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Investment Performance Review
Period Ending October 31, 2019
Oakland County ERS
VEBA Plan
Monthly Flash Report
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 (0.6%)
Total Real Assets (8.8%)
Total Fixed Income Composite (34.4%)
Total Long/Short Equity Composite (4.2%)
Total International Equity (14.9%)
Total Domestic Equity (37.1%)
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 1,326,761,523 100.0 N/A N/A 100.0 ---
Total Domestic Equity 491,928,162 37.1 10.0 50.0 37.5 -359,252,010 171,452,600 5,607,409
Total International Equity 197,634,567 14.9 5.0 20.0 12.5 -131,296,491 67,717,737 -31,789,377
Total Long/Short Equity Composite 55,833,247 4.2 0.0 7.5 5.0 -55,833,247 43,673,868 10,504,830
Total Fixed Income Composite 456,927,356 34.4 10.0 55.0 35.0 -324,251,203 272,791,482 7,439,177
Total Real Assets 116,165,695 8.8 0.0 15.0 10.0 -116,165,695 82,848,534 16,510,458
Total Cash Composite 8,272,497 0.6 0.0 5.0 0.0 -8,272,497 58,065,579 -8,272,497
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of October 31, 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 (0.6%)
Total Real Assets (8.8%)
Total Fixed Income Composite (34.4%)
Total Long/Short Equity Composite (4.2%)
Total International Equity (14.9%)
Total Small Cap Equity Composite (8.0%)
Total Mid Cap Equity Composite (8.2%)
Total Large Cap Equity Composite (20.9%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 1,326,761,523 100.0 100.0 -
Total Large Cap Equity Composite 277,717,539 20.9 20.0 -12,365,234
Total Mid Cap Equity Composite 108,485,221 8.2 7.5 -8,978,107
Total Small Cap Equity Composite 105,725,402 8.0 7.5 -6,218,287
Total International Equity 197,634,567 14.9 15.0 1,379,661
Total Long/Short Equity Composite 55,833,247 4.2 5.0 10,504,830
Total Fixed Income Composite 456,927,356 34.4 35.0 7,439,177
Total Real Assets 116,165,695 8.8 10.0 16,510,458
Total Cash Composite 8,272,497 0.6 0.0 -8,272,497
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of October 31, 2019
Page 3
September 30, 2019 : $1,310,646,371 October 31, 2019 : $1,326,761,523
Allocation
Market Value Allocation
SSgA S&P 500 73,895,185 5.6¢
SSgA S&P 500 Equal Weighted Index 67,995,904 5.2¢
T. Rowe Price 133,258,500 10.2¢
Wedge Capital Partners 26,320,097 2.0¢
TimesSquare 29,097,632 2.2¢
Great Lakes SmidCap 25,769,123 2.0¢
Reinhart Partners 26,057,221 2.0¢
Lee Munder (LMCG)47,794,976 3.6¢
Loomis Small Cap 55,427,895 4.2¢
Lazard 81,257,088 6.2¢
Pictet 76,016,420 5.8¢
Berkeley Street 34,111,019 2.6¢
ABS Global 55,833,247 4.3¢
CS McKee 246,503,355 18.8¢
Loomis Fixed Income 111,780,023 8.5¢
Franklin Templeton 76,620,015 5.8¢
Churchill Senior Loan Fund 20,882,197 1.6¢
Morgan Stanley 64,716,623 4.9¢
Prudential PRISA II 26,910,501 2.1¢
