Objective

Current income and long-term capital appreciation

Strategy

Uses top down macroeconomic analysis, along with fundamental industry and company research, to capture inefficiencies in the valuation of sectors and individual securities; this is combined with duration management (+/– 20% of the benchmark) in pursuit of above-benchmark returns over a full market cycle.

Fund Facts
Asset Manager
  • Brandywine Global Investment Management(Since 2/28/19)
  • Dodge & Cox, Inc.(Since 1/1/95)
  • SLC Management(Since 2/28/19)
Benchmark Barclays Capital Aggregate Bond Index
Fund Inception Date Class A: January 1, 1995; Class B: January 1, 2003
Mimimum Investment Class A: No minimum; Class B: $5 million
Expense Ratio Class A: 0.54%; Class B: 0.39%

Annual Average Total Returns
(%) as of 06/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Intermediate Diversified Bond Fund Class A 3.17 7.52 2.47 2.88 4.41
CUIT Intermediate Diversified Bond Fund Class B 3.17 7.67 2.62 3.04 4.56
Barclays Capital Aggregate Bond Index 3.08 7.87 2.31 2.95 3.90
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT Intermediate Diversified Bond Fund Class A 0.00 3.38 3.53 -0.13 5.65 -1.73
CUIT Intermediate Diversified Bond Fund Class B 0.14 3.54 3.69 -0.05 5.81 -1.51
Barclays Capital Aggregate Bond Index 0.01 3.54 2.65 0.55 5.97 -2.02

Characteristics as of 06/30/2019

Statistics Fund Index
Average Maturity (Yrs) 8.4 7.9
Effective Duration (Yrs) 5.7 5.7
Average Quality A+ AA
Yield-to-Maturity 2.9% 2.5%
Current Yield 3.5% 3.1%
# of Securities 698 10,493
Effective Duration Fund Index
< 1 Year 10.5 2.3
1 - 3 Years 22.1 32.3
3 - 5 Years 26.7 31.2
5 - 7 Years 11.6 11.5
7 - 10 Years 13.4 6.9
10 - 20 Years 15.7 15.0
> 20 Years 0.0 0.8
Market Sector Analysis Fund Index
Treasury and Gov't Related 28.5 45.2
Corporate 31.2 25.1
MBS 19.1 27.3
CMBS 10.0 2.0
ABS 9.1 0.5
Cash 2.1 0.0
Credit Quality Fund Index
AAA 54.2 72.3
AA 3.0 3.3
A 13.2 10.4
BBB 23.0 13.0
Below BBB 4.4 1.0
Cash 2.1 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 2.8 2.9
Tracking Error 0.6 N/A
Sharpe Ratio 0.9 0.7
Information Ratio 0.8 N/A
Upside Capture 101.5 100.0
Downside Capture 84.5 100.0
  • Q2 2019 Performance Review

    12-Month Review

    • The Fund finished the 12-month period ahead of the Benchmark.
    • The Fund’s shorter than benchmark duration, particularly in the latter half of 2018, had a negative impact on relative returns.
    • Curve positioning had a slight positive.
    • Sector positioning had the biggest impact on excess returns for the period. Overweight to Corporates and underweight to mortgage passthroughs were primarily responsible.
    • Security selection was also additive due largely to holdings in Industrials and CMBS. Offsetting was MBS passthroughs.

    3-Month Review

    • The Fund outperformed its benchmark on the strength of sector allocation and security selection.
    • Although the Fund had a slightly shorter than benchmark duration position for the quarter, the impact of the duration positioning was negligible.
    • Curve positioning was neutral for the period.
    • Sector allocation was the main contributor for the period, due in large part to overweight to financial institutions and underweight to mortgage passthroughs.
    • Security selection also contributed for the quarter. CMBS and Industrials were additive, while ABS and MBS Passthroughs detracted.

    Current Positioning

    • The Fund’s duration has remained the same since the end of the first quarter.
    • Little change in Fund’s yield curve positioning since the first quarter.
  • Fund Fact Sheet

    PDF
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