Portfolio review - New job. New strategy?

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Portfolio review - New job. New strategy?

Postby AFFISHES » Wed Jul 10, 2013 12:14 pm

Hi All.

I just started a new job, and I think its time to reevaluate my portfolio. I took to heart the advantages of a "simple" portfolio, and thusly have balanced funds in each of my holdings that approximate my AA with no need to rebalance. I'm now at a point where I can have admiral shares in every fund in every account (that I have with vanguard except wellesley), and I'm interested in the savings they can provide. The only thing stopping me is some iffy 457b options that are making it harder then it should be. Any help would be appreciated.

Emergency funds: 6 months
Debt: 150k Home loan @ 3.5%
Tax Filing Status: Single
Tax Rate: 25% Federal, 4.63% CO
State of Residence:CO
Age:26
Desired Asset allocation: 60% stocks / 20% bonds/20% international

Low 6 figure portfolio

Current retirement assets

Taxable
7.2% cash
10% Wellesley (I know I know the tax drag, but I love the fund. Im open to changing this to fit more in my AA, but I do have Short term Capital gains on it for another few months.)

His 457bk
1.7% PERAdvantage 2050 fund
No Company Math

His 401k
(I also have access to a company 401k. So I can max out both if I choose)

His DC plan
7.3% PERAvantage 2050 fund
Mandatory 8% Contribution by me, and a 10% Contribution by my employer

His Roth IRA at Vanguard
60% Lifestrategy Growth

His Rollover IRA at Vanguard
14% Lifestraegy Growth

Contributions

New annual Contributions
$6,800 his 457k
$12,240 his DC Plan (including employer match)
$5500 his Roth IRA
$1200 taxable

Available funds

Funds available in his 401(k)/457b/DC
PERAdvantage Income Fund .26 on all Target Retirement funds
PERAdvantage 2015 Fund
PERAdvantage 2020 Fund
PERAdvantage 2025 Fund
PERAdvantage 2030 Fund
PERAdvantage 2035 Fund
PERAdvantage 2040 Fund
PERAdvantage 2045 Fund
PERAdvantage 2050 Fund
PERAdvantage 2055 Fund
PERAdvantage Capital Pres Fund (Stable value fund yielding about 2.15%)
PERAdvantage Fixed Income Fund .50
PERAdvantage Real Return Fund .32
PERAdvantage US Large Cap Stk .36
PERAdvantage Intl Stock Fd .60
PERAdvantage US Small Mid Cap .56
PERAdvantage SRI Fund .71

A few caveats on the 457b fund options. They don't look that bad at first glance and the ER are decent, but they are all fund of funds, a mix of passive and active. For example the U.S large cap is made up of;
Pera Russell 1000 index 50%
LSV Asset Management U.S. Large cap value equity portfolio 15%
PERA Growth and Income Portfolio 20%
Winslow Capital Management Large Cap Growth Portfolio 15%

Any thoughts on the best and most efficient portfolio for me? Thanks!
Last edited by AFFISHES on Thu Jul 11, 2013 5:09 pm, edited 2 times in total.
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Thu Jul 11, 2013 11:05 am

Edited to add more fund information.
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Re: Portfolio review - New job. New strategy?

Postby englishgirl » Thu Jul 11, 2013 11:34 am

Well, if you don't have access to any index funds, and all funds are the same type of thing/company (I assume this is some sort of state retirement plan and not a fund company??), then I'd stick with the 2050 fund as you're doing. It doesn't seem as if you have much choice in the matter!

I would check out what the stock/bond ratio of the 2050 fund, and make sure that you're comfortable with it. If not, you could always choose one marked with a different retirement year to get the stock/bond AA you prefer.

I don't think I'd bother with taxable investing if you're not maxing your tax deferred options, though.
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Thu Jul 11, 2013 12:38 pm

englishgirl wrote:Well, if you don't have access to any index funds, and all funds are the same type of thing/company (I assume this is some sort of state retirement plan and not a fund company??), then I'd stick with the 2050 fund as you're doing. It doesn't seem as if you have much choice in the matter!

