HomeMy Public PortalAbout2022-06-30_AndCo_ Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="06/30/2022" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending June 30, 2022
City of Crestview
Police Officers & Firefighters'
Retirement Plan
Preliminary Report
Preliminary Infrastructure Data
IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD: This communication is intended for informational purposes only and should not be regarded as investment advice or as a recommendation regarding any particular course of action. AndCo Consulting is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability.
These ratings are not indicative of AndCo’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 AndCo, nor should it be construed as a current or past endorsement by any of our clients. AndCo did not pay a fee to participate in this award survey. Coalition Greenwich and AndCo are not affiliated entities.
METHODOLOGY FOR THIS AWARD: Between July and October 2021, Coalition Greenwich conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate 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.
Communication of Philosophy and Investment Beliefs
Responsiveness and Prompt Follow-Up on Client Requests
Client Satisfaction with Manager Recommendations
Advice on Long-Term Asset Allocation and Liability Issues
Advice on DC Plan Structure and Design
Proactive Advice and Innnovative Ideas
Credibility with Investment Committee
Understanding of Client Goals and Objectives
Capability of Consultants Assigned to Clients
Timeliness in Providing Written Reports
Sufficient Professional Resources
Usefulness of Personal Meetings
Usefulness of Written Investment Reviews
As you may recall from our Client Letter at the beginning of the year, AndCo
remains steadfast in our belief and conviction that the best way to service our
valued clients is within a model that is independent, singularly focused,
customized, and passionately delivered. We continue to reinvest 100% of our net
profits back into the organization to enhance our customized service model and
provide the appropriate resources for all our team members to serve our valued
clients at a high level.
To that end, we are thrilled to share that AndCo is the recipient of a Greenwich
Quality Leader Award for mid-sized consulting firms!
Coalition Greenwich is a leading global provider of data, analytics, and insights to
the financial services industry, and the Greenwich Exchange provides institutional
investors with robust and actionable data to inform their decision-making.
Research participants receive regional and global industry insights, as well as
peers’ perceptions of asset managers and investment consultants.
Outlined below are the award criteria research participants answer that
determines Quality Leader Awards each year. To qualify as a research participant
you must have at least $150MM in investable assets.
GREENWICH QUALITY LEADER AWARD CRITERIA
2021 was the first year we launched an initiative to participate in this research
opportunity and the experience helped glean key insights into what is important
for our clients and how we can better serve them going forward. We deeply
appreciate the client representatives that acted as research participants in the
2021 study.
While our consultants are the tip of the spear when servicing our clients, this
award, and our overall client service experience, would not have been possible
without the work of our entire AndCo team. We greatly appreciate their ongoing
work and efforts that made this award possible.
As we have stated since our rebrand in 2017, our name, AndCo, reminds us of
who we work for every day - “Our Client” &Co. You will always be first in our
service model and at the forefront of each team member’s efforts to serve, earn
your trust, and add value.
Thank you again for your valued partnership and the opportunity to serve you. We
share this award with you and will continue to work hard to earn your trust as we
move forward in these challenging market environments.
Page 1
2nd Quarter 2022 Market Environment
Page 2
The Market Environment
Executive Summary
As of June 30, 2022
The Economy
Global economic growth continued to slow during the 2nd quarter as global central
banks tightened monetary policy in order to fight persistently high inflation.
Additionally,rising geopolitical concerns related to Russia’s continued action in
Ukraine,China’s zero-Covid policy,and social unrest in emerging markets all
contributed to the slowdown.
The US Federal Reserve Bank (the Fed)increased interest rates twice during the
quarter by a total of 1.25%.June’s rate increase of 0.75%was the largest interest
rate increase since the early 1990s.The Fed indicated that its primary focus is
arresting the increase in inflation which could require additional rate increases.
The US labor market continues to be a source of strength with the unemployment
rate holding steady at 3.6%in June.The pace of job growth remains above the
market’s expectations with 390,000 and 372,000 new jobs created in May and
June,respectfully.Despite these gains,the number of available workers entering
the workforce remains significantly below the pre-pandemic high.
The US housing market showed signs of cooling as higher mortgage rates pushed
many buyers out of the market.Importantly,housing starts and new building
permits continued their downward trend which suggests future new inventory may
fall short of demand.Finally,home price appreciation continued to increase as
measured by the Cash-Shiller Home Price Index.
Equity (Domestic and International)
US equities declined broadly during the 2nd quarter as worries regarding inflation,
sharply higher interest rates,rising recession risk,and continued geopolitical
events weighed on the equity market.Large cap value was the least negative
(-12.2%)segment of the domestic equity market relative to other styles and
capitalizations for the second consecutive quarter.Mid-cap growth was the worst
performing style,falling 21.1%for the period.
International stocks also struggled during the 2nd quarter as the continuing conflict
in Ukraine and persistently high inflation drove markets lower.Western Europe
was negatively affected by rising energy prices due to continued restrictions on
purchases from Russia.Additionally,both the Euro and Yen currencies fell against
the US dollar (USD)because of increasing uneasiness over future economic
growth.
Fixed Income
Concerns about current inflation levels,combined with the Fed’s stated
commitment to continue raising interest rates,were the primary drivers of return
during the 2nd quarter.US interest rates moved significantly higher during the
quarter with the US 10-Year Treasury bond rising 63 basis points to close at a
yield of 2.98%.
Performance was broadly negative across all bond market sectors during the
quarter with US Treasury bonds holding up the most as market volatility increased.
Investment grade corporate bonds underperformed higher quality mortgage-
backed and US Treasury bonds during the quarter.High yield bonds also lagged
their peers as fears over future economic growth and weaker corporate earnings
drove credit spreads wider.
Counterintuitively,TIPS underperformed nominal US Treasury bonds during the
quarter as the bond market’s future expectation for inflation declined.
Market Themes
The pace of global central bank monetary tightening increased during the quarter
with the both the Fed and Bank of England raising interest rates.The European
Central Bank also hinted it would begin raising rates during the 3rd quarter.
The crisis in Ukraine continues to negatively impact global economic growth.
Specifically,recently imposed restrictions will likely result in higher energy costs in
Europe just as economic growth beings to slow.
US equity markets experienced their second consecutive negative quarter of
performance and their worst start to a calendar year since the 1970s.Growth-
oriented stocks significantly underperformed value stocks as investors’fears about
rising inflation and future economic growth carried through to asset prices.
Historically,growth stocks have underperformed value stocks as the economy
slows.
Interest rates continued to rise across the Treasury yield curve during the quarter
as investors believe the Fed will continue to raise interest rates to fight inflation.
The shape of the yield curve remained relatively flat between two-and ten-year
maturities.Historically,the yield curve has been used as a leading indicator to
predict the market’s expectations of a recession.
Page 3
The Market Environment
Major Market Index Performance
As of June 30, 2022
Broad US equity markets continued their recent trend delivering negative
returns during the 2nd quarter of 2022.A variety of factors contributed to
performance including persistently high inflation,the potential for future
interest rate increases,geopolitical events in Ukraine,and concerns related to
slower economic growth.For the period,the S&P 500 large cap benchmark
returned -16.1%,compared to -16.8%for mid-cap and -17.2%for small cap
indices.
Developed market international equities also suffered negative results for the
2nd quarter.Europe continues to be negatively impacted by the ongoing crisis
in Ukraine.Recently,restrictions related to Russian energy imports were
imposed leading to further energy cost increases.For the quarter,the MSCI
EAFE Index declined by -14.5%.
Emerging markets were also under pressure due to the continued conflict in
Ukraine and China’s “Zero Covid”policy.During the period,the MSCI
Emerging Markets Index fell by -11.4%
Bond market performance was broadly negative for the quarter due to rising
inflation and the prospect of additional interest rate increases.The Bloomberg
(BB)US Aggregate Index returned -4.7%for the period while Investment
Grade Corporate bonds posted a return of -7.3%.US Treasury bonds held up
the most for the period,but still declined by -3.7%.
The quarter’s negative performance added to challenged returns of developed
equity markets over the trailing 1-year period.The primary drivers of returns
during the period were rising inflation,the path of interest rates,and future
economic growth.The S&P 500 large cap stock index led relative equity
market performance for the year but still returned a disappointing -10.6%.The
downside outlier was the Russell 2000 small cap index,which declined by
-25.3%for the year.
Similar to domestic equities,the developed international and emerging
markets suffered negative returns over the trailing 1-year period.The
developed market MSCI EAFE Index posted a return of -17.8%while the
MSCI Emerging Markets Index pulled back by -25.3%.Economic growth
slowed throughout the year as monetary stimulus wore off and it became
increasingly clear that high inflation levels were not transitory.
Bond market returns also disappointed over the trailing 1-year period with the
BB US Aggregate Index dropping by -10.3%.
Source: Investment Metrics
0.1%
-7.3%
-4.0%
-6.1%
-3.7%
-4.7%
-11.4%
-14.5%
-13.7%
-17.2%
-16.8%
-16.7%
-16.7%
-16.1%
-20.0%-18.0%-16.0%-14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
Quarter Performance
0.2%
-14.2%
-9.0%
-5.1%
-8.8%
-10.3%
-25.3%
-17.8%
-19.4%
-25.2%
-17.3%
-13.0%
-13.9%
-10.6%
-26.0%-21.0%-16.0%-11.0%-6.0%-1.0%
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 4
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2022
Volatility increased during the 2nd quarter as each broad US equity benchmark
posted negative results across both the style and market capitalization
spectrums.Large cap stocks continued their leadership,followed by mid and
small cap issues.The Russell 1000 Index declined by -16.7%for the quarter
while the Russell Mid Cap Index and the Russell 2000 Index fell by -16.8%and
-17.2%,respectively.
