HomeMy WebLinkAboutReports - 2021.03.18 - 34201<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2905" DocumentTypeId="1" EffectiveDate="12/31/2020" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending December 31, 2020
Oakland County ERS
Superseding Trust
Executive Summary Page 1
Asset Allocation Vs. Policy Targets Page 13
Asset Allocation Pie Charts Page 14
Historical Asset Allocation Page 16
Performance Review Trailing Periods Page 18
Total Fund Analysis Page 20
SSgA S&P 500 Page 22
CS McKee Page 24
Historical Hybrid Composition Page 26
Definitions & Disclosure Pages Page 28
Table Of Contents
EXECUTIVE SUMMARY: 4Q 2020
Market Summary:
Global equity markets pulled back in October, generated some amazing results in November, and performed nicely in December, closing out 2020
at new record highs. The performance of the capital markets during the fourth quarter was astonishing, capping a year many are happy to put in
the past. The markets were driven by positive economic data, additional stimulus package negotiations, and positive news on multiple COVID
vaccines. The S&P 500 rose 12.1% for the quarter and 18.4% for the year. Small cap stocks (Russell 2000 Index) gained an astonishing 31.4%
for the quarter, ending the year up 20.0%. International markets participated as well, with the MSCI EAFE gaining 16.0% for the quarter and
7.8% for the year.Emerging markets fared even better, gaining 19.7% in the fourth quarter and 18.3% in 2020.
The fixed income market also provided impressive returns, though notably lower than the equity markets.Core fixed income, as measured by the
Bloomberg Barclays Aggregate Bond Index, appreciated 0.7% for the quarter and 7.5% for the year.High yield had an impressive recovery after
suffering large losses in the first quarter, gaining 6.5% in the fourth quarter and 7.1% in 2020. However, forecasted returns for the asset class are
muted; a shining example would be the 10-year Treasury ending the year with a yield of 91 basis points.Looking back at 2020 we can breathe a
collective sigh of relief from an INVESTMENT standpoint, 2020 was a solid year for investors.
Conclusions/Recommendations:
1.The Total Fund gained 7.87%during the quarter,out performing the Policy Index by 0.33%but ranking near the bottom of the public fund
universe. The Fund’s relative rank was hurt by a lack of exposure to small cap stocks.
2.The Total Fund posted a return of 14.52% over the past year, ranking in the top third of the peer group but lagging the Policy Index. Longer-
term, the Fund has performed well, performing in line with the Policy Index and ranking near the top of the peer group.
3.CS McKee performed in with their benchmark this quarter but ranked near the bottom of the peer group. The relative under performance to
their peers is partially attributed to CS McKee’s conservative approach. Longer-term, the manager exceeds performance expectations.
4.At year-end,both allocations were within policy ranges and near target allocations.
5.See the Asset/Manager Summary for additional comments and recommendations.
Page 1
AndCo
Firm Update
As we start this new year,and on behalf of our entire AndCo family,Thank You for
the opportunity to continue to serve you!I’m sure most of us are ready to turn the
page on 2020 and all of the unique “firsts”we had to deal with –social distancing,
masks,quarantining,and virtual meetings just to name a few.While 2020 definitely
introduced new features into our daily routines,one constant remained the same at
AndCo,our unwavering commitment to serve you within a model that is independent,
singularly focused,customized,and passionately delivered.We take our role as your
consultant and trusted advisor earnestly and will continue to work hard to maintain
your trust and confidence in this unique and dynamic time.We are honored and
privileged you have chosen AndCo as your consultant and we wanted to provide a
brief update on the firm.
As we start 2021,we are 91 team members strong advising approximately $100
billion in client assets –both around record highs.All departments within AndCo have
grown over the years as we thoughtfully invest in our firm to provide the services you
expect and we demand from our team.
Looking back at 2020,it represented another year of significant investment in the
organization.We made personnel and technology investments within consulting,
research,client solutions,compliance,finance,IT and marketing.We created an
intranet for our team members to efficiently and effectively stay connected within the
organization to collectively serve you,our valued clients,and our team members
better.We continued enhancing our research team with two new hires in the
department who have significant experience and tailored skillsets in certain asset
classes.We added additional management within our client solutions department to
provide more support and structure to the team.We also restructured our marketing
department to enhance the quality of our deliverables and further promote the AndCo
brand.While 2020 was a busy year for AndCo in terms of reinvesting and enhancing
our structure,please know we are not done.We are strong believers that if you are
not evolving,adapting and moving forward,you will get left behind.In the service
business,that would mean our clients would not get the service they expect or
deserve and that does not work for AndCo.As we budget for 2021 and continue to
reinvest in our organization,you’ll likely see additional hires made firmwide along
with continued investments in technologies.All of these efforts are to better serve
you!
Every January our firm hosts our firmwide retreat in Central Florida.It is a great time
for everyone in the firm to spend time with one another.Along with this valuable time
together we also review how the firm did strategically the previous year,renew our
goals and initiatives for the upcoming year,and conduct activities and discussions to
strengthen our culture.Due to the pandemic,we did not hold our firmwide retreat in
person this year.
However,we did utilize our new intranet to provide a series of virtual firm updates
where we covered many of the topics we normally present in person.While we
cannot replace being physically together for several days,we were thrilled to have a
virtual venue to provide this valuable information to our team and demonstrate new
ways for us to stay connected during this unique time.
At the beginning of each year we also discuss the AndCo partnership,and when
earned,announce new partners.This year I am happy to report two new team
members made partner at AndCo -Jacob Peacock and Dan Osika.Jacob has been
with the firm for almost 9 years and is currently a Consulting Director.Dan has been
with AndCo for 6 years and has held multiple roles at the firm.Today Dan serves as
a Marketing Consultant in our marketing department.We are extremely happy for
both Jacob and Dan and are very lucky to have them as valuable team members.
With the additions of Jacob and Dan,we now have 11 partners at AndCo with the
majority of departments represented.We are looking to create a multigeneration
employee-owned and employee-managed organization with our equity program.
This will allow us to protect our mission,vision and values going forward as well as
our commitment to serve you the best we possibly can.
In closing,our name,AndCo,reminds us who we work for every day -“Our Client”
&Co.You,our clients,will always be our first priority.As we continue to discuss
strategic decisions and reinvestments regarding our firm,please know that our
decisions are filtered through the following question:“How does this benefit our
clients?”If it doesn’t benefit you,we don’t do it,it’s that simple.We said this last year
and we’ll say it again next year.If this commitment ever falters,you need to find a
new consultant.
We know that each of our clients is facing many challenges and we will be there to
help support you through all environments.We are honored and humbled that you
have chosen AndCo as your partner.We do not take that relationship for granted and
will continue to work tirelessly to exceed your expectations.
Thank you again for your valued partnership and the opportunity to serve you.Happy
New Year!
