HomeMy WebLinkAbout2024 05 09 Board of Trustee Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, MAY 9, 2024 - 5:30 PM
CITY HALL - COMMISSION CHAMBERS
1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA
1
CALL TO ORDER
Roll Call
Invocation
Pledge of Allegiance
Agenda Changes
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a
“Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
CONSENT AGENDA
300. Approval of the Thursday, March 21, 2024 Board of Trustees Regular Meeting Minutes
2024 03 21 BOT Regular Meeting Minutes.pdf
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. Quarterly Investment Return Report from Mariner
2024-03-31 Winter Springs General (Quarterly Report).pdf
REPORTS
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a
“Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
ADJOURNMENT
PUBLIC NOTICE
This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be
advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in
2
attendance at this Meeting, and may participate in discussions.
Persons with disabilities needing assistance to participate in any of these proceedings should contact the
City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a
physically handicapped person to attend the meeting, directed to the chairperson or director of such
board, commission, agency, or authority" - per Section 286.26 Florida Statutes.
"If a person decides to appeal any decision made by the board, agency, or commission with respect to
any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and
that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made,
which record includes the testimony and evidence upon which the appeal is to be based" - per Section
286.0105 Florida Statutes.
3
CONSENT AGENDA ITEM 300
BOARD OF TRUSTEES AGENDA | MAY 9, 2024 REGULAR MEETING
TITLE
Approval of the Thursday, March 21, 2024 Board of Trustees Regular Meeting Minutes
SUMMARY
FUNDING SOURCE
RECOMMENDATION
Staff recommends the Board approve the March 21, 2024 Minutes as presented
4
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
MARCH 21, 2024
Rescheduled From Thursday, February 8, 2024
CALL TO ORDER
City Clerk Christian Gowan called the Regular Meeting of Thursday, March 21, 2024, of the Board of
Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter
Springs, Florida 32708).
Roll Call:
Board Member Michael Blake, present
Board Member Brandon Fair, present
Board Member Arif Fareed, present
Board Member Marco Santoro, absent
Board Member David Withee, absent
City Clerk Christian Gowan, present
Also present:
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida
Ms. Holly Queen, Director, Finance Department
Mr. Brian Dunigan, Director, Operations Department
Mr. Gowan led the Pledge of Allegiance and then noted one addition to the agenda regarding legal
services related to the pension.
MOTION TO ADD THE LEGAL SERVICES LETTER OF ENGAGEMENT TO THE AGENDA FOR
CONSIDERATION. MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR.
MOTION PASSEDWITH UNANIMOUS CONSENT.
REGULAR AGENDA - PART I
500) Election for Chairperson of the Board of Trustees for Calendar Year 2023
City Clerk Christian Gowan opened nominations for Chairperson.
Brief discussion on interest among members to serve as Chair.
BOARD MEMBER FAREED NOMINATED BOARD MEMBER MARCO SANTORO TO SERVE AS CHAIR.
SECONDED BY BOARD MEMBER BLAKE.
No other nominations were made.
VOTE: BLAKE (AYE); FAIR(AYE); FAREED (AYE)
MOTION CARRIED 3-0.
Board Member Marco Santoro was elected the Chairperson.
501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2023
5
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MARCH 21, 2024
PAGE 2 OF 4
PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY
REGULAR MEETING | WEDNESDAY,
BOARD MEMBER FAIR NOMINATED BOARD MEMBER ARIF FAREED TO SERVE AS VICE CHAIR.
SECONDED BY BOARD MEMBER BLAKE.
No other nominations were made.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE)
MOTION CARRIED 3-0.
Board Member Arif Fareed was elected the Vice-Chairperson.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Vice Chair Fareed opened Public Input.
No one addressed the Board.
Vice Chair Fareed closed Public Input.
CONSENT AGENDA
300) Approval of the Thursday, November 9, 2023 Board of Trustees Regular Meeting Minutes
"MOTION TO APPROVE." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER
FAIR. DISCUSSION.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE);
MOTION CARRIED 3-0.
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA – PART II
502) Quarterly Investment Return Report from AndCo Consulting
Mr. West first noted that AndCo had recently been acquired by Mariner and noted the City and Board
could expect no disruption or change to the services provided. Mr. West further noted that he was
seeking a recommendation of approval for assignment of the contract.
Discussion followed on the current contract, rate for services, and the process of getting the
assignment approved by the City Commission.
“I'D MAKE A MOTION THAT WE ADVISE THE COMMISSION OF WHAT I SAID EARLIER THAT WE
ARE PLEASED WITH THE SERVICES THAT THAT WE'VE BEEN RECEIVING, THROUGH THE
TRANSACTION, THAT WE WOULD ENCOURAGE EXECUTION OF THE ASSIGNMENT AGREEMENT,
ALONG WITH A THREE-YEAR CONTRACT EXTENSION AT THE SAME PRICE.” MOTION BY BOARD
MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR.
6
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MARCH 21, 2024
PAGE 3 OF 4
PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY
REGULAR MEETING | WEDNESDAY,
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE);
MOTION CARRIED 3-0.
Mr. West then highlighted the investment environment over the last quarter, and expanded on
numbers for various funds, cash flow, and asset allocation. Mr. West recommended rebalancing by
selling 3.6 million of the Vanguard Total Stock Market Index Fund and allocating 1.5 million of those
dollars to the R&D and the remaining 2.1 million to the Galliard Intermediate Bond Fund.
Ms. Queen provided updates on the city's contributions and cash flow and discussion followed on a
request for regular contribution schedules for planning purposes.
MOTION TO ACCEPT THE RECOMMENDATION OF MR. WEST SELLING 3.6 MILLION OF THE
VANGUARD TOTAL STOCK MARKET INDEX FUND AND ALLOCATING 1.5 MILLION OF THOSE
DOLLARS TO THE R&D AND THE REMAINING 2.1 MILLION TO THE GALLIARD INTERMEDIATE BOND
FUND. MOTION BY VICE CHAIR FAREED. SECONDED BY BOARD MEMBER FAIR. DISCUSSION.
“I MOVE TO AMEND THE MOTION TO TAKE $3 MILLION FROM THE VANGUARD AND $600,000
FROM THE RBC, AND ALLOCATE IT, AS WAS REQUESTED THAT 2.1 MILLION DOLLARS TO THE
BONDS AND 1.5 MILLION TO THE MONEY MARKET.” MOTION BY BOARD MEMBER BLAKE.
SECONDED BY VICE CHAIR FAREED.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE)
MOTION CARRIED 3-0.
503) ADD-ON: Letter of Engagement for Legal Services
Mr. Dunigan noted a letter received from the City’s pension attorney seeking to renegotiate their fees
to $405 an hour.
Discussion followed on previous rates and when the attorney is engaged.
MOTION TO RECOMMEND APPROVAL OF THE NEW RATE ($405 PER HOUR). MOTION BY VICE
CHAIR FAREED. SECONDED BY BOARD MEMBER FAIR.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE)
MOTION CARRIED 3-0.
Mr. Dunigan then informed the Board of a retiree who had passed away but continued to receive
benefits in the amount of $32,000. Mr. Dunigan sought guidance from the Board on how to handle
the situation. The board agreed not to engage the pension attorney regarding the overpayment
recovery issue, and instead recommended reviewing the service agreement with Fifth Third.
REPORTS
No reports were made.
PUBLIC INPUT
Vice Chair Fareed opened Public Input.
No one addressed the Board.
Vice Chair Fareed closed Public Input.
7
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MARCH 21, 2024
PAGE 4 OF 4
PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY
REGULAR MEETING | WEDNESDAY,
ADJOURNMENT
Chairperson Smith adjourned the Regular Meeting at 7:03 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
CHRISTIAN D. GOWAN, MPA
CITY CLERK
NOTE: These Minutes were approved at the___________________________, 2024 Board of Trustees Regular Meeting.
8
<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="03/31/2024" Interval="3"
Description="Quarterly Report" />
Investment Performance Review
Period Ending March 31, 2024
Winter Springs General Employees General Plan
and Trust
9
1st Quarter 2024 Market Environment
Page 1 10
The Market Environment
Executive Summary
As of March 31, 2024
The Economy
The US Federal Reserve (the Fed) held rates steady during the first quarter.
However, domestic equities rallied on the prospect that the Fed could cut rates later
in 2024. In its press release for the March meeting, the Fed stated that “In
considering any adjustments to the target range for the federal funds rate, the
Committee will carefully assess incoming data, the evolving outlook, and the
balance of risks.” In addition, the Fed will continue reducing its balance sheet as
described in its previously announced plans.
The Fed’s prolonged pause in its rate-hiking cycle and the insertion of the word
“any” in its December press release gave the market hope that the Fed may be
ready to pivot in its stance and begin reducing rates to a less restrictive level in
2024. The Fed’s published “Dot Plot” shared expectations of three quarter-point rate
cuts during the year, which would be the first rate cut since the COVID pandemic in
2020.
Growth in the US labor market continued in March, as nonfarm payrolls increased
by 303,000 and unemployment held steady at 3.8%. Federal Reserve Chair Jerome
Powell stated, “Strong hiring in and of itself would not be a reason to hold off on rate
cuts,” adding that the job market is not a primary cause for concern around inflation.
Powell added “an unexpected weakening in the labor market could also warrant a
policy response.”
Equity (Domestic and International)
US equities moved broadly higher during the first quarter based on expectations of
a more favorable interest rate environment in the coming year. The S&P 500 Index
rose 10.6% for the quarter.
International stocks experienced robust growth to begin the year, albeit muted by a
strengthening US Dollar (USD). USD performance lagged local currency (LCL)
performance in most regions for the quarter, though both currency readings were
positive.
GDP growth across regions remains mixed as many regions are dealing with local
headwinds and tailwinds as much of the world continues to navigate sticky inflation
with varying degrees of success. Conflicts abroad have dragged on performance,
but as we have seen with the Russia-Ukraine conflict, market conditions will
typically normalize once the broader impact has been reasonably assessed.
Fixed Income
While sticky inflation numbers and a robust job market likely prompted the Fed to
keep the fed funds rate unchanged during the quarter, this lack of action also
tempered expectations for potential rate cuts in 2024. Fixed-income markets fell in
March (yield rose) on the belief that rates could be higher for longer.
High-yield bonds outperformed investment-grade issues for the quarter, largely due
to narrowing credit spreads and higher coupons. Although the high-yield bond
benchmark’s duration is almost half of the US Aggregate Bond index’s duration, the
high-yield index edged out the bellwether bond benchmark due to a relatively stable
yield curve and the aforementioned narrowing credit spreads.
Global bonds lagged the domestic bond market with the US Aggregate Index
beating the Global Aggregate ex-US Index by 2.4%. This broke the two indexes’ tie
in 2023 and left global bonds 2.4% behind the domestic bond market for the full
year.
Market Themes
2024 opened with strong results in domestic and international equity markets,
continuing what was a robust 2023. Growth sectors continued to outpace value
sectors but by a narrower margin than 2023, showcasing increased breadth across
many markets.
Central banks remained vigilant in their stances to bring inflation under control.
While inflation readings remain stubbornly elevated, signs of stable-to-cooling price
pressures have shown up in most regions around the world.
Policy rates remained relatively stable across most developed markets as central
banks continued their tight policy stance. However, there are expectations of looser
monetary policy to take hold as 2024 progresses.
Ongoing military conflicts coupled with economic uncertainty around the globe
continue to act as headwinds in international markets. While global disruptions from
the Russia-Ukraine conflict seemed to subside, the proxy war in the Middle East has
spread to other countries in the region and unsettled shipping channels globally.
Page 2 11
The Market Environment
Major Market Index Performance
As of March 31, 2024
Domestic equity markets carried their momentum from late 2023 into the first
quarter of 2024.Economic indicators continued to signal improving conditions
for growth and softening inflation,resulting in an ongoing tailwind for risk
assets.For the period,the S&P 500 large-cap benchmark returned 10.6%
versus 8.6%for the Russell Mid Cap Index and 5.2%for the Russell 2000
small-cap index.
International developed and emerging market equities also posted solid
results.European markets continue to face geopolitical risks related to the
conflict in Ukraine,the Middle East is grappling with a proxy war that has
spread beyond Israel and Palestine,and Asia is feeling contagion effects from
China’s economic uncertainty.Despite the uncertainty,the developed market
MSCI EAFE Index returned 5.8%for the quarter,while the MSCI Emerging
Markets Index advanced 2.4%.
