Objective

Long-term capital appreciation

Strategy

Track the S&P 500 and counter the impact of screens by overweighting select holdings so that the Fund’s broad quantitative characteristics match those of the S&P 500 as closely as possible.

Fund Facts
Asset Manager
  • RhumbLine Advisers(Since 1/1/95)
Benchmark S&P 500 Index
Fund Inception Date Class A: January 1, 1995; Class B: March 1, 2000
Mimimum Investment Class A: No minimum; Class B: $3 million
Expense Ratio Class A: 0.38%; Class B: 0.18%

Additional Facts

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by CBIS. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CBIS. The CUIT Core Equity Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Annual Average Total Returns
(%) as of 12/31/2018

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Core Equity Index Fund Class A -13.57 -4.62 9.18 8.27 12.65
CUIT Core Equity Index Fund Class B -13.53 -4.42 9.40 8.49 12.88
S&P 500 Index -13.52 -4.38 9.26 8.49 13.12
Calendar Year 2017 2016 2015 2014 2013
CUIT Core Equity Index Fund Class A 22.64 11.27 0.29 13.99 32.03
CUIT Core Equity Index Fund Class B 22.87 11.51 0.50 14.19 32.31
Standard & Poors 500 Index 21.83 11.96 1.38 13.69 32.39

++ “S&P 500” is a registered trademark of McGraw-Hill Companies, Inc. (“McGraw-Hill”). The CUIT Core Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Fund.

Statistics Fund Index
Weighted Median Market Cap $80.3B $99.1B
Price/Book 2.8x 2.8x
Price/Earnings 17.4x 16.3x
Return on Equity 20.7% 20.1%
Dividend Yield 2.0% 2.1%
5-year Earnings Growth 1.9% 2.1%
Beta 1.0 1.0
10 Largest Holdings 23.7 21.3
# of Equity Securities 462 505
Turnover Rate 20.8 N/A
Fund Size $1,645.4MM
Market Sector Analysis Fund Index
Communication Services 10.4 10.1
Consumer Discretionary 10.0 9.9
Consumer Staples 6.8 7.4
Energy 5.2 5.3
Financials 14.3 13.3
Healthcare 12.5 15.5
Industrials 8.5 9.2
Information Technology 20.4 20.1
Materials 2.9 2.7
Real Estate 3.7 3.0
Utilities 3.5 3.3
Cash 1.9 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 11.1 10.9
Tracking Error 0.6 N/A
Sharpe Ratio 0.7 0.7
Information Ratio 0.3 N/A
Upside Capture 102.1 100.00
Downside Capture 101.5 100.0
Top Ten Holdings %
Microsoft Corporation 4.24
Apple Inc. 3.36
Alphabet Inc. 3.26
Berkshire Hathaway Inc. 3.01
Amazon.com, Inc. 2.95
Facebook, Inc. 1.54
JPMorgan Chase & Co. 1.52
Exxon Mobil Corporation 1.34
Coca-Cola Company 1.3
Verizon Communications Inc. 1.18
  • Q4 2018 Performance Review

    12-Month Review

    • Industrials in aggregate added 16 bps in relative return. The restriction of GE added 33 bps and Aerospace and Defense underweights added 11 bps. However, some of those gains were offset by deficits in Machinery Holdings and elsewhere within Industrials.
    • Tobacco restrictions added 35 bps; re-weightings in other industries within Consumer Staples offset 24 bps of that gain.
    • 52 bps of relative return was lost in 2018 due to Pharmaceuticals restrictions – the leading factor in the overall 34 bps performance shortfall generated in the Healthcare sector.
    • Transactional cash in down periods during 2018 was also modestly additive.

    3-Month Review

    • Restrictions on large pharma company holdings (especially Merck, Pfizer, J&J, and Eli Lilly) in aggregate subtracted 45 bps in the quarter.
    • Aerospace and Defense screens were additive in Q4 (+20 bps).
    • The restriction on GE added 9 bps in Q4.
    • Tobacco screens were modestly beneficial (+5bps), but some of that was offset elsewhere within Consumer Staples.
    • Transactional cash in a sharply declining market added more than 20 bps in the quarter.

    Current Positioning

    • The Fund is positioned very similarly to the S&P 500 index.
    • CRI restrictions are most prominent in Healthcare (e.g., large pharmaceutical companies), Consumer Staples (tobacco stocks), and Industrials (aerospace and defense). When there are significant differences in performance between CEIF and the S&P 500 index, the differences will most likely emanate from one or more of these economic sectors.
    • Currently the fund has a -3.0% total underweight in Healthcare. Within the sector, the pharmaceutical underweight is -4.2%. Healthcare Equipment and Services stocks are overweight by 0.8%.
  • Fund Fact Sheet

    PDF
Please review our important disclosures.