| Fixed Income | Large Cap Value | Large Cap Growth | Foreign | Small Company | Portfolio | |
| Morningstar Averages for the Universe | n/a | 0.29% | 3.63% | 4.51% | 3.15% | n/a |
| Stable Value Option | 0.55% | |||||
| Wellington Core | 0.68% | |||||
| PRIMCO GIC | 0.69% | |||||
| Cash | 0.18% | |||||
| BlackRock Instl. Money Market Fund | 0.04% | |||||
| Benchmark | ||||||
| BC 1-3 yr. Govt./Treas. | 0.54% | |||||
| Equity Index Option (BlackRock US Equity Index) | 1.76% | |||||
| Benchmark | ||||||
| Russell 3000 | 1.80% | |||||
| Value Stock Option | 1.42% | |||||
| JP Morgan Equity Income | 0.09% | |||||
| T. Rowe Price Value | 0.85% | |||||
| Goldman Sachs Mid Value Instl. | 1.92% | |||||
| Neuberger Berman Large Cap Value | -0.53% | |||||
| Sequoia | 8.57% | |||||
| BlackRock Value Index | -0.42% | |||||
| Benchmark | ||||||
| Russell Price Driven (1000 Value) | -0.72% | |||||
| Growth Stock Option | 4.30% | |||||
| Marsico Focus | 2.31% | |||||
| Wellington Mid Cap Opportunities | 5.54% | |||||
| Primecap Odyssey Growth | 3.53% | |||||
| T. Rowe Price Growth Stock | 5.97% | |||||
| Broad Run Mid Cap Growth | 6.02% | |||||
| BlackRock Growth Index | 3.77% | |||||
| Benchmark | ||||||
| Russell Earnings Growth (1000 Growth) | 3.84% | |||||
| International Stock Option | 4.62% | |||||
| American Century Intl. Growth | 4.47% | |||||
| Templeton Instl. Foreign | 5.29% | |||||
| Thornburg Intl Value | 7.55% | |||||
| DFA Emerging Markets Value | -0.19% | |||||
| TCW International Small Cap | 3.82% | |||||
| MFS International Value | 6.84% | |||||
| Brandes International Small Cap Equity | 6.01% | |||||
| BlackRock ACWI ex-US IMI Index | 4.02% | |||||
| Benchmark | ||||||
| MSCI ACWI Ex-US IMI (net) | 3.55% | |||||
| Diversified Small Company Stock Option | 3.04% | |||||
| DFA U.S. Micro Cap Portfolio | 3.13% | |||||
| Royce Opportunity | 1.11% | |||||
| Brown Capital Mgmt. Small. Co. Instl. | 4.35% | |||||
| Buffalo Small Cap | 3.86% | |||||
| Deutsche Small Cap Value Separate Account | 3.24% | |||||
| Mutual of America Disciplined Small Cap Value | 3.32% | |||||
| Walthausen Small Cap Value | 0.36% | |||||
| BlackRock Small Company Index | 4.24% | |||||
| Benchmark | ||||||
| Russell 2000 Total | 4.32% | |||||
| Retirement Model Portfolio | 0.91% | |||||
| Benchmark | ||||||
| Retirement Composite Index | 0.75% | |||||
| Conservative Model Portfolio | 0.97% | |||||
| Benchmark | ||||||
| Conservative Composite Index | 0.54% | |||||
| Moderate Model Portfolio | 2.08% | |||||
| Benchmark | ||||||
| Moderate Composite Index | 1.71% | |||||
| Aggressive Model Portfolio | 2.52% | |||||
| Benchmark | ||||||
| Aggressive Composite Index | 2.24% |
Archive for April, 2015
2015 March Detailed YTD Performance
Wednesday, April 15th, 20152015 February Detailed YTD Performance
Wednesday, April 15th, 2015| Fixed Income | Large Cap Value | Large Cap Growth | Foreign | Small Company | Portfolio | |
| Morningstar Averages for the Universe | n/a | 1.65% | 4.61% | 5.79% | 2.25% | n/a |
| Stable Value Option | 0.35% | |||||
| Wellington Core | 0.44% | |||||
| PRIMCO GIC | 0.43% | |||||
| Cash | 0.17% | |||||
| BlackRock Instl. Money Market Fund | 0.02% | |||||
