HomeMy WebLinkAboutReports - 2025.03.31 - 42222<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="2" EffectiveDate="03/31/2025" Interval="1" />
Investment Performance Review - Flash Report
Period Ending March 31, 2025
Oakland County Employees' Retirement System
Defined Benefit Plan
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 (5.63) (4.27) (4.27) 8.25 9.06 18.59
Russell Midcap Index (4.63) (3.40) (3.40) 2.59 4.62 16.28
Russell 2000 Index (6.81) (9.48) (9.48) (4.01) 0.52 13.27
Russell 1000 Growth Index (8.42) (9.97) (9.97) 7.76 10.10 20.09
Russell 1000 Value Index (2.78) 2.14 2.14 7.18 6.64 16.15
Russell 3000 Index (5.83) (4.72) (4.72) 7.22 8.22 18.18
MSCI EAFE NR (0.40) 6.86 6.86 4.88 6.05 11.77
MSCI EM NR 0.63 2.93 2.93 8.09 1.44 7.94
Fixed Income Month 3 M YTD 1 Year Mod. Adj.
Duration
Yield to
Worst Currencies 03/31/25 12/31/24 12/31/23
U.S. Aggregate 0.04 2.78 2.78 4.88 6.14 4.60 Euro Spot 1.08 1.10 1.07
U.S. Corporate Investment Grade (0.29) 2.31 2.31 4.90 6.88 5.56 British Pound Spot 1.29 1.27 1.21
U.S. Corporate High Yield (1.02) 1.00 1.00 7.69 3.49 7.73 Japanese Yen Spot 149.96 141.04 131.12
Global Aggregate 0.62 2.64 2.64 3.05 6.54 3.62 Swiss Franc Spot 0.88 0.84 0.92
Key Rates 03/31/25 12/31/24 12/31/23 12/31/22 12/31/21 Commodities 03/31/25 12/31/24 12/31/23
US Generic Govt 3 Mth 4.29 4.31 5.33 4.34 0.03 Oil 71.48 71.65 80.45
US Generic Govt 2 Yr 3.88 4.24 4.25 4.43 0.73 Gasoline 3.20 3.11 3.21
US Generic Govt 10 Yr 4.21 4.57 3.88 3.87 1.51 Natural Gas 4.12 2.51 3.93
US Generic Govt 30 Yr 4.57 4.78 4.03 3.96 1.90 Gold 3,150.30 2,071.80 1,857.70
Secured Overnight Financing Rate 4.41 4.49 5.38 4.30 0.05 Silver 34.61 24.09 24.21
Euribor 3 Month ACT/360 2.34 2.71 3.91 2.13 (0.57) Copper 503.40 389.05 381.45
Bankrate 30Y Mortgage Rates Na 6.77 7.28 6.99 6.66 3.27 Corn 457.25 471.25 678.00
Prime 7.50 7.50 8.50 7.50 3.25 BBG Commodity TR Idx 259.80 226.43 245.89
Source: Bloomberg, Investment Metrics, & Federal Reserve Bank of St. Louis. For informational purposes only and should not be regarded as investment advice. Information is based on sources and data believed to be reliable, but
Mariner Institutional 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
11.5 15.2
YTD 2024
Index Returns (%)Levels
S -7.74 -9.48 -11.12 S 8.1
33.4
M -2.11 -3.40 -7.12 M 13.1 15.3 22.1
March 31, 2025
Index Returns (%)
L 2.14 -4.49 -9.97 L 14.4 24.5
10.21
6.54
5.23 4.94
3.58 3.52 2.81
-0.19
-4.27
-6.21
-12.65 -13.80
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
YTD Sector Returns
40.23
36.61
30.56 30.14
25.02 23.43
17.47
14.87
5.72 5.23
2.58
-0.04
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Comm
SVC
Info Tech Financials Consumer
Disc
S&P 500 Utilities Industrials Consumer
Staples
Energy S&P 500
REAL
ESTATE
INDEX
Health
Care
Materials
2024 Sector Returns
Page 1
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (2.1%)
Total Private Equity Composite (3.5%)
Total Real Asset (10.1%)
Total Fixed Income Composite (33.2%)
Total International Equity (15.8%)
Total Domestic Equity (35.4%)
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 646,615,928 100.0 N/A N/A 100.0 ---
