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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 for a detailed description of the investment strategies used in managing the Fund.

Performance, net of fees (as of 12/31/2019)

  3 mo YTD 1 yr 3 yr 5 yr 10 yr
U.S. Equity Index Fund 9.21% 30.88% 30.88% 14.38% 10.91% -
USEIF Benchmark 9.10% 31.02% 31.02% 14.57% 11.24% -

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 December 31, 2019

Style USEIF Actual (%) USEIF Benchmark (%) Difference (%)
U.S. Equity Securities 97.9% 100% -2.1%
   Large Cap 66.4% 68.2% -1.8%
      Large Cap Core 15.5% 16.4%  
      Large Cap Growth 29.9% 30.8%  
      Large Cap Value 21.0% 21.0%  
   Mid Cap 25.5% 25.2% +0.3%
      Mid Cap Core 7.7% 7.7%  
      Mid Cap Growth 6.6% 6.4%  
      Mid Cap Value 11.2% 11.1%  
   Small Cap 6.0% 6.6% -0.6%
      Small Cap Core 1.6% 1.8%  
      Small Cap Growth 2.4% 2.5%  
      Small Cap Value 2.0% 2.3%  
    Cash 2.1% 0.0% +2.1%

Characteristics

Characteristics as of December 31, 2019

  USEIF1 USEIF Benchmark
Wgt. Mkt. Cap ($MM) $250,532 $248,972
Price/Earnings 19.8 19.9
Price to Book 3.4 3.4
Dividend Yield2 1.7% 1.7%
# of Stocks 2,186 2,992

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 December 31, 2019

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
Apple Inc. 4.0%
Microsoft Corporation 3.7%
Alphabet, Inc.. 2.5%
Amazon.com, Inc. 2.4%
Facebook Inc. 1.5%
JPMorgan Chase & Co.. 1.4%
Berkshire Hathaway Inc. Class B 1.4%
Johnson & Johnson 1.2%
Visa Inc. 1.1%
Proctor & Gamble Company 1.0%


Sector Weightings as of December 31, 2019

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 Wespath Investment Funds Description and related documents. 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 2018, USEIF’s expenses were equal to 0.30% of the Fund’s total assets.