Objective

Long-term capital appreciation

Strategy

Focus on mid- and large-cap stocks that exhibit sustainable, above-average earnings growth; blends a quantitative manager that seeks to identify key investment risks and capture alpha through dynamic modeling with a bottom-up fundamental manager to deliver a portfolio with balanced growth, valuation, and quality attributes.

Fund Facts
Asset Manager
  • Wellington Management(Since 12/31/04)
  • Los Angeles Capital Management(Since 4/1/09)
Benchmark Russell 1000 Growth Index
Fund Inception Date Class A: January 1, 1991; Class B: January 1, 2003
Mimimum Investment Class A: No minimum; Class B: $5 million
Expense Ratio Class A: 1.17%; Class B: 0.87%

Annual Average Total Returns
(%) as of 06/30/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Growth Fund Class A 27.75 19.71 17.45 14.23 15.47
CUIT Growth Fund Class B 27.84 20.07 17.80 14.57 15.83
Russell 1000 Growth Index **** 27.84 23.28 18.99 15.89 17.23
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT Growth Fund Class A 33.46 -0.45 25.38 5.37 5.29 11.65
CUIT Growth Fund Class B 33.87 -0.16 25.77 5.69 5.63 12.06
Russell 1000 Growth Index **** 36.39 -1.51 30.21 7.08 5.67 13.05

 

Source: BNY Mellon, SS&C

**** Benchmark Index: Russell 1000 Growth Index effective June 1, 2000; prior to this date, historical returns reflect Russell Mid-Cap Growth Index.

Characteristics as of 06/30/2020

Statistics Fund Index
Weighted Median Market Cap $200.1B $200.1B
Price/Book 9.1x 10.6x
Price/Earnings 32.8x 34.0x
Return on Equity 31.5% 29.8%
Dividend Yield 0.8% 0.9%
5-year Earnings Growth 26.8% 28.1%
Beta 1.0 0.0
10 Largest Holdings 46.7% 42.5%
# of Equity Securities 183 435
Turnover Rate 64.0 N/A
Market Sector Analysis Fund Index
Communication Services 11.6 11.1
Consumer Discretionary 14.9 15.4
Consumer Staples 4.1 4.8
Energy 0.0 0.1
Financials 3.2 2.1
Healthcare 9.9 15.0
Industrials 5.7 4.6
Information Technology 46.9 43.9
Materials 1.5 0.8
Real Estate 1.5 2.1
Utilities 0.0 0.0
Cash 0.7 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 14.9 15.4
Tracking Error 1.5 N/A
Sharpe Ratio 1.0 1.0
Information Ratio -0.1 N/A
Upside Capture 96.9 100.0
Downside Capture 95.3 100.0
Top Ten Holdings %
Microsoft Corporation 10.6
Apple Inc. 9.6
Amazon.com, Inc. 6.9
Alphabet Inc. Class C 4.9
Facebook, Inc. Class A 4.1
Visa Inc. Class A 2.6
Adobe Inc. 2.2
PayPal Holdings Inc 2.1
Mastercard Incorporated Class A 2.0
salesforce.com, inc. 1.6

 

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.

  • Q2 2020 Performance Review

    12-Month Review

    • The 12-month results, while strong in absolute terms, underperformed the benchmark. The one-year results are dramatically higher compared to the one-year results at the end of last quarter due to strong second quarter returns.
    • Sector allocation modestly detracted. The zero allocation to Energy, overweight to Information Technology, and underweight to Industrials were additive to relative results, although not enough to offset the negative relative impact from the overweight allocation to Financials and exposure to transactional Cash.
    • Security selection detracted. Security selection decisions in Industrials and Materials helped relative results but were more than offset by selection in Consumer Discretionary, Information Technology, Health Care, Consumer Services, Finance and Consumer Staples.

    3-Month Review

    • The Fund is in line with benchmark results.
    • Sector allocation decisions benefited relative results. The biggest contributions to relative results came from the overweight to Information Technology and underweight to Health Care. Holding transactional cash detracted.

    Current Positioning

    • Sector weights are close to those of the benchmark.
    • The Fund has a very low tracking error relative to peers.
    • The aim is to have 75% or more of their excess returns come from stock selection.
    • The Fund places a premium on companies that are reasonably valued. As such, the Fund should provide some downside protection in rapidly declining markets and this was put to the test this past quarter. While the outperformance was modest, it is notable.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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