Total Domestic Equity 228,630,988 35.4 10.0 50.0 35.0 -163,969,395 94,676,976 -2,315,413
Total International Equity 101,925,887 15.8 5.0 20.0 15.0 -69,595,090 27,397,299 -4,933,498
Total Fixed Income Composite 214,485,580 33.2 10.0 45.0 35.0 -149,823,988 76,491,587 11,829,994
Total Real Asset 65,550,464 10.1 0.0 15.0 10.0 -65,550,464 31,441,925 -888,871
Total Private Equity Composite 22,746,802 3.5 0.0 20.0 5.0 -22,746,802 106,576,384 9,583,994
Total Cash Composite 13,276,207 2.1 0.0 10.0 0.0 -13,276,207 51,385,386 -13,276,207
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of March 31, 2025
Page 2
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0%
Total Cash Composite (2.1%)
Total Private Equity Composite (3.5%)
Total Real Asset (10.1%)
Total Fixed Income Composite (33.2%)
Total International Equity (15.8%)
Total Small Cap Equity Composite (6.5%)
Total Mid Cap Equity Composite (9.1%)
Total Large Cap Equity Composite (19.7%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Target Rebal.
($000)
Total Fund Composite 646,615,928 100.0 100.0 -
Total Large Cap Equity Composite 127,688,683 19.7 20.0 1,634,502
Total Mid Cap Equity Composite 58,616,797 9.1 7.5 -10,120,603
Total Small Cap Equity Composite 42,325,507 6.5 7.5 6,170,688
Total International Equity 101,925,887 15.8 15.0 -4,933,498
Total Fixed Income Composite 214,485,580 33.2 35.0 11,829,994
Total Real Asset 65,550,464 10.1 10.0 -888,871
Total Private Equity Composite 22,746,802 3.5 5.0 9,583,994
Total Cash Composite 13,276,207 2.1 0.0 -13,276,207
Asset Allocation Compliance
Oakland County Employees' Retirement System Total Fund Composite
As of March 31, 2025
Page 3
Mar-2025 : $646,615,928.0 Allocation
Market Value Allocation
SSgA S&P 500 34,041,731 5.3¢
SSgA S&P 500 Equal Weighted Index 28,640,568 4.4¢
T. Rowe Price 65,006,384 10.1¢
Kennedy Mid Cap Value 16,686,278 2.6¢
TimesSquare 21,583,599 3.3¢
Reinhart Partners 20,346,920 3.1¢
Leeward 21,280,085 3.3¢
Loomis Small Cap 21,045,422 3.3¢
Lazard 24,453,779 3.8¢
Hudson Edge HGK International 28,710,801 4.4¢
Fidelity Intl Index (FSPSX)13,807,506 2.1¢
Allspring EM 17,629,306 2.7¢
ABS Emerging Markets Strat Port 17,324,494 2.7¢
CS McKee 125,705,454 19.4¢
Loomis Fixed Income 45,869,914 7.1¢
Pimco Diversified Income (PDIIX)2,207,162 0.3¢
Churchill Senior Loan Fund 2,319,335 0.4¢
Marathon Distressed Credit Fund LP 7,854,700 1.2¢
H.I.G. Bayside Loan Opportunity VI 7,096,898 1.1¢
BlackRock Direct Lending Feeder IX 9,745,863 1.5¢
Bloomfield Capital Fund V - Series B 5,361,602 0.8¢
Bloomfield Capital Fund V - Series C 1,452,803 0.2¢
Bloomfield Capital Fund V - Series D 1,021,167 0.2¢
Marathon Distressed Credit Fund II LP 3,558,344 0.6¢
EnTrust Blue Ocean Onshore II 2,292,339 0.4¢
ValStone Opportunity Fund V 1,529,807 0.2¢
Morgan Stanley 40,106,780 6.2¢
Prudential PRISA II 13,211,200 2.0¢
Alidade Capital Fund IV 3,630,613 0.6¢
Walton Street Real Estate 1,826,242 0.3¢
AEW Real Estate 795,250 0.1¢
Dune Real Estate IV 4,450,572 0.7¢
Hamilton Lane Secondary Fund V LP 6,814,934 1.1¢
Portfolio Adv Secondary Agg IV 9,748,064 1.5¢
Sturbridge Diversified III 3,500,018 0.5¢
