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Home My WebLink AboutReports - 2022.03.31 - 35551<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2905" DocumentTypeId="1" EffectiveDate="12/31/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2021 Oakland County ERS Superseding Trust Executive Summary Page 1 Asset Allocation Vs. Policy Targets Page 15 Asset Allocation Pie Charts Page 16 Historical Asset Allocation Page 18 Performance Review Trailing Periods Page 20 Total Fund Analysis Page 22 SSgA S&P 500 Page 24 CS McKee Page 26 Historical Hybrid Composition Page 28 Definitions & Disclosure Pages Page 30 Table Of Contents 4Q 2021 EXECUTIVE SUMMARY Market Summary: The Federal Reserve and COVID-19 continued to dominate the market narrative during the 4th quarter. The Federal Reserve revised its policy in an attempt to control inflation, targeting an earlier exit from its bond buying program and additional rate hikes in 2022 and 2023. Omicron, a more contagious but less severe variant of Covid-19, emerged in November and swept across the globe. The equity markets rebounded in October, sold off in November (Omicron influenced), and rebounded again in December (less severe variant). The S&P 500 provided the strongest results during the quarter, returning over 11%. Small caps (Russell 2000) and international developed markets (MSCI EAFE) generated positive but much weaker returns (2.1% and 2.37%, respectively). The emerging markets continued to struggle during the quarter and declined by 1.3%. For the year, the markets followed a similar pattern with the S&P 500 generating the strongest returns and EM suffering minor losses. Inflation concerns and the Federal Reserve’s policy shift impacted returns in the fixed income markets. The front end of the yield curve climbed during the quarter in anticipation of future rate hikes; the 2-year Treasury rose from 28 basis points to 73 basis points during the quarter. The longer end of the curve was more stable with 10-year and 30-year nearly unchanged (have risen in 2022). The Barclays US Aggregate returned 1 basis point in the 4th quarter. Investment grade and high yield bonds fared slightly better. For the year, the Aggregate declined by 1.5% and only high yield posted positive returns (5.3%) in fixed income. Conclusions/Recommendations: 1. The Total Fund gained 6.86% during the quarter, out performing the Policy Index by 0.29% and ranking at the top of the public fund universe. The Fund’s excess return is attributed to an overweight to large cap equities during the quarter. 2. The Total Fund posted a return of 17.48% over the past year, exceeding the policy index by 162 basis points and ranking in the top decile of the peer group. Longer-term, the Fund has performed well, performing in line with the Policy Index and ranking near the top of the peer group. 3. At quarter-end, both allocations were within policy ranges and near target allocations. 4. See the Asset/Manager Summary for additional comments and recommendations. Page 1 AndCo Firm Update While adding so many resources to a fi rm our size is a signifi cant investment, it is one we embrace due to the impact we believe it will have on our ability to continue serving our clients at a high level and push us closer to our vision of being a transformational organization viewed as the leader in our industry. At the beginning of each year, we discuss the AndCo partnership and, when earned, announce new partners. This year I am thrilled to share two new team members were named partners at AndCo – Brian Green and Kerry Richardville. Brian has been with the fi rm for over 6 years and is currently a consultant based out of our Detroit, Michigan offi ce. Kerry has been with AndCo for over 5 years and is a consultant based in Orlando. We could not be happier for both Brian and Kerry or more grateful for the contributions they have made to AndCo since joining the fi rm. Brian and Kerry represent what it means to be an AndCo team member, and we are honored and fortunate to have them serving our clients. With the addition of Brian and Kerry, we have 13 partners representing various departments at AndCo, which provides diverse perspectives and insight. Our growing partnership group continues to strengthen AndCo and reaffi rm our belief that 100% employee management is vital to protecting our mission, vision, values, and the long-term success of our organization. We enter 2022 with an unwavering commitment to serve you the best we possibly can. Coming off a year that provided many of our clients record returns, we recognize results going forward may be more challenging to obtain. Please know we will continue to invest and evolve our fi rm in aiming to meet these realities. We do not take any client relationship for granted and will continue to work tirelessly to serve, earn your trust, add value, and exceed your expectations. We are honored and humbled you have chosen AndCo as your partner. In closing, and as we have stated since our rebrand in 2017, our name, AndCo, reminds us of who we work for every day - “Our Client” &Co. You will always be fi rst in our service model. As we continue to discuss strategic decisions and reinvestments regarding our fi rm, please know that our decisions are fi ltered through the following question: “How does this keep our clients’ interests fi rst?” If it doesn’t meet this standard, we don’t do it - it’s that simple. Thank you again for your valued partnership and the opportunity to serve you. Happy New Year! Mike Welker, CFA CEO On behalf of everyone at AndCo, we want to Thank You for the opportunity to serve and the trust you place in us! 2021 marked another unique year as society continued to deal with the eff ects of the global pandemic. While this environment caused all organizations to reassess their business models and service approach, AndCo has remained steadfast in our belief and conviction that the best way to service our valued clients is within a model that is independent, singularly focused, customized, and passionately delivered. These four AndCo principles drive our service approach and desire to exceed your expectations. We take our role as your consultant and trusted advisor seriously and will continue working hard to maintain your confi dence. Looking back at 2021, we would like to provide a brief update on the fi rm. We advise on approximately $123 billion in client assets, as of June 30, 2021. 