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Home My WebLink About2021-02-28 Winter Springs General (Flash Report)<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="02/28/2021" Interval="3" Description="Preliminary Report" /> Investment Performance Review Monthly Flash Report Period Ending February 28, 2021 Winter Springs General Employees General Plan and Trust Asset Allocation & Performance Allocation Market Value $ % Performance(%) MTH QTD YTD FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fund Portfolio (Net)65,920,450 100.0 3.24 3.20 3.20 15.71 24.92 10.77 12.54 6.80 11/01/2000 Total Fund Policy 1.74 1.57 1.57 12.08 22.64 10.60 12.02 6.47 Difference 1.50 1.63 1.63 3.63 2.28 0.17 0.52 0.33 Total Fund Portfolio (Gross)65,920,450 100.0 3.24 3.21 3.21 15.83 25.17 11.10 12.88 7.38 11/01/2000 Total Fund Policy 1.74 1.57 1.57 12.08 22.64 10.60 12.02 6.47 Difference 1.50 1.64 1.64 3.75 2.53 0.50 0.86 0.91 Total Equity 47,573,494 72.2 4.82 4.80 4.80 22.92 36.55 13.36 16.45 8.00 01/01/2001 Total Equity Policy 2.86 2.56 2.56 18.17 33.03 12.85 15.88 6.86 Difference 1.96 2.24 2.24 4.75 3.52 0.51 0.57 1.14 Domestic Equity Securities 37,322,946 56.6 4.49 4.54 4.54 20.15 38.55 15.95 18.01 8.35 11/01/2000 Domestic Equity Securities Policy 3.13 2.67 2.67 17.74 35.33 14.97 17.41 7.11 Difference 1.36 1.87 1.87 2.41 3.22 0.98 0.60 1.24 Foreign Equity Securities 10,250,548 15.5 6.05 5.74 5.74 34.21 29.22 5.23 11.52 6.75 11/01/2000 MSCI EAFE Index 2.26 1.18 1.18 17.45 22.98 5.10 10.26 4.93 Difference 3.79 4.56 4.56 16.76 6.24 0.13 1.26 1.82 Total Fixed Income 12,010,319 18.2 -0.97 -1.06 -1.06 1.05 3.25 5.93 5.04 5.04 11/01/2000 Total Fixed Policy -0.70 -0.62 -0.62 0.77 3.42 5.04 3.20 4.57 Difference -0.27 -0.44 -0.44 0.28 -0.17 0.89 1.84 0.47 Broad Mkt Fixed Income 5,393,309 8.2 -0.96 -1.15 -1.15 -0.53 3.33 5.15 3.57 4.65 11/01/2000 Broad Mkt Fixed Income Policy -0.77 -0.92 -0.92 -0.51 2.06 4.57 2.92 4.50 Difference -0.19 -0.23 -0.23 -0.02 1.27 0.58 0.65 0.15 Non-Core Fixed Income 6,617,011 10.0 -0.98 -0.99 -0.99 2.21 0.83 7.87 10.82 9.84 10/01/2014 Non-Core Fixed Policy -0.59 -0.17 -0.17 2.70 4.67 5.28 5.93 4.27 Difference -0.39 -0.82 -0.82 -0.49 -3.84 2.59 4.89 5.57 Direct Real Estate 5,386,487 8.2 0.00 0.00 0.00 0.79 1.61 6.55 7.73 5.97 10/01/2007 NCREIF Fund Index-OEDC (EW)0.00 0.00 0.00 1.36 1.57 5.26 6.56 4.95 Difference 0.00 0.00 0.00 -0.57 0.04 1.29 1.17 1.02 Winter Springs General Employees General Plan and Trust Asset Allocation And Performance Flash Report As of February 28, 2021 Results are preliminary and have not been confirmed. Real Estate holding market values are carried over from latest quarter end. * results are found on IRR page. Page 1 Winter Springs General Employees General Plan and Trust Asset Allocation And Performance Flash Report As of February 28, 2021 Allocation Market Value $ % Performance(%) MTH QTD YTD FYTD 1 YR 3 YR 5 YR Inception Inception Date Domestic Equity Securities 37,322,946 56.6 4.49 4.54 4.54 20.15 38.55 15.95 18.01 8.35 11/01/2000 Vanguard Total Stock Market (VITSX)19,379,027 29.4 3.20 2.86 2.86 17.97 35.62 15.04 17.45 14.63 02/01/2013 Vanguard Total Stock Market Index Hybrid 3.18 2.85 2.85 