WASHINGTON STATE INVESTMENT BOARD JUNE 30, 2019 …
WASHINGTON STATE INVESTMENT BOARD
Washington State Bond Fund
Characteriscs
Average Maturity Yield to Maturity Effec ve Dura on Average Coupon Number of Holdings
Fund 5.6 years
1.77% 5.09 3.01% 257
Benchmark(1) 5.1 years 1.43% 4.46 3.33% 4,582
Top Ten Issuers
Blackrock Inc. U.S. Bancorp Investments, Inc. Laboratory Corp. Of America Banco Del Estado de Chile Principal Financial Group SP PowerAssets Ltd. BNP Paribas Macquarie Bank Ltd. AbbVie Inc. Apple Inc.
1.81% 1.16% 1.15% 1.12% 1.00% 0.97% 0.96% 0.95% 0.95% 0.94%
Investment Objecve
The Washington State Bond Fund seeks to provide returns while controlling risk by inves ng in high-quality corporate bonds. The fund's performance objec ve is to match or exceed the return of the Bloomberg Barclays Intermediate Credit Index.
Investment strategy
The Washington State Bond Fund employs an ac ve strategy that seeks to add incremental value over the index. The fund normally invests in a diversified por olio of investment-grade corporate securi es. The por olio intends to earn addi onal returns through security selec on, but will be allowed to deviate from the index's dura on by plus or minus 15 percent.
Investment risk
The Washington State Bond Fund is intended for par cipants who want an investment designed to match or modestly exceed the returns of the Bloomberg Barclays Intermediate Credit Index. It is intended as an intermediate-term investment vehicle due to the moderate level of returns on fixed income instruments over short me periods.
(1) Bloomberg Barclays Intermediate Credit Index
The fund returns are reflected net of an annual Investment Management Fee and Investment Management Administra ve Costs, including, but not limited to accoun ng, custody and audit fees. The fund returns do not reflect the current record keeping fee of 0.0925% and the WSIB fee of 0.0226%. All fees are subject to change. Addi onal fee data is available online and in your Investment Guide.
JUNE 30, 2020
Performance
Quarter 1 Year 3 Year 5 Year 10 Year
Sector Distribuon
Fund 6.97% 7.70% 5.24% 4.57% 4.42%
Benchmark(1) 6.67% 6.97% 4.88% 4.18% 4.18%
Washington State Bond Fund Benchmark(1)
Rang Distribuon
NR-Cash 0.27%
Below Baa
1.02%
Aaa 4.96%
Aa
9.79%
Baa 41.59%
Bond Fund
Aaa 9.56%
Aa 9.23%
A 42.38%
Benchmark(1)
Baa 43.79%
A 37.42%
Moody's Equivalent Quality Rangs
Aaa+, Aaa Highest ra ngs.
Aa
Rated very strong. Only slightly less secure than the highest ra ng.
A
Ra ng is slightly more suscep ble to adverse economic condi ons.
Baa
Ra ng is adequate.
Below Baa Below investment grade having specula ve characteris cs.
NR
No ra ng.
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