Mike Welker,CFA
CEO
Page 2
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4th Quarter 2020 Market EnvironmentPage 4
Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of December 31, 2020Investment market index returnswere broadly positive during the 4thquarter of2020 except for the US Government bond benchmark. Performance during theperiod was largely driven by expectations related to the rollout of vaccines totreat the pandemic, the resolution of the US Presidential election, and thepotential for additional government stimulus. Within domestic equity markets,there was a reversal in a recent trend with small cap stocks outperforminglarge cap issues. The Russell 2000 returned 31.4% compared to a 12.1%return for the S&P 500. This was the small cap benchmark’s single strongestquarterly return since its inception in 1979. US equity markets ended 2020 withrobust positive performance despite continued uncertainty associated withpandemic and slower than expected vaccine rollouts. For the full year,performance for domestic equities was strong across the capitalizationspectrum with large cap stocks returning 18.4%, mid-caps 17.1%, and smallcaps 20.0%.Similar to domestic stocks, international equity returns were strong during the4thquarter of 2020. International markets also benefited from the release ofvaccines in addition to monetary policy relief from the European Central Bank.International returns were also amplified by a weakening US dollar whichcontinued its decline against most major currencies. Emerging marketsoutperformed developed markets for the period with the MSCI EmergingMarkets Index returning 19.7% compared to a return of 16.0% for the MSCIEAFE Index. Developed markets posted a modest return of 7.8% over the 1-year period while emerging markets returned a stronger 18.3%.Fixed income index performance was disparate during the 4thquarter.Corporate bonds performed well during the period as evidenced by the 3.0%return of the Bloomberg Barclays Corporate Investment Grade Index. Incontrast, the Bloomberg Barclays US Government Bond Index returned -0.8%and was negatively affected by rising US interest rates. TIPS continued tooutpace nominal bonds over concerns about rising US inflation and posted areturn of 1.6% for the period. For the year, bonds posted solid returns acrossmost sectors led by TIPS and Corporate bonds which returned 11.0% and9.9%, respectively. For the year, the benchmark Bloomberg Barclays USAggregate Bond Index returned a solid 7.5%.0.7%9.9%3.9%11.0%7.9%7.5%20.0%17.1%21.0%20.9%18.4%18.3%7.8%10.7%0.0% 5.0% 10.0% 15.0% 20.0% 25.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance0.0%3.0%0.2%1.6%-0.8%0.7%31.4%19.9%13.7%14.7%12.1%19.7%16.0%17.0%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter PerformancePage 5
Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of December 31, 2020Despite 2020 experiencing one of the most dramatic drawdowns in history, USequities managed to recover all of their losses and closed the year deliveringthree straight quarters of strong gains across the capitalization and stylespectrum. During the 4thquarter, value stocks reversed the recent trend andoutperformed growth stocks across the full capitalization spectrum. It isimportant to note, value indexes contain large exposures to sectors like energyand financials which performed well during the 4thquarter. For the period, theRussell 2000 Value Index was the best performing style index with a return of33.4% (also a record for the index). This performance was followed by midand large cap value index returns of 20.4% and 16.3%, respectively. Whileslightly lower relative to their value counterparts, growth style benchmarkswere also strong for the quarter with the small cap growth index returning29.6% while mid and large cap growth stocks posted returns of 19.0% and11.4%, respectively.Despite the 4thquarter’s trend reversal, for the full year, growth-oriented stockssignificantly outperformed value stocks across all market capitalizations witheach growth benchmark posting returns in excess of 30.0%. The widestperformance dispersion between growth and value for the year was in thelarge cap space with the Russell 1000 Growth Index returning 38.5%, whichoutpaced the large cap value benchmark by more than 35.0%. A combinationof factors drove the performance of growth stocks during the year includinginvestors seeking companies with the ability to growth revenues, structuralshifts in the economy related to technologies, and momentum.29.6%31.4%33.4%19.0%19.9%20.4%11.4%13.7%16.3%12.4%14.7%17.2%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series34.6%20.0%4.6%35.6%17.1%5.0%38.5%21.0%2.8%38.3%20.9%2.9%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 6
Sector performance was positive across all eleven large cap economic sectorsfor the 4thquarter. However, only five sectors outpaced the return of thebroader Russell 1000 Index. The positive news surrounding the release ofCOVID-19 vaccines provided the catalyst for cyclical sectors to rebound asexpectations for economic growth improved. The best performing sectors forthe quarter were energy, financials, and industrials with returns of 28.1%,23.8%, and 16.9%, respectively.Over the trailing 1-year period, seven of the eleven large cap sectors producedpositive results. Performance was led by the consumer discretionary andtechnology sectors which delivered returns of 47.9% and 46.5%, respectively.In a sign of narrow leadership, only three of the eleven sectors exceeded thereturn of the broad benchmark over the full year. In contrast to the strongpositive performance in some sectors, four sectors that disappointed for theyear were energy (-33.3%), real estate (-4.6%), financials (-2.1%), and utilities(-0.1%). The significant drawdown in energy prices earlier in the yearcombined with declining commercial