17.97 35.61 15.05 17.46 14.65 Difference 0.02 0.01 0.01 0.00 0.01 -0.01 -0.01 -0.02 Brandywine GLBL Dynamic (LMBGX)9,193,028 13.9 6.77 8.63 8.63 25.88 N/A N/A N/A 23.20 09/01/2020 Russell 1000 Value Index 6.04 5.07 5.07 22.15 22.22 8.23 12.02 19.15 Difference 0.73 3.56 3.56 3.73 N/A N/A N/A 4.05 Vanguard Value Index Fund (VIVIX)8,750,891 13.3 5.04 4.20 4.20 19.33 N/A N/A N/A 16.71 09/01/2020 CRSP U.S. Large Cap Value TR Index 5.05 4.22 4.22 19.35 21.25 8.18 12.75 16.73 Difference -0.01 -0.02 -0.02 -0.02 N/A N/A N/A -0.02 Foreign Equity Securities 10,250,548 15.5 6.05 5.74 5.74 34.21 29.22 5.23 11.52 6.75 11/01/2000 RBC Global (Voyageur)10,250,548 15.5 6.05 5.74 5.74 34.21 29.22 5.23 11.52 5.06 11/01/2007 MSCI EAFE Index 2.26 1.18 1.18 17.45 22.98 5.10 10.26 2.55 Difference 3.79 4.56 4.56 16.76 6.24 0.13 1.26 2.51 MSCI EAFE Value 4.79 3.99 3.99 24.01 16.62 0.51 7.86 0.91 Difference 1.26 1.75 1.75 10.20 12.60 4.72 3.66 4.15 Results are preliminary and have not been confirmed. Real Estate holding market values are carried over from latest quarter end. * results are found on IRR page. Page 2 Winter Springs General Employees General Plan and Trust Asset Allocation And Performance Flash Report As of February 28, 2021 Allocation Market Value $ % Performance(%) MTH QTD YTD FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fixed Income 12,010,319 18.2 -0.97 -1.06 -1.06 1.05 3.25 5.93 5.04 5.04 11/01/2000 Galliard Core Fixed Income 5,393,309 8.2 -0.96 -1.15 -1.15 -0.53 2.65 5.12 3.47 4.00 10/01/2007 Bloomberg Barclays Intermed Aggregate Index -0.77 -0.92 -0.92 -0.51 2.06 4.57 2.92 3.75 Difference -0.19 -0.23 -0.23 -0.02 0.59 0.55 0.55 0.25 Vanguard Short Term Bond Index (VSCSX)18,937 0.0 -0.27 -0.25 -0.25 0.86 3.17 4.46 3.37 3.01 01/01/2015 Blmbg. Barc. U.S. Corporate 1-5 Year Index -0.23 -0.28 -0.28 0.86 3.42 4.61 3.57 3.18 Difference -0.04 0.03 0.03 0.00 -0.25 -0.15 -0.20 -0.17 Vanguard Inflation-Protected Secs (VAIPX)2,540,592 3.9 -1.72 -1.27 -1.27 0.32 6.26 5.99 N/A 4.52 01/01/2017 Bloomberg Barclays U.S. TIPS Index -1.61 -1.29 -1.29 0.31 5.85 6.11 4.27 4.65 Difference -0.11 0.02 0.02 0.01 0.41 -0.12 N/A -0.13 PIMCO Diversified Income Fund Instl (PDIIX)1,927,329 2.9 -1.25 -1.89 -1.89 2.55 3.10 N/A N/A 5.74 04/01/2018 Blmbg. Barc. Global Credit (Hedged)-1.25 -1.84 -1.84 1.21 3.14 5.96 5.72 6.05 Difference 0.00 -0.05 -0.05 1.34 -0.04 N/A N/A -0.31 Crescent Direct Lending Fund *819,726 1.2 Crescent Direct Lending II Fund *1,310,426 2.0 Direct Real Estate 5,386,487 8.2 0.00 0.00 0.00 0.79 1.61 6.55 7.73 5.97 10/01/2007 Intercontinental 3,682,138 5.6 0.00 0.00 0.00 0.48 1.64 7.20 8.67 11.93 10/01/2010 NCREIF Fund Index-OEDC (EW)0.00 0.00 0.00 1.36 1.57 5.26 6.56 10.07 Difference 0.00 0.00 0.00 -0.88 0.07 1.94 2.11 1.86 American Core Realty Fund 1,704,349 2.6 0.00 0.00 0.00 1.42 1.58 5.49 6.33 4.89 10/01/2007 American Core Realty Policy 0.00 0.00 0.00 1.36 1.57 5.26 6.56 6.61 Difference 0.00 0.00 0.00 0.06 0.01 0.23 -0.23 -1.72 Cash Receipt & Disbursement/Galliard Cash 950,150 1.4 0.00 0.00 0.00 0.01 0.14 1.33 1.04 0.76 10/01/2007 Results are preliminary and have not been confirmed. Real Estate holding market values are carried over from