HomeMy WebLinkAbout2020-12-31 Winter Springs General (Quarterly Report)- revised<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="12/31/2020" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending December 31, 2020
Winter Springs General
Employees Plan and Trust
AndCo
Firm Update
As we start this new year,and on behalf of our entire AndCo family,Thank You for
the opportunity to continue to serve you!I’m sure most of us are ready to turn the
page on 2020 and all of the unique “firsts”we had to deal with –social distancing,
masks,quarantining,and virtual meetings just to name a few.While 2020 definitely
introduced new features into our daily routines,one constant remained the same at
AndCo,our unwavering commitment to serve you within a model that is independent,
singularly focused,customized,and passionately delivered.We take our role as your
consultant and trusted advisor earnestly and will continue to work hard to maintain
your trust and confidence in this unique and dynamic time.We are honored and
privileged you have chosen AndCo as your consultant and we wanted to provide a
brief update on the firm.
As we start 2021,we are 91 team members strong advising approximately $100
billion in client assets –both around record highs.All departments within AndCo have
grown over the years as we thoughtfully invest in our firm to provide the services you
expect and we demand from our team.
Looking back at 2020,it represented another year of significant investment in the
organization.We made personnel and technology investments within consulting,
research,client solutions,compliance,finance,IT and marketing.We created an
intranet for our team members to efficiently and effectively stay connected within the
organization to collectively serve you,our valued clients,and our team members
better.We continued enhancing our research team with two new hires in the
department who have significant experience and tailored skillsets in certain asset
classes.We added additional management within our client solutions department to
provide more support and structure to the team.We also restructured our marketing
department to enhance the quality of our deliverables and further promote the AndCo
brand.While 2020 was a busy year for AndCo in terms of reinvesting and enhancing
our structure,please know we are not done.We are strong believers that if you are
not evolving,adapting and moving forward,you will get left behind.In the service
business,that would mean our clients would not get the service they expect or
deserve and that does not work for AndCo.As we budget for 2021 and continue to
reinvest in our organization,you’ll likely see additional hires made firmwide along
with continued investments in technologies.All of these efforts are to better serve
you!
Every January our firm hosts our firmwide retreat in Central Florida.It is a great time
for everyone in the firm to spend time with one another.Along with this valuable time
together we also review how the firm did strategically the previous year,renew our
goals and initiatives for the upcoming year,and conduct activities and discussions to
strengthen our culture.Due to the pandemic,we did not hold our firmwide retreat in
person this year.
However,we did utilize our new intranet to provide a series of virtual firm updates
where we covered many of the topics we normally present in person.While we
cannot replace being physically together for several days,we were thrilled to have a
virtual venue to provide this valuable information to our team and demonstrate new
ways for us to stay connected during this unique time.
At the beginning of each year we also discuss the AndCo partnership,and when
earned,announce new partners.This year I am happy to report two new team
members made partner at AndCo -Jacob Peacock and Dan Osika.Jacob has been
with the firm for almost 9 years and is currently a Consulting Director.Dan has been
with AndCo for 6 years and has held multiple roles at the firm.Today Dan serves as
a Marketing Consultant in our marketing department.We are extremely happy for
both Jacob and Dan and are very lucky to have them as valuable team members.
With the additions of Jacob and Dan,we now have 11 partners at AndCo with the
majority of departments represented.We are looking to create a multigeneration
employee-owned and employee-managed organization with our equity program.
This will allow us to protect our mission,vision and values going forward as well as
our commitment to serve you the best we possibly can.
In closing,our name,AndCo,reminds us who we work for every day -“Our Client”
&Co.You,our clients,will always be our first priority.As we continue to discuss
strategic decisions and reinvestments regarding our firm,please know that our
decisions are filtered through the following question:“How does this benefit our
clients?”If it doesn’t benefit you,we don’t do it,it’s that simple.We said this last year
and we’ll say it again next year.If this commitment ever falters,you need to find a
new consultant.
We know that each of our clients is facing many challenges and we will be there to
help support you through all environments.We are honored and humbled that you
have chosen AndCo as your partner.We do not take that relationship for granted and
will continue to work tirelessly to exceed your expectations.
Thank you again for your valued partnership and the opportunity to serve you.Happy
New Year!
Mike Welker,CFA
CEO
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4th Quarter 2020 Market EnvironmentPage 3
Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of December 31, 2020Investment market index returnswere broadly positive during the 4thquarter of2020 except for the US Government bond benchmark. Performance during theperiod was largely driven by expectations related to the rollout of vaccines totreat the pandemic, the resolution of the US Presidential election, and thepotential for additional government stimulus. Within domestic equity markets,there was a reversal in a recent trend with small cap stocks outperforminglarge cap issues. The Russell 2000 returned 31.4% compared to a 12.1%return for the S&P 500. This was the small cap benchmark’s single strongestquarterly return since its inception in 1979. US equity markets ended 2020 withrobust positive performance despite continued uncertainty associated withpandemic and slower than expected vaccine rollouts. For the full year,performance for domestic equities was strong across the capitalizationspectrum with large cap stocks returning 18.4%, mid-caps 17.1%, and smallcaps 20.0%.Similar to domestic stocks, international equity returns were strong during the4thquarter of 2020. International markets also benefited from the release ofvaccines in addition to monetary policy relief from the European Central Bank.International returns were also amplified by a weakening US dollar whichcontinued its decline against most major currencies. Emerging marketsoutperformed developed markets for the period with the MSCI EmergingMarkets Index returning 19.7% compared to a return of 16.0% for the MSCIEAFE Index. Developed markets posted a modest return of 7.8% over the 1-year period while emerging markets returned a stronger 18.3%.Fixed income index performance was disparate during the 4thquarter.Corporate bonds performed well during the period as evidenced by the 3.0%return of the Bloomberg Barclays Corporate Investment Grade Index. Incontrast, the Bloomberg Barclays US Government Bond Index returned -0.8%and was negatively affected by rising US interest rates. TIPS continued tooutpace nominal bonds over concerns about rising US inflation and posted areturn of 1.6% for the period. For the year, bonds posted solid returns acrossmost sectors led by TIPS and Corporate bonds which returned 11.0% and9.9%, respectively. For the year, the benchmark Bloomberg Barclays USAggregate Bond Index returned a solid 7.5%.0.7%9.9%3.9%11.0%7.9%7.5%20.0%17.1%21.0%20.9%18.4%18.3%7.8%10.7%0.0% 5.0% 10.0% 15.0% 20.0% 25.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance0.0%3.0%0.2%1.6%-0.8%0.7%31.4%19.9%13.7%14.7%12.1%19.7%16.0%17.0%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter PerformancePage 4
Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of December 31, 2020Despite 2020 experiencing one of the most dramatic drawdowns in history, USequities managed to recover all of their losses and closed the year deliveringthree straight quarters of strong gains across the capitalization and stylespectrum. During the 4thquarter, value stocks reversed the recent trend andoutperformed growth stocks across the full capitalization spectrum. It isimportant to note, value indexes contain large exposures to sectors like energyand financials which performed well during the 4thquarter. For the period, theRussell 2000 Value Index was the best performing style index with a return of33.4% (also a record for the index). This performance was followed by midand large cap value index returns of 20.4% and 16.3%, respectively. Whileslightly lower relative to their value counterparts, growth style benchmarkswere also strong for the quarter with the small cap growth index returning29.6% while mid and large cap growth stocks posted returns of 19.0% and11.4%, respectively.Despite the 4thquarter’s trend reversal, for the full year, growth-oriented stockssignificantly outperformed value stocks across all market capitalizations witheach growth benchmark posting returns in excess of 30.0%. The widestperformance dispersion between growth and value for the year was in thelarge cap space with the Russell 1000 Growth Index returning 38.5%, whichoutpaced the large cap value benchmark by more than 35.0%. A combinationof factors drove the performance of growth stocks during the year includinginvestors seeking companies with the ability to growth revenues, structuralshifts in the economy related to technologies, and momentum.29.6%31.4%33.4%19.0%19.9%20.4%11.4%13.7%16.3%12.4%14.7%17.2%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series34.6%20.0%4.6%35.6%17.1%5.0%38.5%21.0%2.8%38.3%20.9%2.9%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 5
