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Investment Performance Review
Period Ending December 31, 2021
Oakland County ERS
VEBA 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 (0.5%)
Total Real Assets (11.0%)
Total Fixed Income Composite (31.7%)
Total Long/Short Equity Composite (3.9%)
Total International Equity (12.0%)
Total Domestic Equity (40.8%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Min. Rebal.
($000)
Max. Rebal.
($000)
Target Rebal.
($000)
Total Fund Composite 1,584,253,976 100.0 N/A N/A 100.0 ---
Total Domestic Equity 646,495,535 40.8 10.0 50.0 35.0 -488,070,138 145,631,453 -92,006,644
Total International Equity 190,646,188 12.0 5.0 20.0 15.0 -111,433,490 126,204,607 46,991,908
Total Long/Short Equity Composite 61,638,387 3.9 0.0 7.5 5.0 -61,638,387 57,180,661 17,574,312
Total Fixed Income Composite 502,957,782 31.7 10.0 55.0 35.0 -344,532,384 368,381,905 51,531,110
Total Real Assets 174,443,823 11.0 0.0 15.0 10.0 -174,443,823 63,194,273 -16,018,425
Total Cash Composite 8,072,261 0.5 0.0 5.0 0.0 -8,072,261 71,140,438 -8,072,261
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of December 31, 2021
Page 2
Executive Summary
Policy Target In Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (0.5%)
Total Real Assets (11.0%)
Total Fixed Income Composite (31.7%)
Total Long/Short Equity Composite (3.9%)
Total International Equity (12.0%)
Total Small Cap Equity Composite (8.6%)
Total Mid Cap Equity Composite (8.6%)
Total Large Cap Equity Composite (23.6%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 1,584,253,976 100.0 100.0 -
Total Large Cap Equity Composite 374,064,327 23.6 20.0 -57,213,531
Total Mid Cap Equity Composite 135,575,695 8.6 7.5 -16,756,646
Total Small Cap Equity Composite 136,855,514 8.6 7.5 -18,036,466
Total International Equity 190,646,188 12.0 15.0 46,991,908
Total Long/Short Equity Composite 61,638,387 3.9 5.0 17,574,312
Total Fixed Income Composite 502,957,782 31.7 35.0 51,531,110
Total Real Assets 174,443,823 11.0 10.0 -16,018,425
Total Cash Composite 8,072,261 0.5 0.0 -8,072,261
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of December 31, 2021
Page 3
December 31, 2021 : $1,584,253,976 Allocation
Market Value Allocation
SSgA S&P 500 82,947,795 5.2¢
SSgA S&P 500 Equal Weighted Index 106,046,597 6.7¢
T. Rowe Price 185,069,935 11.7¢
Nuance Mid Cap Value 26,742,862 1.7¢
TimesSquare 39,096,358 2.5¢
Great Lakes SmidCap 33,490,112 2.1¢
Reinhart Partners 36,246,363 2.3¢
Leeward 71,362,367 4.5¢
Loomis Small Cap 65,493,147 4.1¢
Lazard 81,941,249 5.2¢
Pictet 71,801,459 4.5¢
Berkeley Street 36,903,480 2.3¢
ABS Global 61,638,387 3.9¢
CS McKee 243,878,857 15.4¢
Loomis Fixed Income 144,615,259 9.1¢
Pimco Diversified Income (PDIIX)73,652,215 4.6¢
Churchill Senior Loan Fund 5,966,351 0.4¢
Marathon Distressed Credit Fund LP 15,156,498 1.0¢
H.I.G. Bayside Loan Opportunity VI 7,384,907 0.5¢
BlackRock Direct Lending Feeder IX 12,303,695 0.8¢
ValStone Opportunity Fund V 3,070,557 0.2¢
Morgan Stanley 80,828,485 5.1¢
Macquarie II U.S.30,769 0.0¢
Macquarie Fund III Europe 40,663 0.0¢
Prudential PRISA II 53,057,668 3.3¢
Alidade Capital Fund IV 3,238,554 0.2¢
Walton Street Real Estate 6,125,510 0.4¢
AEW Real Estate 3,547,381 0.2¢
Dune Real Estate IV 3,278,010 0.2¢
Hamilton Lane Secondary Fund V LP 10,508,689 0.7¢
Portfolio Adv Secondary Agg IV 10,717,537 0.7¢
Cash and Equivalents Account 288,597 0.0¢
Private Markets Cash 7,783,664 0.5¢
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 1,535,959,628 -7,428,121 -10,975,848 -478,737 -1,823 6,630,179 45,692,455 1,584,253,976
