SPX Corp., Charlotte, N.C., added the DFA U.S. Targeted Value Fund to the investment options of its 401(k) plan as part of an overhaul of the lineup in 2018, spokesman Paul Clegg confirmed.
The active domestic small-cap value equity fund managed by Dimensional Fund Advisors had $34 million in assets in the plan as of Dec. 31, according to the company's 11-K filing with the SEC on Wednesday.
As of that same date, the plan had 12 investment options, down from 24 options a year earlier. The plan had removed eight investment options managed by Fidelity Investments in 2018 that held a total of $190 million in assets in the plan as of Dec. 31, 2017, according to the company's previous 11-K filing.
Mr. Clegg said the changes were made to simplify the plan's lineup. SPX had made a number of acquisitions over the years, and those company's 401(k) plans had been absorbed into this plan, creating a large lineup with redundant funds, he said.
Also removed from the plan in 2018 were the PIMCO Total Return Fund, a core fixed-income fund managed by Pacific Investment Management Co., which had $18 million in assets in the plan as of Dec. 31, 2017, according to the previous 11-K filing; the Neuberger Berman Genesis Fund, an active domestic midcap growth equity fund, which had $11 million in assets in the plan as of Dec. 31, 2017; the Virtus Ceredex Mid-Cap Value Equity Fund, an active domestic midcap value equity fund managed by Virtus Investment Partners and subadvised by Ceredex Value Advisors, which also had $11 million; the Baron Growth Fund, an active domestic growth equity fund managed by Baron Capital Group, $10 million; T. Rowe Price Group's Dividend Growth Fund, an active domestic large-cap equity fund, $8 million; the Invesco Capital Development Fund, an active domestic midcap growth equity fund, $2 million; and the Goldman Sachs Growth Opportunities Fund, an active domestic midcap growth equity fund managed by Goldman Sachs Asset Management.
The reason for the changes was not provided in the filing.
As of Dec. 31, the SPX Corp. Retirement Savings and Stock Ownership Plan had $624 million in assets, according to the 11-K filing. Along with the 12 investment options, the plan featured two common stock funds and a target-date fund lineup managed by Fidelity Investments.