401K & Retirement Accounts 2009 Performance Summary

The total return this year was 34.84%, almost equivalent to the returns last year but in a positive direction. The performance compare well with the returns of domestic indexes, which are up around 30%, emerging market indexes, which are up around 75%, and other developed markets, which are up about 25%. We started the year with an allocation of 40-43-17 among Domestic, International, and Bond Funds respectively. We did several allocation changes during the year – a minor shift to 40-45-15 as the market bottomed in early March followed by several shifts in the May-August time frame to reach a more conservative allocation of 37-34-29.

Below is our current portfolio:




































































Symbol% of PortfolioFund FeesFund Return 2009 (After Fees)Comments
ABF Small Cap Value (AVFIX)4.860.8241.94A Small-cap value fund with about 1.2B of total assets under management.
Artisan Mid-cap Value (ARTMX)2.401.2157.20A mid-cap value fund with about 3.7B of total assets under management.Top 10 holdings account for 30% of assets.
Dodge & Cox Stock Fund (DODGX)6.670.5234.42A Large cap value fund with a history of outperforming the S&P500 index. Has very low turnover ratio. The fund is very big (~70B) and so outperformance may be harder to come by going forward.
Fidelity Diversified International Fund (FDIVX)18.231.0037.05Diversified large-cap international growth fund. This fund is very big at over 58B. Turnover is at 58%. Has a history of outperforming its related index, the MSCI EAFE.
Fidelity Small Cap Stock Fund (FSLCX)5.340.9570.85None.
Fidelity Low Priced Stock Fund (FLPSX)3.650.8343.68None.
PIMCO Total Return Fund (PTTRX)16.55 0.527.14None.
Misc.0.140.000.00

Calomos Growth A (CVGRX)3.661.2257.16A 12B large cap growth fund. The top 10 holdings represent about 27% of assets.
Schwab S&P500 Index (SWPIX)3.020.3628.92An index fund that tracks the performance of the S&P500 index benchmark.
William Blair International Growth (WBIGX)3.491.6746.18A 5B large cap international fund with between 10 and 25% exposure to emerging markets.
Vanguard Pacific Stock Index (VPACX)4.110.2723.00An index fund that tracks the performance of the MSCI Pacific index benchmark.
Vanguard Inflation Protected Securities (VIPSX)9.220.207.54Invests in inflation indexed bonds (primarily US) with maturities between 7 and 20 years.
Vanguard Emerging Market ETF (VWO)7.180.2578.49None.
Fidelity International Real Estate Stock Fund (FIREX)0.890.9637.50None.
Fidelity Small Cap Growth Fund (FCPGX)3.451.0949.82None.
Fidelity Select Technology (FSPTX)1.850.8896.94A sector specific fund focused on large cap technology stocks with about 2B in assets under management. Top 10 holdings account for 45% of total assets.
Fidelity Select Health Care (FSPHX)2.010.8734.59A sector specific fund focused on large cap healthcare stocks with about 2B in assets under management. Top 10 holdings account for 38% of total assets.
Cash and Money Market0.1100None.
Pension Plan3.1603.70Company Fully Vested Cash Balance Pension Plan.



For 2010, we expect a minor reallocation to the portfolio. An update will follow. If the market rallies further as the year progresses, we will continue to shift more into bonds and vice-versa.

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