HomeMy WebLinkAboutReports - 2019.02.28 - 31240<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="2" EffectiveDate="02/28/2019" Interval="1" />
Investment Performance Review
Period Ending February 28, 2019
March 21, 2019
Preliminary
Oakland County ERS
Defined Benefit Plan
Monthly Flash Report
Market Update
Russell Indices Style Returns
Equities Month 3 M YTD 1 Year 3 Yr
Ann
5 Yr
Ann V B G V B G
S&P 500 Total Return 3.21 1.42 11.48 4.68 15.28 10.66
Russell Midcap Index 4.29 4.07 15.54 5.61 14.45 8.54
Russell 2000 Index 5.19 3.11 17.02 5.54 16.65 7.34
Russell 1000 Growth Indx 3.58 3.18 12.89 6.62 17.99 12.62
Russell 1000 Value Index 3.19 0.54 11.23 3.15 12.79 8.08
Russell 3000 Index 3.52 1.94 12.40 5.04 15.52 10.14
MSCI EAFE NR 2.55 3.98 9.29 (6.04)9.32 2.07
MSCI EM NR 0.22 6.11 9.00 (9.89)15.04 4.13
Fixed Income Month 3 M YTD 1 Year Mod. Adj.
Duration
Yield to
Worst Currencies 02/28/19 12/31/18 12/31/17
U.S. Aggregate (0.06)2.86 1.00 3.17 5.91 3.21 Euro Spot 1.14 1.15 1.20
U.S. Corporate Investment Grade 0.22 4.08 2.57 2.63 7.25 3.91 British Pound Spot 1.33 1.28 1.35
U.S. Corporate High Yield 1.66 3.98 6.26 4.31 3.52 6.54 Japanese Yen Spot 111.39 109.69 112.69
Global Aggregate (0.58)2.98 0.94 (0.57)6.99 1.96 Swiss Franc Spot 1.00 0.98 0.97
Key Rates 02/28/19 12/31/18 12/31/17 12/31/16 12/31/15 Commodities 02/28/19 12/31/18 12/31/17
3 Month 2.43 2.35 1.38 0.50 0.16 Oil 57.22 46.08 56.79
US 2 Year 2.51 2.49 1.88 1.19 1.05 Gasoline 2.42 2.26 2.49
US 10 Year 2.72 2.68 2.41 2.44 2.27 Natural Gas 2.81 2.68 2.69
US 30 Year 3.08 3.01 2.74 3.07 3.02 Gold 1,316.10 1,287.70 1,187.30
ICE LIBOR USD 3M 2.63 2.81 1.69 1.00 0.61 Silver 15.63 15.63 16.50
Euribor 3 Month ACT/360 (0.31)(0.31)(0.33)(0.32)(0.13)Copper 294.80 263.70 336.40
Bankrate 30Y Mortgage Rates Na 4.40 4.51 3.85 4.06 3.90 Corn 370.75 383.00 399.25
Prime 5.50 5.50 4.50 3.75 3.50 BBG Commodity TR Idx 170.12 159.72 179.96
-12.9
-12.3 -9.1 -4.8
Levels (%)Levels
-11.0 -9.3
YTD 2018
Index Returns (%)Levels
S 15.2 17.0 18.7 S
M 13.8 15.5 18.0 M
February 28, 2019
Index Returns (%)
L 11.2 12.0 12.9 L -8.3 -4.8 -1.5
18.6
14.3 14.0
12.0 11.5 11.5 11.3 11.2
9.0
7.7 7.6
6.1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
YTD Sector Returns
6.5
4.1
0.8
-0.3
-2.2
-4.4
-8.4
-12.5 -13.0 -13.3
-14.7
-18.1-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
2018 Sector Returns
Page 1
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (0.4%)
Total Real Asset (9.7%)
Total Fixed Income Composite (35.9%)
Total Long/Short Equity Composite (5.8%)
Total International Equity (13.9%)
Total Domestic Equity (34.4%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Min. Rebal.
