Portfolio Breakdown as of 10/30/2015

Equity Assets
U.S. Large Cap 6.9%
U.S. Small/Mid Cap 19.4%
Intl Equity 38.3%
% of Total Assets 64.6%
Fixed Income Assets
Investment Grade 0.4%
High Yield 15.3%
Convertibles 0.3%
Emerging Mkt Currencies 17.1%
Other and Cash 2.2%
% of Total Assets 33.1%

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

Consumer Discretionary
Telecommunication Services
Health Care
Information Technology
Consumer Staples
Ten Largest Equity Holdings Assets
Imperial Tobacco Group plc 1%
Royal Dutch Shell plc 0.9%
Snam SpA 0.9%
Whitecap Resources, Inc. 0.9%
National Australia Bank Ltd. 0.9%
National Grid plc 0.8%
Crescent Point Energy Trust 0.8%
Enagas S.A. 0.8%
Berkeley Group Holdings plc 0.7%
SSE plc 0.7%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.5%
Neptune Finco Corp. 0.2%
T-Mobile USA, Inc. 0.1%
Frontier Communications Corp. 0.1%
DISH DBS Corp. 0.1%
MGM Resorts International 0.1%
WhiteWave Foods Co. 0.1%
AMC Networks, Inc. 0.1%
Tenet Healthcare Corp. 0.1%
AerCap Ireland Capital Ltd. 0.1%
Holdings Assets
International Dividend Income Fund 40.8%
Emerging Markets Currency Fund 17.5%
High Yield Fund 16.8%
Calibrated Mid Cap Value Fund 12.5%
Mid Cap Stock Fund 11.6%
Short Duration Income Fund 0.3%
Fund Dividends & Cap Gains next tab

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