Capital Dynamics Global Secondaries VI 2,683,786 0.4¢
Liquidity Account 13,276,207 2.1¢
Asset Allocation by Asset Class
Oakland County Employees' Retirement System
As of March 31, 2025
Page 4
Financial Reconciliation Month to Date
Market Value
01/01/2025
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
03/31/2025
Total Fund Composite 663,517,876 -67,884 -16,255,918 -454,768 -42,883 2,457,613 -2,673,876 646,615,928
Total Equity Composite 355,473,712 -19,000,000 39,179 --101,128 -1,491 639,494 -6,492,892 330,556,874
Total Domestic Equity 254,072,010 -14,000,000 ---4,413 -1,295 554,073 -11,989,387 228,630,988
Total Large Cap Equity Composite 143,044,050 -10,000,000 ---4,413 -175 227,954 -5,578,732 127,688,683
SSgA S&P 500 40,694,768 -5,000,000 ---2,029 ---1,651,008 34,041,731
SSgA S&P 500 Equal Weighted Index 28,780,032 ----2,384 ---137,080 28,640,568
T. Rowe Price 73,569,249 -5,000,000 ----175 227,954 -3,790,644 65,006,384
Total Mid Cap Equity Composite 61,279,404 -----731 178,124 -2,840,000 58,616,797
Kennedy Mid Cap Value 17,386,724 -----189 71,735 -771,993 16,686,278
TimesSquare 22,324,184 -----230 40,975 -781,330 21,583,599
Reinhart Partners 21,568,496 -----312 65,414 -1,286,677 20,346,920
Total Small Cap Equity Composite 49,748,556 -4,000,000 ----389 147,995 -3,570,655 42,325,507
Leeward 26,236,793 -4,000,000 ----386 118,496 -1,074,818 21,280,085
Loomis Small Cap 23,511,764 -----3 29,499 -2,495,837 21,045,422
Total International Equity 101,401,702 -5,000,000 39,179 --96,715 -196 85,422 5,496,495 101,925,887
Lazard 28,193,304 -5,000,000 ----196 85,422 1,175,249 24,453,779
Hudson Edge HGK International 26,274,232 ----57,536 --2,494,105 28,710,801
Fidelity Intl Index (FSPSX)12,790,508 ------1,016,999 13,807,506
Allspring EM 16,844,981 -39,179 --39,179 --784,326 17,629,306
ABS Emerging Markets 17,298,677 ------25,817 17,324,494
Financial Reconciliation
Total Fund
Quarter To Date Ending March 31, 2025
Page 5
Financial Reconciliation
Total Fund
Quarter To Date Ending March 31, 2025
Market Value
01/01/2025
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
03/31/2025
Total Fixed Income Composite 209,047,731 593,253 ---110,236 -532 1,673,521 3,281,843 214,485,580
Total Core Fixed Income 166,640,191 -----532 1,643,290 3,292,418 171,575,368
CS McKee 122,240,920 -----466 1,276,518 2,188,482 125,705,454
Loomis Fixed Income 44,399,270 -----66 366,773 1,103,937 45,869,914
Total Global Fixed 2,163,554 ----4,105 -30,231 17,481 2,207,162
Pimco Diversified Income 2,163,554 ----4,105 -30,231 17,481 2,207,162
Private Fixed Income 40,243,986 593,253 ---106,131 ---28,057 40,703,051
Churchill Senior Loan Fund 2,378,358 -59,023 ------2,319,335
Marathon Distressed Credit Fund LP 8,746,488 -891,787 ------7,854,700
H.I.G. Bayside Loan Opportunity VI 7,572,898 -402,654 ---73,346 ---7,096,898
BlackRock Direct Lending Feeder IX 10,137,828 -359,179 ---32,786 ---9,745,863
Bloomfield Capital Fund V - Series B 5,403,253 -41,651 ------5,361,602
Bloomfield Capital Fund V - Series C 2,832,020 -55,408 ------52,606 2,724,005
Bloomfield Capital Fund V - Series D 666,668 1,248,020 ------1,914,689