Most broad fixed income indexes fell slightly during the first quarter of 2024.
While market participants were generally optimistic about the possibility of a
Fed rate cut during the first half of the year,sticky inflation pushed out these
expectations and caused markets to re-think the timing of 2024’s potential rate
cuts.The Bloomberg (BB)US Aggregate Index returned -0.8%for the quarter
while investment-grade corporate bonds were down less,returning -0.4%.
US equity markets posted a stellar 29.9%during the trailing one-year period.
The weakest relative performance for the year was the Russell 2000 Index,
which nonetheless climbed 19.7%over the last 12 months.
International markets also showcased a healthy rebound in 2023.Over the
trailing one-year period,the MSCI EAFE Index was the best international
performer,returning 15.3%while the MSCI Emerging Markets Index added a
more modest 8.2%.
Bond markets were relatively flat over the previous 12 months.Investment-
grade corporate bonds were the best-performing sector,up by 4.4%.
Meanwhile,Treasuries have lagged,returning just 0.1%over the previous 12
months.The bellwether fixed-income benchmark,the Bloomberg US
Aggregate Index,returned a muted 1.7%for the year.
Source: Investment Metrics
1.3%
-0.4%
-1.0%
-0.1%
-0.9%
-0.8%
2.4%
5.8%
4.7%
5.2%
8.6%
10.3%
10.0%
10.6%
-2.1%-0.1%1.9%3.9%5.9%7.9%9.9%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
Quarter Performance
5.3%
4.4%
1.4%
0.5%
0.1%
1.7%
8.2%
15.3%
13.3%
19.7%
22.3%
29.9%
29.3%
29.9%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
1-Year Performance
Page 3 12
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of March 31, 2024
Domestic equity benchmarks were positive for the second consecutive quarter
and growth style issues continued to outpace value.The best-performing area
of the equity market was large-cap growth,with the Russell 1000 Growth index
returning 11.4%.The worst performing area of the market was small-cap
value,with the Russell 2000 Value index returning just 2.9%for the quarter.
From a market capitalization perspective,large-cap stocks led their small-cap
counterparts,with the Russell 1000 Index returning 10.3%and the Russell
2000 Index lagging with a lower,but still solid,5.2%.
The market continued its growth-led rally as growth stocks outpaced value
stocks across the market-capitalization spectrum.While growth led the way
during the quarter,value benchmarks largely kept pace,signaling that the rally
seen in domestic equities may be broadening to other areas of the market.
For the year,within large-cap stocks,the Russell 1000 Growth Index returned
an impressive 39.0%,leading the way among style and market capitalization
classifications.The weakest performing index for the year was the Russell
2000 Value,which still posted a double-digit return of 18.8%.
The dominance of growth sectors is evident in the chart,with all growth
benchmarks handily outpacing their core and value index counterparts.
However,the strength of the outperformance differs meaningfully between the
large cap and small cap segments of the market.The Russell 2000 Growth
Index returned 20.3%,outpacing the Russell 2000 Value index return by a
narrow margin of just 1.5%.However,this spread widens to 5.9%for the
Russell Midcap Growth benchmarks and blows out to a span of 18.7%for the
large cap benchmarks.
7.6%
5.2%
2.9%
9.5%
8.6%
8.2%
11.4%
10.3%
9.0%
11.2%
10.0%
8.6%
0.0%5.0%10.0%15.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
Quarter Performance -Russell Style Series
20.3%
19.7%
18.8%
26.3%
22.3%
20.4%
39.0%
29.9%
20.3%
38.0%
29.3%
20.2%
0.0%10.0%20.0%30.0%40.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
1-Year Performance -Russell Style Series
Page 4 13
The Market Environment
GICS Sector Performance & (Sector Weight)
As of March 31, 2024
Source: Morningstar Direct
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking
performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
2023’s year-end rally continued into the first quarter of 2024 and
expanded its breadth across styles and market capitalizations.
Ten of the 11 GICS economic sectors in the large-cap Russell 1000 Index
moved higher during the first quarter.Five of the 11 sectors outpaced the
broad index return of 10.0%.Communication services led the way at
15.2%followed by energy (up 13.5%),financials (12.9%),information
technology (12.5%),and industrials (11.4%).
For the full year,all 11 economic sectors finished in positive territory with
communication services leading the way at 47.5%and information
technology following in lock step at 45.9%.Of the 11 sectors,four were up
at least 30.0%the past year.Utilities (up 1.5%),consumer staples (8.0%),
and real estate (9.4%)were the only three sectors that did not post
double-digit results over the trailing year.
Seven small-cap economic sectors posted positive results during the
quarter with six of those sectors exceeding the 5.2%return of the Russell
2000 Index.The information technology (up 13.5%),energy (12.6%),and
industrials (10.3%)sectors led the way as the only three sectors to
showcase double-digit performance for the quarter.Utilities (-2.2%),real
estate (-1.9%),communication services (-1.8%),and financials (-1.0%)
sectors all lost ground during the quarter.
Similar to large-cap sector performance,nine of the 11 small cap sectors
were positive over the trailing year.Energy posted the strongest sector
results (30.4%)with the information technology (30.3%)sector not far
behind.Industrials (29.5%),consumer discretionary (21.8%)and financials
(20.3%)each also returned more than 20.0%for the period.Six of the 11
economic sectors fell short of the core small-cap benchmark’s return of
19.7%over the trailing year.The two negative sectors for the year were
utilities with a return of -11.3%and communication services,which
returned -2.1%.
1.5%
9.4%
17.7%
45.9%
30.0%
16.0%
35.7%
18.0%
8.0%
29.7%
47.5%
5.6%
-0.7%
8.8%
12.5%
11.4%
8.9%
12.9%
13.5%
8.0%
6.0%
15.2%
-5.0%5.0%15.0%25.0%35.0%45.0%
Utilities (2.2%)
Real Estate (2.7%)
Materials (2.3%)
Info Technology (29.5%)
Industrials (9.1%)
Health Care (12.5%)
Financials (13.0%)
Energy (3.9%)
Consumer Staples (5.8%)
Consumer Disc (10.7%)
Comm Services (8.6%)
Russell 1000 Quarter 1-Year
-11.3%
11.5%
13.0%
30.3%
29.5%
18.1%
20.3%
30.4%
17.9%
21.8%
-2.1%
-2.2%
-1.9%
5.3%
13.5%
10.3%
7.2%
-1.0%
12.6%
4.3%
7.9%
-1.8%
-20.0%-10.0%0.0%10.0%20.0%30.0%
Utilities (2.6%)
Real Estate (7.0%)
Materials (4.9%)
Info Technology (16.5%)
Industrials (15.5%)
Health Care (15.4%)
Financials (14.7%)
Energy (6.8%)
Consumer Staples (4.1%)
Consumer Disc (10.4%)
Comm Services (2.0%)
Russell 2000 Quarter 1-Year
Page 5 14
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of March 31, 2024
Source: Morningstar Direct
Top 10 Weighted StocksTop 10 Weighted Stocks
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Information Technology847.9%255.3%1.9%Super Micro Computer IncInformation Technology47.1%12.1%6.5%Microsoft Corp
Information Technology483.1%169.9%0.9%MicroStrategy Inc Class AInformation Technology4.5%-10.8%5.2%Apple Inc
Industrials118.7%54.6%0.4%Comfort Systems USA IncInformation Technology225.4%82.5%4.5%NVIDIA Corp
Consumer Staples138.0%35.8%0.4%e.l.f. Beauty IncConsumer Discretionary74.6%18.7%3.4%Amazon.com Inc
Consumer Discretionary70.0%24.3%0.3%Light & Wonder Inc Ordinary SharesCommunication Services129.4%37.3%2.2%Meta Platforms Inc Class A
Consumer Discretionary798.0%66.1%0.3%Carvana Co Class ACommunication Services45.5%8.0%1.9%Alphabet Inc Class A
Information Technology106.1%18.4%0.3%Onto Innovation IncFinancials36.2%17.9%1.6%Berkshire Hathaway Inc Class B
Industrials88.6%3.8%0.3%Simpson Manufacturing Co IncCommunication Services46.4%8.0%1.6%Alphabet Inc Class C
Health Care392.5%340.6%0.3%Viking Therapeutics IncHealth Care128.4%33.7%1.4%Eli Lilly and Co
Energy94.5%18.0%0.3%Weatherford International PLC Financials58.1%18.5%1.2%JPMorgan Chase & Co
Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Health Care-43.0%473.5%0.0%Ocean Biomedical IncInformation Technology225.4%82.5%4.5%NVIDIA Corp
Health Care392.5%340.6%0.3%Viking Therapeutics IncUtilities197.1%81.4%0.1%Vistra Corp
Health Care438.7%258.2%0.0%Longboard Pharmaceuticals IncInformation Technology339.5%73.7%0.0%AppLovin Corp Ordinary Shares
Information Technology847.9%255.3%1.9%Super Micro Computer IncHealth Care50.2%70.9%0.0%Shockwave Medical Inc
Health Care211.2%250.9%0.0%Janux Therapeutics Inc Industrials471.2%70.1%0.1%Vertiv Holdings Co Class A
Health Care-9.9%206.8%0.0%Arcutis Biotherapeutics IncConsumer DiscretionaryN/A63.0%0.0%Cava Group Inc
Information Technology-9.8%190.6%0.0%Veritone IncIndustrials116.2%62.7%0.0%EMCOR Group Inc
Health Care66.3%182.0%0.1%Avidity Biosciences Inc Consumer StaplesN/A58.9%0.0%Maplebear Inc
Health Care455.7%180.4%0.1%Vera Therapeutics Inc Class AUtilities138.0%58.5%0.1%Constellation Energy Corp
Information Technology113.4%177.8%0.0%SoundHound AI Inc Ordinary Shares Consumer Discretionary167.4%58.0%0.0%Williams-Sonoma Inc
Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Health Care-90.3%-80.7%0.0%Amylyx Pharmaceuticals IncFinancials-62.3%-68.2%0.0%New York Community Bancorp Inc
Financials-73.3%-79.4%0.0%Bakkt Holdings Inc Ordinary SharesMaterials-70.1%-58.7%0.0%SSR Mining Inc
Consumer Discretionary-55.1%-78.9%0.0%WW International IncConsumer Discretionary-29.3%-53.3%0.0%Rivian Automotive Inc Class A
Consumer Discretionary-79.9%-77.4%0.0%iRobot CorpHealth Care-74.3%-51.4%0.0%Agilon Health Inc
Information Technology-77.4%-73.7%0.0%LivePerson IncCommunication Services-91.6%-39.2%0.0%AMC Entertainment Holdings Inc
Real Estate-81.1%-72.1%0.0%Office Properties Income TrustCommunication Services-57.2%-36.1%0.0%Iridium Communications Inc
Industrials-69.3%-69.6%0.0%Spirit Airlines IncInformation Technology-46.5%-35.3%0.0%Viasat Inc
Consumer Discretionary-94.3%-68.3%0.0%2U IncHealth Care-46.2%-35.0%0.0%QuidelOrtho Corp
Health Care-94.0%-67.8%0.0%CareMax Inc Ordinary SharesInformation Technology-17.7%-34.7%0.0%Unity Software Inc Ordinary Shares
Information Technology-89.0%-67.3%0.0%Presto Automation IncHealth Care-32.7%-32.9%0.0%10x Genomics Inc Ordinary Shares
Page 6 15
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of March 31, 2024
Many of the international developed-and emerging-market benchmarks
posted positive performance in both USD and LCL terms for the first quarter.A
strengthening of the USD during the period was a drag on domestic non-US
index performance across all regions.The developed-market MSCI EAFE
Index still returned a solid 5.8%in USD and 10.0%in LCL terms for the period.
The MSCI Emerging Markets Index rose by 2.4%in USD and 4.5%in LCL
terms.
Latin America was the only region to post negative performance for the quarter
in both USD and LCL terms.The cyclicality of demand for commodity exports
in the region has resulted in greater volatility due to continued uncertainty over
central bank policies and global demand.
The heaviest weighted country in the emerging market index (China,7.0%)
continued its drag on broad index returns,returning -2.2%during the quarter.
The Chinese economy grew at a rate of 5.2%in 2023,lower than its pre-
pandemic rate of 6.0%which was a headwind for performance.Troubles in the
commercial property and banking sectors have also created challenges for
growth in the region.
