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Investment Performance Review
Period Ending December 31, 2021
Oakland County ERS
Defined Benefit Plan
Monthly Flash Report
Market Update
Russell Indices Style Returns
Equities Month 3 M YTD 1 Year 3 Yr
An n
5 Yr
Ann V B G V B G
S&P 500 Total Return 4.48 11.03 28.71 28.71 26.07 18.47
Russell Midcap Index 4.08 6.44 22.58 22.58 23.29 15.10
Russell 2000 Index 2.23 2.14 14.82 14.82 20.02 12.02
Russell 1000 Growth Index 2.11 11.64 27.60 27.60 34.08 25.32
Russell 1000 Value Index 6.31 7.77 25.16 25.16 17.64 11.16
Russell 3000 Index 3.94 9.28 25.66 25.66 25.79 17.97
MSCI EAFE NR 5.12 2.69 11.26 11.26 13.54 9.55
MSCI EM NR 1.88 (1.31)(2.54)(2.54)10.94 9.87
Fixed Income Month 3 M YTD 1 Year Mod. Adj.
Duration
Yield to
Worst Currencies 12/31/21 12/31/20 12/31/19
U.S. Aggregate (0.26)0.01 (1.55)(1.55)6.78 1.75 Euro Spot 1.14 1.22 1.12
U.S. Corporate Investment Grade (0.08)0.23 (1.04)(1.04)8.70 2.33 British Pound Spot 1.35 1.37 1.33
U.S. Corporate High Yield 1.87 0.71 5.28 5.28 3.83 4.21 Japanese Yen Spot 115.08 103.25 108.61
Global Aggregate (0.14)(0.67)(4.71)(4.71)7.54 1.31 Swiss Franc Spot 0.91 0.89 0.97
Key Rates 12/31/21 12/31/20 12/31/19 12/31/18 12/31/17 Commodities 12/31/21 12/31/20 12/31/19
US Generic Govt 3 Mth 0.03 0.06 1.54 2.35 1.38 Oil 75.21 47.32 52.65
US Generic Govt 2 Yr 0.73 0.12 1.57 2.49 1.88 Gasoline 3.29 2.25 2.59
US Generic Govt 10 Yr 1.51 0.91 1.92 2.68 2.41 Natural Gas 3.73 2.94 2.65
US Generic Govt 30 Yr 1.90 1.64 2.39 3.01 2.74 Gold 1,828.60 1,914.00 1,187.30
ICE LIBOR USD 3M 0.21 0.24 1.91 2.81 1.69 Silver 23.35 26.74 16.50
Euribor 3 Month ACT/360 (0.57)(0.55)(0.38)(0.31)(0.33)Copper 446.35 352.05 284.85
Bankrate 30Y Mortgage Rates Na 3.27 2.87 3.86 4.51 3.85 Corn 593.25 440.25 417.75
Prime 3.25 3.25 4.75 5.50 4.50 BBG Commodity TR Idx 211.80 166.63 172.00
Source: 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, but
AndCo 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.