I would check out what the stock/bond ratio of the 2050 fund, and make sure that you're comfortable with it. If not, you could always choose one marked with a different retirement year to get the stock/bond AA you prefer.

I don't think I'd bother with taxable investing if you're not maxing your tax deferred options, though.


Thanks Englishgirl. Its a strange plan. It is a state plan like you guessed and its managed by ING, but I do have access to index funds they are just part of a fund. Like the US Large cap is half index half active. Not sure what to make of that. The 2050 fund is ok. Its made of all index funds and is fairly cheap at .26 er, and the AA is good, but not neccassarly what I would pick (not to thrilled about the REIT or commodity portions my house equity is already 60% of my net worth). This is what 98% of the fund is made up of:

Russell 1000 Index Non-Lendable Fund E 49.90
BlackRock MSCI ACWI ex-U.S. IMI Index Non-Lendable 26.60
Fund F Developed Real Estate Index Non-Lendable Fund E 10.18
U.S. Debt Index Non-Lendable Fund E 7.88
BlackRock Dow Jones-UBS Commodity Index Daily Fund E 3.94

Any more thoughts or comments? Mostly the best way to break up my TR and LS funds into single funds, and what to make of my 457B/DC plan?
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Re: Portfolio review - New job. New strategy?

Postby ruralavalon » Thu Jul 11, 2013 2:08 pm

Its great that you have no consumer debt. Your savings rate looks very nice, especially with that employer contribution of 10% in the DC plan for a total of $25,740/yr. You are doing fine, and I'm happy to see that you are thinking about more funding of the employer plans.

AFFISHES wrote:The 2050 fund is ok. Its made of all index funds and is fairly cheap at .26 er, and the AA is good, but not neccassarly what I would pick (not to thrilled about the REIT or commodity portions my house equity is already 60% of my net worth). This is what 98% of the fund is made up of:

Russell 1000 Index Non-Lendable Fund E 49.90
BlackRock MSCI ACWI ex-U.S. IMI Index Non-Lendable 26.60
Fund F Developed Real Estate Index Non-Lendable Fund E 10.18
U.S. Debt Index Non-Lendable Fund E 7.88
BlackRock Dow Jones-UBS Commodity Index Daily Fund E 3.94

Any more thoughts or comments? Mostly the best way to break up my TR and LS funds into single funds, and what to make of my 457B/DC plan?

The 0.26% expense ratio of the 2050 fund is reasonable in my opinion. The expense ratios of the constituent funds are not low, not high, and certainly not too high to reject out of hand. So its best to look at what the funds consist of, and then do the arithmetic.

I have tried to look at what those constituent funds consist of, and see the following:

1. PERAdvantage US Large Cap Stk, er = 0.36%, "This fund invests in a wide array of U.S. stocks with market capitalizations similar to those found in the Russell 1000™ Index. The fund combines core, growth, value, and passive styles, thereby providing style diversification. The fund is managed by Colorado PERA (targeted at 70 percent of the portfolio), LSV Asset Management (targeted at 15 percent of the portfolio), and Winslow Capital Management (targeted at 15 percent of the portfolio)."

2. PERAdvantage Intl Stock Fd , er = 0.60%, "The fund invests in a wide array of international stocks similar to those found in the MSCI All Countries World Index (ACWI) ex-U.S. Index. The fund is managed by Harding Loevner (targeted at 35 percent of the portfolio), Dodge & Cox (targeted at 35 percent of the portfolio), and BlackRock (targeted at 30 percent of the portfolio)".

3. U.S. Debt Index Non-Lendable Fund E 7, er = 0.88%, I could not find this fund/account in the Colorado PERA mterials on-line. Thats a fairly large expense ratio for a bond index fund, in my opinion.

