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Investment Performance Review
Period Ending February 28, 2019
March 21, 2019
Preliminary
Oakland County ERS
VEBA 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 (0.2%)
Total Real Assets (8.7%)
Total Fixed Income Composite (34.6%)
Total Long/Short Equity Composite (4.2%)
Total International Equity (14.7%)
Total Domestic Equity (37.7%)
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 1,271,907,853 100.0 N/A N/A 100.0 ---
Total Domestic Equity 479,276,205 37.7 10.0 50.0 37.5 -352,085,419 156,677,722 -2,310,760
Total International Equity 186,988,930 14.7 5.0 20.0 12.5 -123,393,537 67,392,641 -28,000,448
Total Long/Short Equity Composite 53,086,919 4.2 0.0 7.5 5.0 -53,086,919 42,306,170 10,508,474
Total Fixed Income Composite 439,800,187 34.6 10.0 55.0 35.0 -312,609,402 259,749,132 5,367,562
Total Real Assets 110,585,042 8.7 0.0 15.0 10.0 -110,585,042 80,201,136 16,605,743
Total Cash Composite 2,170,571 0.2 0.0 5.0 0.0 -2,170,571 61,424,822 -2,170,571
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of February 28, 2019
Page 2
Executive Summary
Policy Target In Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (0.2%)
Total Real Assets (8.7%)
Total Fixed Income Composite (34.6%)
Total Long/Short Equity Composite (4.2%)
Total International Equity (14.7%)
Total Small Cap Equity Composite (8.4%)
Total Mid Cap Equity Composite (8.3%)
Total Large Cap Equity Composite (21.0%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 1,271,907,853 100.0 100.0 -
Total Large Cap Equity Composite 267,548,710 21.0 25.0 50,428,254
Total Mid Cap Equity Composite 105,140,529 8.3 6.3 -25,646,288
Total Small Cap Equity Composite 106,586,966 8.4 6.3 -27,092,725
Total International Equity 186,988,930 14.7 12.5 -28,000,448
Total Long/Short Equity Composite 53,086,919 4.2 5.0 10,508,474
Total Fixed Income Composite 439,800,187 34.6 35.0 5,367,562
Total Real Assets 110,585,042 8.7 10.0 16,605,743
Total Cash Composite 2,170,571 0.2 0.0 -2,170,571
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of February 28, 2019
Page 3
January 31, 2019 : $1,248,175,353 February 28, 2019 : $1,271,907,853
Allocation
Market Value Allocation
SSgA S&P 500 68,975,064 5.5¢
SSgA S&P 500 Equal Weighted Index 61,894,150 5.0¢
T. Rowe Price 128,276,010 10.3¢
Seizert Capital Partners 23,580,951 1.9¢
Wedge Capital Partners 24,965,338 2.0¢
TimesSquare 27,614,157 2.2¢
Munder Capital 25,690,086 2.1¢
Lee Munder (LMCG)45,587,311 3.7¢
Loomis Small Cap 55,338,712 4.4¢
Lazard 78,041,633 6.3¢
Pictet 70,539,914 5.7¢
Berkeley Street 32,828,433 2.6¢
ABS Global 53,086,919 4.3¢
CS McKee 230,708,551 18.5¢
Loomis Fixed Income 104,333,566 8.4¢
Franklin Templeton 83,679,762 6.7¢
Churchill Senior Loan Fund 21,290,319 1.7¢
Morgan Stanley 61,889,515 5.0¢
Prudential PRISA II 25,775,399 2.1¢
Alidade Capital Fund IV 2,033,119 0.2¢
Walton Street Real Estate 6,561,626 0.5¢
AEW Real Estate 2,627,633 0.2¢
Macquarie II U.S.5,672,910 0.5¢
Macquarie Fund III Europe 2,841,212 0.2¢
ValStone Opportunity Fund V 3,183,627 0.3¢
Cash and Equivalents Account 224,493 0.0¢
Private Markets Cash 934,943 0.1¢
Allocation
Market Value Allocation
SSgA S&P 500 71,186,011 5.6¢
SSgA S&P 500 Equal Weighted Index 64,148,579 5.0¢
T. Rowe Price 132,214,119 10.4¢
Seizert Capital Partners 23,452,412 1.8¢
Wedge Capital Partners 25,487,745 2.0¢
TimesSquare 29,182,597 2.3¢
Munder Capital 27,017,776 2.1¢
Lee Munder (LMCG)47,949,397 3.8¢
Loomis Small Cap 58,637,569 4.6¢
Lazard 79,888,962 6.3¢
Pictet 73,499,710 5.8¢
Berkeley Street 33,600,258 2.6¢
ABS Global 53,086,919 4.2¢
CS McKee 229,881,071 18.1¢
Loomis Fixed Income 104,521,092 8.2¢
Franklin Templeton 84,629,473 6.7¢
Churchill Senior Loan Fund 20,768,552 1.6¢
Morgan Stanley 61,889,515 4.9¢
Prudential PRISA II 25,775,399 2.0¢
Alidade Capital Fund IV 2,033,119 0.2¢
Walton Street Real Estate 6,561,626 0.5¢