| Benchmark | ||||||
| BC 1-3 yr. Govt./Treas. | 0.30% | |||||
| Equity Index Option (BlackRock US Equity Index) | 2.82% | |||||
| Benchmark | ||||||
| Russell 3000 | 2.85% | |||||
| Value Stock Option | 1.84% | |||||
| JP Morgan Equity Income | 1.29% | |||||
| T. Rowe Price Value | 1.38% | |||||
| Goldman Sachs Mid Value Instl. | 1.80% | |||||
| Neuberger Berman Large Cap Value | -0.87% | |||||
| Sequoia | 9.19% | |||||
| BlackRock Value Index | 0.97% | |||||
| Benchmark | ||||||
| Russell Price Driven (1000 Value) | 0.65% | |||||
| Growth Stock Option | 4.77% | |||||
| Marsico Focus | 3.99% | |||||
| Wellington Mid Cap Opportunities | 5.81% | |||||
| Primecap Odyssey Growth | 3.72% | |||||
| T. Rowe Price Growth Stock | 6.42% | |||||
| Broad Run Mid Cap Growth | 3.90% | |||||
| BlackRock Growth Index | 5.00% | |||||
| Benchmark | ||||||
| Russell Earnings Growth (1000 Growth) | 5.03% | |||||
| International Stock Option | 5.85% | |||||
| American Century Intl. Growth | 6.37% | |||||
| Templeton Instl. Foreign | 5.39% | |||||
| Thornburg Intl Value | 7.77% | |||||
| DFA Emerging Markets Value | 2.72% | |||||
| TCW International Small Cap | 4.68% | |||||
| MFS International Value | 7.67% | |||||
| Brandes International Small Cap Equity | 8.01% | |||||
| BlackRock ACWI ex-US IMI Index | 5.69% | |||||
| Benchmark | ||||||
| MSCI ACWI Ex-US IMI (net) | 5.17% | |||||
| Diversified Small Company Stock Option | 1.69% | |||||
| DFA U.S. Micro Cap Portfolio | 0.83% | |||||
| Royce Opportunity | 0.82% | |||||
| Brown Capital Mgmt. Small. Co. Instl. | 3.12% | |||||
| Buffalo Small Cap | 3.01% | |||||
| Deutsche Small Cap Value Separate Account | 1.31% | |||||
| Mutual of America Disciplined Small Cap Value | 1.28% | |||||
| Walthausen Small Cap Value | 0.45% | |||||
| BlackRock Small Company Index | 2.51% | |||||
| Benchmark | ||||||
| Russell 2000 Total | 2.53% | |||||
| Retirement Model Portfolio | 0.93% | |||||
| Benchmark | ||||||
| Retirement Composite Index | 0.82% | |||||
| Conservative Model Portfolio | 1.14% | |||||
| Benchmark | ||||||
| Conservative Composite Index | 0.88% | |||||
| Moderate Model Portfolio | 2.27% | |||||
| Benchmark | ||||||
| Moderate Composite Index | 2.15% | |||||
| Aggressive Model Portfolio | 2.67% | |||||
| Benchmark | ||||||
| Aggressive Composite Index | 2.62% |
2015 January Detailed YTD Performance
Wednesday, April 15th, 2015| Fixed Income | Large Cap Value | Large Cap Growth | Foreign | Small Company | Portfolio | |
| Morningstar Averages for the Universe | n/a | -3.56% | -1.65% | 0.30% | -2.70% | n/a |
| Stable Value Option | 0.19% | |||||
| Wellington Core | 0.23% | |||||
| PRIMCO GIC | 0.23% | |||||
| Cash | 0.07% | |||||
| BlackRock Instl. Money Market Fund | 0.01% | |||||
| Benchmark | ||||||
| BC 1-3 yr. Govt./Treas. | 0.52% | |||||
| Equity Index Option (BlackRock US Equity Index) | -2.80% | |||||
| Benchmark | ||||||
| Russell 3000 | -2.78% | |||||
| Value Stock Option | -3.49% | |||||
| JP Morgan Equity Income | -3.18% | |||||
| T. Rowe Price Value | -3.80% | |||||
| Goldman Sachs Mid Value Instl. | -2.81% | |||||
| Neuberger Berman Large Cap Value | -5.60% | |||||
| Sequoia | -0.15% | |||||
