Portfolio Breakdown as of 06/30/2015

Equity Assets
U.S. Large Cap 9%
U.S. Small/Mid Cap 18.3%
Intl Equity 36.9%
% of Total Assets 64.2%
Fixed Income Assets
Investment Grade 0.9%
High Yield 15.3%
Convertibles 0.3%
Emerging Mkt Currencies 17.5%
Other and Cash 1.9%
% of Total Assets 34%

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. 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. In addition, 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 markets 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 06/30/2015

Financials
Energy
Consumer Discretionary
Industrials
Telecommunication Services
Utilities
Health Care
Information Technology
Consumer Staples
Materials
Unclassified
Ten Largest Equity Holdings Assets
Baytex Energy Corp. 1.0%
Crescent Point Energy Trust 1.0%
Royal Dutch Shell plc 1.0%
National Australia Bank Ltd. 1.0%
Freenet AG 0.9%
Whitecap Resources, Inc. 0.9%
Total S.A. 0.8%
Berkeley Group Holdings plc 0.8%
Imperial Tobacco Group plc 0.7%
Snam SpA 0.7%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.4%
DISH DBS Corp. 0.1%
MEG Energy Corp. 0.1%
T-Mobile USA, Inc. 0.1%
WhiteWave Foods Co. 0.1%
AMC Networks, Inc. 0.1%
Seven Generations Energy Ltd. 0.1%
AerCap Ireland Capital Ltd. 0.1%
Sabine Pass Liquefaction LLC 0.1%
Valeant Pharmaceuticals International, Inc. 0.1%
Holdings Assets
International Dividend Income Fund 41.0%
Emerging Markets Currency Fund 17.8%
High Yield Fund 16.2%
Calibrated Mid Cap Value Fund 12.8%
Mid Cap Stock Fund 11.1%
Short Duration Income Fund 1.1%
Fund Dividends & Cap Gains next tab

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