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: 0.68%

Annual Average Total Returns
(%) as of 03/31/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Value Equity Fund Class A -29.79 -21.49 -4.72 -0.44 6.38
CUIT Value Equity Fund Class B -29.73 -21.21 -4.38 -0.08 6.76
Russell 1000 Value Index -26.73 -17.17 -2.18 1.90 7.67
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 03/31/2020

Statistics Fund Index
Weighted Median Market Cap $29.1B $57.4B
Price/Book 1.2x 1.5x
Price/Earnings 10.7x 12.6x
Return on Equity 15.4% 14.5%
Dividend Yield 2.9% 3.4%
5-year Earnings Growth 12.9% 7.5%
Beta 1.0 0.0
Active Share 72.2 N/A
10 Largest Holdings 23.4% 4.5%
# of Equity Securities 214 765
Turnover Rate 77.3 N/A
Market Sector Analysis Fund Index
Communication Services 13.5 8.6
Consumer Discretionary 4.6 5.2
Consumer Staples 6.2 10.6
Energy 5.1 5.4
Financials 24.0 21.3
Health Care 14.1 15.5
Industrials 7.8 9.5
Information Technology 15.1 6.8
Materials 2.4 4.2
Real Estate 2.1 5.1
Utilities 3.6 7.8
Cash 1.4 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 16.7 14.7
Tracking Error 3.7 N/A
Sharpe Ratio 0.0 0.1
Information Ratio -0.3 N/A
Upside Capture 106.8 100.0
Downside Capture 112.4 100.0
Top Ten Holdings %
Microsoft Corporation 2.7
Cigna Corporation 2.7
HP Inc. 2.5
Alphabet Inc. 2.4
FedEx Corporation 2.3
CVS Health Corporation 2.3
Charter Communications, Inc. 2.3
Comcast Corporation 2.2
Charles Schwab Corporation 2.2
Bank of America Corporation 1.9

 

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

    • Stock selection was the primary cause of underperformance with negative relative results in Financials, Industrials, and Energy driving overall fund underperformance. While there were some positives from an overweight to Information Technology and strong stock selection within Communication Services, 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, Information Technology, and Financials.

    3-Month Review

    • Underperformance was primarily due to stock selection with negative stock selection.
    • Underweights to Consumer Staples and Utilities along with an overweight to Financials detracted, overweights to Information Technology and Communication Services benefitted. This led to a negligible impact from sector allocation decisions.
    • Holdings in Financials detracted significantly.
    • Energy stocks, although a relatively small allocation in the fund, had a large negative impact on performance as some holdings declined tremendously in the quarter.
    • On the positive side, Communication Services holdings declined by less than the benchmark and lessened the underperformance versus the benchmark.
    • Smaller cap names did worse than larger cap names. This also had an impact on the fund’s relative performance. The Fund was underweighted to the largest part of the value index, which also did the best, and overweighted the mid and smaller cap names, which performed the worst.

    Current Positioning

    • 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 Health Care, Consumer Staples, Real Estate, and Utilities.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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