Portfolio Breakdown as of 03/31/2016

Equity Assets
U.S. Large Cap 2.8%
U.S. Small/Mid Cap 6.7%
Intl Equity 9.8%
% of Total Assets 19.3%
Fixed Income Assets
Investment Grade 21.1%
High Yield 39.1%
Convertibles 9.2%
Emerging Mkt Currencies 9.1%
Other and Cash 2.3%
% of Total Assets 80.8%

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

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Wells Fargo & Co. 0.4%
Actavis plc 0.4%
Teva Pharmaceutical Industries Ltd. 0.3%
Snam SpA 0.3%
National Grid plc 0.3%
Imperial Brands plc 0.3%
Enagas S.A. 0.2%
Crescent Point Energy Trust 0.2%
Sands China Ltd. 0.2%
Telecom Corp of New Zealand Ltd. 0.2%
Ten Largest Fixed Income Issues Assets
Neptune Finco Corp. 0.7%
U.S. Treasury Note/Bond 0.6%
Intel Corp. 0.4%
U.S. Treasury Note/Bond 0.4%
U.S. Treasury Note/Bond 0.4%
Yahoo!, Inc. 0.3%
ArcelorMittal 0.3%
Navient Corp. 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp. 0.2%
T-Mobile USA, Inc. 0.2%
Holdings Assets
High Yield Fund 33.4%
Short Duration Income Fund 25.5%
Convertible Fund 10.3%
International Dividend Income Fund 9.5%
Emerging Markets Currency Fund 9.0%
Mid Cap Stock Fund 3.8%
Core Fixed Income Fund 3.5%
Calibrated Mid Cap Value Fund 3.0%
International Core Equity Fund 0.5%
Fund Dividends & Cap Gains next tab

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