Much like domestic markets,trailing one-year results for international
developed and emerging markets benchmarks were strong.Outside of EM
Latin America,the USD showed strength over broad and regional benchmarks
for the year,and as a result,LCL returns finished higher than USD
performance.
MSCI Pacific results led the way in LCL currency terms at 28.8%for the
trailing year.USD returns for the region were still strong but returned a more
muted 17.5%due to softening currency in the region.Due to demand for
commodity exports and rising oil prices,EM Latin America was the only region
where the USD weakened relative to LCL returns,resulting in higher USD
returns (22.6%vs.19.8%).The EM Asia regional benchmark was the weakest
relative-performing region in the emerging market index,with the EM Asia
index returning 6.3%in USD and 8.9%in LCL terms.
-2.2%
5.5%
3.0%
4.5%
13.2%
8.3%
10.0%
9.6%
8.2%
-4.0%
3.4%
1.0%
2.4%
6.7%
5.3%
5.8%
5.6%
4.7%
-5.0%0.0%5.0%10.0%15.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (48)
Quarter Performance USD LOCAL
19.8%
8.9%
15.2%
10.6%
28.8%
14.0%
18.8%
18.4%
16.2%
22.6%
6.3%
10.5%
8.2%
17.5%
14.2%
15.3%
15.3%
13.3%
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 Performance USD Local Currency
Page 7 16
The Market Environment
US Dollar International Index Attribution & Country Detail
As of March 31, 2024
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents
backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE
6.6%4.1%4.0%Communication Services
15.5%11.1%12.5%Consumer Discretionary
-5.9%-3.1%8.6%Consumer Staples
14.6%2.2%4.1%Energy
25.8%8.6%19.3%Financials
8.6%4.7%12.7%Health Care
23.1%7.9%16.8%Industrials
31.1%14.3%9.4%Information Technology
10.2%-1.1%7.2%Materials
13.0%1.5%2.3%Real Estate
2.7%-5.0%3.1%Utilities
15.3%5.8%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS
-3.0%2.1%5.1%Communication Services
8.6%7.2%11.8%Consumer Discretionary
-4.6%-3.2%7.4%Consumer Staples
21.4%5.2%5.5%Energy
21.4%5.9%21.4%Financials
7.5%3.7%9.2%Health Care
19.8%6.9%13.8%Industrials
29.4%11.4%13.4%Information Technology
4.1%-1.6%7.4%Materials
6.8%-0.3%2.0%Real Estate
5.2%-3.0%3.0%Utilities
13.3%4.7%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt
-11.5%0.8%8.6%Communication Services
-5.3%-0.5%12.4%Consumer Discretionary
-2.6%-4.3%5.6%Consumer Staples
36.0%6.9%5.3%Energy
15.0%2.3%22.4%Financials
-0.9%-4.5%3.5%Health Care
4.6%1.4%7.0%Industrials
26.7%9.9%23.7%Information Technology
-5.4%-4.6%7.2%Materials
-11.3%-6.0%1.5%Real Estate
17.9%3.5%2.8%Utilities
8.2%2.4%100.0%Total
1-YearQuarterMSCI-ACWIxUSMSCI-EAFE
ReturnReturnWeightWeightCountry
23.5%10.2%15.0%23.3%Japan
6.4%1.9%9.4%14.6%United Kingdom
9.7%5.7%7.8%12.1%France
4.9%-2.1%6.0%9.3%Switzerland
12.0%6.8%5.6%8.7%Germany
8.1%-0.5%4.7%7.3%Australia
22.5%15.4%3.3%5.2%Netherlands
33.0%14.4%2.3%3.6%Denmark
11.6%0.2%2.0%3.1%Sweden
30.6%13.1%1.8%2.8%Italy
19.6%7.7%1.7%2.7%Spain
-25.8%-12.2%1.2%1.8%Hong Kong
-6.1%-0.1%0.9%1.3%Singapore
-12.8%-6.0%0.6%1.0%Finland
-0.2%1.7%0.6%0.9%Belgium
22.1%12.2%0.5%0.7%Israel
-0.2%-7.9%0.4%0.6%Norway
16.9%14.8%0.2%0.4%Ireland
-16.6%-17.9%0.1%0.2%Portugal
-8.2%-4.9%0.1%0.2%New Zealand
10.5%0.5%0.1%0.2%Austria
15.3%5.8%64.5%100.0%Total EAFE Countries
12.3%3.4%7.7%Canada
15.3%5.6%71.9%Total Developed Countries
-17.1%-2.2%7.0%China
36.8%6.1%5.0%India
27.8%12.4%4.9%Taiwan
14.2%1.6%3.5%Korea
27.0%-7.4%1.4%Brazil
15.8%4.7%1.2%Saudi Arabia
-4.9%-6.8%0.8%South Africa
17.7%0.5%0.8%Mexico
3.4%2.1%0.5%Indonesia
-16.4%-8.2%0.4%Thailand
3.1%3.0%0.4%Malaysia
9.2%0.4%0.3%United Arab Emirates
55.3%3.5%0.3%Poland
-1.4%-3.6%0.2%Qatar
4.1%8.3%0.2%Kuwait
19.3%14.6%0.2%Turkey
7.2%6.1%0.2%Philippines
-5.9%-4.5%0.1%Chile
37.4%6.5%0.1%Greece
46.2%15.8%0.1%Peru
47.4%0.5%0.1%Hungary
-7.6%-7.7%0.0%Czech Republic
48.3%14.2%0.0%Colombia
3.2%-29.7%0.0%Egypt
8.2%2.4%27.9%Total Emerging Countries
13.3%4.7%100.0%Total ACWIxUS Countries
Page 8 17
Source: Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of March 31, 2024
Fixed-income markets pulled back slightly to start the year with many domestic
and international bond indexes finishing modestly lower during the quarter.
Yields remain elevated due to the Federal Reserve’s decision to maintain rates
at their current levels.While market expectations are that the Fed will
eventually begin cutting rates in 2024,which will be a jolt to bond holder
performance as yield fall,higher yields and coupon rates on bonds also are
also offer an attractive stabilizing,lower-risk benefit for bond allocations in
diversified portfolios.
The Bloomberg US Aggregate Bond Index,the bellwether US investment
grade benchmark,returned a mild negative result of -0.8%for the quarter.
Performance across the investment grade index’s segments finished the
period with similar performance with the Bloomberg US Corporate Investment
Grade Index returning -0.4%and the US Mortgage Index sliding by -1.0%.
Outside of the Aggregate index's sub-components,high-yield bonds continued
to rise with a return of 1.5%as credit spreads narrowed during the quarter.US
TIPS fell -0.8%for the quarter.The Bloomberg Global Aggregate ex-US Index
return of -3.2%for the quarter lagged all domestic fixed-income indexes as
well as the multiverse benchmark’s return of -1.9%.
Over the trailing one-year period,the Bloomberg US Aggregate Bond Index
climbed 1.7%.The benchmark's sub-components also posted positive
performance over the trailing 12 months with the Bloomberg US Corporate
Investment Grade Index rising 4.4%and the US Mortgage Index posting a
more modest 1.4%return.US TIPS,which are excluded from the aggregate
index,rose 0.5%for the year.High-yield corporate bonds,which have a much
shorter duration,outpaced their investment grade counterparts with the
Bloomberg US High Yield Index posting and equity-like return of 11.2%for the
last year.
Performance for non-US bonds were negative for the trailing year with the
Bloomberg Global Aggregate ex-US Index falling by -0.7%.With foreign
central banks largely tracking the Fed’s tight monetary stance,the negative
performance of global bonds is largely attributable to USD strength over the
last year.
0.9%
-0.7%
2.3%
1.7%
5.4%
3.7%
1.3%
1.1%
0.5%
11.2%4.4%
1.4%
0.1%
-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%
Multiverse (6.4)
Global Agg x US (7.0)
Intermediate Agg (4.4)
Aggregate (6.1)
Baa (6.8)
A (6.9)
AA (6.0)
AAA (4.2)
U.S. TIPS (4.6)
U.S. High Yield (3.1)
U.S. Corporate IG (6.9)
U.S. Mortgage (6.0)
U.S. Treasury (6.0)
1-Year Performance
-1.9%
-3.2%
-0.4%
-0.8%
-0.2%
-0.5%
-1.0%
0.2%
-0.8%
1.5%
-0.4%
-1.0%
-1.0%
-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%
Multiverse (6.4)
Global Agg x US (7.0)
Intermediate Agg (4.4)
Aggregate (6.1)
Baa (6.8)
A (6.9)
AA (6.0)
AAA (4.2)
U.S. TIPS (4.6)
U.S. High Yield (3.1)
U.S. Corporate IG (6.9)
U.S. Mortgage (6.0)
U.S. Treasury (6.0)
Quarter Performance
Page 9 18
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis), Federal Reserve of New York
The Market Environment
Market Rate & Yield Curve Comparison
As of March 31, 2024
The gray band across the graph illustrates the range of the current Fed Funds
target rate.During the first quarter,the Federal Open Market Committee
(FOMC)continued to hold the rates steady in the 5.25%-5.50%target range.
The last rate increase in the current cycle occurred at the FOMC’s July 2023
meeting and while their press releases have continued to push economic data-
dependent outcomes,subtle press release rewordings since last July have
increased the likelihood there will be no additional rate increase in this cycle.
With early April’s inflation surprise,the CME FedWatch tool,which forecasts
rates based on Fed Fund futures pricing,is predicting two 0.25%rate cuts for
2024,with the first occurring in September.Fed officials and market
participants have expressed concern about leaving rates at their current levels
for an extended period could tip the US economy into a recession,but inflation
remains stubbornly elevated and higher rates are the FOMC’s primary
inflation-fighting tool.Additionally,the FOMC continues to remove liquidity
from the market by allowing bonds held on its balance sheet to mature without
reinvesting maturity proceeds.
The yield on the US 10-year Treasury (green line of the top chart)rose
modestly,opening at the at 3.88%and finishing the quarter at 4.20%.The
0.32%increase was largely attributable to sticky inflation data released
throughout the quarter.The benchmark's rate peaked in October 2023,
cresting at just under 5.00%before pulling back in the remainder of the year.
The blue line in the top chart illustrates changes in the Option Adjusted Spread
(OAS)for BAA-rated corporate bonds.This measure quantifies the additional
yield premium that investors require to purchase and hold non-US Treasury
issues with the lowest investment grade rating.During the quarter,the spread
narrowed from 1.29%to 1.17%,which is equivalent to falling rates for BAA
bonds.The spread measure has continued to narrow over the trailing 12-
month period after concerns about the regional banking sector during March
2023 caused credit spreads to spike.High-yield OAS spreads (represented by
the yellow line in the top chart)have also continued to narrow from 3.39%at
the end of 2023 to 3.15%at the end of March 2024.This narrowing provided
an additional boost to high yield performance.