Performance across styles and market capitalizations was disparate during the
quarter.Value stocks handily outpaced their growth counterparts across
market capitalizations.For the period,the Russell 1000 Value Index was the
least negative performing style index,posting a weak return of -12.2%.Mid cap
and large cap growth stocks fell even further with the Mid Cap Growth Index
declining by -21.1%and the Russell 1000 Growth Index posting a return of
-20.9%.
Performance across all market capitalizations and styles were also negative
over the trailing 1-year period.Much like the 2nd quarter,large cap stocks
were down less than mid and small cap stocks for the 1-year period.The
Russell 1000 Index returned -13.0%for the year but was down significantly
less than both its mid and small cap growth index counterparts.The downside
outlier during the period was the Russell 2000 Index which fell by -25.2%.
The return dispersion across market styles was also wide for the trailing 1-year
period and value stocks were down less than growth stocks by a two-to-one
margin across large,mid and small style-based indexes.The return dispersion
was extreme with the Russell 1000 Value Index returning -6.8%,and at the
other end of the spectrum,the Russell 2000 Growth Index posting a return of
-33.4%.
-19.3%
-17.2%
-15.3%
-21.1%
-16.8%
-14.7%
-20.9%
-16.7%
-12.2%
-20.8%
-16.7%
-12.4%
-22.0%-20.0%-18.0%-16.0%-14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%
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
-33.4%-25.2%
-16.3%
-29.6%
-17.3%
-10.0%
-18.8%
-13.0%
-6.8%
-19.8%
-13.9%
-7.5%
-35.0%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%
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 5
The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2022
Source: Morningstar Direct
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking
performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
Economic sector performance was negative across all eleven large cap
economic sectors for the 2nd quarter.Only four sectors were down less
than the return of the broader Russell 1000 Index (-16.7%)on a relative
basis during the period.
Defensive sectors including consumer staples (-5.0%)energy (-5.1%),
and utilities (-5.3%)were the least negative performing sectors for the
quarter.Concerns about a potential economic slowdown drove the
performance of consumer staples during the period.Energy prices
remained elevated which acted as a tailwind for the sector.Economically
sensitive sectors such as consumer discretionary (-25.8%),information
technology (-21.3%),and communication services (-20.7%),significantly
underperformed the broader index for the quarter.
For the full year,seven sectors exceeded the return of the broad large cap
benchmark:energy (40.0%),utilities (13.4%),consumer staples (5.3%),
health care (0.4%),real estate (-7.3%),materials (-10.3%),and financials
(-12.2%).The weakest economic sector performance in the Russell 1000
for the year was communication services (-30.6%).
Small cap sector performance was also broadly negative for the 2nd
quarter with all sectors posting negative performance.Five sectors were
down less than the return of the broader Russell 2000 Index (-17.2%)on a
relative basis.The consumer staples (-3.1%)sector held up the most for
the quarter and the communication services (-27.3%)sector the was the
weakest.
For the trailing 1-year period,seven of the eleven small sectors outpaced
the broad benchmark’s return (-25.2%).However,only two defensive
sectors posted positive performance for the year:energy (20.5%)and
utilities (7.8%).The weakest sector over the trailing year was
communication services (-47.2%).
7.8%
-16.5%
-19.5%
-29.9%
-15.2%
-43.9%
-12.6%
20.5%
-7.6%
-38.2%
-47.2%
-4.0%
-20.0%
-17.6%
-21.9%
-16.1%
-18.8%
-12.4%
-13.1%
-3.1%
-21.2%
-27.3%
-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%
Utilities (3.2%)
Real Estate (7.9%)
Materials (4.1%)
Info Technology (13.3%)
Industrials (15.6%)
Health Care (15.6%)
Financials (16.1%)
Energy (7.3%)
Consumer Staples (3.8%)
Consumer Disc (10.3%)
Comm Services (3.0%)
Russell 2000 Quarter 1-Year
13.4%
-7.3%
-10.3%
-17.3%
-16.4%
0.4%
-12.2%
40.0%
5.3%
-26.5%
-30.6%
-5.3%
-14.8%
-18.0%
-21.3%
-15.7%
-6.4%
-17.4%
-5.1%
-5.0%
-25.8%
-20.7%
-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%
Utilities (2.8%)
Real Estate (3.4%)
Materials (2.6%)
Info Technology (27.4%)
Industrials (8.4%)
Health Care (13.8%)
Financials (11.5%)
Energy (4.1%)
Consumer Staples (6.2%)
Consumer Disc (11.4%)
Comm Services (8.4%)
Russell 1000 Quarter 1-Year
Page 6
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2022
Source: Morningstar Direct
Top 10 Weighted Stocks Top 10 Weighted Stocks
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
Apple Inc 5.92%-21.6%0.4%Information Technology Biohaven Pharmaceutical Hldg Co Ltd 0.40%22.9%50.1%Health Care
Microsoft Corp 5.44%-16.5%-4.4%Information Technology ShockWave Medical Inc 0.30%-7.8%0.8%Health Care
Amazon.com Inc 2.67%-34.8%-38.3%Consumer Discretionary Chart Industries Inc 0.27%-2.6%14.4%Industrials
Alphabet Inc Class A 1.85%-21.6%-10.8%Communication Services Halozyme Therapeutics Inc 0.26%10.3%-3.1%Health Care
Alphabet Inc Class C 1.70%-21.7%-12.7%Communication Services SailPoint Technologies Holdings Inc 0.26%22.5%22.7%Information Technology
Tesla Inc 1.62%-37.5%-0.9%Consumer Discretionary SouthState Corp 0.25%-4.8%-3.3%Financials
Berkshire Hathaway Inc Class B 1.39%-22.6%-1.8%Financials Southwest Gas Holdings Inc 0.25%12.0%35.9%Utilities
UnitedHealth Group Inc 1.36%1.1%30.0%Health Care Stag Industrial Inc 0.24%-24.5%-14.5%Real Estate
Johnson & Johnson 1.32%0.8%10.5%Health Care Agree Realty Corp 0.24%9.8%6.4%Real Estate
Meta Platforms Inc Class A 1.05%-27.5%-53.6%Communication Services RBC Bearings Inc 0.23%-4.6%-7.3%Industrials
Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
Ollie's Bargain Outlet Holdings Inc 0.01%36.8%-30.2%Consumer Discretionary Redbox Entertainment Inc Class A 0.00%213.6%N/A Communication Services
H&R Block Inc 0.02%36.6%56.7%Consumer Discretionary Turning Point Therapeutics Inc 0.15%180.3%-3.6%Health Care
United Therapeutics Corp 0.03%31.3%31.3%Health Care Veru Inc 0.03%134.0%40.0%Consumer Staples
Grocery Outlet Holding Corp 0.01%30.0%23.0%Consumer Staples GTY Technology Holdings Inc Class A 0.01%93.8%-12.0%Information Technology
Pilgrims Pride Corp 0.00%24.4%40.8%Consumer Staples Day One Biopharmaceuticals Inc 0.02%80.4%-21.4%Health Care
Seagen Inc Ordinary Shares 0.07%22.8%12.1%Health Care SIGA Technologies Inc 0.02%73.3%95.7%Health Care
Lamb Weston Holdings Inc 0.03%19.7%-10.0%Consumer Staples Sierra Oncology Inc 0.04%71.6%182.4%Health Care
Post Holdings Inc 0.01%18.9%14.1%Consumer Staples Scorpio Tankers Inc 0.08%62.0%60.1%Energy
Monster Beverage Corp 0.10%16.0%1.5%Consumer Staples Lulus Fashion Lounge Holdings Inc 0.00%60.0%N/A Consumer Discretionary
American Campus Communities Inc 0.03%15.2%41.8%Real Estate Convey Health Solutions Hldg Ord Shrs 0.01%59.0%-8.6%Health Care
Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
Carvana Co Class A 0.01%-81.1%-92.5%Consumer Discretionary Applied Blockchain Inc 0.00%-93.3%-90.1%Information Technology
Coinbase Global Inc Ord Shrs -Class A 0.02%-75.2%-81.4%Financials TeraWulf Inc 0.00%-85.7%N/A Information Technology
Upstart Holdings Inc Ordinary Shares 0.01%-71.0%-74.7%Financials Velo3D Inc 0.00%-85.2%N/A Industrials
Lyft Inc Class A 0.01%-65.4%-78.0%Industrials Avaya Holdings Corp 0.01%-82.3%-91.7%Information Technology
Peloton Interactive Inc 0.01%-65.3%-92.6%Consumer Discretionary Bird Global Inc Class A 0.00%-82.2%N/A Industrials
Cloudflare Inc 0.03%-63.5%-58.7%Information Technology Core Scientific Inc Ord Shares -Class A 0.01%-81.9%N/A Information Technology
Unity Software Inc Ordinary Shares 0.02%-62.9%-66.5%Information Technology Boxed Inc 0.00%-81.8%N/A Consumer Discretionary
Affirm Holdings Inc Ord Shrs -Class A 0.01%-61.0%-73.2%Information Technology Marathon Digital Holdings Inc 0.02%-80.9%-83.0%Information Technology
Wayfair Inc Class A 0.01%-60.7%-86.2%Consumer Discretionary Riot Blockchain Inc 0.02%-80.2%-88.9%Information Technology
Royal Caribbean Group 0.02%-58.3%-59.1%Consumer Discretionary Endo International PLC 0.00%-79.8%-90.0%Health Care
Page 7
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2022
Performance across all developed and emerging international equity indexes
tracked in the chart were negative during the quarter in both US dollar (USD)
and local currency (LC)terms.The developed market MSCI EAFE Index
returned -14.5%in USD and -7.8%in LC terms for the period,while the MSCI
Emerging Markets Index declined by -11.5%in USD and -8.1%in LC terms.
