Portfolio Breakdown as of 08/31/2015

Equity Assets
U.S. Large Cap 8.1%
U.S. Small/Mid Cap 18.7%
Intl Equity 37.0%
% of Total Assets 63.8%
Fixed Income Assets
Investment Grade 0.9%
High Yield 16.3%
Convertibles 0.3%
Emerging Mkt Currencies 17.3%
Other and Cash 1.6%
% of Total Assets 34.8%

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 08/31/2015

Consumer Discretionary
Telecommunication Services
Health Care
Consumer Staples
Information Technology
Ten Largest Equity Holdings Assets
National Australia Bank Ltd. 1.0%
Imperial Tobacco Group plc 0.8%
Snam SpA 0.8%
Royal Dutch Shell plc 0.8%
Berkeley Group Holdings plc 0.8%
Whitecap Resources, Inc. 0.8%
National Grid plc 0.7%
TeliaSonera AB 0.7%
Total S.A. 0.7%
Freenet AG 0.7%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.5%
DISH DBS Corp. 0.1%
T-Mobile USA, Inc. 0.1%
WhiteWave Foods Co. 0.1%
MGM Resorts International 0.1%
AerCap Ireland Capital Ltd. 0.1%
AMC Networks, Inc. 0.1%
Seven Generations Energy Ltd. 0.1%
Tenet Healthcare Corp. 0.1%
Valeant Pharmaceuticals International, Inc. 0.1%
Holdings Assets
International Dividend Income Fund 40.5%
Emerging Markets Currency Fund 17.7%
High Yield Fund 17.2%
Calibrated Mid Cap Value Fund 12.5%
Mid Cap Stock Fund 11.0%
Short Duration Income Fund 1.0%
Fund Dividends & Cap Gains next tab

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