($000)
Max. Rebal.
($000)
Target Rebal.
($000)
Total Fund Composite 740,417,587 100.0 N/A N/A 100.0 ---
Total Domestic Equity 254,731,080 34.4 10.0 50.0 37.5 -180,689,321 115,477,714 22,925,515
Total International Equity 102,704,993 13.9 5.0 20.0 12.5 -65,684,114 45,378,524 -10,152,795
Total Long/Short Equity Composite 42,615,329 5.8 0.0 7.5 5.0 -42,615,329 12,915,990 -5,594,449
Total Fixed Income Composite 265,817,522 35.9 10.0 55.0 35.0 -191,775,763 141,412,151 -6,671,366
Total Real Asset 71,624,268 9.7 0.0 15.0 10.0 -71,624,268 39,438,370 2,417,491
Total Cash Composite 2,924,396 0.4 0.0 5.0 0.0 -2,924,396 34,096,484 -2,924,396
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of February 28, 2019
Page 2
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (0.4%)
Total Real Asset (9.7%)
Total Fixed Income Composite (35.9%)
Total Long/Short Equity Composite (5.8%)
Total International Equity (13.9%)
Total Small Cap Equity Composite (6.5%)
Total Mid Cap Equity Composite (7.6%)
Total Large Cap Equity Composite (20.3%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 740,417,587 100.0 100.0 -
Total Large Cap Equity Composite 150,595,418 20.3 25.0 34,508,979
Total Mid Cap Equity Composite 56,085,728 7.6 6.3 -9,809,629
Total Small Cap Equity Composite 48,049,934 6.5 6.3 -1,773,835
Total International Equity 102,704,993 13.9 12.5 -10,152,795
Total Long/Short Equity Composite 42,615,329 5.8 5.0 -5,594,449
Total Fixed Income Composite 265,817,522 35.9 35.0 -6,671,366
Total Real Asset 71,624,268 9.7 10.0 2,417,491
Total Cash Composite 2,924,396 0.4 0.0 -2,924,396
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of February 28, 2019
Page 3
January 31, 2019 : $733,203,624 February 28, 2019 : $740,417,587
Allocation
Market Value Allocation
SSgA S&P 500 33,714,269 4.6¢
SSgA S&P 500 Equal Weighted Index 33,327,619 4.5¢
T. Rowe Price 78,837,066 10.8¢
Seizert Capital Partners 15,197,959 2.1¢
Wedge Capital Partners 13,674,174 1.9¢
TimesSquare 12,207,281 1.7¢
Munder Capital 12,804,254 1.7¢
Lee Munder (LMCG)23,928,236 3.3¢
Loomis Small Cap 28,215,966 3.8¢
Lazard 36,136,094 4.9¢
Pictet 44,806,725 6.1¢
Berkeley Street 18,366,478 2.5¢
ABS Global 42,615,329 5.8¢
CS McKee 129,940,814 17.7¢
Loomis Fixed Income 78,970,520 10.8¢
Franklin Templeton 43,689,672 6.0¢
Churchill Senior Loan Fund 12,774,191 1.7¢
Morgan Stanley 42,875,404 5.8¢
JPM Euro Property 150,964 0.0¢
Prudential PRISA II 18,492,320 2.5¢
Alidade Capital Fund IV 3,388,532 0.5¢
Walton Street Real Estate 3,280,813 0.4¢
AEW Real Estate 1,313,816 0.2¢
ValStone Opportunity Fund V 2,122,418 0.3¢
Cash and Equivalents Account 80,409 0.0¢
Private Markets Cash 2,292,300 0.3¢
Allocation
Market Value Allocation
SSgA S&P 500 34,797,923 4.7¢