Marathon Distressed Credit II 4,139,194 -580,850 ------3,558,344
EnTrust Blue Ocean Onshore II -2,292,339 ------2,292,339
Total Real Asset 65,553,262 -455,118 ---146,346 -70,970 527,696 65,550,464
Total Real Estate 65,553,262 -455,118 ---146,346 -70,970 527,696 65,550,464
ValStone Opportunity Fund V 1,602,800 -------72,993 1,529,807
Morgan Stanley 40,016,043 -393,877 ---98,321 --582,934 40,106,780
Prudential PRISA II 13,149,567 -70,970 ---37,702 -70,970 99,335 13,211,200
Alidade Capital Fund IV 3,778,859 -66,667 ------81,579 3,630,613
Walton Street Real Estate 1,893,688 -57,122 ---10,324 ---1,826,242
AEW Real Estate 795,250 -------795,250
Dune Real Estate IV 4,317,054 133,518 ------4,450,572
Total Private Equity Composite 23,548,479 -667,701 ---97,058 -36,918 --22,746,802
Hamilton Lane Secondary Fund V LP 7,361,919 -413,009 ---97,058 -36,918 --6,814,934
Portfolio Adv Secondary Agg IV 10,002,756 -254,692 ------9,748,064
Sturbridge Diversified III 3,500,018 -------3,500,018
Capital Dynamics Global Secondaries VI 8,051,346 -------8,051,346
Total Cash Composite 9,894,692 19,529,566 28,706 -16,255,918 --3,942 73,627 9,477 13,276,207
Liquidity Account 9,894,692 19,529,566 28,706 -16,255,918 --3,942 73,627 9,477 13,276,207
Page 6
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund Composite 646,615,928 100.0 -1.95 -0.07 -1.38 -0.07 4.04 4.26 9.52 6.37 6.54 8.10 10/01/1986
Total Fund Policy Index -2.43 -0.82 -2.15 -0.82 4.46 3.31 8.57 6.19 6.27 8.42
Total Equity Composite 330,556,874 51.1 -3.85 -1.73 -3.49 -1.73 3.44 6.37 14.77 8.33 8.49 9.51 10/01/1986
Total Equity Index -3.93 -1.87 -3.04 -1.87 5.64 6.32 15.73 9.45 9.55 9.98
Total Fixed Income Composite 214,485,580 33.2 0.02 2.37 0.88 2.37 5.74 2.50 1.91 2.68 2.50 5.73 10/01/1986
Total Fixed Income Index 0.16 2.75 -0.85 2.75 4.47 0.34 -0.37 1.35 1.41 5.30
Total Real Asset 65,550,464 10.1 1.15 0.91 1.78 0.91 1.40 -1.69 5.36 5.84 7.52 5.05 07/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.16 0.00 0.96 -4.61 2.67 3.67 5.53 4.56
Total Cash Composite 13,276,207 2.1
Asset Allocation & Performance
Total Fund Composite
As of March 31, 2025
Page 7
Asset Allocation & Performance
Total Fund Composite
As of March 31, 2025
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Domestic Equity 228,630,988 35.4 -5.62 -4.67 -4.01 -4.67 3.27 6.88 17.54 10.73 N/A N/A 10/01/1986
Total Large Cap Equity Composite 127,688,683 19.7 -5.35 -3.83 -2.17 -3.83 7.31 9.14 19.17 13.18 12.56 11.50 07/01/2008
SSgA S&P 500 (1.5 bps)34,041,731 5.3 -5.65 -4.28 -1.98 -4.28 8.24 9.05 18.58 13.24 12.52 13.55 10/01/2009
S&P 500 Index -5.63 -4.27 -1.97 -4.27 8.25 9.06 18.59 13.25 12.50 13.51
SSgA S&P 500 Equal Weighted Index (4 bps)28,640,568 4.4 -3.29 -0.48 -2.72 -0.48 3.75 5.36 17.47 10.19 N/A 9.12 02/01/2018
S&P 500 Equal Weighted -3.38 -0.61 -2.46 -0.61 4.09 5.20 17.71 10.39 10.00 9.31
T. Rowe Price (25 bps)65,006,384 10.1 -6.02 -4.90 -2.09 -4.90 8.11 10.46 19.74 14.18 13.55 14.23 10/01/2009
S&P 500 Index -5.63 -4.27 -1.97 -4.27 8.25 9.06 18.59 13.25 12.50 13.51
Total Mid Cap Equity Composite 58,616,797 9.1 -5.44 -4.34 -5.94 -4.34 -2.11 5.21 15.92 7.15 7.25 8.78 07/01/2008
