.6%
International Dividend Income Fund 16.4%
Calibrated Mid Cap Value Fund 13.0%
Mid Cap Stock Fund 10.7%
Convertible Fund 10.6%
Calibrated Large Cap Value Fund 9.4%
Emerging Markets Currency Fund 9.4%
Short Duration Income Fund 4.0%
Core Fixed Income Fund 3.5%
Growth Opportunities Fund 0.4%
Fund Dividends & Cap Gains next tab

Contact a Representative