real estate prices put downward pressureon these sectors. Finally, the staggering dispersion between the bestperforming (consumer discretionary) and worst-performing (energy) sectors inthe large cap benchmark was in excess of 81.0% for the year.Quarterly results for small cap sectors were higher than their respective largecapitalization counterparts. All eleven sectors posted positive returns for theperiod with six of eleven outpacing the Russell 2000 Index return. Similar tolarge caps, economically sensitive sectors such as energy (45.6%), materials(39.7%), technology (37.6%), and financials (34.7%) drove results. Sectorperformance was largely attributable to rising commodity prices, a continueddecline in the US dollar, and expectations that global economic growth wouldaccelerate following the rollout of vaccines.Over the trailing 1-year period, despite the strong broad market results, sectorreturns were more mixed. Negative sector performance was realized in energy(-34.4%), real estate (-5.8%), financials (-4.0%), and utilities (-2.1%). Much ofthe year’s negative results were seen following the drawdown experiencedduring the 1stquarter in the initial reaction to the pandemic. In contrast, thehealthcare sector delivered strong results (47.1%) for the period as investorslooked for opportunities to invest in companies with the potential to developtherapeutics and treatments for COVID-19.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of December 31, 2020Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. -0.1%-4.6%19.4%46.5%12.0%16.5%-2.1%-33.3%10.8%47.9%25.9%7.0%7.6%15.4%13.2%16.9%8.5%23.8%28.1%6.6%13.5%15.2%-40.0% -20.0% 0.0% 20.0% 40.0%Utilities (2.9%)Real Estate (3.1%)Materials (2.7%)Info Technology (27.7%)Industrials (8.8%)Health Care (13.9%)Financials (9.9%)Energy (2.0%)Consumer Staples (6.4%)Consumer Disc (12.2%)Comm Services (10.4%)Russell 1000Quarter1-Year-2.1%-5.8%16.4%37.6%23.8%47.1%-4.0%-34.4%25.2%32.4%5.4%21.3%22.5%39.7%37.6%32.3%31.1%34.7%45.6%23.0%26.7%31.8%-40.0% -20.0% 0.0% 20.0% 40.0% 60.0%Utilities (3.3%)Real Estate (6.5%)Materials (4.1%)Info Technology (13.6%)Industrials (15.3%)Health Care (20.8%)Financials (15.6%)Energy (1.9%)Consumer Staples (3.4%)Consumer Disc (13.3%)Comm Services (2.3%)Russell 2000Quarter1-YearPage 7
The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of December 31, 2020Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 6.03% 14.8% 82.3% Information Technology Penn National Gaming Inc 0.54% 18.8% 237.9% Consumer DiscretionaryMicrosoft Corp 4.69% 6.0% 42.5% Information Technology Caesars Entertainment Inc 0.54% 32.5% 24.5% Consumer DiscretionaryAmazon.com Inc 3.89% 3.4%76.3% Consumer Discretionary Plug Power Inc 0.51% 152.9% 973.1% IndustrialsFacebook Inc A 1.85% 4.3% 33.1% Communication Services Sunrun Inc 0.42%-10.0% 402.4% IndustrialsTesla Inc 1.50% 64.5% 743.4% Consumer Discretionary Mirati Therapeutics Inc 0.38% 32.3% 70.4% Health CareAlphabet Inc A 1.48% 19.6% 30.9% Communication Services Darling Ingredients Inc 0.37% 60.1% 105.4% Consumer StaplesAlphabet Inc Class C 1.43% 19.2% 31.0% Communication Services Ultragenyx Pharmaceutical Inc 0.35% 68.4% 224.1% Health CareBerkshire Hathaway Inc Class B 1.23% 8.9% 2.4% Financials Deckers Outdoor Corp 0.32% 30.3%69.8% Consumer DiscretionaryJohnson & Johnson 1.17%6.5% 10.9% Health Care II-VI Inc 0.31% 87.3% 125.6% Information TechnologyJPMorgan Chase & Co 1.08% 33.2% -5.5% Financials Arrowhead Pharmaceuticals Inc 0.31% 78.2% 21.0% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorNordstrom Inc 0.01% 161.8% -22.7% Consumer Discretionary FuelCell Energy Inc 0.13% 422.0% 345.0% IndustrialsCoty Inc Class A 0.01% 160.0% -36.9% Consumer Staples Silvergate Capital Corp Class A 0.05%416.0% 367.1% FinancialsLemonade Inc Ordinary Shares 0.00% 146.4% N/A Financials Magnite Inc 0.13% 342.2% 276.3%Consumer DiscretionaryCapri Holdings Ltd 0.02% 133.3% 10.1% Consumer Discretionary SM Energy Co 0.03% 287.3% -44.9% EnergyKohl's Corp 0.02% 119.6% -16.8% Consumer Discretionary Solid Biosciences Inc 0.01% 273.4% 70.3% Health CareEnphase Energy Inc 0.05% 112.5% 571.5% Information Technology Five Prime Therapeutics Inc 0.02% 261.9% 270.6% Health CareSpirit AeroSystems Hldgs Inc Class A 0.01% 106.8% -46.3% Industrials Arvinas Inc 0.12% 259.7% 106.7% Health CareOlin Corp 0.01% 100.3% 50.6% Materials Beam Therapeutics Inc 0.13% 231.6% N/A Health CareTapestry Inc 0.02% 98.8% 17.0% Consumer Discretionary Veru Inc 0.02% 230.2% 158.2% Consumer StaplesEaton Vance Corp 0.02% 90.9% 60.5% Financials Clean Energy Fuels Corp 0.04% 216.9% 235.9% EnergyBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorZoom Video Communications Inc 0.16% -28.2% 395.8% Information Technology Aprea Therapeutics Inc 0.00% -79.6% -89.3% Health CareSolarWinds Corp Ordinary Shares 0.00% -26.5% -19.4% Information Technology Brainstorm Cell Therapeutics Inc 0.00% -73.3% 5.7% Health CareBeyond Meat Inc 0.02% -24.7%65.3% Consumer Staples Catabasis Pharmaceuticals Inc 0.00% -65.4% -63.8% Health CareBigCommerce Hldgs Inc Ord. Series 1 0.00%-23.0% N/A Information Technology Assembly Biosciences Inc 0.01% -63.2% -70.4% Health CareWayfair Inc Class A 0.04% -22.4% 149.9% Consumer Discretionary Ovid Therapeutics Inc 0.00% -59.8% -44.3% Health CareGlobal Blood Therapeutics Inc 0.01% -21.5% -45.5% Health Care AMC Entertainment Hldgs Inc Class A 0.01% -55.0% -70.5% Communication ServicesVroom Inc Ordinary Shares 0.00% -20.9% N/A Consumer Discretionary Aytu BioScience Inc 0.00% -49.7% -38.5% Health CareJamf Holding Corp Ordinary Shares 0.00% -20.4% N/A Information Technology Cyclerion Therapeutics Inc Ord. Shrs. 0.00% -49.7% 12.5% Health Carebluebird bio Inc 0.01% -19.8% -50.7% Health Care iBio Inc 0.01% -48.3% 321.7% Health CareQuidel Corp 0.02% -18.1% 139.4% Health Care Vaxcyte Inc Ordinary Shares 0.02% -46.2% N/A Health CarePage 8
Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive in both local currency andUSD terms for the 4thquarter. Much like US equity markets, the internationalmarkets were positively impacted by the announcement and release ofCOVID-19 vaccines and benefited fromadditional monetary stimulus. The USdollar continued its year-to-date decline against most major currencies throughthe period which acted as a tailwind for US investor returns.For the 4thquarter, developed market equities were positive in both USD andlocal currency terms with the MSCI EAFE Index returning 16.1% and 11.4%,respectively. Despite several European countries reporting rising infectionrates, expectations for continued economic growth and continued coordinatedcentral bank policies, drove markets higher. In particular, the European Unionapproved a 1.8 trillion-euro financial package while the European Central Bankincreased its asset purchases from 500 billion euros to 1.85 trillion euros withthe goal of providing support to the markets and stimulating growth.Relative to developed markets, emerging markets significantly outperformedduring the quarter as investors anticipated future economic growth wouldbenefit companies in these markets. The MSCI Emerging Market Indexreturned 19.7% in USD and 16.0% in local currency terms. The relativeoutperformance in emerging markets was largely driven by Latin Americancountries, specifically Colombia, which posted an outsized return of 48.7%during the quarter. The recovery in oil prices also contributed to the region’soutperformance as several Latin American countries (Brazil, Mexico, andColumbia) are highly sensitive to commodity price fluctuations.The trailing 1-year returns for international developed market equities werebroadly positive across regions and currencies. Returns were higher in USdollar terms as the currency weakened against most major developed marketcurrencies on concerns surrounding monetary stimulus, growth in the US debt,and uncertainty regarding the contested US election. For the period, the MSCIEAFE Index returned 7.8% in US dollar terms and 0.8% in local currencyterms.During the trailing 1-year period, emerging markets posted strong returns inboth US dollar and local currency terms. The MSCI Emerging Markets Indexrose 18.3% in US dollar and 19.1% in local currency terms. Within the index,Asian countries outperformed as evidenced by the EM Asia component, whichrose 28.4% US dollar terms. These countries have excelled in containing thepandemic which has led to faster local recoveries.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As December 31, 202023.9%16.2%10.3%16.0%13.2%10.3%11.4%11.1%12.6%34.8%18.9%16.3%19.7%16.7%15.7%16.1%15.9%17.0%0.0% 10.0% 20.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency2.3%25.5%-1.3%19.1%6.2%-2.1%0.8%1.1%6.0%-13.8%28.4%-6.9%18.3%11.9%5.5%7.8%7.6%10.7%-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyPage 9
The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of December 31, 2020Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.2% 16.4% 12.6%Consumer Discretionary 12.5% 22.4% 15.8%Consumer Staples 10.9% 6.9% 5.7%Energy 3.1% 31.2% -27.5%Financials 16.3% 25.4% -3.9%Health Care 12.9% 4.0% 11.4%Industrials 15.2% 15.8% 10.9%Information Technology 8.9% 16.9% 28.4%Materials 7.9% 20.1% 20.6%Real Estate 3.1% 14.9% -6.9%Utilities 3.9% 13.6% 14.2%Total 100.0% 16.1% 7.8%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.1% 13.7% 18.9%Consumer Discretionary 13.8% 15.9% 22.9%Consumer Staples 8.9% 8.5% 6.7%Energy 4.3% 22.5% -23.5%Financials 18.0% 24.7% -4.5%Health Care 9.6% 6.2% 15.4%Industrials 11.6% 16.2% 10.8%Information Technology 12.7% 24.7% 45.4%Materials 8.1% 20.0% 21.2%Real Estate 2.6% 12.6% -9.8%Utilities 3.3% 14.4% 9.4%Total 100.0% 17.0% 10.7%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 11.6% 11.6% 27.5%Consumer Discretionary 18.3% 7.6% 36.7%Consumer Staples 5.9% 16.7% 10.7%Energy 5.0% 14.9% -15.4%Financials 18.0% 24.4% -8.2%Health Care 4.7% 19.2% 52.8%Industrials 4.3% 21.3% 5.0%Information Technology 20.5% 34.2% 60.1%Materials 7.6% 29.8% 24.8%Real Estate 2.1% 6.1% -16.9%Utilities 2.0% 21.1% -5.2%Total 100.0% 19.7% 18.3%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 25.3% 15.8% 15.3% 14.5%United Kingdom 14.0% 8.8% 16.9% -10.5%France 11.1% 6.9% 20.4% 4.1%Switzerland 9.7% 6.0% 8.2% 11.6%Germany 9.4% 5.9% 11.5% 11.6%Australia 7.1% 4.4% 22.9% 8.7%Netherlands 3.9% 2.4% 18.4% 24.2%Sweden 3.4% 2.1% 14.4% 23.9%Hong Kong 3.3% 2.0% 15.5% 5.8%Denmark 2.5% 1.6% 14.0% 43.7%Spain 2.4% 1.5% 27.7% -4.8%Italy 2.4% 1.5% 22.4% 1.8%Finland 1.1% 0.7% 10.1% 20.4%Singapore 1.1% 0.7% 18.8% -7.5%Belgium 1.0% 0.6% 18.3% -8.1%Ireland 0.7% 0.4% 13.0% 15.1%Israel 0.6% 0.4% 19.3% 15.0%Norway 0.6% 0.4% 18.8% -1.8%New Zealand 0.3% 0.2% 13.2% 19.9%Austria 0.2% 0.1% 47.3% -3.3%Portugal 0.2% 0.1% 21.6% 14.4%Total EAFE Countries 100.0% 62.5% 16.1% 7.8%Canada 6.3% 13.9% 5.3%Total Developed Countries 68.8% 15.9% 7.6%China 12.2% 11.2% 29.5%Korea 4.2% 38.3% 44.6%Taiwan 4.0% 23.2% 41.0%India 2.9% 21.0% 15.6%Brazil 1.6% 37.0% -19.0%South Africa 1.1% 22.1% -4.0%Russia 0.9% 21.6% -12.5%Saudi Arabia 0.8% 6.5% 0.7%Thailand 0.6% 25.5% -11.7%Mexico 0.5% 31.0% -1.9%Malaysia 0.5% 10.1% 3.7%Indonesia 0.4% 31.8% -8.1%Philippines 0.2% 22.2% -3.4%Qatar 0.2% 2.4% -2.4%Poland 0.2% 16.5% -11.4%Chile 0.2% 28.5% -5.6%United Arab Emirates 0.2% 10.6% -0.9%Turkey 0.1% 30.3% -8.8%Peru 0.1% 29.9% -4.7%Hungary 0.1% 39.2% -11.7%Colombia 0.1% 48.7% -19.0%Argentina 0.0% 21.2% 12.7%Czech Republic 0.0% 34.1% -4.0%Greece 0.0% 16.4% -26.9%Egypt 0.0% -5.0% -22.5%Pakistan 0.0% 7.7% -17.1%Total Emerging Countries 31.0% 19.7% 18.3%Total ACWIxUS Countries 100.0% 17.0% 10.7%Page 10
Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of December 31, 2020During the 4thquarter, lower-quality bonds significantly outpaced higher-quality issues as investors continued to search for higher-yielding assetsand became more comfortable accepting higher risk. For the quarter, thebest performing category was high yield bonds which returned 6.5% and thelaggard was US Treasury bonds which declined -0.8%. Returns of both USHigh Yield and Investment Grade Corporate bonds were driven by risingexpectations of future US economic growth. Global bonds delivered a solidquarter returning 5.1% with results primarily attributable to a weakening USdollar. Finally, US TIPS increased 1.6% as inflation expectations rose duringthe period. During the quarter, the broad Blomberg Barclays US AggregateIndex returned a slim 0.7%. While the return of the index was positive for theperiod, the performance of both US Treasury and mortgage bonds were adrag on results. US interest rates also began to rise during the period whichacted as a general headwind to bond performance. With the duration of thebroad index now over six years, any meaningful rise in interest rates willlikely have a negative impact on future performance.Similar to stocks, over the trailing 1-year period bond markets experiencedstrong results despite some indices suffering significant drawdowns duringthe 1stquarter. Generally, lower-quality bonds outperformed higher-qualityissues for the period, US Corporate Investment Grade bonds still deliveredan equity-like 9.9% return for the year and US Treasury bonds managed asolid return of 8.0%. While High Yield bonds also delivered positive results,the benchmark lagged higher-quality issues due to the 1stquarter’s selloff.For the year, both Investment Grade and High Yield spreads relative to USTreasury bonds narrowed, which provided a boost to non-Treasury results.Finally, US TIPS were the best performing segment of the market rising11.0% for the year on expectations of future inflation resulting fromaccelerating economic growth.For the year, global bonds also performed well. The Bloomberg BarclaysGlobal Aggregate Bond Index returned 10.1%, outpacing the domesticBloomberg Barclays US Aggregate Index’s return of 7.5%. Some of therelative outperformance of global bonds can be attributed to the decline inthe US dollar relative to other currencies. Additionally, US interest ratesbegan to rise later in the year which negatively contributed to performancewhile global Treasury bond rates remained largely steady.3.5%5.1%0.4%0.7%1.6%3.0%0.2%-0.8%6.5%4.0%2.1%1.4%-0.3%-2.0% 0.0% 2.0% 4.0% 6.0% 8.0%Multiverse (7.3)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.2)U.S. TIPS (3.4)U.S. Corporate IG (8.8)U.S. Mortgage (2.3)U.S. Treasury (7.2)U.S. High Yield (3.6)Baa (8.9)A (8.6)AA (8.5)AAA (5.1)Quarter Performance 9.0%10.1%5.6%7.5%11.0%9.9%3.9%8.0%7.1%9.4%9.9%8.5%6.4%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%Multiverse (7.3)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.2)U.S. TIPS (3.4)U.S. Corporate IG (8.8)U.S. Mortgage (2.3)U.S. Treasury (7.2)U.S. High Yield (3.6)Baa (8.9)A (8.6)AA (8.5)AAA (5.1)1-Year PerformancePage 11
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of December 31, 2020Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the yield graph to theright. The “1-Year Trailing Market Rates” chart illustrates that over the lastyear, the US 10-year Treasury (green line) fell from yields of greater than1.5% to a low of roughly 0.5%, before ending the year slightly higher than0.9%. During the year, US interest rates declined significantly following theonset of the pandemic and the response from the US Federal Reserve Bank(Fed) to lower rates back near zero. During the 4thquarter, US interest ratesbegan to rise in anticipation of higher US economic growth. The blue lineillustrates changes in the BAA OAS (Option Adjusted Spread). This measurequantifies the additional yield premium that investors require to purchaseand hold non-Treasury investment grade issues. The line illustrates thedramatic increase in credit spreads during the 1stquarter as global economicgrowth collapsed. Since that time, credit spreads have steadily declined asconcerns over potential widespreaddefaults have subsided. The green bandacross the graph illustrates the Fed Fund Rate. At the beginning of 2020 therate range was 1.50%-1.75% however, as a result of the pandemic, the Fedcut the range to 0.00%-0.25%, where it remained at the end of the 4thquarter. The Fed has indicated a willingness to keep US interest rates lowerin an effort to supply the market with liquidity and help stimulate growth.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. While short-term US interest rates haveremained largely unchanged throughout the year, longer-term interest ratesbegan moving higher during the 4th quarter. The combination of additionalfiscal stimulus, increased US Treasury issuance, and expectations forincreasing inflation, all contributed tohigher long-term rates. Importantly, theFed has stated that it is comfortable allowing US inflation to exceed its 2%target in the near-term in an effort to achieve a long-term average of 2%inflation. This approach, combined with the need to dramatically increasedebt issuance to supply fiscal stimulus, could result in higher US interestrates as markets normalize.0.000.501.001.502.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve3/31/20206/30/20209/30/202012/31/2020-1.50-0.500.501.502.503.504.505.506.50Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-201-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 12
Executive Summary
Policy Target In Policy
0.0%15.0%30.0%45.0%60.0%75.0%90.0%100.0%
Total Fixed Income Composite (34.6%)
Total Equity Composite (65.4%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 18,047,797 100.0 100.0 -
Total Equity Composite 11,807,372 65.4 60.0 -978,694
Total Fixed Income Composite 6,240,425 34.6 40.0 978,694
