Small cap stock Index investment fund
First, let's answer a few questions.
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While investment in the S Fund carries risk, it also offers the opportunity to experience gains from equity ownership of small-to-mid-sized U.S. companies. It provides an excellent means of further diversifying your domestic equity holdings.
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There is a risk of loss if the Dow Jones U.S. Completion TSM Index declines in response to changes in overall economic conditions (market risk) or if S Fund investments do not outpace or grow enough to offset the reduction in purchasing power (inflation risk).
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The S Fund can be useful in a portfolio that also contains stock funds that track other indexes. The C, S, and I Funds, for example, track different segments of the overall stock market without overlapping. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk.
The S Fund's investment objective is to match the performance of the Dow Jones U.S. Completion Total Stock Market Index, a broad market index made up of stocks of small-to-medium U.S. companies not included in the S&P 500 Index.
Performance
| -- YTD | 1 yr | 3 yr | 5 yr | 10 yr |
|---|---|---|---|---|
| - | - | - | - | - |
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Details as of 12/31/2023
Assets
$99.9 billionTotal expense ratio
$0.790/$1,000 account balance 0.079% (7.9 basis points)Benchmark index
Dow Jones U.S. Completion Total Stock Market Index | spglobal.comAsset manager(s)
BlackRock Institutional Trust Company, N.A.
State Street Global Advisors Trust CompanyInception date
5/1/2001Top ten holdings as of 12/31/2023
- SNOW Snowflake Class A
- CRWD Crowdstrike Holdings Inc Class A
- WDAY Workday Inc Class A
- KKR Kkr And Co Inc
- MRVL Marvell Technology Inc.
- SQ Block Inc Class A
- APO Apollo Global Management Inc
- LNG Cheniere Energy Inc
- FERG Ferguson Plc
- TEAM Atlassian Corp Class A
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Portfolio Weight as of December 31, 2023
Sector Portfolio Weight Portfolio Percentage Communications Services 4.0% Consumer Discretionary 11.4% Consumer Staples 2.9% Energy 4.4% Financials 17.5% Health Care 11.8% Industrials 16.9% Information Technology 19.0% Materials 4.4% Real Estate 6.0% Utilities 1.8% Total 1 100.1% - Due to rounding, numbers may not add up to exactly 100%.
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Fees as of 12/31/2023
Net administrative expense ratio
$0.480/$1,000 account balance 0.048% (4.8 basis points)Investment expense ratio1
$0.310/$1,000 account balance 0.031% (3.1 basis points)Total expense ratio
$0.790/$1,000 account balance 0.079% (7.9 basis points)- Fees paid to the investment manager.
Additional information
The FRTIB’s Executive Director currently allocates the selection, purchase, investment, and management of assets contained in the S Fund to BlackRock Institutional Trust Company, N.A., and State Street Global Advisors Trust Company. The Fund is invested in the Dow Jones U.S. Completion TSM Index, which contains a large number of stocks, including illiquid stocks with low trading volume and stocks with prices lower than $1.00 per share.
Therefore, it is not efficient for the Fund to invest in every stock in the index. The S Fund holds the stocks of most of the companies in the index with market values greater than $1 billion. However, a mathematical sampling technique is used to select among the smaller stocks.
The performance of the S Fund is evaluated on the basis of how closely its returns match those of the Dow Jones U.S. Completion TSM Index. A portion of S Fund assets is reserved to meet the needs of daily client activity. This liquidity reserve is invested in futures contracts of the S&P 400 and Russell 2000 (other broad equity indexes).