Sector performance was positive across all eleven large cap economic sectorsfor the 4thquarter. However, only five sectors outpaced the return of thebroader Russell 1000 Index. The positive news surrounding the release ofCOVID-19 vaccines provided the catalyst for cyclical sectors to rebound asexpectations for economic growth improved. The best performing sectors forthe quarter were energy, financials, and industrials with returns of 28.1%,23.8%, and 16.9%, respectively.Over the trailing 1-year period, seven of the eleven large cap sectors producedpositive results. Performance was led by the consumer discretionary andtechnology sectors which delivered returns of 47.9% and 46.5%, respectively.In a sign of narrow leadership, only three of the eleven sectors exceeded thereturn of the broad benchmark over the full year. In contrast to the strongpositive performance in some sectors, four sectors that disappointed for theyear were energy (-33.3%), real estate (-4.6%), financials (-2.1%), and utilities(-0.1%). The significant drawdown in energy prices earlier in the yearcombined with declining commercial real estate prices put downward pressureon these sectors. Finally, the staggering dispersion between the bestperforming (consumer discretionary) and worst-performing (energy) sectors inthe large cap benchmark was in excess of 81.0% for the year.Quarterly results for small cap sectors were higher than their respective largecapitalization counterparts. All eleven sectors posted positive returns for theperiod with six of eleven outpacing the Russell 2000 Index return. Similar tolarge caps, economically sensitive sectors such as energy (45.6%), materials(39.7%), technology (37.6%), and financials (34.7%) drove results. Sectorperformance was largely attributable to rising commodity prices, a continueddecline in the US dollar, and expectations that global economic growth wouldaccelerate following the rollout of vaccines.Over the trailing 1-year period, despite the strong broad market results, sectorreturns were more mixed. Negative sector performance was realized in energy(-34.4%), real estate (-5.8%), financials (-4.0%), and utilities (-2.1%). Much ofthe year’s negative results were seen following the drawdown experiencedduring the 1stquarter in the initial reaction to the pandemic. In contrast, thehealthcare sector delivered strong results (47.1%) for the period as investorslooked for opportunities to invest in companies with the potential to developtherapeutics and treatments for COVID-19.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of December 31, 2020Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. -0.1%-4.6%19.4%46.5%12.0%16.5%-2.1%-33.3%10.8%47.9%25.9%7.0%7.6%15.4%13.2%16.9%8.5%23.8%28.1%6.6%13.5%15.2%-40.0% -20.0% 0.0% 20.0% 40.0%Utilities (2.9%)Real Estate (3.1%)Materials (2.7%)Info Technology (27.7%)Industrials (8.8%)Health Care (13.9%)Financials (9.9%)Energy (2.0%)Consumer Staples (6.4%)Consumer Disc (12.2%)Comm Services (10.4%)Russell 1000Quarter1-Year-2.1%-5.8%16.4%37.6%23.8%47.1%-4.0%-34.4%25.2%32.4%5.4%21.3%22.5%39.7%37.6%32.3%31.1%34.7%45.6%23.0%26.7%31.8%-40.0% -20.0% 0.0% 20.0% 40.0% 60.0%Utilities (3.3%)Real Estate (6.5%)Materials (4.1%)Info Technology (13.6%)Industrials (15.3%)Health Care (20.8%)Financials (15.6%)Energy (1.9%)Consumer Staples (3.4%)Consumer Disc (13.3%)Comm Services (2.3%)Russell 2000Quarter1-YearPage 6
The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of December 31, 2020Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 6.03% 14.8% 82.3% Information Technology Penn National Gaming Inc 0.54% 18.8% 237.9% Consumer DiscretionaryMicrosoft Corp 4.69% 6.0% 42.5% Information Technology Caesars Entertainment Inc 0.54% 32.5% 24.5% Consumer DiscretionaryAmazon.com Inc 3.89% 3.4%76.3% Consumer Discretionary Plug Power Inc 0.51% 152.9% 973.1% IndustrialsFacebook Inc A 1.85% 4.3% 33.1% Communication Services Sunrun Inc 0.42%-10.0% 402.4% IndustrialsTesla Inc 1.50% 64.5% 743.4% Consumer Discretionary Mirati Therapeutics Inc 0.38% 32.3% 70.4% Health CareAlphabet Inc A 1.48% 19.6% 30.9% Communication Services Darling Ingredients Inc 0.37% 60.1% 105.4% Consumer StaplesAlphabet Inc Class C 1.43% 19.2% 31.0% Communication Services Ultragenyx Pharmaceutical Inc 0.35% 68.4% 224.1% Health CareBerkshire Hathaway Inc Class B 1.23% 8.9% 2.4% Financials Deckers Outdoor Corp 0.32% 30.3%69.8% Consumer DiscretionaryJohnson & Johnson 1.17%6.5% 10.9% Health Care II-VI Inc 0.31% 87.3% 125.6% Information TechnologyJPMorgan Chase & Co 1.08% 33.2% -5.5% Financials Arrowhead Pharmaceuticals Inc 0.31% 78.2% 21.0% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorNordstrom Inc 0.01% 161.8% -22.7% Consumer Discretionary FuelCell Energy Inc 0.13% 422.0% 345.0% IndustrialsCoty Inc Class A 0.01% 160.0% -36.9% Consumer Staples Silvergate Capital Corp Class A 0.05%416.0% 367.1% FinancialsLemonade Inc Ordinary Shares 0.00% 146.4% N/A Financials Magnite Inc 0.13% 342.2% 276.3%Consumer DiscretionaryCapri Holdings Ltd 0.02% 133.3% 10.1% Consumer Discretionary SM Energy Co 0.03% 287.3% -44.9% EnergyKohl's Corp 0.02% 119.6% -16.8% Consumer Discretionary Solid Biosciences Inc 0.01% 273.4% 70.3% Health CareEnphase Energy Inc 0.05% 112.5% 571.5% Information Technology Five Prime Therapeutics Inc 0.02% 261.9% 270.6% Health CareSpirit AeroSystems Hldgs Inc Class A 0.01% 106.8% -46.3% Industrials Arvinas Inc 0.12% 259.7% 106.7% Health CareOlin Corp 0.01% 100.3% 50.6% Materials Beam Therapeutics Inc 0.13% 231.6% N/A Health CareTapestry Inc 0.02% 98.8% 17.0% Consumer Discretionary Veru Inc 0.02% 230.2% 158.2% Consumer StaplesEaton Vance Corp 0.02% 90.9% 60.5% Financials Clean Energy Fuels Corp 0.04% 216.9% 235.9% EnergyBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorZoom Video Communications Inc 0.16% -28.2% 395.8% Information Technology Aprea Therapeutics Inc 0.00% -79.6% -89.3% Health CareSolarWinds Corp Ordinary Shares 0.00% -26.5% -19.4% Information Technology Brainstorm Cell Therapeutics Inc 0.00% -73.3% 5.7% Health CareBeyond Meat Inc 0.02% -24.7%65.3% Consumer Staples Catabasis Pharmaceuticals Inc 0.00% -65.4% -63.8% Health CareBigCommerce Hldgs Inc Ord. Series 1 0.00%-23.0% N/A Information Technology Assembly Biosciences Inc 0.01% -63.2% -70.4% Health CareWayfair Inc Class A 0.04% -22.4% 149.9% Consumer Discretionary Ovid Therapeutics Inc 0.00% -59.8% -44.3% Health CareGlobal Blood Therapeutics Inc 0.01% -21.5% -45.5% Health Care AMC Entertainment Hldgs Inc Class A 0.01% -55.0% -70.5% Communication ServicesVroom Inc Ordinary Shares 0.00% -20.9% N/A Consumer Discretionary Aytu BioScience Inc 0.00% -49.7% -38.5% Health CareJamf Holding Corp Ordinary Shares 0.00% -20.4% N/A Information Technology Cyclerion Therapeutics Inc Ord. Shrs. 0.00% -49.7% 12.5% Health Carebluebird bio Inc 0.01% -19.8% -50.7% Health Care iBio Inc 0.01% -48.3% 321.7% Health CareQuidel Corp 0.02% -18.1% 139.4% Health Care Vaxcyte Inc Ordinary Shares 0.02% -46.2% N/A Health CarePage 7
Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive in both local currency andUSD terms for the 4thquarter. Much like US equity markets, the internationalmarkets were positively impacted by the announcement and release ofCOVID-19 vaccines and benefited fromadditional monetary stimulus. The USdollar continued its year-to-date decline against most major currencies throughthe period which acted as a tailwind for US investor returns.For the 4thquarter, developed market equities were positive in both USD andlocal currency terms with the MSCI EAFE Index returning 16.1% and 11.4%,respectively. Despite several European countries reporting rising infectionrates, expectations for continued economic growth and continued coordinatedcentral bank policies, drove markets higher. In particular, the European Unionapproved a 1.8 trillion-euro financial package while the European Central Bankincreased its asset purchases from 500 billion euros to 1.85 trillion euros withthe goal of providing support to the markets and stimulating growth.Relative to developed markets, emerging markets significantly outperformedduring the quarter as investors anticipated future economic growth wouldbenefit companies in these markets. The MSCI Emerging Market Indexreturned 19.7% in USD and 16.0% in local currency terms. The relativeoutperformance in emerging markets was largely driven by Latin Americancountries, specifically Colombia, which posted an outsized return of 48.7%during the quarter. The recovery in oil prices also contributed to the region’soutperformance as several Latin American countries (Brazil, Mexico, andColumbia) are highly sensitive to commodity price fluctuations.The trailing 1-year returns for international developed market equities werebroadly positive across regions and currencies. Returns were higher in USdollar terms as the currency weakened against most major developed marketcurrencies on concerns surrounding monetary stimulus, growth in the US debt,and uncertainty regarding the contested US election. For the period, the MSCIEAFE Index returned 7.8% in US dollar terms and 0.8% in local currencyterms.During the trailing 1-year period, emerging markets posted strong returns inboth US dollar and local currency terms. The MSCI Emerging Markets Indexrose 18.3% in US dollar and 19.1% in local currency terms. Within the index,Asian countries outperformed as evidenced by the EM Asia component, whichrose 28.4% US dollar terms. These countries have excelled in containing thepandemic which has led to faster local recoveries.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As December 31, 202023.9%16.2%10.3%16.0%13.2%10.3%11.4%11.1%12.6%34.8%18.9%16.3%19.7%16.7%15.7%16.1%15.9%17.0%0.0% 10.0% 20.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency2.3%25.5%-1.3%19.1%6.2%-2.1%0.8%1.1%6.0%-13.8%28.4%-6.9%18.3%11.9%5.5%7.8%7.6%10.7%-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyPage 8