| BlackRock Value Index | -3.98% | |||||
| Benchmark | ||||||
| Russell Price Driven (1000 Value) | -4.00% | |||||
| Growth Stock Option | -1.49% | |||||
| Marsico Focus | -1.13% | |||||
| Wellington Mid Cap Opportunities | -1.43% | |||||
| Primecap Odyssey Growth | -1.96% | |||||
| T. Rowe Price Growth Stock | -0.16% | |||||
| Broad Run Mid Cap Growth | -4.14% | |||||
| BlackRock Growth Index | -1.56% | |||||
| Benchmark | ||||||
| Russell Earnings Growth (1000 Growth) | -1.53% | |||||
| International Stock Option | 0.64% | |||||
| American Century Intl. Growth | 0.42% | |||||
| Templeton Instl. Foreign | -0.15% | |||||
| Thornburg Intl Value | 2.15% | |||||
| DFA Emerging Markets Value | -0.82% | |||||
| TCW International Small Cap | 1.60% | |||||
| MFS International Value | 2.71% | |||||
| Brandes International Small Cap Equity | -1.80% | |||||
| BlackRock ACWI ex-US IMI Index | 0.39% | |||||
| Benchmark | ||||||
| MSCI ACWI Ex-US IMI (net) | -0.18% | |||||
| Diversified Small Company Stock Option | -4.55% | |||||
| DFA U.S. Micro Cap Portfolio | -4.90% | |||||
| Royce Opportunity | -5.94% | |||||
| Brown Capital Mgmt. Small. Co. Instl. | -4.49% | |||||
| Buffalo Small Cap | -3.67% | |||||
| Deutsche Small Cap Value Separate Account | -5.15% | |||||
| Mutual of America Disciplined Small Cap Value | -2.72% | |||||
| Walthausen Small Cap Value | -5.95% | |||||
| BlackRock Small Company Index | -3.30% | |||||
| Benchmark | ||||||
| Russell 2000 Total | -3.22% | |||||
| Retirement Model Portfolio | -0.29% | |||||
| Benchmark | ||||||
| Retirement Composite Index | -0.07% | |||||
| Conservative Model Portfolio | -1.15% | |||||
| Benchmark | ||||||
| Conservative Composite Index | -1.04% | |||||
| Moderate Model Portfolio | -1.51% | |||||
| Benchmark | ||||||
| Moderate Composite Index | -1.40% | |||||
| Aggressive Model Portfolio | -1.98% | |||||
| Benchmark | ||||||
| Aggressive Composite Index | -1.81% |
2015 Best in Class 401(k) awarded to the DAP
Wednesday, April 15th, 2015The DAP was awarded “2015 Best in Class 401(k) Plans” by PLANSPONSOR Magazine, a leading publication in the retirement plan industry. The Directed Account Plan made the top 30 list of 401(k) plans amongst a group of top employers offering 401(k)’s. Please take a look at the link below. Recipients of the 2015 Best in Class 401(k) Plans designation were selected from more than 4,500 plans responding to PLANSPONSOR’s annual Defined Contribution (DC) Survey. 401(k) plans were evaluated and scored on more than 30 criteria related to plan design, oversight/governance, and participant outcomes.
“Congratulations once again on being selected as one of PLANSPONSOR’s 2015 “Best in Class” 401(k) plans. The complete list of winners was published this week on www.plansponsor.com (see: http://www.plansponsor.com/PLANSPONSOR-Announces-2015-Best-in-Class-401k-Plans/), and the associated print content will be the cover story of the May issue of PLANSPONSOR magazine.”
The news of this honor will be shared with the DAP participants in the July Heads Up Newsletter. Please click here for a preview of the April Heads Up newsletter that will go out April 27th with your quarterly statements.
