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: 1.06%; Class B: 0.71%

Annual Average Total Returns
(%) as of 06/30/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Value Equity Fund Class A 18.27 -10.48 0.32 2.71 9.63
CUIT Value Equity Fund Class B 18.38 -10.17 0.68 3.08 10.02
Russell 1000 Value Index 14.29 -8.84 1.82 4.64 10.41
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT Value Equity Fund Class A 23.06 -11.58 16.53 13.98 -3.58 9.57
CUIT Value Equity Fund Class B 23.5 -11.27 16.96 14.41 -3.26 9.97
Russell 1000 Value Index 26.54 -8.27 13.66 17.34 -3.83 13.45

 

Source: BNY Mellon, SS&C

Characteristics as of 06/30/2020

Statistics Fund Index
Weighted Median Market Cap $30.7B $57.5B
Price/Book 1.5x 1.9x
Price/Earnings 12.2x 17.3x
Return on Equity 15.3% 16.7%
Dividend Yield 2.5% 2.8%
5-year Earnings Growth 12.3% 8.0%
Beta 1.0 0.0
Active Share 72.8 N/A
10 Largest Holdings 20.5% 3.5%
# of Equity Securities 206 839
Turnover Rate 83.9 N/A
Market Sector Analysis Fund Index
Communication Services 12.8 9.3
Consumer Discretionary 5.5 7.0
Consumer Staples 4.7 8.1
Energy 6.5 5.3
Financials 22.8 18.5
Healthcare 13.3 14.1
Industrials 9.2 12.3
Information Technology 16.4 10.2
Materials 2.7 4.5
Real Estate 1.9 4.7
Utilities 2.9 5.9
Cash 1.4 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 17.6 15.5
Tracking Error 3.9 N/A
Sharpe Ratio 0.2 0.2
Information Ratio -0.2 N/A
Upside Capture 107.0 100.0
Downside Capture 111.1 100.0
Top Ten Holdings %
Microsoft Corporation 2.4
FedEx Corporation 2.3
Cigna Corporation 2.2
HP Inc. 2.1
Johnson Controls International plc 2.1
CVS Health Corporation 2.0
MetLife, Inc. 1.9
Bank of New York Mellon Corporation 1.8
Charles Schwab Corporation 1.8
Comcast Corporation Class A 1.8

 

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.

  • Q2 2020 Performance Review

    12-Month Review

    • Stock selection was the primary cause of underperformance with negative relative results in Financials, Industrials, and Energy driving overall underperformance. While there were some positives from an overweight to Information Technology and strong stock selection within Communication Services and Health Care, they were not enough to offset the negative stock selection results in the other sectors.
    • With the exception of Communication Services and Health Care, disappointing results in all sectors with the most notable being Energy and Information Technology.

    3-Month Review

    • Outperformance was primarily due to stock selection with positive stock selection responsible for relative performance for the quarter.
    • Sector allocations had little impact on overall relative performance in the second quarter but underweights to Consumer Staples and Utilities along with an overweight to Information Technology were positive. An underweight to Materials and a small allocation to cash were the primary negatives.
    • Within Communication Services, the Fund benefitted from strong performers. Underweighting one of the larger benchmark names with a low single digit return, was also additive.
    • Financials holdings, while they were a drag on performance in the first quarter, contributed to the outperformance in the second quarter.
    • Energy stocks, another drag on performance in the first quarter, had a positive impact on relative returns in the second quarter despite a relatively small allocation in the Fund.
    • The only sector where stock selection detracted was Materials.

    Current Positioning

    • Positioning generally does not change much quarter to quarter or even annually in terms of sector exposures and other portfolio characteristics.
    • Currently, overweights in Communications Services, Information Technology, and Financials are consistent with positioning in recent quarters — as are the underweights to Health Care, Consumer Staples, Real Estate, and Utilities.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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