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USBSX USAA Cornerstone Moderate

  • Fund
  • USBSX
  • Price as of: Aug 08, 2016
  • $14.40
  • + $0.02
  • + 0.14%
  • Category
  • Diversified Portfolio

USBSX - Profile

Vitals

  • YTD Return 4.1%
  • 3 Yr Annualized Return 3.6%
  • 5 Yr Annualized Return 4.3%
  • Net Assets $1.09 B
  • Holdings in Top 10 27.7%

52 WEEK LOW AND HIGH

$14.40
$13.05
$14.71

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.16%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 70.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$1,000

Investment Themes

CATEGORY

Diversified Portfolio
  • Fund Type Open End Mutual Fund
  • Investment Style Allocation--50% to 70% Equity

Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 3.6%
  • 5 Yr Annualized Total Return 4.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.72%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name USAA Cornerstone Moderate Fund
  • Fund Family Name USAA
  • Inception Date Sep 01, 1995
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager John P. Toohey

Fund Description

The USAA Cornerstone Moderate Fund (USBSX) is a moderate-allocation fund that seeks to slowly grow an investor’s capital with medium levels of risk. The fund is currently balanced at 50% stocks and 50% bonds. It can own foreign equities and bonds as well. USBSX uses a fund of funds approach and will invest in a variety of exchange-traded funds (ETFs) and other investment vehicles to accomplish its goal.

While the fund is designed as a core offering, its high fees might prove a hindrance. USBSX is managed by Quantitative Management Associates LLC.

USBSX - Performance

Return Ranking - Trailing

Period USBSX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.1% -65.8% 22.5% 49.16% 3
1 Yr 0.0% -30.1% 18.0% 68.21% 4
3 Yr 3.6% * -14.0% 12.6% 68.66% 4
5 Yr 4.3% * -13.4% 12.2% 74.54% 4
10 Yr 4.2% * -5.6% 9.0% 76.99% 4

* Annualized


Return Ranking - Calendar

Period USBSX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.3% -61.2% 48.7% 64.20% 4
2014 N/A -11.0% 4.5% N/A N/A
2013 N/A -11.5% 25.9% N/A N/A
2012 N/A 5.1% 15.7% N/A N/A
2011 N/A -7.3% 5.7% N/A N/A

Total Return Ranking - Trailing

Period USBSX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.1% -65.8% 22.5% 49.72% 3
1 Yr 0.0% -30.1% 17.0% 52.06% 3
3 Yr 3.6% * -15.0% 12.6% 60.21% 4
5 Yr 4.3% * -13.7% 12.2% 71.32% 4
10 Yr 4.2% * -5.6% 9.0% 74.92% 4

* Annualized


Total Return Ranking - Calendar

Period USBSX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.3% -61.2% 48.7% 64.10% 4
2014 N/A -11.0% 9.6% N/A N/A
2013 N/A -4.1% 29.6% N/A N/A
2012 N/A 7.8% 20.7% N/A N/A
2011 N/A -3.5% 11.7% N/A N/A

NAV & Total Return History

USBSX - Holdings

Filings data as of: Feb 29, 2016

Concentration Analysis

USBSX Category Low Category High USBSX % Rank Quintile
Net Assets 1.09 B 81.4 K 102 B 7.17% 2
Number of Holdings 271 1 12089 8.05% 2
Net Assets in Top 10 279 M -654 M 19.5 B 9.70% 2
Weighting of Top 10 27.7% 0.0% 246.1% 21.37% 4

Top 10 Holdings

  1. iShares MSCI EAFE 2.10%
  2. iShares Core MSCI Emerging Markets 1.88%
  3. iShares Core MSCI EAFE 5.05%
  4. US Treasury Bond 3.125% 5.46%
  5. US Treasury Bond 3% 4.37%
  6. Vanguard FTSE Europe ETF 1.55%
  7. Vanguard Total Bond Market ETF 2.31%
  8. U S Treas Bd Stripped Prin Pmt 0.01% 1.86%
  9. Us 10yr Note (Cbt)jun16 Xcbt 20160621 1.65%
  10. iShares MSCI EAFE Minimum Volatility 1.48%

Asset Allocation

Weighting Category Low Category High USBSX % Rank Quintile
Bonds
44.36% -0.39% 98.35% 8.77% 2
Stocks
43.43% -3.90% 139.24% 18.14% 3
Cash
6.15% -80.76% 100.06% 17.07% 3
Preferred Stocks
5.18% -0.04% 36.35% 1.46% 1
Other
0.85% -9.98% 131.62% 14.10% 4
Convertible Bonds
0.03% 0.00% 33.12% 6.73% 3

Stock Sector Breakdown

Weighting Category Low Category High USBSX % Rank Quintile
Financial Services
7.23% -5.44% 81.82% 12.95% 3
Healthcare
6.44% -0.78% 26.13% 12.12% 3
Technology
5.85% -11.24% 86.30% 15.32% 3
Consumer Cyclical
5.54% -6.71% 67.05% 13.65% 3
Industrials
4.89% -4.76% 59.46% 14.58% 3
Consumer Defense
4.21% -6.80% 33.05% 11.51% 3
Energy
2.88% -3.72% 31.87% 12.53% 3
Basic Materials
2.03% -3.08% 25.70% 9.98% 3
Communication Services
1.90% -2.19% 32.13% 9.24% 3
Utilities
1.51% -6.48% 56.47% 9.29% 3
Real Estate
1.01% -2.11% 51.75% 15.74% 4