Alidade Capital Fund IV 2,073,230 0.2¢
Walton Street Real Estate 6,913,585 0.5¢
AEW Real Estate 5,111,284 0.4¢
Dune Real Estate IV 875,219 0.1¢
Macquarie II U.S.3,399,039 0.3¢
Macquarie Fund III Europe 3,976,395 0.3¢
ValStone Opportunity Fund V 3,350,698 0.3¢
Cash and Equivalents Account 115,403 0.0¢
Private Markets Cash 4,584,498 0.3¢
Allocation
Market Value Allocation
SSgA S&P 500 72,496,148 5.5¢
SSgA S&P 500 Equal Weighted Index 68,881,607 5.2¢
T. Rowe Price 136,339,783 10.3¢
Wedge Capital Partners 26,288,221 2.0¢
TimesSquare 29,696,605 2.2¢
Great Lakes SmidCap 26,105,363 2.0¢
Reinhart Partners 26,395,032 2.0¢
Lee Munder (LMCG)48,904,793 3.7¢
Loomis Small Cap 56,820,609 4.3¢
Lazard 83,297,856 6.3¢
Pictet 78,372,100 5.9¢
Berkeley Street 35,964,612 2.7¢
ABS Global 55,833,247 4.2¢
CS McKee 247,302,919 18.6¢
Loomis Fixed Income 112,108,446 8.4¢
Franklin Templeton 76,633,794 5.8¢
Churchill Senior Loan Fund 20,882,197 1.6¢
Morgan Stanley 64,716,623 4.9¢
Prudential PRISA II 26,910,501 2.0¢
Alidade Capital Fund IV 2,073,230 0.2¢
Walton Street Real Estate 6,608,933 0.5¢
AEW Real Estate 5,517,887 0.4¢
Dune Real Estate IV 875,219 0.1¢
Macquarie II U.S.2,160,759 0.2¢
Macquarie Fund III Europe 3,976,395 0.3¢
ValStone Opportunity Fund V 3,326,147 0.3¢
Cash and Equivalents Account 115,878 0.0¢
Private Markets Cash 8,156,619 0.6¢
Asset Allocation By Manager
Total Fund Composite
As of October 31, 2019
Page 4
Financial Reconciliation Month to Date
Market Value
10/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
10/31/2019
Total Fund Composite 1,310,646,371 -433,576 -1,000,000 -60,124 -505 1,353,919 15,388,287 1,326,761,523
Total Equity Composite 732,834,305 -3,000,000 26,973 --60,124 -505 389,056 15,206,270 745,395,976
Total Domestic Equity 485,616,532 -3,000,000 ----39 293,019 9,018,650 491,928,162
Total Large Cap Equity Composite 275,149,588 -3,000,000 ----171,376 5,396,574 277,717,539
SSgA S&P 500 73,895,185 -3,000,000 -----1,600,963 72,496,148
SSgA S&P 500 Equal Weighted Index 67,995,904 ------885,704 68,881,607
T. Rowe Price 133,258,500 -----171,376 2,909,907 136,339,783
Total Mid Cap Equity Composite 107,244,073 -----39 92,093 1,149,094 108,485,221
Wedge Capital Partners 26,320,097 -----39,776 -71,652 26,288,221
TimesSquare 29,097,632 -----39 12,235 586,776 29,696,605
Great Lakes SmidCap 25,769,123 -----22,614 313,626 26,105,363
Reinhart Partners 26,057,221 -----17,468 320,343 26,395,032
Total Small Cap Equity Composite 103,222,871 -----29,549 2,472,982 105,725,402
Lee Munder (LMCG)47,794,976 -----18,948 1,090,869 48,904,793
Loomis Small Cap 55,427,895 -----10,601 1,382,113 56,820,609
Total International Equity 191,384,527 -26,973 --60,124 -467 96,038 6,187,621 197,634,567
Lazard 81,257,088 -----467 26,070 2,015,165 83,297,856