December 31, 2021
Index Returns (%)
L 25.1 26.4 27.6 L 2.8 20.9 38.4
M 28.3 22.6 12.7 M 4.9 17.0 35.5
Levels (%)Levels
19.9 34.5
YTD 2020
Index Returns (%)Levels
S 28.2 14.8 2.8 S 4.6
54.39
46.14
34.87 34.52
28.71 27.28 26.13 24.43
21.57 21.10
18.63 17.67
0.0
10.0
20.0
30.0
40.0
50.0
60.0
YTD Sector Returns
43.74
33.19
23.54 20.67 18.33
13.41 11.02 10.71
0.52
-1.75 -2.16
-33.60-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
2020 Sector Returns
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 (0.9%)
Total Real Asset (11.9%)
Total Fixed Income Composite (32.7%)
Total Long/Short Equity Composite (3.9%)
Total International Equity (12.3%)
Total Domestic Equity (38.3%)
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 795,656,585 100.0 N/A N/A 100.0 ---
Total Domestic Equity 305,059,554 38.3 10.0 50.0 35.0 -225,493,895 92,768,738 -26,579,749
Total International Equity 97,476,217 12.3 5.0 20.0 15.0 -57,693,388 61,655,100 21,872,270
Total Long/Short Equity Composite 31,361,861 3.9 0.0 7.5 5.0 -31,361,861 28,312,383 8,420,969
Total Fixed Income Composite 260,154,469 32.7 10.0 55.0 35.0 -180,588,810 177,456,653 18,325,336
Total Real Asset 94,683,718 11.9 0.0 15.0 10.0 -94,683,718 24,664,770 -15,118,060
Total Cash Composite 6,920,766 0.9 0.0 5.0 0.0 -6,920,766 32,862,063 -6,920,766
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of December 31, 2021
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 (0.9%)
Total Real Asset (11.9%)
Total Fixed Income Composite (32.7%)
Total Long/Short Equity Composite (3.9%)
Total International Equity (12.3%)
Total Small Cap Equity Composite (8.2%)
Total Mid Cap Equity Composite (8.9%)
Total Large Cap Equity Composite (21.2%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 795,656,585 100.0 100.0 -
Total Large Cap Equity Composite 168,905,500 21.2 20.0 -9,774,184
Total Mid Cap Equity Composite 70,544,892 8.9 7.5 -10,870,648
Total Small Cap Equity Composite 65,609,162 8.2 7.5 -5,934,918
Total International Equity 97,476,217 12.3 15.0 21,872,270
Total Long/Short Equity Composite 31,361,861 3.9 5.0 8,420,969
Total Fixed Income Composite 260,154,469 32.7 35.0 18,325,336
Total Real Asset 94,683,718 11.9 10.0 -15,118,060
Total Cash Composite 6,920,766 0.9 0.0 -6,920,766
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of December 31, 2021
Page 3
December 31, 2021 : $795,656,585 Allocation
Market Value Allocation
SSgA S&P 500 18,475,354 2.3¢
SSgA S&P 500 Equal Weighted Index 57,102,014 7.2¢
T. Rowe Price 93,328,133 11.7¢
Nuance Mid Cap Value 14,637,252 1.8¢
TimesSquare 18,512,270 2.3¢
Great Lakes SmidCap 16,268,071 2.0¢
Reinhart Partners 21,127,299 2.7¢
Leeward 32,475,554 4.1¢
Loomis Small Cap 33,133,608 4.2¢
Lazard 36,426,319 4.6¢
Pictet 42,932,011 5.4¢
Berkeley Street 18,117,887 2.3¢
ABS Global 31,361,861 3.9¢
CS McKee 128,984,636 16.2¢
Loomis Fixed Income 73,187,439 9.2¢
Pimco Diversified Income (PDIIX)34,882,957 4.4¢
