Portfolio Breakdown as of 03/31/2016

Equity Assets
U.S. Large Cap 13.4%
U.S. Small/Mid Cap 20.2%
Intl Equity 16%
% of Total Assets 49.6%
Fixed Income Assets
Investment Grade 6.5%
High Yield 23.8%
Convertibles 8.9%
Emerging Mkt Currencies 9.1%
Other and Cash 2.2%
% of Total Assets 50.5%

Portfolio Positioning as of 03/31/2016

  • We continue to maintain a modest underweight in equities, with tilts toward value stocks and non-U.S. markets.  Within fixed income, we moved to a small overweight in high yield, while maintaining a long-standing underweight position in interest rate-sensitive bonds.  We also slightly reduced our U.S. dollar position.
  • Changes to equity allocations were driven by shifts in relative value, the outlook for monetary policy, and economic fundamentals.  As global stocks fell during the first six weeks of the period, we modestly increased our position in U.S. equities.  A rapid recovery in prices, however, led us to close the quarter with a modest underweight in stocks.  We also continued to shift the mix of equity holdings in favor of international securities.
  • After reducing allocations to high yield bonds throughout 2015, we moved back to an overweight position during the first quarter.  Spreads hit new post-crisis highs in February, presenting attractive relative value. 
  • Although we continue to believe that the U.S. dollar will benefit from monetary policy divergences, U.S. Federal reserve officials struck a more dovish-than-expected tone in March, leading us to modestly scale back our long U.S. dollar positions.  Foreign currency exposure continued to be tilted in favor of emerging market currencies and against non-dollar developed-market currencies.  

Equity Sector Allocation as of 03/31/2016

Financials
Information Technology
Consumer Discretionary
Energy
Utilities
Health Care
Industrials
Consumer Staples
Materials
Telecommunication Services
Ten Largest Equity Holdings Assets
PPL Corp. 0.7%
Whirlpool Corp. 0.7%
Fidelity National Information Services, Inc. 0.6%
Invesco Ltd. 0.5%
Edison International 0.5%
XL Capital Ltd. 0.5%
Citizens Financial Group, Inc. 0.5%
M&T Bank Corp. 0.5%
Snam SpA 0.4%
Wells Fargo & Co. 0.4%
Ten Largest Fixed Income Issues Assets
Neptune Finco Corp. 0.5%
U.S. Treasury Note/Bond 0.4%
U.S. Treasury Note/Bond 0.4%
Intel Corp. 0.4%
Yahoo!, Inc. 0.3%
U.S. Treasury Note/Bond 0.3%
Banco Popular Espanol SA 0.2%
Tesla Motors, Inc. 0.2%
GNC Holdings, Inc. 0.2%
CenterPoint Energy, Inc. 0.2%
Holdings Assets
High Yield Fund 23.4%
International Dividend Income Fund 15.4%
Mid Cap Stock Fund 11.7%
Calibrated Mid Cap Value Fund 10.8%
Convertible Fund 10.2%
Calibrated Large Cap Value Fund 9.6%
Emerging Markets Currency Fund 9.0%
Short Duration Income Fund 4.1%
Core Fixed Income Fund 3.9%
International Core Equity Fund 0.5%
Fund Dividends & Cap Gains next tab

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