Pictet 76,016,420 ----33,151 -69,968 2,318,862 78,372,100
Berkeley Street 34,111,019 -26,973 --26,973 --1,853,593 35,964,612
Total Long/Short Equity Composite 55,833,247 -------55,833,247
ABS Global 55,833,247 -------55,833,247
Total Fixed Income Composite 455,785,590 -----971,754 170,012 456,927,356
Total Domestic Fixed Income 358,283,378 -----971,754 156,233 359,411,365
CS McKee 246,503,355 -----679,043 120,521 247,302,919
Loomis Fixed Income 111,780,023 -----292,711 35,712 112,108,446
Total Global Fixed 76,620,015 ------13,779 76,633,794
Franklin Templeton 76,620,015 ------13,779 76,633,794
Private Fixed Income 20,882,197 -------20,882,197
Churchill Senior Loan Fund 20,882,197 -------20,882,197
Financial Reconciliation
Total Fund
Quarter To Date Ending October 31, 2019
Page 5
Financial Reconciliation
Total Fund
Quarter To Date Ending October 31, 2019
Market Value
10/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
10/31/2019
Total Real Assets 117,326,575 -1,160,880 ------116,165,695
Total Real Estate (Composite)106,600,443 101,951 ------106,702,394
Morgan Stanley 64,716,623 -------64,716,623
Prudential PRISA II 26,910,501 -------26,910,501
Alidade Capital Fund IV 2,073,230 -------2,073,230
Walton Street Real Estate 6,913,585 -304,652 ------6,608,933
AEW Real Estate 2,555,642 203,302 ------2,758,944
Dune Real Estate IV 437,610 -------437,610
Private Investments 10,726,132 -1,262,831 ------9,463,301
Macquarie II U.S.3,399,039 -1,238,280 ------2,160,759
Macquarie Fund III Europe 3,976,395 -------3,976,395
ValStone Opportunity Fund V 3,350,698 -24,551 ------3,326,147
Total Cash Composite 4,699,901 4,160,880 406,603 -1,000,000 ---6,891 12,005 8,272,497
Cash and Equivalents Account 115,403 593,397 406,603 -1,000,000 --517 -43 115,878
Private Markets Cash 4,584,498 3,567,483 -----7,408 12,047 8,156,619
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 1,326,761,523 100.0 1.27 1.27 1.27 14.12 10.61 8.63 6.58 8.67 9.25 5.45 06/01/1998
Total Fund Policy Index 1.42 1.42 1.42 14.48 11.60 8.68 6.71 8.50 9.21 5.91
Total Equity Composite 745,395,976 56.2 2.13 2.13 2.13 19.98 11.83 11.48 8.11 11.03 11.40 5.28 04/01/1998
Total Equity Index 2.44 2.44 2.44 20.38 12.31 12.40 8.89 12.32 12.39 6.58
Total Fixed Income Composite 456,927,356 34.4 0.25 0.25 0.25 7.43 9.04 3.71 3.10 3.00 4.28 5.24 04/01/1998
Total Fixed Income Index 0.32 0.32 0.32 8.73 11.18 3.20 3.10 2.48 3.49 4.90
Total Real Assets 116,165,695 8.8 0.00 0.00 0.00 6.75 9.13 9.56 10.48 11.38 10.92 7.38 07/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 3.77 5.60 7.31 9.35 10.30 10.86 5.35
Total Cash Composite 3,183,856 0.2
Asset Allocation & Performance
Total Fund Composite
As of October 31, 2019
Page 7
Asset Allocation & Performance
Total Fund Composite