Churchill Senior Loan Fund 3,579,811 0.4¢
Marathon Distressed Credit Fund LP 8,161,191 1.0¢
H.I.G. Bayside Loan Opportunity VI 3,976,218 0.5¢
BlackRock Direct Lending Feeder IX 7,382,217 0.9¢
ValStone Opportunity Fund V 2,047,040 0.3¢
Morgan Stanley 46,154,483 5.8¢
JPM Euro Property 35,065 0.0¢
Prudential PRISA II 22,444,818 2.8¢
Alidade Capital Fund IV 5,397,590 0.7¢
Walton Street Real Estate 3,062,756 0.4¢
AEW Real Estate 1,773,694 0.2¢
Dune Real Estate IV 1,639,000 0.2¢
Hamilton Lane Secondary Fund V LP 6,004,965 0.8¢
Portfolio Adv Secondary Agg IV 6,124,307 0.8¢
Cash and Equivalents Account 725,526 0.1¢
Private Markets Cash 6,195,240 0.8¢
Asset Allocation By Manager
Total Fund
As of December 31, 2021
Page 4
Financial Reconciliation Month to Date
Market Value
10/01/2021
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2021
Total Fund Composite 790,191,237 -5,505,248 -25,000,000 -255,936 -117,785 3,164,108 22,169,713 795,656,585
Total Equity Composite 432,698,289 -20,000,000 41,476 --102,554 -116,510 1,268,186 20,108,745 433,897,632
Total Domestic Equity 291,580,548 -10,000,000 ---3,964 -2,487 783,847 22,701,610 305,059,554
Total Large Cap Equity Composite 162,351,037 -10,000,000 ---3,964 -1,733 310,381 16,249,781 168,905,500
SSgA S&P 500 25,877,454 -10,000,000 ----1,488 -2,599,388 18,475,354
SSgA S&P 500 Equal Weighted Index 52,279,608 ----3,964 --4,826,370 57,102,014
T. Rowe Price 84,193,975 -----245 310,381 8,824,023 93,328,133
Total Mid Cap Equity Composite 67,600,176 -----394 232,221 2,712,889 70,544,892
Nuance Mid Cap Value 14,024,393 -----154 77,600 535,413 14,637,252
TimesSquare 17,576,916 -----109 22,899 912,565 18,512,270
Great Lakes SmidCap 15,812,828 -----29 66,700 388,573 16,268,071
Reinhart Partners 20,186,039 -----102 65,023 876,339 21,127,299
Total Small Cap Equity Composite 61,629,335 -----359 241,245 3,738,940 65,609,162
Leeward 30,236,224 -----112 204,940 2,034,501 32,475,554
Loomis Small Cap 31,393,111 -----247 36,306 1,704,439 33,133,608
Total International Equity 99,405,403 -41,476 --98,590 -114,023 484,339 -2,242,388 97,476,217
Lazard 36,374,952 -----114,023 302,200 -136,810 36,426,319
Pictet 43,891,762 ----57,114 -182,139 -1,084,776 42,932,011
Berkeley Street 19,138,689 -41,476 --41,476 ---1,020,802 18,117,887
Total Long/Short Equity Composite 41,712,338 -10,000,000 ------350,478 31,361,861
ABS Global 41,712,338 -10,000,000 ------350,478 31,361,861
Total Fixed Income Composite 263,310,987 -2,923,633 ---64,948 -858 1,480,428 -1,647,508 260,154,469
Total Domestic Fixed Income 202,419,852 -----845 1,124,270 -1,371,203 202,172,075
CS McKee 129,203,335 -----699 690,003 -908,004 128,984,636
Loomis Fixed Income 73,216,517 -----145 434,266 -463,199 73,187,439
Total Global Fixed 34,651,384 216,411 ---64,948 -14 356,158 -276,035 34,882,957
Pimco Diversified Income 34,651,384 216,411 ---64,948 -14 356,158 -276,035 34,882,957