Developed markets were negatively impacted by rising inflation and tighter
monetary policy.Emerging markets,especially those that export
commodities,held up better.
The trailing 1-year results for both international developed and emerging
markets were broadly negative across all regions and currencies.The MSCI
EAFE Index returned -17.8%in USD for the year and -6.6%in LC terms.
Similarly,returns across emerging markets were broadly lower with the MSCI
Emerging Markets Index falling by -25.3%in USD and -20.2%in LC terms.
Within emerging markets,the EMEA region was the worst performing,
declining by -27.2%in USD and -16.6%in LC terms.The region was
negatively affected by the conflict in Ukraine.
-15.7%
-6.3%
-13.4%
-8.1%
-6.0%
-8.8%
-7.8%
-8.5%
-8.3%
-21.9%
-9.3%
-17.1%
-11.5%
-14.4%
-14.6%
-14.5%
-14.7%
-13.7%
-25.0%-20.0%-15.0%-10.0%-5.0%0.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (48)
Quarter Performance USD Local Currency
-12.1%
-21.6%
-16.6%
-20.2%
-4.7%
-7.5%
-6.6%
-6.4%
-10.7%
-16.1%
-25.9%
-27.2%
-25.3%
-18.1%
-17.6%
-17.8%
-16.8%
-19.4%
-30.0%-20.0%-10.0%0.0%
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 8
The Market Environment
US Dollar International Index Attribution & Country Detail
As of June 30, 2022
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents
backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
MSCI -EAFE Sector Weight Quarter Return 1-Year Return
Communication Services 5.0%-10.9%-20.7%
Consumer Discretionary 11.3%-15.5%-27.6%
Consumer Staples 10.9%-8.4%-14.0%
Energy 4.8%-4.1%21.4%
Financials 17.7%-13.9%-12.3%
Health Care 13.9%-9.5%-9.9%
Industrials 14.9%-18.5%-24.4%
Information Technology 7.8%-23.5%-30.0%
Materials 7.5%-21.0%-18.6%
Real Estate 2.9%-15.8%-20.9%
Utilities 3.5%-11.8%-12.2%
Total 100.0%-14.5%-17.8%
MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return
Communication Services 6.5%-10.7%-26.6%
Consumer Discretionary 11.7%-8.4%-31.1%
Consumer Staples 8.9%-7.6%-14.0%
Energy 6.0%-4.7%8.2%
Financials 20.3%-14.3%-10.4%
Health Care 9.8%-9.6%-15.8%
Industrials 11.8%-17.1%-22.1%
Information Technology 11.0%-22.6%-31.6%
Materials 8.0%-21.4%-19.1%
Real Estate 2.5%-13.5%-22.5%
Utilities 3.4%-9.5%-7.5%
Total 100.0%-13.7%-19.4%
MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return
Communication Services 10.6%-10.5%-32.9%
Consumer Discretionary 14.9%6.3%-37.2%
Consumer Staples 6.1%-4.6%-17.7%
Energy 5.0%-5.9%-21.7%
Financials 21.2%-14.1%-8.7%
Health Care 4.0%-8.8%-42.3%
Industrials 5.6%-9.5%-17.8%
Information Technology 19.2%-20.8%-28.9%
Materials 8.4%-20.6%-24.2%
Real Estate 2.1%-6.1%-27.6%
Utilities 2.9%-4.4%3.3%
Total 100.0%-11.5%-25.3%
MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year
Country Weight Weight Return Return
Japan 22.3%13.8%-14.6%-19.9%
United Kingdom 15.9%9.9%-10.5%-4.0%
France 11.2%7.0%-14.8%-18.3%
Switzerland 10.5%6.5%-14.5%-12.7%
Australia 7.8%4.9%-18.1%-13.1%
Germany 7.8%4.8%-18.1%-31.2%
Netherlands 4.1%2.6%-19.0%-28.4%
Sweden 3.4%2.1%-21.4%-31.0%
Hong Kong 3.3%2.1%-1.1%-15.2%
Denmark 2.8%1.7%-12.0%-10.5%
Spain 2.5%1.6%-8.4%-16.3%
Italy 2.3%1.4%-17.7%-22.7%
Singapore 1.5%0.9%-16.8%-21.0%
Belgium 1.0%0.6%-13.4%-21.0%
Finland 1.0%0.6%-10.9%-21.7%
Norway 0.8%0.5%-14.8%-1.6%
Israel 0.8%0.5%-20.0%-18.1%
Ireland 0.6%0.4%-19.6%-35.4%
Portugal 0.2%0.1%-6.1%1.4%
Austria 0.2%0.1%-17.2%-23.1%
New Zealand 0.2%0.1%-16.9%-25.8%
Total EAFE Countries 100.0%62.2%-14.5%-17.8%
Canada 8.1%-15.8%-8.0%
Total Developed Countries 71.4%-4.8%3.0%
China 10.5%3.4%-31.8%
Taiwan 4.3%-19.8%-20.4%
India 3.8%-13.7%-4.8%
Korea 3.4%-20.9%-38.5%
Brazil 1.4%-24.4%-23.3%
Saudi Arabia 1.3%-12.5%10.3%
South Africa 1.1%-23.0%-13.2%
Mexico 0.6%-15.2%-0.7%
Thailand 0.6%-10.6%-7.5%
Indonesia 0.5%-9.0%16.1%
Malaysia 0.4%-12.8%-9.3%
United Arab Emirates 0.4%-19.4%14.7%
Qatar 0.3%-10.8%17.4%
Kuwait 0.2%-7.7%22.8%
Philippines 0.2%-19.5%-17.8%
Poland 0.2%-27.1%-35.1%
Chile 0.2%-15.9%-10.1%
Turkey 0.1%-10.9%-9.0%
Peru 0.1%-30.2%-7.5%
Greece 0.1%-17.0%-17.5%
Colombia 0.1%-28.0%3.3%
Czech Republic 0.1%-3.7%27.4%
Hungary 0.1%-26.3%-42.2%
Egypt 0.0%-20.4%-24.8%
Total Emerging Countries 29.7%-11.5%-25.3%
Total ACWIxUS Countries 100.0%-13.7%-19.4%
Page 9
Source: Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2022
Fixed income markets were broadly negative during the 2nd quarter.
Investors remained focused on rising inflation and the potential of future Fed
rate increases to combat it.As a result,US Treasury bond yields were higher
across the maturity curve during the quarter.
The return for the BB US Aggregate Bond Index,the bellwether investment
grade benchmark,was down -4.7%for the period.
Performance across the investment grade index’s segments was also
negative during the period with the US Corporate Investment Grade bonds
declining -7.3%and the US Mortgage index component posting a return of -
4.0%.
US Treasury bonds were the quarter’s least negative segment,returning -
3.8%and high yield bonds were the worst performing,declining by -9.8%.
Outside of domestic markets,the BB Global Aggregate ex US Index fell by -
11.0%for the quarter.Like international stocks,global bond index
performance was negatively impacted by the strengthening USD,which acted
as a drag on USD index returns.Additionally,yields in both German and
Japan,two of the largest issuers in the benchmark,moved markedly higher
during the period.
Over the trailing 1-year period,domestic investment grade benchmark
performance was negative and led lower by investment grade corporate(-
14.2%)and mortgage (-9.0%)bonds.US TIPS (-5.1%)were down less than
nominal US Treasury bonds (-8.9%).The bellwether BB US Aggregate Bond
Index declined by -10.3%for the year.
Primarily due to their shorter maturity profile,lower quality high yield
corporate bonds fell by less than their investment grade counterparts with the
BB US High Yield Index returning -12.8%for the period.
Non-US bonds have been under significant pressure over the past year with
the developed market BB Global Aggregate ex US Index falling by -18.8%.
The combination of rising inflation,higher interest rates,a longer maturity
profile,and USD strength contributed to weak index performance for the year.
-8.4%
-11.0%
-2.9%
-4.7%
-7.9%
-6.5%
-5.6%
-3.8%
-6.1%
-9.8%
-7.3%
-4.0%
-3.8%
-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%
Multiverse (6.9)
Global Agg x US (7.5)
Intermediate Agg (4.6)
Aggregate (6.4)
Baa (7.5)
A (7.3)
AA (7.5)
AAA (6.1)
U.S. TIPS (5.1)
U.S. High Yield (4.3)
U.S. Corporate IG (7.6)
U.S. Mortgage (5.9)
U.S. Treasury (6.4)
Quarter Performance
-15.4%
-18.8%-7.9%
-10.3%
-14.9%
-13.3%
-12.0%
-8.9%
-5.1%
-12.8%
-14.2%
-9.0%
-8.9%
-20.0%-18.0%-16.0%-14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%
Multiverse (6.9)
Global Agg x US (7.5)
Intermediate Agg (4.6)
Aggregate (6.4)
Baa (7.5)
A (7.3)
AA (7.5)
AAA (6.1)
U.S. TIPS (5.1)
U.S. High Yield (4.3)
U.S. Corporate IG (7.6)
U.S. Mortgage (5.9)
U.S. Treasury (6.4)
1-Year Performance
Page 10
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2022
The gray band across the graph illustrates the range of the current Fed Funds
Rate.In the 2nd quarter this year,the Fed raised the upper end of its target
rate range from 0.50%to 1.75%.During its recent June meeting,the Federal
Open Market Committee (FOMC)stated that it remains committed to fighting
higher inflation and will consider future interest rate increases.Importantly,
the FOMC stated that it will begin lowering the size of the balance sheet by
not reinvesting proceeds from maturing bonds.
