Capital One Financial Corp., McLean, Va., added two individual collective investment trusts and also three white-label funds with multiple underlying managers to the investment options lineup of its 401(k) plan in 2020.
The two CITs added to the plan in the year ended Dec. 31 were the State Street S&P 500 Index trust, a passive domestic large-cap equity CIT managed by State Street Global Advisors, and the BlackRock U.S. Debt Index trust, a passive domestic fixed-income CIT.
As of Dec. 31, the CITs had $1.4 billion and $184 million, respectively, in assets in the plan, according to Capital One's 11-K filing with the SEC on June 18.
The plan also added a U.S. Large Cap Equity Fund, U.S. Small/Mid Cap Equity Fund and International Equity Fund to the lineup in 2020, which had $912 million, $585 million and $327 million, respectively, in assets in the plan as of Dec. 31, according to the 11-K filing.
The filing did not disclose the names of the underlying managers. The funds are comprised of various collective investment trusts, mutual funds and common stocks, according to the filing.
A comparison of this year's and last year's 11-K filings shows the plan removed seven mutual funds and two CITs from the lineup in 2020.
The plan removed the T. Rowe Price Institutional Large Cap Growth Fund and T. Rowe Price Institutional Large Cap Value Fund, both active domestic large-cap equity funds managed by T. Rowe Price, which had $427 million and $318 million, respectively, in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
Also removed were the Dodge & Cox International Stock Fund, an active international equity fund; the Fidelity Capital Appreciation Fund, an active domestic large-cap growth equity fund managed by Fidelity Investments; the Hartford Small Company HLS Fund, an active domestic small-cap growth equity fund managed by Hartford Funds Management Co. and subadvised by Wellington Management; the Northern Small Cap Value Fund, an active domestic small-cap value equity fund managed by Northern Trust Asset Management; and the Fidelity U.S. Bond Index Fund, a passive domestic fixed-income fund managed by Fidelity Investments.
As of Dec. 31, 2019, those funds had $260 million, $210 million, $172 million, $110 million and $87 million, respectively, in assets in the plan, according to the prior 11-K filing.
Finally, the plan also removed two CITs: the BlackRock Equity Index Fund, a passive domestic large-cap equity CIT, and the WTC-CIF II Mid Cap Opportunities CIT, an active domestic midcap growth equity fund managed by Wellington Management.
As of Dec. 31, 2019, those CITs had $947 million and $316 million, respectively, in assets in the plan, according to the prior 11-K filing.
The new 11-K filing did not provide reasons for the changes.
As of Dec. 31, the Capital One Financial Corp. Associate Savings Plan had $7.8 billion in assets, according to the new 11-K filing.
Company spokesman Sie Soheili could not be immediately reached for further information.