The first two are not index funds, although the data I could locate on them shows that they try to track some nice very broadly diversified indexes, and I have a high opinion of some of the managers like Dodge & Cox and Blackrock (I don't really know antything, positive or negative, about the other managers).


Stripping out the REIT and commodities you don't want gives this allocation:
Domestic Large cap, 59% @ er = 0.36%
Total International, 31% @ er = 0.60%
Bonds, 09% @ er = 0.88%
Which allocation would give an overall weighted expense ratio of 0.48%, nearly twice the expense ratio you could get for just buying the whole 2050 fund.

You need to decide if you dislike REITS and commodities (in relatively modest amounts) enough to pay almost twice the expense ratio. The difference is 0.22%, and this Vanguard article gives you data on the effect of fee rates over long periods of time. Stopping the silent killer of returns . Personally, I would just use the 2050 fund if I liked its general asset allocation.

I hope that this helps.
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Thu Jul 11, 2013 3:06 pm

Thank you Ruralavalon - You have given me a lot more to think about. If I were to fold the individual DC/457b plans into my AA, after doing the math I end up with a .464 er a little less then half of the TR er like you noted. Costs are very important me which Is why I'm considering this in the first place so I can start using Admiral shares, but AA is also fairly important.I guess its a good quandary to have picking between .46 and .26 as oppose to swallowing a 1.2 like other posters have too. Again thanks for you're analysis.

Anyother comments would be appreciated.
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Re: Portfolio review - New job. New strategy?

Postby ruralavalon » Thu Jul 11, 2013 3:35 pm

What overall asset allocation are you trying to achieve?

Stocks/bonds?
International stocks as % of total stocks?
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Thu Jul 11, 2013 5:08 pm

Overall a simple portfolio of 60/20/20 comprised of index funds is my ultimate goal.
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Re: Portfolio review - New job. New strategy?

Postby ruralavalon » Thu Jul 11, 2013 9:00 pm

AFFISHES wrote:Overall a simple portfolio of 60/20/20 comprised of index funds is my ultimate goal.


To be clear, is that index funds consisting of:
60% domestic stocks
20% bonds
20% international stocks?

I still haven't been able to find fund information on "U.S. Debt Index Non-Lendable Fund E" on the Colorado PERA site, does your plan info tell you a ticker symbol, or what index that fund tracks?
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Fri Jul 12, 2013 10:29 am

ruralavalon wrote:
AFFISHES wrote:Overall a simple portfolio of 60/20/20 comprised of index funds is my ultimate goal.


To be clear, is that index funds consisting of:
60% domestic stocks
20% bonds
20% international stocks?

I still haven't been able to find fund information on "U.S. Debt Index Non-Lendable Fund E" on the Colorado PERA site, does your plan info tell you a ticker symbol, or what index that fund tracks?



Yes, thats correct.

I believe the U.S. Debt Index Non-Lendable Fund E is actually one of the funds in the TR account. From what I can find it is the US Treasury portion. The fixed income fund for pera is PERAdvantage fixed income fund with a ER of .5 made up of 75% PIMCO total return and 25% BlackRock US debt index fund.

I have a back of the napkin strategy, but I'm not sure if its any better then the one I have currently.

I would change too:

Taxable Vanguard
17.2% VTIAX (Total International)

His 457b/DC
9% PERAdvantage Fixed Income fund

His Roth IRA at Vanguard
60% VTSAX (Total Stock Market)

His Rollover IRA at Vanguard
14% VTSAX (Total Stock Market)

New Contributions
5,500 Roth TSM
1,200 Taxable TIM
19,040 Fixed income (Until it makes 20% of the portfolio)
Than switch to a new contribution allocation in DC/457 to something like this
28% PeraAdvantage Fixed income
20% PerAdvantage International Stock fund
40% PEraAdvantage U.S.Large Cap Stock fund
12% PERAdvantage U.S. Small and Mid Cap Stock fund

And of course rebalance when needed.