The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters.If the anticipated rate cuts materialize in
2024,the yield curve will steepen into a positively sloped yield curve,which is
the normal shape of the yield.Historically,a persistent inversion of the yield
curve,as measured by the spread between 2 and 10-year Treasuries,has
been a precursor of an economic recession within six to 24 months.As of
quarter-end,the current yield curve inversion has persisted for 21 months.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
1-Year Trailing Market Rates
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Treasury Yield Curve
6/30/2023 9/30/2023
12/31/2023 3/31/2024
Page 10 19
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis), Federal Reserve of New York
The Market Environment
References
As of March 31, 2024
Fed Minutes Suggest Rate Hikes Are Over, but Offer No Timetable on Cuts -WSJ
Fed meeting today: Live updates on March Fed rate decision (cnbc.com)
CME FedWatch Tool -CME Group
Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)
ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)
The quarter in review: what happened in the first three months of 2024? | J.P. Morgan Asset Management (jpmorgan.com)
When will the Federal Reserve start cutting interest rates? | J.P. Morgan Asset Management (jpmorgan.com)
Resource Center | U.S. Department of the Treasury
The S&P 500 Clinches Best Start to Year Since 2019 -WSJ
China’s Economy Limps Into 2024 -WSJ
Support Site -Global Index Lens: Index Returns -MSCI
Q1 2024 CIO Review and Outlook -Matthews Asia -Commentaries -Advisor Perspectives
Treasuries Selloff Deepens as Traders Push Back First Rate Cut -Articles -Advisor Perspectives
Federal Reserve issues FOMC statement
Page 11 20
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%
Receipt & Disbursement
$4,063,546.2 (5.4%)
Direct Real Estate
$4,889,994.5 (6.5%)
Non-Core Fixed Income
$4,532,545.8 (6.1%)
Broad Mkt Fixed Income
$9,659,744.6 (12.9%)
Foreign Equity Securities
$11,733,004.7 (15.7%)
Domestic Equity Securities
$39,794,142.1 (53.3%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 74,672,978 100.0 N/A N/A 100.0
Domestic Equity Securities 39,794,142 53.3 45.0 55.0 50.0
Foreign Equity Securities 11,733,005 15.7 10.0 20.0 15.0
Broad Mkt Fixed Income 9,659,745 12.9 10.0 30.0 15.0
Non-Core Fixed Income 4,532,546 6.1 0.0 20.0 10.0
Direct Real Estate 4,889,994 6.5 0.0 15.0 10.0
Receipt & Disbursement 4,063,546 5.4 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of March 31, 2024
Page 12 21
Asset Allocation By Segment as of
December 31, 2023 : $71,477,428
Asset Allocation By Segment as of
March 31, 2024 : $74,672,978
Allocation
Segments Market Value Allocation
Domestic Equity 38,902,253 54.4¢
Foreign Equity 11,277,803 15.8¢
Broad Mkt Fixed Income 9,627,095 13.5¢
Non-Core Fixed Income 6,009,495 8.4¢
Real Estate 5,072,511 7.1¢
Cash Equivalent 588,272 0.8¢
Allocation
Segments Market Value Allocation
Domestic Equity 39,794,142 53.3¢
Foreign Equity 11,133,005 14.9¢
Broad Mkt Fixed Income 9,659,745 12.9¢
Non-Core Fixed Income 4,532,546 6.1¢
Real Estate 4,882,285 6.5¢
Cash Equivalent 4,671,256 6.3¢
Asset Allocation Summary
Total Fund
As of March 31, 2024
NONE
Page 13 22
Asset Allocation By Manager as of
Dec-2023 : $71,477,428
Asset Allocation By Manager as of
Mar-2024 : $74,672,978
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)38,902,253 54.4¢
RBC Global (Voyageur)11,277,803 15.8¢
Galliard Core Fixed Income 9,627,095 13.5¢
Intercontinental 4,017,997 5.6¢
PIMCO Diversified Income Fund Instl (PDIIX)1,874,665 2.6¢
Vanguard Short Term Bond Index (VSCSX)1,834,546 2.6¢
Vanguard Inflation-Protected Secs (VAIPX)1,355,536 1.9¢
ARA Core Property Fund 1,062,920 1.5¢
Crescent Direct Lending II Fund 821,092 1.1¢
Receipt & Disbursement 579,866 0.8¢
Crescent Direct Lending Fund 123,655 0.2¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)39,794,142 53.3¢
RBC Global (Voyageur)11,733,005 15.7¢
Galliard Core Fixed Income 9,659,745 12.9¢
Receipt & Disbursement 4,063,546 5.4¢
Intercontinental 3,861,767 5.2¢
PIMCO Diversified Income Fund Instl (PDIIX)1,899,696 2.5¢
Vanguard Inflation-Protected Secs (VAIPX)1,351,416 1.8¢
ARA Core Property Fund 1,028,227 1.4¢
Crescent Direct Lending II Fund 821,092 1.1¢
Vanguard Short Term Bond Index (VSCSX)336,687 0.5¢
Crescent Direct Lending Fund 123,655 0.2¢
Asset Allocation Summary
Total Fund
As of March 31, 2024
NONE
Page 14 23
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 3/21 12/21 9/22 6/23 3/24
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To March 31, 2024
Page 15 24
-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 53.29 (20)15.71 (36)2.54 (72)15.20 (88)1.27 (94)6.55 (58)5.44 (12)z
5th Percentile 59.41 23.75 29.00 63.92 38.49 12.57 9.70
1st Quartile 51.71 17.38 9.54 32.89 19.79 9.26 2.84
Median 43.57 14.50 4.61 23.93 10.24 7.30 1.48
3rd Quartile 32.46 10.87 2.15 18.52 4.68 4.84 0.74
95th Percentile 15.40 5.97 0.47 12.10 0.88 2.27 0.09
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of March 31, 2024
Page 16 25
Historical Asset Allocation by Portfolio
Mar-2024 Dec-2023 Sep-2023 Jun-2023 Mar-2023
($)%($)%($)%($)%($)%
Total Equity 51,527,147 69.00 50,180,055 70.20 44,746,051 67.95 46,124,932 67.59 44,147,157 66.60
Domestic Equity Securities 39,794,142 53.29 38,902,253 54.43 34,681,685 52.67 35,861,380 52.55 34,078,657 51.41
Vanguard Total Stock Market (VITSX)39,794,142 53.29 38,902,253 54.43 34,681,685 52.67 35,861,380 52.55 34,078,657 51.41
Foreign Equity Securities 11,733,005 15.71 11,277,803 15.78 10,064,366 15.28 10,263,553 15.04 10,068,500 15.19
RBC Global (Voyageur)11,733,005 15.71 11,277,803 15.78 10,064,366 15.28 10,263,553 15.04 10,068,500 15.19
Total Fixed Income 14,192,290 19.01 15,636,590 21.88 14,923,771 22.66 15,529,814 22.76 15,781,521 23.81
Galliard Core Fixed Income 9,659,745 12.94 9,627,095 13.47 9,180,473 13.94 9,268,068 13.58 9,316,260 14.05
Vanguard Short Term Bond Index (VSCSX)336,687 0.45 1,834,546 2.57 1,757,321 2.67 2,253,092 3.30 2,251,728 3.40
Vanguard Inflation-Protected Secs (VAIPX)1,351,416 1.81 1,355,536 1.90 1,282,112 1.95 1,317,009 1.93 1,347,244 2.03
PIMCO Diversified Income Fund Instl (PDIIX)1,899,696 2.54 1,874,665 2.62 1,738,815 2.64 1,757,665 2.58 1,742,371 2.63
Crescent Direct Lending Fund 123,655 0.17 123,655 0.17 148,157 0.22 142,435 0.21 349,156 0.53
Crescent Direct Lending II Fund 821,092 1.10 821,092 1.15 816,893 1.24 791,544 1.16 774,763 1.17
Direct Real Estate 4,889,994 6.55 5,080,917 7.11 5,405,574 8.21 5,484,625 8.04 5,810,404 8.77
ARA Core Property Fund 1,028,227 1.38 1,062,920 1.49 1,142,280 1.73 1,180,238 1.73 1,219,635 1.84
Intercontinental 3,861,767 5.17 4,017,997 5.62 4,263,294 6.47 4,304,387 6.31 4,590,769 6.93
Receipt & Disbursement 4,063,546 5.44 579,866 0.81 774,609 1.18 1,104,087 1.62 547,838 0.83
Total Fund Portfolio 74,672,978 100.00 71,477,428 100.00 65,850,005 100.00 68,243,459 100.00 66,286,919 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of March 31, 2024
Page 17 26
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 39,794,142 77.23 11,133,005 21.61 ------600,000 1.16 51,527,147 69.00
Domestic Equity Securities 39,794,142 100.00 ----------39,794,142 53.29
Vanguard Total Stock Market (VITSX)39,794,142 100.00 ----------39,794,142 53.29
Foreign Equity Securities --11,133,005 94.89 ------600,000 5.11 11,733,005 15.71
RBC Global (Voyageur)--11,133,005 94.89 ------600,000 5.11 11,733,005 15.71
Total Fixed Income ----9,659,745 68.06 4,532,546 31.94 ----14,192,290 19.01
Galliard Core Fixed Income ----9,659,745 100.00 ------9,659,745 12.94
Vanguard Short Term Bond Index (VSCSX)------336,687 100.00 ----336,687 0.45
Vanguard Inflation-Protected Secs (VAIPX)------1,351,416 100.00 ----1,351,416 1.81
PIMCO Diversified Income Fund Instl (PDIIX)------1,899,696 100.00 ----1,899,696 2.54
Crescent Direct Lending Fund ------123,655 100.00 ----123,655 0.17
Crescent Direct Lending II Fund ------821,092 100.00 ----821,092 1.10
Direct Real Estate --------4,882,285 99.84 7,710 0.16 4,889,994 6.55
ARA Core Property Fund --------1,020,518 99.25 7,710 0.75 1,028,227 1.38
Intercontinental --------3,861,767 100.00 --3,861,767 5.17
Receipt & Disbursement ----------4,063,546 100.00 4,063,546 5.44
Total Fund Portfolio 39,794,142 53.29 11,133,005 14.91 9,659,745 12.94 4,532,546 6.07 4,882,285 6.54 4,671,256 6.26 74,672,978 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of March 31, 2024
Page 18 27
Comparative Performance Trailling Returns
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund (Net)5.82 (11)15.39 (14)17.24 (7)5.67 (18)9.66 (7)9.29 (6)8.54 (4)6.79 (22)11/01/2000
Total Fund Policy 5.51 (19)14.16 (33)15.99 (18)5.83 (17)9.30 (10)8.93 (9)8.31 (7)6.46 (47)
Difference 0.31 1.23 1.25 -0.16 0.36 0.36 0.23 0.33
All Public Plans-Total Fund Median 4.68 13.20 13.36 4.42 7.96 7.79 7.15 6.43
Total Fund (Gross)6.01 15.55 17.47 5.96 9.95 9.60 8.86 7.33 11/01/2000
Total Fund Policy 5.51 14.16 15.99 5.83 9.30 8.93 8.31 6.46
Difference 0.50 1.39 1.48 0.13 0.65 0.67 0.55 0.87
Total Equity 8.68 21.88 26.39 8.39 13.36 12.45 11.11 8.24 01/01/2001
Total Equity Policy 8.78 21.33 25.47 8.00 12.41 11.72 10.51 7.12
Difference -0.10 0.55 0.92 0.39 0.95 0.73 0.60 1.12
Domestic Equity Securities 10.02 (59)23.41 (58)29.34 (55)9.87 (66)15.28 (33)14.17 (36)12.83 (44)8.75 (38)11/01/2000
Domestic Equity Securities Policy 10.02 (59)23.30 (58)29.29 (55)9.78 (67)14.34 (56)13.45 (55)12.33 (65)7.58 (95)
Difference 0.00 0.11 0.05 0.09 0.94 0.72 0.50 1.17
IM U.S. Large Cap Core Equity (SA+CF) Median 10.64 23.84 29.89 11.03 14.65 13.62 12.72 8.53
Foreign Equity Securities 4.06 (46)16.63 (12)16.63 (29)3.45 (71)6.92 (60)6.94 (45)5.67 (36)6.45 (62)11/01/2000
Foreign Equity Securities Policy 4.69 (39)14.90 (26)13.26 (60)1.94 (85)5.93 (84)5.85 (73)4.36 (79)4.66 (100)
Difference -0.63 1.73 3.37 1.51 0.99 1.09 1.31 1.79
IM International Large Cap Value Equity (SA+CF) Median 3.86 13.40 14.30 5.21 7.54 6.85 5.26 6.67
Total Fixed Income 0.40 5.63 4.68 0.32 2.40 2.94 3.02 4.41 11/01/2000
Total Fixed Policy 0.19 5.40 4.17 -0.26 1.76 1.95 2.04 3.90
Difference 0.21 0.23 0.51 0.58 0.64 0.99 0.98 0.51
Broad Mkt Fixed Income 0.40 (17)5.35 (23)3.95 (21)-0.84 (36)1.51 (21)1.75 (24)1.96 (17)3.88 (32)11/01/2000
Broad Mkt Fixed Income Policy -0.42 (90)5.06 (37)2.30 (81)-1.66 (88)0.60 (88)1.11 (87)1.45 (78)3.64 (56)
Difference 0.82 0.29 1.65 0.82 0.91 0.64 0.51 0.24
IM U.S. Intermediate Duration (SA+CF) Median 0.04 4.84 2.99 -0.97 1.16 1.51 1.67 3.75
Non-Core Fixed Income 0.49 6.15 5.87 1.66 2.84 5.71 N/A 7.20 10/01/2014
Non-Core Fixed Policy 1.10 5.90 7.01 1.86 3.34 3.30 N/A 3.44
Difference -0.61 0.25 -1.14 -0.20 -0.50 2.41 N/A 3.76