AEW Real Estate 2,627,633 0.2¢
Macquarie II U.S.5,672,910 0.4¢
Macquarie Fund III Europe 2,841,212 0.2¢
ValStone Opportunity Fund V 3,183,627 0.3¢
Cash and Equivalents Account 224,963 0.0¢
Private Markets Cash 1,945,608 0.2¢
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 1,192,862,693 -863,031 -8,000,000 -122,783 -983 2,509,440 83,796,456 1,271,907,853
Total Equity Composite 641,703,147 -1,000,000 49,822 --122,783 -783 506,267 78,216,384 719,352,053
Total Domestic Equity 422,827,601 -1,000,000 ---6,805 -92 343,526 57,111,976 479,276,205
Total Large Cap Equity Composite 238,135,205 ----6,805 --31,892 29,452,202 267,548,710
SSgA S&P 500 63,857,236 ----1,133 --7,329,908 71,186,011
SSgA S&P 500 Equal Weighted Index 56,319,154 ----5,673 --7,835,097 64,148,579
T. Rowe Price 117,958,815 ------31,892 14,287,196 132,214,119
Total Mid Cap Equity Composite 93,136,570 -1,000,000 ----250,751 12,753,208 105,140,529
Seizert Capital Partners 21,846,995 -1,000,000 ----72,664 2,532,753 23,452,412
Wedge Capital Partners 22,696,372 -----83,294 2,708,078 25,487,745
TimesSquare 25,082,973 -----60,184 4,039,440 29,182,597
Munder Capital 23,510,230 -----34,609 3,472,937 27,017,776
Total Small Cap Equity Composite 91,555,825 -----92 124,667 14,906,567 106,586,966
Lee Munder (LMCG)41,194,247 -----85,224 6,669,926 47,949,397
Loomis Small Cap 50,361,578 -----92 39,443 8,236,641 58,637,569
Total International Equity 167,697,419 -49,822 --115,977 -691 162,741 19,195,616 186,988,930
Lazard 72,598,240 -----691 75,928 7,215,484 79,888,962
Pictet 65,459,667 ----66,156 -86,813 8,019,386 73,499,710
Berkeley Street 29,639,512 -49,822 --49,822 --3,960,746 33,600,258
Total Long/Short Equity Composite 51,178,127 ------1,908,792 53,086,919
ABS Global 51,178,127 ------1,908,792 53,086,919
Total Fixed Income Composite 439,743,731 -7,521,767 ----200 2,002,389 5,576,034 439,800,187
Total Domestic Fixed Income 336,595,284 -7,000,000 ----200 2,002,389 2,804,690 334,402,163
CS McKee 233,964,818 -7,000,000 ----1,366,200 1,550,053 229,881,071
Loomis Fixed Income 102,630,466 -----200 636,189 1,254,637 104,521,092
Total Global Fixed 81,858,128 ------2,771,344 84,629,473
Franklin Templeton 81,858,128 ------2,771,344 84,629,473
Private Fixed Income 21,290,319 -521,767 ------20,768,552
Churchill Senior Loan Fund 21,290,319 -521,767 ------20,768,552
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 Assets 110,863,170 -278,128 ------110,585,042
Total Real Estate (Composite)99,052,292 -165,000 ------98,887,292
Morgan Stanley 61,889,515 -------61,889,515
Prudential PRISA II 25,775,399 -------25,775,399
Alidade Capital Fund IV 2,198,119 -165,000 ------2,033,119
Walton Street Real Estate 6,561,626 -------6,561,626
AEW Real Estate 1,313,816 -------1,313,816
Private Investments 11,810,877 -113,128 ------11,697,750
Macquarie II U.S.5,672,910 -------5,672,910
Macquarie Fund III Europe 2,954,340 -113,128 ------2,841,212
ValStone Opportunity Fund V 3,183,627 -------3,183,627
Total Cash Composite 552,646 8,799,895 813,209 -8,000,000 --784 4,037 2,170,571
Cash and Equivalents Account -101,118 7,512,077 813,209 -8,000,000 --784 11 224,963
Private Markets Cash 653,764 1,287,818 -----4,026 1,945,608
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 1,271,907,853 100.0 2.03 7.25 -0.94 7.25 2.61 9.46 6.10 8.27 11.24 5.31 06/01/1998
Total Fund Policy Index 1.75 6.95 -0.53 6.95 3.44 9.46 6.31 8.05 11.47 5.79
Total Equity Composite 719,352,053 56.6 3.44 12.27 -3.58 12.27 1.06 13.25 7.48 10.43 14.82 5.12 04/01/1998
Total Equity Index 3.29 12.30 -3.55 12.30 2.03 14.05 8.86 11.81 15.87 6.44
Total Fixed Income Composite 439,800,187 34.6 0.30 1.73 2.84 1.73 3.60 3.41 2.69 2.87 5.02 5.13 04/01/1998
Total Fixed Income Index 0.08 1.70 2.46 1.70 2.76 1.79 2.17 1.93 3.59 4.71
Total Real Assets 110,585,042 8.7 0.00 0.00 1.95 0.00 9.09 9.38 10.76 11.69 8.17 7.17 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 0.2