2021 also marked the 21st straight year of revenue growth for the fi rm. We continue to reinvest 100% of our net profi ts back into the organization so that we can continue to evolve and adapt within a market environment that is constantly changing and challenging. Put simply, stasis is not an eff ective strategy, and we are convicted in our belief that a fi rm not focused on moving forward in our industry is moving backward. To execute on our commitment, we continued to make personnel and technology investments within the fi rm. Our personnel investments focused on further enhancing departmental service levels and narrowing perceived gaps. We continued to invest in our proprietary software system to more eff ectively and effi ciently compile and share information across departments and ultimately better serve our clients. We also continued to build out our internal site (the intranet) so colleagues could stay connected with the fi rm and gain a deeper understanding of standard operating procedures and collectively service our clients the AndCo way. Our intranet also helped strengthen our internal brand and culture by pushing out a variety of daily fi rm updates, videos, and interactive posts to increase team member bonds to our values, core philosophies, and ultimately, brought the fi rm closer together. We believe these connections are increasingly important in the COVID environment when many team members remain wholly or partially remote and we will continue to explore innovative ways to be together in 2022. As we start 2022, we are 87 team members strong with plans to grow. We are targeting several new positions for the year as we thoughtfully continue to invest in our fi rm to provide the quality services you expect from AndCo. These talent enhancements cover multiple departments including Research and Client Solutions, which will strengthen our alternative and public market research as well as our client service. We are also looking to add team members to our Consulting, Finance, Marketing, and IT departments. Page 2 Organizational Chart PARTNERSHIP Ben Baldridge, CFA®, CAIA® Private & Hedged Fixed Income Chester Wyche Real Estate & Real Assets Dan Lomelino, CFA® Fixed Income David Julier Real Estate & Real Assets Elizabeth Wolfe Capital Markets & Asset Allocation Evan Scussel, CFA®, CAIA® Private & Public Equity Joseph Ivaszuk Operational Due Diligence Josue Christiansen, CFA ®, CIPM® Public Equity Julie Baker, CFA®, CAIA® Private & Hedged Equity Justin Ellsesser, CFA®, CAIA® Private Equity Kevin Laake, CFA®, CAIA® Private Equity Michael Kosoff Hedge Funds Philip Schmitt Fixed Income & Capital Markets Ryan McCuskey Real Estate & Real Assets Zac Chichinski, CFA®, CIPM ® Public Equity RESEARCH Donna Sullivan Albert Sauerland Amy Foster David Gough, CPFA Don Delaney Donnell Lehrer, CPFA Grace Niebrzydowski James Reno Jeff Pruniski Joe Carter, CPFA Julio Garcia Rengifo Kim Hummel Meghan Haines Misha Bell Yoon Lee-Choi CLIENT SOLUTIONS Annette Bidart Brad Hess, CFA®, CPFA Brendon Vavrica, CFP® Brian Green Chris Kuhn, CFA ®, CAIA® Christiaan Brokaw, CFA® Dave West, CFA ® Doug Anderson Gwelda Swilley Ian Jones James Ross Jeff Kuchta, CFA®, CPFA Jennifer Brozstek CONSULTING Jennifer Gainfort, CFA®, CPFA John Mellinger John Thinnes, CFA®, CAIA® Jon Breth, CFP® Justin Lauver, Esq. Kevin Vandolder, CFA ® Kerry Richardville, CFA® Mary Nye Michael Fleiner Michael Holycross, CIMA® Mike Bostler Oleg Sydyak, CFA ®, FSA, EA Paul Murray, CPFA Peter Brown Tim Nash Tim Walters Tony Kay Tyler Grumbles, CFA®, CIPM®, CAIA® 8 CPFA 6 CIPM®8 CAIA®38 ADVANCED DEGREES87 EMPLOYEES INVESTMENT POLICY COMMITTEE FINANCE Kahjeelia Pope Robert Marquetti COMPLIANCE Allen Caldwell Thay Arroyo H.R. Sara Schmedinghoff OPERATIONS Jerry Camel Updated as of 01/12/2022 Mike Welker, CFA® Brian Green Bryan Bakardjiev, CFA® Dan Johnson Dan Osika, CFA® Donna Sullivan Evan Scussel, CFA®, CAIA® Jacob Peacock, CPFA Jason Purdy Kerry Richardville, CFA® Kim Spurlin, CPA Steve Gordon Troy Brown, CFA® LEADERSHIP & MANAGEMENT Mike Welker, CFA ® CEO Bryan Bakardjiev, CFA® COO Kim Spurlin, CPA CFO Sara Searle CCO Stacie Runion CHRO Steve Gordon Partner Troy Brown, CFA ® Executive Director Brooke Wilson, CIPM® Client Solutions Director Dan Johnson Consulting Director Daniel Kwasny, CIPM® Client Solutions Director Evan Scussel, CFA ®, CAIA® Research Director Jack Evatt Consulting Director Jacob Peacock, CPFA Consulting Director Jason Purdy I.T. Director Molly Halcom Marketing Director Philip Schmitt Research Director Rachel Brignoni, MHR People & Culture Director 23 CFA® OPERATIONS MARKETING Dan Osika, CFA ® John Rodak, CIPM ® Kayleigh Greaser Kim Goodearl Lauren Kaufmann Mike Welker, CFA ® Bryan Bakardjiev, CFA® Troy Brown, CFA ® Sara Searle Page 3 4th Quarter 2021 Market Environment Page 4 The Market Environment Executive Summary As of December 31, 2021 The Economy The US economy faced headwinds from the Omicron variant during the quarter which likely had a negative impact on economic growth.Fortunately,despite higher transmission rates,the variant appears to be less likely to result in hospitalizations or significant health risks. Even with the variant,the demand for goods and services remained strong during the quarter and market expectations for 4th quarter US GDP growth range from 4%to 7%. The US labor market is nearing full employment with the unemployment rate falling to 3.9%in December.The pace of job growth slowed during the quarter with a three-month average of roughly +365,000.Despite the continued improvement in the labor market,workers are continuing to leave their employers in record numbers.This condition means the number of jobs available exceeds the number of unemployed workers.As a result,wage growth remains strong as employers compete to fill job openings. Persistently higher inflation readings forced the Fed to announce it was planning to end its bond purchase program earlier than expected.In addition,the Fed’s December statement suggested that it could also begin raising short-term interest rates sooner than expected. Equity (Domestic and International) US equities rose to all-time highs during the 4th quarter as investors expressed optimism about future economic growth and continued monetary support from the Fed.Large cap growth was the best performing domestic segment of the equity market relative to other US market capitalizations and styles. International equities lagged far behind their US counterparts during the 4th quarter.A key contributor to the muted performance was US dollar strength,which rose against both the Euro and Yen developed market currencies and most emerging market currencies.Emerging markets came under pressure as the Chinese property developer Evergrande defaulted