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of December 31, 2020
Page 13
Asset Allocation By Segment as of
September 30, 2020 : $16,730,982
Asset Allocation By Segment as of
December 31, 2020 : $18,047,797
Allocation
Segments Market Value Allocation
Domestic Equity 10,527,920 62.9¢
Domestic Fixed Income 6,101,102 36.5¢
Cash Equivalent 101,959 0.6¢
Allocation
Segments Market Value Allocation
Domestic Equity 11,807,372 65.4¢
Domestic Fixed Income 6,138,789 34.0¢
Cash Equivalent 101,635 0.6¢
Asset Allocation Summary
Total Fund Composite
As of December 31, 2020
NONE
Page 14
Asset Allocation By Manager as of
September 30, 2020 : $16,730,982
Asset Allocation By Manager as of
December 31, 2020 : $18,047,797
Allocation
Market Value Allocation
SSgA S&P 500 10,527,920 62.9¢
CS McKee 6,203,062 37.1¢
Allocation
Market Value Allocation
SSgA S&P 500 11,807,372 65.4¢
CS McKee 6,240,425 34.6¢
Asset Allocation Summary
Total Fund Composite
As of December 31, 2020
NONE
Page 15
Asset Allocation Attributes
Dec-2020 Sep-2020 Jun-2020 Mar-2020 Dec-2019
($)%($)%($)%($)%($)%
Total Fund Composite 18,047,797 100.00 16,730,982 100.00 15,801,870 100.00 13,895,854 100.00 15,761,945 100.00
Total Equity Composite 11,807,372 65.42 10,527,920 62.92 9,665,811 61.17 8,019,905 57.71 9,979,422 63.31
SSgA S&P 500 11,807,372 65.42 10,527,920 62.92 9,665,811 61.17 8,019,905 57.71 9,979,422 63.31
Total Fixed Income Composite 6,240,425 34.58 6,203,062 37.08 6,136,059 38.83 5,875,949 42.29 5,782,522 36.69
CS McKee 6,240,425 34.58 6,203,062 37.08 6,136,059 38.83 5,875,949 42.29 5,782,522 36.69
Historical Asset Allocation
Total Fund
As of December 31, 2020
Page 16
Financial Reconciliation
Market Value
10/01/2020
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2020
Total Fund Composite 16,730,982 ----521 -38,793 1,278,543 18,047,797
Total Equity Composite 10,527,920 ----521 --1,279,973 11,807,372
SSgA S&P 500 10,527,920 ----521 --1,279,973 11,807,372
Total Fixed Income Composite 6,203,062 -----38,793 -1,430 6,240,425
CS McKee 6,203,062 -----38,793 -1,430 6,240,425
Financial Reconciliation
Total Fund
1 Quarter Ending December 31, 2020
Page 17
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund Composite (Gross)18,047,797 100.0 7.87 (88)7.87 (88)14.52 (28)14.52 (28)10.94 (7)11.17 (10)N/A N/A 9.38 (7)04/01/2015
Total Fund Policy Index 7.54 (89)7.54 (89)14.73 (26)14.73 (26)11.03 (6)11.11 (11)N/A N/A 9.59 (4)
Difference 0.33 0.33 -0.21 -0.21 -0.09 0.06 N/A N/A -0.21
All Public Plans-Total Fund Median 10.15 10.15 12.50 12.50 8.61 9.73 7.78 8.29 7.98
Total Fund Composite (Net)18,047,797 100.0 7.87 7.87 14.50 14.50 10.90 11.11 N/A N/A 9.34 04/01/2015
Total Fund Policy Index 7.54 7.54 14.73 14.73 11.03 11.11 N/A N/A 9.59
Difference 0.33 0.33 -0.23 -0.23 -0.13 0.00 N/A N/A -0.25
Total Equity Composite 11,807,372 65.4 12.16 (52)12.16 (52)18.34 (45)18.34 (45)14.15 (41)15.20 (39)N/A N/A 13.14 (36)06/01/2015
S&P 500 Index 12.15 (52)12.15 (52)18.40 (43)18.40 (43)14.18 (40)15.22 (38)12.92 (37)13.88 (42)13.16 (35)
Difference 0.01 0.01 -0.06 -0.06 -0.03 -0.02 N/A N/A -0.02
IM U.S. Large Cap Core Equity (SA+CF) Median 12.20 12.20 17.25 17.25 13.11 14.46 12.46 13.62 12.38
SSgA S&P 500 11,807,372 65.4 12.16 (52)12.16 (52)18.34 (45)18.34 (45)14.15 (41)15.20 (39)N/A N/A 13.14 (36)06/01/2015
S&P 500 Index 12.15 (52)12.15 (52)18.40 (43)18.40 (43)14.18 (40)15.22 (38)12.92 (37)13.88 (42)13.16 (35)
Difference 0.01 0.01 -0.06 -0.06 -0.03 -0.02 N/A N/A -0.02
IM U.S. Large Cap Core Equity (SA+CF) Median 12.20 12.20 17.25 17.25 13.11 14.46 12.46 13.62 12.38
Total Fixed Income Composite 6,240,425 34.6 0.60 (89)0.60 (89)7.92 (68)7.92 (68)5.71 (66)4.70 (72)N/A N/A 4.05 (62)04/01/2015
Blmbg. Barc. U.S. Aggregate Index 0.67 (84)0.67 (84)7.51 (88)7.51 (88)5.34 (93)4.44 (93)4.09 (94)3.84 (93)3.66 (93)
Difference -0.07 -0.07 0.41 0.41 0.37 0.26 N/A N/A 0.39
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.12 1.12 8.56 8.56 5.88 5.04 4.58 4.39 4.18
CS McKee 6,240,425 34.6 0.60 (89)0.60 (89)7.92 (68)7.92 (68)5.71 (66)4.70 (72)N/A N/A 4.05 (62)04/01/2015
Blmbg. Barc. U.S. Aggregate Index 0.67 (84)0.67 (84)7.51 (88)7.51 (88)5.34 (93)4.44 (93)4.09 (94)3.84 (93)3.66 (93)
Difference -0.07 -0.07 0.41 0.41 0.37 0.26 N/A N/A 0.39
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.12 1.12 8.56 8.56 5.88 5.04 4.58 4.39 4.18
Asset Allocation & Performance
Total Fund Composite (Gross)
As of December 31, 2020
Page 18
Page Intentionally Left Blank Page 19
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Composite 7.87 (88)7.87 (88)14.52 (28)18.33 (15)10.94 (7)11.89 (11)11.17 (10)
Policy Index 7.54 (89)7.54 (89)14.73 (26)18.40 (15)11.03 (6)11.82 (12)11.11 (11)
Median 10.15 10.15 12.50 15.67 8.61 10.25 9.73
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Return2019 2018 2017 2016 2015
Composite 22.27 (6)-2.49 (19)14.82 (57)8.30 (30)N/A
Policy Index 22.18 (6)-2.35 (17)14.21 (67)8.31 (30)N/A
Median 18.59 -4.15 15.21 7.63 -0.10
1 Qtr
Ending
Sep-2020
1 Qtr
Ending
Jun-2020
1 Qtr
Ending
Mar-2020
1 Qtr
Ending
Dec-2019
1 Qtr
Ending
Sep-2019
1 Qtr
Ending
Jun-2019
Composite 5.88 (21)13.72 (28)-11.84 (28)5.62 (34)2.01 (4)3.79 (8)
Total Fund Policy Index 5.64 (30)13.32 (33)-10.88 (20)5.46 (41)1.96 (5)3.96 (5)
All Public Plans-Total Fund Median 5.21 12.24 -13.21 5.23 0.84 3.24
As of December 31, 2020
Performance Review
Composite
NONE
Page 20
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
3.0
6.0
9.0
12.0
15.0
Composite (%)3.0 6.0 9.0 12.0 15.0
Total Fund Policy Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Composite 12 11 (92%)1 (8%)0 (0%)0 (0%)
Policy Index 12 11 (92%)1 (8%)0 (0%)0 (0%)
7.90
8.69
9.48
10.27
11.06
11.85
Return (%)11.00 11.20 11.40 11.60 11.80 12.00
Risk (Standard Deviation %)
Return Standard
Deviation
Composite 10.94 11.78
Policy Index 11.03 11.26
Median 8.61 11.36¾
9.12
9.60
10.08
10.56
11.04
11.52
Return (%)9.1 9.2 9.3 9.4 9.5 9.6 9.7