The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of December 31, 2020Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.2% 16.4% 12.6%Consumer Discretionary 12.5% 22.4% 15.8%Consumer Staples 10.9% 6.9% 5.7%Energy 3.1% 31.2% -27.5%Financials 16.3% 25.4% -3.9%Health Care 12.9% 4.0% 11.4%Industrials 15.2% 15.8% 10.9%Information Technology 8.9% 16.9% 28.4%Materials 7.9% 20.1% 20.6%Real Estate 3.1% 14.9% -6.9%Utilities 3.9% 13.6% 14.2%Total 100.0% 16.1% 7.8%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.1% 13.7% 18.9%Consumer Discretionary 13.8% 15.9% 22.9%Consumer Staples 8.9% 8.5% 6.7%Energy 4.3% 22.5% -23.5%Financials 18.0% 24.7% -4.5%Health Care 9.6% 6.2% 15.4%Industrials 11.6% 16.2% 10.8%Information Technology 12.7% 24.7% 45.4%Materials 8.1% 20.0% 21.2%Real Estate 2.6% 12.6% -9.8%Utilities 3.3% 14.4% 9.4%Total 100.0% 17.0% 10.7%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 11.6% 11.6% 27.5%Consumer Discretionary 18.3% 7.6% 36.7%Consumer Staples 5.9% 16.7% 10.7%Energy 5.0% 14.9% -15.4%Financials 18.0% 24.4% -8.2%Health Care 4.7% 19.2% 52.8%Industrials 4.3% 21.3% 5.0%Information Technology 20.5% 34.2% 60.1%Materials 7.6% 29.8% 24.8%Real Estate 2.1% 6.1% -16.9%Utilities 2.0% 21.1% -5.2%Total 100.0% 19.7% 18.3%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 25.3% 15.8% 15.3% 14.5%United Kingdom 14.0% 8.8% 16.9% -10.5%France 11.1% 6.9% 20.4% 4.1%Switzerland 9.7% 6.0% 8.2% 11.6%Germany 9.4% 5.9% 11.5% 11.6%Australia 7.1% 4.4% 22.9% 8.7%Netherlands 3.9% 2.4% 18.4% 24.2%Sweden 3.4% 2.1% 14.4% 23.9%Hong Kong 3.3% 2.0% 15.5% 5.8%Denmark 2.5% 1.6% 14.0% 43.7%Spain 2.4% 1.5% 27.7% -4.8%Italy 2.4% 1.5% 22.4% 1.8%Finland 1.1% 0.7% 10.1% 20.4%Singapore 1.1% 0.7% 18.8% -7.5%Belgium 1.0% 0.6% 18.3% -8.1%Ireland 0.7% 0.4% 13.0% 15.1%Israel 0.6% 0.4% 19.3% 15.0%Norway 0.6% 0.4% 18.8% -1.8%New Zealand 0.3% 0.2% 13.2% 19.9%Austria 0.2% 0.1% 47.3% -3.3%Portugal 0.2% 0.1% 21.6% 14.4%Total EAFE Countries 100.0% 62.5% 16.1% 7.8%Canada 6.3% 13.9% 5.3%Total Developed Countries 68.8% 15.9% 7.6%China 12.2% 11.2% 29.5%Korea 4.2% 38.3% 44.6%Taiwan 4.0% 23.2% 41.0%India 2.9% 21.0% 15.6%Brazil 1.6% 37.0% -19.0%South Africa 1.1% 22.1% -4.0%Russia 0.9% 21.6% -12.5%Saudi Arabia 0.8% 6.5% 0.7%Thailand 0.6% 25.5% -11.7%Mexico 0.5% 31.0% -1.9%Malaysia 0.5% 10.1% 3.7%Indonesia 0.4% 31.8% -8.1%Philippines 0.2% 22.2% -3.4%Qatar 0.2% 2.4% -2.4%Poland 0.2% 16.5% -11.4%Chile 0.2% 28.5% -5.6%United Arab Emirates 0.2% 10.6% -0.9%Turkey 0.1% 30.3% -8.8%Peru 0.1% 29.9% -4.7%Hungary 0.1% 39.2% -11.7%Colombia 0.1% 48.7% -19.0%Argentina 0.0% 21.2% 12.7%Czech Republic 0.0% 34.1% -4.0%Greece 0.0% 16.4% -26.9%Egypt 0.0% -5.0% -22.5%Pakistan 0.0% 7.7% -17.1%Total Emerging Countries 31.0% 19.7% 18.3%Total ACWIxUS Countries 100.0% 17.0% 10.7%Page 9
Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of December 31, 2020During the 4thquarter, lower-quality bonds significantly outpaced higher-quality issues as investors continued to search for higher-yielding assetsand became more comfortable accepting higher risk. For the quarter, thebest performing category was high yield bonds which returned 6.5% and thelaggard was US Treasury bonds which declined -0.8%. Returns of both USHigh Yield and Investment Grade Corporate bonds were driven by risingexpectations of future US economic growth. Global bonds delivered a solidquarter returning 5.1% with results primarily attributable to a weakening USdollar. Finally, US TIPS increased 1.6% as inflation expectations rose duringthe period. During the quarter, the broad Blomberg Barclays US AggregateIndex returned a slim 0.7%. While the return of the index was positive for theperiod, the performance of both US Treasury and mortgage bonds were adrag on results. US interest rates also began to rise during the period whichacted as a general headwind to bond performance. With the duration of thebroad index now over six years, any meaningful rise in interest rates willlikely have a negative impact on future performance.Similar to stocks, over the trailing 1-year period bond markets experiencedstrong results despite some indices suffering significant drawdowns duringthe 1stquarter. Generally, lower-quality bonds outperformed higher-qualityissues for the period, US Corporate Investment Grade bonds still deliveredan equity-like 9.9% return for the year and US Treasury bonds managed asolid return of 8.0%. While High Yield bonds also delivered positive results,the benchmark lagged higher-quality issues due to the 1stquarter’s selloff.For the year, both Investment Grade and High Yield spreads relative to USTreasury bonds narrowed, which provided a boost to non-Treasury results.Finally, US TIPS were the best performing segment of the market rising11.0% for the year on expectations of future inflation resulting fromaccelerating economic growth.For the year, global bonds also performed well. The Bloomberg BarclaysGlobal Aggregate Bond Index returned 10.1%, outpacing the domesticBloomberg Barclays US Aggregate Index’s return of 7.5%. Some of therelative outperformance of global bonds can be attributed to the decline inthe US dollar relative to other currencies. Additionally, US interest ratesbegan to rise later in the year which negatively contributed to performancewhile global Treasury bond rates remained largely steady.3.5%5.1%0.4%0.7%1.6%3.0%0.2%-0.8%6.5%4.0%2.1%1.4%-0.3%-2.0% 0.0% 2.0% 4.0% 6.0% 8.0%Multiverse (7.3)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.2)U.S. TIPS (3.4)U.S. Corporate IG (8.8)U.S. Mortgage (2.3)U.S. Treasury (7.2)U.S. High Yield (3.6)Baa (8.9)A (8.6)AA (8.5)AAA (5.1)Quarter Performance 9.0%10.1%5.6%7.5%11.0%9.9%3.9%8.0%7.1%9.4%9.9%8.5%6.4%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%Multiverse (7.3)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.2)U.S. TIPS (3.4)U.S. Corporate IG (8.8)U.S. Mortgage (2.3)U.S. Treasury (7.2)U.S. High Yield (3.6)Baa (8.9)A (8.6)AA (8.5)AAA (5.1)1-Year PerformancePage 10
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of December 31, 2020Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the yield graph to theright. The “1-Year Trailing Market Rates” chart illustrates that over the lastyear, the US 10-year Treasury (green line) fell from yields of greater than1.5% to a low of roughly 0.5%, before ending the year slightly higher than0.9%. During the year, US interest rates declined significantly following theonset of the pandemic and the response from the US Federal Reserve Bank(Fed) to lower rates back near zero. During the 4thquarter, US interest ratesbegan to rise in anticipation of higher US economic growth. The blue lineillustrates changes in the BAA OAS (Option Adjusted Spread). This measurequantifies the additional yield premium that investors require to purchaseand hold non-Treasury investment grade issues. The line illustrates thedramatic increase in credit spreads during the 1stquarter as global economicgrowth collapsed. Since that time, credit spreads have steadily declined asconcerns over potential widespreaddefaults have subsided. The green bandacross the graph illustrates the Fed Fund Rate. At the beginning of 2020 therate range was 1.50%-1.75% however, as a result of the pandemic, the Fedcut the range to 0.00%-0.25%, where it remained at the end of the 4thquarter. The Fed has indicated a willingness to keep US interest rates lowerin an effort to supply the market with liquidity and help stimulate growth.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. While short-term US interest rates haveremained largely unchanged throughout the year, longer-term interest ratesbegan moving higher during the 4th quarter. The combination of additionalfiscal stimulus, increased US Treasury issuance, and expectations forincreasing inflation, all contributed tohigher long-term rates. Importantly, theFed has stated that it is comfortable allowing US inflation to exceed its 2%target in the near-term in an effort to achieve a long-term average of 2%inflation. This approach, combined with the need to dramatically increasedebt issuance to supply fiscal stimulus, could result in higher US interestrates as markets normalize.0.000.501.001.502.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve3/31/20206/30/20209/30/202012/31/2020-1.50-0.500.501.502.503.504.505.506.50Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-201-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 11
Executive Summary
Policy Target In Policy Outside Policy
0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%-10.0 %
Receipt & Disbursement
$756,641.1 (1.2%)
Direct Real Estate
$5,523,035.0 (8.6%)
Non-Core Fixed Income$7,180,278.3 (11.2%)
Broad Mkt Fixed Income
$5,463,340.8 (8.5%)
Foreign Equity Securities
$9,695,415.3 (15.1%)
Domestic Equity Securities
$35,700,879.1 (55.5%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 64,319,590 100.0 N/A N/A 100.0
Domestic Equity Securities 35,700,879 55.5 45.0 55.0 50.0
Foreign Equity Securities 9,695,415 15.1 10.0 20.0 15.0
Broad Mkt Fixed Income 5,463,341 8.5 10.0 30.0 15.0
Non-Core Fixed Income 7,180,278 11.2 0.0 20.0 10.0
Direct Real Estate 5,523,035 8.6 0.0 15.0 10.0
Receipt & Disbursement 756,641 1.2 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of December 31, 2020
Page 12
Asset Allocation By Segment as of
September 30, 2020 : $57,828,662
Asset Allocation By Segment as of
December 31, 2020 : $64,319,590
Allocation
Segments Market Value Allocation
Domestic Equity 31,063,563 53.7¢
Foreign Equity 7,640,240 13.2¢
Broad Mkt Fixed Income 5,429,323 9.4¢
Non-Core Fixed Income 7,591,968 13.1¢
Real Estate 5,482,914 9.5¢
Cash Equivalent 620,654 1.1¢
Allocation
Segments Market Value Allocation
Domestic Equity 35,700,879 55.5¢
Foreign Equity 9,695,415 15.1¢
Broad Mkt Fixed Income 5,463,341 8.5¢
Non-Core Fixed Income 7,180,278 11.2¢
Real Estate 5,386,487 8.4¢
Cash Equivalent 893,189 1.4¢
Asset Allocation Summary
Total Fund
As of December 31, 2020
NONE
Page 13
Asset Allocation By Manager as ofSeptember 30, 2020 : $57,828,662 Asset Allocation By Manager as ofDecember 31, 2020 : $64,319,590
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)16,427,142 28.4¢
RBC Global (Voyageur)7,640,240 13.2¢
Vanguard Value Index Fund (VIVIX)7,333,455 12.7¢
Brandywine GLBL Dynamic (LMBGX)7,302,966 12.6¢
Galliard Core Fixed Income 5,429,323 9.4¢
Intercontinental 3,662,764 6.3¢
Vanguard Inflation-Protected Secs (VAIPX)2,870,558 5.0¢
American Core Realty Fund 1,925,600 3.3¢
PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 3.3¢
Crescent Direct Lending II Fund 1,702,265 2.9¢
Crescent Direct Lending Fund 1,120,876 1.9¢
Receipt & Disbursement 515,204 0.9¢
Vanguard Short Term Bond Index (VSCSX)18,779 0.0¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)18,840,168 29.3¢
RBC Global (Voyageur)9,695,415 15.1¢
Brandywine GLBL Dynamic (LMBGX)8,462,679 13.2¢
Vanguard Value Index Fund (VIVIX)8,398,033 13.1¢
Galliard Core Fixed Income 5,463,341 8.5¢
Intercontinental 3,682,138 5.7¢
Vanguard Inflation-Protected Secs (VAIPX)2,573,303 4.0¢
PIMCO Diversified Income Fund Instl (PDIIX)1,964,364 3.1¢
American Core Realty Fund 1,840,897 2.9¢
Crescent Direct Lending II Fund 1,591,091 2.5¢
