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Fund Overview: Objective, Strategy and Holdings

The U.S. Equity Index Fund (USEIF) shall invest in a portfolio of common stocks as represented by the Russell 3000® index.

The Fund generally does not invest in companies that derive more than 10% of their revenue from gambling or from the manufacture, sale or distribution of alcoholic beverages, tobacco-related products, adult entertainment, weapons, or the management or operation of prison facilities.

Fund Managers

The following individuals are responsible for the selection and monitoring of external asset managers:

Frank Holsteen Image

Frank Holsteen

Director, Public Equities and Fixed Income

  • With Wespath since 2012
  • B.A. from Lake Forest College
Mark Warren Image

Mark Warren, CFA, CIMA

Manager, Public Equities

  • With Wespath since 2015
  • B.S. from Purdue University
  • CFA Charterholder
  • CIMA Certification

Management

Blackrock is the primary sub-adviser of USEIF. The Fund employs a passive investment strategy. The performance Benchmark for USEIF is the Russell 3000® index.

Asset Managers

* Signatory to the United Nations Principles for Responsible Investment

 

Please refer to the Investment Funds Description – P Series for a detailed description of the investment strategies used in managing the Fund.

Fund Snapshot
Inception December 31, 2014
Exp. Ratio 0.29% for 2019
Benchmark Russell 3000™ Index
Fund Assets $55 Million as of May 31, 2020
Holdings March 31, 2020 - PDF and May 31, 2020 - Excel
Unit Price History Wespath Funds Price History
For More Information Investment Funds Description – P Series

Performance, net of fees (as of 03/31/2020)

  3 mo YTD 1 yr 3 yr 5 yr 10 yr
U.S. Equity Index Fund -20.87% -20.87% -8.93% 3.93% 5.47% -
USEIF Benchmark -20.90% -20.90% -9.13% 4.00% 5.77% -

See Risk and Disclosures for more information regarding Net of Fees Performance.

USEIF Benchmark

The U.S. Equity Index Fund performance benchmark is the Russell 3000 Index. The index measures the investment performance of the 3,000 largest (based on total market value) U.S. companies, representing approximately 98% of the publicly traded companies available for investment in the U.S. equity market.

Allocations

Holdings-Based Style Allocations as of March 31, 2020

Style USEIF Actual (%) USEIF Benchmark (%) Difference (%)
U.S. Equity Securities 98.4% 100% -1.6%
   Large Cap 69.5% 70.9% -1.4%
      Large Cap Core 16.6% 17.4%  
      Large Cap Growth 33.9% 34.4%  
      Large Cap Value 19.0% 19.1%  
   Mid Cap 23.7% 23.3% +0.4%
      Mid Cap Core 7.1% 7.1%  
      Mid Cap Growth 6.9% 6.7%  
      Mid Cap Value 9.7% 9.5%  
   Small Cap 5.2% 5.8% -0.6%
      Small Cap Core 1.3% 1.6%  
      Small Cap Growth 2.3% 2.4%  
      Small Cap Value 1.6% 1.8%  
    Cash 1.6% 0.0% +1.6%

Characteristics

Characteristics as of March 31, 2020

  USEIF1 USEIF Benchmark
Wgt. Mkt. Cap ($MM) $246,567 $244,230
Price/Earnings 20.0 20.8
Price to Book 2.6 2.6
Dividend Yield2 2.2% 2.2%
# of Stocks 2,160 2,976

1Reflects the portion of the fund portfolio that is invested in public equities and REITs.

2 Does not reflect the deduction of fees.


Risk Characteristics as of March 31, 2020

Statistics (trailing 5 years) USEIF USEIF Benchmark
Beta 1.00 1.00
R-Squared 1.00 1.00


Top 10 Stock Holdings

Company % of Portfolio
Microsoft Corporation 4.8%
Apple Inc. 4.2%
Amazon.com, Inc. 3.2%
Alphabet Inc. 2.7%
Facebook Inc. 1.6%
Berkshire Hathaway Inc. 1.4%
Johnson & Johnson 1.3%
JPMorgan Chase & Co. 1.2%
Visa Inc. 1.2%
Proctor & Gamble Company 1.0%


Sector Weightings as of March 31, 2020

USEIF Sector weightings image

Risks & Disclosures

All investments carry some degree of risk that will affect the value of the Fund’s holdings, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. USEIF is subject to the following principal investment risks: market risk, investment style risk, security-specific risk, country risk, currency risk, derivatives risk and liquidity risk.

Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to the Investment Funds Description – P Series. This is not an offer to purchase securities.

Lending of Portfolio Securities

The Fund seeks to earn additional income by lending a portion of its portfolio securities to brokers, dealers and other financial institutions. The loans are secured at all times by cash and liquid high-grade debt obligations. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower fail financially. In addition, losses could result from the reinvestment of the cash collateral received on loaned securities.

Expense Ratio

For 2019, USEIF’s expenses were equal to 0.29% of the Fund’s total assets.