November Update from The Vice Chair

Despite a decline of 1.49%, we were in the top half of the competitive universe for the month.  

As volatile as November was, it is gratifying to report that we were in the top half of the competitive universe for the month, despite a decline of 1.49%.  Our benchmark was down 1.34%. 

Absolute and relative performance numbers get better when viewed over the longer term. QTD we were up 2.74% (32nd percentile); YTD we were up 12.24% (29th percentile); 1 year we were up 16.00% (26th percentile); 3 years up 13.96% (19th percentile); 5 years 11.65% (21st percentile); and 10 years 9.83% (31st percentile).

Domestic Equity benchmark was down 1.52%, the International Equity benchmark was down 4.50%, and Global Equity was down 2.12%. Our fixed income benchmark was up 0.12%. Unsurprising was the fact that most of our fixed income portfolio was down slightly for the month.

Fixed Income went down less than Global Equity, and International Equity outperformed Domestic Equity. In November, our overweight of domestic stocks worked against us.

In an ongoing effort to balance asset mix with risk, we have begun a transformation of our portfolio by selling some of our Russell 3000 Equity holdings and replacing them with an S&P Equity Index Fund.  We have sold some of our International Equity Index fund and replaced it with an S&P 500 Equity Index fund.  However, it is important to note that we did not change our Total Equity exposure, which is 72% We added just one new  holding, the Fidelity S&P 500 Fund (FXAIX), reduced our holdings of Fidelity Total Market Fund (R3000), and reduced our holdings of Fidelity International holdings.   As we end November, our asset mix is as follows:

Domestic Equity                               65.19%

International Equity                          7.15%

SUB TOTAL EQUITY                      72.34%

Investment Grade Fixed Income   23.42%

High Yield Fixed Income                  3.85%


Invested Cash                                    0.39%

TOTAL PORTFOLIO Nov. 30, 21 100.00%