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 Portfolio | Fund Fees | Fund Return 2009 (After Fees) | Comments |
| ABF Small Cap Value (AVFIX) | 4.86 | 0.82 | 41.94 | A Small-cap value fund with about 1.2B of total assets under management. |
| Artisan Mid-cap Value (ARTMX) | 2.40 | 1.21 | 57.20 | 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) | 6.67 | 0.52 | 34.42 | 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) | 18.23 | 1.00 | 37.05 | 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) | 4.49 | 0.95 | 70.85 | None. |
| Fidelity Low Priced Stock Fund (FLPSX) | 3.65 | 0.83 | 43.68 | None. |
| PIMCO Total Return Fund (PTTRX) | 17.39 | 0.52 | 7.14 | None. |
| Misc. | 0.14 | 0.00 | 0.00 | |
| Calomos Growth A (CVGRX) | 3.66 | 1.22 | 57.16 | A 12B large cap growth fund. The top 10 holdings represent about 27% of assets. |
| Schwab S&P500 Index (SWPIX) | 3.02 | 0.36 | 28.92 | An index fund that tracks the performance of the S&P500 index benchmark. |
| William Blair International Growth (WBIGX) | 3.49 | 1.67 | 46.18 | A 5B large cap international fund with between 10 and 25% exposure to emerging markets. |
| Vanguard Pacific Stock Index (VPACX) | 4.11 | 0.27 | 23.00 | An index fund that tracks the performance of the MSCI Pacific index benchmark. |
| Vanguard Inflation Protected Securities (VIPSX) | 9.22 | 0.20 | 7.54 | Invests in inflation indexed bonds (primarily US) with maturities between 7 and 20 years. |
| Vanguard Emerging Market ETF (VWO) | 7.18 | 0.25 | 78.49 | None. |
| Fidelity International Real Estate Stock Fund (FIREX) | 0.89 | 0.96 | 37.50 | None. |
| Fidelity Small Cap Growth Fund (FCPGX) | 3.45 | 1.09 | 49.82 | None. |
| Fidelity Select Technology (FSPTX) | 1.35 | 0.88 | 96.94 | 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) | 1.43 | 0.87 | 34.59 | 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) | 1.09 | 0.00 | 23.07 | None. |
| Cash and Money Market | 0.11 | 0 | 0 | None. |
| Pension Plan | 3.16 | 0 | 3.70 | Company Fully Vested Cash Balance Pension Plan. |
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