As of October 31, 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 491,928,162 37.1 1.92 1.92 1.92 22.05 12.21 13.32 N/A N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 277,717,539 20.9 2.02 2.02 2.02 23.57 14.58 14.54 10.84 13.95 13.69 10.25 07/01/2008
SSgA S&P 500 (1.5 bps)72,496,148 5.5 2.17 2.17 2.17 23.12 14.29 14.89 10.77 13.90 13.69 13.36 10/01/2009
S&P 500 Index 2.17 2.17 2.17 23.16 14.33 14.91 10.78 13.91 13.70 13.36
SSgA S&P 500 Equal Weighted Index (4 bps)68,881,607 5.2 1.30 1.30 1.30 22.35 13.19 N/A N/A N/A N/A 4.50 02/01/2018
S&P 500 Equal Weighted 1.27 1.27 1.27 21.63 12.84 12.43 9.08 13.47 13.95 4.24
T. Rowe Price (25 bps)136,339,783 10.3 2.31 2.31 2.31 24.44 15.43 15.83 11.85 14.71 14.19 13.84 10/01/2009
S&P 500 Index 2.17 2.17 2.17 23.16 14.33 14.91 10.78 13.91 13.70 13.36
Total Mid Cap Equity Composite 108,485,221 8.2 1.16 1.16 1.16 20.95 10.87 11.32 7.73 11.62 12.62 9.24 07/01/2008
Wedge Capital Partners (75 bps)26,288,221 2.0 -0.12 -0.12 -0.12 15.83 5.26 7.67 6.05 11.40 13.04 7.63 05/01/2007
Russell Midcap Value Index 0.54 0.54 0.54 20.11 10.08 8.90 6.95 11.70 12.90 6.87
TimesSquare (80 bps)29,696,605 2.2 2.06 2.06 2.06 30.60 20.25 17.49 11.78 14.82 14.88 14.82 09/01/2009
Russell Midcap Growth Index 1.85 1.85 1.85 27.56 18.93 16.81 10.92 14.48 14.76 14.67
Great Lakes SmidCap (55 bps)26,105,363 2.0 1.30 1.30 1.30 N/A N/A N/A N/A N/A N/A -0.42 05/01/2019
Russell 2500 Index 1.91 1.91 1.91 19.97 8.84 11.74 8.04 11.90 13.10 0.08
Reinhart Partners (65 bps)26,395,032 2.0 1.30 1.30 1.30 N/A N/A N/A N/A N/A N/A 4.12 05/01/2019
Russell 2500 Index 1.91 1.91 1.91 19.97 8.84 11.74 8.04 11.90 13.10 0.08
Total Small Cap Equity Composite 105,725,402 8.0 2.42 2.42 2.42 19.26 7.60 12.27 8.21 11.05 12.03 9.73 07/01/2008
Lee Munder (LMCG) (70 bps)48,904,793 3.7 2.32 2.32 2.32 19.74 8.06 8.62 7.88 11.06 11.60 8.99 09/01/2005
Russell 2000 Value Index 2.42 2.42 2.42 15.55 3.22 8.60 6.24 9.93 11.08 6.60
Loomis Small Cap (90 bps)56,820,609 4.3 2.51 2.51 2.51 18.68 7.06 18.38 11.33 14.62 N/A 14.31 09/01/2012
Russell 2000 Growth Index 2.85 2.85 2.85 18.62 6.40 13.22 8.38 12.38 13.38 12.04
Page 8
Asset Allocation & Performance
Total Fund Composite
As of October 31, 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 197,634,567 14.9 3.28 3.28 3.28 18.09 12.59 8.72 5.42 6.93 6.75 3.97 07/01/2008
Total International Equity Index 3.50 3.50 3.50 15.99 11.84 8.60 4.31 5.96 5.11 2.62
Lazard (75 bps)83,297,856 6.3 2.51 2.51 2.51 14.74 11.85 9.15 4.96 7.80 7.90 5.66 09/01/2006
MSCI AC World ex USA 3.50 3.50 3.50 15.99 11.84 8.60 4.31 5.96 5.43 3.82
Pictet (65 bps)78,372,100 5.9 3.14 3.14 3.14 20.32 9.58 7.86 5.78 6.82 6.18 1.63 01/01/2008
MSCI EAFE Index 3.60 3.60 3.60 17.43 11.63 9.02 4.81 7.03 5.90 2.19