The yield on the US 10-year Treasury (green line)ended the period higher as
concerns over the pace of inflation,combined with the Fed’s announced rate
increase,drove yields higher.After reaching a high of nearly 3.50%during
June,interest rates traded fell for the remainder of the quarter.The yield on
the US 10-year Treasury was 2.98%on June 30th.
The blue line illustrates changes in the BAA OAS (Option Adjusted Spread).
This measure quantifies the additional yield premium that investors require to
purchase and hold non-US Treasury investment grade issues.For the full
year,the spread widened to 2.04%from 1.07%.High Yield OAS moved
significantly higher over the latter part of the year as spreads rose from 3.04%
to 5.87%.High Yield spreads began moving wider during the year on
concerns over slowing economic growth which raises the specter of a
potential increase in defaults.
The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters.The yield curve shifted significantly
higher across all maturities during the 2nd quarter of 2022 following the Fed’s
decision to raise interest rates by 1.25%.The shape of the yield curve
normalized during the quarter as longer-term interest rates moved above
short-term rates.As of the end of the quarter,the spread between 2-year and
10-year rates was positive.Historically,market expectations for recession
increase when longer-term interest rates trade below their short-term peers.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Treasury Yield Curve
9/30/2021 12/31/2021
3/31/2022 6/30/2022
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
1-Year Trailing Market Rates
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
High Yield OAS
10yr Treasury
BAA OAS
Fed Funds Rate
Page 11
March 31, 2022 : $26,901,527
Domestic Equity
R&D
Real Estate
Infrastructure
Non-Core FI
Domestic Fixed
International Equity
June 30, 2022 : $24,375,498
Domestic Equity
R&D
Real Estate
Infrastructure
Non-Core FI
Domestic Fixed
International Equity
Allocation
Market Value Allocation
Domestic Equity 11,245,553 41.8¢£
International Equity 3,502,454 13.0¢£
Domestic Fixed 6,690,132 24.9¢£
Non-Core Fixed income 1,285,048 4.8¢£
Infrastructure 1,059,332 3.9¢£
Real Estate 2,421,002 9.0¢£
Cash Equivalent 698,007 2.6¢£
Allocation
Market Value Allocation
Domestic Equity 8,876,962 36.4¢£
International Equity 3,425,493 14.1¢£
Domestic Fixed 6,122,953 25.1¢£
Non-Core Fixed income 1,196,292 4.9¢£
Infrastructure 1,409,332 5.8¢£
Real Estate 3,109,210 12.8¢£
Cash Equivalent 235,255 1.0¢£
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation by Asset Class
As of June 30, 2022
Page 12
March 31, 2022 : $26,901,527
Dana LCC
Vanguard MC (VIMAX)
Vanguard TS (VTSAX)
Europacific (RERGX)
R&D
Intercontinental
Brookfield
PLFRX
PDIIX
Agincourt Fixed Income
Transamerica (TSWIX)
June 30, 2022 : $24,375,498
Dana LCC
Vanguard MC (VIMAX)
Vanguard TS (VTSAX)
Europacific (RERGX)
R&D
Intercontinental
Brookfield
PLFRX
PDIIX
Agincourt Fixed Income
Transamerica (TSWIX)
Allocation
Market Value Allocation
Dana Large Cap Core Equity 2,746,449 10.2¢£
Vanguard Mid Cap Index (VIMAX)2,786,177 10.4¢£
Vanguard Total Stock Index (VTSAX)5,712,926 21.2¢£
Europacific Growth (RERGX)1,668,207 6.2¢£
Transamerica Intl (TSWIX)1,834,247 6.8¢£
Agincourt Fixed Income 6,690,132 24.9¢£
PIMCO Diversified Income (PDIIX)613,058 2.3¢£
Pacific Funds Floating Rate Income (PLFRX)671,990 2.5¢£
Brookfield BSIP Access Fund 1,059,332 3.9¢£
Intercontinental Real Estate 2,421,002 9.0¢£
R&D 698,007 2.6¢£
Allocation
Market Value Allocation
Dana Large Cap Core Equity -1,887 0.0¢£
Vanguard Mid Cap Index (VIMAX)2,313,690 9.5¢£
Vanguard Total Stock Index (VTSAX)6,565,159 26.9¢£
Europacific Growth (RERGX)1,726,578 7.1¢£
Transamerica Intl (TSWIX)1,698,915 7.0¢£
Agincourt Fixed Income 6,122,953 25.1¢£
PIMCO Diversified Income (PDIIX)557,111 2.3¢£
Pacific Funds Floating Rate Income (PLFRX)639,181 2.6¢£
Brookfield BSIP Access Fund 1,409,332 5.8¢£
Intercontinental Real Estate 3,109,210 12.8¢£
R&D 235,255 1.0¢£
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation by Manager
As of June 30, 2022
Page 13
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%
Real Estate (Composite) (12.8%)
Infrastructure (5.8%)
Non-Core Fixed income (4.9%)
Domestic Fixed (25.1%)
International Equity (14.1%)
Domestic Equity (36.4%)
Recomm
end
ation
Asset Allocation Compliance
Minimum
Allocation (%)
Maximum
Allocation (%)
Current
Allocation (%)
Target
Allocation (%)
Non-Core Fixed income 0.0 10.0 4.9 5.0
Infrastructure 0.0 10.0 5.8 5.0
Real Estate (Composite)5.0 15.0 12.8 10.0
International Equity 10.0 20.0 14.1 15.0
Domestic Fixed 17.5 27.5 25.1 22.5
Domestic Equity 37.5 47.5 36.4 42.5
Total Fund Portfolio N/A N/A 100.0 100.0
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation Compliance
As of June 30, 2022
Page 14
Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
Allo
cat
io
n
(%)
US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Crestview Police & Fire 36.42 (63)14.05 (41)2.29 (82)27.74 (41)5.78 (72)12.76 (30)0.97 (59)z
5th Percentile 59.29 23.63 16.39 54.65 42.46 19.72 9.95
1st Quartile 48.54 16.76 5.51 32.84 22.39 13.26 2.72
Median 41.54 13.26 4.17 25.29 11.57 10.43 1.28
3rd Quartile 31.21 10.38 2.69 19.29 5.17 7.07 0.60
95th Percentile 14.24 6.48 1.31 11.79 1.61 2.77 0.07
Population 662 629 153 657 281 452 555
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation vs Other Public Pension Plans
As of June 30, 2022
Parentheses contain percentile rankings.
.
