In July, two changes occurred among RCT and CUIT sub-advisers. In the CUIT Market Neutral Fund, Invesco replaced Freeman Associates as manager of one-third of Fund assets. The change was due to Freeman’s performance as well as significant personnel changes at the firm. Invesco has been a very successful manager of quantitative strategies over the years, and its market neutral process effectively complements those of the Fund’s other two managers.
On July 1, Reams Asset Management was added as a third fixed-income sub-adviser in both the RCT Intermediate Diversified Bond Fund and the CUIT Balanced Fund. The addition was designed to provide additional capacity for the Fund’s high-yield exposure in a way that complements the investment strategies of the Funds’ other sub-advisers. Increased exposure to high yield is not planned under current market conditions, which favor a high-quality focus.
Invesco has been a very successful manager of quantitative strategies over the years, and its market neutral process effectively complements those of the Fund’s other two managers.