U.S. Equity Fund
The following individuals are responsible for the selection and monitoring of external asset managers:
Brian Boyer, CFA
Mark Warren, CFA, CIMA
The U.S. Equity Fund (USEF) invests with investment managers that specialize in broadly diversified strategies. USEF also invests with more than a dozen general partners through its real estate and private equity investments. Over 30% of the Fund is invested in passive strategies while the remainder is actively managed. These managers rely on professional judgment that involves the use of fundamental analysis to select securities. They seek to invest in attractively valued companies that represent above-average long-term investment opportunities. Each active manager has an objective to outperform specific performance benchmarks related to their investment style.
* Signatory to the United Nations Principles for Responsible Investment
Please refer to the Investment Funds Description for a detailed description of the investment strategies used in managing the Fund.
|Inception||December 31, 1997|
|Exp. Ratio||0.56% for 2018|
|Benchmark||Russell 3000™ Index|
|Fund Assets||$6,598 Million as of December 31, 2019|
|Holdings||September 30, 2019 - PDF and December 31, 2019 - Excel|
|Unit Price History||Wespath Funds Price History|
|For More Information||Summary Fund Descriptions – P Series and Investment Funds Description – P Series and the related Statement of Additional Information|
|3 mo||YTD||1 yr||3 yr||5 yr||10 yr|
|U.S. Equity Fund||8.53%||29.55%||29.55%||13.66%||10.38%||12.64%|
U.S. Equity Fund vs. Peer Group Universe
|1 Year||3 Year||5 Year||10 Year|
|U.S. Equity Fund||.81%||11.92%||9.67%||12.28%|
|Rank in Universe||57th||41st||22nd||28th|
|# of Observations||742||635||543||382|
Peer Group Performance Comparison and Annualized Performance (Net-of-Fees) data as of September 30, 2019.
Source: Lipper. Lipper Multi-Cap core Universe is a group of mutual funds comparable to USEF. This Universe consists of a Lipper predefined Universe of "Multi-Cap Core funds".
See Risk and Disclosures for more information regarding Net of Fees Performance.
The U.S. Equity Fund performance benchmark is the Russell 3000 Index. The index measures the investment performance of the 3,000 largest (based on total market value) U.S. companies, representing approximately 98% of the publicly traded companies available for investment in the U.S. equity market.
|Style||USEF Actual (%)||USEF Benchmark (%)||Difference (%)|
|U.S. Equity Securities||91.8%||100%||-8.2%|
|Large Cap Core||10.1%||16.4%|
|Large Cap Growth||17.6%||30.8%|
|Large Cap Value||17.7%||21.0%|
|Mid Cap Core||8.3%||7.7%|
|Mid Cap Growth||13.3%||6.4%|
|Mid Cap Value||13.1%||11.1%|
|Small Cap Core||2.0%||1.8%|
|Small Cap Growth||7.3%||2.5%|
|Small Cap Value||2.4%||2.3%|
|Private Real Estate||2.3%||0.0%|
|Wgt. Mkt. Cap ($MM)||$128,752||$212,367|
|Price to Book||2.9||3.2|
|# of Stocks||2,637||3,005|
2 Reflects the portion of the fund portfolio that is invested in public equities and REITs.
3 Does not reflect the deduction of fees.
4 The Russell 3000 was reconstituated in July 2019.
|Statistics (trailing 5 years)||USEF||USEF Benchmark|
|Company||Fund %||% of USEF Benchmark|
|Berkshire Hathaway Inc.||1.0%||1.4%|
|JPMorgan Chase & Co.||0.9%||1.3%|
|Wells Fargo & Co.||0.9%||0.7%|
|Bank of America Corporation||0.8%||0.8%|
|Johnson & Johnson||0.8%||1.2%|
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. USEF 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 Wespath Investment Funds Description and related documents. This is not an offer to purchase 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 additionally, losses could result from the reinvestment of the cash collateral received on loaned securities.
All expenses of the Fund are deducted from the Fund’s net asset value. The expenses include investment management fees, operating expenses, bank custodial fees and miscellaneous Fund administration expenses. These expenses are paid directly by USEF, and are reflected in the unit price calculated for the Fund. The unit price is multiplied by the number of units held in each client’s account to determine the total value of the client’s holdings in the Fund. For 2018, USEF’s expenses were 0.56% of the Fund’s total assets.
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