Page 15
Jun-2022 Mar-2022 Dec-2021 Sep-2021 Jun-2021
($)%($)%($)%($)%($)%
Total Equity 12,302,455 50.47 14,748,006 54.82 15,873,046 56.27 14,820,416 55.67 15,716,614 59.07
Domestic Equity 8,876,962 36.42 11,245,553 41.80 12,006,740 42.56 11,013,895 41.37 11,821,675 44.43
Dana Large Cap Core Equity -1,887 -0.01 2,746,449 10.21 2,989,777 10.60 2,723,496 10.23 3,527,750 13.26
Vanguard Mid Cap Index (VIMAX)2,313,690 9.49 2,786,177 10.36 2,974,210 10.54 2,754,626 10.35 2,754,496 10.35
Vanguard Total Stock Index (VTSAX)6,565,159 26.93 5,712,926 21.24 6,042,753 21.42 5,535,774 20.80 5,539,430 20.82
International Equity 3,425,493 14.05 3,502,454 13.02 3,866,306 13.71 3,806,521 14.30 3,894,939 14.64
Europacific Growth (RERGX)1,726,578 7.08 1,668,207 6.20 1,900,775 6.74 1,922,442 7.22 1,968,632 7.40
Transamerica Intl (TSWIX)1,698,915 6.97 1,834,247 6.82 1,965,531 6.97 1,884,079 7.08 1,926,307 7.24
Total Fixed Income 7,319,245 30.03 7,975,179 29.65 8,352,734 29.61 8,383,867 31.49 7,860,376 29.54
Agincourt Fixed Income 6,122,953 25.12 6,690,132 24.87 7,020,974 24.89 7,057,057 26.51 6,539,198 24.58
PIMCO Diversified Income (PDIIX)557,111 2.29 613,058 2.28 659,629 2.34 659,954 2.48 660,000 2.48
Pacific Funds Floating Rate Income (PLFRX)639,181 2.62 671,990 2.50 672,131 2.38 666,857 2.51 661,178 2.48
Total Infrastructure 1,409,332 5.78 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76
Brookfield BSIP Access Fund 1,409,332 5.78 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76
Real Estate 3,109,210 12.76 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80
Intercontinental Real Estate 3,109,210 12.76 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80
Cash Accounts
R&D 235,255 0.97 698,007 2.59 639,741 2.27 222,792 0.84 -43,736 -0.16
Total Fund Portfolio 24,375,498 100.00 26,901,527 100.00 28,208,499 100.00 26,620,496 100.00 26,608,896 100.00
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation History by Portfolio
As of June 30, 2022
Page 16
Domestic Equity International Equity Domestic Fixed Income Global Fixed Income
Real Estate Real Return Cash Equivalent
0.0
8.0
16.0
24.0
32.0
40.0
48.0
56.0
64.0
72.0
80.0
88.0
96.0
Allocation
(%)
7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 6/22
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation History by Asset Class
Since Inception Ending June 30, 2022
Page 17
Market Value
04/01/2022
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2022
Total Equity 14,748,006 -106,158 ---8,486 -272 44,192 -2,374,827 12,302,455
Domestic Equity 11,245,553 -506,158 ---8,486 -272 36,331 -1,890,006 8,876,962
Dana Large Cap Core Equity 2,746,449 -2,306,158 ---8,486 -272 12,442 -445,863 -1,887
Vanguard Mid Cap Index (VIMAX)2,786,177 -----6,846 -479,333 2,313,690
Vanguard Total Stock Index (VTSAX)5,712,926 1,800,000 ----17,043 -964,810 6,565,159
International Equity 3,502,454 400,000 ----7,861 -484,821 3,425,493
Europacific Growth (RERGX)1,668,207 300,000 ----7,861 -249,489 1,726,578
Transamerica Intl (TSWIX)1,834,247 100,000 ------235,332 1,698,915
Total Fixed Income 7,975,179 -350,000 ---4,181 -656 58,563 -359,660 7,319,245
Agincourt Fixed Income 6,690,132 -350,000 ---4,181 -656 45,534 -257,875 6,122,953
PIMCO Diversified Income (PDIIX)613,058 -----5,890 -61,837 557,111
Pacific Funds Floating Rate Income (PLFRX)671,990 -----7,140 -39,948 639,181
Infrastructure 1,059,332 350,000 ------1,409,332
Brookfield BSIP Access Fund 1,059,332 350,000 ------1,409,332
Real Estate 2,421,002 484,659 ---4,068 -19,410 188,208 3,109,210
Intercontinental Real Estate 2,421,002 484,659 ---4,068 -19,410 188,208 3,109,210
Cash Accounts
R&D 698,007 -378,501 202,415 -209,843 --77,794 971 -235,255
Total Fund Portfolio 26,901,527 -202,415 -209,843 -16,736 -78,723 123,136 -2,546,279 24,375,498
Crestview Police Officers' and Firefighters' Retirement Plan
Financial Reconciliation: Quarter to Date
1 Quarter Ending June 30, 2022
Page 18
Market Value
10/01/2021
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2022
Total Equity 14,820,416 -106,158 ---17,770 -838 288,389 -2,681,585 12,302,455
Domestic Equity 11,013,895 -506,158 ---17,770 -838 116,170 -1,728,338 8,876,962
Dana Large Cap Core Equity 2,723,496 -2,306,158 ---17,770 -838 34,102 -434,720 -1,887
Vanguard Mid Cap Index (VIMAX)2,754,626 -----26,169 -467,105 2,313,690
Vanguard Total Stock Index (VTSAX)5,535,774 1,800,000 ----55,899 -826,513 6,565,159
International Equity 3,806,521 400,000 ----172,219 -953,247 3,425,493
Europacific Growth (RERGX)1,922,442 300,000 ----104,879 -600,743 1,726,578
Transamerica Intl (TSWIX)1,884,079 100,000 ----67,340 -352,504 1,698,915
Total Fixed Income 8,383,867 -350,000 ---12,980 -2,030 166,870 -866,481 7,319,245
Agincourt Fixed Income 7,057,057 -350,000 ---12,980 -2,030 128,670 -697,763 6,122,953
PIMCO Diversified Income (PDIIX)659,954 -----18,314 -121,157 557,111
Pacific Funds Floating Rate Income (PLFRX)666,857 -----19,885 -47,560 639,181
Infrastructure 1,016,532 350,000 ---5,903 -38,677 10,026 1,409,332
Brookfield BSIP Access Fund 1,016,532 350,000 ---5,903 -38,677 10,026 1,409,332
Real Estate 2,176,888 457,867 ---75,626 -54,519 495,562 3,109,210
Intercontinental Real Estate 2,176,888 457,867 ---75,626 -54,519 495,562 3,109,210
Cash Accounts
R&D 222,792 -351,709 1,081,346 -598,580 --119,662 1,068 -235,255
Total Fund Portfolio 26,620,496 -1,081,346 -598,580 -112,279 -122,531 549,523 -3,042,478 24,375,498
Crestview Police Officers' and Firefighters' Retirement Plan
Financial Reconciliation: Fiscal Year to Date
October 1, 2021 To June 30, 2022
Page 19
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Gross)-8.99 (32)-9.30 (42)-9.15 (42)6.09 (40)6.27 (40)6.72 (41)7.53 (67)10/01/1994
Total Fund Policy -9.49 (42)-8.05 (30)-7.74 (29)6.88 (25)7.00 (20)7.31 (22)7.63 (62)
All Public Plans-Total Fund Median -9.99 -9.89 -9.93 5.70 5.89 6.42 7.80
Total Fund Portfolio (Net)-9.05 -9.70 -9.66 5.76 5.95 6.41 7.17 10/01/1994
Total Equity -16.11 -16.46 -17.06 7.05 6.89 8.01 8.74 10/01/1994
Total Equity Policy -15.91 -14.45 -15.13 7.78 7.64 8.70 8.99
Domestic Equity -17.01 (67)-15.19 (62)-15.34 (60)8.51 (46)8.53 (42)9.65 (42)13.14 (83)04/01/2009
Domestic Equity Policy -16.70 (64)-13.78 (57)-13.87 (55)9.77 (32)9.58 (30)10.60 (32)14.39 (55)
IM U.S. Equity (SA+CF+MF) Median -15.26 -12.22 -12.73 8.04 7.79 8.97 14.58
International Equity -13.35 (57)-20.27 (60)-22.08 (55)2.28 (50)1.42 (57)2.56 (60)6.07 (97)04/01/2009
International Equity Policy -13.54 (59)-16.61 (37)-19.01 (37)1.81 (58)1.81 (50)2.98 (50)N/A
IM International Equity (MF) Median -12.86 -18.73 -21.29 2.17 1.77 2.93 8.52
Total Fixed Income -3.78 -8.36 -8.27 -0.86 1.02 0.75 4.91 10/01/1994
Total Fixed Policy -3.53 -8.18 -8.12 -0.56 1.09 0.87 4.74
Domestic Fixed Income -3.18 (85)-8.08 (85)-8.05 (86)-0.29 (90)1.55 (80)1.23 (78)5.00 (21)10/01/1994
Domestic Fixed Policy -2.93 (80)-7.95 (83)-7.91 (84)-0.60 (99)1.19 (98)0.88 (96)4.78 (48)
IM U.S. Intermediate Duration (SA+CF) Median -2.56 -7.31 -7.24 0.16 1.78 1.42 4.75
Non-Core Fixed Income -6.91 -9.84 -9.36 -3.38 -1.21 -1.34 -0.14 10/01/2014
Non-Core Fixed Income Policy -6.41 -9.29 -9.20 -0.50 0.53 0.69 0.81
Infrastructure 0.00 2.37 4.39 N/A N/A N/A 4.39 07/01/2021
CPI + 3%3.41 10.11 12.26 8.11 7.26 6.99 12.26
Real Estate 7.15 (15)24.33 (20)31.63 (25)14.85 (19)13.19 (23)12.83 (19)12.59 (33)01/01/2015
NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)21.59 (39)30.06 (35)13.23 (49)11.61 (60)11.01 (59)11.06 (55)
IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 19.98 28.87 13.12 11.73 11.23 11.38
Crestview Police Officers' and Firefighters' Retirement Plan
Trailing Returns
As of June 30, 2022
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 20
Crestview Police Officers' and Firefighters' Retirement Plan
Trailing Returns
As of June 30, 2022
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Equity Strategies
Vanguard Mid Cap Index (VIMAX)-16.96 (93)-16.01 (90)-16.00 (87)7.19 (35)7.35 (27)8.28 (17)9.76 (14)05/01/2016
Russell Midcap Index -16.85 (91)-16.52 (92)-17.30 (93)6.59 (53)6.90 (37)7.96 (23)9.44 (21)
IM U.S. Mid Cap Core Equity (MF) Median -13.63 -10.07 -10.76 6.62 6.30 6.73 8.25
Vanguard Total Stock Index (VTSAX)-16.85 (79)-14.18 (64)-14.24 (59)9.63 (32)9.47 (27)10.52 (21)11.25 (22)01/01/2017