SSgA S&P 500 Equal Weighted Index 34,541,543 4.7¢
T. Rowe Price 81,255,952 11.0¢
Seizert Capital Partners 15,761,006 2.1¢
Wedge Capital Partners 13,959,719 1.9¢
TimesSquare 12,900,726 1.7¢
Munder Capital 13,464,277 1.8¢
Lee Munder (LMCG)25,166,970 3.4¢
Loomis Small Cap 22,882,964 3.1¢
Lazard 36,973,969 5.0¢
Pictet 46,685,855 6.3¢
Berkeley Street 19,045,169 2.6¢
ABS Global 42,615,329 5.8¢
CS McKee 130,055,214 17.6¢
Loomis Fixed Income 79,123,337 10.7¢
Franklin Templeton 44,177,840 6.0¢
Churchill Senior Loan Fund 12,461,131 1.7¢
Morgan Stanley 42,875,404 5.8¢
JPM Euro Property 150,964 0.0¢
Prudential PRISA II 18,492,320 2.5¢
Alidade Capital Fund IV 3,388,532 0.5¢
Walton Street Real Estate 3,280,813 0.4¢
AEW Real Estate 1,313,816 0.2¢
ValStone Opportunity Fund V 2,122,418 0.3¢
Cash and Equivalents Account 80,553 0.0¢
Private Markets Cash 2,843,843 0.4¢
Asset Allocation By Manager
Total Fund Composite
As of February 28, 2019
Page 4
Financial Reconciliation Month to Date
Market Value
01/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
02/28/2019
Total Fund Composite 706,164,442 -272,202 -14,000,000 -75,705 -2,943 1,863,808 46,195,783 740,417,587
Total Equity Composite 363,744,922 -7,000,000 28,240 --75,705 -2,156 633,347 42,722,754 400,051,402
Total Domestic Equity 230,654,389 -7,000,000 ---3,578 -972 549,617 30,531,624 254,731,080
Total Large Cap Equity Composite 134,037,634 ----3,578 -75 347,635 16,213,802 150,595,418
SSgA S&P 500 31,216,390 ----523 --3,582,057 34,797,923
SSgA S&P 500 Equal Weighted Index 30,325,699 ----3,054 --4,218,899 34,541,543
T. Rowe Price 72,495,546 -----75 347,635 8,412,846 81,255,952
Total Mid Cap Equity Composite 49,319,089 -----443 137,239 6,629,843 56,085,728
Seizert Capital Partners 14,081,495 -----183 47,488 1,632,206 15,761,006
Wedge Capital Partners 12,432,194 -----151 45,797 1,481,878 13,959,719
TimesSquare 11,088,467 -----68 26,643 1,785,684 12,900,726
Munder Capital 11,716,933 -----42 17,310 1,730,076 13,464,277
Total Small Cap Equity Composite 47,297,666 -7,000,000 ----454 64,744 7,687,978 48,049,934
Lee Munder (LMCG)21,624,390 -----143 44,950 3,497,773 25,166,970
Loomis Small Cap 25,673,276 -7,000,000 ----312 19,793 4,190,205 22,882,964
Total International Equity 92,007,481 -28,240 --72,127 -1,184 83,730 10,658,855 102,704,993
Lazard 33,626,699 -----1,184 28,586 3,319,868 36,973,969
Pictet 41,580,643 ----43,888 -55,143 5,093,956 46,685,855
Berkeley Street 16,800,139 -28,240 --28,240 --2,245,030 19,045,169
Total Long/Short Equity Composite 41,083,053 ------1,532,276 42,615,329
ABS Global 41,083,053 ------1,532,276 42,615,329
Total Fixed Income Composite 268,430,617 -7,313,060 ----777 1,230,298 3,470,444 265,817,522