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 479,276,205 37.7 3.97 13.59 -3.89 13.59 5.02 N/A N/A N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 267,548,710 21.0 3.24 12.35 -3.03 12.35 4.97 15.25 10.71 13.13 16.19 9.94 07/01/2008
SSgA S&P 500 (1.5 bps)71,186,011 5.6 3.21 11.48 -3.59 11.48 4.65 15.26 10.67 13.05 N/A 13.17 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)64,148,579 5.0 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)132,214,119 10.4 3.07 12.08 -3.15 12.08 5.07 16.37 11.41 13.68 N/A 13.62 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 105,140,529 8.3 4.21 13.96 -4.29 13.96 1.63 14.21 7.57 11.13 16.56 9.23 07/01/2008
Seizert Capital Partners (60 bps)23,452,412 1.8 3.70 11.93 -4.30 11.93 -1.83 13.08 4.98 N/A N/A 7.11 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)25,487,745 2.0 2.09 12.30 -7.53 12.30 -1.93 12.33 7.71 11.79 18.01 7.80 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)29,182,597 2.3 5.68 16.34 -1.12 16.34 9.77 17.39 9.68 13.39 N/A 14.53 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
Munder Capital (75 bps)27,017,776 2.1 5.17 14.92 -4.43 14.92 0.22 13.65 7.72 11.09 N/A 13.39 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 106,586,966 8.4 5.61 16.42 -5.62 16.42 8.81 16.27 7.42 10.80 16.39 10.12 07/01/2008
Lee Munder (LMCG) (70 bps)47,949,397 3.8 5.18 16.40 -5.64 16.40 2.93 12.99 7.87 10.62 16.22 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)58,637,569 4.6 5.96 16.43 -5.61 16.43 13.23 21.89 9.86 N/A N/A 15.55 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 186,988,930 14.7 3.09 11.54 -2.45 11.54 -6.50 10.72 3.92 6.40 11.39 3.67 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)79,888,962 6.3 2.37 10.04 -1.06 10.04 -3.73 10.49 4.53 7.51 12.21 5.61 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)73,499,710 5.8 4.24 12.39 -6.83 12.39 -9.48 9.00 2.58 6.24 11.31 1.11 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)33,600,258 2.6 2.35 13.36 4.83 13.36 -6.19 16.90 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 53,086,919 4.2 0.00 3.73 -4.60 3.73 -4.18 N/A N/A N/A N/A N/A 10/01/2010
ABS Global (100 bps)53,086,919 4.2 0.00 3.73 -4.60 3.73 -4.18 4.35 2.42 4.93 N/A 4.68 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 334,402,163 26.3 0.11 1.43 2.42 1.43 3.24 N/A N/A N/A N/A N/A 07/01/2008
CS McKee (35 bps)229,881,071 18.1 0.07 1.25 2.59 1.25 3.36 2.00 2.63 2.39 N/A 3.44 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)104,521,092 8.2 0.18 1.84 2.04 1.84 2.96 4.67 3.15 3.84 N/A 5.26 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 84,629,473 6.7 1.13 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)84,629,473 6.7 1.13 3.39 4.85 3.39 4.38 5.75 2.23 2.70 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 (Composite)98,887,292 7.8 0.00 0.00 2.04 0.00 9.26 N/A N/A N/A N/A N/A 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)61,889,515 4.9 0.00 0.00 2.23 0.00 9.05 9.71 12.06 12.70 7.76 6.48 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)25,775,399 2.0 0.00 0.00 1.64 0.00 10.29 9.57 11.99 12.76 N/A 12.46 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
Total Cash Composite 2,170,571 0.2
Cash and Equivalents Account (No fee)224,963 0.0
Private Markets Cash 1,945,608 0.2
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 7.58 N/A N/A N/A 7.55 08/27/2014
Macquarie II U.S.0.00 0.00 1.59 0.00 6.57 5.90 4.13 7.23 8.05 7.89 10/09/2008
Macquarie Fund III Europe 0.00 0.00 -1.65 0.00 5.03 16.17 6.03 9.49 8.08 7.22 10/17/2008
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 12.79 05/25/2017
AEW Real Estate 0.00 0.00 0.00 0.00 -0.74 N/A N/A N/A N/A -8.48 09/26/2017
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
Private 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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