Russell 3000 Index -16.70 (74)-13.78 (58)-13.87 (52)9.77 (28)9.58 (24)10.60 (18)11.31 (20)
IM U.S. Multi-Cap Core Equity (MF) Median -15.83 -13.19 -13.75 8.69 8.15 9.18 9.98
International Equity Strategies
Europacific Growth (RERGX)-14.65 (70)-25.94 (79)-27.68 (72)1.49 (45)1.60 (34)3.10 (27)5.61 (25)05/01/2016
MSCI AC World ex USA -13.54 (57)-16.61 (32)-19.01 (33)1.81 (39)1.81 (30)2.98 (29)5.09 (34)
IM International Equity (MF) Median -13.08 -19.34 -22.19 1.22 0.77 1.96 4.37
Transamerica Intl (TSWIX)-12.84 (46)-15.15 (23)-17.01 (22)2.48 (27)0.72 (51)1.57 (59)3.60 (70)05/01/2016
MSCI AC World ex USA -13.54 (57)-16.61 (32)-19.01 (33)1.81 (39)1.81 (30)2.98 (29)5.09 (34)
IM International Equity (MF) Median -13.08 -19.34 -22.19 1.22 0.77 1.96 4.37
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 21
Crestview Police Officers' and Firefighters' Retirement Plan
Trailing Returns
As of June 30, 2022
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Fixed Income Strategies
Agincourt Fixed Income -3.18 (85)-8.08 (85)-8.05 (86)-0.31 (91)1.53 (80)1.22 (80)3.46 (39)07/01/2007
Bloomberg Intermed Aggregate Index -2.93 (80)-7.95 (83)-7.91 (84)-0.60 (99)1.19 (98)0.88 (96)2.98 (88)
IM U.S. Intermediate Duration (SA+CF) Median -2.56 -7.31 -7.24 0.16 1.78 1.42 3.33
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)-9.13 (77)-15.58 (69)-15.48 (59)N/A N/A N/A -15.48 (59)07/01/2021
Blmbg. Global Multiverse -8.43 (68)-14.57 (61)-15.35 (58)-3.20 (68)-0.97 (69)-0.51 (60)-15.35 (58)
IM Global Fixed Income (MF) Median -7.00 -13.35 -14.42 -2.33 -0.16 -0.15 -14.42
Pacific Funds Floating Rate Income (PLFRX)-4.88 (29)-4.15 (15)-3.26 (17)1.30 (23)N/A N/A 1.59 (24)11/01/2018
S&P/LSTA Leveraged Loan Index -4.45 (8)-3.84 (10)-2.77 (8)2.09 (1)2.55 (1)2.91 (2)2.29 (1)
IM U.S. Bank Loans (MF) Median -5.27 -5.19 -4.35 0.69 1.25 1.72 0.94
Infrastructure Strategies
Brookfield BSIP Access Fund 0.00 4.80 6.86 N/A N/A N/A 6.86 07/01/2021
CPI + 3%3.41 10.11 12.26 8.11 7.26 6.99 12.26
Real Estate Strategies
Intercontinental Real Estate 7.15 (15)24.33 (20)31.63 (25)14.85 (19)13.19 (23)12.83 (19)12.59 (33)01/01/2015
NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)21.59 (39)30.06 (35)13.23 (49)11.61 (60)11.01 (59)11.06 (55)
IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 19.98 28.87 13.12 11.73 11.23 11.38
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 22
FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015
Total Fund Portfolio (Gross)-9.30 (42)19.87 (62)8.54 (33)4.48 (44)8.50 (30)13.07 (28)7.20 (94)-1.61 (68)
Total Fund Policy -8.05 (30)19.40 (68)10.32 (14)4.54 (42)8.64 (27)12.05 (51)10.61 (24)-0.17 (32)
All Public Plans-Total Fund Median -9.89 20.73 7.51 4.28 7.47 12.05 9.78 -0.88
Total Fund Portfolio (Net)-9.70 19.62 8.27 4.21 8.24 12.68 6.65 -2.17
Total Equity -16.46 30.53 11.29 2.52 12.72 19.05 8.58 -4.53
Total Equity Policy -14.45 30.03 12.06 2.04 13.62 19.14 13.68 -3.37
Domestic Equity -15.19 (62)32.10 (56)12.20 (41)3.80 (34)15.98 (45)19.19 (47)8.51 (83)-1.98 (68)
Domestic Equity Policy -13.78 (57)31.88 (57)15.00 (36)2.92 (39)17.58 (38)18.71 (51)14.96 (38)-0.49 (56)
IM U.S. Equity (SA+CF+MF) Median -12.22 33.82 5.78 1.13 14.72 18.79 13.36 0.13
International Equity -20.27 (60)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62)-13.00 (71)
International Equity Policy -16.61 (37)24.45 (50)3.45 (64)-0.72 (47)2.25 (40)20.15 (55)9.80 (55)-11.78 (67)
IM International Equity (MF) Median -18.73 24.34 7.82 -1.04 1.33 20.73 10.49 -7.92
Total Fixed Income -8.36 0.42 4.82 7.40 -0.78 2.66 4.17 1.39
Total Fixed Policy -8.18 0.34 5.37 7.62 -0.99 0.12 4.53 1.82
Domestic Fixed Income -8.08 (85)-0.26 (81)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (23)2.98 (29)
Bloomberg Intermed Aggregate Index -7.95 (83)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)2.95 (31)
IM U.S. Intermediate Duration (SA+CF) Median -7.31 0.25 6.45 8.01 -0.38 0.69 3.89 2.70
Non-Core Fixed Income -9.84 3.91 -2.55 2.90 -1.91 13.82 2.68 -8.14
Non-Core Fixed Income Policy -9.29 3.91 3.67 5.36 -1.32 -0.56 9.23 -3.56
Infrastructure 2.37 N/A N/A N/A N/A N/A N/A N/A
CPI + 3%10.11 8.55 4.44 4.78 5.43 5.25 4.59 3.01
Real Estate 24.33 (20)13.86 (71)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A
NCREIF Fund Index-Open End Diversified Core (EW)21.59 (39)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)
IM U.S. Open End Private Real Estate (SA+CF) Median 19.98 16.11 1.74 6.80 8.98 7.88 11.26 15.32
Crestview Police Officers' and Firefighters' Retirement Plan
Fiscal Year Returns
As of June 30, 2022
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 23
Crestview Police Officers' and Firefighters' Retirement Plan
Fiscal Year Returns
As of June 30, 2022
FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015
Domestic Equity Strategies
Vanguard Mid Cap Index (VIMAX)-16.01 (90)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A N/A
Russell Midcap Index -16.52 (92)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27)-0.25 (30)
IM U.S. Mid Cap Core Equity (MF) Median -10.07 37.86 -2.64 1.86 9.96 15.17 11.88 -1.28
Vanguard Total Stock Index (VTSAX)-14.18 (64)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A N/A
Russell 3000 Index -13.78 (58)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12)-0.49 (36)
IM U.S. Multi-Cap Core Equity (MF) Median -13.19 30.66 11.15 1.49 15.61 18.24 11.19 -1.56
Dana Large Cap Core Equity -14.79 (86)28.55 (68)11.93 (54)6.23 (25)15.09 (69)24.44 (6)7.16 (93)-0.03 (53)
S&P 500 Index -11.13 (54)30.00 (56)15.15 (38)4.25 (41)17.91 (41)18.61 (53)15.43 (23)-0.61 (63)
IM U.S. Large Cap Core Equity (SA+CF) Median -11.06 30.73 12.87 3.26 17.36 18.74 13.41 0.12
Rockwood Equity N/A N/A N/A N/A N/A N/A N/A -3.64 (88)
S&P 500 Index -11.13 (54)30.00 (56)15.15 (38)4.25 (41)17.91 (41)18.61 (53)15.43 (23)-0.61 (63)
IM U.S. Large Cap Core Equity (SA+CF) Median -11.06 30.73 12.87 3.26 17.36 18.74 13.41 0.12
International Equity Strategies
Europacific Growth (RERGX)-25.94 (79)24.76 (42)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A N/A
MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63)
IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71
Transamerica Intl (TSWIX)-15.15 (23)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)N/A N/A
MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63)
IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71
Dana International Equity N/A N/A N/A N/A N/A N/A N/A -13.00 (68)
MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63)
IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 24
Crestview Police Officers' and Firefighters' Retirement Plan
Fiscal Year Returns
As of June 30, 2022
FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015
Domestic Fixed Income Strategies
Agincourt Fixed Income -8.08 (85)-0.33 (84)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (23)2.98 (29)
Bloomberg Intermed Aggregate Index -7.95 (83)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)2.95 (31)
IM U.S. Intermediate Duration (SA+CF) Median -7.31 0.25 6.45 8.01 -0.38 0.69 3.89 2.70
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)-15.58 (69)N/A N/A N/A N/A N/A N/A N/A
Blmbg. Global Multiverse -14.57 (61)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42)
IM Global Fixed Income (MF) Median -13.35 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88
Pacific Funds Floating Rate Income (PLFRX)-4.15 (15)6.97 (69)0.09 (30)N/A N/A N/A N/A N/A
S&P/LSTA Leveraged Loan Index -3.84 (10)8.40 (32)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (36)0.92 (29)
IM U.S. Bank Loans (MF) Median -5.19 7.64 -0.61 2.24 4.37 4.48 5.01 0.08
Templeton Global (FTTRX)N/A N/A -4.57 (100)2.50 (99)-1.91 (65)13.82 (1)2.68 (95)-8.14 (94)
Blmbg. Global Multiverse -14.57 (61)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42)
IM Global Fixed Income (MF) Median -13.35 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88
Infrastructure Strategies
Brookfield BSIP Access Fund 4.80 N/A N/A N/A N/A N/A N/A N/A
CPI + 3%10.11 8.55 4.44 4.78 5.43 5.25 4.59 3.01
Real Estate Strategies
Intercontinental Real Estate 24.33 (20)13.86 (71)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A
NCREIF Fund Index-Open End Diversified Core (EW)21.59 (39)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)
