Archive for September, 2015

Stable Value Option – Rebalance to Target Allocations

Thursday, September 24th, 2015

The Stable Value Option was rebalanced to the target allocation described in the chart below effective September 22, 2015. The Board approved a reallocation of the target allocations in the Stable Value Option to enhance liquidity which was requested by the Insurance Companies providing wrap contracts to the Option. The new allocation meets the requirements of the wrap providers.

 Manager  Previous Target Allocation  New Target Allocation
 Wellington Core  40%    0%
 INVESCO Interest Income  46%    0%
 New Invesco Managed Account   0%  80%
 CACU CDs   4%  10%
 BlackRock MM  10%  10%

The Stable Value Option is managed by Invesco. The Stable Value Option currently has three investment portfolios.  Invesco manages one portfolio and has retained, Voya and Wellington to each sub-advise a portfolio. The Stable Value Option is invested in short and intermediate duration securities across multiple sectors of the fixed income markets.  The assets are wrapped by synthetic investment contracts selected by Invesco. These contracts provide for book value accounting (cost plus accrued interest) which serves to reduce overall volatility of the Stable Value Option. The interest rates on these contracts are adjusted monthly to reflect the performance of the underlying assets. Invesco has oversight over the wrapped portion. The remainder of the Stable Value Option is composed of cash and cash equivalents.

 

2015 August Detailed YTD Performance

Tuesday, September 22nd, 2015
Fixed  Income Large Cap Value Large Cap Growth Foreign Small Company Portfolio
Morningstar Averages for the Universe n/a -4.91% 0.84% -0.62% -2.73% n/a
Stable Value Option 1.54%
Wellington Core 1.84%
PRIMCO GIC 1.95%
Cash 0.46%
BlackRock Instl. Money Market Fund 0.10%
Benchmark
BC 1-3 yr. Govt./Treas. 0.71%
Equity Index Option (BlackRock US Equity Index) -2.66%
Benchmark
Russell 3000 -2.61%
Value Stock Option -4.36%
JP Morgan Equity Income -5.39%
T. Rowe Price Value -5.35%
Goldman Sachs Mid Value Instl. -5.68%
Neuberger Berman Large Cap Value -9.51%
Sequoia 12.49%
BlackRock Value Index -5.73%
Benchmark
Russell Price Driven (1000 Value) -6.12%
Growth Stock Option 1.51%
Marsico Focus -1.50%
Wellington Mid Cap Opportunities 2.47%
Primecap Odyssey Growth 0.50%
T. Rowe Price Growth Stock 5.74%
Broad Run Mid Cap Growth 1.20%
BlackRock Growth Index 0.89%
Benchmark
Russell Earnings Growth (1000 Growth) 0.96%
International Stock Option -1.49%
Templeton Instl. Foreign -0.65%
Thornburg Intl Value 7.57%
DFA Emerging Markets Value -15.11%
MFS International Value 3.41%
Brandes International Small Cap Equity 5.48%
BlackRock ACWI ex-US IMI Index -2.88%
Benchmark
MSCI ACWI Ex-US IMI (net) -3.60%
Diversified Small Company Stock Option -3.98%
DFA U.S. Micro Cap Portfolio -2.86%
Royce Opportunity -9.51%
Brown Capital Mgmt. Small. Co. Instl. 2.30%
Buffalo Small Cap -3.04%
Deutsche Small Cap Value Separate Account -5.17%
Mutual of America Disciplined Small Cap Value -4.19%
Walthausen Small Cap Value -9.37%
BlackRock Small Company Index -2.83%
Benchmark
Russell 2000 Total -2.97%
Retirement Model Portfolio 0.72%
Benchmark
Retirement Composite Index -0.18%
Conservative Model Portfolio -0.35%
Benchmark
Conservative Composite Index -1.32%
Moderate Model Portfolio -0.75%
Benchmark
Moderate Composite Index -1.57%
Aggressive Model Portfolio -1.44%
Benchmark
Aggressive Composite Index -2.16%

Postcard Announcement of More Good News

Tuesday, September 15th, 2015

A postcard was mailed to all participants announcing the Board’s recent hiring of Mercer Investment Consulting, Inc. as an independent advisor and consultant to the board. Please CLICK HERE to view the postcard announcement online.

Mercer will serve as co-fiduciary to the Plan in conjunction with the board and will assist the board in monitoring investment performance, structuring the investment lineup provided to the participants, and will provide manager selection, portfolio modeling and asset allocation services.

“…with exciting plan enhancements on the horizon, we are confident that Mercer’s global investment advice and research capabilities will help the Board continue to provide a lifelong retirement solution for our participants.”  Vincent Lombardi – Chairman of the Board – Directed Account Plan

2014 Summary Annual Report (SAR)

Tuesday, September 15th, 2015

The 2014 Summary Annual Report (SAR) was mailed to all participants. Please CLICK HERE to view this report online.

September 2015

Wednesday, September 2nd, 2015
Stable Value Value Stock Equity Index Growth Stock Intl. Stock Div. Small Co.Stock Retirement Portfolio Conserv Portfolio Moderate Portfolio Aggressive Portfolio
01  292.03  703.55  655.93  619.82  447.88  803.49  124.64  427.77  546.49  590.54
02  292.05  715.08  667.70  632.28  451.57  814.97  125.03  430.66  552.17  597.75
03  292.07  716.54  668.58  631.71  453.57  815.34  125.09  430.96  552.64  598.42
04  292.14  706.33  659.10  624.75  444.95  809.53  124.72  428.60  548.00  592.38
07      Labor Day Holiday (Market Closed)
08  292.16  723.34  675.35  640.04  453.26  826.19  125.30  432.72  556.14  602.94
09  292.18  713.58  666.35  633.29  454.56  818.72  125.07  430.42  552.66  598.72
10  292.20  716.07  669.59  637.28  455.76  821.19  125.18  431.15  554.20  600.64
11  292.25  718.57  672.79  641.62  455.77  823.34  125.28  431.90  555.64  602.33
14  292.27  715.75  670.12  638.80  453.27  819.15  125.18  431.24  554.04  600.12
15  292.29  724.61  678.46  647.01  455.22  828.50  125.45  433.38  558.08  605.28
16  292.31  732.70  684.38  651.59  461.12  835.35  125.72  435.12  561.53  609.91
17  292.32  730.23  683.37  653.67  463.87  837.19  125.72  434.71  561.85  610.58
18  292.37  716.87  672.62  643.03  455.30  823.53  125.30  431.79  555.65  602.28
21  292.39  718.20  675.06  643.05  454.29  823.44  125.35  432.27  555.99  602.58
22  292.40  706.46  666.35  633.31  445.53  811.29  124.96  429.78  550.41  595.06
23  292.42  704.49  664.80  632.02  443.24  808.83  124.88  429.36  549.39  593.62
24  292.44  701.27  662.35  627.63  440.12  807.90  124.77  428.68  547.71  591.52
25  292.48  700.83  661.05  622.62  444.59  800.73  124.82  428.50  546.90  590.42
28  292.50  678.50  643.64  602.39  436.82  780.62  124.19  423.64  537.18  577.94
29  292.52  678.46  643.80  600.87  434.60  778.31  124.17  423.67  536.59  576.97
30  292.53  692.99  655.72  614.90  443.35  789.53  124.65  427.07  543.54  585.75
September Fund Performance (in percentages)
 0.18%  -4.36%  -2.92%  -3.46%  -3.74%  -4.35%  -0.57%  -1.31%  -2.35%  -3.01%