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Investment Performance Review
Period Ending October 31, 2019
Oakland County ERS
Defined Benefit 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 (0.4%)
Total Real Asset (10.4%)
Total Fixed Income Composite (33.4%)
Total Long/Short Equity Composite (6.1%)
Total International Equity (14.8%)
Total Domestic Equity (35.0%)
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 736,500,461 100.0 N/A N/A 100.0 ---
Total Domestic Equity 257,523,692 35.0 10.0 50.0 37.5 -183,873,645 110,726,539 18,663,981
Total International Equity 108,693,113 14.8 5.0 20.0 12.5 -71,868,089 38,606,980 -16,630,555
Total Long/Short Equity Composite 44,819,934 6.1 0.0 7.5 5.0 -44,819,934 10,417,601 -7,994,910
Total Fixed Income Composite 245,859,200 33.4 10.0 55.0 35.0 -172,209,154 159,216,054 11,915,961
Total Real Asset 76,420,667 10.4 0.0 15.0 10.0 -76,420,667 34,054,402 -2,770,621
Total Cash Composite 3,183,856 0.4 0.0 5.0 0.0 -3,183,856 33,641,167 -3,183,856
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of October 31, 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 (10.4%)
Total Fixed Income Composite (33.4%)
Total Long/Short Equity Composite (6.1%)
Total International Equity (14.8%)
Total Small Cap Equity Composite (6.7%)
Total Mid Cap Equity Composite (8.0%)
Total Large Cap Equity Composite (20.3%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 736,500,461 100.0 100.0 -
Total Large Cap Equity Composite 149,285,569 20.3 20.0 -1,985,477
Total Mid Cap Equity Composite 59,211,198 8.0 7.5 -3,973,663
Total Small Cap Equity Composite 49,026,925 6.7 7.5 6,210,610
Total International Equity 108,693,113 14.8 15.0 1,781,957
Total Long/Short Equity Composite 44,819,934 6.1 5.0 -7,994,910
Total Fixed Income Composite 245,859,200 33.4 35.0 11,915,961
Total Real Asset 76,420,667 10.4 10.0 -2,770,621
Total Cash Composite 3,183,856 0.4 0.0 -3,183,856
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of October 31, 2019
Page 3
September 30, 2019 : $745,492,528 October 31, 2019 : $736,500,461
Allocation
Market Value Allocation
SSgA S&P 500 37,628,762 5.0¢
SSgA S&P 500 Equal Weighted Index 36,613,179 4.9¢
T. Rowe Price 72,086,314 9.7¢
Wedge Capital Partners 14,408,448 1.9¢
TimesSquare 14,177,972 1.9¢
Great Lakes SmidCap 14,824,135 2.0¢
Reinhart Partners 15,138,306 2.0¢
Lee Munder (LMCG)25,302,071 3.4¢
Loomis Small Cap 22,567,592 3.0¢
Lazard 37,590,425 5.0¢
Pictet 48,276,973 6.5¢
Berkeley Street 19,334,677 2.6¢
ABS Global 44,819,934 6.0¢
CS McKee 139,925,447 18.8¢
Loomis Fixed Income 74,658,060 10.0¢
Franklin Templeton 36,227,780 4.9¢
Churchill Senior Loan Fund 12,529,318 1.7¢
Morgan Stanley 44,833,926 6.0¢
JPM Euro Property 117,592 0.0¢
Prudential PRISA II 19,295,324 2.6¢
Alidade Capital Fund IV 3,455,383 0.5¢
Walton Street Real Estate 3,456,783 0.5¢
AEW Real Estate 2,555,642 0.3¢
Dune Real Estate IV 437,610 0.1¢
ValStone Opportunity Fund V 2,233,799 0.3¢
Cash and Equivalents Account 5,534 0.0¢
Private Markets Cash 2,991,544 0.4¢
Allocation
Market Value Allocation
SSgA S&P 500 38,444,464 5.2¢
SSgA S&P 500 Equal Weighted Index 37,090,096 5.0¢
T. Rowe Price 73,751,009 10.0¢
Wedge Capital Partners 14,391,027 2.0¢
TimesSquare 14,468,386 2.0¢
Great Lakes SmidCap 15,017,518 2.0¢
Reinhart Partners 15,334,267 2.1¢
Lee Munder (LMCG)25,888,528 3.5¢
Loomis Small Cap 23,138,397 3.1¢
Lazard 38,535,903 5.2¢
Pictet 49,771,879 6.8¢
Berkeley Street 20,385,330 2.8¢
ABS Global 44,819,934 6.1¢
CS McKee 122,227,784 16.6¢
Loomis Fixed Income 74,867,803 10.2¢
Franklin Templeton 36,234,295 4.9¢
Churchill Senior Loan Fund 12,529,318 1.7¢
Morgan Stanley 44,833,926 6.1¢
JPM Euro Property 117,592 0.0¢
Prudential PRISA II 19,295,324 2.6¢
Alidade Capital Fund IV 3,455,383 0.5¢