Risk (Standard Deviation %)
Return Standard
Deviation
Composite 11.17 9.55
Policy Index 11.11 9.16
Median 9.73 9.35¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Composite 0.65 103.25 106.87 -0.54 -0.04 0.80 1.05 7.40
Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.84 1.00 6.93
90 Day U.S. Treasury Bill 11.36 5.14 -4.41 1.71 -0.84 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Composite 0.54 102.92 106.11 -0.37 0.17 1.03 1.04 5.87
Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 5.51
90 Day U.S. Treasury Bill 9.23 4.88 -4.04 1.27 -1.06 N/A -0.01 0.01
As of December 31, 2020
Performance Review
Composite
NONE
Page 21
Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF)
Comparative Performance
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
SSgA S&P 500 12.16 (52)12.16 (52)18.34 (45)24.73 (43)14.15 (41)16.02 (43)15.20 (39)
S&P 500 Index 12.15 (52)12.15 (52)18.40 (43)24.77 (42)14.18 (40)16.05 (42)15.22 (38)
Median 12.20 12.20 17.25 23.29 13.11 15.62 14.46
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
52.00
Return 2020 2019 2018 2017 2016
SSgA S&P 500 18.34 (45)31.46 (36)-4.40 (38)21.81 (52)11.98 (34)
S&P 500 Index 18.40 (43)31.49 (35)-4.38 (38)21.83 (51)11.96 (34)
Median 17.25 30.03 -5.15 21.84 10.54
1 Qtr
Ending
Sep-2020
1 Qtr
Ending
Jun-2020
1 Qtr
Ending
Mar-2020
1 Qtr
Ending
Dec-2019
1 Qtr
Ending
Sep-2019
1 Qtr
Ending
Jun-2019
SSgA S&P 500 8.92 (37)20.53 (47)-19.63 (45)9.07 (33)1.69 (43)4.30 (51)
S&P 500 Index 8.93 (36)20.54 (46)-19.60 (44)9.07 (32)1.70 (42)4.30 (51)
IM U.S. Large Cap Core Equity (SA+CF) Median 8.01 20.38 -20.01 8.20 1.51 4.30
Performance Review
As of December 31, 2020
SSgA S&P 500
NONE
Page 22
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Under Performance Earliest Date Latest Date
0.0
5.0
10.0
15.0
20.0
SSgA S&P 500 (%)0.0 5.0 10.0 15.0 20.0
S&P 500 Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
SSgA S&P 500 11 0 (0%)11 (100%)0 (0%)0 (0%)
S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%)
12.60
12.96
13.32
13.68
14.04
14.40
Return (%)21.50 21.52 21.54 21.56 21.58 21.60
Risk (Standard Deviation %)
Return Standard
Deviation
SSgA S&P 500 14.15 21.53
S&P 500 Index 14.18 21.52
Median 13.11 21.57¾
14.25
14.50
14.75
15.00
15.25
15.50
Return (%)16.73 16.80 16.87 16.94 17.01 17.08 17.15
Risk (Standard Deviation %)
Return Standard
Deviation
SSgA S&P 500 15.20 16.80
S&P 500 Index 15.22 16.80
Median 14.46 17.06¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
SSgA S&P 500 0.02 99.97 100.09 -0.03 -1.20 0.72 1.00 12.03
S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.72 1.00 12.01
90 Day U.S. Treasury Bill 18.64 3.09 -2.84 1.70 -0.72 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
SSgA S&P 500 0.02 99.96 100.04 -0.02 -0.77 0.93 1.00 9.61
S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.94 1.00 9.60
90 Day U.S. Treasury Bill 15.21 3.01 -2.57 1.26 -0.94 N/A 0.00 0.01
Performance Review
As of December 31, 2020
SSgA S&P 500
NONE
Page 23
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
CS McKee 0.60 (89)0.60 (89)7.92 (68)8.51 (66)5.71 (66)5.16 (70)4.70 (72)
Bar US Agg 0.67 (84)0.67 (84)7.51 (88)8.11 (91)5.34 (93)4.89 (93)4.44 (93)
Median 1.12 1.12 8.56 8.91 5.88 5.48 5.04
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Return 2020 2019 2018 2017 2016
CS McKee 7.92 (68)9.10 (55)0.32 (29)3.54 (83)2.85 (65)
Bar US Agg 7.51 (88)8.72 (77)0.01 (62)3.54 (84)2.65 (76)
Median 8.56 9.18 0.07 4.03 3.10
1 Qtr
Ending
Sep-2020
1 Qtr
Ending
Jun-2020
1 Qtr
Ending
Mar-2020
1 Qtr
Ending
Dec-2019
1 Qtr
Ending
Sep-2019
1 Qtr
Ending
Jun-2019
CS McKee 1.09 (51)4.43 (48)1.62 (56)0.16 (63)2.52 (14)3.01 (80)
Blmbg. Barc. U.S. Aggregate Index 0.62 (84)2.90 (89)3.15 (24)0.18 (57)2.27 (69)3.08 (70)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.10 4.36 1.95 0.22 2.32 3.12
Performance Review
As of December 31, 2020
CS McKee
NONE
Page 24
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
0.0
2.0
4.0
6.0
8.0
CS McKee (%)0.0 2.0 4.0 6.0 8.0
Blmbg. Barc. U.S. Aggregate Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
CS McKee 12 0 (0%)4 (33%)8 (67%)0 (0%)
Bar US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%)
5.20
5.40
5.60
5.80
6.00
Return (%)3.30 3.36 3.42 3.48 3.54 3.60 3.66 3.72
Risk (Standard Deviation %)
Return Standard
Deviation
CS McKee 5.71 3.57
Bar US Agg 5.34 3.36
Median 5.88 3.64¾
4.50
4.80
5.10
5.40
Return (%)3.08 3.12 3.16 3.20 3.24 3.28 3.32 3.36
Risk (Standard Deviation %)
Return Standard
Deviation
CS McKee 4.70 3.12
Bar US Agg 4.44 3.13
Median 5.04 3.30¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
CS McKee 1.01 106.40 105.50 0.25 0.35 1.12 1.02 1.53
Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 1.10 1.00 1.33
90 Day U.S. Treasury Bill 3.33 13.14 -25.44 1.55 -1.10 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
CS McKee 0.88 101.34 92.70 0.44 0.29 1.11 0.96 1.47
Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 1.04 1.00 1.53
90 Day U.S. Treasury Bill 3.10 11.36 -19.25 1.13 -1.04 N/A 0.01 0.01
Performance Review
As of December 31, 2020
CS McKee
NONE
Page 25
Total Policy Historical Hybrid Composition
Allocation Mandate Weight (%)
Apr-2015
S&P 500 Index 60.00
Blmbg. Barc. U.S. Aggregate Index 40.00
Historical Hybrid Composition
Total Fund Policy Index
As of December 31, 2020
Page 26
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Total Fund Composite 0.13 18,047,797 24,203
SSgA S&P 500 0.02 11,807,372 2,361 0.02 % of First $50 M
0.01 % Thereafter
CS McKee 0.35 6,240,425 21,841 0.35 % of First $25 M
0.30 % of Next $25 M
0.25 % of Next $50 M
0.20 % Thereafter
Oakland County Employees' Retirement System
Fee Analysis
As of December 31, 2020
Page 27
Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 28
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 29
CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.