Berkeley Street (95 bps)35,964,612 2.7 5.43 5.43 5.43 21.34 21.83 9.86 5.89 5.42 N/A 5.42 11/01/2012
MSCI Emerging Markets Index 4.23 4.23 4.23 10.72 12.29 7.76 3.32 3.48 4.14 3.48
Total Long/Short Equity Composite 55,833,247 4.2 0.00 0.00 0.00 9.10 6.02 N/A N/A N/A N/A N/A 10/01/2010
ABS Global (100 bps)55,833,247 4.2 0.00 0.00 0.00 9.10 6.02 4.87 3.56 5.83 N/A 4.91 10/01/2010
HFRI FOF: Strategic Index 0.93 0.93 0.93 6.84 4.16 3.72 2.26 3.58 2.94 2.78
Total Domestic Fixed Income 359,411,365 27.1 0.31 0.31 0.31 9.02 11.04 3.77 N/A N/A N/A N/A 07/01/2008
CS McKee (35 bps)247,302,919 18.6 0.32 0.32 0.32 8.92 11.12 3.57 3.54 2.95 N/A 3.97 02/01/2010
Blmbg. Barc. U.S. Aggregate Index 0.30 0.30 0.30 8.85 11.51 3.29 3.24 2.74 3.73 3.70
Loomis Fixed Income (30 bps)112,108,446 8.4 0.29 0.29 0.29 9.24 10.87 4.29 3.71 3.80 N/A 5.65 04/01/2010
Blmbg. Barc. U.S. Aggregate Index 0.30 0.30 0.30 8.85 11.51 3.29 3.24 2.74 3.73 3.73
Total Global Fixed 76,633,794 5.8 0.02 0.02 0.02 0.76 0.76 N/A N/A N/A N/A N/A 04/01/2010
Franklin Templeton (60 bps)76,633,794 5.8 0.02 0.02 0.02 0.76 0.76 2.71 0.74 1.77 N/A 2.72 04/01/2010
JPM Global Government Bond Index 0.45 0.45 0.45 7.06 10.25 2.57 2.20 0.94 2.05 2.46
Page 9
Asset Allocation & Performance
Total Fund Composite
As of October 31, 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)106,702,394 8.0 0.00 0.00 0.00 5.77 8.26 N/A N/A N/A N/A N/A 09/01/2016
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 3.77 5.60 7.31 9.35 10.30 10.86 7.60
Morgan Stanley (84 bps)64,716,623 4.9 0.00 0.00 0.00 5.50 7.85 9.08 11.04 12.16 12.58 6.58 01/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 3.77 5.60 7.31 9.35 10.30 10.86 5.27
Prudential PRISA II (85 bps)26,910,501 2.0 0.00 0.00 0.00 5.32 7.04 8.85 10.92 11.84 N/A 12.10 10/01/2011
NCREIF Property Index 0.00 0.00 0.00 4.80 6.24 6.76 8.57 9.29 9.77 9.40
Total Cash Composite 8,272,497 0.6
Cash and Equivalents Account (No fee)115,878 0.0
Private Markets Cash 8,156,619 0.6
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 0.00 5.25 8.22 5.16 8.02 N/A N/A 7.60 08/27/2014
Macquarie II U.S.0.00 0.00 0.00 8.55 10.25 7.25 5.34 7.13 8.93 8.10 10/09/2008
Macquarie Fund III Europe 0.00 0.00 0.00 39.77 37.17 13.68 10.84 9.40 7.95 8.26 10/17/2008
Alidade Capital Fund IV 0.00 0.00 0.00 6.03 6.21 N/A N/A N/A N/A 4.63 04/20/2017
Walton Street Real Estate 0.00 0.00 0.00 4.16 7.11 N/A N/A N/A N/A 10.40 05/25/2017
AEW Real Estate 0.00 0.00 0.00 13.44 23.03 N/A N/A N/A N/A 10.06 09/26/2017
Churchill Senior Loan Fund 0.00 0.00 0.00 5.64 7.11 N/A N/A N/A N/A 7.25 12/07/2017
Dune Real Estate IV 0.00 0.00 0.00 N/A N/A N/A N/A N/A N/A 0.00 08/22/2019
Comparative Performance - IRR
Private Investments
As of October 31, 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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