Total Equity Composite 853,737,363 -84,481 --186,613 -1,690 3,266,261 41,880,310 898,780,111
Total Domestic Equity 597,183,338 ----11,459 -760 1,550,141 47,774,275 646,495,535
Total Large Cap Equity Composite 338,782,210 ----11,459 -408 615,296 34,678,688 374,064,327
SSgA S&P 500 74,711,457 ----4,097 --8,240,434 82,947,795
SSgA S&P 500 Equal Weighted Index 97,090,700 ----7,362 --8,963,258 106,046,597
T. Rowe Price 166,980,052 -----408 615,296 17,474,996 185,069,935
Total Mid Cap Equity Composite 129,890,486 -----168 415,221 5,270,156 135,575,695
Nuance Mid Cap Value 25,623,107 -----118,137 1,001,618 26,742,862
TimesSquare 37,103,309 -----168 48,571 1,944,647 39,096,358
Great Lakes SmidCap 32,537,568 -----137,711 814,833 33,490,112
Reinhart Partners 34,626,502 -----110,802 1,509,059 36,246,363
Total Small Cap Equity Composite 128,510,642 -----184 519,625 7,825,431 136,855,514
Leeward 66,459,610 -----448,037 4,454,720 71,362,367
Loomis Small Cap 62,051,032 -----184 71,588 3,370,711 65,493,147
Total International Equity 194,226,811 -84,481 --175,155 -930 988,817 -4,477,835 190,646,188
Lazard 81,842,478 -----930 684,214 -584,513 81,941,249
Pictet 73,401,630 ----90,674 -304,603 -1,814,099 71,801,459
Berkeley Street 38,982,703 -84,481 --84,481 ---2,079,223 36,903,480
Total Long/Short Equity Composite 62,327,214 -----727,303 -1,416,130 61,638,387
ABS Global 62,327,214 -----727,303 -1,416,130 61,638,387
Total Fixed Income Composite 507,611,231 -4,460,029 ---137,252 -128 2,636,602 -2,692,643 502,957,782
Total Domestic Fixed Income 388,777,790 -----128 2,081,366 -2,364,911 388,494,116
CS McKee 244,076,236 -----1,241,548 -1,438,927 243,878,857
Loomis Fixed Income 144,701,554 -----128 839,817 -925,984 144,615,259
Total Global Fixed 73,183,244 378,719 ---137,252 -555,237 -327,732 73,652,215
Pimco Diversified Income 73,183,244 378,719 ---137,252 -555,237 -327,732 73,652,215
Private Fixed Income 45,650,198 -4,838,747 ------40,811,451
Churchill Senior Loan Fund 16,767,755 -10,801,404 ------5,966,351
Marathon Distressed Credit Fund LP 13,596,498 1,560,000 ------15,156,498
H.I.G. Bayside Loan Opportunity VI 5,096,972 2,287,935 ------7,384,907
BlackRock Direct Lending Feeder IX 10,188,973 2,114,722 ------12,303,695
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 Assets 169,200,377 -1,836,547 ---154,871 -727,303 6,507,560 174,443,823
Total Real Estate (Composite)149,309,595 -3,171,991 ---154,871 -727,303 6,507,560 153,217,597
ValStone Opportunity Fund V 3,070,557 -------3,070,557
Morgan Stanley 73,748,493 ----154,871 -727,303 6,507,560 80,828,485
Macquarie II U.S.30,769 -------30,769
Macquarie Fund III Europe 40,663 -------40,663
Prudential PRISA II 53,057,668 -------53,057,668
Alidade Capital Fund IV 3,619,666 -381,112 ------3,238,554
Walton Street Real Estate 6,772,895 -647,385 ------6,125,510
AEW Real Estate 5,690,875 -2,143,494 ------3,547,381
Dune Real Estate IV 3,278,010 -------3,278,010
Private Investments 19,890,782 1,335,444 ------21,226,226
Hamilton Lane Secondary Fund V LP 10,041,037 467,652 ------10,508,689
Portfolio Adv Secondary Agg IV 9,849,745 867,792 ------10,717,537
Total Cash Composite 5,410,657 6,296,575 7,343,640 -10,975,848 --5 12 -2,771 8,072,261
Cash and Equivalents Account 1,479,173 1,465,453 7,343,640 -10,000,000 --5 14 322 288,597
Private Markets Cash 3,931,484 4,831,123 --975,848 ---2 -3,093 7,783,664
Page 6
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund Composite 1,584,253,976 100.0 2.92 3.53 3.53 11.78 11.78 13.93 10.09 8.45 9.99 6.09 06/01/1998
Total Fund Policy Index 2.06 3.43 3.43 10.90 10.90 13.93 10.16 8.48 9.68 6.51
