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 09/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Value Equity Fund Class A 0.09 -3.24 8.97 5.99 10.58
CUIT Value Equity Fund Class B 0.18 -2.91 9.36 6.37 10.98
Russell 1000 Value Index 1.36 4.00 9.43 7.79 11.46
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 06/30/2019

Statistics Fund Index
Weighted Median Market Cap $37.6B $68.0B
Price/Book 1.8x 2.0x
Price/Earnings 15.0x 17.2x
Return on Equity 16.8% 13.0%
Dividend Yield 2.0% 2.5%
5-year Earnings Growth 9.5% 4.4%
Beta 1.1 1.0
Active Share 70.1 N/A
10 Largest Holdings 20.5% 8.3%
# of Equity Securities 197 722
Turnover Rate 68.3 N/A
Market Sector Analysis Fund Index
Communication Services 11.9 7.1
Consumer Discretionary 4.9 5.3
Consumer Staples 4.1 7.8
Energy 9.6 9.0
Financials 25.2 22.5
Healthcare 11.4 15.2
Industrials 7.8 8.0
Information Technology 14.0 9.7
Materials 2.5 4.0
Real Estate 2.2 5.0
Utilities 2.9 6.4
Cash 3.4 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 13.5 11.9
Tracking Error 3.5 N/A
Sharpe Ratio 0.5 0.6
Information Ratio -0.1 N/A
Upside Capture 105.5 100.0
Downside Capture 108.0 100.0
Top Ten Holdings %
Comcast Corporation 2.4
Wells Fargo & Company 2.4
Microsoft Corporation 2.2
Charter Communications, Inc. 2.1
Cigna Corporation 2.0
Medtronic Public Limited Company 2.0
Capital One Financial Corporation 1.9
JPMorgan Chase & Co. 1.8
HP Inc. 1.8
MetLife, Inc. 1.8
  • Q1 2019 Performance Review

    12-Month Review

    • Both sector allocation and stock selection detracted from the Fund’s performance versus the benchmark for the last year, although negative stock selection was by far the biggest driver of relative performance.
    • Although the Fund’s overweights to Information Technology and Communication Services was beneficial to relative returns, it was overwhelmed by the negative impact of other sector allocation decisions within the Fund, particularly underweights to Consumer Staples, Health Care, and Utilities.
    • Stock selection was the primary cause of underperformance with negative relative results across the board. Holdings in Consumer Discretionary, Energy, Health Care, and Industrials were the largest detractors.

    3-Month Review

    • After three straight quarters of underperformance, The Fund outperformed its benchmark in the 2nd quarter.
    • The sector allocations are a result of the stock selection process rather than conscious top-down decisions.
    • Specifically, the Fund’s overweights to Communication Services and Financials and underweight to Real Estate were the primary drivers of outperformance. In a strong equity market, the Fund’s slight allocation to cash was a drag on relative performance.
    • Stock selection was mixed, but negative overall with the underperformance of holdings in Industrials, Financials, Consumer Discretionary, and Communication Services overwhelming the positive impact of holdings in Energy, Information Technology, and Health Care.

    Current Positioning

    • Positioning generally does not change much quarter to quarter or even annually in terms of sector exposures and other portfolio characteristics.
    • 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.
  • Fund Fact Sheet

    PDF
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