during the quarter. Fixed Income The combination of concerns related to the potential for rising US interest rates and persistent inflation acted as headwinds for fixed income performance during the quarter.US interest rates moved modestly higher during the quarter with the US 10-Year Treasury bond rising 2 basis points to close at 1.51%. Generally,performance across most bond markets sectors was positive during the quarter,led by US high yield corporate bonds and US Treasury Inflation-Protected Securities (TIPS). High yield bond’s combination of higher coupons and a shorter maturity profile relative to high quality government bonds was the primary driver of their performance during the period. TIPS outperformed all other sectors during the quarter.US inflation remained substantially higher than the Fed’s stated 2%long-term target average,and as a result,investors’expectations of future inflation increased. Market Themes Global central bank monetary policy diverged somewhat during the quarter as the Fed stated its intention to taper its bond purchases and potentially begin raising interest rates in 2022.Both the European Central Bank and the Bank of Japan reiterated their intent to remain accommodative as localized inflation remains low. While US economic growth remained strong,overall global economic growth slowed during the quarter primarily due to the rise in pandemic-related cases and shutdowns.It is likely that economic growth could face headwinds in 2022 as central bank stimulus begins to wear off. US equity markets –as measured by the S&P 500 Index –experienced their third consecutive year of double-digit positive performance led by large,growth- oriented companies.While equities have historically performed well during periods of rising inflation due to their links with strong economic growth,companies may face headwinds if they are unable to pass along price increases,which would result in lower profit margins. Longer-dated fixed income markets were negatively impacted by rising interest rates during the year.Despite the potential for increasing risks due to deteriorating credit conditions,corporate bonds could outperform given their higher coupons and shorter maturity profiles compared to higher quality,longer duration bonds. Page 5 The Market Environment Major Market Index Performance As of December 31, 2021 Broad US equity markets experienced strong returns during the 4th quarter of 2021.There were a variety of factors that contributed to performance including improving corporate earnings,increased consumer spending and demand, and continued accommodative monetary support from the Fed.For the period, the S&P 500 large cap benchmark returned 11.0%,compared to 6.4%for the mid-cap and 2.1%for small cap indices. Similar to domestic markets,developed market international equities also posted positive results for the 4th quarter,albeit more muted.Europe and the UK were negatively affected by the increase in COVID cases related to the Omicron variant.Emerging markets declined primarily due to concerns related to future economic growth in China and the default of property developer Evergrande.China and its weight dominates the emerging markets index (32.5%).During the period,the MSCI EAFE Index returned of 2.7%while the MSCI Emerging Markets Index declined by -1.3% For the quarter,bond market performance was generally muted as concerns about higher interest rates and rising inflation acted as sizable headwinds.The outlier during the period was TIPS,which are highly sensitive to future inflation expectations and posted a return of 2.4%.The Bloomberg Barclays (BB)US Aggregate Index returned 0.0%,for the period,trailing Investment Grade Corporate bonds,which returned 0.2%. Developed equity markets were sharply higher over the trailing 1-year period. The combination of Improving economic fundamentals,continued support from the Fed,and improving investor expectations all combined to drive equity markets higher.All broad US equity market indexes traded at near-record levels during the quarter.The S&P 500 large cap stock index led equity market performance for the year with a return of 28.7%.The Russell 2000 small cap index returned a lower,but still strong,14.8%for the year. Over the trailing 1-year period the developed market MSCI EAFE Index return of 11.3%outpaced the MSCI Emerging Markets Index return of -2.5%.While growth in developed markets improved throughout the year,emerging markets were negatively impacted from concerns related to index’s dominant county weight to China. Bond market returns over the trailing 1-year period were broadly negative as rising interest rates and concerns regarding inflation detracted from performance.TIPS were the lone bright spot in the bond market with the TIPS Index returning 6.0%for the year. 0.0% 0.2% -0.4% 2.4% 0.2% 0.0% -1.3% 2.7% 1.8% 2.1% 6.4% 9.8% 9.3% 11.0% -5.0%0.0%5.0%10.0%15.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 0.0% -1.0% -1.0% 6.0% -2.3% -1.5% -2.5% 11.3% 7.8% 14.8% 22.6% 26.5% 25.7% 28.7% -5.0%5.0%15.0%25.0%35.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Source: Investment Metrics Page 6 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31, 2021 The equity market resumed its solid momentum during the 4th quarter as nearly all US equity benchmarks posted positive returns across both the style and market capitalization spectrums.Large cap stocks continued their leadership followed by mid and small cap issues.The Russell 1000 Index returned a strong 9.8%for the quarter and outpaced a 6.4%return of the Russell Mid Cap Index and a Russell 2000 Index return of 2.1%. Performance across styles and market capitalizations was disparate during the quarter.Large cap growth stocks sizably outpaced their value counterparts while mid and small cap value stocks outperformed growth stocks by an even wider margin.For the period,the Russell 1000 Growth Index was the best performing style index,posting a return of 11.6%.Mid cap value index performance was the next best performing segment,returning 8.5%for the quarter.Small cap growth stocks were the laggards during the period with the Russell 2000 Growth Index returning 0.0%. Performance across all market capitalizations and styles was broadly robust over the trailing 1-year period.Much like the 4th quarter,the outlier for the year was small cap growth stocks.The Russell 2000 Growth Index return of 2.8%for the year significantly lagged both its mid and large cap growth index counterparts and Russell 2000 Value index return of 28.3%. While large cap style returns were relatively similar for the year,there was wide dispersion across mid and small style-based index performance.For the year,the Russell 1000 Growth Index rose by 27.6%compared to a still robust 25.2%return for the Russell 1000 Value Index.Within mid and small cap benchmark performance,value dominated growth by double digits.The Russell 2000 Value Index and Russell Mid Cap Value Index both returned 28.3%for the period.In comparison,the Russell Mid Cap Growth Index returned 12.7%,while the Russell 2000 Growth Index returned only 2.8%. 