Portfolio Breakdown as of 03/31/2016

Equity Assets
U.S. Large Cap 6.7%
U.S. Small/Mid Cap 16.9%
Intl Equity 38%
% of Total Assets 61.6%
Fixed Income Assets
Investment Grade 0.3%
High Yield 16.4%
Convertibles 0.3%
Emerging Mkt Currencies 19.4%
Other and Cash 2%
% of Total Assets 38.4%

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
Utilities
Consumer Discretionary
Energy
Industrials
Telecommunication Services
Consumer Staples
Information Technology
Health Care
Materials
Ten Largest Equity Holdings Assets
Snam SpA 1.1%
National Grid plc 1.1%
Imperial Brands plc 1.0%
Enagas S.A. 1.0%
Crescent Point Energy Trust 0.9%
Sands China Ltd. 0.9%
Telecom Corp of New Zealand Ltd. 0.8%
Rio Tinto plc 0.8%
National Australia Bank Ltd. 0.7%
Mirvac Group 0.7%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.5%
Neptune Finco Corp. 0.3%
ArcelorMittal 0.1%
Navient Corp. 0.1%
T-Mobile USA, Inc. 0.1%
Frontier Communications Corp. 0.1%
Frontier Communications Corp. 0.1%
DISH DBS Corp. 0.1%
AMC Networks, Inc. 0.1%
WhiteWave Foods Co. 0.1%
Holdings Assets
International Dividend Income Fund 39.8%
Emerging Markets Currency Fund 19.3%
High Yield Fund 17.2%
Calibrated Mid Cap Value Fund 11.1%
Mid Cap Stock Fund 10.9%
International Core Equity Fund 0.5%
Fund Dividends & Cap Gains next tab

Contact a Representative