Total Equity Composite 898,780,111 56.7 4.24 5.49 5.49 17.30 17.30 19.84 13.61 11.11 12.96 6.39 04/01/1998
Total Equity Index 4.03 6.61 6.61 20.17 20.17 21.50 14.82 12.19 14.37 7.75
Total Fixed Income Composite 502,957,782 31.7 0.22 -0.01 -0.01 0.20 0.20 4.78 3.77 3.22 3.60 5.05 04/01/1998
Total Fixed Income Index -0.21 -0.09 -0.09 -2.00 -2.00 4.70 3.58 2.92 2.68 4.68
Total Real Assets 174,443,823 11.0 4.30 4.30 4.30 19.43 19.43 11.38 10.82 10.92 11.67 8.20 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 0.4
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 646,495,535 40.8 4.85 8.26 8.26 23.92 23.92 23.46 15.89 N/A N/A N/A 10/01/1986
Total Large Cap Equity Composite 374,064,327 23.6 5.08 10.42 10.42 28.79 28.79 26.02 18.26 14.90 16.55 12.48 07/01/2008
SSgA S&P 500 (1.5 bps)82,947,795 5.2 4.49 11.03 11.03 28.70 28.70 26.03 18.45 14.92 16.54 15.36 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)106,046,597 6.7 6.37 9.23 9.23 29.65 29.65 23.53 N/A N/A N/A 13.88 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)185,069,935 11.7 4.63 10.83 10.83 28.46 28.46 27.27 19.72 16.01 17.37 15.94 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 135,575,695 8.6 5.16 4.38 4.38 15.81 15.81 17.62 11.65 9.56 12.79 10.09 07/01/2008
Nuance Mid Cap Value (75 bps)26,742,862 1.7 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)39,096,358 2.5 3.14 5.37 5.37 17.29 17.29 29.83 21.19 16.34 17.71 16.85 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)33,490,112 2.1 4.55 2.93 2.93 8.81 8.81 N/A N/A N/A N/A 9.62 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)36,246,363 2.3 7.38 4.68 4.68 24.96 24.96 N/A N/A N/A N/A 14.35 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 136,855,514 8.6 3.92 6.49 6.49 19.67 19.67 22.76 14.26 12.35 13.72 11.68 07/01/2008
Leeward (70 bps)71,362,367 4.5 4.83 7.38 7.38 31.47 31.47 20.45 10.16 11.04 12.90 10.28 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)65,493,147 4.1 2.94 5.55 5.55 10.53 10.53 24.33 19.96 15.34 N/A 16.69 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 190,646,188 12.0 3.62 -1.80 -1.80 2.75 2.75 12.51 9.46 7.23 8.39 4.77 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)81,941,249 5.2 4.42 0.12 0.12 6.07 6.07 12.31 10.18 7.07 9.26 6.29 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)71,801,459 4.5 4.69 -2.06 -2.06 6.17 6.17 12.21 8.00 7.09 8.11 2.55 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)36,903,480 2.3 -0.07 -5.33 -5.33 -11.79 -11.79 12.89 11.04 7.81 N/A 6.07 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 61,638,387 3.9 0.00 1.58 1.58 4.28 4.28 11.26 7.76 N/A N/A N/A 10/01/2010
ABS Global (100 bps)61,638,387 3.9 0.00 -1.11 -1.11 1.52 1.52 10.27 7.19 5.13 6.52 5.87 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 388,494,116 24.5 0.07 -0.07 -0.07 -1.25 -1.25 5.50 4.15 N/A N/A N/A 07/01/2008
CS McKee (35 bps)243,878,857 15.4 -0.10 -0.08 -0.08 -1.51 -1.51 4.93 3.72 3.27 3.15 3.75 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)144,615,259 9.1 0.37 -0.06 -0.06 -0.79 -0.79 6.66 5.08 4.26 4.83 5.53 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 73,652,215 4.6 1.14 0.31 0.31 1.59 1.59 -0.98 0.19 N/A N/A N/A 04/01/2010
Pimco Diversified Income (75 bps)73,652,215 4.6 1.14 0.31 0.31 N/A N/A N/A N/A N/A N/A 2.97 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 (Composite)153,217,597 9.7 4.91 4.91 4.91 20.02 20.02 9.75 9.65 N/A N/A N/A 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)80,828,485 5.1 9.81 9.81 9.81 22.89 22.89 10.30 9.96 10.83 11.98 7.37 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)53,057,668 3.3 0.00 0.00 0.00 15.98 15.98 8.11 8.53 10.00 11.35 11.39 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
