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CapTrust reports strong markets, endorses Vanguard target-date series as QDIA for UMS plan
Summary
CapTrust briefed trustees on the defined-contribution plan: total assets about $2.1 billion, strong year-to-date performance driven by international equities and index strategies, three actively managed funds marked for review, and a recommendation to retain Vanguard target-date series as the QDIA.
CapTrust presented the quarterly defined-contribution plan review to the Investment Committee, reporting approximately $2.1 billion in total plan assets and strong year-to-date performance across largely indexed investments.
Mike (CapTrust) said the Vanguard target-date series — the plan's default QDIA — has performed well, producing strong returns with relatively lower volatility and tactical overweight to international equities that aided returns this year. CapTrust recommended no immediate changes to the fund lineup but identified three actively managed funds marked for review (the MFS International Value Fund, JPMorgan Equity Income Fund, and Victory Sycamore Established Value) and said it will continue to monitor those holdings.
CapTrust also discussed plan design points including the 403(b) Roth treatment of catch-up contributions for high earners and the presence of a private real-estate option (the TIA real estate account) within the plan. Trustees were reminded to complete a 20-minute annual fiduciary training module; the committee closed with holiday remarks and adjournment.