Manager Change in the International Stock Option
Wednesday, April 15th, 2015The TCW International Small Cap Stock Fund was terminated and removed from the International Stock Option on 4/13/15. The fund was terminated after the board was notified that the fund manager was leaving this fund. This fund had been on the manager watch list for performance that was consistently detracting from the International Stock Option performance. The funds were moved into the International Stock Option’s index fund – BlackRock ACWI Ex US IMI Index until the board finds a suitable replacement fund. The new International Stock Option target allocation is as follows:
| Manager | Previous Target Allocation | New Target Allocation effective 4/13/15 |
| American Century Intl. Growth | 10% | 10% |
| Templeton Instl. Foreign Equities | 12% | 12% |
| Thornburg Intl. Value | 8% | 8% |
| DFA Emerging Markets Value | 10% | 10% |
| TCW Intl. Small Cap Equities | 8% | 0% |
| MFS Intl. Value | 12% | 12% |
| Brandes Intl. Small Cap Equities | 6% | 6% |
| BlackRock ACWI Ex-US IMI Index | 34% | 42% |
Change in the Stable Value Option Target Allocation
Wednesday, April 15th, 2015The Board approved a reallocation of the target allocations in the Stable Value Option at the fourth quarter board meeting to enhance liquidity which was requested by the Insurance Companies providing wrap contracts to the Option. This could be achieved by increasing assets within a short-term laddered bond portfolio that would be wrapped while reducing exposure to longer-term bonds. Invesco and the DAP CIO proposed an alternate option of achieving the enhanced liquidity to the board at the fourth quarter board meeting. This option was to increase the CD portion of the Stable Value Option due to CDs having the same characteristics of a short-term laddered bond portfolio but at a higher yield. INVESCO, after discussions with the wrap contract providers, determined this proposed alternative would meet 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% |
April 2015
Thursday, April 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 | 289.18 | 764.31 | 703.60 | 651.44 | 491.03 | 884.91 | 125.55 | 437.75 | 571.42 | 627.20 |
| 02 | 289.26 | 767.26 | 706.14 | 653.82 | 496.32 | 887.60 | 125.71 | 438.47 | 573.21 | 629.66 |
| 03 | Good Friday Holiday – Market is Closed | |||||||||
| 06 | 289.28 | 770.59 | 710.68 | 656.92 | 501.06 | 891.63 | 125.88 | 439.43 | 575.36 | 632.59 |
| 07 | 289.30 | 769.12 | 708.79 | 656.32 | 501.84 | 886.44 | 125.85 | 439.04 | 574.64 | 631.47 |
| 08 | 289.31 | 773.01 | 711.41 | 661.40 | 505.03 | 892.03 | 125.98 | 439.83 | 576.81 | 634.45 |
| 09 | 289.33 | 775.41 | 713.84 | 663.89 | 506.54 | 890.88 | 126.07 | 440.42 | 577.81 | 635.54 |
| 10 | 289.39 | 778.18 | 717.32 | 665.77 | 508.56 | 893.67 | 126.19 | 441.22 | 579.24 | 637.42 |
| 13 | 289.41 | 775.93 | 714.46 | 664.76 | 509.23 | 894.48 | 126.14 | 440.62 | 578.66 | 636.87 |
| 14 | 289.43 | 776.87 | 715.41 | 663.93 | 510.81 | 894.25 | 126.19 | 440.86 | 578.95 | 637.26 |
| 15 | 289.45 | 780.15 | 719.22 | 666.37 | 513.07 | 901.67 | 126.32 | 441.73 | 580.87 | 640.03 |
| 16 | 289.46 | 779.31 | 718.68 | 665.60 | 514.28 | 899.74 | 126.32 | 441.58 | 580.62 | 639.70 |
| 17 | 289.52 | 771.60 | 710.16 | 657.19 | 509.14 | 884.34 | 126.06 | 439.70 | 576.05 | 633.24 |
| 20 | 289.54 | 776.63 | 716.57 | 662.93 | 508.86 | 894.36 | 126.22 | 441.08 | 578.79 | 636.94 |
| 21 | 289.56 | 776.21 | 715.83 | 664.19 | 511.41 | 894.06 | 126.24 | 440.96 | 579.11 | 637.42 |
| 22 | 289.58 | 778.85 | 719.12 | 667.17 | 512.35 | 895.59 | 126.34 | 441.69 | 580.41 | 639.01 |
| 23 | 289.60 | 781.04 | 721.16 | 669.39 | 514.82 | 900.61 | 126.43 | 442.20 | 581.83 | 641.07 |
| 24 | 289.65 | 781.50 | 722.05 | 669.24 | 517.85 | 898.56 | 126.51 | 442.42 | 582.21 | 641.51 |
| 27 | 289.67 | 775.72 | 718.44 | 664.04 | 521.42 | 891.63 | 126.44 | 441.33 | 580.40 | 639.25 |
| 28 | 289.69 | 778.75 | 720.35 | 662.94 | 520.64 | 898.16 | 126.50 | 441.93 | 581.19 | 640.53 |
| 29 | 289.71 | 776.67 | 717.27 | 659.47 | 517.47 | 888.97 | 126.40 | 441.33 | 579.16 | 637.44 |
| 30 | 289.73 | 770.96 | 709.28 | 650.39 | 514.43 | 871.73 | 126.18 | 439.71 | 574.87 | 631.30 |
| April Fund Performance (in percentages) | ||||||||||
| 0.20% | 0.34% | 0.44% | -0.63% | 5.17% | -1.60% | 0.46% | 0.27% | 0.43% | 0.49% | |