Objective

Long-term capital appreciation

Strategy

Combines complementary value strategies — one seeks undervalued securities using fundamental research, emphasizing industry-leaders with medium to long-term investment horizon; the other seeks undervalued securities using a quantitative model to analyze asset values, earnings, and other factors.

Fund Facts
Asset Manager
  • Dodge & Cox, Inc.(Since 2/1/00)
  • Aronson + Johnson + Ortiz, LP(Since 4/1/02)
Benchmark Russell 1000 Value 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: 1.04%; Class B: 0.69%

Annual Average Total Returns
(%) as of 03/31/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Value Equity Fund Class A 10.05 -0.71 9.69 6.12 13.9
CUIT Value Equity Fund Class B 10.15 -0.35 10.08 6.49 14.3
Russell 1000 Value Index 11.93 5.67 10.45 7.72 14.52
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT Value Equity Fund Class A -11.58 16.53 13.98 -3.58 9.57 38.32
CUIT Value Equity Fund Class B -11.27 16.96 14.41 -3.26 9.97 38.80
Russell 1000 Value Index -8.27 13.66 17.34 -3.83 13.45 32.53

Characteristics as of 12/31/2018

Statistics Fund Index
Weighted Median Market Cap $35.8B $64.9B
Price/Book 1.8x 1.8x
Price/Earnings 12.4x 12.5x
Return on Equity 16.1x 13.63x
Dividend Yield 2.1% 2.8%
5-year Earnings Growth 10.4% 5.4%
Beta 1.0 1.0
Active Share 70.0 N/A
10 Largest Holdings 23.5 10.4
# of Equity Securities 187 725
Turnover Rate 43.7 N/A
Fund Size $252.1MM
Market Sector Analysis Fund Index
Communication Services 13.1 7.3
Consumer Discretionary 5.6 5.2
Consumer Staples 4.2 7.8
Energy 9.3 9.3
Financials 24.2 22.5
Healthcare 11.9 15.7
Industrials 6.6 7.4
Information Technology 13.2 9.3
Materials 2.5 4.1
Real Estate 1.9 4.9
Utilities 2.8 6.5
Cash 4.6 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 12.4 10.9
Tracking Error 3.4 N/A
Sharpe Ratio 0.4 0.5
Information Ratio -0.1 N/A
Upside Capture 104.9 100.0
Downside Capture 108.0 100.0
Top Ten Holdings %
Bank of America Corporation 2.95
Microsoft Corporation 2.76
Cigna Corporation 2.73
Alphabet Inc. 2.40
Capital One Financial Corporation 2.35
Comcast Corporation 2.21
JPMorgan Chase & Co. 2.12
Medtronic Public Limited Company 2.11
Twenty-First Century Fox, Inc. 1.98
Wells Fargo & Company 1.86
  • Q4 2018 Performance Review

    12-Month Review

    • The fund’s sector weightings did not contribute meaningfully to excess return; specific security selection within the sectors drove the performance shortfall.
    • Other sectors of stock selection weakness were Industrials (-47 bps) and Consumer Discretionary (-48 bps).
    • On the positive side, the fund’s overweight and stock selection mix in Information Technology was additive to relative return in 2018 (combined +92 bps).

    3-Month Review

    • Even though the sub-advisors utilize very different portfolio selection and construction processes, their results were similar in that sector selection played only a minor role in the performance shortfalls during Q4; the bulk of negative excess return was due to specific stock selection within various sectors.
    • 53 bps of performance deficit resulted from holdings in Financials.
    • Consumer Discretionary holdings generated -43 bps of excess return in the quarter – again both sub-advisors realized below average returns in that sector.

    Current Positioning

    • The Fund’s positioning generally does not change much quarter to quarter or even annually in terms of sector exposures and other portfolio characteristics.
    • Currently, the fund’s overweights in Communications Services, Information technology, and Financials are consistent with positioning in recent quarters – as are the underweights to Consumer Staples, Real estate and Utilities.
  • Fund Fact Sheet

    PDF
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