Private Fixed Income 26,239,751 -3,140,044 ------270 23,099,437
Churchill Senior Loan Fund 10,060,653 -6,480,843 ------3,579,811
Marathon Distressed Credit Fund LP 7,321,191 840,000 ------8,161,191
H.I.G. Bayside Loan Opportunity VI 2,744,523 1,231,965 ------270 3,976,218
BlackRock Direct Lending Feeder IX 6,113,384 1,268,833 ------7,382,217
Bloomfield Capital Fund V - Series B ---------
Financial Reconciliation
Total Fund
Quarter To Date Ending December 31, 2021
Page 5
Financial Reconciliation
Total Fund
Quarter To Date Ending December 31, 2021
Market Value
10/01/2021
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2021
Total Real Asset 91,908,438 -1,267,516 ---88,435 -415,303 3,715,927 94,683,718
Total Real Estate 80,542,276 -2,030,626 ---88,435 -415,303 3,715,927 82,554,446
ValStone Opportunity Fund V 2,047,040 -------2,047,040
Morgan Stanley 42,111,688 ----88,435 -415,303 3,715,927 46,154,483
JPM Euro Property 35,065 -------35,065
Prudential PRISA II 22,444,818 -------22,444,818
Alidade Capital Fund IV 6,032,776 -635,186 ------5,397,590
Walton Street Real Estate 3,386,448 -323,692 ------3,062,756
AEW Real Estate 2,845,441 -1,071,747 ------1,773,694
Dune Real Estate IV 1,639,000 -------1,639,000
Private Investments 11,366,162 763,110 ------12,129,272
Hamilton Lane Secondary Fund V LP 5,737,736 267,229 ------6,004,965
Portfolio Adv Secondary Agg IV 5,628,426 495,881 ------6,124,307
Total Cash Composite 2,273,523 24,191,149 5,463,772 -25,000,000 --418 191 -7,451 6,920,766
Cash and Equivalents Account 2 21,237,791 4,487,924 -25,000,000 --418 191 37 725,526
Private Markets Cash 2,273,521 2,953,358 975,848 -----7,487 6,195,240
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 795,656,585 100.0 2.91 3.35 3.35 11.46 11.46 13.54 9.93 8.43 9.43 8.60 10/01/1986
Total Fund Policy Index 2.06 3.43 3.43 10.90 10.90 13.93 10.14 8.45 9.64 9.04
Total Equity Composite 433,897,632 54.5 4.27 5.29 5.29 16.60 16.60 19.37 13.36 10.84 12.68 10.04 10/01/1986
Total Equity Index 4.03 6.61 6.61 20.17 20.17 21.50 14.80 12.17 14.35 10.55
Total Fixed Income Composite 260,154,469 32.7 0.20 -0.07 -0.07 0.33 0.33 5.20 4.04 3.46 3.67 6.21 10/01/1986
Total Fixed Income Index -0.21 -0.09 -0.09 -2.00 -2.00 4.70 3.59 2.92 2.68 5.96
Total Real Asset 94,683,718 11.9 4.52 4.52 4.52 19.39 19.39 10.15 9.82 10.57 10.61 5.96 07/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 13.11 13.11 6.43 7.05 8.40 9.60 5.64
Total Cash Composite 6,920,766 0.9
Asset Allocation & Performance
Total Fund Composite
As of December 31, 2021
Page 7
Asset Allocation & Performance
Total Fund Composite
As of December 31, 2021
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Domestic Equity 305,059,554 38.3 4.93 8.15 8.15 24.11 24.11 23.46 15.90 N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 168,905,500 21.2 5.20 10.44 10.44 28.78 28.78 26.15 18.41 15.01 16.66 12.64 07/01/2008
SSgA S&P 500 (1.5 bps)18,475,354 2.3 4.48 11.02 11.02 28.65 28.65 26.04 18.47 14.96 16.60 15.42 10/01/2009