0.0% 2.1% 4.4% 2.8% 6.4% 8.5% 11.6% 9.8% 7.8% 10.9% 9.3% 7.5% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series 2.8% 14.8% 28.3% 12.7% 22.6% 28.3% 27.6% 26.5% 25.2% 25.8% 25.7% 25.4% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series Page 7 The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2021 Source: Morningstar Direct 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. Economic sector performance was positive across ten of the eleven large cap economic sectors for the 4th quarter.Six sectors outpaced the return of the broad index during the period. Economically sensitive sectors like real estate (15.6%),materials (14.4%), information technology (14.2%),and utilities (13.2%)were the best performing sectors for the quarter.In general,companies in sectors with the ability to grow earnings and either guard against,or pass along, inflation experienced the strongest returns.While nearly all sectors experienced positive results,the communication services sector (-0.5%) lagged its peers and was the sole negative performer for the quarter. For the full year,four sectors exceeded the return of the broad large cap benchmark:energy (55.9%),real estate (40.5%),financials (35.5%),and information technology (30.5%).The weakest economic sector performance in the Russell 1000 for the year was utilities,which still managed to post a solid return of 17.6%. Small cap sector performance was more mixed with eight of the eleven economic sectors posting positive performance for the quarter and seven of them outpacing the return of the broader Russell 2000 Index.Utilities were the best performing sector during the quarter,returning 12.6%.The real estate (10.3%),industrials (9.6%),and consumer staples (8.3%) sectors also performed well during the period. For the trailing 1-year period,nine of the eleven sectors outpaced the broad benchmark’s return.Outperforming sectors included energy (67.8%),real estate (29.4%),financials (28.1%),consumer discretionary (27.0%),industrials (25.4%),materials (24.8%),consumer staples (21.4%),communication services (17.0%),and information technology (15.9%).The combination of a steadily improving economy,improving corporate fundamentals,easy monetary policy,and rising inflationary pressures were all tailwinds for the robust performance in these sectors. 11.0% 29.4% 24.8% 15.9% 25.4% -16.2% 28.1% 67.8% 21.4% 27.0% 17.0% 12.6% 10.3% 5.2% 6.1% 9.6% -10.1% 5.8% -4.0% 8.3% 1.6% -10.4% -20.0%0.0%20.0%40.0%60.0%80.0% Utilities (2.5%) Real Estate (7.0%) Materials (3.8%) Info Technology (14.2%) Industrials (14.9%) Health Care (19.4%) Financials (15.7%) Energy (4.5%) Consumer Staples (3.2%) Consumer Disc (11.4%) Comm Services (3.5%) Russell 2000 Quarter 1-Year 17.6% 40.5% 25.0% 30.5% 19.3% 24.2% 35.5% 55.9% 17.8% 21.7% 18.7% 13.2% 15.6% 14.4% 14.2% 8.2% 9.5% 4.9% 7.8% 12.7% 10.6% -0.5% -10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0% Utilities (2.3%) Real Estate (3.2%) Materials (2.3%) Info Technology (28.6%) Industrials (8.6%) Health Care (12.8%) Financials (11.5%) Energy (2.6%) Consumer Staples (5.3%) Consumer Disc (12.6%) Comm Services (10.1%) Russell 1000 Quarter 1-Year Page 8 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2021 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Apple Inc 6.11%25.7%34.6%Information Technology AMC Entmt Hldgs Inc Class A 0.47%-28.5%1,183.0%Communication Services Microsoft Corp 5.65%19.5%52.5%Information Technology Synaptics Inc 0.38%61.1%200.3%Information Technology Amazon.com Inc 3.23%1.5%2.4%Consumer Discretionary Lattice Semiconductor Corp 0.35%19.2%68.2%Information Technology Alphabet Inc Class A 1.94%8.4%65.3%Communication Services EastGroup Properties Inc 0.31%37.4%68.4%Real Estate Tesla Inc 1.91%36.3%49.8%Consumer Discretionary BJ's Wholesale Club Holdings Inc 0.31%21.9%79.6%Consumer Staples Alphabet Inc Class C 1.81%8.6%65.2%Communication Services Tetra Tech Inc 0.31%13.8%47.5%Industrials Meta Platforms Inc Class A 1.77%-0.9%23.1%Communication Services Saia Inc 0.30%41.6%86.4%Industrials NVIDIA Corp 1.57%42.0%125.5%Information Technology Ovintiv Inc 0.30%3.0%138.4%Energy Berkshire Hathaway Inc Class B 1.22%9.5%29.0%Financials Tenet Healthcare Corp 0.29%23.0%104.6%Health Care UnitedHealth Group Inc 1.05%28.9%45.2%Health Care WillScot Mobile Mini Holdings Corp 0.29%28.8%76.3%Industrials Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Arista Networks Inc 0.08%67.3%97.9%Information Technology Adicet Bio Inc Ordinary Shares 0.01%123.1%24.5%Health Care Builders FirstSource Inc 0.04%65.7%110.0%Industrials Yellow Corp Ordinary Shares 0.02%122.9%184.3%Industrials New Relic Inc 0.01%53.2%68.1%Information Technology R.R.Donnelley & Sons Co 0.03%119.1%398.2%Industrials Teradyne Inc 0.06%49.9%36.8%Information Technology ChemoCentryx Inc 0.07%112.9%-41.2%Health Care Ciena Corp 0.03%49.9%45.6%Information Technology iRhythm Technologies Inc 0.12%101.0%-50.4%Health Care ON Semiconductor Corp 0.06%48.4%107.5%Information Technology BlueLinx Holdings Inc 0.03%95.9%227.3%Industrials Ford Motor Co 0.18%47.4%137.5%Consumer Discretionary Kezar Life Sciences Inc 0.02%93.5%220.3%Health Care Dollar Tree Inc 0.07%46.8%30.1%Consumer Discretionary Alpha & Omega Semiconductor Ltd 0.04%93.1%156.2%Information Technology Marvell Technology Inc 0.16%45.2%84.6%Information Technology Protagonist Therapeutics Inc 0.05%93.0%69.6%Health Care Rexford Industrial Realty Inc 0.03%43.4%67.8%Real Estate Clearfield Inc 0.03%91.2%241.5%Information Technology Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Peloton Interactive Inc 0.02%-58.9%-76.4%Consumer Discretionary Allakos Inc 0.01%-90.8%-93.0%Health Care Everbridge Inc 0.01%-55.4%-54.8%Information Technology Cortexyme Inc 0.01%-86.2%-54.6%Health Care Chegg Inc 0.01%-54.9%-66.0%Consumer Discretionary Rafael Hldgs Inc Ord Shares -B 0.00%-83.4%-78.1%Real Estate Upstart Holdings Inc Ordinary Shares 0.02%-52.2%271.3%Financials Adagio Therapeutics Inc Ord Shares 0.01%-82.8%N/A Health Care StoneCo Ltd Class A 0.01%-51.4%-79.9%Information Technology Atea Pharmaceuticals Inc Ord Shs 0.02%-74.5%-78.6%Health