Total Domestic Fixed Income 212,925,268 -7,000,000 ----777 1,230,298 2,023,761 209,178,551
CS McKee 135,264,868 -7,000,000 ----312 779,997 1,010,661 130,055,214
Loomis Fixed Income 77,660,400 -----465 450,301 1,013,100 79,123,337
Total Global Fixed 42,731,158 ------1,446,683 44,177,840
Franklin Templeton 42,731,158 ------1,446,683 44,177,840
Private Fixed Income 12,774,191 -313,060 ------12,461,131
Churchill Senior Loan Fund 12,774,191 -313,060 ------12,461,131
Financial Reconciliation
Total Fund
Quarter To Date Ending February 28, 2019
Page 5
Financial Reconciliation
Total Fund
Quarter To Date Ending February 28, 2019
Market Value
01/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
02/28/2019
Total Real Asset 71,899,268 -275,000 ------71,624,268
Total Real Estate 69,776,850 -275,000 ------69,501,850
Morgan Stanley 42,875,404 -------42,875,404
JPM Euro Property 150,964 -------150,964
Prudential PRISA II 18,492,320 -------18,492,320
Alidade Capital Fund IV 3,663,532 -275,000 ------3,388,532
Walton Street Real Estate 3,280,813 -------3,280,813
AEW Real Estate 1,313,816 -------1,313,816
Private Investments 2,122,418 -------2,122,418
ValStone Opportunity Fund V 2,122,418 -------2,122,418
Total Cash Composite 2,089,635 14,588,060 243,962 -14,000,000 --10 163 2,585 2,924,396
Cash and Equivalents Account 80,351 13,756,038 243,962 -14,000,000 --10 163 49 80,553
Private Markets Cash 2,009,284 832,022 -----2,536 2,843,843
Page 6
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund Composite 740,417,587 100.0 1.91 6.83 -0.89 6.83 2.47 9.40 6.19 7.74 10.73 8.33 10/01/1986
Total Fund Policy Index 1.75 6.95 -0.53 6.95 3.44 9.36 6.24 7.97 11.44 8.78
Total Equity Composite 400,051,402 54.0 3.37 11.92 -3.71 11.92 0.52 12.90 7.25 10.18 14.59 9.54 10/01/1986
Total Equity Index 3.29 12.30 -3.55 12.30 2.03 14.02 8.84 11.80 15.86 9.92
Total Fixed Income Composite 265,817,522 35.9 0.28 1.76 2.81 1.76 3.61 3.41 2.84 2.91 5.14 6.32 10/01/1986
Total Fixed Income Index 0.08 1.70 2.46 1.70 2.76 1.86 2.21 1.96 3.61 6.10
Total Real Asset 71,624,268 9.7 0.00 0.00 1.94 0.00 8.87 9.21 11.41 10.77 5.76 4.69 07/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.76 0.00 8.35 8.24 10.41 10.99 7.00 5.33
Total Cash Composite 2,924,396 0.4
Asset Allocation & Performance
Total Fund Composite
As of February 28, 2019
Page 7
Asset Allocation & Performance
Total Fund Composite
As of February 28, 2019
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Domestic Equity 254,731,080 34.4 3.91 13.48 -3.90 13.48 4.83 N/A N/A N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 150,595,418 20.3 3.23 12.36 -3.02 12.36 4.96 15.38 10.82 13.23 16.38 10.10 07/01/2008