Direct Real Estate -3.41 (96)-9.70 (92)-15.43 (91)2.30 (75)3.42 (75)5.03 (66)7.28 (48)5.40 (34)10/01/2007
NCREIF Fund Index-OEDC (EW)-2.20 (68)-7.30 (83)-11.69 (78)3.64 (43)3.82 (57)4.98 (69)7.03 (56)4.83 (71)
Difference -1.21 -2.40 -3.74 -1.34 -0.40 0.05 0.25 0.57
IM U.S. Open End Private Real Estate (SA+CF) Median -1.85 -3.81 -8.89 3.58 3.88 5.34 7.16 5.17
Comparative Performance Trailing Returns
Total Fund
As of March 31, 2024
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 19 28
Comparative Performance Trailing Returns
Total Fund
As of March 31, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Domestic Equity Securities 10.02 23.41 29.34 9.87 15.28 14.17 12.83 8.75 11/01/2000
Domestic Equity Securities Policy 10.02 23.30 29.29 9.78 14.34 13.45 12.33 7.58
Difference 0.00 0.11 0.05 0.09 0.94 0.72 0.50 1.17
Vanguard Total Stock Market (VITSX)10.00 (50)23.39 (42)29.37 (33)9.64 (42)14.25 (31)13.40 (22)12.28 (16)13.50 (17)02/01/2013
Vanguard Total Stock Market Index Hybrid 10.01 (50)23.36 (43)29.33 (34)9.64 (42)14.25 (31)13.40 (22)12.28 (16)13.51 (16)
Difference -0.01 0.03 0.04 0.00 0.00 0.00 0.00 -0.01
IM U.S. Multi-Cap Core Equity (MF) Median 10.00 22.98 27.32 9.09 13.21 12.05 10.74 12.02
Foreign Equity Securities 4.06 16.63 16.63 3.45 6.92 6.94 5.67 6.45 11/01/2000
Foreign Equity Securities Policy 4.69 14.90 13.26 1.94 5.93 5.85 4.36 4.66
Difference -0.63 1.73 3.37 1.51 0.99 1.09 1.31 1.79
RBC Global (Voyageur)4.06 (46)16.63 (12)16.63 (29)3.45 (71)6.92 (60)6.94 (45)5.67 (36)4.97 (25)11/01/2007
MSCI EAFE (Net) Index 5.78 (23)16.81 (10)15.32 (45)4.78 (54)7.33 (53)6.70 (55)4.80 (72)2.69 (84)
Difference -1.72 -0.18 1.31 -1.33 -0.41 0.24 0.87 2.28
MSCI EAFE Value Index (Net)4.48 (42)13.07 (55)17.32 (23)6.59 (30)6.39 (76)5.30 (83)3.49 (95)1.65 (98)
Difference -0.42 3.56 -0.69 -3.14 0.53 1.64 2.18 3.32
IM International Large Cap Value Equity (SA+CF) Median 3.86 13.40 14.30 5.21 7.54 6.85 5.26 3.84
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 20 29
Comparative Performance Trailing Returns
Total Fund
As of March 31, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income 0.40 5.63 4.68 0.32 2.40 2.94 3.02 4.41 11/01/2000
Total Fixed Policy 0.19 5.40 4.17 -0.26 1.76 1.95 2.04 3.90
Difference 0.21 0.23 0.51 0.58 0.64 0.99 0.98 0.51
Galliard Core Fixed Income 0.40 (22)5.35 (32)3.95 (29)-0.71 (47)1.50 (42)1.85 (40)2.07 (35)3.07 (66)10/01/2007
Bloomberg Intermed Aggregate Index -0.42 (95)5.06 (47)2.30 (94)-1.66 (97)0.60 (99)1.11 (99)1.45 (100)2.68 (93)
Difference 0.82 0.29 1.65 0.95 0.90 0.74 0.62 0.39
IM U.S. Intermediate Duration (SA+CF) Median 0.12 4.97 3.33 -0.75 1.45 1.77 1.93 3.18
Vanguard Inflation-Protected Secs (VAIPX)-0.30 (82)5.41 (6)0.31 (54)-0.75 (56)2.33 (54)2.12 (48)N/A 2.24 (42)01/01/2017
Bloomberg U.S. TIPS Index -0.08 (63)4.62 (29)0.46 (52)-0.53 (46)2.49 (43)2.29 (31)2.21 (12)2.39 (31)
Difference -0.22 0.79 -0.15 -0.22 -0.16 -0.17 N/A -0.15
IM U.S. TIPS (MF) Median 0.03 4.23 0.72 -0.69 2.37 2.08 1.81 2.16
Vanguard Short Term Bond Index (VSCSX)0.22 (70)4.62 (34)4.84 (34)0.20 (32)1.78 (28)1.99 (23)N/A 2.01 (21)01/01/2015
Blmbg. U.S. Corporate 1-5 Year Index 0.60 (49)4.74 (26)5.07 (24)0.32 (25)1.98 (20)2.15 (11)2.14 (7)2.18 (10)
Difference -0.38 -0.12 -0.23 -0.12 -0.20 -0.16 N/A -0.17
IM U.S. Intermediate Investment Grade (MF) Median 0.58 4.30 4.46 -0.26 1.37 1.46 1.46 1.49
PIMCO Diversified Income Fund Instl (PDIIX)1.34 (7)9.25 (3)9.03 (4)-0.22 (13)1.92 (13)N/A N/A 2.53 (6)04/01/2018
Blmbg. Global Credit (Hedged)0.40 (25)7.75 (17)6.63 (14)-1.05 (26)1.65 (19)2.34 (12)2.89 (8)2.22 (9)
Difference 0.94 1.50 2.40 0.83 0.27 N/A N/A 0.31
IM Global Fixed Income (MF) Median -0.35 6.50 3.35 -2.33 0.25 0.92 0.96 0.55
Direct Real Estate -3.41 -9.70 -15.43 2.30 3.42 5.03 7.28 5.40 10/01/2007
NCREIF Fund Index-Open End Diversified Core (EW)-2.20 -7.30 -11.69 3.64 3.82 4.98 7.03 4.83
Difference -1.21 -2.40 -3.74 -1.34 -0.40 0.05 0.25 0.57
American Core Realty Fund -2.22 (76)-8.08 (88)-12.11 (82)3.58 (50)3.74 (62)4.97 (70)6.74 (67)4.74 (75)10/01/2007
American Core Realty Policy -2.20 (68)-7.30 (83)-11.69 (78)3.64 (43)3.82 (57)4.98 (69)7.03 (56)6.17 (14)
Difference -0.02 -0.78 -0.42 -0.06 -0.08 -0.01 -0.29 -1.43
IM U.S. Open End Private Real Estate (SA+CF) Median -1.85 -3.81 -8.89 3.58 3.88 5.34 7.16 5.17
Intercontinental -3.73 (96)-10.12 (94)-16.30 (92)1.97 (76)3.47 (74)5.26 (57)7.76 (17)9.76 (33)10/01/2010
NCREIF Fund Index-OEDC (EW)-2.20 (68)-7.30 (83)-11.69 (78)3.64 (43)3.82 (57)4.98 (69)7.03 (56)8.73 (66)
Difference -1.53 -2.82 -4.61 -1.67 -0.35 0.28 0.73 1.03
IM U.S. Open End Private Real Estate (SA+CF) Median -1.85 -3.81 -8.89 3.58 3.88 5.34 7.16 9.31
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 21 30
Comparative Performance - IRR
QTR 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Crescent Direct Lending Fund 0.00 11.53 4.07 4.70 2.28 6.92 10/14/2014
Crescent Direct Lending II Fund 0.00 9.54 10.52 8.46 N/A 8.87 03/13/2018
Comparative Performance - IRR
As of March 31, 2024
Page 22 31
Financial Reconciliation Quarter to Date
Market Value
01/01/2024
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
03/31/2024
Total Equity 50,180,055 -2,881,212 ---118,788 -2,557 247,433 4,102,215 51,527,147
Domestic Equity Securities 38,902,253 -3,000,000 ----149,298 3,742,592 39,794,142
Vanguard Total Stock Market (VITSX)38,902,253 -3,000,000 ----149,298 3,742,592 39,794,142
Foreign Equity Securities 11,277,803 118,788 ---118,788 -2,557 98,135 359,624 11,733,005
RBC Global (Voyageur)11,277,803 118,788 ---118,788 -2,557 98,135 359,624 11,733,005
Total Fixed Income 15,636,590 -1,500,000 ---6,017 -24,920 36,797 14,192,290
Galliard Core Fixed Income 9,627,095 ----6,017 --38,666 9,659,745
Vanguard Short Term Bond Index (VSCSX)1,834,546 -1,500,000 ----1,996 145 336,687
Vanguard Inflation-Protected Secs (VAIPX)1,355,536 -------4,120 1,351,416
PIMCO Diversified Income Fund Instl (PDIIX)1,874,665 -----22,924 2,107 1,899,696
Crescent Direct Lending Fund 123,655 -------123,655
Crescent Direct Lending II Fund 821,092 -------821,092
Direct Real Estate 5,080,917 -8,406 ---9,364 -36,842 -209,994 4,889,994
ARA Core Property Fund 1,062,920 -8,406 ---2,835 -10,545 -33,996 1,028,227
Intercontinental 4,017,997 ----6,529 -26,297 -175,998 3,861,767
Receipt & Disbursement 579,866 4,389,618 347,489 -1,228,115 --37,227 11,911 5 4,063,546
Total Fund Portfolio 71,477,428 -347,489 -1,228,115 -134,169 -39,784 321,107 3,929,023 74,672,978
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending March 31, 2024
Page 23 32
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2023
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
03/31/2024
Total Equity 44,746,051 -2,881,212 ---118,788 -4,451 453,124 9,332,423 51,527,147
Domestic Equity Securities 34,681,685 -3,000,000 ----312,847 7,799,611 39,794,142
Vanguard Total Stock Market (VITSX)34,681,685 -3,000,000 ----312,847 7,799,611 39,794,142
Foreign Equity Securities 10,064,366 118,788 ---118,788 -4,451 140,278 1,532,812 11,733,005
RBC Global (Voyageur)10,064,366 118,788 ---118,788 -4,451 140,278 1,532,812 11,733,005
Total Fixed Income 14,923,771 -1,555,903 ---11,755 -107,301 728,876 14,192,290
Galliard Core Fixed Income 9,180,473 ----11,755 --491,026 9,659,745
Vanguard Short Term Bond Index (VSCSX)1,757,321 -1,500,000 ----22,788 56,578 336,687
Vanguard Inflation-Protected Secs (VAIPX)1,282,112 -----39,384 29,920 1,351,416
PIMCO Diversified Income Fund Instl (PDIIX)1,738,815 -----45,129 115,752 1,899,696
Crescent Direct Lending Fund 148,157 -29,074 -----4,572 123,655
Crescent Direct Lending II Fund 816,893 -26,829 -----31,028 821,092
Direct Real Estate 5,405,574 -16,970 --25,704 -73,732 -598,047 4,889,994
ARA Core Property Fund 1,142,280 -16,970 ---5,767 -21,882 -113,199 1,028,227
Intercontinental 4,263,294 ---31,471 -51,850 -484,848 3,861,767
Receipt & Disbursement 774,609 4,454,085 1,351,465 -2,462,071 --70,212 15,665 5 4,063,546
Total Fund Portfolio 65,850,005 -1,351,465 -2,462,071 -104,838 -74,663 649,823 9,463,257 74,672,978
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2023 To March 31, 2024
Page 24 33
Comparative Performance Fiscal Year Returns
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
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
Total Fund (Net)12.98 (15)-14.02 (50)26.26 (5)7.92 (48)2.78 (85)11.28 (3)14.16 (12)11.15 (12)0.33 (23)11.85 (11)
Total Fund Policy 12.76 (17)-13.16 (41)21.33 (41)10.06 (18)4.31 (51)9.85 (12)12.90 (31)10.79 (19)0.59 (18)11.39 (15)
Difference 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46
All Public Plans-Total Fund Median 10.55 -14.05 20.58 7.73 4.31 7.62 11.91 9.77 -0.76 9.99
Total Fund (Gross)13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 0.63 12.21
Total Fund Policy 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 0.59 11.39
Difference 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.62 0.72 0.04 0.82
Total Equity 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 -1.52 15.46
Total Equity Policy 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 14.65
Difference 1.25 0.07 7.01 -2.04 -1.24 0.83 0.50 1.07 0.76 0.81
Domestic Equity Securities 20.41 (55)-17.47 (77)36.79 (15)15.35 (37)2.89 (53)17.88 (44)18.64 (57)15.21 (25)-0.59 (65)17.58 (72)
Domestic Equity Securities Policy 20.46 (55)-17.63 (79)31.88 (40)15.00 (41)2.92 (52)17.58 (50)18.71 (56)14.96 (30)-0.49 (62)17.76 (70)
Difference -0.05 0.16 4.91 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18
IM U.S. Large Cap Core Equity (SA+CF) Median 20.81 -15.00 30.77 13.43 3.16 17.48 19.05 13.19 0.09 19.33
Foreign Equity Securities 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7)
Foreign Equity Securities Policy 20.39 (87)-25.17 (72)23.92 (79)1.03 (27)-0.82 (29)3.25 (25)19.65 (56)7.06 (62)-8.27 (42)4.70 (62)
Difference 7.18 -0.62 15.53 -10.22 -4.54 3.51 3.04 3.68 3.91 5.38
IM International Large Cap Value Equity (SA+CF) Median 28.83 -22.73 31.24 -5.37 -3.26 1.32 20.98 8.41 -9.29 5.84
Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23
Total Fixed Policy 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 2.74
Difference 0.13 0.80 1.62 -0.27 0.61 3.34 3.34 1.36 -1.55 0.49
Broad Mkt Fixed Income 2.50 (36)-10.50 (62)-0.30 (70)7.53 (8)7.81 (45)-0.21 (28)0.61 (43)4.21 (23)2.31 (52)2.61 (48)
Broad Mkt Fixed Income Policy 1.42 (78)-11.49 (82)-0.38 (73)5.66 (68)8.08 (25)-0.93 (79)0.25 (65)3.57 (54)2.95 (14)2.74 (43)
Difference 1.08 0.99 0.08 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13
IM U.S. Intermediate Duration (SA+CF) Median 2.25 -10.37 0.03 6.11 7.74 -0.62 0.44 3.62 2.34 2.57
Non-Core Fixed Income 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 8.65 N/A
Non-Core Fixed Policy 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.34 1.34 N/A
