U.S. Equity Index Fund (USEIF)

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.


Performance, Net of Fees


Performance Review




Holdings and Allocations


Expense Ratio


Risks and Disclosures



Performance, Net of Fees - September 30, 2019

  3 mo YTD 1 yr 3 yr 5 yr 10 yr Since
U.S. Equity Index Fund 1.05% 19.84% 2.86% 12.56% N/A N/A 9.47%
Fund Benchmark 1.16% 20.09% 2.92% 12.83% N/A N/A 9.84%

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


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Performance Review

For market and fund commentary, please review the Monthly Investment Report.


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Characteristics as of September 30, 2019

  USEIF 1 USEIF Benchmark
Wgt. Mkt. Cap ($MM) $213,235 $212,367
Price/Earnings 18.1 18.3
Price to Book 3.1 3.2
Dividend Yield2 1.8% 1.8%
# of Stocks 2,212 3,005

1 Reflects 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 September 30, 2019

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


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Fund Holdings as of September 30, 2019

Top 10 Stock Holdings

Company % of Portfolio
Microsoft Corporation 3.5%
Apple Inc. 3.4%
Alphabet, Inc.. 2.5%
Amazon.com, Inc. 2.4%
Facebook Inc. 1.4%
Berkshire Hathaway Inc. Class B 1.4%
JPMorgan Chase & Co.. 1.3%
Johnson & Johnson 1.1%
Visa Inc. 1.1%
Proctor & Gamble Company 1.0%

A complete list of fund holdings is also available.

Sector Weightings as of September 30, 2019


Holdings-Based Style Allocations as of September 30, 2019

Style USEIF Actual (%) USEIF Benchmark (%) Difference (%)
U.S. Equity Securities 97.3% 100% -2.7%
   Large Cap 65.5% 67.8% -2.3%
      Large Cap Core 15.7% 16.6%  
      Large Cap Growth 28.9% 30.0%  
      Large Cap Value 20.9% 21.2%  
   Mid Cap 25.9% 25.7% 0.2%
      Mid Cap Core 7.8% 7.8%  
      Mid Cap Growth 6.6% 6.4%  
      Mid Cap Value 11.5% 11.5%  
   Small Cap 5.9% 6.5% -0.6%
      Small Cap Core 1.5% 1.8%  
      Small Cap Growth 2.4% 2.4%  
      Small Cap Value 2.0% 2.3%  
    Cash 2.7% 0.0% 2.7%

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Expense Ratio

For 2018, USEIF’s expenses were equal to 0.30% of the Fund’s total assets.


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Risk and 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.


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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.

Fund Facts

Inception December 31, 2014
Exp. Ratio 0.30% for 2018
Benchmark Russell 3000™ Index
Fund Assets $55 Million as of September 30, 2019
Holdings (PDF) September 30, 2019
Holdings (XLS) October 31, 2019
Unit Price History (XLS) 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.

Fund Managers

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


Frank Holsteen

Director, Public Equities and Fixed Income
With Wespath since 2012
B.A. from Lake Forest College

Mark Warren, CFA, CIMA

Manager, Public Equities
With Wespath since 2015
B.S. from Purdue University
CFA Charterholder
CIMA Certification


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

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