Kontoor Brands Inc., Greensboro, N.C., overhauled the investment options lineup of its 401(k) plan in 2020.
The changes include the addition of a new target-date collective investment trust lineup managed by Fidelity Institutional Asset Management. The lineup had $108 million in assets in the plan as of Dec. 31, according to the company's 11-K filing Tuesday with the SEC.
The plan removed a similar CIT lineup managed by J.P. Morgan Asset Management during 2020, a comparison of this year's and last year's 11-K filings show. That target-date fund lineup had $85 million in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
The plan also added seven Fidelity funds in 2020. The funds, and their assets in the plan as of Dec. 31, were: Fidelity 500 Index Fund, $42 million; Fidelity Extended Market Index Fund, $18 million; Fidelity Total International Index Fund, $16 million; Fidelity U.S. Bond Index Fund, $10 million; Fidelity Blue Chip Growth Fund, $2 million; Fidelity Growth Company Fund, $2 million; and the Fidelity Small Cap Growth Fund, less than $1 million.
A comparison of this year's and last year's 11-K filing also shows the plan removed five CITs managed by BlackRock. Those trusts, and their assets in the plan as of Dec. 31, 2019, were: BlackRock Equity Index Non-Lendable trust, $41 million; BlackRock MSCI ACWI ex-U.S. Index trust, $15 million; BlackRock Russell 2500 Index Non-Lendable trust, $15 million; BlackRock U.S. Debt Index Non-Lendable trust, $7 million; and BlackRock Strategic Completion Non-Lendable trust, $3 million.
The plan also added eight other actively managed mutual funds to the lineup. As of Dec. 31, PGIM Total Return Bond Fund, an active fixed-income fund managed by PGIM Fixed Income, had $6 million in assets in the plan, according to the new filing.
The other seven new active mutual funds each had less than $400,000 in assets in the plan as of that date. Those were American Century Mid Cap Value Fund, a domestic midcap value equity fund managed by American Century Investments; American Funds New World Fund, an international equity fund managed by Capital Group; BlackRock Mid-Cap Growth Equity Portfolio fund, a domestic midcap growth equity fund; Delaware Small Cap Value Fund, a domestic small-cap value equity fund managed by Delaware Management Co. and subadvised by Macquarie Investment Management; MFS International Diversification Fund, an active international equity fund managed by MFS Investment Management; Principal Real Estate Securities Fund, a real estate fund managed by Principal Global Investors; and Vanguard Equity Income Fund, a domestic large-cap value equity fund managed by Vanguard Group.
A comparison of this year's and last year's filings show the plan removed the PIMCO Total Return Fund, an active domestic fixed-income fund managed by Pacific Investment Management Co., which had $5 million in assets in the plan as of Dec. 31, 2019.
The sole fund listed in both this year's and last year's filings is the Vanguard Federal Money Market Fund, which had $8 million in assets in the plan as of Dec. 31. The plan also continued to feature a common stock fund and self-directed brokerage account as of Dec. 31.
The plan also featured a fixed-income separate account in last year's filing, but the manager was not identified.
As of Dec. 31, the Kontoor Brands 401(k) Savings Plan had $243 million in assets, according to the new 11-K filing.
Company spokeswoman Julia Burge could not be immediately reached for further information.