IM U.S. Open End Private Real Estate (SA+CF) Median 19.98 16.11 1.74 6.80 8.98 7.88 11.26 15.32
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 25
Plan Growth
Total Fund Portfolio Net Cash Flow
$0
$6,300,000
$12,600,000
$18,900,000
$25,200,000
$31,500,000
$37,800,000
($6,300,000)
Market
Valu
e
9/94 12/95 3/97 6/98 9/99 12/00 3/02 6/03 9/04 12/05 3/07 6/08 9/09 12/10 3/12 6/13 9/14 12/15 3/17 6/18 9/19 12/20 6/22
$5,044,863
$24,375,498
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Total Fund Portfolio -8.99 (32)-13.39 (45)-9.15 (42)6.92 (51)6.09 (40)6.72 (41)6.37 (52)7.57 (58)6.07 (35)
Total Fund Policy -9.49 (42)-12.45 (33)-7.74 (29)7.59 (39)6.88 (25)7.31 (22)7.22 (20)8.15 (30)6.28 (26)
Median -9.99 -13.90 -9.93 6.94 5.70 6.42 6.40 7.74 5.86
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Total Fund Portfolio -9.30 (42)19.87 (65)8.54 (37)4.48 (45)8.50 (33)13.07 (26)7.20 (95)
Total Fund Policy -8.05 (30)19.40 (69)10.32 (17)4.54 (43)8.64 (31)12.05 (57)10.61 (22)
Median -9.89 20.87 7.66 4.37 7.70 12.29 9.78
Crestview Police Officers' and Firefighters' Retirement Plan
Long-Term Performance
As of June 30, 2022
Peer Group: All Public Plans-Total Fund
Page 26
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percentile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Total Fund Portfolio Total Fund Policy
3.6
4.2
4.8
5.4
6.0
6.6
7.2
7.8
Ret
urn
(%)
8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 14.4
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Total Fund Portfolio Total Fund Policy
98.0
98.4
98.8
99.2
99.6
100.0
100.4
Up
Market
Cap
ture
Ratio
(%)
99.8 100.0 100.2 100.4 100.6 100.8
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Total Fund Portfolio 54.24 -23.82 -0.20 -0.20 0.53 -0.10 0.06 1.00 2.03
Total Fund Policy 0.00 -27.57 0.00 0.00 0.56 N/A 0.06 1.00 0.00
90 Day U.S. Treasury Bill 27.12 0.00 0.75 -5.99 N/A -0.56 0.00 -0.01 10.77
Crestview Police Officers' and Firefighters' Retirement Plan
Long-Term Performance
As of June 30, 2022
Peer Group: All Public Plans-Total Fund
Page 27
Multi Time Period Statistics
1 Qtr
Return
1
Quarter
Ending
Mar-2022
Return
1
Quarter
Ending
Dec-2021
Return
1
Quarter
Ending
Sep-2021
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Total Fund Portfolio (Gross)-8.99 (32)-4.83 (67)4.72 (35)0.16 (44)6.09 (40)6.72 (41)109.13 (57)107.51 (55)
Total Fund Policy -9.49 (42)-3.28 (24)5.03 (24)0.33 (36)6.88 (25)7.31 (22)100.00 100.00
All Public Plans-Total Fund Median -9.99 -4.27 4.33 0.05 5.70 6.42 111.78 109.13
Total Fund Portfolio (Net)-9.05 -4.88 4.38 0.04 5.76 6.41 109.74 108.42
Total Fund Policy -9.49 -3.28 5.03 0.33 6.88 7.31 100.00 100.00
Total Equity -16.11 -7.05 7.14 -0.72 7.05 8.01 107.21 106.02
Total Equity Policy -15.91 -5.28 7.41 -0.79 7.78 8.70 100.00 100.00
Domestic Equity -17.01 (67)-6.30 (59)9.06 (34)-0.19 (48)8.51 (46)9.65 (42)106.33 (47)104.94 (47)
Domestic Equity Policy -16.70 (64)-5.28 (50)9.28 (32)-0.10 (45)9.77 (32)10.60 (32)100.00 100.00
IM U.S. Equity (SA+CF+MF) Median -15.26 -5.30 7.57 -0.35 8.03 8.97 103.70 102.91
International Equity -13.35 (54)-9.41 (55)1.57 (47)-2.27 (47)2.28 (30)2.56 (37)108.38 (52)107.67 (53)
International Equity Policy -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00
IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70
Total Fixed Income -3.78 -4.46 -0.31 0.09 -0.86 0.75 102.80 97.89
Total Fixed Policy -3.53 -4.42 -0.42 0.06 -0.56 0.87 100.00 100.00
Domestic Fixed Income -3.18 (85)-4.64 (84)-0.44 (30)0.03 (68)-0.29 (90)1.23 (78)103.31 (16)102.29 (10)
Domestic Fixed Policy -2.93 (80)-4.69 (89)-0.51 (46)0.05 (59)-0.60 (99)0.88 (96)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median -2.56 -4.34 -0.52 0.07 0.16 1.42 93.53 91.81
Non-Core Fixed Income -6.91 -3.51 0.37 0.53 -3.38 -1.34 107.77 93.53
Non-Core Fixed Income Policy -6.41 -3.10 0.02 0.10 -0.50 0.69 100.00 100.00
Infrastructure 0.00 0.00 2.37 1.97 N/A N/A N/A N/A
CPI + 3%3.41 3.47 2.91 1.95 8.11 6.99 N/A N/A
Real Estate 7.15 (15)5.75 (76)9.72 (18)5.88 (72)14.85 (19)12.83 (19)1.54 (69)1.54 (69)
NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)7.99 (15)7.70 (44)6.96 (35)13.23 (49)11.01 (59)100.00 100.00
IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 6.75 7.57 6.33 13.12 11.23 95.76 95.76
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2022
Page 28
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2022
1 Qtr
Return
1
Quarter
Ending
Mar-2022
Return
1
Quarter
Ending
Dec-2021
Return
1
Quarter
Ending
Sep-2021
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Domestic Equity Strategies
Vanguard Mid Cap Index (VIMAX)-16.96 (93)-6.32 (83)7.97 (59)0.00 (19)7.19 (35)8.28 (17)96.98 (30)97.12 (50)
Russell Midcap Index -16.85 (91)-5.68 (77)6.44 (80)-0.93 (52)6.59 (53)7.96 (23)100.00 100.00
IM U.S. Mid Cap Core Equity (MF) Median -13.63 -4.08 8.20 -0.87 6.62 6.73 91.67 97.08
Vanguard Total Stock Index (VTSAX)-16.85 (79)-5.46 (43)9.16 (50)-0.07 (41)9.63 (32)10.52 (21)100.60 (48)100.31 (44)
Russell 3000 Index -16.70 (74)-5.28 (37)9.28 (44)-0.10 (44)9.77 (28)10.60 (18)100.00 100.00
IM U.S. Multi-Cap Core Equity (MF) Median -15.83 -5.87 9.15 -0.23 8.69 9.18 100.33 99.60
International Equity Strategies
Europacific Growth (RERGX)-14.65 (70)-12.24 (70)-1.13 (76)-2.35 (48)1.49 (45)3.10 (27)113.99 (41)109.82 (47)
MSCI AC World ex USA -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00
IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70
Transamerica Intl (TSWIX)-12.84 (46)-6.68 (34)4.32 (12)-2.19 (46)2.48 (27)1.57 (59)105.14 (60)107.44 (54)
MSCI AC World ex USA -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00
IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70
Page 29
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2022
1 Qtr
Return
1
Quarter
Ending
Mar-2022
Return
1
Quarter
Ending
Dec-2021
Return
1
Quarter
Ending
Sep-2021
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Domestic Fixed Income Strategies
Agincourt Fixed Income -3.18 (85)-4.64 (84)-0.44 (30)0.03 (68)-0.31 (91)1.22 (80)103.31 (16)102.29 (10)
Bloomberg Intermed Aggregate Index -2.93 (80)-4.69 (89)-0.51 (46)0.05 (59)-0.60 (99)0.88 (96)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median -2.56 -4.34 -0.52 0.07 0.16 1.42 93.53 91.81
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)-9.13 (77)-7.06 (83)-0.05 (12)0.13 (17)N/A N/A N/A N/A
Blmbg. Global Multiverse -8.43 (68)-6.05 (59)-0.70 (50)-0.91 (71)-3.20 (68)-0.51 (60)100.00 100.00
IM Global Fixed Income (MF) Median -7.00 -5.48 -0.70 -0.40 -2.33 -0.15 98.06 96.58
Pacific Funds Floating Rate Income (PLFRX)-4.88 (29)-0.02 (7)0.79 (11)0.93 (41)1.30 (23)N/A 87.20 (95)N/A
S&P/LSTA Leveraged Loan Index -4.45 (8)-0.10 (11)0.75 (12)1.11 (16)2.09 (1)2.91 (2)100.00 100.00
IM U.S. Bank Loans (MF) Median -5.27 -0.52 0.49 0.87 0.69 1.72 106.74 105.36
Infrastructure Strategies
Brookfield BSIP Access Fund 0.00 2.37 2.37 1.97 N/A N/A N/A N/A
CPI + 3%3.41 3.47 2.91 1.95 8.11 6.99 N/A N/A
Real Estate Strategies
Intercontinental Real Estate 7.15 (15)5.75 (76)9.72 (18)5.88 (72)14.85 (19)12.83 (19)1.54 (69)1.54 (69)
NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)7.99 (15)7.70 (44)6.96 (35)13.23 (49)11.01 (59)100.00 100.00
IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 6.75 7.57 6.33 13.12 11.23 95.76 95.76
Page 30
Estimated
Annual Fee (%)
06/30/22
Market Value
06/30/22
Allocation (%)
Estimated
Annual Fee ($)
Domestic Equity
Vanguard Mid Cap Index (VIMAX)0.05 2,313,690 9.49 1,157
Vanguard Total Stock Market Index (VTSAX)0.04 6,565,159 26.93 2,626
International Equity
Europacific Growth (RERGX)0.46 1,726,578 7.08 7,942
Transamerica Intl (TSWIX)0.86 1,698,915 6.97 14,611
Domestic Fixed Income
Agincourt Fixed Income 0.25 6,122,953 25.12 15,307
Non-Core Fixed Income
PIMCO Diversified Income (PDIIX)0.79 557,111 2.29 4,401
Pacific Funds Floating Rate Income (PLFRX)0.73 639,181 2.62 4,666
Infrastructure
Brookfield BSIP Access Fund**1.00 1,409,332 5.78 14,093
Real Estate
Intercontinental Real Estate*1.10 3,109,210 12.76 34,201
Cash Accounts
R&D 235,255 0.97 -
Total Fund Portfolio 0.41 24,375,498 100.00 98,993
Crestview Police Officers' and Firefighters' Retirement Plan
Fee Analysis
As of June 30, 2022
*Intercontinental subject to performance based fee of 20% on all returns above 8% annual return.
