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: 0.58%; Class B: 0.29%

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 03/31/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Small Capitalization Equity Index Fund Class A -32.68 -26.13 -5.66 -1.10 6.14
CUIT Small Capitalization Equity Index Fund Class B -32.62 -25.94 -5.38 -0.81 6.46
S&P SmallCap 600 Index § -32.64 -25.89 -5.23 -0.62 6.70
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT Small Capitalization Equity Index Fund Class A 22.24 -8.90 14.43 20.60 -4.75 4.46
CUIT Small Capitalization Equity Index Fund Class B 22.58 -8.63 14.81 20.97 -4.53 4.81
S&P SmallCap 600 Index § 22.78 -8.48 15.22 21.31 -4.41 4.90

 

Source: BNY Mellon, SS&C

Characteristics as of 03/31/2020

Statistics Fund Index
Weighted Median Market Cap $1.4B $1.4B
Price/Book 1.2x 1.2x
Price/Earnings 13.2x 13.2x
Return on Equity 9.4% 9.4%
Dividend Yield 2.4% 2.5%
5-year Earnings Growth 10.7% 10.5%
Beta 1.0 0.0
Active Share 3.6 N/A
10 Largest Holdings 6.4% 6.4%
# of Equity Securities 595 601
Turnover Rate 42.9 N/A
Market Sector Analysis Fund Index
Communication Services 2.8 2.8
Consumer Discretionary 11.0 11.4
Consumer Staples 3.7 3.9
Energy 1.8 1.8
Financials 16.9 17.4
Healthcare 13.3 13.9
Industrials 17.5 18.0
Information Technology 14.9 15.3
Materials 4.5 4.7
Real Estate 7.8 8.0
Utilities 2.9 2.9
Cash 2.8 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 19.3 19.4
Tracking Error 0.2 N/A
Sharpe Ratio -0.1 -0.1
Information Ratio 0.5 N/A
Upside Capture 100.0 100.0
Downside Capture 99.5 100.0
Top Ten Holdings %
LHC Group, Inc. 0.8
Exponent, Inc. 0.7
Neogen Corporation 0.7
eHealth, Inc. 0.7
Cogent Communications Holdings, Inc. 0.6
Balchem Corporation 0.6
Momenta Pharmaceuticals, Inc. 0.6
Strategic Education, Inc. 0.6
Community Bank System, Inc. 0.6
American States Water Company 0.6

 

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.

  • Q1 2020 Performance Review

    12-Month Review

    • Health Care benefitted results for the period. Specifically, restricting and re-weighting names contributed positively to performance.
    • Energy contributed driven by underweights to weaker areas such as Energy Equipment & Services and Oil and Gas & Consumable Fuels.
    • Conversely, Industrials detracted with strong results driven primarily by restricting a name.
    • Consumer Staples sector added during period with gains from re-weighting three names. This was partially offset by losses from restricting two names.
    • Financials were additive with underweights to Mortgage REITs, Thrifts & Mortgages and Banks.

    3-Month Review

    • Industrials were the largest detractor during the quarter.
    • Financials contributed primarily due to underweights to Mortgage REITs, Thrifts & Mortgages and Banks. This was partially offset by exposure to Insurance holdings.
    • Energy contributed largely from underweights to weaker areas such as Energy Equipment & Services and Oil and Gas & Consumable Fuels.
    • Consumer Staples with gains from re-weighting.
    • The Health Care sector detracted from results by restricting stronger performers.
    • Communication Services and Utilities were additive to overall results.
    • Trading and the Futures Program added this quarter.

    Current Positioning

    • The Fund is positioned very similarly to the Benchmark.
    • Restrictions are most prominent in Health Care (e.g., pharmaceutical companies), Consumer Staples (tobacco stocks), and Industrials (aerospace and defense). When there are differences in performance, the differences will most likely emanate from one or more of these economic sectors.
    • Since restricted securities comprise ~2% of the benchmark, the Fund will almost always closely track the benchmark, but underperform marginally due to management fees.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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