Difference -1.72 0.17 1.43 -3.53 3.92 11.46 9.01 8.54 7.31 N/A
Direct Real Estate -14.98 (78)26.35 (15)13.82 (72)3.40 (16)7.75 (28)10.25 (24)10.01 (16)11.44 (45)14.27 (57)13.47 (40)
NCREIF Fund Index-OEDC (EW)-12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -2.58 3.59 -1.93 1.66 1.58 1.43 2.20 0.82 -0.44 1.08
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
Comparative Performance Fiscal Year Returns
Total Fund
As of March 31, 2024
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 25 34
Comparative Performance Fiscal Year Returns
Total Fund
As of March 31, 2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
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
Domestic Equity Securities 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21 -0.59 17.58
Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Growth Index 27.72 (39)-22.59 (40)27.32 (49)37.53 (31)3.71 (52)26.30 (39)21.94 (39)13.76 (21)3.17 (58)19.15 (39)
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 Growth Equity (SA+CF) Median 25.72 -25.12 27.23 33.81 3.80 24.83 21.06 11.84 3.88 18.13
Vanguard Total Stock Market (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)18.64 (43)15.00 (11)-0.59 (39)17.77 (30)
Vanguard Total Stock Market Index Hybrid 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)18.64 (42)14.99 (11)-0.55 (37)17.77 (30)
Difference 0.01 -0.03 -0.01 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00
IM U.S. Multi-Cap Core Equity (MF) Median 18.77 -17.28 30.69 11.14 1.48 15.61 18.24 11.19 -1.56 16.32
Brandywine GLBL Dynamic (LMBGX)N/A N/A 41.75 (15)N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 14.44 (57)-11.36 (67)35.01 (41)-5.03 (72)4.00 (41)9.45 (70)15.12 (80)16.19 (20)-4.42 (48)18.89 (15)
Difference N/A N/A 6.74 N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04
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 14.85 (53)-6.59 (15)32.53 (55)-3.34 (55)3.57 (46)13.59 (26)17.76 (43)16.33 (18)-2.94 (24)19.19 (12)
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 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04
Foreign Equity Securities 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08
RBC Global (Voyageur)27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7)
MSCI EAFE (Net) Index 25.65 (69)-25.13 (72)25.73 (75)0.49 (27)-1.34 (31)2.74 (30)19.10 (58)6.52 (70)-8.66 (44)4.25 (70)
Difference 1.92 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 4.30 5.83
MSCI EAFE Value Index (Net)31.51 (35)-20.16 (24)30.66 (52)-11.93 (94)-4.92 (66)-0.36 (76)22.55 (38)3.52 (89)-12.60 (80)5.65 (52)
Difference -3.94 -5.63 8.79 2.74 -0.44 7.12 0.14 7.22 8.24 4.43
IM International Large Cap Value Equity (SA+CF) Median 28.83 -22.73 31.24 -5.37 -3.26 1.32 20.98 8.41 -9.29 5.84
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 35
Comparative Performance Fiscal Year Returns
Total Fund
As of March 31, 2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
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
Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23
Galliard Core Fixed Income 2.62 (45)-10.50 (72)-0.02 (69)6.85 (30)8.50 (17)-0.43 (58)0.44 (71)4.36 (26)3.04 (25)3.15 (38)
Bloomberg Intermed Aggregate Index 1.42 (89)-11.49 (89)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71)2.95 (31)2.74 (57)
Difference 1.20 0.99 0.36 1.19 0.42 0.50 0.19 0.79 0.09 0.41
IM U.S. Intermediate Duration (SA+CF) Median 2.55 -10.03 0.28 6.43 8.03 -0.36 0.70 3.89 2.67 2.89
Galliard TIPS N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59
Blmbg. U.S. TIPS 1-10 Year 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61
Difference N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A 0.83 -7.63 6.33
FTSE World Government Bond Index 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07
Difference N/A N/A N/A N/A N/A N/A N/A -8.88 -3.80 6.40
PIMCO Diversified Income Fund Instl (PDIIX)7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/A N/A N/A N/A N/A
Blmbg. Global Credit (Hedged)5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)3.04 (29)9.19 (25)0.86 (19)6.83 (10)
Difference 1.96 -1.08 2.15 -1.63 -1.31 N/A N/A N/A N/A N/A
IM Global Fixed Income (MF) Median 2.65 -17.63 0.90 5.39 7.65 -1.33 1.10 7.40 -3.88 3.35
Vanguard Inflation-Protected Secs (VAIPX)1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)N/A N/A N/A N/A
Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)-0.73 (61)6.58 (26)-0.83 (6)1.59 (19)
Difference 0.56 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A N/A N/A
IM U.S. TIPS (MF) Median 1.40 -11.72 5.33 8.50 5.70 0.29 -0.43 5.77 -1.91 0.95
Vanguard Short Term Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)1.55 (27)3.40 (20)N/A N/A
Blmbg. U.S. Corporate 1-5 Year Index 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)1.82 (19)3.33 (22)1.98 (10)2.46 (26)
Difference -0.22 -0.07 0.02 -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A
IM U.S. Intermediate Investment Grade (MF) Median 3.14 -8.15 0.54 4.86 5.46 -0.39 0.82 2.54 1.22 1.64
Direct Real Estate -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44 14.27 13.47
ARA Core Property Fund -12.54 (49)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)7.52 (53)9.04 (90)13.98 (58)12.49 (68)
American Core Realty Policy -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -0.14 3.03 -2.24 -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
Intercontinental -15.63 (84)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)11.82 (6)13.30 (19)13.96 (58)14.10 (30)
NCREIF Fund Index-OEDC (EW)-12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -3.23 3.74 -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 1.71
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
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 36
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio 5.82 (22)15.39 (23)17.24 (12)5.20 (13)5.67 (6)14.44 (3)9.66 (4)z
Total Fund Policy 5.51 (32)14.16 (47)15.99 (25)4.75 (24)5.83 (6)12.97 (12)9.30 (8)z
Median 4.98 13.95 14.21 3.83 4.11 11.50 7.77
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Total Fund Portfolio 12.98 (15)-14.02 (41)26.26 (3)7.92 (60)2.78 (82)11.28 (7)z
Total Fund Policy 12.76 (17)-13.16 (31)21.33 (30)10.06 (35)4.31 (38)9.85 (17)z
Median 10.63 -14.84 19.90 8.76 3.99 8.00
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
Total Fund Portfolio 9.04 (28)-2.31 (25)4.01 (19)5.17 (15)5.72 (50)-4.56 (61)
Total Fund Policy 8.20 (47)-2.54 (32)4.25 (13)4.93 (22)5.77 (47)-4.26 (47)
All Public Plans-Total Fund Median 8.10 -2.94 3.36 4.33 5.71 -4.31
As of March 31, 2024
Performance Review (Net)
Total Fund Portfolio
NONE
Page 28 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
-10.0
0.0
10.0
20.0
30.0
Total Fund Portfolio (%)-10.0 0.0 10.0 20.0 30.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
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%)z
Total Fund Policy 20 19 (95%)1 (5%)0 (0%)0 (0%)z
3.36
3.92
4.48
5.04
5.60
6.16
Return (%)11.62 11.69 11.76 11.83 11.90 11.97 12.04
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 5.67 11.99z
Total Fund Policy 5.83 11.79z
Median 4.11 11.71¾
7.44
8.06
8.68
9.30
9.92
10.54
Return (%)12.0 12.3 12.6 12.9 13.2 13.5 13.8
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 9.66 13.27z
Total Fund Policy 9.30 12.28z
Median 7.77 12.34¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.19 100.45 101.51 -0.20 -0.10 0.31 1.01 7.88
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.33 1.00 7.73
90 Day U.S. Treasury Bill 11.71 7.61 -6.70 2.53 -0.33 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 1.87 106.33 107.49 -0.24 0.25 0.61 1.07 8.56
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.62 1.00 7.81
90 Day U.S. Treasury Bill 12.32 5.32 -6.01 2.05 -0.62 N/A 0.00 0.00
As of March 31, 2024
Performance Review (Net)
Total Fund Portfolio
NONE
Page 29 38
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
44.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG Total Stk Mkt (VITSX)10.00 (50)23.39 (42)29.37 (33)8.64 (47)9.64 (42)21.02 (36)14.25 (31)z
VG Total Stk Mkt IDX 10.01 (50)23.36 (43)29.33 (34)8.62 (47)9.64 (42)21.02 (35)14.25 (31)z
Median 10.00 22.98 27.32 8.45 9.09 20.35 13.21
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
VG Total Stk Mkt (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)z
VG Total Stk Mkt IDX 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)z
Median 18.77 -17.28 30.69 11.14 1.48 15.61
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
VG Total Stk Mkt (VITSX)12.17 (34)-3.29 (46)8.41 (23)7.15 (29)7.16 (63)-4.46 (41)
Vanguard Total Stock Market Index Hybrid 12.14 (36)-3.30 (46)8.41 (23)7.15 (29)7.15 (64)-4.44 (39)
IM U.S. Multi-Cap Core Equity (MF) Median 11.80 -3.40 7.16 6.16 8.04 -4.63
Performance Review
As of March 31, 2024
VG Total Stk Mkt (VITSX)
NONE
Page 30 39
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
-10.0
0.0
10.0
20.0
30.0
VG Total Stk Mkt (VITSX) (%)-10.0 0.0 10.0 20.0 30.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG Total Stk Mkt (VITSX)20 12 (60%)8 (40%)0 (0%)0 (0%)z
VG Total Stk Mkt IDX 20 12 (60%)8 (40%)0 (0%)0 (0%)z
9.00
9.20
9.40
9.60
9.80
Return (%)17.35 17.40 17.45 17.50 17.55 17.60 17.65
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)9.64 17.61z
VG Total Stk Mkt IDX 9.64 17.60z
Median 9.09 17.42¾
12.95
13.30
13.65
14.00
14.35
14.70
Return (%)18.63 18.66 18.69 18.72 18.75 18.78 18.81
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)14.25 18.78z
VG Total Stk Mkt IDX 14.25 18.78z
Median 13.21 18.68¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.03 100.01 100.00 0.00 0.11 0.47 1.00 11.40
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.47 1.00 11.40
90 Day U.S. Treasury Bill 17.51 5.34 -4.12 2.52 -0.47 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.03 100.00 99.99 0.00 0.10 0.70 1.00 11.91
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.70 1.00 11.91
90 Day U.S. Treasury Bill 18.82 3.65 -3.65 2.05 -0.70 N/A 0.00 0.00
Performance Review
As of March 31, 2024
VG Total Stk Mkt (VITSX)
NONE
Page 31 40
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global 4.06 (46)16.63 (12)16.63 (29)6.61 (58)3.45 (71)17.22 (27)6.92 (59)z
MSCI EAFE (Net)5.78 (23)16.81 (10)15.32 (45)6.64 (58)4.78 (52)13.56 (74)7.33 (52)z
Median 3.86 13.40 14.30 7.20 5.13 15.64 7.41
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
80.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
RBC Global 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)z
MSCI EAFE (Net)25.65 (69)-25.13 (72)25.73 (75)0.49 (27)-1.34 (31)2.74 (30)z
Median 28.83 -22.73 31.24 -5.37 -3.26 1.32
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
RBC Global 12.08 (5)-1.92 (45)1.96 (86)9.31 (39)16.72 (64)-11.10 (66)
