401K & Retirement Accounts 2010 Reallocations

We did some minor allocation shifts for 2010. The idea was to shift between funds so as to reach a 35-35-30 split among domestic, international, and bond funds respectively, compared to our existing of 37-34-29 split among those asset classes.

To reach our target allocation, we moved slightly less than one-percent of our overall portfolio value from Fidelity Small Cap Stock Fund (FSLCX) to the PIMCO Total Return Fund (PTTRX). The Fidelity fund had an incredible year returning 71% but it would be hard to replicate. We also moved about half-a-percent of our portfolio value each from the two sector specific fidelity funds we own – Fidelity Select Healthcare (FSPHX) & Fidelity Select Technology Fund (FSPTX). The Fidelity Select Technology Fund (FSPTX) was the best-performing fund in our portfolio last year with a return of over 96%. The Fidelity Select Healthcare Fund (FSPHX) also performed well returning around 35%. Going forward, we do not see significant out-performance by these two sectors. The funds were moved to Vanguard Pacific ETF (VPL). The pacific stock index returned less than 25% last year, but we expect relative outperformance in this area of the market in the coming year.

Below is our updated 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)4.490.9570.85None.
Fidelity Low Priced Stock Fund (FLPSX)3.650.8343.68None.
PIMCO Total Return Fund (PTTRX)17.39 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)1.350.8896.94A 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)1.430.8734.59A 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.
Vanguard Pacific ETF (VPL)1.090.0023.07None.
Cash and Money Market0.1100None.
Pension Plan3.1603.70Company Fully Vested Cash Balance Pension Plan.

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