SSgA S&P 500 (1.5 bps)34,797,923 4.7 3.21 11.47 -3.58 11.47 4.70 15.32 10.73 13.14 N/A 13.24 10/01/2009
S&P 500 Index 3.21 11.48 -3.59 11.48 4.68 15.28 10.67 13.06 16.67 13.17
SSgA S&P 500 Equal Weighted Index (4 bps)34,541,543 4.7 3.64 13.91 -2.14 13.91 5.14 N/A N/A N/A N/A 0.52 02/01/2018
S&P 500 Equal Weighted 3.68 13.90 -1.94 13.90 5.28 14.58 9.47 12.92 18.83 0.65
T. Rowe Price (25 bps)81,255,952 11.0 3.07 12.08 -3.14 12.08 5.16 16.41 11.44 13.75 N/A 13.69 10/01/2009
S&P 500 Index 3.21 11.48 -3.59 11.48 4.68 15.28 10.67 13.06 16.67 13.17
Total Mid Cap Equity Composite 56,085,728 7.6 4.09 13.72 -4.47 13.72 1.09 13.86 7.38 11.03 16.44 9.22 07/01/2008
Seizert Capital Partners (60 bps)15,761,006 2.1 3.71 11.93 -4.27 11.93 -1.80 13.00 4.91 N/A N/A 7.06 10/01/2013
Russell Midcap Value Index 3.18 13.81 -3.21 13.81 2.63 12.58 7.44 11.58 17.31 9.19
Wedge Capital Partners (75 bps)13,959,719 1.9 2.09 12.29 -7.52 12.29 -1.95 12.22 7.43 11.66 17.85 7.72 05/01/2007
Russell Midcap Value Index 3.18 13.81 -3.21 13.81 2.63 12.58 7.44 11.58 17.31 6.78
TimesSquare (80 bps)12,900,726 1.7 5.68 16.34 -1.18 16.34 9.69 17.32 9.67 13.37 N/A 14.52 09/01/2009
Russell Midcap Growth Index 5.86 18.03 -0.85 18.03 9.85 17.20 10.18 13.11 18.52 14.83
Munder (75 bps)13,464,277 1.8 5.16 14.91 -4.47 14.91 0.22 13.51 7.62 11.02 N/A 13.53 09/01/2009
Russell Midcap Growth Index 5.86 18.03 -0.85 18.03 9.85 17.20 10.18 13.11 18.52 14.83
Total Small Cap Equity Composite 48,049,934 6.5 5.63 16.45 -5.66 16.45 8.82 16.10 7.27 10.72 16.27 10.11 07/01/2008
Lee Munder (70 bps)25,166,970 3.4 5.18 16.38 -5.63 16.38 2.95 12.99 7.86 10.68 16.23 9.23 09/01/2005
Russell 2000 Value Index 3.89 15.25 -6.27 15.25 4.42 14.95 6.48 10.56 15.43 6.92
Loomis Small Cap (90 bps)22,882,964 3.1 6.02 16.52 -5.68 16.52 13.21 21.82 9.94 N/A N/A 15.62 09/01/2012
Russell 2000 Growth Index 6.46 18.75 -6.96 18.75 6.70 18.27 8.16 12.33 17.69 13.38
Page 8
Asset Allocation & Performance
Total Fund Composite
As of February 28, 2019
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total International Equity 102,704,993 13.9 3.44 11.68 -2.84 11.68 -7.03 10.59 3.84 6.36 11.37 3.66 07/01/2008
Total International Equity Index 1.97 9.69 -2.82 9.69 -6.00 11.25 2.97 5.06 9.42 2.25
Lazard (75 bps)36,973,969 5.0 2.32 9.96 -1.21 9.96 -4.17 10.32 4.45 7.40 12.14 5.56 09/01/2006
MSCI AC World ex USA 1.97 9.69 -2.82 9.69 -6.00 11.25 2.97 4.91 10.13 3.56
Pictet (65 bps)46,685,855 6.3 4.24 12.39 -6.83 12.39 -9.48 9.01 2.59 6.25 11.32 1.12 01/01/2008
MSCI EAFE Index 2.56 9.32 -4.35 9.32 -5.57 9.85 2.54 5.95 10.07 1.67
Berkeley Street (95 bps)19,045,169 2.6 3.70 13.36 4.83 13.36 -6.19 16.89 6.09 N/A N/A 4.88 11/01/2012
MSCI Emerging Markets Index 0.23 9.03 0.96 9.03 -9.54 15.46 4.52 2.44 10.70 3.61
