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State Street Institutional U.S. Equity Fund - Investment Class SUSIX

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate over the short term as a result of factors affecting the individual companies, industries or the securities market as a whole. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. These and other risk considerations are discussed in the Fund's prospectus and summary prospectus.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-242-0134. Read it carefully.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

as of Mar 31 2023
Assets Under Management
$195.09 M
as of Feb 28 2023
Gross Expense Ratio
1 Day Nav Change
+$0.12 (1.28%)
as of Mar 31 2023
Overall Morningstar Rating
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as of Feb 28 2023

Fund Objective

The State Street Institutional U.S. Equity Fund seeks long term growth of capital. 

Investment Strategy

The U.S. Equity Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities of U.S. companies, such as common and preferred stocks. The Fund is designed to produce a broadly diversified portfolio, and typically has characteristics similar to the S&P 500 Index, including average market capitalization and dividend yield potential.

Fund Information as of Apr 02 2023

Investment Style Large Cap Core
Benchmark S&P 500 Index
Inception Date Nov 25 1997
Gross Expense Ratio
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Management Team Fundamental Equities
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Investment Team

Michael J Solecki, CFA

CIO, Fundamental Growth and Core Equity

Christopher J Sierakowski

Paul Nestro, CFA

Director of Research

Listing Information as of Apr 02 2023

Exchange Trading Currency Listing Date Ticker CUSIP

Fund Characteristics as of Feb 28 2023

Number of Holdings 99
Med Market Cap ($M) 89,487.46
Weighted Average Market Cap ($M) 475,552.37
Price/Book Ratio 4.34
Price/Earnings Ratio FY1 17.23
Dividend Yield (%)
Annual Portfolio Turnover (%) 33.54

Index Characteristics as of Feb 28 2023

Number of Holdings 499
Med Market Cap ($M) 31,013.00
Weighted Average Market Cap ($M) 462,973.72
Price/Book Ratio 3.77
Price/Earnings Ratio FY1 16.42
Dividend Yield (%) 1.72

Fund Net Asset Value as of Mar 31 2023

Percent Change 1.28%
Price Change $0.12
Offer Price $9.50
NAV 52 Week High $12.27(2022-04-04)
NAV 52 Week Low $8.77(2022-12-28)

Morningstar Rating as of Feb 28 2023

Category Overall 3 Years 5 Years 10 Years
Large Blend ★★★★ ★★★★ ★★★★ ★★★★
# of Funds in Category - 1226 1120 822

Fund Performance

  • Fund Inception Date: Nov 25 1997

as of Feb 28 2023

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Feb 28 2023 -2.94% -1.93% 0.81% 3.71% 3.71%
Feb 28 2023 -2.44% -2.28% 1.26% 3.69% 3.69%

as of Dec 31 2022

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Dec 31 2022 -5.44% 7.18% 2.05% 7.18% -18.51%
Dec 31 2022 -5.76% 7.56% 2.31% 7.56% -18.11%

as of Feb 28 2023

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Nov 25 1997
Fund at NAV Feb 28 2023 -8.64% 12.14% 10.43% 11.98% 7.98%
Feb 28 2023 -7.69% 12.15% 9.82% 12.25% 7.79%

as of Dec 31 2022

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Nov 25 1997
Fund at NAV Dec 31 2022 -18.51% 8.14% 10.16% 12.34% 7.88%
Dec 31 2022 -18.11% 7.66% 9.43% 12.56% 7.68%

as of Feb 28 2023

2017 2018 2019 2020 2021 2022
Fund at NAV 20.45% -3.06% 32.32% 23.03% 26.13% -18.51%
21.83% -4.38% 31.49% 18.40% 28.71% -18.11%

Past performance is not a reliable indicator of future performance. The investment return and principal value of an investment will fluctuate. Upon redemption, shares may be worth more or less than the original cost. The current performance may be higher or lower than the quoted performance. All results are historical and assume the reinvestment of dividends and capital gains. To view SEC standardized performance select the most recent quarterly period ending March, June, September or December. All other periods shown are non-standardized performance and are not valid without SEC standardized performance.

The performance figures shown above reflect the impact of fees and expenses for the funds' share class, and include the reinvestment of all income dividends and capital gains distributions, but do not include the effect of taxation. State Street Global Advisors ("SSGA") may have reimbursed certain expenses or waived certain fees during the periods shown. Absent those reimbursements, the Fund's total return or yield would have been lower.