Crescent Direct Lending Fund 1,032,510 1.6¢
Receipt & Disbursement 756,641 1.2¢
Vanguard Short Term Bond Index (VSCSX)19,010 0.0¢
Asset Allocation Summary
Total Fund
As of December 31, 2020
NONE
Page 14
Historical Asset Allocation by Segment
Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income
Non-Core Fixed Income Real Estate Cash Equivalent
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Allocation (%)9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 12/20
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To December 31, 2020
Page 15
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund Portfolio 55.51 (12)15.07 (56)3.05 (69)12.52 (95)4.08 (81)8.59 (35)1.18 (54)
5th Percentile 62.02 26.25 9.43 54.34 40.42 13.14 7.35
1st Quartile 50.42 19.19 4.69 32.15 18.16 9.14 2.46
Median 42.07 15.62 3.98 24.96 9.22 7.76 1.30
3rd Quartile 31.85 12.18 2.47 18.88 4.63 5.50 0.67
95th Percentile 16.76 6.40 1.62 11.85 1.48 2.35 0.10
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of December 31, 2020
Page 16
Historical Asset Allocation by Portfolio
Dec-2020 Sep-2020 Jun-2020 Mar-2020 Dec-2019
($)%($)%($)%($)%($)%
Total Equity 45,396,294 70.58 38,703,803 66.93 36,763,130 67.30 30,292,142 62.83 39,684,200 68.60
Domestic Equity Securities 35,700,879 55.51 31,063,563 53.72 29,374,470 53.77 24,058,669 49.90 30,401,569 52.56
Vanguard Total Stock Market (VITSX)18,840,168 29.29 16,427,142 28.41 29,374,470 53.77 24,058,669 49.90 30,401,569 52.56
Brandywine GLBL Dynamic (LMBGX)8,462,679 13.16 7,302,966 12.63 -0.00 -0.00 -0.00
Vanguard Value Index Fund (VIVIX)8,398,033 13.06 7,333,455 12.68 -0.00 -0.00 -0.00
Foreign Equity Securities 9,695,415 15.07 7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 9,282,631 16.05
RBC Global (Voyageur)9,695,415 15.07 7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 9,282,631 16.05
Total Fixed Income 12,643,619 19.66 13,021,291 22.52 11,846,108 21.69 11,759,354 24.39 11,899,287 20.57
Galliard Core Fixed Income 5,463,341 8.49 5,429,323 9.39 5,374,168 9.84 5,167,678 10.72 5,112,961 8.84
Galliard TIPS -0.00 -0.00 1,348,971 2.47 1,301,057 2.70 1,295,284 2.24
Vanguard Short Term Bond Index (VSCSX)19,010 0.03 18,779 0.03 18,611 0.03 17,620 0.04 18,096 0.03
Vanguard Inflation-Protected Secs (VAIPX)2,573,303 4.00 2,870,558 4.96 450,437 0.82 1,083,977 2.25 1,065,451 1.84
PIMCO Diversified Income Fund Instl (PDIIX)1,964,364 3.05 1,879,490 3.25 1,830,780 3.35 1,712,768 3.55 1,876,496 3.24
Crescent Direct Lending Fund 1,032,510 1.61 1,120,876 1.94 1,120,876 2.05 996,256 2.07 1,092,687 1.89
Crescent Direct Lending II Fund 1,591,091 2.47 1,702,265 2.94 1,702,265 3.12 1,479,998 3.07 1,438,312 2.49
Direct Real Estate 5,523,035 8.59 5,588,364 9.66 5,669,986 10.38 5,721,960 11.87 5,716,746 9.88
American Core Realty Fund 1,840,897 2.86 1,925,600 3.33 2,034,371 3.72 2,080,218 4.31 2,079,340 3.59
Intercontinental 3,682,138 5.72 3,662,764 6.33 3,635,615 6.66 3,641,742 7.55 3,637,406 6.29
Receipt & Disbursement 756,641 1.18 515,204 0.89 346,463 0.63 442,462 0.92 544,342 0.94
Total Fund Portfolio 64,319,590 100.00 57,828,662 100.00 54,625,687 100.00 48,215,918 100.00 57,844,574 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of December 31, 2020
Page 17
Historical Asset Allocation by Portfolio
Domestic Equity Foreign Equity Broad Mkt Fixed
Income
Non-Core Fixed
Income Real Estate Cash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Equity 35,700,879 78.64 9,695,415 21.36 --------45,396,294 70.58
Domestic Equity Securities 35,700,879 100.00 ----------35,700,879 55.51
Vanguard Total Stock Market (VITSX)18,840,168 100.00 ----------18,840,168 29.29
Brandywine GLBL Dynamic (LMBGX)8,462,679 100.00 ----------8,462,679 13.16
Vanguard Value Index Fund (VIVIX)8,398,033 100.00 ----------8,398,033 13.06
Foreign Equity Securities --9,695,415 100.00 --------9,695,415 15.07
RBC Global (Voyageur)--9,695,415 100.00 --------9,695,415 15.07
Total Fixed Income ----5,463,341 43.21 7,180,278 56.79 ----12,643,619 19.66
Galliard Core Fixed Income ----5,463,341 100.00 ------5,463,341 8.49
Vanguard Short Term Bond Index (VSCSX)------19,010 100.00 ----19,010 0.03
Vanguard Inflation-Protected Secs (VAIPX)------2,573,303 100.00 ----2,573,303 4.00
PIMCO Diversified Income Fund Instl (PDIIX)------1,964,364 100.00 ----1,964,364 3.05
Crescent Direct Lending Fund ------1,032,510 100.00 ----1,032,510 1.61
Crescent Direct Lending II Fund ------1,591,091 100.00 ----1,591,091 2.47
Direct Real Estate --------5,386,487 97.53 136,548 2.47 5,523,035 8.59
American Core Realty Fund --------1,704,349 92.58 136,548 7.42 1,840,897 2.86
Intercontinental --------3,682,138 100.00 --3,682,138 5.72
Receipt & Disbursement ----------756,641 100.00 756,641 1.18
Total Fund Portfolio 35,700,879 55.51 9,695,415 15.07 5,463,341 8.49 7,180,278 11.16 5,386,487 8.37 893,189 1.39 64,319,590 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of December 31, 2020
Page 18
Schedule of Investable Assets
Total Fund Portfolio Net Cash Flow
$0.0
$7,000,000.0
$14,000,000.0
$21,000,000.0
$28,000,000.0
$35,000,000.0
$42,000,000.0
$49,000,000.0
$56,000,000.0
$63,000,000.0
$70,000,000.0
$77,000,000.0
$84,000,000.0
($7,000,000.0)Market Value7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 12/20
$22,55 3,02 3.3
$64,319,589.5
Schedule of Investable Assets
Periods Ending
Beginning
Market Value
$
Net
Cash Flow
$
Gain/Loss
$
Ending
Market Value
$
Aug-2007 To Dec-2020 16,259,673 6,293,351 41,766,566 64,319,590
Schedule of Investable Assets
Total Fund Portfolio
August 1, 2007 To December 31, 2020
Page 19
Comparative Performance Trailling Returns
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund (Net)12.12 (13)12.12 (13)13.45 (38)9.83 (22)11.04 (11)9.06 (8)9.73 (7)6.69 (37)11/01/2000
Total Fund Policy 10.35 (46)10.35 (46)14.54 (27)10.17 (16)10.83 (15)9.09 (6)9.86 (6)6.44 (54)
Difference 1.77 1.77 -1.09 -0.34 0.21 -0.03 -0.13 0.25
All Public Plans-Total Fund Median 10.15 10.15 12.47 8.61 9.73 7.77 8.33 6.50
Total Fund (Gross)12.23 12.23 13.71 10.17 11.38 9.39 10.18 7.27 11/01/2000
Total Fund Policy 10.35 10.35 14.54 10.17 10.83 9.09 9.86 6.44
Difference 1.88 1.88 -0.83 0.00 0.55 0.30 0.32 0.83
Total Equity 17.30 17.30 17.67 12.03 13.97 11.14 12.21 7.81 01/01/2001
Total Equity Policy 15.22 15.22 18.17 12.32 13.78 10.98 12.03 6.78
Difference 2.08 2.08 -0.50 -0.29 0.19 0.16 0.18 1.03
Domestic Equity Securities 14.93 (23)14.93 (23)21.62 (27)14.78 (29)15.65 (30)12.87 (39)13.50 (57)8.18 (41)11/01/2000
Domestic Equity Securities Policy 14.68 (24)14.68 (24)20.89 (30)14.49 (33)15.43 (34)12.76 (44)13.79 (46)7.03 (88)
Difference 0.25 0.25 0.73 0.29 0.22 0.11 -0.29 1.15
IM U.S. Large Cap Core Equity (SA+CF) Median 12.19 12.19 17.25 13.20 14.51 12.48 13.65 7.93
Foreign Equity Securities 26.92 (7)26.92 (7)4.52 (52)3.44 (41)8.64 (36)5.87 (27)8.21 (12)6.51 (59)11/01/2000
Foreign Equity Securities Policy 17.01 (65)17.01 (65)9.25 (34)5.10 (35)8.16 (41)5.02 (38)6.10 (49)4.95 (96)
Difference 9.91 9.91 -4.73 -1.66 0.48 0.85 2.11 1.56
IM International Large Cap Value Equity (SA+CF) Median 18.17 18.17 5.02 2.37 7.15 4.25 5.94 6.69
Total Fixed Income 2.13 2.13 6.53 5.91 5.42 4.51 4.29 5.13 11/01/2000
Total Fixed Policy 1.40 1.40 6.69 4.72 3.68 3.38 3.20 4.64
Difference 0.73 0.73 -0.16 1.19 1.74 1.13 1.09 0.49
Broad Mkt Fixed Income 0.63 (88)0.63 (88)7.63 (79)5.07 (98)4.14 (96)3.66 (100)3.52 (100)4.75 (99)11/01/2000
Broad Mkt Fixed Income Policy 0.42 (94)0.42 (94)5.60 (100)4.37 (99)3.46 (100)3.23 (100)3.10 (100)4.59 (100)
Difference 0.21 0.21 2.03 0.70 0.68 0.43 0.42 0.16
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.12 1.12 8.56 5.88 5.03 4.58 4.39 5.40
Non-Core Fixed Income 3.23 3.23 1.84 8.23 11.04 N/A N/A 10.29 10/01/2014
Non-Core Fixed Policy 2.87 2.87 6.17 5.24 5.69 N/A N/A 4.42
Difference 0.36 0.36 -4.33 2.99 5.35 N/A N/A 5.87
Direct Real Estate 0.79 (82)0.79 (82)1.61 (56)6.55 (31)7.73 (29)9.48 (34)11.16 (40)6.04 (27)10/01/2007
NCREIF Fund Index-OEDC (EW)1.36 (60)1.36 (60)1.57 (59)5.26 (61)6.56 (59)8.55 (60)9.99 (68)5.02 (77)
Difference -0.57 -0.57 0.04 1.29 1.17 0.93 1.17 1.02
IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 1.86 5.80 6.78 8.96 10.49 5.49
Comparative Performance Trailing Returns
Total Fund
As of December 31, 2020
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee.
Page 20
Comparative Performance Trailing Returns
Total Fund
As of December 31, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Domestic Equity Securities 14.93 14.93 21.62 14.78 15.65 12.87 13.50 8.18 11/01/2000
Domestic Equity Securities Policy 14.68 14.68 20.89 14.49 15.43 12.76 13.79 7.03
Difference 0.25 0.25 0.73 0.29 0.22 0.11 -0.29 1.15
Vanguard Total Stock Market (VITSX)14.69 (39)14.69 (39)21.00 (23)14.50 (19)15.43 (12)12.75 (7)N/A 14.55 (11)02/01/2013
Vanguard Total Stock Market Index Hybrid 14.70 (38)14.70 (38)20.99 (23)14.50 (19)15.44 (12)12.75 (7)13.80 (7)14.57 (10)
Difference -0.01 -0.01 0.01 0.00 -0.01 0.00 N/A -0.02
IM U.S. Multi-Cap Core Equity (MF) Median 13.84 13.84 15.43 11.08 12.62 10.36 11.78 12.57
Brandywine GLBL Dynamic (LMBGX)15.88 (48)15.88 (48)N/A N/A N/A N/A N/A 13.41 (40)09/01/2020
Russell 1000 Value Index 16.25 (43)16.25 (43)2.80 (48)6.07 (47)9.74 (38)8.20 (33)10.50 (26)13.40 (41)
Difference -0.37 -0.37 N/A N/A N/A N/A N/A 0.01
IM U.S. Large Cap Value Equity (MF) Median 15.77 15.77 2.62 5.82 9.28 7.59 9.74 12.54
Vanguard Value Index Fund (VIVIX)14.52 (68)14.52 (68)N/A N/A N/A N/A N/A 12.00 (61)09/01/2020
CRSP U.S. Large Cap Value TR Index 14.53 (67)14.53 (67)2.26 (57)6.78 (31)10.77 (17)9.38 (10)11.45 (9)12.01 (60)
Difference -0.01 -0.01 N/A N/A N/A N/A N/A -0.01
IM U.S. Large Cap Value Equity (MF) Median 15.77 15.77 2.62 5.82 9.28 7.59 9.74 12.54
Foreign Equity Securities 26.92 26.92 4.52 3.44 8.64 5.87 8.21 6.51 11/01/2000
Foreign Equity Securities Policy 17.01 17.01 9.25 5.10 8.16 5.02 6.10 4.95
Difference 9.91 9.91 -4.73 -1.66 0.48 0.85 2.11 1.56
RBC Global (Voyageur)26.92 (7)26.92 (7)4.52 (52)3.44 (41)8.64 (36)5.87 (27)8.21 (12)4.68 (17)11/01/2007
MSCI EAFE Index 16.09 (69)16.09 (69)8.28 (36)4.79 (38)7.97 (43)4.88 (40)6.00 (50)2.49 (62)
Difference 10.83 10.83 -3.76 -1.35 0.67 0.99 2.21 2.19
MSCI EAFE Value 19.26 (43)19.26 (43)-2.10 (86)-0.65 (87)4.82 (87)1.90 (94)3.96 (91)0.62 (95)
Difference 7.66 7.66 6.62 4.09 3.82 3.97 4.25 4.06
IM International Large Cap Value Equity (SA+CF) Median 18.17 18.17 5.02 2.37 7.15 4.25 5.94 3.19
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee.