Care Vroom Inc Ordinary Shares 0.00%-51.1%-73.7%Consumer Discretionary Eros STX Global Corp 0.00%-73.9%-86.8%Communication Services Paysafe Ltd Ord Shares -Class A 0.01%-49.5%N/A Information Technology Reata Pharmaceuticals Inc A 0.02%-73.8%-78.7%Health Care Virgin Galactic Holdings Inc Shs A 0.01%-47.1%-43.6%Industrials Generation Bio Co Ordinary Shares 0.01%-71.8%-75.0%Health Care DraftKings Inc Ord Shares -Class A 0.02%-43.0%-41.0%Consumer Discretionary BeyondSpring Inc 0.00%-71.3%-62.9%Health Care DocuSign Inc 0.07%-40.8%-31.5%Information Technology Deciphera Pharmaceuticals Inc 0.01%-71.2%-82.9%Health Care Page 9 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2021 Most developed market international equity indexes tracked in the chart posted positive returns in both US dollar (USD)and local currency terms for the 4th quarter.The provincial outlier during the period was the Pacific region which declined during the period on concerns about China and the country’s future economic growth.The developed market MSCI EAFE Index returned 2.7%in USD and 3.9%in local currency (LC)terms for the period,while the MSCI Emerging Markets Index declined by -1.3%in USD and -0.9%in local currency terms. The trailing 1-year results for international developed markets were positive across all regions and currencies.The MSCI EAFE Index returned 11.3%in USD for the year and 18.7%in LC.Returns across emerging markets were more polarized by geography.While the MSCI Emerging Markets Index returned -2.5%in USD and -0.2%in LC,the EMEA (Europe,Middle East,and Africa)regional index’s return of 18.0%in USD and 22.5%in LC,rivaled developed regional benchmark performance.In contrast,performance within the Latin America and Asia regional benchmarks detracted from emerging market index performance with the EM Latin America Index returning -8.1%in USD and -2.2%in LC,while EM Asia posted a return of -5.1%in USD and - 3.3%in LC. -1.1% -1.1% 0.5% -0.9% -0.8% 6.5% 3.9% 4.2% 2.7% -2.7% -1.0% -2.4% -1.3% -2.7% 5.7% 2.7% 3.1% 1.8% -4.0%-2.0%0.0%2.0%4.0%6.0%8.0% 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 Performance USD Local Currency -2.2% -3.3% 22.5% -0.2% 12.0% 22.5% 18.7% 19.3% 13.0% -8.1% -5.1% 18.0% -2.5% 2.6% 16.3% 11.3% 12.6% 7.8% -15.0%-5.0%5.0%15.0%25.0% 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 Performance USD Local Currency Page 10 The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2021 Source: 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 Return Communication Services 4.5%-5.6%-5.7% Consumer Discretionary 12.5%2.9%10.7% Consumer Staples 10.3%5.2%7.3% Energy 3.4%-0.5%22.9% Financials 16.9%1.2%16.6% Health Care 12.8%3.0%8.6% Industrials 16.2%2.6%13.6% Information Technology 9.7%3.8%20.9% Materials 7.6%5.9%10.4% Real Estate 2.8%-0.5%4.1% Utilities 3.4%8.8%0.0% Total 100.0%2.7%11.3% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.1%-2.8%-6.9% Consumer Discretionary 12.1%-0.9%-6.0% Consumer Staples 8.6%3.8%5.3% Energy 4.8%-0.4%26.0% Financials 19.2%1.9%16.4% Health Care 9.4%0.1%3.7% Industrials 12.6%2.6%12.9% Information Technology 13.6%5.2%15.4% Materials 8.1%3.6%9.7% Real Estate 2.4%-2.3%-2.2% Utilities 3.1%6.8%3.1% Total 100.0%1.8%7.8% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.7%-0.5%-9.1% Consumer Discretionary 13.5%-8.2%-29.1% Consumer Staples 5.9%-2.1%-4.9% Energy 5.6%-3.8%21.0% Financials 19.4%-0.4%8.2% Health Care 4.2%-15.4%-19.8% Industrials 5.1%-0.3%8.4% Information Technology 22.7%7.4%9.9% Materials 8.6%-2.9%9.3% Real Estate 2.0%-8.5%-21.8% Utilities 2.4%0.7%12.4% Total 100.0%-1.3%-2.5% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.5%14.3%-4.0%1.7% United Kingdom 14.6%9.3%5.6%18.5% France 11.7%7.5%7.1%19.5% Switzerland 10.5%6.7%12.8%19.3% Germany 8.9%5.6%0.8%5.3% Australia 6.9%4.4%2.1%9.4% Netherlands 4.9%3.1%3.5%27.6% Sweden 4.0%2.5%6.1%21.9% Hong Kong 2.8%1.8%-3.6%-3.9% Denmark 2.7%1.7%5.8%19.1% Italy 2.5%1.6%5.6%15.0% Spain 2.2%1.4%-1.4%1.4% Singapore 1.2%0.8%-3.4%5.7% Finland 1.0%0.7%3.0%9.0% Belgium 0.9%0.6%1.7%2.2% Israel 0.7%0.5%7.0%15.2% Ireland 0.7%0.4%0.6%8.5% Norway 0.7%0.4%-0.3%22.0% Austria 0.2%0.2%5.2%41.5% New Zealand 0.2%0.1%-4.0%-17.1% Portugal 0.2%0.1%1.9%0.2% Total EAFE Countries 100.0%63.6%2.7%11.3% Canada 7.5%7.2%26.0% Total Developed Countries 71.1%3.1%12.6% China 9.4%-6.1%-21.7% Taiwan 4.7%8.4%26.1% Korea 3.7%-0.9%-8.4% India 3.6%-0.2%26.2% Brazil 1.2%-6.5%-17.4% Russia 1.0%-9.2%19.0% Saudi Arabia 1.0%-0.7%37.7% South Africa 0.9%-0.5%3.6% Mexico 0.6%6.2%22.5% Thailand 0.5%3.0%-1.4% Indonesia 0.4%6.4%2.1% Malaysia 0.4%1.8%-6.2% United Arab Emirates 0.3%10.3%50.2% Poland 0.2%-2.4%8.5% Qatar 0.2%2.6%15.2% Philippines 0.2%3.7%-3.9% Kuwait 0.2%2.3%30.9% Chile 0.1%-10.5%-17.3% Hungary 0.1%-9.7%12.1% Turkey 0.1%-11.2%-28.4% Peru 0.1%10.4%-19.9% Greece 0.1%-3.6%8.0% Colombia 0.1%-2.7%-13.8% Czech Republic 0.0%12.3%55.0% Egypt 0.0%18.3%7.5% Argentina 0.0%-0.4%21.0% Pakistan 0.0%-2.7%-24.9% Total Emerging Countries 28.9%-1.3%-2.5% Total ACWIxUS Countries 100.0%1.8%7.8% Page 11 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2021 Fixed income market results were mixed during the 4th quarter.While the Fed remained supportive with bond purchases,concerns about rising inflation and potentially higher interest rates detracted from performance. US Treasury yields were mixed across the maturity curve but remained low. The return for the Bloomberg US Aggregate Bond Index,the bellwether investment grade benchmark,was flat for the period at 0.0%. Performance across the investment grade index’s segments was mixed during the period with the US Corporate Investment Grade bonds returning 0.2%while the US Mortgage index component fell -0.4%. US TIPS posted the quarter’s strongest bond performance with a return of 2.4%.High yield issues were also positive,posting a return of 0.7%. Outside of domestic markets,the BB Global Aggregate ex US Index posted a return of -1.2%for the quarter.Like international stocks,global bond index performance was negatively impacted by the strengthening USD,which acted as a drag on domestic index returns. Over the trailing 1-year period,domestic investment grade benchmark performance was skewed lower by higher quality government bonds (- 2.3%)as well as negative performance from investment grade corporate (- 1.0%)and mortgage-backed (-1.0%)bonds.Aided by higher inflation,only US TIPS managed to generate positive returns during the year with a return of 6.0%.The bellwether Bloomberg US Aggregate Bond Index declined by -1.5%for the year. Lower quality high yield bonds delivered solid performance during the year supported by both higher coupons and a lower maturity profile,which acted as tailwinds.The Bloomberg US High Yield Index returned of 5.3% for the period. Performance for non-US bonds was broadly negative for the year with the developed market Bloomberg Global Aggregate ex US Index declining by -7.0%.The combination of rising interest rates overseas,a longer maturity profile,and USD strength for the year hindered index performance. -0.7% -1.2% -0.5% 0.0% 0.3% 0.1% 0.2% -0.1% 2.4% 0.7% 0.2% -0.4% 0.2% -2.0%-1.0%0.0%1.0%2.0%3.0%4.