Objective

Long-term capital appreciation by attempting to replicate the performance of the S&P SmallCap 600 Index, a commonly used index of domestic small-capitalization stocks.

Strategy

Closely track the benchmark Index, while seeking replacements for screened stocks among companies with similar market capitalizations in the same or a related industry. The Fund’s share price closely tracks the performance of the S&P SmallCap 600 Index.

Fund Facts
Asset Manager
  • RhumbLine Advisers(Since 1/1/07)
Benchmark S&P SmallCap 600 Index
Fund Inception Date December 29, 2006
Mimimum Investment Class A: No minimum; Class B: $3 million
Expense Ratio Class A: 0.56%; Class B: 0.26%

Additional Facts

Effective November 1, 2017, the benchmark for the CUIT Small Cap Equity Index Fund was changed to the S&P SmallCap 600 Index. For periods prior to November 1, 2017, the benchmark was the Russell 2000 Index.

The S&P SmallCap 600 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 Small Capitalization 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 SmallCap 600 Index.

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

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Small Capitalization Equity Index Fund Class A -19.99 -8.90 7.93 4.58 11.75
CUIT Small Capitalization Equity Index Fund Class B -19.93 -8.63 8.27 4.89 12.10
S&P SmallCap 600 Index § -20.10 -8.48 8.55 5.10 12.34
Calendar Year 2017 2016 2015 2014 2013
CUIT Small Capitalization Equity Index Fund Class A 14.43 20.60 -4.75 4.46 38.05
CUIT Small Capitalization Equity Index Fund Class B 14.81 20.97 -4.53 4.81 38.38
S&P SmallCap 600 Index § 15.22 21.31 -4.41 4.90 38.82
Statistics Fund Index
Weighted Median Market Cap $1.68B $1.6B
Price/Book 1.7x 1.7x
Price/Earnings 16.5x 16.5x
Return on Equity 9.9% 9.6%
Dividend Yield 1.7% 1.7%
5-year Earnings Growth 7.9% 7.8%
Beta 1.0 1.0
Active Share 2.1% N/A
10 Largest Holdings 5.34 5.32
# of Equity Securities 596 601
Turnover Rate 37.1 N/A
Fund Size $288.6MM
Market Sector Analysis Fund Index
Communication Services 2.0 2.0
Consumer Discretionary 13.9 14.0
Consumer Staples 3.5 3.6
Energy 3.4 3.4
Financials 19.0 19.1
Healthcare 11.3 11.5
Industrials 18.4 18.6
Information Technology 14.4 14.4
Materials 4.1 4.2
Real Estate 6.6 6.6
Utilities 2.6 2.6
Cash 0.7 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 15.5 15.6
Tracking Error 0.2 N/A
Sharpe Ratio 0.8 0.3
Information Ratio 0.4 N/A
Upside Capture 99.7 100.0
Downside Capture 99.3 100.0
Top Ten Holdings %
First Financial Bankshares, Inc. 0.59
Green Dot Corporation 0.57
Spire Inc. 0.56
Selective Insurance Group, Inc. 0.54
Ingevity Corp. 0.54
Trex Company, Inc. 0.54
Amedisys, Inc. 0.52
Glacier Bancorp, Inc. 0.5
EastGroup Properties, Inc. 0.5
Darling Ingredients Inc. 0.48
  • Q4 2018 Performance Review

    12-Month Review

    • The Fund marginally outperformed the index for the year before management fees.
    • 19 bps of excess return was generated in Healthcare, as restrictions on a few biotech and pharmaceutical companies accounted for most of that gain.
    • 12 basis points was lost in Industrials, half of which due to one Aerospace and Defense company restriction.
    • As with the quarter, the full year 2018 relative return was boosted a bit by holding transactional cash during the periods of sharp downward moves in stock valuations.

    3-Month Review

    • Most of the outperformance was generated by restrictions on one biotech holding (REGENEXBIO) and one pharmaceutical company (Endo Intl) within the Healthcare sector. Both stocks suffered large declines in valuation during the quarter.
    • Not owning Aerojet Rocketdyne, a restricted Aerospace and Defense company, detracted 8 bps from relative return.
    • Transactional cash held during the period of sharply declining valuations also boosted relative return.

    Current Positioning

    • The Fund is positioned very similarly to the S&P 600 index.
    • CRI restrictions are most prominent in Healthcare (e.g., pharmaceutical companies), Consumer Staples (tobacco stocks), and Industrials (aerospace and defense). When there are differences in performance between SCEIF and the S&P 600 index, the differences will most likely emanate from one or more of these economic sectors.
    • Since restricted securities comprise less than 2% of the S&P 600 index, this fund will almost always closely track the index but underperform marginally due to management fees.
  • Fund Fact Sheet

    PDF
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