Portfolio Breakdown as of 10/30/2015

Equity Assets
U.S. Large Cap 13.0%
U.S. Small/Mid Cap 23.5%
Intl Equity 15.9%
% of Total Assets 52.4%
Fixed Income Assets
Investment Grade 4.2%
High Yield 23.3%
Convertibles 9.0%
Emerging Mkt Currencies 9.1%
Other and Cash 2.1%
% of Total Assets 45.6%

Portfolio Positioning as of 09/30/2015

  • The outlook for global growth moderated during the third quarter, as concerns regarding China and the emerging markets complex overshadowed expansions in the U.S. and Europe. Capital markets also reflected heightened uncertainty, with notable increases in volatility across asset classes.
  • Relative value, coupled with expectations of positive U.S. growth and accommodative Fed policy, led us to increase the Fund’s domestic equity allocations.  In doing so, we reduced the Fund’s overweight to international stocks. While non-U.S. equities should continue to benefit from relatively depressed currencies and supportive monetary policies, we now favor a more balanced allocation between domestic and international stocks.
  • In fixed income, valuations for high-yield corporate bonds became more attractive during the quarter, as growth concerns and sector-specific issues led to wider credit spreads. We took advantage of the sell-off to increase the Fund’s overweight position, although we continue to be very selective in the industry allocations. The Fund’s underweight position to high-grade securities reflects both valuation and technical considerations. Foreign central banks such as those in China and Russia have been selling U.S. Treasuries to fund purchases of their own currencies amidst capital outflows.  This trend accelerated during the quarter, and may represent a potential overhang going forward.   
  • With respect to currencies, we maintain our outlook for secular U.S. dollar strength relative to other developed market currencies such as the euro. In emerging markets, we made a number of tactical shifts at the regional level. For example, we increased the Fund’s allocations to certain emerging countries in Asia at attractive valuations following recent underperformance.  

Equity Sector Allocation as of 10/30/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Fidelity National Information Services, Inc. 0.7%
Whirlpool Corp. 0.6%
Invesco Ltd. 0.6%
XL Capital Ltd. 0.6%
Fifth Third Bank 0.6%
Hartford Financial Services Group, Inc. 0.6%
M&T Bank Corp. 0.5%
Orbital ATK, Inc. 0.5%
PPL Corp. 0.5%
Edison International 0.4%
Ten Largest Fixed Income Issues Assets
U.S. Treasury Note/Bond 0.6%
U.S. Treasury Note/Bond 0.4%
Neptune Finco Corp. 0.4%
Yahoo!, Inc. 0.4%
Intel Corp. 0.4%
U.S. Treasury Note/Bond 0.3%
Toll Brothers Finance Corp. 0.2%
MGIC Investment Corp. 0.2%
Newmont Mining Corp. 0.2%
NVIDIA Corp. 0.2%
Holdings Assets
High Yield Fund 23.5%
International Dividend Income Fund 16.0%
Calibrated Mid Cap Value Fund 12.7%
Mid Cap Stock Fund 11.6%
Convertible Fund 10.2%
Emerging Markets Currency Fund 9.6%
Calibrated Large Cap Value Fund 9.2%
Core Fixed Income Fund 3.8%
Short Duration Income Fund 3.0%
Fund Dividends & Cap Gains next tab

Contact a Representative