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.4) Aggregate (6.8) Baa (8.7) A (8.4) AA (8.5) AAA (6.1) U.S. TIPS (4.4) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.8) U.S. Treasury (7.1) Quarter Performance -4.5% -7.0% -1.3% -1.5% -0.4% -1.8% -1.2% -1.7% 6.0% 5.3% -1.0% -1.0% -2.3% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.4) Aggregate (6.8) Baa (8.7) A (8.4) AA (8.5) AAA (6.1) U.S. TIPS (4.4) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.8) U.S. Treasury (7.1) 1-Year Performance Page 12 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2021 The gray band across the graph illustrates the range of the current Fed Funds Rate.Over the past year,the Fed’s target rate range has remained unchanged at 0.00%to 0.25%.During its recent December meeting,the Federal Open Market Committee (FOMC)stated its intent to keep interest rates unchanged in the near-term,while also signaling that it would end its bond purchase program earlier than expected and foreshadowing that interest rates could begin to rise early next year. The yield on the US 10-year Treasury (green line)ended the year higher as economic growth accelerated in anticipation of the Fed beginning the process of normalizing interest rates.After reaching a high of 1.74%during the 1st quarter of 2021,interest rates traded within a narrow range for the remainder of the year.The yield on the US 10-year Treasury was 1.52%on December 31st. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues.For the full year,the spread narrowed slightly from 1.30%to 1.21%.A narrowing of the premium measured by the High Yield OAS showed investors’willingness to take on credit risk during the year as the spread tightened from 3.86%to 3.10%over the course of the year. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.While short-term rates are largely pinned to the Fed Funds Rate,beginning in the 1st quarter of 2021,intermediate-term interest rates began to move higher as investors expectations for higher future interest rates increased.In contrast,longer-term interest rates declined throughout the year over concerns that future economic growth may slow due to rising interest rates. 0.00 0.50 1.00 1.50 2.00 2.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 3/31/2021 6/30/2021 9/30/2021 12/31/2021 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 13 Page Intentionally Left Blank Page 14 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 (34.7%) Total Equity Composite (65.3%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 21,122,832 100.0 100.0 - Total Equity Composite 13,790,797 65.3 60.0 -1,117,098 Total Fixed Income Composite 7,332,035 34.7 40.0 1,117,098 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of December 31, 2021 Page 15 Asset Allocation By Segment as of September 30, 2021 : $19,767,723 Asset Allocation By Segment as of December 31, 2021 : $21,122,832 Allocation Segments Market Value Allocation Domestic Equity 12,421,398 62.8¢ Domestic Fixed Income 7,144,730 36.1¢ Cash Equivalent 201,596 1.0¢ Allocation Segments Market Value Allocation Domestic Equity 13,790,797 65.3¢ Domestic Fixed Income 6,992,028 33.1¢ Cash Equivalent 340,007 1.6¢ Asset Allocation Summary Total Fund Composite As of December 31, 2021 NONE Page 16 Asset Allocation By Manager as of September 30, 2021 : $19,767,723 Asset Allocation By Manager as of December 31, 2021 : $21,122,832 Allocation Market Value Allocation SSgA S&P 500 12,421,398 62.8¢ CS McKee 7,346,326 37.2¢ Allocation Market Value Allocation SSgA S&P 500 13,790,797 65.3¢ CS McKee 7,332,035 34.7¢ Asset Allocation Summary Total Fund Composite As of December 31, 2021 NONE Page 17 Asset Allocation Attributes Dec-2021 Sep-2021 Jun-2021 Mar-2021 Dec-2020 ($)%($)%($)%($)%($)% Total Fund Composite 21,122,832 100.00 19,767,723 100.00 19,088,530 100.00 17,942,154 100.00 18,047,797 100.00 Total Equity Composite 13,790,797 65.29 12,421,398 62.84 12,934,382 67.76 11,916,325 66.42 11,807,372 65.42 SSgA S&P 500 13,790,797 65.29 12,421,398 62.84 12,934,382 67.76 11,916,325 66.42 11,807,372 65.42 Total Fixed Income Composite 7,332,035 34.71 7,346,326 37.16 6,154,148 32.24 6,025,829 33.58 6,240,425 34.58 CS McKee 7,332,035 34.71 7,346,326 37.16 6,154,148 32.24 6,025,829 33.58 6,240,425 34.58 Historical Asset Allocation Total Fund As of December 31, 2021 Page 18 Financial Reconciliation Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2021 Total Fund Composite 19,767,723 ----641 -39,898 1,315,852 21,122,832 Total Equity Composite 12,421,398 ----641 --1,370,041 13,790,797 SSgA S&P 500 12,421,398 ----641 --1,370,041 13,790,797 Total Fixed Income Composite 7,346,326 -----39,898 -54,189 7,332,035 CS McKee 7,346,326 -----39,898 -54,189 7,332,035 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2021 Page 19 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)21,122,832 100.0 6.86 (1)6.86 (1)17.48 (11)17.48 (11)18.05 (4)12.99 (5)N/A N/A 10.55 (4)04/01/2015 Total Fund Policy Index 6.57 (2)6.57 (2)15.86 (24)15.86 (24)17.54 (9)12.61 (9)N/A N/A 10.49 (4) Difference 0.29 0.29 1.62 1.62 0.51 0.38 N/A N/A 0.06 All Public Plans-Total Fund Median 4.28 4.28 13.62 13.62 15.18 11.04 8.92 9.81 8.86 Total Fund Composite (Net)21,122,832 100.0 6.86 6.86 17.47 17.47 18.02 12.95 N/A N/A 10.51 04/01/2015 Total Fund Policy Index 6.57 6.57 15.86 15.86 17.54 12.61 N/A N/A 10.49 Difference 0.29 0.29 1.61 1.61 0.48 0.34 N/A N/A 0.02 Total Equity Composite 13,790,797 65.3 11.03 (32)11.03 (32)28.95 (37)28.95 (37)26.12 (36)18.49 (37)N/A N/A 15.41 (31)06/01/2015 S&P 500 Index 11.03 (33)11.03 (33)28.71 (37)28.71 (37)26.07 (37)18.47 (38)14.93 (34)16.55 (43)15.39 (31) Difference 0.00 0.00 0.24 0.24 0.05 0.02 N/A N/A 0.02 IM U.S. Large Cap Core Equity (SA+CF) Median 10.31 10.31 27.86 27.86 25.27 18.03 14.43 16.33 14.61 SSgA S&P 500 13,790,797 65.3 11.03 (32)11.03 (32)28.76 (37)28.76 (37)26.06 (38)18.46 (39)N/A N/A 15.39 (32)06/01/2015 S&P 500 Index 11.03 (33)11.03 (33)28.71 (37)28.71 (37)26.07 (37)18.47 (38)14.93 (34)16.55 (43)15.39 (31) Difference 0.00 0.00 0.05 0.05 -0.01 -0.01 N/A N/A 0.00 IM U.S. Large