<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2905" DocumentTypeId="2" EffectiveDate="01/31/2021" Interval="1" />
Investment Performance Review
Period Ending January 31, 2021
Oakland County ERS
Superseding Trust
Monthly Flash Report
Market UpdateRussell Indices Style Returns Equities Month 3 M YTD 1 Year 3 Yr Ann 5 Yr Ann VBGVBGS&P 500 Total Return(1.01) 14.05 (1.01) 17.25 11.70 16.16Russell Midcap Index(0.26) 18.84 (0.26) 17.73 10.14 14.88Russell 2000 Index5.03 35.15 5.03 30.17 11.11 16.50Russell 1000 Growth Index(0.74) 14.46 (0.74) 34.46 19.92 22.22Russell 1000 Value Index(0.92) 16.72 (0.92) 4.09 4.41 10.71Russell 3000 Index(0.44) 16.69 (0.44) 20.48 12.38 16.68MSCI EAFE NR(1.07) 19.58 (1.07) 8.94 2.23 8.84MSCI EM NR3.07 20.88 3.07 27.89 4.42 15.03Fixed IncomeMonth3 MYTD1 YearMod. Adj. DurationYield to WorstCurrencies01/31/2112/31/2012/31/19U.S. Aggregate(0.72) 0.39 (0.72) 4.72 6.09 1.17Euro Spot1.21 1.22 1.12U.S. Corporate Investment Grade (1.28) 1.91 (1.28) 5.99 8.70 1.86British Pound Spot1.37 1.37 1.33U.S. Corporate High Yield0.33 6.26 0.33 7.44 3.68 4.31Japanese Yen Spot104.68 103.25 108.61Global Aggregate(0.88) 2.28 (0.88) 6.87 7.36 0.88Swiss Franc Spot0.89 0.89 0.97Key Rates01/31/2112/31/2012/31/1912/31/1812/31/17Commodities01/31/2112/31/2012/31/19US Generic Govt 3 Mth0.05 0.06 1.54 2.35 1.38Oil52.20 48.63 55.32US Generic Govt 2 Yr0.11 0.12 1.57 2.49 1.88Gasoline2.42 2.25 2.59US Generic Govt 10 Yr1.07 0.91 1.92 2.68 2.41Natural Gas2.56 2.53 2.55US Generic Govt 30 Yr1.83 1.64 2.39 3.01 2.74Gold1,850.30 1,899.60 1,187.30ICE LIBOR USD 3M0.20 0.24 1.91 2.81 1.69Silver26.91 26.41 16.50Euribor 3 Month ACT/360(0.55) (0.55) (0.38) (0.31) (0.33)Copper355.60 351.90 283.05Bankrate 30Y Mortgage Rates Na 2.88 2.87 3.86 4.51 3.85Corn547.00 484.00 411.25Prime3.25 3.25 4.75 5.50 4.50BBG Commodity TR Idx171.01 166.63 172.00Source: Bloomberg & Investment Metrics. For informational purposes only and should not be regarded as investment advice. Information is based on sources and data believed to be reliable, butAndCo Consulting cannot guarantee the accuracy, adequacy or completeness of the information. The material provided herein is valid only as of the date of distribution and not as of any future date.Levels (%)Levels19.9 34.5YTD2020Index Returns (%)LevelsS 5.3 5.0 4.8S4.638.4M -0.2 -0.3 -0.3M4.9 17.0 35.5January 31, 2021Index Returns (%)L -0.9 -0.8 -0.7L2.8 20.93.791.420.530.41-0.91-0.92-1.01-1.30-1.75-2.38-4.30-5.17-6.0-5.0-4.0-3.0-2.0-1.00.01.02.03.04.05.0YTD Sector Returns43.7533.1923.5420.6718.3313.4111.0210.710.52-1.75-2.16-33.60-40.0-30.0-20.0-10.00.010.020.030.040.050.02020 Sector Returns
Executive Summary
Policy Target In Policy
0.0%15.0%30.0%45.0%60.0%75.0%90.0%100.0%
Total Fixed Income Composite (37.9%)
Total Equity Composite (62.1%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 17,897,402 100.0 100.0 -
Total Equity Composite 11,109,571 62.1 60.0 -371,130
Total Fixed Income Composite 6,787,830 37.9 40.0 371,130
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of January 31, 2021
Page 2
December 31, 2020 : $18,047,797 January 31, 2021 : $17,897,402
Allocation
Market Value Allocation
CS McKee 6,240,425 34.6¢
SSgA S&P 500 11,807,372 65.4¢
Allocation
Market Value Allocation
CS McKee 6,787,830 37.9¢
SSgA S&P 500 11,109,571 62.1¢
Asset Allocation By Manager
Total Fund Composite
As of January 31, 2021
Page 3
Financial Reconciliation Month to Date
Market Value
01/01/2021
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
01/31/2021
Total Fund Composite 18,047,797 -----12,537 -162,932 17,897,402
Total Equity Composite 11,807,372 -600,000 ------97,801 11,109,571
SSgA S&P 500 11,807,372 -600,000 ------97,801 11,109,571
Total Fixed Income Composite 6,240,425 600,000 ----12,537 -65,132 6,787,830
CS McKee 6,240,425 600,000 ----12,537 -65,132 6,787,830
Financial Reconciliation
Total Fund
Quarter To Date Ending January 31, 2021
Page 4
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Total Fund Composite 17,897,402 100.0 -0.84 -0.84 6.97 -0.84 12.79 9.38 11.54 N/A 9.09 04/01/2015
Total Fund Policy Index -0.89 -0.89 6.58 -0.89 12.86 9.62 11.45 N/A 9.28
Total Equity Composite 11,109,571 62.1 -0.84 -0.84 11.22 -0.84 17.41 11.73 16.18 N/A 12.77 06/01/2015
S&P 500 Index -1.01 -1.01 11.02 -1.01 17.25 11.70 16.16 13.32 12.75
SSgA S&P 500 (1.5 bps)11,109,571 62.1 -0.98 -0.98 11.06 -0.98 17.24 11.68 16.15 N/A 12.74 06/01/2015
S&P 500 Index -1.01 -1.01 11.02 -1.01 17.25 11.70 16.16 13.32 12.75
Total Fixed Income Composite 6,787,830 37.9 -0.84 -0.84 -0.25 -0.84 4.97 5.72 4.28 N/A 3.84 04/01/2015
Blmbg. Barc. U.S. Aggregate Index -0.72 -0.72 -0.06 -0.72 4.72 5.49 4.00 3.76 3.48
CS McKee (35 bps)6,787,830 37.9 -0.84 -0.84 -0.25 -0.84 4.97 5.72 4.28 N/A 3.84 04/01/2015
Blmbg. Barc. U.S. Aggregate Index -0.72 -0.72 -0.06 -0.72 4.72 5.49 4.00 3.76 3.48
Asset Allocation & Performance
Total Fund Composite
As of January 31, 2021
Page 5
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 6
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Oakland County Employees' Retirement System - Superseding Trust
Asset / Manager Summary - March 18, 2021
Asset Class / Manager MV ($000) % MV ($000) % Add/Reduce
SSgA S&P 5001 $12,017 66.5%$10,843 60.0%($1,174)
Total US Equity $12,017 66.5% $10,843 60.0%($1,174)
CS McKee Core Fixed $6,055 33.5%$7,229 40.0%$1,174
Total Fixed Income $6,055 33.5% $7,229 40.0% $1,174
Cash Account $0 0.0% $0 0.0% $0
Total Fund $18,072 100.0% $18,072 100.0% $0
Market values from Northern Trust as of 3/10/21.
1. Market values not updated daily by Northern Trust.
2/28 MV; Transfer $600k to CS McKee
Current Allocation Target Allocation
Comments