The total return this year was 14.24%, well below the 33% return we achieved last year. The performance however compares well with the returns of domestic indexes, which are up around 13%, emerging market indexes, which are up around 17%, and other developed market indexes, which are flat. We started the year with an allocation of 37-34-29 among Domestic, International, and Bond Funds respectively and did some minor changes during the year to keep our allocation steady at 37-34-29.
Below is our current portfolio:
For 2011, we expect minor reallocations 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.
Below is our current portfolio:
| Symbol | % of Portfolio | Fund Fees | Fund Return 2010 (After Fees) | Comments |
| ABF Small Cap Value (AVFIX) | 5.28 | 0.82 | 25.63 | A Small-cap value fund with about 1.2B of total assets under management. |
| Artisan Mid-cap Value (ARTMX) | 2.39 | 1.21 | 31.57 | A 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) | 6.62 | 0.52 | 12.09 | A 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) | 17.50 | 1.00 | 7.68 | Diversified 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) | 4.77 | 0.95 | 22.96 | None. |
| Fidelity Low Priced Stock Fund (FLPSX) | 3.89 | 0.83 | 20.16 | None. |
| PIMCO Total Return Fund (PTTRX) | 15.69 | 0.52 | 0.46 | None. |
| Misc. | 1.65 | 0.00 | 0.00 | |
| Calomos Growth A (CVGRX) | 4.33 | 1.22 | 20.06 | A 12B large cap growth fund. The top 10 holdings represent about 27% of assets. |
| Schwab S&P500 Index (SWPIX) | 3.43 | 0.36 | 12.86 | An index fund that tracks the performance of the S&P500 index benchmark. |
| William Blair International Growth (WBIGX) | 4.17 | 1.67 | 17.79 | A 5B large cap international fund with between 10 and 25% exposure to emerging markets. |
| Vanguard Pacific Stock Index (VPACX) | 3.94 | 0.27 | 12.29 | An index fund that tracks the performance of the MSCI Pacific index benchmark. |
| Vanguard Inflation Protected Securities (VIPSX) | 8.11 | 0.20 | 3.59 | Invests in inflation indexed bonds (primarily US) with maturities between 7 and 20 years. |
| Vanguard Emerging Market ETF (VWO) | 6.99 | 0.25 | 17.43 | None. |
| Fidelity International Real Estate Stock Fund (FIREX) | 0.84 | 0.96 | 6.59 | None. |
| Fidelity Small Cap Growth Fund (FCPGX) | 3.62 | 1.09 | 26.33 | None. |
| Fidelity Select Technology (FSPTX) | 1.43 | 0.88 | 26.69 | A 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) | 1.39 | 0.87 | 16.80 | A 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) | 0.94 | 0.00 | 11.15 | |
| Cash and Money Market | 0.28 | 0 | 0 | None. |
| Pension Plan | 2.73 | 0 | 3.70 | Company Fully Vested Cash Balance Pension Plan. |
For 2011, we expect minor reallocations 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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