Kennedy Mid Cap Value (50 bps)16,686,278 2.6 -5.03 -4.03 -8.33 -4.03 -7.78 N/A N/A N/A N/A 1.34 01/01/2024
Russell Midcap Value Index -3.68 -2.11 -3.82 -2.11 2.27 3.78 16.70 7.78 7.62 8.46
TimesSquare (80 bps)21,583,599 3.3 -6.51 -3.32 -3.64 -3.32 -1.83 5.70 15.73 11.82 11.13 13.57 09/01/2009
Russell Midcap Growth Index -7.41 -7.12 0.44 -7.12 3.57 6.16 14.86 10.56 10.14 13.12
Reinhart Partners (65 bps)20,346,920 3.1 -4.61 -5.66 -6.31 -5.66 1.79 10.56 21.73 N/A N/A 11.66 05/01/2019
Russell 2500 Index -6.27 -7.50 -6.93 -7.50 -3.11 1.78 14.91 7.16 7.46 7.10
Total Small Cap Equity Composite 42,325,507 6.5 -6.74 -7.74 -6.97 -7.74 -1.02 3.11 15.20 7.90 7.87 9.27 07/01/2008
Leeward (70 bps)21,280,085 3.3 -5.57 -4.81 -5.07 -4.81 0.77 4.27 17.72 7.90 8.17 9.02 09/01/2005
Russell 2000 Value Index -6.00 -7.74 -8.72 -7.74 -3.12 0.05 15.31 5.32 6.07 6.51
Loomis Small Cap (90 bps)21,045,422 3.3 -7.89 -10.49 -8.55 -10.49 -2.50 1.79 12.62 7.80 8.81 11.38 09/01/2012
Russell 2000 Growth Index -7.58 -11.12 -9.60 -11.12 -4.86 0.78 10.78 5.04 6.14 9.21
Page 8
Asset Allocation & Performance
Total Fund Composite
As of March 31, 2025
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total International Equity 101,925,887 15.8 0.36 5.51 -2.45 5.51 3.49 4.28 9.80 3.14 4.87 4.03 07/01/2008
Total International Equity Index -0.14 5.36 -2.55 5.36 6.65 5.03 11.46 4.98 5.48 3.79
Lazard (75 bps)24,453,779 3.8 -1.89 4.43 -4.76 4.43 0.49 4.52 10.49 4.03 5.13 5.49 09/01/2006
MSCI AC World ex USA -0.14 5.36 -2.55 5.36 6.65 5.03 11.46 4.98 5.48 4.52
HGK International (100 bps)28,710,801 4.4 2.33 9.50 2.49 9.50 2.89 N/A N/A N/A N/A 13.75 09/01/2022
MSCI EAFE (Net) Index -0.40 6.86 -1.81 6.86 4.88 6.05 11.77 5.33 5.40 13.76
Fidelity Intl Index (3.5 bps)13,807,506 2.1 -0.10 7.95 -1.09 7.95 5.83 N/A N/A N/A N/A 19.25 10/01/2022
MSCI EAFE (Net) Index -0.40 6.86 -1.81 6.86 4.88 6.05 11.77 5.33 5.40 18.83
Allspring EM (95 bps)17,629,306 2.7 1.50 4.66 -3.14 4.66 8.35 1.85 6.87 2.35 5.05 4.21 11/01/2012
MSCI Emerging Markets Index 0.67 3.01 -5.07 3.01 8.65 1.91 8.38 2.00 4.11 3.65
ABS Emerging Markets (75 bps)17,324,494 2.7 0.17 0.15 -6.51 0.15 3.05 N/A N/A N/A N/A 5.51 07/01/2022
MSCI Emerging Markets (Net) Index 0.63 2.93 -5.31 2.93 8.09 1.44 7.94 1.59 3.71 6.17
Total Core Fixed Income 171,575,368 26.5 0.05 2.96 -0.37 2.96 5.07 1.08 0.80 2.22 N/A N/A 07/01/2008
CS McKee (17 bps)125,705,454 19.4 0.02 2.83 -0.40 2.83 5.15 1.14 0.48 2.02 1.92 2.83 02/01/2010
Blmbg. U.S. Aggregate Index 0.04 2.78 -0.37 2.78 4.88 0.52 -0.40 1.58 1.46 2.43
Loomis Fixed Income (30 bps)45,869,914 7.1 0.11 3.31 -0.28 3.31 4.86 0.94 1.22 2.47 2.55 4.13 04/01/2010
Blmbg. U.S. Aggregate Index 0.04 2.78 -0.37 2.78 4.88 0.52 -0.40 1.58 1.46 2.44
Total Global Fixed 2,207,162 0.3 -0.42 2.21 1.74 2.21 7.87 4.29 1.36 0.34 N/A N/A 04/01/2010
Pimco Diversified Income (75 bps)2,207,162 0.3 -0.42 2.21 1.74 2.21 7.87 4.39 N/A N/A N/A 2.09 03/01/2021
Blmbg. Global Credit (Hedged)-0.54 1.54 0.38 1.54 5.66 2.35 2.43 2.70 2.83 0.37
Page 9
Asset Allocation & Performance
Total Fund Composite
As of March 31, 2025
Allocation
Market
Value
$
%
Performance(%)