S&P 500 Index 4.48 11.03 11.03 28.71 28.71 26.07 18.47 14.93 16.55 15.37
SSgA S&P 500 Equal Weighted Index (4 bps)57,102,014 7.2 6.37 9.23 9.23 29.66 29.66 23.53 N/A N/A N/A 13.89 02/01/2018
S&P 500 Equal Weighted 6.20 9.01 9.01 29.63 29.63 23.64 15.73 12.85 15.63 14.01
T. Rowe Price (25 bps)93,328,133 11.7 4.64 10.85 10.85 28.39 28.39 27.22 19.72 16.01 17.41 15.98 10/01/2009
S&P 500 Index 4.48 11.03 11.03 28.71 28.71 26.07 18.47 14.93 16.55 15.37
Total Mid Cap Equity Composite 70,544,892 8.9 5.28 4.36 4.36 16.47 16.47 17.28 11.32 9.35 12.63 10.03 07/01/2008
Nuance Mid Cap Value (75 bps)14,637,252 1.8 5.98 4.37 4.37 12.35 12.35 N/A N/A N/A N/A N/A 07/01/2020
Russell Midcap Value Index 6.28 8.54 8.54 28.34 28.34 19.62 11.22 9.96 13.44 39.32
TimesSquare (80 bps)18,512,270 2.3 3.11 5.32 5.32 17.10 17.10 29.65 21.05 16.24 17.65 16.80 09/01/2009
Russell Midcap Growth Index 0.35 2.85 2.85 12.73 12.73 27.46 19.83 14.92 16.63 16.43
Great Lakes SmidCap (55 bps)16,268,071 2.0 4.52 2.88 2.88 8.69 8.69 N/A N/A N/A N/A 9.56 05/01/2019
Russell 2500 Index 3.28 3.82 3.82 18.18 18.18 21.91 13.75 11.74 14.15 16.75
Reinhart Partners (65 bps)21,127,299 2.7 7.37 4.66 4.66 25.04 25.04 N/A N/A N/A N/A 14.48 05/01/2019
Russell 2500 Index 3.28 3.82 3.82 18.18 18.18 21.91 13.75 11.74 14.15 16.75
Total Small Cap Equity Composite 65,609,162 8.2 3.88 6.46 6.46 20.17 20.17 22.27 13.73 12.04 13.53 11.57 07/01/2008
Leeward (70 bps)32,475,554 4.1 4.86 7.41 7.41 31.53 31.53 20.48 10.17 11.05 12.94 10.29 09/01/2005
Russell 2000 Value Index 4.08 4.36 4.36 28.27 28.27 17.99 9.07 9.45 12.03 8.00
Loomis Small Cap (90 bps)33,133,608 4.2 2.93 5.54 5.54 10.65 10.65 24.25 19.85 15.34 N/A 16.71 09/01/2012
Russell 2000 Growth Index 0.44 0.01 0.01 2.83 2.83 21.17 14.53 11.66 14.14 13.97
Page 8
Asset Allocation & Performance
Total Fund Composite
As of December 31, 2021
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total International Equity 97,476,217 12.3 3.67 -1.77 -1.77 2.10 2.10 12.17 9.14 7.02 8.24 4.68 07/01/2008
Total International Equity Index 4.16 1.88 1.88 8.29 8.29 13.70 10.12 7.05 7.75 4.01
Lazard (75 bps)36,426,319 4.6 4.41 0.45 0.45 6.57 6.57 12.33 10.09 7.04 9.19 6.26 09/01/2006
MSCI AC World ex USA 4.16 1.88 1.88 8.29 8.29 13.70 10.12 7.05 7.78 4.88
Pictet (65 bps)42,932,011 5.4 4.69 -2.06 -2.06 6.31 6.31 12.09 7.93 7.04 8.08 2.53 01/01/2008
MSCI EAFE Index 5.13 2.74 2.74 11.78 11.78 14.08 10.07 7.26 8.53 3.57
Berkeley Street (95 bps)18,117,887 2.3 -0.07 -5.33 -5.33 -11.83 -11.83 12.88 11.03 7.80 N/A 6.06 11/01/2012
MSCI Emerging Markets Index 1.92 -1.24 -1.24 -2.22 -2.22 11.33 10.26 6.50 5.87 5.14
Total Long/Short Equity Composite 31,361,861 3.9 0.00 1.56 1.56 4.26 4.26 11.25 7.76 5.52 5.85 5.45 10/01/2010
ABS Global (100 bps)31,361,861 3.9 0.00 -1.12 -1.12 1.51 1.51 10.26 7.18 5.15 6.54 5.88 10/01/2010