MSCI EAFE (Net) Index 10.42 (20)-4.11 (75)2.95 (59)8.47 (53)17.34 (58)-9.36 (27)
IM International Large Cap Value Equity (SA+CF) Median 8.85 -2.22 3.17 8.71 18.09 -10.53
Performance Review
As of March 31, 2024
RBC Global
NONE
Page 32 41
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 (%)-16.0 -8.0 0.0 8.0 16.0 24.0
MSCI EAFE (Net) Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global 20 3 (15%)6 (30%)9 (45%)2 (10%)z
MSCI EAFE (Net)20 2 (10%)10 (50%)5 (25%)3 (15%)z
2.75
3.30
3.85
4.40
4.95
5.50
Return (%)16.40 16.60 16.80 17.00 17.20 17.40 17.60
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 3.45 17.29z
MSCI EAFE (Net)4.78 16.62z
Median 5.13 16.83¾
6.80
7.00
7.20
7.40
7.60
Return (%)16.49 17.46 18.43 19.40 20.37 21.34 22.31 23.28
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 6.92 21.96z
MSCI EAFE (Net)7.33 17.77z
Median 7.41 18.95¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 4.42 92.55 95.96 -1.19 -0.26 0.14 1.01 11.47
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.21 1.00 10.97
90 Day U.S. Treasury Bill 16.49 6.33 -4.05 2.53 -0.21 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 6.87 111.68 114.24 -1.15 0.07 0.33 1.19 14.75
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.38 1.00 11.66
90 Day U.S. Treasury Bill 17.77 4.26 -3.63 2.02 -0.38 N/A 0.00 0.00
Performance Review
As of March 31, 2024
RBC Global
NONE
Page 33 42
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core FX Inc 0.40 (22)5.35 (32)3.95 (29)0.97 (38)-0.71 (47)0.44 (50)1.50 (42)z
Barclays Int Agg -0.42 (95)5.06 (47)2.30 (94)-0.28 (95)-1.66 (97)-0.91 (98)0.60 (99)z
Median 0.12 4.97 3.33 0.79 -0.75 0.42 1.45
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Galliard Core FX Inc 2.62 (45)-10.50 (72)-0.02 (69)6.85 (30)8.50 (17)-0.43 (58)z
Barclays Int Agg 1.42 (89)-11.49 (89)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)z
Median 2.55 -10.03 0.28 6.43 8.03 -0.36
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
Galliard Core FX Inc 4.93 (39)-0.88 (56)-0.46 (46)2.41 (47)1.56 (51)-3.12 (69)
Barclays Int Agg Index 5.50 (24)-1.89 (87)-0.75 (81)2.39 (50)1.72 (35)-3.84 (93)
IM U.S. Intermediate Duration (SA+CF) Median 4.72 -0.83 -0.48 2.38 1.56 -2.96
Performance Review
As of March 31, 2024
Galliard Core FX Inc
NONE
Page 34 43
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
-6.0
-3.0
0.0
3.0
6.0
9.0
Galliard Core FX Inc (%)-6.0 -3.0 0.0 3.0 6.0 9.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core FX Inc 20 2 (10%)11 (55%)7 (35%)0 (0%)z
Barclays Int Agg 20 0 (0%)1 (5%)1 (5%)18 (90%)z
-2.00
-1.60
-1.20
-0.80
-0.40
0.00
Return (%)4.42 4.59 4.76 4.93 5.10 5.27 5.44 5.61 5.78
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc -0.71 4.84z
Barclays Int Agg -1.66 5.56z
Median -0.75 4.68¾
0.30
0.60
0.90
1.20
1.50
1.80
Return (%)4.05 4.14 4.23 4.32 4.41 4.50 4.59 4.68
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 1.50 4.31z
Barclays Int Agg 0.60 4.58z
Median 1.45 4.15¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 0.97 93.85 83.64 0.72 0.95 -0.67 0.86 3.39
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.75 1.00 3.97
90 Day U.S. Treasury Bill 5.45 18.66 -16.24 2.63 0.75 N/A 0.03 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 1.27 108.27 92.86 0.95 0.69 -0.10 0.90 2.82
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.29 1.00 3.11
90 Day U.S. Treasury Bill 4.52 17.93 -17.31 2.01 0.29 N/A 0.02 0.00
Performance Review
As of March 31, 2024
Galliard Core FX Inc
NONE
Page 35 44
Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG ST Bond Index (VSCSX)0.22 (70)4.62 (34)4.84 (34)2.13 (35)0.20 (32)1.89 (34)1.78 (28)z
Barclays US Corp 1-5 Yr 0.60 (49)4.74 (26)5.07 (24)2.34 (20)0.32 (25)1.98 (29)1.98 (20)z
Median 0.58 4.30 4.46 1.60 -0.26 1.37 1.37
-16.00
-13.00
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
VG ST Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)z
Barclays US Corp 1-5 Yr 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)z
Median 3.14 -8.15 0.54 4.86 5.46 -0.39
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
VG ST Bond Index (VSCSX)4.39 (21)0.15 (61)0.06 (30)1.47 (81)2.06 (5)-1.98 (52)
Barclays US Corp 1-5 Yr Index 4.12 (32)0.25 (49)0.07 (29)1.68 (70)1.95 (7)-1.94 (49)
IM U.S. Intermediate Investment Grade (MF) Median 3.56 0.23 -0.16 1.85 1.32 -1.96
Performance Review
As of March 31, 2024
VG ST Bond Index (VSCSX)
NONE
Page 36 45
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
-4.0
-2.0
0.0
2.0
4.0
6.0
VG ST Bond Index (VSCSX) (%)-4.0 -2.0 0.0 2.0 4.0 6.0
Barclays US Corp 1-5 Yr Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG ST Bond Index (VSCSX)20 8 (40%)12 (60%)0 (0%)0 (0%)z
Barclays US Corp 1-5 Yr 20 13 (65%)7 (35%)0 (0%)0 (0%)z
-0.40
-0.20
0.00
0.20
0.40
0.60
Return (%)3.40 3.45 3.50 3.55 3.60 3.65 3.70 3.75
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)0.20 3.70z
Barclays US Corp 1-5 Yr 0.32 3.68z
Median -0.26 3.46¾
1.20
1.50
1.80
2.10
Return (%)3.64 3.68 3.72 3.76 3.80 3.84 3.88
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)1.78 3.83z
Barclays US Corp 1-5 Yr 1.98 3.77z
Median 1.37 3.68¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.24 98.53 100.78 -0.11 -0.47 -0.65 1.00 2.47
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.62 1.00 2.45
90 Day U.S. Treasury Bill 3.50 29.23 -21.97 2.56 0.62 N/A 0.06 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.29 97.87 101.86 -0.22 -0.67 -0.04 1.01 2.64
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A 0.01 1.00 2.54
90 Day U.S. Treasury Bill 3.76 22.58 -18.47 1.99 -0.01 N/A 0.02 0.00
Performance Review
As of March 31, 2024
VG ST Bond Index (VSCSX)
NONE
Page 37 46
Peer Group Analysis - IM U.S. TIPS (MF)
Comparative Performance
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Prot Secs -0.30 (82)5.41 (6)0.31 (54)-2.59 (45)-0.75 (56)1.27 (62)2.33 (54)z
Bloomberg U.S. TIPS Index -0.08 (63)4.62 (29)0.46 (52)-2.86 (49)-0.53 (46)1.43 (56)2.49 (43)z
Median 0.03 4.23 0.72 -2.93 -0.69 1.77 2.37
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Vanguard Infl-Prot Secs 1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)z
Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)z
Median 1.40 -11.72 5.33 8.50 5.70 0.29
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
Vanguard Infl-Prot Secs 5.73 (5)-2.65 (71)-2.24 (83)3.20 (40)3.67 (5)-4.67 (40)
Bloomberg U.S. TIPS Index 4.71 (25)-2.60 (68)-1.42 (43)3.34 (33)2.04 (39)-5.14 (57)
IM U.S. TIPS (MF) Median 4.21 -2.21 -1.47 3.05 1.96 -5.04
Performance Review
As of March 31, 2024
Vanguard Infl-Prot Secs
NONE
Page 38 47
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
-8.0
-4.0
0.0
4.0
8.0
12.0
Vanguard Infl-Prot Secs (%)-8.0 -4.0 0.0 4.0 8.0 12.0
Bloomberg U.S. TIPS Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Prot Secs 18 7 (39%)4 (22%)5 (28%)2 (11%)z
Bloomberg U.S. TIPS Index 20 11 (55%)8 (40%)1 (5%)0 (0%)z
-0.80
-0.72
-0.64
-0.56
-0.48
-0.40
Return (%)6.46 6.84 7.22 7.60 7.98 8.36 8.74 9.12 9.50
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs -0.75 8.93z
Bloomberg U.S. TIPS Index -0.53 7.05z
Median -0.69 7.01¾
2.34
2.40
2.46
2.52
2.58
Return (%)5.76 6.00 6.24 6.48 6.72 6.96 7.20 7.44 7.68
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs 2.33 7.41z
Bloomberg U.S. TIPS Index 2.49 6.14z
Median 2.37 6.17¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.89 116.72 116.96 -0.01 -0.02 -0.32 1.22 6.72
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.40 1.00 5.31
90 Day U.S. Treasury Bill 7.07 13.65 -13.43 2.58 0.40 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.27 107.90 111.95 -0.49 -0.03 0.08 1.16 5.33
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.10 1.00 4.30
90 Day U.S. Treasury Bill 6.20 11.79 -12.59 2.03 -0.10 N/A -0.01 0.00
Performance Review
As of March 31, 2024
Vanguard Infl-Prot Secs
NONE
Page 39 48
Peer Group Analysis - IM Global Fixed Income (MF)
Comparative Performance
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Div Inc Fd Instl 1.34 (7)9.25 (3)9.03 (4)1.86 (11)-0.22 (13)2.77 (12)1.92 (13)z
Blmbg. Global Credit Hed 0.40 (25)7.75 (17)6.63 (14)0.73 (27)-1.05 (26)1.63 (21)1.65 (19)z
Median -0.35 6.50 3.35 -0.90 -2.33 0.09 0.25
-34.00
-28.00
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
PIMCO Div Inc Fd Instl 7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/Az
Blmbg. Global Credit Hed 5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)z
Median 2.65 -17.63 0.90 5.39 7.65 -1.33
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
PIMCO Div Inc Fd Instl 7.81 (41)-1.07 (23)0.88 (8)2.61 (62)4.71 (32)-2.55 (26)
Blmbg. Global Credit (Hedged)7.32 (51)-1.32 (29)0.28 (16)2.97 (35)3.31 (53)-3.84 (44)
IM Global Fixed Income (MF) Median 7.37 -2.42 -0.58 2.76 3.53 -4.13
Performance Review
As of March 31, 2024
PIMCO Div Inc Fd Instl
NONE
Page 40 49
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
-8.0
-4.0
0.0
4.0
8.0
12.0
PIMCO Div Inc Fd Instl (%)-8.0 -4.0 0.0 4.0 8.0 12.0
Blmbg. Global Credit (Hedged) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Div Inc Fd Instl 13 9 (69%)3 (23%)1 (8%)0 (0%)z
Blmbg. Global Credit Hed 20 12 (60%)8 (40%)0 (0%)0 (0%)z
-3.20
-2.40
-1.60
-0.80
0.00
0.80
Return (%)6.93 7.14 7.35 7.56 7.77 7.98 8.19 8.40 8.61
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl -0.22 8.36z
Blmbg. Global Credit Hed -1.05 7.32z
Median -2.33 7.45¾
-1.00
0.00
1.00
2.00
3.00
Return (%)6.93 7.14 7.35 7.56 7.77 7.98 8.19 8.40 8.61
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 1.92 8.23z
Blmbg. Global Credit Hed 1.65 7.22z
Median 0.25 7.13¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 2.01 116.97 106.34 1.01 0.46 -0.30 1.11 5.86
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.47 1.00 5.13
90 Day U.S. Treasury Bill 7.16 13.64 -13.22 2.60 0.47 N/A 0.03 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 2.16 109.09 107.01 0.14 0.16 0.03 1.11 6.04
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.01 1.00 5.15
90 Day U.S. Treasury Bill 7.19 11.14 -10.97 2.01 0.01 N/A 0.01 0.00
Performance Review
As of March 31, 2024
PIMCO Div Inc Fd Instl
NONE
Page 41 50
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE -2.22 (76)-8.08 (88)-12.11 (82)-7.43 (72)3.58 (50)3.16 (69)3.74 (62)z
American Core RE Policy -2.20 (68)-7.30 (83)-11.69 (78)-7.42 (72)3.64 (43)3.46 (52)3.82 (57)z
Median -1.85 -3.81 -8.89 -6.71 3.58 3.56 3.88
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
American Core RE -12.54 (49)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)z
American Core RE Policy -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z
Median -12.68 20.33 16.09 1.58 6.80 8.93
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
American Core RE -5.99 (81)-2.22 (42)-2.22 (65)-3.28 (65)-5.42 (64)1.66 (22)
