Goldman Sachs 401k Plan PSDS Scan 12/31/2008

This plan has more money in managed accounts (company managed) than it has in mutual funds. The Balanced portfolio retreated to the GIC and the employee portfolio has the money market fund FSMXX as their largest holding as of 12/31/2008. The large collection of stocks in the Managed Accounts was represented by VTI in the scan. SEMSX does not have 5yr data and EEM represnted it in the scan.

Goodrich Rohr 401k (SP) Plan PSDS Scan 12/31/2008

In this plan company stock is Goodrich, GR, and it is in the Balanced portfolio. Most of the Balanced portfolio is in a money market fund, FRTXX, (82.9%) like many other plans hurt by 2008. All but two funds are Fidelity funds but there are no stable investment options or GICs.

First Energy 401k (SP) Plan PSDS Scan 12/31/2008

This scan is the first with 12/31/2008 SEC 11-k data for employee asset allocation. In keeping with the Hewitt 401k index data they have invested 30.6% in the GIC investment option. The Balanced portfolio as usual has most of the plan invested in the GIC/stable value fund ( 74.7%). Company stock has done well with a 5yr APR = 10.39% with a lot of volatility thanks to 2008.

AT&T 401k (RSP) Plan PSDS Scan 12/31/2008

The AT&T Corp. has several component companies. The SEC 11-k filing for this scan is for the AT&T Retierment Savings Plan. I could not find employee asset allocation data. The generic investment options and their representation in the scan were; indexed stock fund (FUNDC), interest income fund (VMVXX), balanced fund (FBALX) and bond fund (VBMFX). The remaining options are specific funds like VIGRX listed in the 11-k report. The Master Trust is held by State Street and several Barclay Global Investor funds are in the plan.

CSX Corp. 401k (TSTP) Plan PSDS Scan 12/31/2008

This plan was benefited by company stock, CSX, which has done well the last 5 years in spite of being down in 2008. The Balanced portfolio has overweighted the stable interest fund,WFSRF in the scan, in my opinion. WFSRF is a stable return fund that has a very high Sharpe ratio, 4.77, because of insurance wrappers. The employee portfolio may be a better balanced portfolio in this case.

Duke Energy 401k (RSP) Plan PSDS Scan 12/31/2008

Duke Energy has a dividend paying stock, DUK, many have owned including the employees. It had two bad years in a row, 2007 and 2008, which took the 5yr APR performance down to minus 2.25% which hurt 401k plan performance. The employee portfolio on 12/31/2007 was heavily invested in the stock. The Balanced portfolio is 76.9% invested in the money market fund repesented by VMVXX in the scan. The State Street Global Advisory - Conservative Balanced Fund, SSG.csb in the scan, was also in the Balanced portfolio.

Agilent 401k Plan PSDS Scan 12/31/2008

The Agilent SEC 11-k data used in the scan were for the 5% or more funds and a GIC portfolio. As with most companies 2008 was a very bad year and the employee portfolio had a 5yr APR = -0.85%. The Balanced portfolio invested almost all in the GIC represented in the scan by the GIC.ekx index. The fixed income fund was represented by a proxy PCTAX. It was not clear if the plan would allow employees to select a GIC option but there was 180M in the GIC.

Avon Products 401k (PSAP) PSDS Scan 12/31/2008

Another plan hurt by 2008 but with a Balanced portfolio 5yr APR of 5.20% there was the possibilty of a positve return. A stable value investment option would have helped reduce volatility and Fidelity has good one, Fidelity Managed Income Portfolio comes to mind. The employee portfolio was heavily invested in company stock, AVP, and had a negative 5yr APR of -1.18% with high volatility, STD = 9.99%.

DuPont 401k (RSP) Plan PSDS Scan 12/31/2008

This scan includes company stock, DD, and the large Master Trust which is mostly GIC contracts. The earlier scan did not include them. As with most plans 2008 was a very bad year for company stock and mutual funds. The Balanced portfolio retreated to the GIC investemts represented in the scan by the GIC.ekx index. It is not clear to me if the Master Trust is a selection open to employees but it is more than half of the plan at 3.69B which the employees collectively benefit from.

Cameron International 401k (RSP) Plan PSDS Scan 12/31/2008

This plan for an oil and gas company has most of the employee funds invested in company stock, CAM, which has done well but with off the chart high volatility. The Balanced portfolio is 90% invested in the stable vaue fund, SVF.hpx in the scan. The Balanced and the employee portfolios have about the same APR return but very different STD risk. The correlation chart shows the impact of CAM on volatility and return.

Schering-Plough 401k (ESP) Plan PSDS Scan 12/31/2008

There is not much to say about this plan, the Balanced portfolio is invested 100% in the Vanguard Treasury Money Market Fund, VMPXX. Vanguard has a good stable value fund and several good fixed income funds that would have helped. VFINX is a proxy for VIFSX which does not have 5yr data yet.

Chubb 401k (CAP) Plan PSDS Scan 12/31/2008

The SEC 11-k for this plan only identified the investments that represent 5% or more of the plan. Company stock, CB, has done well and it is the largest holding in the plan. The Balanced portfolio has 11.4% invested in the stock and the rest in the stable value portfolio, FMIP, in the scan. The Fidelity Managed Income Portfolio (FMIP) has a very high Sharpe ratio that can be seen in the 3D scan but it does not have a high APR return.

CA Inc. 401k (SHP) Plan PSDS Scan 12/31/2008

None of the investment options had a positive 5yr Sharpe ratio including FTRXX the money maket fund in the plan. This may be the only Balanced portfofio with a negative 5yr Sharpe ratio so far as a result. Fidelity has a good stable value fund and better money market funds that should be in the plan in my opinion.

2009 Formula Hybrid Competition

The UCI car gas-electric capacitor design entry went from near the bottom in 2008 to fifth overall in the 2009 competition. Even in the rain. Thanks to students and faculty of the Henry Samueli School of Engineering and of the Thayer School of Engineering at Dartmouth, Yankee ingenuity is alive and well from the Atlantic to the Pacific. Zot

H&R Block 401k (RSP) Plan PSDS Scan 12/31/2008

This plan has a stable value fund and the Balanced portfolio retreated to it and a bond fund. The stable value fund was represented by SVF.mfs in the scan. The employee portfolio did not have a lot of money in company stock but the equity funds all but one had negative 5yr Sharpe ratios and most had negative 5yr APRs as well.

Becton, Dickinson & Co. 401k (SIP) PSDS Scan 12/31/2008

Another plan helped by company stock, DBX, and the Balanced portfolio has 41.3% invested in the stock. The Employee portfolio and Balanced portfolio are closer than most I have seen. The plan has no stable value fund, only a short-term investment fund represented by SHY in the scan. The plan trustee is State Street Bank & Trust and the employee portfolio is as of 6/30/2008. The State Street S&P MidCap Index Fund is represented by VIMSX which has 5yr data.

Baxter International 401k (IIP) Plan PSDS Scan 12/31/2008

This plan was helped by company stock, BAX, and the Balanced portfolio has 18.9% of the plan invested in the stock as of 12/31/2007. The stable income fund was represented by FUNDG the US Government stable value fund and FAIRX is a proxy for OSPTX. The plan trustee is State Street and the generic funds in the plan were repesented be SSgA funds where possible.