Fund Performance—Calendar Year

Month-end | Quarter-end | Calendar Year

The information presented below reflects the actual performance achieved by UMC Benefit Board, Inc. and Wespath Institutional Investments LLC (collectively, the “Advisers”) in managing substantially similar investment strategies (each, a “Composite,” and collectively, the “Composites”). Each Composite is comprised of all accounts managed by Advisers following the respective strategy over the periods presented. The investments of accounts that comprise the Composites may vary substantially from those in the identified benchmark. The benchmarks are based on broad-based securities market indices which are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in an index. Additional information about the Composites is available upon request.

The Advisers believe that it is appropriate to reflect the combined performance of the Advisers in this manner because the Advisers manage substantially similar investment strategies on behalf of different universes of clients using shared investment personnel, processes, research and systems. Presentation of the Composites in this manner provides investors with a broader, more meaningful presentation of performance of the strategy than the performance of a single adviser would.


Strategy Composite Performance, net of fees (as of 12/31/2018) 1

Strategy Composites2 201820172016201520142013201220112010
Fixed Income Composite -1.10% 6.57% 5.74% -1.97% 4.30% -0.73% 9.58% 6.13% 8.71%
Fixed Income Composite Benchmark(2) -0.63% 4.59% 4.62% 0.10% 5.40% -1.32% 6.61% 7.86% 7.99%
Inflation Protection Composite -2.17% 4.42% 7.70% -4.99% 2.63% -6.59% 7.74% 8.60% 8.99%
Inflation Protection Composite Benchmark(2) -1.49% 4.12% 10.73% -1.72% 4.43% -9.26% 7.26% 13.98% 6.33%
International Equity Composite -13.78% 30.56% 6.02% -6.46% -5.92% 16.51% 19.67% -15.85% 16.35%
International Equity Composite Benchmark(2) -14.76% 27.81% 4.41% -4.60% -3.89% 15.82% 17.04% -14.31% 12.73%
Multiple Asset Composite -6.14% 17.98% 8.41% -2.56% 4.10% 17.08% 13.76% -1.01% 14.60%
Multiple Asset Composite Benchmark(2) -6.47% 16.95% 8.58% -0.90% 5.76% 15.99% 13.35% 0.96% 13.32%
Short Term Investment Composite 1.62% 0.90% 0.46% 0.03% 0.09% 0.21% 0.72% -0.05% 0.17%
Short Term Investment Composite Benchmark(2) 1.87% 0.86% 0.33% 0.05% 0.03% 0.07% 0.11% 0.10% 0.13%
U.S. Equity Composite -5.48% 19.92% 11.53% 0.08% 10.76% 34.29% 15.05% -0.73% 18.09%
U.S. Equity Composite Benchmark(2) -5.24% 21.13% 12.74% 0.48% 12.56% 33.55% 16.42% 1.03% 16.93%
U.S. Equity Index Composite -4.99% 20.34% 12.35% -0.16% - - - - -
U.S. Equity Index Composite Benchmark(2) -5.24% 21.13% 12.74% 0.48% - - - - -
U.S. Treasury Inflation Protection Composite -1.74% 2.31% - - - - - - -
U.S. Treasury Inflation Protection Composite Benchmark(2) -1.48% 2.33% - - - - - - -

 

1 The performance shown is for the stated time period only. Historical returns are not indicative of future performance.

Investment performance is presented net-of-fees—that is, with the deduction of external investment management fees, custody fees, and administrative and overhead expenses.

The investments of the Composites may vary substantially from those in the applicable benchmark. The benchmarks are based on broad-based securities market indices, which are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in an index.

This chart was produced using data from sources believed to be accurate. All information is presented as of December 31, 2018 unless otherwise noted.

2 Please see here for a description of each Strategy Composite and Composite benchmark.

 

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