MTH QTD FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Real Estate 65,550,464 10.1 1.15 0.91 1.78 0.91 1.40 -1.69 5.36 5.83 N/A 6.68 09/01/2016
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.16 0.00 0.96 -4.61 2.67 3.67 5.53 4.63
Morgan Stanley (84 bps)40,106,780 6.2 1.46 1.46 2.21 1.46 2.90 -1.06 5.27 5.90 7.56 6.18 01/01/2008
NCREIF Fund Index-ODCE (VW)0.00 0.00 1.16 0.00 0.96 -4.61 2.67 3.67 5.53 4.53
Prudential PRISA II (85 bps)13,211,200 2.0 1.30 1.30 3.51 1.30 1.98 -4.52 2.85 4.16 6.37 8.41 10/01/2011
NCREIF Property Index 0.00 0.00 0.90 0.00 1.43 -2.52 2.98 3.85 5.29 6.86
Total Cash Composite 13,276,207 2.1
Liquidity Account (No fee)13,276,207 2.1
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 -4.55 0.00 -4.55 -3.76 -3.24 1.33 3.84 5.29 5.31 08/27/2014
Alidade Capital Fund IV 0.00 -2.18 0.00 -2.18 2.37 -1.16 14.85 8.60 N/A 8.23 04/20/2017
Walton Street Real Estate 0.00 -0.55 1.18 -0.55 -1.04 -1.42 8.97 8.36 N/A 9.38 05/24/2017
AEW Real Estate 0.00 0.00 10.08 0.00 10.23 7.33 25.27 21.47 N/A 19.00 09/28/2017
Churchill Senior Loan Fund 0.00 0.00 2.90 0.00 9.21 15.52 12.33 8.21 N/A 8.52 12/07/2017
Dune Real Estate IV 0.00 0.00 -6.36 0.00 -13.19 -1.95 -0.38 N/A N/A -1.23 08/22/2019
Hamilton Lane Secondary Fund V LP -1.83 -1.82 -1.82 -1.82 -0.30 2.12 13.84 N/A N/A 13.84 04/28/2020
Marathon Distressed Credit Fund LP 0.00 0.00 23.30 0.00 13.41 5.62 N/A N/A N/A 10.24 09/10/2020
H.I.G. Bayside Loan Opportunity VI -0.99 -0.98 1.46 -0.98 6.57 9.15 N/A N/A N/A 10.49 09/29/2020
Portfolio Adv Secondary Agg IV 0.00 0.00 0.78 0.00 4.50 1.97 N/A N/A N/A 8.47 11/02/2020
BlackRock Direct Lending Feeder IX 0.00 -0.33 -0.03 -0.33 1.27 6.82 N/A N/A N/A 6.81 01/05/2021
Bloomfield Capital Fund V - Series B 0.00 0.00 4.01 0.00 6.64 7.58 N/A N/A N/A 7.54 03/25/2022
Bloomfield Capital Fund V - Series C -1.89 -1.89 -0.32 -1.89 3.33 N/A N/A N/A N/A 3.46 03/13/2024
Bloomfield Capital Fund V - Series D 0.00 0.00 N/A 0.00 N/A N/A N/A N/A N/A -0.49 11/06/2024
Sturbridge Diversified III 0.00 0.00 0.00 0.00 3.13 N/A N/A N/A N/A 20.92 12/27/2022
Capital Dynamics Global Secondaries VI 0.00 0.00 0.90 0.00 8.72 N/A N/A N/A N/A 24.73 02/10/2023
Marathon Distressed Credit II 0.00 0.00 3.65 0.00 12.24 N/A N/A N/A N/A 11.29 02/06/2024
EnTrust Blue Ocean Onshore II 0.00 0.00 N/A 0.00 N/A N/A N/A N/A N/A 0.00 01/27/2025
Comparative Performance - IRR
Alternative Investments
As of March 31, 2025
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Disclosures
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional 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. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client. Mariner Institutional 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. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner
Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a
practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional 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 or guarantee 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 or any investment advisory services.
