TIER III – Actively Managed Funds
Monthly Performance (available 16 business days after month end)
Investment Overview
Actively Managed Funds are for the investor who wants to access the key segments of the investment markets on an actively managed basis. These diversified, multi-manager investment funds aim to outperform their specific market benchmarks. Here are the actively managed fund choices:
| STABLE VALUE FUND | |||||
| The fund has two investment portfolios. The Stable Value Fund 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 Fund. 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 Fund is composed of cash and cash equivalents. | |||||
| Benchmark: BofAML US Treasury 91 Days | |||||
| Target Allocations |
|||||
| 90% Invesco Managed Accounts (CIT) |
|||||
| 10% Invesco Govt Agency Port Money Market (AGPXX) |
|||||
| FIXED INCOME FUND | |||||
| This actively managed, multi-manager fund seeks a high and stable rate of current income, consistent with long-term preservation of capital. A secondary objective is to take advantage of opportunities to realize capital appreciation. | |||||
| Benchmark: Bloomberg Barclays Universal Bond Index | |||||
| Target Allocations | |||||
| 35% Dodge & Cox Core Fund (DOXIX) | |||||
| 35% Prudential Core Plus Fund (CIT) | |||||
| 20% Western Asset Core Bond Fund (WACSX) | |||||
| 10% SSgA US Fixed Income Index Fund (CIT) | |||||
| DIVERSIFIED INFLATION REAL RETURN FUND | |||||
| This actively managed, multi-manager fund invests in physical or tangible assets that have value, due to their substance and properties. Real assets include precious metals, commodities, real estate and infrastructure investments. They help to offset one of the biggest risks to a retiree portfolio – unexpected inflation, as do TIPS. They also have a relatively low correlation with financial assets such as stocks and bonds and can thus be a good diversifier. | |||||
| Benchmark: Bloomberg Barclays US TIPs 0-5 Yr Index | |||||
| Target Allocations | |||||
| 5% Vanguard Short TIPS (VTAPX) | |||||
| 25% SSgA Inflation-Protected Securities (CIT) | |||||
| 25% SSgA Global REIT (CIT) | |||||
| 20% Frontier Magellan Infrastructure (FMGIX) | |||||
| 15% SSgA Natural Resources (CIT) | |||||
| 10% SSgA Commodities (CIT) | |||||
| LARGE CAP CORE STOCK FUND | |||||
| This actively managed, multi-manager fund invests in the stocks of large capitalization companies that may include both growth and value stocks, and may represent companies across all market sectors. The objective is long-term growth of capital and income. | |||||
| Benchmark: S&P 500 Index | |||||
| Target Allocations | |||||
| 30% Macquarie Large Cap Value (CIT) | |||||
| 30% T. Rowe Price Large Cap Growth (PRUFX) | |||||
| 15% Columbia Large Cap Contrarian (CIT) | |||||
| 25% SSgA S&P 500 Index Fund (CIT) | |||||
| SMALL/MID CAP CORE STOCK FUND | |||||
| This actively managed, multi-manager fund invests in the stocks of small and mid cap companies that may include both growth and value stocks, and may represent companies across all market sectors. The objective is long-term growth of capital and income. A fundamental approach to investing in small to mid cap stocks, the fund seeks companies that are in strong financial condition and that management believes are attractively valued relative to earnings and cash flow per share. | |||||
| Benchmark: Russell 2500 Index | |||||
| Target Allocations | |||||
| 15% TS&W SMID Cap Value (CIT) | |||||
| 15% William Blair SMID Growth (WSMDX) | |||||
| 15% Atlanta High Quality SMID Cap (ERASX) | |||||
| 10% Brown Small Co. Instl. (BCSSX) | |||||
| 10% Segall Bryant & Hamill Small Cap Value (SBHVX) | |||||
| 25% Wellington Mid Cap Opportunities (CIT) | |||||
| 10% SSgA Russell 2500 Index Fund (CIT) | |||||
| INTERNATIONAL STOCK FUND |
|||||
| This actively managed, multi-manager fund contains portfolios whose managers invest in securities across world markets. The fund may contain broadly diversified portfolios and/or portfolios of managers who have shown results in making more concentrated country/company investments. Investment is in common stocks of foreign and some US companies. | |||||
| Benchmark: MSCI ACWI Ex USA IMI Index | |||||
| Target Allocations | |||||
| 22.5% Causeway International Value Equity (CIT) | |||||
| 22.5% Artisan Non-US Growth (CIT) | |||||
| 15% Aberdeen Emerging Markets Equity (CIT) | |||||
| 15% TS&W International Small Cap (CIT) | |||||
| 25% SSgA Global All Cap Equity Ex-US Index (CIT) |