HFRI FOF: Strategic Index 0.35 0.62 0.62 6.38 6.38 10.46 6.94 4.82 5.30 4.37
Total Domestic Fixed Income 202,172,075 25.4 0.06 -0.12 -0.12 -1.16 -1.16 5.79 4.34 N/A N/A N/A 07/01/2008
CS McKee (35 bps)128,984,636 16.2 -0.12 -0.17 -0.17 -1.47 -1.47 5.18 3.86 3.38 3.25 3.83 02/01/2010
Blmbg. U.S. Aggregate Index -0.26 0.01 0.01 -1.55 -1.55 4.79 3.57 3.00 2.90 3.50
Loomis Fixed Income (30 bps)73,187,439 9.2 0.39 -0.04 -0.04 -0.69 -0.69 6.65 5.08 4.25 4.85 5.55 04/01/2010
Blmbg. U.S. Aggregate Index -0.26 0.01 0.01 -1.55 -1.55 4.79 3.57 3.00 2.90 3.52
Total Global Fixed 34,882,957 4.4 1.14 0.23 0.23 1.32 1.32 -1.07 0.14 N/A N/A N/A 04/01/2010
Pimco Diversified Income (75 bps)34,882,957 4.4 1.14 0.23 0.23 N/A N/A N/A N/A N/A N/A 2.74 03/01/2021
Blmbg. Global Credit (Hedged)0.17 -0.03 -0.03 -0.41 -0.41 6.27 4.74 4.38 4.93 1.46
Page 9
Asset Allocation & Performance
Total Fund Composite
As of December 31, 2021
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Real Estate 82,554,446 10.4 5.20 5.20 5.20 20.14 20.14 9.86 9.65 N/A N/A 9.90 09/01/2016
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 13.11 13.11 6.43 7.05 8.40 9.60 7.42
Morgan Stanley (84 bps)46,154,483 5.8 9.81 9.81 9.81 22.89 22.89 10.37 10.01 10.83 11.97 7.36 01/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 0.00 13.11 13.11 6.43 7.05 8.40 9.60 5.56
Prudential PRISA II (85 bps)22,444,818 2.8 0.00 0.00 0.00 15.39 15.39 7.80 8.18 9.76 11.17 11.21 10/01/2011
NCREIF Property Index 0.00 0.00 0.00 10.88 10.88 6.23 6.47 7.64 8.67 8.76
JPM Euro Property 35,065 0.0 0.00 0.00 0.00 -50.28 -50.28 -27.36 -12.05 -8.20 -6.91 -6.36 04/01/2009
NCREIF Property Index 0.00 0.00 0.00 10.88 10.88 6.23 6.47 7.64 8.67 7.99
Total Cash Composite 6,920,766 0.9
Cash and Equivalents Account (No fee)725,526 0.1
Private Markets Cash 6,195,240 0.8
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 4.89 4.89 6.43 6.57 7.31 N/A 7.28 08/27/2014
Alidade Capital Fund IV 0.00 0.00 0.00 17.45 17.45 13.12 N/A N/A N/A 10.24 04/20/2017
Walton Street Real Estate 0.00 0.00 0.00 19.17 19.17 10.62 N/A N/A N/A 11.81 05/24/2017
AEW Real Estate 0.00 0.00 0.00 45.52 45.52 21.19 N/A N/A N/A 17.99 09/28/2017
Churchill Senior Loan Fund 0.00 0.00 0.00 11.07 11.07 6.63 N/A N/A N/A 6.89 12/07/2017
Dune Real Estate IV 0.00 0.00 0.00 0.66 0.66 N/A N/A N/A N/A -7.49 08/22/2019
Hamilton Lane Secondary Fund V LP 0.00 0.00 0.00 16.40 16.40 N/A N/A N/A N/A 34.59 04/28/2020
Marathon Distressed Credit Fund LP 0.00 0.00 0.00 29.30 29.30 N/A N/A N/A N/A 40.27 09/10/2020
H.I.G. Bayside Loan Opportunity VI -0.01 -0.01 -0.01 8.90 8.90 N/A N/A N/A N/A 64.04 09/29/2020
Portfolio Adv Secondary Agg IV 0.00 0.00 0.00 20.18 20.18 N/A N/A N/A N/A 33.23 11/02/2020
BlackRock Direct Lending Feeder IX 0.00 0.00 0.00 8.11 8.11 N/A N/A N/A N/A 8.11 01/05/2021
Bloomfield Capital Fund V - Series B N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Comparative Performance - IRR
Alternative Investments
