Applied Industrial Technologies Inc., Cleveland, made changes in the underlying funds in four of the white-label domestic equity investment options in its 401(k) plan during 2022.
The company made the changes to its large-cap core, midcap value, small-cap value and small-cap growth funds, according to a comparison of its June 16 11-K filing with the SEC and last year's filing.
For its large-cap core fund, the plan added the T. Rowe Price U.S. Equity Research Fund, managed by T. Rowe Price Group, and removed the American Funds Fundamental Investor Fund, managed by Capital Group. As of Dec. 31, the T. Rowe Price fund had $9 million in assets in the plan, according to the new 11-K filing, while the American Funds fund had $13 million in assets in the plan a year earlier, according to the prior 11-K filing.
The Columbia Large Cap Enhanced Core Fund, managed by Columbia Threadneedle Investments; and Vanguard Growth and Income Admiral Fund, and Vanguard Institutional Index Fund, both managed by Vanguard Group, remained as the other three underlying funds.
For its midcap value fund, the plan added the John Hancock Disciplined Value Mid Cap Fund, managed by John Hancock Investment Management, and MFS Mid Cap Value Fund, managed by MFS Investment Management,which had $2 million and $1 million, respectively, in assets in the plan as of Dec. 31, according to the new 11-K filing. The plan removed the J.P. Morgan Mid Cap Value Fund, managed by J.P. Morgan Asset Management, which had $5 million in assets in the plan as of Dec. 31, 2021, according to the prior 11-K filing.
The Vanguard Mid-Cap Value Index Admiral Fund remained as the other underlying fund.
For its small-cap value fund, the plan added the CornerCap Small-Cap Value Institutional Fund, managed by CornerCap Investment Counsel, and Vanguard S&P 600 Small Cap Value Institutional Fund as underlying funds. The funds had $4 million and $2 million, respectively, in assets in the plan as of Dec. 31, according to the new 11-K filing. The plan during 2022 removed the American Beacon Small Cap Value Fund, managed by American Beacon Advisors, which was previously the sole underlying fund and had $7 million in assets in the plan as of Dec. 31, 2021, according to the prior 11-K filing.
For its small-cap growth fund, the plan removed the Victory RS Small Cap Growth Fund, managed by Victory Capital Management, as an underlying fund. That fund had $3 million in assets in the plan as of Dec. 31, 2021, according to the prior 11-K filing. The Vanguard Russell 2000 Growth Index Fund and Baron Discovery Fund, managed by BAMCO, remained as underlying funds.
As of Dec. 31, Applied Industrial Technologies Inc. Retirement Savings Plan had $641 million in assets, according to the new 11-K filing.
Ryan D. Cieslak, director-investor relations and treasury, could not be immediately reached for further information.