Page 21
Comparative Performance Trailing Returns
Total Fund
As of December 31, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income 2.13 2.13 6.53 5.91 5.42 4.51 4.29 5.13 11/01/2000
Total Fixed Policy 1.40 1.40 6.69 4.72 3.68 3.38 3.20 4.64
Difference 0.73 0.73 -0.16 1.19 1.74 1.13 1.09 0.49
Galliard Core Fixed Income 0.63 (59)0.63 (59)7.08 (43)5.08 (35)4.08 (40)3.76 (26)3.66 (34)4.14 (60)10/01/2007
Bloomberg Barclays Intermed Aggregate Index 0.42 (87)0.42 (87)5.60 (86)4.37 (87)3.46 (87)3.23 (82)3.10 (84)3.87 (86)
Difference 0.21 0.21 1.48 0.71 0.62 0.53 0.56 0.27
IM U.S. Intermediate Duration (SA+CF) Median 0.70 0.70 6.87 4.91 3.92 3.52 3.49 4.23
Vanguard Inflation-Protected Secs (VAIPX)1.62 (65)1.62 (65)11.00 (25)5.77 (25)N/A N/A N/A 5.05 (25)01/01/2017
Bloomberg Barclays U.S. TIPS Index 1.62 (64)1.62 (64)10.99 (25)5.92 (17)5.08 (19)3.92 (10)3.81 (7)5.18 (18)
Difference 0.00 0.00 0.01 -0.15 N/A N/A N/A -0.13
IM U.S. TIPS (MF) Median 1.78 1.78 9.64 5.10 4.44 3.00 3.04 4.55
Vanguard Short Term Bond Index (VSCSX)1.12 (28)1.12 (28)4.94 (56)4.19 (28)3.49 (23)N/A N/A 3.11 (17)01/01/2015
Blmbg. Barc. U.S. Corporate 1-5 Year Index 1.14 (27)1.14 (27)5.41 (43)4.42 (17)3.73 (15)3.14 (8)3.27 (17)3.31 (11)
Difference -0.02 -0.02 -0.47 -0.23 -0.24 N/A N/A -0.20
IM U.S. Intermediate Investment Grade (MF) Median 0.79 0.79 5.10 3.63 2.89 2.39 2.51 2.48
PIMCO Diversified Income Fund Instl (PDIIX)4.52 (27)4.52 (27)6.54 (72)N/A N/A N/A N/A 6.83 (6)04/01/2018
Blmbg. Barc. Global Credit (Hedged)3.11 (59)3.11 (59)7.53 (63)6.13 (9)6.32 (5)5.41 (1)5.48 (1)7.15 (5)
Difference 1.41 1.41 -0.99 N/A N/A N/A N/A -0.32
IM Global Fixed Income (MF) Median 3.63 3.63 8.15 4.81 4.80 3.31 3.24 4.86
Direct Real Estate 0.79 0.79 1.61 6.55 7.73 9.48 11.16 6.04 10/01/2007
NCREIF Fund Index-Open End Diversified Core (EW)1.36 1.36 1.57 5.26 6.56 8.55 9.99 5.02
Difference -0.57 -0.57 0.04 1.29 1.17 0.93 1.17 1.02
American Core Realty Fund 1.42 (59)1.42 (59)1.58 (58)5.49 (60)6.33 (69)8.32 (73)9.67 (83)4.95 (81)10/01/2007
American Core Realty Policy 1.36 (60)1.36 (60)1.57 (59)5.26 (61)6.56 (59)8.55 (60)9.99 (68)6.69 (15)
Difference 0.06 0.06 0.01 0.23 -0.23 -0.23 -0.32 -1.74
IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 1.86 5.80 6.78 8.96 10.49 5.49
Intercontinental *0.48 (88)0.48 (88)1.64 (55)7.20 (17)8.67 (22)10.25 (26)12.02 (31)12.13 (33)10/01/2010
NCREIF Fund Index-OEDC (EW)1.36 (60)1.36 (60)1.57 (59)5.26 (61)6.56 (59)8.55 (60)9.99 (68)10.25 (67)
Difference -0.88 -0.88 0.07 1.94 2.11 1.70 2.03 1.88
IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 1.86 5.80 6.78 8.96 10.49 10.92
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee.
Page 22
Comparative Performance - IRR
QTR 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Crescent Direct Lending Fund 2.96 1.60 5.85 7.79 N/A 7.20 10/14/2014
Crescent Direct Lending II Fund 3.92 3.35 N/A N/A N/A 6.91 03/13/2018
Comparative Performance - IRR
As of December 31, 2020
Page 23
Financial Reconciliation Quarter to Date
Market Value
10/01/2020
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2020
Total Equity 38,703,803 53,536 ---53,526 -1,541 589,068 6,104,955 45,396,294
Domestic Equity Securities 31,063,563 -----557,852 4,079,464 35,700,879
Vanguard Total Stock Market (VITSX)16,427,142 -----75,333 2,337,693 18,840,168
Brandywine GLBL Dynamic (LMBGX)7,302,966 -----427,212 732,500 8,462,679
Vanguard Value Index Fund (VIVIX)7,333,455 -----55,306 1,009,271 8,398,033
Foreign Equity Securities 7,640,240 53,536 ---53,526 -1,541 31,216 2,025,490 9,695,415
RBC Global (Voyageur)7,640,240 53,536 ---53,526 -1,541 31,216 2,025,490 9,695,415
Total Fixed Income 13,021,291 -644,214 ---4,208 -3,005 53,276 220,479 12,643,619
Galliard Core Fixed Income 5,429,323 ------34,018 5,463,341
Vanguard Short Term Bond Index (VSCSX)18,779 -----122 109 19,010
Vanguard Inflation-Protected Secs (VAIPX)2,870,558 -350,000 ----35,232 17,513 2,573,303
PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 -----17,921 66,953 1,964,364
Crescent Direct Lending Fund 1,120,876 -120,343 ---4,208 -1,496 -37,681 1,032,510
Crescent Direct Lending II Fund 1,702,265 -173,871 ----1,509 -64,206 1,591,091
Direct Real Estate 5,588,364 -105,450 ---3,263 -46,441 -3,057 5,523,035
American Core Realty Fund 1,925,600 -105,450 ---5,076 -18,202 7,622 1,840,897
Intercontinental 3,662,764 ---1,814 -28,239 -10,679 3,682,138
Receipt & Disbursement 515,204 696,127 578,077 -1,017,427 --15,364 25 -756,641
Total Fund Portfolio 57,828,662 -578,077 -1,017,427 -60,997 -19,910 688,809 6,322,376 64,319,590
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending December 31, 2020
Page 24
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2020
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2020
Total Equity 38,703,803 53,536 ---53,526 -1,541 589,068 6,104,955 45,396,294
Domestic Equity Securities 31,063,563 -----557,852 4,079,464 35,700,879
Vanguard Total Stock Market (VITSX)16,427,142 -----75,333 2,337,693 18,840,168
Brandywine GLBL Dynamic (LMBGX)7,302,966 -----427,212 732,500 8,462,679
Vanguard Value Index Fund (VIVIX)7,333,455 -----55,306 1,009,271 8,398,033
Foreign Equity Securities 7,640,240 53,536 ---53,526 -1,541 31,216 2,025,490 9,695,415
RBC Global (Voyageur)7,640,240 53,536 ---53,526 -1,541 31,216 2,025,490 9,695,415
Total Fixed Income 13,021,291 -644,214 ---4,208 -3,005 53,276 220,479 12,643,619
Galliard Core Fixed Income 5,429,323 ------34,018 5,463,341
Vanguard Short Term Bond Index (VSCSX)18,779 -----122 109 19,010
Vanguard Inflation-Protected Secs (VAIPX)2,870,558 -350,000 ----35,232 17,513 2,573,303
PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 -----17,921 66,953 1,964,364
Crescent Direct Lending Fund 1,120,876 -120,343 ---4,208 -1,496 -37,681 1,032,510
Crescent Direct Lending II Fund 1,702,265 -173,871 ----1,509 -64,206 1,591,091
Direct Real Estate 5,588,364 -105,450 ---3,263 -46,441 -3,057 5,523,035
American Core Realty Fund 1,925,600 -105,450 ---5,076 -18,202 7,622 1,840,897
Intercontinental 3,662,764 ---1,814 -28,239 -10,679 3,682,138
Receipt & Disbursement 515,204 696,127 578,077 -1,017,427 --15,364 25 -756,641
Total Fund Portfolio 57,828,662 -578,077 -1,017,427 -60,997 -19,910 688,809 6,322,376 64,319,590
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2020 To December 31, 2020
Page 25
Comparative Performance Fiscal Year Returns
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Total Fund (Net)7.92 (46)2.78 (84)11.28 (4)14.16 (15)11.15 (12)0.33 (23)11.85 (10)15.72 (8)18.95 (25)-1.17 (86)
Total Fund Policy 10.06 (18)4.31 (49)9.85 (12)12.90 (32)10.79 (17)0.59 (19)11.39 (17)14.95 (12)19.64 (16)2.20 (22)
Difference -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 0.77 -0.69 -3.37
All Public Plans-Total Fund Median 7.62 4.27 7.58 11.98 9.75 -0.80 9.87 12.45 17.62 0.54
Total Fund (Gross)8.16 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 -0.45
Total Fund Policy 10.06 4.31 9.85 12.90 10.79 0.59 11.39 14.95 19.64 2.20
Difference -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 1.38 0.17 -2.65
Total Equity 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58
Total Equity Policy 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66
Difference -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 -2.92
Domestic Equity Securities 15.35 (36)2.89 (54)17.88 (41)18.64 (52)15.21 (26)-0.59 (63)17.58 (69)21.85 (34)27.76 (62)-3.30 (90)
Domestic Equity Securities Policy 15.00 (38)2.92 (53)17.58 (47)18.71 (51)14.96 (30)-0.49 (61)17.76 (67)21.60 (37)30.20 (44)0.55 (59)
Difference 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 -3.85
IM U.S. Large Cap Core Equity (SA+CF) Median 12.77 3.33 17.33 18.74 13.42 0.11 19.19 20.55 29.63 1.18
Foreign Equity Securities -9.19 (87)-5.36 (71)6.76 (5)22.69 (38)10.74 (30)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)
Foreign Equity Securities Policy 1.03 (33)-0.82 (31)3.25 (30)19.65 (55)7.06 (62)-8.27 (43)4.70 (64)24.29 (41)14.33 (57)-8.94 (56)
Difference -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19
IM International Large Cap Value Equity (SA+CF) Median -4.92 -3.18 1.50 20.95 8.45 -9.45 5.75 22.93 15.46 -8.51
Total Fixed Income 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67
Total Fixed Policy 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22
Difference -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 0.45
Broad Mkt Fixed Income 7.53 (50)7.81 (97)-0.21 (17)0.61 (52)4.21 (98)2.31 (86)2.61 (99)-1.30 (53)5.88 (77)4.67 (76)
Broad Mkt Fixed Income Policy 5.66 (96)8.08 (97)-0.93 (62)0.25 (70)3.57 (100)2.95 (61)2.74 (99)-0.71 (25)4.31 (99)4.22 (90)
Difference 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 0.45
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 7.53 10.43 -0.74 0.63 5.66 3.02 4.49 -1.25 6.61 5.26
Non-Core Fixed Income 0.92 10.83 14.15 13.06 13.88 8.65 N/A N/A N/A N/A
Non-Core Fixed Policy 4.45 6.91 2.69 4.05 5.34 1.34 N/A N/A N/A N/A
Difference -3.53 3.92 11.46 9.01 8.54 7.31 N/A N/A N/A N/A
Direct Real Estate 3.40 (20)7.75 (30)10.25 (28)10.01 (18)11.44 (49)14.27 (66)13.47 (38)16.42 (21)12.81 (52)15.82 (70)
NCREIF Fund Index-OEDC (EW)1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference 1.66 1.58 1.43 2.20 0.82 -0.44 1.08 3.95 1.04 -2.21
IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Comparative Performance Fiscal Year Returns
Total Fund
As of December 31, 2020
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 26
Comparative Performance Fiscal Year Returns
Total Fund
As of December 31, 2020
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Domestic Equity Securities 15.35 2.89 17.88 18.64 15.21 -0.59 17.58 21.85 27.76 -3.30
Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (8)-1.17 (76)
Russell 1000 Growth Index 37.53 (28)3.71 (52)26.30 (37)21.94 (38)13.76 (23)3.17 (55)19.15 (40)19.27 (64)29.19 (39)3.78 (30)
Difference N/A N/A N/A N/A N/A N/A N/A N/A 4.02 -4.95
IM U.S. Large Cap Growth Equity (SA+CF) Median 33.19 3.81 24.44 20.83 11.75 3.61 18.18 20.29 27.69 1.40
Vanguard Total Stock Market (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A N/A
Vanguard Total Stock Market Index Hybrid 14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)30.28 (16)0.71 (26)
Difference 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A N/A
