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: 0.39%; Class B: 0.19%

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 03/31/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Core Equity Index Fund Class A -19.75 -6.92 5.35 6.55 10.25
CUIT Core Equity Index Fund Class B -19.71 -6.72 5.57 6.77 10.47
S&P 500 Index -19.60 -6.98 5.10 6.73 10.53
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT Core Equity Index Fund Class A 32.05 -4.62 22.64 11.27 0.29 13.99
CUIT Core Equity Index Fund Class B 32.33 -4.42 22.87 11.51 0.50 14.19
Standard & Poor's 500 Index ++ 31.49 -4.38 21.83 11.96 1.38 13.69

 

Source: BNY Mellon, SS&C

++ “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.

Characteristics as of 03/31/2020

Statistics Fund Index
Weighted Median Market Cap $94.7B $118.7B
Price/Book 2.7x 2.7x
Price/Earnings 17.4x 17.4x
Return on Equity 25.7% 25.0%
Dividend Yield 2.1% 2.3%
5-year Earnings Growth 18.0% 17.0%
Beta 1.0 0.0
10 Largest Holdings 27.7% 25.2%
# of Equity Securities 463 505
Turnover Rate 30.8 N/A
Market Sector Analysis Fund Index
Communication Services 11.2 10.7
Consumer Discretionary 9.7 9.8
Consumer Staples 7.3 7.8
Energy 2.6 2.6
Financials 11.3 10.9
Health Care 13.3 15.4
Industrials 7.8 8.2
Information Technology 25.8 25.5
Materials 2.8 2.4
Real Estate 3.4 3.0
Utilities 3.5 3.6
Cash 1.3 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 13.7 13.5
Tracking Error 0.6 N/A
Sharpe Ratio 0.4 0.4
Information Ratio 0.4 N/A
Upside Capture 102.2 100.0
Downside Capture 101.3 100
Top Ten Holdings %
Microsoft Corporation 6.1
Apple Inc. 5.1
Amazon.com, Inc. 3.8
Alphabet Inc. 3.5
Berkshire Hathaway Inc. 2.2
Facebook, Inc. 1.9
Abbott Laboratories 1.4
JPMorgan Chase & Co. 1.3
Visa Inc. 1.3
Coca-Cola Company 1.2

 

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.

  • Q1 2020 Performance Review

    12-Month Review

    • Outperformance of the Fund was due primarily to exposure to Industrials. Restricted stocks delivered weaker relative performance for the period. However, reweighting to companies detracted from positive performance.
    • Information Technology benefitted, which was driven by reweighting to strong performing securities.
    • Conversely, Health Care cost the Fund due to restricting names, and re-weighting to issues.
    • Consumer staples added along with reweighting to stronger performers.
    • Energy added to results as the Fund was modestly underweight to the underperforming sector.

    3-Month Review

    • Underperformance was concentrated in HealthCare as restricted, higher-performing issues posted stronger returns, relative to the Fund.
    • Industrials sector added, largely from restricting underperforming names.
    • Information Technology added this quarter from re-weighting a name.
    • Consumer Staples added from re-weighting. This was partially offset by restricting two names.
    • Energy added from restricting a name.
    • Trading and futures exposure was a minor detractor during the period.

    Current Positioning

    • The Fund is positioned very similarly to the benchmark.
    • Restrictions are most prominent in Health Care(e.g., large pharmaceutical companies),Consumer Staples (tobacco stocks), and Industrials (aerospace and defense). When there are significant differences in performance,the differences will most likely emanate from one or more of these economic sectors.
    • Currently, the Fund is underweight in Health Care.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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