Asset mix decisions are the responsibility of Terry Bacinello with input from Janice McLaughlin regarding fixed income, from Phillips, Hager & North regarding US equities and from Sprucegrove regarding international equities.
Market conditions, actual and expected, prompt us to revisit our asset allocation regularly and make adjustments accordingly. We believe that the value of any asset class changes at a measured pace and, as a result, we make asset mix changes in increments, thereby avoiding large swings in our asset mix strategy. Focused on the long term, we typically move only 2% to 4% of the portfolio among asset classes at any given time. Although moves are incremental, we will not hesitate to use, over time, the full allowable range around the appropriate benchmark when we believe this strategy is warranted by economic and market conditions.