Beginning 10/11/2021, SVIA members in good standing are authorized to use in their Servicing Materials information contained in the Annual Investment & Policy Survey Report, and information contained in the Quarterly Characteristics Report where the response rate for the referenced item is above 70%, (collectively, the “SVIA Content”) provided the Membership Use Requirements specified below have been satisfied. SVIA Content may not be used in any Marketing Materials. This policy does not apply to the information contained in any other report or publication produced by the SVIA. Such other information, along with any deviations from the Membership Use Policy for SVIA Content, requires the written consent of the SVIA.
Membership Use Requirements:
- the member using the SVIA Content is
- a current paying in good standing Service firm member of the SVIA that (i) is currently and has historically been an active contributor of information to the Quarterly Characteristics Report and the Annual Investment & Policy Survey since joining the SVIA, or (ii) does not have directly sold assets to report, or
- a Consultant or Plan sponsor member;
- the SVIA Content that is used is footnoted and attributed to the relevant SVIA report;
- the SVIA Content that is used is presented individually or alongside member firm data or products that are of the same SVIA Manager Segment (Individually Managed Accounts, Insurance General Account, Insurance Separate Account, or Pooled Funds) as defined in the specific SVIA surveys or reports used and referenced for the respective comparisons;
- SVIA Content is not used to make comparisons between different SVIA Manager Segments or member firm products contained within those segments;
- all commentary presented on the same page as SVIA Content must be supported by the SVIA Content cited on that page;
- the standard SVIA Disclaimer specified below, and the attribute definitions pertaining to any referenced data elements from the reports must be included on the same page as the SVIA Content.
Servicing Materials means any materials or information provided to an existing client of the SVIA member such as product presentations, portfolio review books, account statements, training or educational material, and any other product correspondence in whatever form or medium (e.g, audio, visual, digital or print).
Marketing Materials means any materials or information provided to investors or other prospective clients by any firm in connection with the marketing or offering of one or more stable value products to achieve commercial advantage, including but limited to sales information, product literature, promotional materials, roadshow or investor presentations, email campaigns, advertising and display materials, in each case in whatever form or medium (e.g, audio, visual, digital or print). As specified above, use of SV Content in Market Material requires the written consent of the SVIA.
Appendix A
SVIA Disclaimer:
The observations and data contained in this report or survey are intended to be illustrative in nature to give an overview of the stable value industry, as well as to provide relative trend information. These observations and data are reflective of the reporting or survey period only, and as such, are subject to change. This information may not be reflective or applicable to a specific plan’s stable value investment option or a specific stable value fund. Further, these observations and data are not intended to constitute nor represent a benchmark. SVIA surveys are in exclusive benefit of membership. Data is confidential. Use of data for external purposes requires the express permission of the association.
The SVIA reserves the right, in its sole discretion, to limit or withdraw the ability of any or all Members to use SVIA Content at any time. The SVIA makes no representations, warranties, or guarantees, express or implied, as to the accuracy, completeness, timeliness, or continued availability of the SVIA Content. The SVIA has no obligation to correct, supplement, update, or maintain the SVIA Content. Although the information and data provided to the SVIA by independent sources to support the SVIA Content is believed to be reliable, the SVIA is not responsible for the accuracy or completeness of such Content.
All content produced by the Stable Value Investment Associations, including, but not limited to, whitepapers, publications, graphics, logos, button icons, and images remain the property of the Stable Value Investment Association or its content suppliers and is protected by U.S. and international copyright laws.
Quarterly Survey Data Point Definitions:
Crediting Rate – The SVIA Stable Value Quarterly Characteristics Survey crediting rate is the weighted average contract yields as of the report date, gross of stable value management and distribution fees and net of contract (including wrap) fees. Data shown represents past performance and is not a guarantee of future results.
Duration – Duration is a measure of the price sensitivity of a financial instrument or investment portfolio due to changes in interest rates and expressed in years. The duration of cash investments and traditional guaranteed investment contracts held within a stable value investment option are calculated using a methodology deemed appropriate by the reporting manager. All durations listed are in years.
Credit Quality – The weighted average credit quality of underlying assets. Survey respondents are asked to provide the credit quality of the underlying assets associated with the stable value product using the Bloomberg Barclays index credit quality classification methodology (middle rating of Moody’s, Fitch and S&P).
Portfolio Quarterly Return – The SVIA Stable Value Quarterly Characteristics Survey portfolio quarterly return number is calculated gross of stable value management and distribution fees, and net of contract (including wrap) fees. Data shown represents past performance and is not a guarantee of future results.
Market-to-Contract Ratio – The ratio of the market value of all fund assets relative to the contract value of those assets.
Annualized Gross Yield – Gross yield of underlying assets, including cash.
Annualized Expense Ratio – The expense ratio is a fund’s operating expenses expressed as a percentage of average assets. The SVIA Stable Value Quarterly Characteristics Survey expense ratio data includes investment management, custody, wrap, audit, accounting and legal fees where available (i.e. fees required to deliver the product). Other fees, such as recordkeeping or administrative fees, may also be included.