Giving me a total allocation of approximately 60/20/20. That's a lot more funds then I'm use to though and not exactly a "simple" portfolio...
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Re: Portfolio review - New job. New strategy?

Postby Banana » Mon Jul 15, 2013 3:29 pm

Hi AFFISHES,

We are in remarkably the same situation. I also have been using the Lifestrategy funds, and currently use the TR funds in my 457b plan (PERA same as yours). I like your new plan to break it up, but I wonder if like you said it would be worth having the extra funds. I'd be interested to hear other takes on it.
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Re: Portfolio review - New job. New strategy?

Postby Meg77 » Mon Jul 15, 2013 4:20 pm

Definitely ditch the Life Strategy funds and buy individual funds instead at Vanguard to take advantage of Admiral shares. Not only will you pay a lot less in expenses, but you will find it much easier to rebalance when necessary and control your overall allocation when everything isn't in target date funds. Plus you'll be able to tweak your tax efficiency by putting, for example, bonds in tax deferred or tax free accounts (DO THIS) and putting lower turnover funds with little to no income (like the total international index) in taxable account.

I personally moved out of Life Strategy Growth to the following funds years ago when my portfolio got big enough: VG Total International Stock Index (admiral), VG Total Bond Market Idx (admiral) and VG Total Stock Market Idx (admiral). Keep Wellesly if you want, but at least move it to your Rollover IRA.

Cheers!

PS I like your 457 plan selection compared to the other choices. At least it's all index funds with a relatively low expense ratio. Plus it's a small portion of your overal assets. I wouldn't worry about that too much at this stage.
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Re: Portfolio review - New job. New strategy?

Postby ruralavalon » Mon Jul 15, 2013 5:11 pm

The desired asset allocation using index funds is:
60% domestic stocks
20% bonds
20% international stocks.

I believe the U.S. Debt Index Non-Lendable Fund E is actually one of the funds in the TR account. From what I can find it is the US Treasury portion. The fixed income fund for pera is PERAdvantage fixed income fund with a ER of .5 made up of 75% PIMCO total return and 25% BlackRock US debt index fund.

I still can't find that U.S. Debt Index Non-Lendable Fund E. I also can't find a "PERA Fixed Income fund", can you post a link?. I can only find a "PERA Income Fund", which is 60% bonds and cash.


I you do use the PERAdvantage Income Fund, which is about 60% bonds, in "His 457b/DC", and couple that with a Vanguard bond index fund in the rollover IRA, then the allocation worksd out nicely. That way your overall portfolio comes out almost exactly at your desired bond allocation of 20%, and gives both domestic and international stock allocations almost exactly where you want them as well.

So that you would change to:

Taxable @ Vanguard
17.2% VTIAX (Total International), er = 0.16%

His 457b/DC
9% PERAdvantage Income fund (~ 60% in bonds, so bonds = ~ bonds @ 5.4 % of total portfolio; also ~ 10% int'l stocks; also ~ 30% domestic stocks), er = 0.26%

His Roth IRA @ Vanguard (add $5.5k/yr; ~ 21% of annual contributions)
60% VTSAX (Total Stock Market), er = 0.05%

His Rollover IRA @ Vanguard
14% Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX), er = 0.10%

The more difficult challenge may be to arrange your future contributions (you indicate about $26k/yr) so that you can adhere to your desired asset allocation. Do I understand correctly that in the 401k you can use separately any of the constituent funds of the PERAdvantage accounts? Can you also do that in the 457b/DC plan? Let us know, and we can try to offer a plan of which accounts to recieve what general amounts in the future.

