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: 1.15%; Class B: 0.85%

Annual Average Total Returns
(%) as of 09/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Growth Fund Class A 0.80 4.01 15.30 12.25 13.51
CUIT Growth Fund Class B 0.88 4.32 15.65 12.59 13.85
Russell 1000 Growth Index **** 1.49 3.71 16.89 13.39 14.94
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT Growth Fund Class A -0.45 25.38 5.37 5.29 11.65 32.92
CUIT Growth Fund Class B -0.16 25.77 5.69 5.63 12.06 33.31
Russell 1000 Growth Index **** -1.51 30.21 7.08 5.67 13.05 33.49

**** 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 06/30/2019

Statistics Fund Index
Weighted Median Market Cap $116.2B $113.2B
Price/Book 7.3x 6.8x
Price/Earnings 29.6x 24.6x
Return on Equity 26.7% 30.7%
Dividend Yield 0.8% 1.20%
5-year Earnings Growth 21.7% 22.2%
Beta 1.0 1.0
10 Largest Holdings 39.2% 34.9%
# of Equity Securities 227 546
Turnover Rate 102.2 N/A
Market Sector Analysis Fund Index
Communication Services 10.7 12.0
Consumer Discretionary 15.9 15.2
Consumer Staples 4.7 5.7
Energy 0.0 0.7
Financials 5.3 4.4
Healthcare 10.5 12.6
Industrials 8.7 11.5
Information Technology 40.0 33.5
Materials 1.1 1.9
Real Estate 2.1 2.4
Utilities 0.0 0.0
Cash 1.1 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 12.5 13.0
Tracking Error 1.7 N/A
Sharpe Ratio 1.0 1.0
Information Ratio 0.2 N/A
Upside Capture 97.6 100.0
Downside Capture 94.4 100.0
Top Ten Holdings %
Microsoft Corporation 8.1
Amazon.com, Inc. 6.3
Apple Inc. 5.9
Alphabet Inc. 4.9
Facebook, Inc. 3.6
Visa Inc. 2.8
Mastercard Incorporated 2.4
Home Depot, Inc. 2.1
PayPal Holdings, Inc. 1.6
Adobe Incorporated 1.4
  • Q2 2019 Performance Review

    12-Month Review

    • After a sharp decline in valuations in Q4 2018, US Large Cap Growth stocks have rebounded strongly year to date in 2019; The Fund outperformed for the period.
    • Results were achieved mostly through favorable stock selection as opposed to successful sector and industry allocations.
    • While the Fund benefitted from being overweight in market leading Information Technology stocks, a slight overweight in the very poor performing Energy sector completely offset that gain.
    • Stock selection was notably strong in Health Care. The relative performance impact from pharmaceuticals holdings was minimal for the 12-month period. Positive stock selection results were prominent in biotech and equipment and supply companies.
    • Information Technology stock selection was positive.

    3-Month Review

    • The overall Fund holdings performed very much in line with the benchmark index in Q2 with no significant deviations in returns generated by sector weight imbalances and/or specific stock selection results within industry groupings.
    • The need for some transactional cash detracted performance in the 2Q 2019 up market.

    Current Positioning

    • Although the two sub-advisors utilize very different investment philosophies and portfolio construction techniques, both are currently keeping sector weights fairly close to the benchmark index. Historically both managers have had low tracking error and hence the Fund is a very low tracking error product relative to peers.
    • The Fund aims to add 75% or more of excess return through specific stock selection within sectors.
    • Among Growth oriented equity managers, the Fund sub-advisors place a premium on companies that are reasonably valued. As such, the Fund should provide some downside protection in rapidly declining markets.
    • Information Technology stocks is the Fund’s largest overweight. Industrials and Health Care have been underweight compared to the index in recent quarters.
  • Fund Fact Sheet

    PDF
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