Total Long/Short Equity Composite 42,615,329 5.8 0.00 3.73 -4.60 3.73 -4.18 4.40 2.33 3.89 N/A 3.80 10/01/2010
ABS Global (100 bps)42,615,329 5.8 0.00 3.73 -4.60 3.73 -4.18 4.40 2.45 4.96 N/A 4.70 10/01/2010
HFRI FOF: Strategic Index 0.97 4.10 -2.56 4.10 -3.98 4.83 1.78 3.12 3.82 2.70
Total Domestic Fixed Income 209,178,551 28.3 0.13 1.53 2.46 1.53 3.28 N/A N/A N/A N/A N/A 07/01/2008
CS McKee (35 bps)130,055,214 17.6 0.09 1.33 2.68 1.33 3.41 2.01 2.69 2.44 N/A 3.47 02/01/2010
Blmbg. Barc. U.S. Aggregate Index -0.06 1.00 2.66 1.00 3.17 1.69 2.32 2.12 3.71 3.12
Loomis Fixed Income (30 bps)79,123,337 10.7 0.19 1.88 2.08 1.88 3.05 4.60 3.17 3.88 N/A 5.30 04/01/2010
Blmbg. Barc. U.S. Aggregate Index -0.06 1.00 2.66 1.00 3.17 1.69 2.32 2.12 3.71 3.15
Total Global Fixed 44,177,840 6.0 1.12 3.39 4.85 3.39 4.38 N/A N/A N/A N/A N/A 04/01/2010
Franklin Templeton (60 bps)44,177,840 6.0 1.12 3.39 4.85 3.39 4.38 5.76 2.23 2.71 N/A 3.23 04/01/2010
JPM Global Government Bond Index -0.88 0.43 2.44 0.43 -0.84 1.21 0.62 0.35 2.52 1.92
Page 9
Asset Allocation & Performance
Total Fund Composite
As of February 28, 2019
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Real Estate 69,501,850 9.4 0.00 0.00 1.91 0.00 8.82 N/A N/A N/A N/A 9.16 09/01/2016
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.76 0.00 8.35 8.24 10.41 10.99 7.00 8.11
Morgan Stanley (84 bps)42,875,404 5.8 0.00 0.00 2.23 0.00 9.05 9.63 12.02 12.66 7.73 6.45 01/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.76 0.00 8.35 8.24 10.41 10.99 7.00 5.24
Prudential PRISA II (85 bps)18,492,320 2.5 0.00 0.00 1.45 0.00 9.43 9.28 11.83 12.65 N/A 12.36 10/01/2011
NCREIF Property Index 0.00 0.00 1.37 0.00 6.72 7.21 9.33 9.74 7.49 9.59
JPM Euro Property 150,964 0.0 0.00 0.00 0.00 0.00 4.11 7.79 8.09 3.56 N/A 1.25 04/01/2009
NCREIF Property Index 0.00 0.00 1.37 0.00 6.72 7.21 9.33 9.74 7.49 8.38
Total Cash Composite 2,924,396 0.4
Cash and Equivalents Account (No fee)80,553 0.0
Private Markets Cash 2,843,843 0.4
Page 10
Comparative Performance - IRR
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
ValStone Opportunity Fund V 0.00 0.00 2.82 0.00 7.08 7.57 N/A N/A N/A 7.55 08/27/2014
Alidade Capital Fund IV 0.00 0.00 0.00 0.00 2.48 N/A N/A N/A N/A 2.61 04/20/2017
Walton Street Real Estate 0.00 0.00 2.86 0.00 9.88 N/A N/A N/A N/A 12.77 05/24/2017
AEW Real Estate 0.00 0.00 0.00 0.00 -0.69 N/A N/A N/A N/A -8.42 09/28/2017
Churchill Senior Loan Fund 0.00 0.00 1.43 0.00 5.89 N/A N/A N/A N/A 6.34 12/07/2017
Comparative Performance - IRR
Alternative Investments
As of February 28, 2019
Page 11
Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 12
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