Walton Street Real Estate 3,304,457 0.4¢
AEW Real Estate 2,758,944 0.4¢
Dune Real Estate IV 437,610 0.1¢
ValStone Opportunity Fund V 2,217,432 0.3¢
Cash and Equivalents Account 5,573 0.0¢
Private Markets Cash 3,178,283 0.4¢
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 745,492,528 -218,591 -18,000,000 -37,496 -1,612 782,039 8,046,411 736,500,461
Total Equity Composite 402,768,787 -15,289 --37,496 -991 176,516 8,114,634 411,036,738
Total Domestic Equity 252,746,779 -----343 158,448 4,618,808 257,523,692
Total Large Cap Equity Composite 146,328,255 -----26 92,813 2,864,528 149,285,569
SSgA S&P 500 37,628,762 ------815,702 38,444,464
SSgA S&P 500 Equal Weighted Index 36,613,179 ------476,917 37,090,096
T. Rowe Price 72,086,314 -----26 92,813 1,571,908 73,751,009
Total Mid Cap Equity Composite 58,548,861 -----187 51,157 611,367 59,211,198
Wedge Capital Partners 14,408,448 -----97 21,910 -39,234 14,391,027
TimesSquare 14,177,972 -----73 5,864 284,623 14,468,386
Great Lakes SmidCap 14,824,135 -----18 13,040 180,360 15,017,518
Reinhart Partners 15,138,306 -----10,343 185,618 15,334,267
Total Small Cap Equity Composite 47,869,663 -----130 14,478 1,142,913 49,026,925
Lee Munder (LMCG)25,302,071 -----40 10,238 576,258 25,888,528
Loomis Small Cap 22,567,592 -----90 4,239 566,655 23,138,397
Total International Equity 105,202,074 -15,289 --37,496 -648 18,068 3,495,825 108,693,113
Lazard 37,590,425 -----648 18,068 928,058 38,535,903
Pictet 48,276,973 ----22,207 --1,517,113 49,771,879
Berkeley Street 19,334,677 -15,289 --15,289 --1,050,654 20,385,330
Total Long/Short Equity Composite 44,819,934 -------44,819,934
ABS Global 44,819,934 -------44,819,934
Total Fixed Income Composite 263,340,605 -18,000,000 ----620 605,483 -86,268 245,859,200
Total Domestic Fixed Income 214,583,507 -18,000,000 ----620 598,968 -86,268 197,095,587
CS McKee 139,925,447 -18,000,000 ----481 399,217 -96,398 122,227,784
Loomis Fixed Income 74,658,060 -----139 199,751 10,130 74,867,803
Total Global Fixed 36,227,780 -----6,515 -36,234,295
Franklin Templeton 36,227,780 -----6,515 -36,234,295
Private Fixed Income 12,529,318 -------12,529,318
Churchill Senior Loan Fund 12,529,318 -------12,529,318
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 Asset 76,386,058 34,609 ------76,420,667
Total Real Estate 74,152,259 50,976 ------74,203,236
Morgan Stanley 44,833,926 -------44,833,926
JPM Euro Property 117,592 -------117,592
Prudential PRISA II 19,295,324 -------19,295,324
Alidade Capital Fund IV 3,455,383 -------3,455,383
Walton Street Real Estate 3,456,783 -152,326 ------3,304,457
AEW Real Estate 2,555,642 203,302 ------2,758,944
Dune Real Estate IV 437,610 -------437,610
Private Investments 2,233,799 -16,367 ------2,217,432
ValStone Opportunity Fund V 2,233,799 -16,367 ------2,217,432
Total Cash Composite 2,997,078 17,965,391 203,302 -18,000,000 --1 40 18,046 3,183,856
Cash and Equivalents Account 5,534 17,796,698 203,302 -18,000,000 --1 40 -5,573
Private Markets Cash 2,991,544 168,693 -----18,046 3,178,283
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 736,500,461 100.0 1.18 1.18 1.18 13.73 10.51 8.43 6.68 8.16 8.73 8.36 10/01/1986
Total Fund Policy Index 1.42 1.42 1.42 14.48 11.60 8.67 6.67 8.44 9.20 8.81
Total Equity Composite 411,036,738 55.8 2.06 2.06 2.06 19.68 11.63 11.21 7.91 10.80 11.15 9.56 10/01/1986
Total Equity Index 2.44 2.44 2.44 20.38 12.31 12.37 8.87 12.31 12.38 9.94
Total Fixed Income Composite 245,859,200 33.4 0.20 0.20 0.20 7.95 9.63 3.80 3.31 3.12 4.39 6.38 10/01/1986
Total Fixed Income Index 0.32 0.32 0.32 8.73 11.18 3.22 3.11 2.49 3.50 6.19
Total Real Asset 76,420,667 10.4 0.00 0.00 0.00 5.63 7.92 8.82 10.65 11.06 9.80 4.93 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 0.4