As of December 31, 2021
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. 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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
Oakland County Employees' Retirement System
Asset / Manager Summary - January 20, 2021
Asset Class / Manager MV ($000) % MV ($000) % Add/Reduce
SSgA S&P 5001 $18,475 2.3%$39,573 5.0%$21,098
SSgA S&P 500 EW 1 $57,102 7.2%$39,573 5.0%($17,529)11/30 MV; Use for liquidity needs
T. Rowe Price Enhanced 500 $93,328 11.8%$79,147 10.0%($14,182)
TimesSquare Mid Growth $18,512 2.3%$14,840 1.9%($3,672)
Great Lakes Small/Mid Core $16,268 2.1%$14,840 1.9%($1,428)
Reinhart Small/Mid Core $21,127 2.7%$14,840 1.9%($6,287)
Nuance Mid Value $14,637 1.8%$14,840 1.9%$203
Loomis, Sayles Small Growth $33,134 4.2%$29,680 3.8%($3,454)
LMCG Small Value $32,476 4.1%$29,680 3.8%($2,796)
ABS Global L/S Equity1 $31,363 4.0%$39,573 5.0%$8,210
Total US Equity $336,422 42.5%$316,586 40.0%($19,836)2.5% added to allocation (unallocated other assets)
Lazard Intl Equity $36,426 4.6%$39,573 5.0%$3,147 Use for liquidity needs
Pictet Intl Equity1 $42,930 5.4%$39,573 5.0%($3,357)
AllSpring Emerging Mkts.1 $18,118 2.3%$19,787 2.5%$1,669
Total Intl Equity $97,474 12.3%$98,933 12.5%$1,459
CS McKee Core Fixed $129,027 16.3%$158,293 20.0%$29,266
Loomis, Sayles Core Plus $73,187 9.2%$55,421 7.0%($17,767)
PIMCO Diversifed Income $34,883 4.4%$39,573 5.0%$4,690
Churcill Direct Lending1 $4,207 0.5%$4,207 0.5%$0
BlackRock Direct Lending1 $7,382 0.9%$7,382 0.9%$0 $12MM Commitment; 1st CC in March 2021
Bloomfield Direct Lending1 $0 0.0%$0 0.0%$0 $8MM Commitment
HIG/Marathon Distressed1 $12,137 1.5%$12,137 1.5%$0 $7MM Commitment Each
Total Fixed Income $260,823 33.0%$277,013 35.0%$16,190 1.5% added to allocation (unallocated other assets)
MS Prime Property RE1 $42,147 5.3%$44,841 5.7%$2,694
Prudential PRISA II VA RE1 $22,445 2.8%$15,829 2.0%($6,616)
Private VA Real Estate Funds1,2 $18,476 2.3%$18,476 2.3%$0
Total Real Estate $83,068 10.5%$79,147 10.0%($3,922)
Hamilton Lane1 $7,293 0.9%$9,893 1.3%$2,600 $10MM Commitment
Portfolio Advisors1 $5,659 0.7%$9,893 1.3%$4,234 $10MM Commitment
Total Private Equity $12,952 1.6%$19,787 2.5%$6,835
Cash Account $726 0.1%$0 0.0%($726)
Total Fund $791,465 100.0%$791,465 100.0%$0
Market values from Northern Trust as of 12/31/21.
1. Market values not updated daily by Northern Trust.
2. Currently represents investment with AEW VIII, Alidade IV, Dune IV, JPM European Property Fund, Valstone and Walton Street.
Other Assets / Basket Clause $60,659 7.7% $75,704 9.6% 15% Target
Current Allocation Target Allocation
Comments
Included in Other Assets allocation
Target Allocation = 10% RE target less VA mgrs.
11/30 MV
Includes ABS, Churchill, BlackRock, Bloomfield, HIG, Marathon, HL,
and PA
Target Allocation = 10% target less Direct Lending
and Distressed Debt strategies
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