IM U.S. Multi-Cap Core Equity (MF) Median 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 22.62 27.03 -1.53
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
CRSP U.S. Large Cap Value TR Index -3.34 (41)3.57 (34)13.59 (18)17.76 (34)16.33 (17)-2.94 (17)19.19 (15)21.75 (59)29.54 (37)-0.16 (17)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39
Foreign Equity Securities -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08 27.54 24.74 -8.75
RBC Global (Voyageur)-9.19 (87)-5.36 (71)6.76 (5)22.69 (38)10.74 (30)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)
MSCI EAFE Index 0.93 (33)-0.82 (31)3.25 (30)19.65 (55)7.06 (62)-8.27 (43)4.70 (64)24.29 (41)14.33 (57)-8.94 (56)
Difference -10.12 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19
MSCI EAFE Value -11.45 (94)-4.31 (62)0.24 (74)23.22 (34)4.16 (89)-12.18 (79)6.18 (43)24.91 (39)13.34 (65)-9.46 (64)
Difference 2.26 -1.05 6.52 -0.53 6.58 7.82 3.90 2.63 11.40 0.71
IM International Large Cap Value Equity (SA+CF) Median -4.92 -3.18 1.50 20.95 8.45 -9.45 5.75 22.93 15.46 -8.51
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 27
Comparative Performance Fiscal Year Returns
Total Fund
As of December 31, 2020
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Total Fixed Income 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67
Galliard Core Fixed Income 6.85 (31)8.50 (16)-0.43 (56)0.44 (71)4.36 (25)3.04 (26)3.15 (37)-0.64 (74)5.82 (44)4.16 (28)
Bloomberg Barclays Intermed Aggregate Index 5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57)-0.71 (77)4.31 (84)4.22 (23)
Difference 1.19 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 -0.06
IM U.S. Intermediate Duration (SA+CF) Median 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 -0.27 5.57 3.60
Galliard TIPS 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 6.73
Blmbg. Barc. U.S. TIPS 1-10 Year 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19
Difference -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 -0.46
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A N/A
FTSE World Government Bond Index 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 4.61
Difference N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A N/A
PIMCO Diversified Income Fund Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9)1.46 (8)11.61 (5)1.69 (53)
Difference -1.63 -1.31 N/A N/A N/A N/A N/A N/A N/A N/A
IM Global Fixed Income (MF) Median 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74
Vanguard Inflation-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)9.10 (19)9.87 (6)
Difference -0.24 -0.10 -0.18 N/A N/A N/A N/A N/A N/A N/A
IM U.S. TIPS (MF) Median 8.47 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 8.10
Vanguard Short Term Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A N/A
Blmbg. Barc. U.S. Corporate 1-5 Year Index 5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25)1.47 (16)6.29 (29)1.83 (58)
Difference -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A N/A
IM U.S. Intermediate Investment Grade (MF) Median 4.84 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 1.99
Direct Real Estate 3.40 7.75 10.25 10.01 11.44 14.27 13.47 16.42 12.81 15.82
American Core Realty Fund 1.62 (65)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)12.49 (64)12.27 (72)11.56 (66)16.11 (64)
American Core Realty Policy 1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 -1.92
IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Intercontinental 4.41 (14)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68)14.10 (31)18.21 (12)13.38 (42)15.68 (71)
NCREIF Fund Index-OEDC (EW)1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference 2.67 2.15 2.58 4.01 2.68 -0.75 1.71 5.74 1.61 -2.35
IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 28
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
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
Total Fund Portfolio 12.12 (11)12.12 (11)13.45 (45)17.15 (38)9.83 (29)11.41 (25)11.04 (11)
Total Fund Policy 10.35 (44)10.35 (44)14.54 (34)17.75 (28)10.17 (21)11.48 (23)10.83 (16)
Median 10.11 10.11 12.95 16.26 8.96 10.43 9.74
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Total Fund Portfolio 7.92 (63)2.78 (83)11.28 (7)14.16 (8)11.15 (6)0.33 (25)
Total Fund Policy 10.06 (39)4.31 (41)9.85 (17)12.90 (22)10.79 (11)0.59 (21)
Median 8.94 4.03 7.92 11.62 9.29 -0.61
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Total Fund Portfolio 5.90 (30)14.45 (23)-16.52 (94)6.65 (5)0.60 (73)3.19 (66)
Total Fund Policy 5.72 (37)13.58 (44)-13.55 (54)6.02 (20)0.94 (41)3.51 (28)
All Public Plans-Total Fund Median 5.44 13.19 -13.33 5.44 0.83 3.33
As of December 31, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 29
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
4.0
8.0
12.0
16.0
Total Fund Portfolio (%)0.0 4.0 8.0 12.0 16.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 16 (80%)4 (20%)0 (0%)0 (0%)
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)
8.40
8.80
9.20
9.60
10.00
10.40
Return (%)12.00 12.40 12.80 13.20 13.60 14.00
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 9.83 13.66
Total Fund Policy 10.17 12.17
Median 8.96 11.90¾
9.46
9.89
10.32
10.75
11.18
11.61
Return (%)9.3 9.6 9.9 10.2 10.5 10.8 11.1 11.4 11.7
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 11.04 11.09
Total Fund Policy 10.83 9.98
Median 9.74 9.74¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Total Fund Portfolio 1.82 107.27 114.68 -1.35 -0.07 0.64 1.12 9.02
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.72 1.00 7.79
90 Day U.S. Treasury Bill 12.29 4.72 -4.55 1.71 -0.72 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.49 106.70 111.72 -0.82 0.21 0.89 1.11 7.19
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.96 1.00 6.28
90 Day U.S. Treasury Bill 10.07 4.47 -4.04 1.27 -0.96 N/A -0.01 0.01
As of December 31, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 30
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Total Stk Mkt (VITSX)14.69 (39)14.69 (39)21.00 (23)25.81 (21)14.50 (19)16.13 (19)15.43 (12)
Vanguard Total Stk Mkt Index Hyb 14.70 (38)14.70 (38)20.99 (23)25.82 (21)14.50 (19)16.14 (18)15.44 (12)
Median 13.84 13.84 15.43 21.25 11.09 13.23 12.62
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
ReturnOct-2019
To
Sep-
2020
Oct-2018
To
Sep-
2019
Oct-2017
To
Sep-
2018
Oct-2016
To
Sep-
2017
Oct-2015
To
Sep-
2016
Oct-2014
To
Sep-
2015
Vanguard Total Stk Mkt (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)
Vanguard Total Stk Mkt Index Hyb 14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)
Median 10.21 1.47 14.71 17.56 11.62 -1.80
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Vanguard Total Stk Mkt (VITSX)9.19 (30)22.10 (38)-20.86 (38)9.01 (29)1.09 (47)4.09 (41)
Vanguard Total Stock Market Index Hybrid 9.20 (29)22.09 (38)-20.88 (39)9.00 (30)1.11 (45)4.08 (43)
IM U.S. Multi-Cap Core Equity (MF) Median 7.96 21.51 -21.69 8.07 1.00 3.87
Performance Review
As of December 31, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 31
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
Vanguard Total Stk Mkt (VITSX) (%)0.0 5.0 10.0 15.0 20.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Total Stk Mkt (VITSX)20 19 (95%)1 (5%)0 (0%)0 (0%)
Vanguard Total Stk Mkt Index Hyb 20 19 (95%)1 (5%)0 (0%)0 (0%)
10.00
12.00
14.00
16.00
Return (%)19.36 19.38 19.40 19.42 19.44
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)14.50 19.40
Vanguard Total Stk Mkt Index Hyb 14.50 19.41
Median 11.09 19.37¾
11.96
12.88
13.80
14.72
15.64
16.56
Return (%)15.84 15.87 15.90 15.93 15.96 15.99 16.02 16.05
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)15.43 15.88
Vanguard Total Stk Mkt Index Hyb 15.44 15.89
Median 12.62 16.00¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Total Stk Mkt (VITSX)0.03 99.96 99.95 0.00 -0.13 0.71 1.00 12.62
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.71 1.00 12.63
90 Day U.S. Treasury Bill 19.53 3.01 -2.77 1.70 -0.71 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Total Stk Mkt (VITSX)0.03 99.96 99.96 0.00 -0.20 0.91 1.00 10.15
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.91 1.00 10.15
90 Day U.S. Treasury Bill 15.97 2.92 -2.48 1.26 -0.91 N/A -0.01 0.01
Performance Review
As of December 31, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 32
Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)
Comparative Performance
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Brandywine GLBL Dynamic (LMBGX)15.88 (48)15.88 (48)N/A N/A N/A N/A N/A
Russell 1000 Value Index 16.25 (43)16.25 (43)2.80 (48)14.05 (50)6.07 (47)7.92 (53)9.74 (38)
Median 15.77 15.77 2.62 13.98 5.82 8.03 9.28
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)
Median -4.55 1.87 10.42 16.74 12.49 -4.90
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 5.59 (34)14.29 (68)-26.73 (53)7.41 (54)1.36 (53)3.84 (39)
IM U.S. Large Cap Value Equity (MF) Median 4.82 15.47 -26.62 7.54 1.41 3.49
Performance Review
As of December 31, 2020
Brandywine GLBL Dynamic (LMBGX)
NONE
Page 33
Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)
Comparative Performance
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Value Index Fund (VIVIX)14.52 (68)14.52 (68)N/A N/A N/A N/A N/A
CRSP U.S. Large Cap Value TR Index 14.53 (67)14.53 (67)2.26 (57)13.45 (58)6.78 (31)9.28 (28)10.77 (17)
Median 15.77 15.77 2.62 13.98 5.82 8.03 9.28
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A
CRSP U.S. Large Cap Value TR Index -3.34 (41)3.57 (34)13.59 (18)17.76 (34)16.33 (17)-2.94 (17)
Median -4.55 1.87 10.42 16.74 12.49 -4.90
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A
CRSP U.S. Large Cap Value TR Index 5.62 (33)12.73 (92)-25.01 (28)8.25 (39)1.13 (61)3.79 (42)
IM U.S. Large Cap Value Equity (MF) Median 4.82 15.47 -26.62 7.54 1.41 3.49
Performance Review
As of December 31, 2020
Vanguard Value Index Fund (VIVIX)
NONE
Page 34
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global (Voyageur)26.92 (7)26.92 (7)4.52 (52)12.68 (47)3.44 (41)9.10 (39)8.64 (36)
MSCI EAFE Index 16.09 (69)16.09 (69)8.28 (36)15.24 (37)4.79 (38)9.65 (35)7.97 (43)
Median 18.17 18.17 5.02 12.08 2.37 7.82 7.17
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