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 257,523,692 35.0 1.89 1.89 1.89 22.17 12.34 13.34 N/A N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 149,285,569 20.3 2.02 2.02 2.02 23.78 14.78 14.71 10.96 14.06 13.79 10.42 07/01/2008
SSgA S&P 500 (1.5 bps)38,444,464 5.2 2.17 2.17 2.17 23.17 14.35 14.95 10.84 13.98 13.76 13.43 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)37,090,096 5.0 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)73,751,009 10.0 2.31 2.31 2.31 24.51 15.50 15.91 11.88 14.76 14.26 13.91 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 59,211,198 8.0 1.13 1.13 1.13 20.15 10.06 10.81 7.46 11.46 12.51 9.18 07/01/2008
Wedge Capital Partners (75 bps)14,391,027 2.0 -0.12 -0.12 -0.12 15.80 5.25 7.58 5.89 11.25 12.89 7.56 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)14,468,386 2.0 2.05 2.05 2.05 30.49 20.09 17.40 11.73 14.79 14.85 14.79 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)15,017,518 2.0 1.30 1.30 1.30 N/A N/A N/A N/A N/A N/A -0.36 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)15,334,267 2.1 1.29 1.29 1.29 N/A N/A N/A N/A N/A N/A 4.08 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 49,026,925 6.7 2.42 2.42 2.42 19.33 7.63 12.05 8.06 11.01 11.98 9.72 07/01/2008
Lee Munder (70 bps)25,888,528 3.5 2.32 2.32 2.32 19.72 8.06 8.61 7.88 11.12 11.61 9.00 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)23,138,397 3.1 2.53 2.53 2.53 18.87 7.15 18.40 11.42 14.71 N/A 14.39 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 108,693,113 14.8 3.34 3.34 3.34 18.42 12.47 8.59 5.38 6.90 6.74 3.98 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)38,535,903 5.2 2.52 2.52 2.52 14.61 11.76 8.94 4.88 7.68 7.80 5.60 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)49,771,879 6.8 3.14 3.14 3.14 20.33 9.58 7.86 5.79 6.83 6.19 1.64 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)20,385,330 2.8 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 44,819,934 6.1 0.00 0.00 0.00 9.10 6.02 4.91 3.50 4.66 N/A 4.09 10/01/2010
ABS Global (100 bps)44,819,934 6.1 0.00 0.00 0.00 9.10 6.02 4.91 3.60 5.86 N/A 4.93 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 197,095,587 26.8 0.24 0.24 0.24 9.26 11.28 3.84 N/A N/A N/A N/A 07/01/2008
CS McKee (35 bps)122,227,784 16.6 0.22 0.22 0.22 9.26 11.51 3.65 3.62 3.03 N/A 4.03 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)74,867,803 10.2 0.28 0.28 0.28 9.26 10.89 4.23 3.69 3.85 N/A 5.69 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 36,234,295 4.9 0.02 0.02 0.02 0.77 0.76 2.70 N/A N/A N/A N/A 04/01/2010
Franklin Templeton (60 bps)36,234,295 4.9 0.02 0.02 0.02 0.77 0.76 2.71 0.74 1.77 N/A 2.73 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 74,203,236 10.1 0.00 0.00 0.00 5.64 7.91 8.86 N/A N/A N/A 9.12 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)44,833,926 6.1 0.00 0.00 0.00 5.50 7.85 9.06 10.99 12.12 12.54 6.56 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)19,295,324 2.6 0.00 0.00 0.00 5.26 6.79 8.55 10.74 11.72 N/A 11.99 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
JPM Euro Property 117,592 0.0 0.00 0.00 0.00 -21.90 -22.05 -0.94 2.25 1.67 -0.72 -1.18 04/01/2009
NCREIF Property Index 0.00 0.00 0.00 4.80 6.24 6.76 8.57 9.29 9.77 8.31
Total Cash Composite 3,183,856 0.4
Cash and Equivalents Account (No fee)5,573 0.0
Private Markets Cash 3,178,283 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 0.00 5.25 8.22 5.16 8.01 N/A N/A 7.60 08/27/2014
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 10.39 05/24/2017
AEW Real Estate 0.00 0.00 0.00 13.44 23.03 N/A N/A N/A N/A 10.07 09/28/2017
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
Alternative 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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