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    Document Summary
    - Report Published -

    Report Document No. 68
    View PDF Version*

    Document Title
    Virginia Birth-Related Neurological Injury Compensation Fund Market Review & Plan Performance Analysis Period Ending December 31, 2010 and Virginia Birth-Related Neurological Injury Compensation Program Comprehensive Annual Financial Report Year ended December 31, 2009 (With Independent Auditors' Report Thereon)

    Board of the Virginia Birth-Related Neurological Injury Compensation Fund

    Enabling Authority
    38.2-5016 (F.)

    Executive Summary
    ♦ A strong stock market, weak dollar and brighter economic outlook helped offset rising interest rates and led the VBIF portfolio to a gain of 4.4% for the 4th quarter and 11.2% for the full year.

    ♦ The Fund continues to match or exceed both custom benchmarks on an annualized, cumulative and risk‐adjusted basis for the full period measured (see charts on page 4.

    ♦ For the quarter, 14 of 19 managers matched or exceeded their respective market benchmarks. For the full year of 2010, 17 of 19 matched or exceeded the indices while 14 of 19 outperformed the median of their respective peer group.

    ♦ Regarding managers on the Watchlist, TAMRO’s small cap strategy continues to outpace the benchmarks, ranks in the top quartile of their peer group over the last three years and is now removed from the Watchlist. Rainier’s large cap growth account has rebounded as well and ranks near the top third of their peer group over the last year but is still being maintained on Watchlist status.

    ♦ The international managers had positive but mixed relative results for the quarter. However, 4 of 5 beat their index and peer group median for the year, with Eaton Vance ranking in the top 1% of the emerging markets manager database.

    ♦ Bond managers were the biggest drag on performance as interest rates rose around the world, pushing results into slightly negative territory. Western Asset Management & PIMCO continued to lead in the bond segment of the portfolio with a 2010 gain of 12.2% and 8.8%, respectively while ranking at or near the top decile of their peer group. Loomis Sayles Global Bond Fund posted a gain of 8% for 2010, ranking in the top quartile of their peer group.

    ♦ The Asset Allocation Policy was amended during the quarter and new managers/funds employing hedge fund strategies in a mutual fund structure were added in early November.

    ♦ The VBIF Fund continues to be in compliance with all guidelines and policies.