RBC Global (Voyageur)-9.19 (87)-5.36 (71)6.76 (5)22.69 (38)10.74 (30)-4.36 (21)
MSCI EAFE Index 0.93 (33)-0.82 (31)3.25 (30)19.65 (55)7.06 (62)-8.27 (43)
Median -4.92 -3.18 1.50 20.95 8.45 -9.45
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
RBC Global (Voyageur)3.42 (67)18.55 (20)-32.83 (93)10.27 (36)-2.48 (79)2.47 (50)
MSCI EAFE Index 4.88 (46)15.08 (54)-22.72 (25)8.21 (80)-1.00 (36)3.97 (18)
IM International Large Cap Value Equity (SA+CF) Median 4.51 15.40 -25.93 9.60 -1.43 2.45
Performance Review
As of December 31, 2020
RBC Global (Voyageur)
NONE
Page 35
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
-16.0
-8.0
0.0
8.0
16.0
24.0
RBC Global (Voyageur) (%)-16.0 -8.0 0.0 8.0 16.0 24.0
MSCI EAFE Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global (Voyageur)20 12 (60%)5 (25%)3 (15%)0 (0%)
MSCI EAFE Index 20 0 (0%)10 (50%)10 (50%)0 (0%)
1.60
2.40
3.20
4.00
4.80
5.60
Return (%)16.00 18.00 20.00 22.00 24.00 26.00
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)3.44 24.06
MSCI EAFE Index 4.79 17.87
Median 2.37 19.69¾
6.72
7.20
7.68
8.16
8.64
9.12
Return (%)14.00 16.00 18.00 20.00 22.00
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)8.64 20.06
MSCI EAFE Index 7.97 15.25
Median 7.17 16.76¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
RBC Global (Voyageur)7.72 121.22 127.32 -1.91 0.01 0.20 1.31 16.55
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.26 1.00 12.01
90 Day U.S. Treasury Bill 17.98 2.75 -3.94 1.65 -0.26 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global (Voyageur)6.76 119.67 121.14 -0.86 0.22 0.46 1.27 13.68
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.50 1.00 10.08
90 Day U.S. Treasury Bill 15.33 2.49 -3.42 1.23 -0.50 N/A -0.01 0.01
Performance Review
As of December 31, 2020
RBC Global (Voyageur)
NONE
Page 36
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core Fixed Inc 0.63 (59)0.63 (59)7.08 (43)7.20 (35)5.08 (35)4.49 (34)4.08 (40)
Barclays Int Agg Index 0.42 (87)0.42 (87)5.60 (86)6.14 (83)4.37 (87)3.84 (85)3.46 (87)
Median 0.70 0.70 6.87 6.95 4.91 4.32 3.92
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Galliard Core Fixed Inc 6.85 (31)8.50 (16)-0.43 (56)0.44 (71)4.36 (25)3.04 (26)
Barclays Int Agg Index 5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)
Median 6.47 8.01 -0.39 0.69 3.90 2.70
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Galliard Core Fixed Inc 1.10 (31)4.07 (38)1.14 (54)0.41 (59)1.46 (36)2.72 (13)
Barclays Int Agg Index 0.48 (90)2.13 (95)2.49 (19)0.47 (48)1.38 (59)2.39 (69)
IM U.S. Intermediate Duration (SA+CF) Median 0.85 3.73 1.29 0.44 1.42 2.50
Performance Review
As of December 31, 2020
Galliard Core Fixed Inc
NONE
Page 37
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
1.5
3.0
4.5
6.0
Galliard Core Fixed Inc (%)0.0 1.5 3.0 4.5 6.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core Fixed Inc 20 3 (15%)16 (80%)1 (5%)0 (0%)
Barclays Int Agg Index 20 0 (0%)2 (10%)6 (30%)12 (60%)
4.50
4.80
5.10
5.40
Return (%)2.00 2.20 2.40 2.60 2.80 3.00
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 5.08 2.77
Barclays Int Agg Index 4.37 2.16
Median 4.91 2.43¾
3.30
3.60
3.90
4.20
Return (%)2.00 2.08 2.16 2.24 2.32 2.40 2.48 2.56 2.64
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 4.08 2.54
Barclays Int Agg Index 3.46 2.12
Median 3.92 2.29¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Galliard Core Fixed Inc 1.34 121.81 143.04 0.15 0.52 1.21 1.13 1.31
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.28 1.00 0.80
90 Day U.S. Treasury Bill 2.13 19.32 -46.92 1.50 -1.28 N/A 0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core Fixed Inc 1.05 118.18 119.81 0.29 0.57 1.12 1.09 1.31
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.08 1.00 1.03
90 Day U.S. Treasury Bill 2.09 16.35 -30.35 1.09 -1.08 N/A 0.03 0.01
Performance Review
As of December 31, 2020
Galliard Core Fixed Inc
NONE
Page 38
Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF)
Comparative Performance
-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
VG ST Bond Index (VSCSX)1.12 (28)1.12 (28)4.94 (56)5.89 (30)4.19 (28)3.70 (21)3.49 (23)
Barclays US Corp 1-5 Yr Index 1.14 (27)1.14 (27)5.41 (43)6.19 (18)4.42 (17)3.95 (9)3.73 (15)
Median 0.79 0.79 5.10 5.22 3.63 3.11 2.89
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
VG ST Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.22 (27)N/A
Barclays US Corp 1-5 Yr Index 5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)
Median 4.84 5.40 -0.38 0.85 2.56 1.21
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
VG ST Bond Index (VSCSX)0.90 (39)5.63 (20)-2.63 (76)1.09 (6)1.19 (12)1.75 (57)
Barclays US Corp 1-5 Yr Index 0.92 (38)5.59 (20)-2.19 (69)0.95 (9)1.17 (14)2.09 (20)
IM U.S. Intermediate Investment Grade (MF) Median 0.81 3.60 -0.68 0.49 0.87 1.79
Performance Review
As of December 31, 2020
VG ST Bond Index (VSCSX)
NONE
Page 39
Peer Group Analysis - IM U.S. TIPS (MF)
Comparative Performance
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Protected Secs (VAIPX)1.62 (65)1.62 (65)11.00 (25)9.57 (28)5.77 (25)5.05 (25)N/A
Bloomberg Barclays U.S. TIPS Index 1.62 (64)1.62 (64)10.99 (25)9.70 (22)5.92 (17)5.18 (18)5.08 (19)
Median 1.78 1.78 9.64 8.87 5.10 4.55 4.44
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Vanguard Infl-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)
Median 8.47 5.72 0.29 -0.43 5.77 -1.90
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Vanguard Infl-Protected Secs (VAIPX)3.02 (49)4.18 (69)1.78 (14)0.56 (86)1.42 (14)2.79 (17)
Bloomberg Barclays U.S. TIPS Index 3.03 (48)4.24 (67)1.69 (17)0.79 (64)1.35 (19)2.86 (11)
IM U.S. TIPS (MF) Median 3.01 4.97 -0.10 0.97 0.81 2.50
Performance Review
As of December 31, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 40
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
2.0
3.0
4.0
5.0
6.0
7.0
Vanguard Infl-Protected Secs (VAIPX) (%)2.0 3.0 4.0 5.0 6.0 7.0
Bloomberg Barclays U.S. TIPS Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Protected Secs (VAIPX)5 4 (80%)1 (20%)0 (0%)0 (0%)
Bloomberg Barclays U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%)
4.86
5.13
5.40
5.67
5.94
6.21
Return (%)3.57 3.64 3.71 3.78 3.85 3.92 3.99 4.06
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)5.77 3.62
Bloomberg Barclays U.S. TIPS Index 5.92 3.82
Median 5.10 3.96¾
4.50
4.80
5.10
5.40
Return (%)3.55 3.56 3.57 3.58 3.59
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)N/A N/A
Bloomberg Barclays U.S. TIPS Index 5.08 3.56
Median 4.44 3.59¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Infl-Protected Secs (VAIPX)0.52 95.81 92.64 0.20 -0.29 1.11 0.94 1.68
Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.09 1.00 1.88
90 Day U.S. Treasury Bill 3.88 12.39 -16.62 1.69 -1.09 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Protected Secs (VAIPX)N/A N/A N/A N/A N/A N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.07 1.00 1.81
90 Day U.S. Treasury Bill 3.59 10.34 -12.72 1.21 -1.07 N/A -0.01 0.01
Performance Review
As of December 31, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 41
Peer Group Analysis - IM Global Fixed Income (MF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Diversified Inc Fd Instl (PDIIX)4.52 (27)4.52 (27)6.54 (72)9.61 (21)N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)3.11 (59)3.11 (59)7.53 (63)9.78 (19)6.13 (9)6.07 (22)6.32 (5)
Median 3.63 3.63 8.15 8.38 4.81 5.17 4.80
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
PIMCO Diversified Inc Fd Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18)
Median 5.39 7.65 -1.29 1.02 7.42 -3.85
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
PIMCO Diversified Inc Fd Instl (PDIIX)2.73 (41)7.26 (30)-7.49 (83)1.66 (11)1.20 (46)3.59 (37)
Blmbg. Barc. Global Credit (Hedged)1.97 (68)7.60 (26)-4.95 (62)0.93 (33)2.36 (10)3.60 (36)
IM Global Fixed Income (MF) Median 2.41 5.53 -3.19 0.73 1.04 3.37
Performance Review
As of December 31, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 42
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
No data found.0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Diversified Inc Fd Instl (PDIIX)0 0 0 0 0
Blmbg. Barc. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%)
4.30
4.73
5.16
5.59
6.02
6.45
Return (%)4.80 5.00 5.20 5.40 5.60 5.80 6.00
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)6.13 5.80
Median 4.81 5.05¾
4.50
5.00
5.50
6.00
6.50
7.00
Return (%)4.80 4.85 4.90 4.95 5.00 5.05 5.10 5.15
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)6.32 4.85
Median 4.80 5.07¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.77 1.00 4.20
90 Day U.S. Treasury Bill 5.91 11.01 -13.78 1.72 -0.77 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 1.03 1.00 3.37
90 Day U.S. Treasury Bill 4.93 8.88 -13.38 1.28 -1.03 N/A -0.01 0.01
Performance Review
As of December 31, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 43
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE 1.42 (59)1.42 (59)1.58 (58)3.92 (69)5.49 (60)6.13 (59)6.33 (69)
American Core RE Policy 1.36 (60)1.36 (60)1.57 (59)3.80 (71)5.26 (61)5.89 (61)6.56 (59)
Median 1.63 1.63 1.86 4.39 5.80 6.27 6.78
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
American Core RE 1.62 (65)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)
American Core RE Policy 1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)
Median 1.90 6.89 9.04 8.05 11.32 15.45
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
American Core RE -0.14 (87)-1.23 (55)1.54 (31)1.46 (66)1.44 (71)1.53 (30)
American Core RE Policy 0.57 (48)-1.27 (59)0.92 (67)1.53 (58)1.39 (75)1.34 (61)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.49 -1.22 1.31 1.61 1.75 1.44
Performance Review
As of December 31, 2020
American Core RE
NONE
Page 44
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
3.0
6.0
9.0
12.0
15.0
18.0
American Core RE (%)3.0 6.0 9.0 12.0 15.0 18.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 0 (0%)0 (0%)11 (55%)9 (45%)
American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%)
5.00
5.20
5.40
5.60
5.80
6.00
Return (%)1.80 1.89 1.98 2.07 2.16 2.25 2.34
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 5.49 1.96
American Core RE Policy 5.26 1.80
Median 5.80 2.25¾
6.20
6.40
6.60
6.80
7.00