If so, perhaps this outline on what to do with future contributions:
1. larger contributions (say around $5.2k/yr = 20% of annual contributions) to taxable to keep your int'l where you want it, and with a low expense ratio;
2. max out the IRA at $5.5k/yr, for bonds ($5.5k/yr = ~ 21% of annual contributions);
3. In the 401k use PERAdvantage for US Large Cap Stk, er = 0.36%
4. in the 457b/DC plan use PERAdvantage for US Large Cap Stk, er = 0.36%
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Tue Jul 16, 2013 12:20 pm

ruralavalon wrote:The desired asset allocation using index funds is:
60% domestic stocks
20% bonds
20% international stocks.

I believe the U.S. Debt Index Non-Lendable Fund E is actually one of the funds in the TR account. From what I can find it is the US Treasury portion. The fixed income fund for pera is PERAdvantage fixed income fund with a ER of .5 made up of 75% PIMCO total return and 25% BlackRock US debt index fund.

I still can't find that U.S. Debt Index Non-Lendable Fund E. I also can't find a "PERA Fixed Income fund", can you post a link?. I can only find a "PERA Income Fund", which is 60% bonds and cash.


I you do use the PERAdvantage Income Fund, which is about 60% bonds, in "His 457b/DC", and couple that with a Vanguard bond index fund in the rollover IRA, then the allocation worksd out nicely. That way your overall portfolio comes out almost exactly at your desired bond allocation of 20%, and gives both domestic and international stock allocations almost exactly where you want them as well.

So that you would change to:

Taxable @ Vanguard
17.2% VTIAX (Total International), er = 0.16%

His 457b/DC
9% PERAdvantage Income fund (~ 60% in bonds, so bonds = ~ bonds @ 5.4 % of total portfolio; also ~ 10% int'l stocks; also ~ 30% domestic stocks), er = 0.26%

His Roth IRA @ Vanguard (add $5.5k/yr; ~ 21% of annual contributions)
60% VTSAX (Total Stock Market), er = 0.05%

His Rollover IRA @ Vanguard
14% Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX), er = 0.10%

The more difficult challenge may be to arrange your future contributions (you indicate about $26k/yr) so that you can adhere to your desired asset allocation. Do I understand correctly that in the 401k you can use separately any of the constituent funds of the PERAdvantage accounts? Can you also do that in the 457b/DC plan? Let us know, and we can try to offer a plan of which accounts to recieve what general amounts in the future.

If so, perhaps this outline on what to do with future contributions:
1. larger contributions (say around $5.2k/yr = 20% of annual contributions) to taxable to keep your int'l where you want it, and with a low expense ratio;
2. max out the IRA at $5.5k/yr, for bonds ($5.5k/yr = ~ 21% of annual contributions);
3. In the 401k use PERAdvantage for US Large Cap Stk, er = 0.36%
4. in the 457b/DC plan use PERAdvantage for US Large Cap Stk, er = 0.36%


Thanks ruralavalon again you are giving me a lot to think about. Here is a link to the PERA Fixed income fund.

https://copera401k.ingplans.com/einfo/f ... 6cd4b862d8

I do have access to a 401k/457b/DC plan all with the posted PERA funds. One caveat albeit minor is they do charge a 1 dollar a month fee for every seperate account. So $1 for 401k; $1 for 457; $1 for DC. So until I get up to maxing out the 457 I have planned on staying with just the 457 and DC plan. If anyone had a chance to look at my post with my new breakdown does it look resonable? Any better then my current situation? Thanks
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Re: Portfolio review - New job. New strategy?

Postby ruralavalon » Tue Jul 16, 2013 4:07 pm

PERAdvantage Fixed Income Fund, er = 0.50%, described as "[t]he fund combines actively managed core plus and passive core styles, thereby providing style diversification. The fund is managed by PIMCO (targeted at 75 percent of the portfolio) and BlackRock (targeted at 25 percent of the portfolio)", has good managers in my opinion, and looks like an intermediate term bond fund benchmarked to Barclays Capital Aggregate Bond Index, credit grade not available but lots of government bonds, Account Fact Sheet. The Barclays index mentioned is the same as used by Vanguard's Total Bond Market Index Fund.

