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TIAA-CREF Mutual Funds represent core holdings such as U.S. Large Equities,
Growth-Oriented Equities, International Large Equities, Fixed Income, and
Money Market. Although some of our equity funds are passively managed, we
use our Dual Investment Management Strategy for the Growth Equity, Growth
& Income, and International Equity funds. Each has subportfolios using
active management and Enhanced Indexing.
We created the Dual Strategy over 17 years ago for our pension funds to
foster a more effective environment for active management. We pursue
individual stock investments only when we see compelling opportunities not
in response to external forces such as cash flow. And having two
subportfolios allows us an added lever for managing risk versus the fund's
benchmark. If an active subportfolio holds relatively riskier securities, it
can be balanced with a relatively larger Enhanced Index subportfolio.
The goal of Dual Strategy is then to add consistent alpha over time, while
keeping relative risk (versus each fund's benchmark) in the lowest quartile
compared with an actively managed peer group.
The fixed-income department is staffed with over 200 market experts
representing one of the largest management teams in the world. Our expertise
is recognized worldwide. This team provides credit support to the portfolio
managers of the fixed income TIAA-CREF Mutual Funds. Our long history of
fixed income investing allows us to return to shareholders solid investment
performance.
TIAA-CREF Mutual Funds are among the lowest-cost funds* in the industry, with
expenses ranging from 14 bps to 86 bps.
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