Total Cash Composite 8,072,261 0.5
Cash and Equivalents Account (No fee)288,597 0.0
Private Markets Cash 7,783,664 0.5
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 7.32 N/A 7.28 08/27/2014
Macquarie II U.S.0.00 0.00 0.00 0.18 0.18 21.21 12.43 9.42 8.58 8.95 10/09/2008
Macquarie Fund III Europe 0.00 0.00 0.00 -50.06 -50.06 50.13 28.23 12.41 10.95 8.45 10/17/2008
Alidade Capital Fund IV 0.00 0.00 0.00 17.45 17.45 13.12 N/A N/A N/A 10.25 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 05/25/2017
AEW Real Estate 0.00 0.00 0.00 45.52 45.52 21.27 N/A N/A N/A 18.04 09/26/2017
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 -6.68 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 0.00 0.00 0.00 8.93 8.93 N/A N/A N/A N/A 64.08 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
Private 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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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 - VEBA
Asset / Manager Summary - January 20, 2021
Asset Class / Manager MV ($000) % MV ($000) % Add/Reduce
SSgA S&P 5001 $82,948 5.2%$79,194 5.0%($3,754)
SSgA S&P 500 EW 1 $106,047 6.7%$79,194 5.0%($26,853)12/31 MV; Use for liquidity needs
T. Rowe Price Enhanced 500 $185,070 11.7%$158,388 10.0%($26,682)
TimesSquare Mid Growth $39,096 2.5%$29,698 1.9%($9,398)
Great Lakes Small/Mid Core $33,490 2.1%$29,698 1.9%($3,792)
Reinhart Small/Mid Core $36,246 2.3%$29,698 1.9%($6,548)
Nuance Mid Value $26,743 1.7%$29,698 1.9%$2,955
Loomis, Sayles Small Growth $65,493 4.1%$59,396 3.8%($6,097)
LMCG Small Value $71,362 4.5%$59,396 3.8%($11,966)
ABS Global L/S Equity1 $61,639 3.9%$79,194 5.0%$17,555
Total US Equity $708,134 44.7%$633,552 40.0%($74,582)2.5% added to allocation (unallocated other assets)
Lazard Intl Equity $81,941 5.2%$79,194 5.0%($2,747)
Pictet Intl Equity1 $71,820 4.5%$79,194 5.0%$7,374
Berkley Street Emerging Mkts.1 $36,929 2.3%$39,597 2.5%$2,668
Total Intl Equity $190,690 12.0% $197,985 12.5% $7,295
CS McKee Core Fixed $243,887 15.4%$316,776 20.0%$72,889
Loomis, Sayles Core Plus $144,614 9.1%$128,837 8.1%($15,777)
PIMCO Diversifed Income $73,652 4.7%$79,194 5.0%$5,542
Churcill Direct Lending1 $7,012 0.4%$7,012 0.4%$0
BlackRock Direct Lending1 $12,304 0.8%$12,304 0.0%$0 $20MM Commitment; 1st CC in March 2021
Bloomfield Direct Lending1 $0 0.0%$0 0.0%$0 $15MM Commitment
HIG/Marathon Distressed1 $22,539 1.4%$22,539 1.4%$0 $13MM Commitment Each
Total Fixed Income $504,008 31.8%$566,662 35.0%$62,654 1.5% added to allocation (unallocated other assets)
MS Prime Property RE1 $80,101 5.1%$102,060 6.4%$21,959
Prudential PRISA II VA RE1 $53,058 3.3%$31,678 2.0%($21,380)
Private VA Real Estate Funds1,2 $24,650 1.6%$24,650 1.6%$0
Total Real Estate $157,809 10.0%$158,388 10.0%$579
Hamilton Lane1 $12,763 0.8%$19,799 1.3%$7,036 $17.5MM Commitment
Portfolio Advisors1 $10,188 0.6%$19,799 1.3%$9,611 $17.5MM Commitment
Total Private Equity $22,951 1.4%$39,597 2.5%$16,646
Cash Account $289 0.0%$0 0.0%($289)
Total Fund $1,583,881 100.0%$1,596,185 100.0%$12,304
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, Macquire (US and Euro), Valstone and Walton Street.
Other Assets / Basket Clause $114,141 7.2% $148,342 9.3% 15% Target
Includes ABS, Churchill, BlackRock, Bloomfield, HIG, Marathon, HL,
and PA
Target Allocation = 10% target less Direct Lending
and Distressed Debt strategies
Target Allocation = 10% RE target less VA mgrs.
Included in Other Assets allocation
Current Allocation Target Allocation
Comments
12/31 MV
CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.