The Active Moderate Portfolio maintains a target asset allocation of 50% equity, 50% fixed income. This target asset allocation is comprised of the following sub-asset classes and Funds:
- 13.75% Allocation Large–Cap Domestic Equity, managed by The Vanguard Group, Inc.
- 3.75% Small–Cap Domestic Equity, managed by The Vanguard Group, Inc.
- 3.75% Small–/Mid–Cap Domestic Equity, managed by Rothschild Asset Management Inc.
- 6.875% International Equity, managed by Capital Research and Management Co.
- 6.875% International Equity managed by Wellington Management Company
- 3.75% Emerging Markets Equity, managed by Sands Capital Management
- 3.75% Emerging Markets Equity, managed by DFA Investment Dimensions Group Inc.
- 7.5% Private Real Estate/U.S. Real Estate, managed by UBS Realty Advisors LLC, Blackstone Property Advisors L.P., and The Vanguard Group, Inc.
- 5% High Yield Bonds, managed by PGIM Fixed Income
- 10% emerging markets debt, managed by Stone Harbor Investment Partners
- 15% Market Fixed Income, managed by The Vanguard Group, Inc.
- 20% Stable Value, managed by Invesco Advisers, Inc.
The majority of the underlying allocations of the Active Moderate Portfolio employ an Active Management strategy. A full description of each underlying Fund’s investment strategy can be found in the Target Enrollment Portfolios section of the Invest529 Program Description.
|Market values as of 3/31/2020||Total Returns as of 02/29/2020|
|Investment Portfolio||Unit Value||Daily Change||YTD Return as of 3/31/2020||1 Month||3 Month||1 Year||3 Year||5 Year||10 Year||Since Inception||Inception Date||Expense Ratio|
|Active Moderate||Market values as of 3/31/2020||$11.60||-0.09%||-13.46%||Total Returns as of 02/29/2020||-3.37%||-1.82%||3.99%||4.84%||N/A||N/A||6.13%||General Information||Oct 2015||0.41%|
|Active Moderate Portfolio Benchmark||-3.38%||-1.68%||5.02%||5.47%||N/A||N/A||6.59%|
Average Annual Returns
Updated Monthly as of 02/29/2020
|1 Year||3 Year||5 Year||Since Inception Oct 2015|
|Active Moderate Portfolio||3.99%||4.84%||N/A||6.13%|
|Active Moderate Portfolio Benchmark||5.02%||5.47%||N/A||6.59%|
Returns are net of fees.
The Active Moderate Portfolio’s Benchmark is a blended composite benchmark reflecting the asset strategic benchmark index components for each underlying investment manager, and an adjustment reflecting the administrative fee for the Portfolio:
- 13.75% S&P 500
- 3.75% Russell 2500
- 3.75% CRSP US Small Cap Index
- 6.875% MSCI ACWI ex US
- 6.875% MSCI EAFE
- 7.5% MSCI Emerging Markets
- 7.5% NCREIF NFI ODCE & MSCI US Investable Market Real Estate 25/50 Index (blend)
- 5% Bloomberg Barclays U.S. High Yield Ba/B 1% Issuer Cap
- 10% JP Morgan Emerging Bond Market Index Global Diversified
- 15% Bloomberg Barclays U.S. Aggregate Float Adjusted
- 20% T-Bills + 100 basis points
Portfolio Fees as of 02/29/2020
|Asset Management Fees||0.32%|
|Expense Ratio (Asset Management + Administrative Fee)||0.41%|
The investment objective of the Active Moderate Portfolio is to maintain a fixed target asset allocation identical to the initial target allocation of the current 50% equity / 50% fixed–income Target Enrollment Portfolio. This asset allocation will remain fixed and will not evolve with the Target Enrollment Portfolios.
A complete description of each of the risks associated with the underlying Funds of the Active Moderate Portfolio can be found in the Target Enrollment Portfolios section of the Invest529 Program Description. Information on obtaining prospectuses for the respective Funds is also contained in this section.
Current Target Asset Allocation
|%||Sub-asset Class||Investment Manager|
|13.75||Large Cap Domestic Equity||The Vanguard Group, Inc.|
|3.75||Small-Cap Domestic Equity||The Vanguard Group, Inc.|
|3.75||Small-/Mid-Cap Domestic Equity||Rothschild Asset Management Inc.|
|6.875||International Equity||Capital Research and Management Co.|
|6.875||International Equity||Wellington Management Company|
|3.75||Emerging Markets Equity||Sands Capital Management|
|3.75||Emerging Markets Equity||DFA Investment Dimensions Group Inc.|
|7.50||U.S. Real Estate
Private Real Estate
|The Vanguard Group, Inc.
Blackstone Property Advisors L.P.
UBS Realty Investors LLC
|5.00||High Yield Bonds||PGIM Fixed Income|
|10.00||Emerging Markets Debt||Stone Harbor Investment Partners|
|15.00||Market Fixed Income||The Vanguard Group, Inc.|
|20.00||Stable Value||Invesco Advisers, Inc.|
- All investment return information is calculated by BNY Mellon Asset Servicing. Returns are presented net of management fees and Invest529 administrative fees. Returns for periods greater than one year are annualized.
- Past performance is no guarantee of future results. Please refer to the Invest529 Program Description before making any investment decision.