I think it would be better to use PERAdvantage Fixed Income Fund rather than the PERAdvantage Income Fund mentioned earlier. Being pure bonds, it will make it much easier for you to keep track of your asset allocation.


The desired asset allocation using index funds is:
60% domestic stocks
20% bonds
20% international stocks.

The idea is to try for a good combination of broad diversification (to reduce your risk) and low cost (to increase your net gain), with good tax-efficiency. Wiki article link: Principles of Tax-Efficient Fund Placement . Bonds need to go in some kind of tax protected account. Start by picking the better choices in the 457b/DC account where the choices are limited. The better expense ratios available in that account are: first the US Large cap Fund; and second the Fixed Income Fund. Both have good diversification. For International you can get a much better expense ratio (0.44% less) and better diversification using a Vanguard fund elsewhere.


You asked for "thoughts on the best and most efficient portfolio for me", and "[m]ostly the best way to break up my TR and LS funds into single funds, and what to make of my 457B/DC plan".

To get your desired asset allocation at the start here is what you could switch to, then adding $26k/yr with most going into the 457b/DC account you can easily adhere to your desired asset allocation. This suggestion mimics the very well diversified three fund portfolio, to the extent possible given what is offered in your 457b/DC account. Wiki article link: Three-fund portfolio ; and Forum Discussion, The Three Fund Portfolio . The portfolio is very diversified, and the weighted overall expense ratio of the portfolio as a whole at the start is about 0.09%. All percentages and amounts given are rounded off, so may not add up exactly.

Taxable @ Vanguard (17% of current portfolio; add ~ $4.4/yr; ~ 17% of annual contributions)
17%, VTIAX (Total International), er = 0.16%, <= very diversified, low cost, very tax efficient

457b/DC (09% of current portfolio; add ~ $16.1k/yr; ~ 62% of annual contributions, most to US Large Cap)
00%, PERAdvantage Fixed Income Fund, er = 0.50%, <= add later to keep to desired stock/bond allocation, as necessary
09%, PERAdvantage for US Large Cap Stk, er = 0.36%, <= most new 457b/DC account contributions here, to keep to your desired stock/bond allocation

Roth IRA @ Vanguard (60% of current portfolio; add $5.5k/yr; ~ 21% of annual contributions)
37%, VTSAX (Total Stock Market), er = 0.05%
20%, Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX), er = 0.10%, <= most new IRA contributions here
03%, VTIAX (Total International), er = 0.16%

Rollover IRA @ Vanguard (14% of current portfolio)
14% VTSAX (Total Stock Market), er = 0.05%

If in future years you find that you can add more than $26k/yr to investing, then add that to the 457b/DC account.

You will need to rebalance periodically, to adhere to your desired asset allocation. Wiki article link: Rebalancing . The Roth IRA is currently your largest account and will be recieving future contributions. Set up this way with all 3 asset types in the Roth IRA, you can do all of your rebalancing inside that account, and inside the 457b (which will recieve large future contributions) to keep to your stock/bond allocation.


You could use this outline on what to do with future contributions, ~ $26k/yr:
1. larger contributions (say around $4.4k/yr = ~ 17% of annual contributions) to taxable to help keep your int'l where you want it, and with a low expense ratio;
2. max out the IRA at $5.5k/yr = ~ 21% of annual contributions;
3. in the 457b/DC plan contribute ~ $16.1k, ~ 62% of annual contributions and use:
PERAdvantage Fixed Income Fund, er = 0.50%, and
PERAdvantage for US Large Cap Stk, er = 0.36%. <= most new 457b/DC account contributions here


I hope that this helps.
Last edited by ruralavalon on Tue Jul 16, 2013 4:56 pm, edited 5 times in total.
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Re: Portfolio review - New job. New strategy?

Postby AFFISHES » Tue Jul 16, 2013 4:51 pm

This helps very much Ruralavalon. Thank you for taking the time to break it down its appreciated.
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