Cap Core Equity (SA+CF) Median 10.31 10.31 27.86 27.86 25.27 18.03 14.43 16.33 14.61 Total Fixed Income Composite 7,332,035 34.7 -0.19 (83)-0.19 (83)-1.53 (70)-1.53 (70)5.05 (73)3.79 (76)N/A N/A 3.21 (68)04/01/2015 Blmbg. U.S. Aggregate Index 0.01 (34)0.01 (34)-1.55 (70)-1.55 (70)4.79 (92)3.57 (94)3.00 (94)2.90 (93)2.87 (94) Difference -0.20 -0.20 0.02 0.02 0.26 0.22 N/A N/A 0.34 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.04 -0.04 -1.23 -1.23 5.47 4.10 3.51 3.51 3.37 CS McKee 7,332,035 34.7 -0.19 (83)-0.19 (83)-1.53 (70)-1.53 (70)5.05 (73)3.79 (76)N/A N/A 3.21 (68)04/01/2015 Blmbg. U.S. Aggregate Index 0.01 (34)0.01 (34)-1.55 (70)-1.55 (70)4.79 (92)3.57 (94)3.00 (94)2.90 (93)2.87 (94) Difference -0.20 -0.20 0.02 0.02 0.26 0.22 N/A N/A 0.34 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.04 -0.04 -1.23 -1.23 5.47 4.10 3.51 3.51 3.37 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2021 Page 20 Page Intentionally Left Blank Page 21 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -4.00 -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 6.86 (1)6.86 (1)17.48 (11)15.99 (9)18.05 (4)12.54 (3)12.99 (5) Policy Index 6.57 (2)6.57 (2)15.86 (24)15.29 (17)17.54 (9)12.22 (3)12.61 (9) Median 4.28 4.28 13.62 13.58 15.18 10.09 11.04 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 Return2020 2019 2018 2017 2016 Composite 14.52 (28)22.27 (5)-2.49 (20)14.82 (55)8.30 (30) Policy Index 14.73 (26)22.18 (5)-2.35 (18)14.21 (67)8.31 (30) Median 12.54 18.49 -4.03 15.06 7.59 1 Qtr Ending Sep-2021 1 Qtr Ending Jun-2021 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 Composite 0.46 (28)6.39 (13)2.86 (63)7.87 (90)5.88 (22)13.72 (27) Total Fund Policy Index 0.40 (32)5.84 (27)2.31 (80)7.54 (91)5.64 (30)13.32 (32) All Public Plans-Total Fund Median 0.02 5.43 3.23 10.28 5.23 12.12 As of December 31, 2021 Performance Review Composite 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 Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 25.0 Composite (%)0.0 5.0 10.0 15.0 20.0 25.0 Total Fund Policy Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Composite 16 15 (94%)1 (6%)0 (0%)0 (0%) Policy Index 16 15 (94%)1 (6%)0 (0%)0 (0%) 14.10 15.04 15.98 16.92 17.86 18.80 Return (%)10.20 10.40 10.60 10.80 11.00 11.20 Risk (Standard Deviation %) Return Standard Deviation Composite 18.05 10.98 Policy Index 17.54 10.48 Median 15.16 10.59¾ 10.24 10.88 11.52 12.16 12.80 13.44 Return (%)9.0 9.2 9.4 9.6 9.8 10.0 Risk (Standard Deviation %) Return Standard Deviation Composite 12.99 9.73 Policy Index 12.61 9.28 Median 11.03 9.25¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 0.64 104.19 106.98 -0.30 0.76 1.47 1.05 6.34 Policy Index 0.00 100.00 100.00 0.00 N/A 1.50 1.00 5.92 90 Day U.S. Treasury Bill 10.58 3.06 -3.05 1.15 -1.50 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 0.59 104.39 106.62 -0.22 0.64 1.18 1.05 5.93 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 1.20 1.00 5.56 90 Day U.S. Treasury Bill 9.37 4.32 -3.94 1.26 -1.20 N/A -0.01 0.00 As of December 31, 2021 Performance Review Composite NONE Page 23 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 11.03 (32)11.03 (32)28.76 (37)23.44 (38)26.06 (38)17.64 (38)18.46 (39) S&P 500 Index 11.03 (33)11.03 (33)28.71 (37)23.44 (38)26.07 (37)17.65 (36)18.47 (38) Median 10.31 10.31 27.86 22.28 25.27 16.73 18.03 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 Return2020 2019 2018 2017 2016 SSgA S&P 500 18.34 (45)31.46 (36)-4.40 (38)21.81 (53)11.98 (34) S&P 500 Index 18.40 (43)31.49 (35)-4.38 (38)21.83 (52)11.96 (35) Median 17.25 30.00 -5.16 21.86 10.63 1 Qtr Ending Sep-2021 1 Qtr Ending Jun-2021 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 SSgA S&P 500 0.58 (27)8.55 (31)6.22 (61)12.16 (53)8.92 (37)20.53 (48) S&P 500 Index 0.58 (27)8.55 (31)6.17 (63)12.15 (54)8.93 (36)20.54 (48) IM U.S. Large Cap Core Equity (SA+CF) Median 0.11 8.04 6.74 12.32 8.02 20.44 Performance Review As of December 31, 2021 SSgA S&P 500 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 Under Performance Earliest Date Latest Date 0.0 8.0 16.0 24.0 32.0 SSgA S&P 500 (%)0.0 8.0 16.0 24.0 32.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 15 0 (0%)15 (100%)0 (0%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 25.11 25.38 25.65 25.92 26.19 Return (%)18.79 18.80 18.81 18.82 18.83 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 26.06 18.82 S&P 500 Index 26.07 18.81 Median 25.27 18.83¾ 17.80 18.00 18.20 18.40 18.60 Return (%)17.19 17.20 17.21 17.22 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 18.46 17.20 S&P 500 Index 18.47 17.19 Median 18.03 17.20¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.03 99.99 100.04 -0.02 -0.30 1.38 1.00 10.14 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.38 1.00 10.13 90 Day U.S. Treasury Bill 17.28 1.66 -2.54 1.15 -1.38 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 0.03 99.98 100.04 -0.02 -0.46 1.11 1.00 9.56 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.11 1.00 9.55 90 Day U.S. Treasury Bill 15.36 2.61 -2.59 1.26 -1.11 N/A -0.01 0.00 Performance Review As of December 31, 2021 SSgA S&P 500 NONE Page 25 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee -0.19 (83)-0.19 (83)-1.53 (70)3.09 (78)5.05 (73)3.85 (72)3.79 (76) Bar US Agg 0.01 (34)0.01 (34)-1.55 (70)2.88 (89)4.79 (92)3.57 (91)3.57 (94) Median -0.04 -0.04 -1.23 3.64 5.47 4.11 4.10 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Return2020 2019 2018 2017 2016 CS McKee 7.92 (66)9.10 (55)0.32 (29)3.54 (83)2.85 (65) Bar US Agg 7.51 (88)8.72 (78)0.01 (61)3.54 (84)2.65 (76) Median 8.52 9.19 0.06 4.01 3.12 1 Qtr Ending Sep-2021 1 Qtr Ending Jun-2021 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 CS McKee 0.05 (73)2.13 (33)-3.44 (81)0.60 (89)1.09 (50)4.43 (48) Blmbg. U.S. Aggregate Index 0.05 (68)1.83 (86)-3.38 (68)0.67 (84)0.62 (85)2.90 (89) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.10 1.99 -3.17 1.10 1.08 4.35 Performance Review As of December 31, 2021 CS McKee NONE Page 26 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. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 16 0 (0%)4 (25%)11 (69%)1 (6%) Bar US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) 4.50 4.80 5.10 5.40 5.70 Return (%)3.28 3.36 3.44 3.52 3.60 3.68 3.76 3.84 Risk (Standard Deviation %) Return Standard Deviation CS McKee 5.05 3.72 Bar US Agg 4.79 3.36 Median 5.47 3.66¾ 3.40 3.60 3.80 4.00 4.20 Return (%)3.00 3.04 3.08 3.12 3.16 3.20 3.24 3.28 Risk (Standard Deviation %) Return Standard Deviation CS McKee 3.79 3.19 Bar US Agg 3.57 3.04 Median 4.10 3.22¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 1.03 108.12 113.03 -0.05 0.26 1.09 1.07 1.77 Bar US Agg 0.00 100.00 100.00 0.00 N/A 1.15 1.00 1.47 90 Day U.S. Treasury Bill 3.27 9.22 -13.31 0.85 -1.15 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.84 103.37 99.44 0.18 0.26 0.83 1.01 1.56 Bar US Agg 0.00 100.00 100.00 0.00 N/A 0.81 1.00 1.46 90 Day U.S. Treasury Bill 2.99 11.85 -16.69 1.07 -0.81 N/A 0.02 0.00 Performance Review As of December 31, 2021 CS McKee NONE Page 27 Total Policy Historical Hybrid Composition Allocation Mandate Weight (%) Apr-2015 S&P 500 Index 60.00 Blmbg. U.S. Aggregate Index 40.00 Historical Hybrid Composition Total Fund Policy Index As of December 31, 2021 Page 28 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.13 21,122,832 28,420 SSgA S&P 500 0.02 13,790,797 2,758 0.02 % of First $50 M 0.01 % Thereafter CS McKee 0.35 7,332,035 25,662 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, 2021 Page 29 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 30 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 31 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first. <CBDoc TenantId="2" EntityTypeId="3100" EntityId="2905" DocumentTypeId="2" EffectiveDate="02/28/2022" Interval="1" /> Investment Performance Review Period Ending February 28, 2022 Oakland County ERS Superseding Trust Monthly Flash Report Market Update Russell Indices Style Returns* Equities Month 3 M YTD 1 Year 3 Yr Ann 5 Yr Ann V B G V B G S&P 500 Total Return (2.99)(3.89)(8.01)16.39 18.24 15.17 Russell Midcap Index (0.72)(4.28)(8.03)7.07 14.25 12.02 Russell 2000 Index 1.07 (6.62)(8.66)(6.01)10.50 9.50 Russell 1000 Growth Index (4.25)(10.61)(12.47)12.55 23.18 20.24 Russell 1000 Value Index (1.16)2.63 (3.46)14.99 12.22 9.45 Russell 3000 Index (2.52)(4.64)(8.25)12.29 17.56 14.68 MSCI EAFE NR (1.77)(1.73)(6.52)2.83 7.78 7.16 MSCI EM NR (2.99)(3.04)(4.83)(10.69)6.04 6.99 Fixed Income Month 3 M YTD 1 Year Mod. Adj. Duration Yield to Worst Currencies 02/28/22 12/31/21 12/31/20 U.S. Aggregate (1.12)(3.49)(3.25)(2.64)6.59 2.33 Euro Spot 1.12 1.14 1.22 U.S. Corporate Investment Grade (2.00)(5.37)(5.30)(3.40)8.25 3.08 British Pound Spot 1.34 1.35 1.37 U.S. Corporate High Yield (1.03)(1.93)(3.73)0.64 4.03 5.62 Japanese Yen Spot 115.00 115.08 103.25 Global Aggregate (1.19)(3.35)(3.21)(5.32)7.34 1.76 Swiss Franc Spot 0.92 0.91 0.89 Key Rates 02/28/22 12/31/21 12/31/20 12/31/19 12/31/18 Commodities 02/28/22 12/31/21 12/31/20 US Generic Govt 3 Mth 0.29 0.03 0.06 1.54 2.35 Oil 95.72 74.45 47.00 US Generic Govt 2 Yr 1.43 0.73 0.12 1.57 2.49 Gasoline 3.62 3.29 2.25 US Generic Govt 10 Yr 1.83 1.51 0.91 1.92 2.68 Natural Gas 4.40 3.51 2.43 US Generic Govt 30 Yr 2.16 1.90 1.64 2.39 3.01 Gold 1,900.70 1,831.00 1,187.30 ICE LIBOR USD 3M 0.50 0.21 0.24 1.91 2.81 Silver 24.37 23.38 16.50 Euribor 3 Month ACT/360 (0.53)(0.57)(0.55)(0.38)(0.31)Copper 445.45 445.35 352.00 Bankrate 30Y Mortgage Rates Na 4.30 3.27 2.87 3.86 4.51 Corn 690.75 595.00 442.00 Prime 3.25 3.25 3.25 4.75 5.50 BBG Commodity TR Idx 244.75 211.80 166.63 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. *Heat maps are displayed utilizing a 9-color scale, with green as the highest return for the time period noted and red as the lowest return for the time period noted. Color scales within each time period are mutually exclusive. Levels (%)Levels 14.8 2.8 YTD 2021 Index Returns (%)Levels S -4.3 -8.7 -13.0 S 28.2 27.6 M -4.7 -8.0 -14.0 M 28.3 22.6 12.7 February 28, 2022 Index Returns (%) L -3.5 -8.2 -12.5 L 25.1 26.4 27.61 -1.30 -2.77 -5.06 -5.56 -7.71 -8.00 -8.01 -11.45 -12.75 -13.09 -13.28 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 YTD Sector Returns 54.35 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 2021 Sector Returns Page 1 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 (38.7%) Total Equity Composite (61.3%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 19,898,585 100.0 100.0 - Total Equity Composite 12,191,242 61.3 60.0 -252,091 Total Fixed Income Composite 7,707,343 38.7 40.0 252,091 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of February 28, 2022 Page 2 January 31, 2022 : $20,251,989 February 28, 2022 : $19,898,585 Allocation Market Value Allocation SSgA S&P 500 13,068,284 64.5¢ CS McKee 7,183,705 35.5¢ Allocation Market Value Allocation SSgA S&P 500 12,191,242 61.3¢ CS McKee 7,707,343 38.7¢ Asset Allocation By Manager Total Fund Composite As of February 28, 2022 Page 3 Financial Reconciliation Month to Date Market Value 01/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 02/28/2022 Total Fund Composite 21,122,832 ----668 -28,446 -1,252,025 19,898,585 Total Equity Composite 13,790,797 -500,000 ---668 ---1,098,887 12,191,242 SSgA S&P 500 13,790,797 -500,000 ---668 ---1,098,887 12,191,242 Total Fixed Income Composite 7,332,035 500,000 ----28,446 -153,138 7,707,343 CS McKee 7,332,035 500,000 ----28,446 -153,138 7,707,343 Financial Reconciliation Total Fund Quarter To Date Ending February 28, 2022 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 19,898,585 100.0 -1.74 -5.79 0.67 -5.79 10.31 13.04 10.79 N/A 9.33 04/01/2015 Total Fund Policy Index -2.24 -6.12 0.05 -6.12 8.58 12.44 10.35 N/A 9.23 Total Equity Composite 12,191,242 61.3 -2.99 -8.07 2.07 -8.07 16.32 18.27 15.18 N/A 13.58 06/01/2015 S&P 500 Index -2.99 -8.01 2.13 -8.01 16.39 18.24 15.17 13.16 13.57 SSgA S&P 500 (1.5 bps)12,191,242 61.3 -2.99 -8.07 2.07 -8.07 16.32 18.21 15.15 N/A 13.56 06/01/2015 S&P 500 Index -2.99 -8.01 2.13 -8.01 16.39 18.24 15.17 13.16 13.57 Total Fixed Income Composite 7,707,343 38.7 0.31 -1.72 -1.91 -1.72 -0.76 4.00 3.27 N/A 2.87 04/01/2015 Blmbg. U.S. Aggregate Index -1.12 -3.25 -3.23 -3.25 -2.64 3.30 2.71 2.35 2.31 CS McKee (35 bps)7,707,343 38.7 0.31 -1.72 -1.91 -1.72 -0.76 4.00 3.27 N/A 2.87 04/01/2015 Blmbg. U.S. Aggregate Index -1.12 -3.25 -3.23 -3.25 -2.64 3.30 2.71 2.35 2.31 Asset Allocation & Performance Total Fund Composite As of February 28, 2022 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 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first. Oakland County Employees' Retirement System - Superseding Trust Asset / Manager Summary - March 17, 2022 Asset Class / Manager MV ($000) % MV ($000) % Add/Reduce SSgA S&P 5001 $12,192 61.5%$11,890 60.0%($302) Total US Equity $12,192 61.5% $11,890 60.0%($302) CS McKee Core Fixed $7,624 38.5%$7,926 40.0%$302 Total Fixed Income $7,624 38.5% $7,926 40.0% $302 Cash Account $0 0.0% $0 0.0% $0 Total Fund $19,816 100.0% $19,816 100.0% $0 Market values from Northern Trust as of 3/10/22. 1. Market values not updated daily by Northern Trust. MV as of 2/28 Current Allocation Target Allocation Comments