latest quarter end. * results are found on IRR page. Page 3 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund 0.00 1.64 6.10 7.87 N/A 7.07 10/14/2014 Crescent Direct Lending II Fund 0.00 3.36 6.41 N/A N/A 6.41 03/13/2018 Comparative Performance - IRR As of February 28, 2021 Page 4 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 $950,149.6 (1.4%) Direct Real Estate $5,386,487.4 (8.2%) Non-Core Fixed Income$6,617,010.7 (10.0%) Broad Mkt Fixed Income $5,393,308.7 (8.2%) Foreign Equity Securities $10,250,547.6 (15.5%) Domestic Equity Securities $37,322,946.1 (56.6%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 65,920,450 100.0 N/A N/A 100.0 Domestic Equity Securities 37,322,946 56.6 45.0 55.0 50.0 Foreign Equity Securities 10,250,548 15.5 10.0 20.0 15.0 Broad Mkt Fixed Income 5,393,309 8.2 10.0 30.0 15.0 Non-Core Fixed Income 6,617,011 10.0 0.0 20.0 10.0 Direct Real Estate 5,386,487 8.2 0.0 15.0 10.0 Receipt & Disbursement 950,150 1.4 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of February 28, 2021 Page 5 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2020 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 02/28/2021 Total Equity 38,703,803 53,536 ---53,526 -2,831 620,332 8,252,180 47,573,494 Domestic Equity Securities 31,063,563 -----557,852 5,701,531 37,322,946 Vanguard Total Stock Market (VITSX)16,427,142 -----75,333 2,876,552 19,379,027 Brandywine GLBL Dynamic (LMBGX)7,302,966 -----427,212 1,462,850 9,193,028 Vanguard Value Index Fund (VIVIX)7,333,455 -----55,306 1,362,129 8,750,891 Foreign Equity Securities 7,640,240 53,536 ---53,526 -2,831 62,480 2,550,648 10,250,548 RBC Global (Voyageur)7,640,240 53,536 ---53,526 -2,831 62,480 2,550,648 10,250,548 Total Fixed Income 13,021,291 -1,137,663 ---11,295 -3,005 64,663 76,328 12,010,319 Galliard Core Fixed Income 5,429,323 ----7,087 ---28,927 5,393,309 Vanguard Short Term Bond Index (VSCSX)18,779 -----150 8 18,937 Vanguard Inflation-Protected Secs (VAIPX)2,870,558 -350,000 ----35,232 -15,199 2,540,592 PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 -----29,281 18,559 1,927,329 Crescent Direct Lending Fund 1,120,876 -333,127 ---4,208 -1,496 -37,681 819,726 Crescent Direct Lending II Fund 1,702,265 -454,536 ----1,509 -64,206 1,310,426 Direct Real Estate 5,588,364 -241,997 ---3,263 -46,441 -3,057 5,386,487 American Core Realty Fund 1,925,600 -241,997 ---5,076 -18,202 7,622 1,704,349 Intercontinental 3,662,764 ---1,814 -28,239 -10,679 3,682,138 Receipt & Disbursement 515,204 1,326,124 833,543 -1,699,135 --25,644 57 -950,150 Total Fund Portfolio 57,828,662 -833,543 -1,699,135 -68,084 -31,479 731,493 8,325,451 65,920,450 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2020 To February 28, 2021 Page 6 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 February 28, 2021 Page 7 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 February 28, 2021 Page 8 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 February 28, 2021 Page 9 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. 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Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 10 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.