Please note that Neuberger Berman (NB) owns a non-controlling minority stake in Mariner. Certain NB strategies may hold an allocation to the investment in Mariner. For specific impacted strategies,
please reach out to your investment consultant or Mariner Institutional at institutionalcompliance@mariner.com
Additional information included in this document may contain data provided by index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
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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.
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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
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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
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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
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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
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*IMPORTANT DISCLOSURE INFORMATION RE COALITION GREENWICH BEST INVESTMENT CONSULTANT AWARD (formerly known as the Greenwich Quality Leader Award):
The awards are not indicative of any future performance. The awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client
will experience a certain level of results or satisfaction, nor should it be construed as a current or past endorsement by any of our clients. No fee was paid to participate in this award survey.
The 2024-25 award was issued in February 2025, based on data from February to September of 2024. The 2023 award was issued in April 2024, based on data from Feb to November of 2023. The 2022 award was
issued in April 2023, based on data from Feb to November of 2022. The 2021 award was issued in April of 2022, based on data from July to October 2021. Data was collected via interviews conducted by Coalition
Greenwich. The 2024 and 2023 awards were issued to Mariner Institutional (formerly AndCo Consulting). The 2021 and 2022 awards were issued to AndCo, prior to becoming Mariner Institutional. The methodology:
For the 2024-25 Coalition Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and September 2024, Crisil Coalition Greenwich conducted
interviews with 699 individuals from 563 of the largest tax-exempt funds in the United States. For the 2023 Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants
– Between February and November 2023, Coalition Greenwich conducted interviews with 708 individuals from 575 of the largest tax-exempt funds in the United States. For the 2022 Greenwich Best Investment
Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-
exempt funds in the United States. For the 2021 Greenwich Best Investment Consultant Award – Overall U.S. Investment Consulting – Midsize Consultants – Between July and October 2021, Coalition Greenwich
conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate, public, union, and endowment and foundation funds
with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers,
including qualitative assessments of those firms soliciting their business and detailed information on important market trends.
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