On July 1, 2016 State Street Corporation, the parent company of SSGA Funds Management, Inc., and State Street Global Markets, LLC acquired the asset management and advisory services business of GE Asset Management, Incorporated, the former investment adviser to the Fund. As of that date, SSGA Funds Management, Inc. became the investment adviser to the Fund and State Street Global Markets, LLC became the distributor for the Fund. Effective May 1, 2017, State Street Global Markets, LLC was renamed State Street Global Advisors Funds Distributors, LLC. Any information, data or performance provided prior to that date is that of GE Asset Management, Incorporated.

None of the Funds or share classes (if applicable) assess a sales charge upon the purchase or redemption of shares.

The Total Annual Fund Operating Expenses shown for each Fund share class reflects the total annual operating expenses of the Fund share class prior to any fee waivers or expense reimbursements, as provided in the most recent Fund prospectus. Actual Fund operating expenses will change over time based on Fund asset levels and other factors and may be higher or lower than those estimated for the current fiscal year.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. You can not invest directly in an index.

*Morningstar Large Blend open end funds universe. Information has been obtained from Morningstar, a third party source deemed to be reliable; however State Street Global Advisors ("SSGA") has not undertaken any independent analysis and provides no representation as to the accuracy of such information. Use of this content requires expert knowledge. This analytical data is intended for institutional investors only and is based on gross performance information before deduction of advisory fees.

© Morningstar 2022. All Rights Reserved. The information, data analysis and opinions contained herein: (1) include the confidential and proprietary information of Morningstar Inc., (2) may not be copied or re-distributed, (3) do not constitute investment advice by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analysis or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results.

Gross Expense Ratio: 0.38%

Risk Analysis

as of Feb 28 2023
as of Dec 31 2022

Month End as of Feb 28 2023

Risk Factor 3 Years 5 Years
Alpha 0.18% 0.67%
Beta 0.98 0.98
Std Deviation 20.27% 18.36%
Information Ratio -0.01 0.34
R-squared 99.11% 99.06%
Sharpe Ratio 0.56 0.50
Tracking Error 1.94% 1.80%

Quarter End as of Dec 31 2022

Risk Factor 3 Years 5 Years
Alpha 0.63% 0.82%
Beta 0.97 0.98
Std Deviation 20.43% 18.30%
Information Ratio 0.24 0.41
R-squared 99.14% 99.08%
Sharpe Ratio 0.37 0.49
Tracking Error 1.97% 1.78%

The risk statistics are calculated against the fund's primary benchmark.

Risk Measures - Alpha, Beta and R-Squared are calculated against the noted benchmark. Annualized standard deviation and Sharpe Ratio are not calculated against a benchmark.

Alpha - Measures a manager's contribution to performance due to security selection or market timing relative to the index.

Beta - Measures the portfolio's sensitivity to market movements in the index.

R-Squared - A measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the index.

Standard Deviation - A measure of total risk. It measures the degree to which a fund's quarterly returns vary from the mean of the fund's quarterly returns over the period measured.

Sharpe Ratio -A measure that uses standard deviation and excess return to determine reward per unit of risk.

Top Holdings

Fund Top Holdings as of Mar 31 2023

Name Weight
VISA INC 2.37%
MERCK & CO INC 1.91%

Sector Allocation

as of Feb 28 2023
as of Feb 28 2023

Fund Sector Allocation as of Feb 28 2023

Sector Weight
Information Technology 28.95%
Health Care 14.88%
Financials 10.00%
Consumer Discretionary 9.09%
Communication Services 8.32%
Industrials 8.25%
Consumer Staples 5.51%
Energy 4.51%
Cash Equivalents & Other 3.95%
Materials 2.64%
Utilities 2.44%
Real Estate 1.33%
Accrued Income 0.13%

Index Sector Allocation as of Feb 28 2023

Sector Index
Information Technology 27.28%
Health Care 14.26%
Financials 11.74%
Consumer Discretionary 10.65%
Communication Services 7.67%
Industrials 8.59%
Consumer Staples 6.72%
Energy 4.80%
Cash Equivalents & Other 0.00%
Materials 2.78%
Utilities 2.82%
Real Estate 2.69%
Accrued Income 0.00%

The securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of securities that have been bought and the diversity of areas in which we may invest as of a particular date. It may not be representative of the portfolio's current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

"Cash Equivalents" includes an investment in the State Street Institutional Government Money Market Fund. "Other" includes accruals. As of 07/01/2016 State Street Global Advisors is the Investment Advisor of the Fund. SSGA Funds Management, Inc. serves as the investment advisor of the State Street Institutional Government Money Market Fund.

S&P 500® (S&P 500) Index is an unmanaged, market capitalization-weighted index of 500 widely held U.S. stocks recognized by investors to be representative of the stock market in general. Standard & Poor's and S&P 500 are trademarks of the Standard & Poor's Financial Services LLC ("S&P").