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SIERRA INVESTMENT ADVISORS REPORTS JUNE 30 ASSET REALLOCATIONS

 LOS ANGELES, July 16 /PRNewswire/ -- Sierra Investment Advisors, manager of the 13 Sierra Trust Funds mutual funds and a pioneer in diversified asset allocation programs, today announced a reallocation of investments for the four investment strategies maintained under the Sierra Asset Management ("SAM") asset allocation account.
 The four investment strategies include the Fixed Strategy, Value Strategy, Balanced Strategy and Growth Strategy. Each strategy is invested in a diversified mix of Sierra Trust Funds based on different criteria to achieve specific investor goals. The strategies may be reallocated as frequently as once each quarter, with the most recent allocations effective on or about June 30.
 Based on Sierra Investment Advisors' evaluation of the current market, the Fixed Strategy was reallocated to achieve greater balance between short-, intermediate- and long-term bonds with the goal of capturing attractive yields while reducing overall price sensitivity.
 Stephen C. Scott, Sierra Investment Advisors president and chief investment officer, said, "We increased the strategy's position in the Short-Term Global Government Fund to improve price stability and gain access to the higher interest rates available overseas. A reduced weighting in the Corporate Income Fund is aimed at improving overall price stability, which could be important if the government's fiscal initiatives negatively affect interest rates in the coming year."
 The goals of the SAM Fixed Strategy are current income and long-term capital appreciation. It aims to exceed the rate of inflation by at least 3 percent over a three- to five-year period. Under Sierra Investment Advisors' management, the strategy has substantially exceeded this objective during the period since its inception in 1990.
 The most recent allocation of the Fixed Strategy calls for an increase in the Short-Term Global Government Fund to 30 percent from 20 percent and a decrease in the Corporate Income Fund to 40 percent from 50 percent. Investment in the U.S. Government Fund was maintained at 30 percent.
 Scott said the Value Strategy was realigned to a slightly more defensive position designed to increase price stability and total return while sustaining the yield. "With this approach, the strategy should be less affected by long-term interest rate fluctuations, while it continues to participate in the rewards of a slow-growth, low-inflation economy," he added.
 The objective of the Value Strategy is long-term capital preservation, along with a total return of 4 percent or more above the annual inflation rate over a three- to five-year time span. Under the reallocation, investments in the U.S. Government Fund rose to 25 percent from 15 percent, while the Corporate Income Fund declined to 35 percent from 40 percent, and the Emerging Growth Fund decreased to 10 percent from 15 percent. A new 5 percent position was established in the Growth Fund, and a previous 5 percent investment in the Growth and Income Fund was eliminated. A 25 percent allocation in the Short-Term Global Government Fund remained unchanged.
 Scott said the Balanced Strategy has been realigned to a slightly more conservative 45 percent equities/55 percent debt issues position from its previous 50/50 mix of equities and debt. He said the reallocation is based on "our belief that the broad domestic bull market will begin to show signs of aging if it is not supported by positive earnings surprises. Stock valuation levels are historically high, and the chances of a market correction are increasing. This repositioning should enable us to capture the attractive long-term returns available from equities, particularly in growth sectors at home and abroad."
 The goal of the Balanced Strategy is long-term growth of both capital and income. It seeks to generate a total return of 5 percent or more above the annual inflation rate, an objective that it has substantially exceeded since inception in 1990.
 Under the realignment, investment in the Short-Term Global Government Fund and the U.S. Government Fund increased, respectively, to 20 percent from 10 percent and to 20 percent from 15 percent. A new commitment of 10 percent of assets was made in the Growth Fund, while the Emerging Growth Fund and International Growth Fund were both maintained at 10 percent and 25 percent of assets, respectively. Investment in the Corporate Income Fund was reduced to 15 percent from 25 percent, and a previous 15 percent allocation in the Growth and Income Fund was eliminated.
 Scott said the SAM Growth Strategy was adjusted slightly at the end of the quarter with the goal of enhancing growth possibilities in the current market. "Investment in the Emerging Growth Fund was reduced, while the position in the Growth Fund, representing more established growth companies, was increased. We believe this allocation will more effectively capitalize on current growth opportunities in equities both at home and abroad."
 He noted that the objective of the Growth Strategy -- long-term growth of capital and a total return of at least 7 percent above the annual inflation rate over a three- to five-year period -- has been substantially exceeded since the strategy's inception in 1990.
 Under the June 30 Growth Strategy realignment, a new commitment of 10 percent of assets was made in the Growth Fund, while the Emerging Growth Fund was reduced to 15 percent from 25 percent. Investments were maintained in the U.S. Government Fund at 10 percent, in the Corporate Income Fund at 25 percent, in the Growth and Income Fund at 15 percent, and in the International Growth Fund at 25 percent.
 SAM provides a convenient, cost-effective method for clients to maintain a professionally managed, diversified portfolio that adjusts with changing market conditions. The service is designed to produce returns that match specific client needs and performance objectives and helps ensure that an individual's investment remains consistent with his or her long-term goals. It is offered by licensed Great Western Financial Securities representatives at Great Western branches in California and Florida and through independent brokerage firms throughout the country.
 Sierra Trust Funds, which were established in 1989 and now have assets of $2.7 billion, include four equity funds: the Growth and Income Fund, Growth Fund, Emerging Growth Fund and International Growth Fund. Six bond funds are offered: the Short-Term Global Government Fund, U.S. Government Fund, Corporate Income Fund, National Municipal Fund, California Municipal Fund and Florida Insured Municipal Fund. Three money market funds also are available: the Global Money Fund, U.S. Government Money Fund and California Money Fund.
 Sierra Investment Services, Sierra Investment Advisors and Great Western Financial Securities Corp. (GWFSC) are subsidiaries of Great Western Investment Management Corp. (GWIM), a Great Western Financial Co. and an independent affiliate of Great Western Bank. None of the GWIM companies is a bank. Sierra Investment Services Corp. (SISC), a registered broker/dealer, is responsible for the distribution of the Sierra Trust Funds. SISC is also the registered investment advisor for the SAM account. GWFSC is a registered broker/dealer and a member of the Securities Investors Protection Corp.
 This announcement is neither an offer to sell nor a solicitation to buy these securities. The offer is made only by prospectus, which can be obtained by calling 800-222-5852 in California and Florida, or 800-634-8365 throughout the nation. The prospectus contains more complete information about SAM and Sierra Trust Funds, including charges and expenses. Please read it carefully before investing or sending money.
 -0- 7/16/93
 /EDITOR'S NOTE: Sierra Trust Funds are not bank deposits and are not insured by any bank, the FDIC or any other government agency or by Great Western Financial Corp. or any of its affiliates or subsidiaries./
 /CONTACT: Linda Mueller, 818-775-3653, or Tom Reed, 213-460-4631, of Sierra/


CO: Sierra Investment Advisors; Sierra Trust Funds ST: California IN: FIN SU:

JL-LS -- LA010 -- 2354 07/16/93 09:16 EDT
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