Objective
Seeks current income and long-term capital appreciation
Strategy
Uses top down macroeconomic analysis, along with fundamental research, to capture inefficiencies in the valuation of sectors and individual securities; combined with duration management (+/– 20% of the benchmark) in pursuit of above-benchmark returns over a full market cycle
| Fund Facts | |
|---|---|
| Asset Manager |
|
| Benchmark | Bloomberg Aggregate Bond Index |
| Blended Benchmark | – |
| Fund Inception Date | 2/1/1995 |
| Mimimum Investment | $5M/$5,000 |
| Expense Ratio | Class A: 1.17%; Class B: 0.87% |
Additional Facts
Fee waivers and reimbursements are contractual and in effect until 02/28/25.
*Teachers Advisors LLC (“TAL”), a investment adviser subsidiary of Nuveen (“TAL/Nuveen”),Nuveen is the wholly owned investment manager subsidiary of TIAA. Nuveen provides investment advisory solutions through its investment specialists including Teachers Advisors, LLC, a registered investment adviser, and sub-advisor to the CRI Bond Fund.
Characteristics as of 03/31/2024
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | $356.2B | $240.1B |
| Price/Book | 9.8x | 12.0x |
| Price/Earnings | 37.9x | 39.8x |
| Return on Equity | 33.4% | 31.5% |
| Dividend Yield | 0.6% | 0.7% |
| 5-year Earnings Growth | 20.7% | 20.1% |
| Beta | 1 | N/A |
| 10 Largest Holdings | 52.7% | 43.9% |
| # of Equity Securities | 141 | 453 |
| Turnover Rate | 37.5 | N/A |
| Market Sector Analysis | Fund | Index |
|---|---|---|
| Communication Services | 13.8 | 11.1 |
| Consumer Discretionary | 18.3 | 16.8 |
| Consumer Staples | 2.9 | 4.6 |
| Energy | 0.0 | 0.1 |
| Financials | 2.2 | 1.9 |
| Healthcare | 9.5 | 13.6 |
| Industrials | 3.5 | 4.5 |
| Information Technology | 47.4 | 45.1 |
| Materials | 1.0 | 0.8 |
| Real Estate | 0.6 | 1.6 |
| Utilities | 0.0 | 0.0 |
| Cash | 0.7 | 0.0 |
| Risk Metrics | Fund (5 YR) |
Index (5 YR) |
|---|---|---|
| Standard Deviation | 15.7 | 16.2 |
| Tracking Error | 1.6 | N/A |
| Sharpe Ratio | 1.2 | 1.2 |
| Information Ratio | -0.6 | N/A |
| Upside Capture | 95.8 | 100.0 |
| Downside Capture | 97.1 | 100.0 |
| Top Ten Holdings | % | |
|---|---|---|
| Apple Inc. | 12.2 | |
| Microsoft Corporation | 10.8 | |
| Amazon.com, Inc. | 8.6 | |
| Facebook, Inc. Class A | 5.3 | |
| Alphabet Inc. Class C | 5.3 | |
| Alphabet Inc. Class A | 2.3 | |
| PayPal Holdings Inc | 2.2 | |
| Visa Inc. Class A | 2.2 | |
| Tesla Inc | 1.9 | |
| Adobe Inc. | 1.9 |
Source: FactSet, eVestment
The securities identified and described do not represent all of the securities purchased, sold or recommended for investor accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.
-
Q4 2020 Performance Review
12-Month Review
- The Fund underperformed the benchmark.
- Sector allocation contributed. Underweight to Health Care and Industrials and overweight to Information Technology were the biggest contributors.
- Security selection detracted meaningfully to relative results.
3-Month Review
- The Fund underperformed the benchmark.
- Sector allocation decisions had a neutral impact on results.
- Selection decisions had a negative impact on relative results. The biggest detractions came from Consumer Discretionary followed by Information Technology.
Current Positioning
- Sector weightings are similar to those of the benchmark with the exception of Information Technology and Health Care.
- Fund has a very low tracking error relative to peers.
- The Fund aims to have 75% or more of their excess returns come from stock selection.
- The Fund places a premium on companies that are reasonably valued.
All attribution is based on gross portfolio performance.