By: Mark Fitzgerald Last year's stock market downturn took a big bite out The New York Times Co. employee 401(k) retirement plan, sending its net assets in 2008 down $171.9 million to $417.7 million.
In a filing with the U.S. Securities and Exchange Commission (SEC), the Times Co. said the fair value of its investments slipped to $288,167,195 as of Dec. 31, 2008, compared to $474,149,144 on the same date in 2007.
Like many personal investors, the Times Co. was particularly hammered by the performance of its index fund that are intended to mirror the movements of the broad market. The value of its Vanguard 500 fund, one of the most widely held funds in the nation, plunged to $60.8 million in 2008 from $101.2 million.
All the mutual funds held by the retirement plan lost money in 2008 except for the Dodge & Cox Income Fund, that increased not quite $3 million over the year.
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