Stock Geographic Breakdown

Weighting Category Low Category High USBSX % Rank Quintile
US
23.17% -123.16% 136.63% 21.88% 4
Non US
20.26% -2.43% 163.55% 5.72% 1

Bond Sector Breakdown

Weighting Category Low Category High USBSX % Rank Quintile
Corporate
21.34% 0.00% 93.84% 9.06% 2
Government
18.12% -160.96% 76.37% 6.13% 1
Securitized
10.08% -0.01% 42.26% 8.60% 2
Cash & Equivalents
6.14% -80.82% 157.26% 16.75% 3
Municipal
0.04% 0.00% 137.36% 7.41% 3
Derivative
0.00% -84.53% 22.60% 2.97% 2

Bond Geographic Breakdown

Weighting Category Low Category High USBSX % Rank Quintile
US
40.66% -31.85% 93.68% 6.59% 2
Non US
3.70% -57.44% 70.46% 15.51% 3

USBSX - Expenses

Operational Fees

USBSX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.16% 0.00% 165.34% 13.78% 3
Management Fee 0.67% 0.00% 2.55% 2.84% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.15% 0.00% 0.83% 1.46% 4

Sales Fees

USBSX Fees (% of AUM) Category Low Category High USBSX Rank Quintile
Front Load N/A 0.14% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

USBSX Fees (% of AUM) Category Low Category High USBSX Rank Quintile
Max Redemption Fee N/A 0.11% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USBSX Fees (% of AUM) Category Low Category High USBSX Rank Quintile
Turnover 70.00% 0.00% 5473.00% 9.00% 4

USBSX - Distributions

Dividend Yield Analysis

USBSX Category Low Category High USBSX % Rank Quintile
Dividend Yield 0.3% 0.00% 11.33% 19.31% 2

Dividend Distribution Analysis

USBSX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

USBSX Category Low Category High USBSX % Rank Quintile
Net Income Ratio 2.72% -2.96% 9.94% 7.14% 1

Capital Gain Distribution Analysis

USBSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

USBSX - Managers

John P. Toohey

Manager

Start Date

Jul 17, 2009

Tenure

7.04

Tenure Rank

2.7%

Toohey is vice president of Equity Investments, joined USAA Asset Management Company in February 2009. Prior to joining USAA, Toohey was a managing director at AIG Investments, where he was responsible for the investments supporting AIG's pension plans worldwide. He was also co-portfolio manager for four lifestyle and asset allocation funds, oversaw the equity index fund business, and served as a senior member of the external client asset allocation team. Education: B.A., Mathematics, Williams College. He holds the Chartered Financial Analyst (CFA) designation.


Wasif A. Latif

Manager

Start Date

Jul 17, 2009

Tenure

7.04

Tenure Rank

2.7%

Mr. Latif has 16 years of investment management experience. Education: B.S. in finance, University of Indianapolis; M.B.A., University of Illinois at Chicago. Latif is vice president of Equity Investments, has co-managed the Fund since its inception.has worked for us since June 2006. Prior to joining USAA Asset Management Company, he was an equity portfolio manager at Deutsche Bank Private Wealth Management (DB PWM) from December 1998 to May 2006, where he was responsible for managing two fund-of-fund products and an international equity fund. Latif was also a member of DB PWM's U.S. Investment Committee responsible for covering the international equity and emerging markets asset classes.


Dan Denbow

Manager

Start Date

Jun 30, 2012

Tenure

4.09

Tenure Rank

4.1%

Dan Denbow, CFA, Assistant Vice President and portfolio manager, has co-managed the Precious Metals and Minerals Securities and the Global Real Estate Securities investment categories since October 2008. Mr. Denbow has 19 years of investment management experience and has worked for the advisor for 13 years. Education: B.B.A. and M.B.A., Texas Christian University. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Arnold J. Espe

Manager

Start Date

Jan 16, 2004

Tenure

12.55

Tenure Rank

1.1%

CFA, vice president of Fixed Income Investments. Espe is a portfolio manager for USAA Investment Management Company, his employer since 2000. Prior to joining USAA, he worked for Capital Consultants from June 1999 to March 2000 and NM Capital Management from September 1996 to June 1999. Espe has more than 20 years of investment management experience. Mr. Espe has 30 years of investment management experience. Education: B.S., Willamette University; M.B.A., University of Oregon.Espe holds the Chartered Financial Analyst designation and is a member of the San Antonio Financial Analysts Society, Inc. and the CFA Institute.


Lance Humphrey

Manager

Start Date

Mar 09, 2016

Tenure

0.39

Tenure Rank

6.8%

Lance Humphrey, CFA, Executive Director of Global Multi Asset Portfolios, has co-managed the Fund since March 2016. Mr. Humphrey has started to engaged in investment since 2006. Education: B.A., Finance, Texas State University. He holds the CFA designation and is a member of the CFA Society of San Antonio.


Tenure Analysis

Category Low

0.0

Category High

35.6

Category Average

5.33

Category Mode

1.6