Return (%)1.54 1.61 1.68 1.75 1.82 1.89 1.96 2.03 2.10
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 6.33 1.69
American Core RE Policy 6.56 1.61
Median 6.78 1.98¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
American Core RE 0.59 103.76 96.48 0.01 0.38 1.33 1.04 0.71
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.32 1.00 0.74
90 Day U.S. Treasury Bill 2.71 28.38 -1.02 1.46 -1.32 N/A 0.03 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 0.83 96.58 96.48 0.08 -0.26 1.67 0.95 0.55
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.71 1.00 0.57
90 Day U.S. Treasury Bill 3.05 17.62 -1.02 1.12 -1.71 N/A 0.01 0.01
Performance Review
As of December 31, 2020
American Core RE
NONE
Page 45
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 0.48 (88)0.48 (88)1.64 (55)5.48 (21)7.20 (17)7.57 (21)8.67 (22)
NCREIF Fund Index-OEDC (EW)1.36 (60)1.36 (60)1.57 (59)3.80 (71)5.26 (61)5.89 (61)6.56 (59)
Median 1.63 1.63 1.86 4.39 5.80 6.27 6.78
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Intercontinental 4.41 (14)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68)
NCREIF Fund Index-OEDC (EW)1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)
Median 1.90 6.89 9.04 8.05 11.32 15.45
1 QtrEndingSep-2020
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
Intercontinental 0.90 (26)-0.02 (30)0.27 (81)3.22 (8)2.50 (19)1.45 (49)
NCREIF Fund Index-OEDC (EW)0.57 (48)-1.27 (59)0.92 (67)1.53 (58)1.39 (75)1.34 (61)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.49 -1.22 1.31 1.61 1.75 1.44
Performance Review
As of December 31, 2020
Intercontinental
NONE
Page 46
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 Earliest Date Latest Date
0.0
4.0
8.0
12.0
16.0
20.0
Intercontinental (%)0.0 4.0 8.0 12.0 16.0 20.0
NCREIF Fund Index-OEDC (EW) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 12 (60%)8 (40%)0 (0%)0 (0%)
NCREIF Fund Index-OEDC (EW)20 0 (0%)1 (5%)19 (95%)0 (0%)
5.52
6.21
6.90
7.59
8.28
Return (%)1.80 1.89 1.98 2.07 2.16 2.25 2.34
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 7.20 2.13
NCREIF Fund Index-OEDC (EW)5.26 1.80
Median 5.80 2.25¾
5.76
6.48
7.20
7.92
8.64
9.36
Return (%)1.33 1.52 1.71 1.90 2.09 2.28 2.47 2.66 2.85
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 8.67 2.58
NCREIF Fund Index-OEDC (EW)6.56 1.61
Median 6.78 1.98¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Intercontinental 1.40 125.77 1.54 2.40 1.33 2.81 0.90 0.01
NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 2.26 1.00 0.74
90 Day U.S. Treasury Bill 1.58 28.37 -1.81 0.86 -2.26 N/A 0.14 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.07 126.48 1.54 2.30 0.97 2.79 0.96 0.01
NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 3.21 1.00 0.57
90 Day U.S. Treasury Bill 1.63 17.61 -1.81 1.02 -3.21 N/A 0.03 0.00
Performance Review
As of December 31, 2020
Intercontinental
NONE
Page 47
Fund Information
Type of Fund:Direct Vintage Year:2014
Strategy Type:Other Management Fee:1.35% of invested equity capital
Size of Fund:-Preferred Return:7.00%
Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd.
Final Close:9/5/2015 expected Number of Funds:
Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to
enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$3,055,050
Management Fees:$62,733
Expenses:$200,165
Interest:-
Total Contributions:$3,055,050
Remaining Capital Commitment:$182,930
Total Distributions:$2,528,853
Market Value:$1,032,510
Inception Date:10/14/2014
Inception IRR:7.2
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$806,000.0
$1,612,000.0
$2,418,000.0
$3,224,000.0
$4,030,000.0
($806,000.0)
10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 10/19 4/20 12/20
Private Equity Fund Overview
Crescent Direct Lending Fund
As of December 31, 2020
Page 48
Fund Information
Type of Fund:Direct Vintage Year:2017
Strategy Type:Other Management Fee:75.% of invested equity capital
Size of Fund:1,500,000,000 Preferred Return:7.00%
Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC
Final Close:Number of Funds:
Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien
loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$1,960,580
Management Fees:$11,301
Expenses:$16,229
Interest:-
Total Contributions:$1,960,580
Remaining Capital Commitment:$396,032
Total Distributions:$567,255
Market Value:$1,591,091
Inception Date:03/13/2018
Inception IRR:6.9
TVPI:1.1
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$520,000.0
$1,040,000.0
$1,560,000.0
$2,080,000.0
$2,600,000.0
($520,000.0)
3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of December 31, 2020
Page 49
Total Fund Policy
Allocation Mandate Weight (%)
Jan-1976
S&P 500 Index 65.00
Blmbg. Barc. U.S. Aggregate Index 30.00
MSCI EAFE Index 5.00
Oct-2003
S&P 500 Index 60.00
Blmbg. Barc. U.S. Aggregate Index 30.00
MSCI EAFE Index 10.00
Sep-2006
S&P 500 Index 60.00
Bloomberg Barclays Intermed Aggregate Index 40.00
Oct-2009
Russell 3000 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 25.00
MSCI EAFE Index 15.00
Bloomberg Barclays U.S. TIPS Index 5.00
NCREIF Property Index 5.00
Oct-2010
Russell 3000 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 20.00
MSCI EAFE Index 15.00
Bloomberg Barclays U.S. TIPS Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Sep-2020
Russell 3000 Index 50.00
MSCI AC World ex USA (Net)15.00
Bloomberg Barclays Intermed Aggregate Index 15.00
Credit Suisse Leveraged Loan Index 4.00
Blmbg. Barc. U.S. TIPS 1-5 Year 3.00
Blmbg. Barc. Global Credit (Hedged)3.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
American Core Realty Policy
Allocation Mandate Weight (%)
Oct-2007
NCREIF Property Index 100.00
Oct-2010
NCREIF Fund Index-Open End Diversified Core (EW)100.00
Vanguard Total Stock Market Policy
Allocation Mandate Weight (%)
Jun-2003
MSCI US Broad Market Index 100.00
Feb-2013
CRSP U.S. Total Market TR Index 100.00
Benchmark History
Investment Policy Benchmarks
As of December 31, 2020
Page 50
Total Equity Policy
Allocation Mandate Weight (%)
Jan-1970
S&P 500 Index 90.00
MSCI EAFE Index 10.00
Oct-2003
S&P 500 Index 85.00
MSCI EAFE Index 15.00
Sep-2006
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 77.00
MSCI EAFE Index 23.00
Sep-2020
Russell 3000 Index 77.00
MSCI AC World ex USA (Net)23.00
Domestic Equity Securities Policy
Allocation Mandate Weight (%)
Jan-1926
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 100.00
Foreign Equity Policy
Allocation Mandate Weight (%)
Nov-2000
MSCI EAFE Index 100.00
Sep-2020
MSCI AC World ex USA (Net)100.00
Benchmark History
Investment Policy Benchmarks
As of December 31, 2020
Page 51
Total Fixed Policy
Allocation Mandate Weight (%)
Nov-2000
Blmbg. Barc. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Barclays Intermed Aggregate Index 100.00
Sep-2020
Bloomberg Barclays Intermed Aggregate Index 60.00
Credit Suisse Leveraged Loan Index 16.00
Bloomberg Barclays U.S. TIPS Index 12.00
Blmbg. Barc. Global Credit (Hedged)12.00
Broad Mkt Fixed Income
Allocation Mandate Weight (%)
Nov-2000
Blmbg. Barc. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Barclays Intermed Aggregate Index 100.00
Non-Core Fixed Policy
Allocation Mandate Weight (%)
Oct-2014
Credit Suisse Leveraged Loan Index 100.00
Dec-2016
Credit Suisse Leveraged Loan Index 50.00
Bloomberg Barclays U.S. TIPS Index 50.00
Mar-2018
Credit Suisse Leveraged Loan Index 41.00
Bloomberg Barclays U.S. TIPS Index 20.00
Blmbg. Barc. Global Credit (Hedged)39.00
Sep-2020
Credit Suisse Leveraged Loan Index 40.00
Bloomberg Barclays U.S. TIPS Index 30.00
Blmbg. Barc. Global Credit (Hedged)30.00
Benchmark History
Investment Policy Benchmarks
As of December 31, 2020
Page 52
Compliance ChecklistTotal FundAs of December 31, 2020Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7.4% actuarial earnings assumption over the trailing three and five year periods.2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.Equity Compliance:Yes No N/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.5. The total equity allocation was less than 75% of the total plan assets at market.6. Total foreign equity was less than 25% of the total plan assets at market.Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. All separately managed fixed income investments have a minimum rating of investment grade or higher.~~ 0.46 of bonds is rated BB, since this is below the threshold of #3. marked in complianceYes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period.3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark.6. Three and five year down-market capture ratio less than the index.Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index.Manager Compliance:Vanguard Total VG Value RBC Global GalliardBrandywineVG Short BDIntercontinental PIMCOManager Compliance:Vanguard Infl-prot.American REPage 53
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 18,840,168 5,652 0.03 % of Assets
Brandywine GLBL Dynamic (LMBGX)0.65 8,462,679 55,007 0.65 % of Assets
Vanguard Value Index Fund (VIVIX)0.04 8,398,033 3,359 0.04 % of Assets
Domestic Equity Securities 0.18 35,700,879 64,019
RBC Global (Voyageur)0.95 9,695,415 92,106 0.95 % of Assets
Foreign Equity Securities 0.95 9,695,415 92,106
Galliard Core Fixed Income 0.25 5,463,341 13,658 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 2,573,303 2,573 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 19,010 13 0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,964,364 15,518 0.79 % of Assets
Crescent Direct Lending Fund 1.35 1,032,510 13,939 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 1,591,091 11,933 0.75 % of Assets
Total Fixed Income 0.46 12,643,619 57,636
Intercontinental 1.10 3,682,138 40,504 1.10 % of Assets
American Core Realty Fund 1.10 1,840,897 20,250 1.10 % of Assets
Direct Real Estate 1.10 5,523,035 60,753
Receipt & Disbursement 756,641 -
Total Fund 0.43 64,319,590 274,514
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of December 31, 2020
Page 54
Disclosures
Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and
Trust, in excess of the permitted amount.
Disclosures
Total Fund
As of December 31, 2020
Page 55
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 56
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 57
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