Investment Policy Committee

The Investment Policy Committee is responsible for proactive and protective oversight of the investment process. Key members of the committee include: Bill Hubble, Kent Herr and Jeremy Merchant. With an average investment management tenure of 30 years, this group has managed investments together for more than two decades. The committee is responsible for managing your portfolio through all market cycles. This process starts by selecting the appropriate stock to bond ratio within your portfolio. The committee will then adjust asset class exposures based on an understanding of which asset classes perform the best given current market conditions.

Within equities, the committee determines the proper exposures to domestic equities and foreign equities. Within domestic equities, value versus growth exposures are determined, as well as the optimized mix of large cap, mid cap and small cap. Within foreign equities, developed markets and emerging market exposures are determined. During economic expansions, positions that exhibit above average upside capture ratios are overweighted. During economic contractions, positions that exhibit above average downside protection are overweighted.

Within fixed income, the committee determines duration exposure based on interest rate and economic conditions. Longer term bond positions, intermediate bond positions and short term bond positions are recommended based on market conditions. In addition, the committee also optimizes exposures within corporate bonds, high yield bonds and inflation protected bonds as warranted by market conditions.

INVESTMENT PROCESS  INVESTMENT POLICY COMMITTEE  MANAGER SELECTION PROCESS