American Core RE Policy -5.22 (69)-1.93 (37)-2.86 (70)-3.31 (65)-4.90 (48)0.96 (41)
IM U.S. Open End Private Real Estate (SA+CF) Median -4.10 -2.66 -1.98 -2.91 -4.97 0.60
Performance Review
As of March 31, 2024
American Core RE
NONE
Page 42 51
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
American Core RE (%)0.0 4.0 8.0 12.0 16.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 1 (5%)8 (40%)11 (55%)0 (0%)z
American Core RE Policy 20 0 (0%)11 (55%)9 (45%)0 (0%)z
3.54
3.57
3.60
3.63
3.66
Return (%)9.01 9.18 9.35 9.52 9.69 9.86 10.03 10.20
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 3.58 10.03z
American Core RE Policy 3.64 9.64z
Median 3.58 9.24¾
3.70
3.75
3.80
3.85
3.90
3.95
Return (%)7.44 7.52 7.60 7.68 7.76 7.84 7.92 8.00
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 3.74 7.88z
American Core RE Policy 3.82 7.57z
Median 3.88 7.48¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 1.33 102.69 104.57 -0.14 -0.01 0.14 1.03 5.50
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.15 1.00 5.13
90 Day U.S. Treasury Bill 10.17 15.48 -12.85 2.74 -0.15 N/A -0.04 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 1.14 101.45 104.09 -0.17 -0.05 0.24 1.03 4.30
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.25 1.00 4.01
90 Day U.S. Treasury Bill 8.04 17.58 -12.15 2.16 -0.25 N/A -0.03 0.00
Performance Review
As of March 31, 2024
American Core RE
NONE
Page 43 52
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental -3.73 (96)-10.12 (94)-16.30 (92)-9.09 (86)1.97 (76)2.46 (78)3.47 (74)z
NCREIF Fund-OEDC-EW -2.20 (68)-7.30 (83)-11.69 (78)-7.42 (72)3.64 (43)3.46 (52)3.82 (57)z
Median -1.85 -3.81 -8.89 -6.71 3.58 3.56 3.88
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Intercontinental -15.63 (84)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)z
NCREIF Fund-OEDC-EW -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z
Median -12.68 20.33 16.09 1.58 6.80 8.93
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
1 Qtr
Ending
Sep-2022
Intercontinental -6.65 (84)-0.81 (13)-6.11 (97)-3.61 (71)-6.01 (78)1.60 (29)
NCREIF Fund Index-OEDC (EW)-5.22 (69)-1.93 (37)-2.86 (70)-3.31 (65)-4.90 (48)0.96 (41)
IM U.S. Open End Private Real Estate (SA+CF) Median -4.10 -2.66 -1.98 -2.91 -4.97 0.60
Performance Review
As of March 31, 2024
Intercontinental
NONE
Page 44 53
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
-5.0
0.0
5.0
10.0
15.0
20.0
Intercontinental (%)-5.0 0.0 5.0 10.0 15.0 20.0
NCREIF Fund Index-OEDC (EW) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 15 (75%)1 (5%)3 (15%)1 (5%)z
NCREIF Fund-OEDC-EW 20 0 (0%)11 (55%)9 (45%)0 (0%)z
1.18
1.77
2.36
2.95
3.54
4.13
Return (%)8.80 9.20 9.60 10.00 10.40 10.80 11.20 11.60
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 1.97 11.22z
NCREIF Fund-OEDC-EW 3.64 9.64z
Median 3.58 9.24¾
3.40
3.60
3.80
4.00
Return (%)7.02 7.28 7.54 7.80 8.06 8.32 8.58 8.84 9.10
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 3.47 8.84z
NCREIF Fund-OEDC-EW 3.82 7.57z
Median 3.88 7.48¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 3.37 106.48 131.81 -1.92 -0.43 0.00 1.12 6.96
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.14 1.00 5.13
90 Day U.S. Treasury Bill 10.69 1.94 -34.58 3.03 -0.14 N/A -0.11 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.92 109.68 124.16 -0.67 -0.08 0.19 1.11 5.39
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.24 1.00 4.01
90 Day U.S. Treasury Bill 8.37 7.06 -32.65 2.44 -0.24 N/A -0.10 0.00
Performance Review
As of March 31, 2024
Intercontinental
NONE
Page 45 54
Private Equity Summary of Partnership
Partnerships Valuation
Date
Vintage
Year
Investment
Strategy
Capital
Commitment
$
Drawn
Down
$
Market
Value
$
Distributed
$
IRR
(%)
TVPI
Multiple ICM/PME
Crescent Direct Lending Fund 03/31/2024 2014 Other 2,000,000 3,055,050 123,655 3,522,702 6.9 1.2 1.9
Crescent Direct Lending II Fund 03/31/2024 2017 Other 2,000,000 2,110,851 821,092 1,811,247 8.9 1.2 1.9
Private Equity Summary of Partnership
Crescent Direct Lending Fund
As of March 31, 2024
Page 46 55
Comparative Performance - IRR
1
Quarter
Ending
Dec-2023
1
Year
Ending
Dec-2023
2
Years
Ending
Dec-2023
3
Years
Ending
Dec-2023
4
Years
Ending
Dec-2023
5
Years
Ending
Dec-2023
Since
Inception
Ending
Dec-2023
Inception
Date
Crescent Direct Lending Fund 3.20 11.34 3.68 5.41 3.78 5.03 6.94 10/14/2014
ICM/PME (Bloomberg Intermed Aggregate Index)5.59 6.81 -6.39 -4.10 0.06 2.36 1.90
Crescent Direct Lending II Fund 3.86 12.59 9.72 11.98 8.46 8.86 9.11 03/13/2018
ICM/PME (Bloomberg Intermed Aggregate Index)5.44 5.15 -3.51 -2.70 0.66 1.82 1.99
Winter Springs General Employees General Plan and Trust
Comparative Performance - IRR
As of March 31, 2024
Page 47 56
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:$70,322
Expenses:$203,423
Interest:-
Total Contributions:$3,055,050
Remaining Capital Commitment:$182,930
Total Distributions:$3,522,702
Market Value:$123,655
Inception Date:10/14/2014
Inception IRR:6.9
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$1,000,000.0
$2,000,000.0
$3,000,000.0
$4,000,000.0
$5,000,000.0
($1,000,000.0)
10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 3/24
Private Equity Fund Overview
Crescent Direct Lending Fund
As of March 31, 2024
Page 48 57
Fund Information
Type of Fund:Direct Vintage Year:2017
Strategy Type:Other Management Fee:.75%
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:$2,110,851
Management Fees:$16,605
Expenses:$19,342
Interest:-
Total Contributions:$2,110,851
Remaining Capital Commitment:$1,160,843
Total Distributions:$1,811,247
Market Value:$821,092
Inception Date:03/13/2018
Inception IRR:8.9
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$600,000.0
$1,200,000.0
$1,800,000.0
$2,400,000.0
$3,000,000.0
($600,000.0)
3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of March 31, 2024
Page 49 58
Total Fund Policy
Allocation Mandate Weight (%)
Jan-1976
S&P 500 Index 65.00
Blmbg. U.S. Aggregate Index 30.00
MSCI EAFE Index 5.00
Oct-2003
S&P 500 Index 60.00
Blmbg. U.S. Aggregate Index 30.00
MSCI EAFE Index 10.00
Sep-2006
S&P 500 Index 60.00
Bloomberg Intermed Aggregate Index 40.00
Oct-2009
Russell 3000 Index 50.00
Bloomberg Intermed Aggregate Index 25.00
MSCI EAFE Index 15.00
Bloomberg U.S. TIPS Index 5.00
NCREIF Property Index 5.00
Oct-2010
Russell 3000 Index 50.00
Bloomberg Intermed Aggregate Index 20.00
MSCI EAFE Index 15.00
Bloomberg 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 Intermed Aggregate Index 15.00
Credit Suisse Leveraged Loan Index 4.00
Blmbg. U.S. TIPS 1-5 Year 3.00
Blmbg. 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 March 31, 2024
Page 50 59
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 March 31, 2024
Page 51 60
Total Fixed Policy
Allocation Mandate Weight (%)
Nov-2000
Blmbg. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Intermed Aggregate Index 100.00
Sep-2020
Bloomberg Intermed Aggregate Index 60.00
Credit Suisse Leveraged Loan Index 16.00
Bloomberg U.S. TIPS Index 12.00
Blmbg. Global Credit (Hedged)12.00
Broad Mkt Fixed Income
Allocation Mandate Weight (%)
Nov-2000
Blmbg. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg 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 U.S. TIPS Index 50.00
Mar-2018
Credit Suisse Leveraged Loan Index 41.00
Bloomberg U.S. TIPS Index 20.00
Blmbg. Global Credit (Hedged)39.00
Sep-2020
Credit Suisse Leveraged Loan Index 40.00
Bloomberg U.S. TIPS Index 30.00
Blmbg. Global Credit (Hedged)30.00
Benchmark History
Investment Policy Benchmarks
As of March 31, 2024
Page 52 61
Compliance Checklist
Total Fund
As of March 31, 2024Winter Springs GE
Total Fund Compliance:Yes No N/A
1. The Total Plan return equaled or exceeded the 7% 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.
** ROR reduced to 7% from 7.5%.
Equity Compliance:Yes No N/A
1. 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/A
1. 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.
Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A
1. 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/A
1. 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 Galliard VG S-T Bond Vanguard TIPsRBC Global
Cresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCO
Page 53 62
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 39,794,142 11,938 0.03 % of Assets
Domestic Equity Securities 0.03 39,794,142 11,938
RBC Global (Voyageur)0.95 11,733,005 111,464 0.95 % of Assets
Foreign Equity Securities 0.95 11,733,005 111,464
Galliard Core Fixed Income 0.25 9,659,745 24,149 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 1,351,416 1,351 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 336,687 236 0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,899,696 15,008 0.79 % of Assets
Crescent Direct Lending Fund 1.35 123,655 1,669 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 821,092 6,158 0.75 % of Assets
Total Fixed Income 0.34 14,192,290 48,572
Intercontinental 1.10 3,861,767 42,479 1.10 % of Assets
ARA Core Property Fund 1.10 1,028,227 11,311 1.10 % of Assets
Direct Real Estate 1.10 4,889,994 53,790
Receipt & Disbursement 4,063,546 -
Total Fund 0.30 74,672,978 225,763
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of March 31, 2024
Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest.
Page 54 63
Disclosures
Neither Mariner Institutional (formerly 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 March 31, 2024
Page 55 64
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 65
Disclosures
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment
advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client.
Mariner Institutional uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from
custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a
reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation
for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant 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 index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
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
disseminated 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.
*IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD
These ratings are not indicative of Mariner Institutional’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a
guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner
Institutional did not pay a fee to participate in this award survey.
Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted
interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation
funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting
providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends.
Page 57 66
Access to a wealth of knowledge and solutions.
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