** Brookfield BSIP subject to incentive fee of 5% of distributions.
Page 31
Page Intentionally Left Blank
Page 32
Long-Term
Manager Composite
Data
Manager Composites are provided for illustrative and historical perspective purposes.
They do not represent actual results for Crestview Police Officers' and Firefighters' Retirement Plan.
Page 33
Growth of a Dollar
Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index
($0.80)
$0.00
$0.80
$1.60
$2.40
$3.20
$4.00
$4.80
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$3.03$3.04
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Vanguard Md-Cp I;Adm (VIMAX)-16.96 (93)-22.21 (94)-16.00 (87)11.08 (87)7.19 (35)8.28 (17)8.14 (17)11.48 (12)7.75 (14)
Russell Midcap Index -16.85 (91)-21.57 (91)-17.30 (93)11.31 (84)6.59 (53)7.96 (23)8.04 (20)11.29 (16)7.77 (13)
Median -13.63 -17.27 -10.76 14.15 6.62 6.73 6.60 9.95 6.40
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Vanguard Md-Cp I;Adm (VIMAX)-16.01 (90)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46)12.64 (44)
Russell Midcap Index -16.52 (92)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27)
Median -10.07 37.86 -2.64 1.86 9.96 15.17 11.88
Vanguard Md-Cp I;Adm (VIMAX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Mid Cap Core Equity (MF)
Page 34
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index
3.6
4.5
5.4
6.3
7.2
8.1
9.0
9.9
Ret
urn
(%)
16.2 17.1 18.0 18.9 19.8 20.7 21.6 22.5 23.4
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index
99.0
99.2
99.4
99.6
99.8
100.0
100.2
Up
Market
Cap
ture
Ratio
(%)
98.7 99.0 99.3 99.6 99.9 100.2 100.5
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Vanguard Md-Cp I;Adm (VIMAX)49.15 -48.50 0.09 -0.04 0.45 -0.03 0.09 0.99 1.55
Russell Midcap Index 0.00 -48.60 0.00 0.00 0.44 N/A 0.09 1.00 0.00
90 Day U.S. Treasury Bill 30.51 0.00 0.74 -9.32 N/A -0.44 0.00 -0.01 21.04
Vanguard Md-Cp I;Adm (VIMAX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Mid Cap Core Equity (MF)
Page 35
Growth of a Dollar
Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index
($1.00)
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$3.22$3.25
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Vanguard TSM Idx;Adm (VTSAX)-16.85 (79)-21.38 (62)-14.24 (59)11.25 (45)9.63 (32)10.52 (21)10.37 (15)12.51 (18)8.41 (14)
Russell 3000 Index -16.70 (74)-21.10 (54)-13.87 (52)11.43 (39)9.77 (28)10.60 (18)10.43 (12)12.57 (15)8.36 (17)
Median -15.83 -20.69 -13.75 11.01 8.69 9.18 8.69 11.28 6.99
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Vanguard TSM Idx;Adm (VTSAX)-14.18 (64)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43)14.98 (11)
Russell 3000 Index -13.78 (58)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12)
Median -13.19 30.66 11.15 1.49 15.61 18.24 11.19
Vanguard TSM Idx;Adm (VTSAX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Multi-Cap Core Equity (MF)
Page 36
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index
2.0
4.0
6.0
8.0
10.0
Ret
urn
(%)
16.0 18.0 20.0 22.0 24.0 26.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index
99.9
100.0
100.1
100.2
Up
Market
Cap
ture
Ratio
(%)
99.6 99.7 99.8 99.9 100.0 100.1
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Vanguard TSM Idx;Adm (VTSAX)54.24 -45.58 0.05 0.05 0.50 0.35 0.09 1.00 0.15
Russell 3000 Index 0.00 -45.95 0.00 0.00 0.50 N/A 0.09 1.00 0.00
90 Day U.S. Treasury Bill 30.51 0.00 0.74 -9.22 N/A -0.50 0.00 -0.01 18.51
Vanguard TSM Idx;Adm (VTSAX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Multi-Cap Core Equity (MF)
Page 37
Growth of a Dollar
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
$0.00
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$1.23
$1.46
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
American Funds EuPc;R5 (RERFX)-14.65 (70)-25.12 (76)-27.70 (72)0.62 (69)1.45 (46)3.05 (27)3.63 (26)6.26 (19)3.33 (16)
MSCI AC World ex USA -13.54 (57)-18.15 (35)-19.01 (33)5.06 (34)1.81 (39)2.98 (29)3.40 (30)5.31 (39)2.05 (44)
Median -13.08 -20.20 -22.19 3.26 1.22 1.96 2.65 4.92 1.77
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
American Funds EuPc;R5 (RERFX)-25.96 (79)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56)
MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)
Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Equity (MF)
Page 38
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
-2.0
0.0
2.0
4.0
6.0
Ret
urn
(%)
16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
99.0
99.9
100.8
101.7
102.6
103.5
104.4
105.3
Up
Market
Cap
ture
Ratio
(%)
94.0 95.0 96.0 97.0 98.0 99.0 100.0 101.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
American Funds EuPc;R5 (RERFX)61.02 -45.07 1.31 1.22 0.22 0.28 0.04 0.98 4.39
MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00
90 Day U.S. Treasury Bill 40.68 0.00 0.69 -3.12 N/A -0.16 0.00 -0.01 20.01
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Equity (MF)
Page 39
Growth of a Dollar
Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA
$0.00
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
$2.10
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$1.23
$1.34
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Transam:Interntl Eq;I (TSWIX)-12.84 (46)-18.66 (37)-17.01 (22)6.58 (24)2.48 (27)1.57 (59)2.26 (61)5.57 (32)2.51 (32)
MSCI AC World ex USA -13.54 (57)-18.15 (35)-19.01 (33)5.06 (34)1.81 (39)2.98 (29)3.40 (30)5.31 (39)2.05 (44)
Median -13.08 -20.20 -22.19 3.26 1.22 1.96 2.65 4.92 1.77
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Transam:Interntl Eq;I (TSWIX)-15.15 (23)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (77)5.67 (74)
MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)
Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31
Transam:Interntl Eq;I (TSWIX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Equity (MF)
Page 40
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA
-2.0
0.0
2.0
4.0
6.0
Ret
urn
(%)
16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA
99.2
100.0
100.8
101.6
102.4
103.2
104.0
104.8
Up
Market
Cap
ture
Ratio
(%)
99.5 99.6 99.7 99.8 99.9 100.0 100.1
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Transam:Interntl Eq;I (TSWIX)57.63 -50.49 0.68 0.64 0.19 0.18 0.04 0.99 3.47
MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00
90 Day U.S. Treasury Bill 40.68 0.00 0.69 -3.12 N/A -0.16 0.00 -0.01 20.01
Transam:Interntl Eq;I (TSWIX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Equity (MF)
Page 41
Growth of a Dollar
Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$1.50
$1.61
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Agincourt Intermediate Fixed Income -2.43 (40)-6.82 (54)-7.43 (65)-3.65 (87)0.12 (59)1.43 (49)1.74 (45)1.86 (46)3.46 (40)
Bloomberg Intermed Aggregate Index -2.93 (80)-7.48 (83)-7.91 (84)-4.01 (95)-0.60 (99)0.88 (96)1.22 (96)1.38 (91)2.98 (88)
Median -2.56 -6.76 -7.24 -3.16 0.16 1.42 1.69 1.82 3.33
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Agincourt Intermediate Fixed Income -7.44 (60)-0.43 (88)7.28 (14)8.50 (17)-0.66 (78)0.66 (54)4.24 (29)
Bloomberg Intermed Aggregate Index -7.95 (83)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)
Median -7.31 0.25 6.45 8.01 -0.38 0.69 3.89
Agincourt Intermediate Fixed Income
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Intermediate Duration (SA+CF)
Page 42
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Agincourt Intermediate Fixed Income
Bloomberg Intermed Aggregate Index
2.0
2.4
2.8
3.2
3.6
4.0
4.4
Ret
u
rn
(%)
2.4 2.7 3.0 3.3 3.6 3.9 4.2 4.5 4.8
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Agincourt Intermediate Fixed Income
Bloomberg Intermed Aggregate Index
95.0
100.0
105.0
110.0
115.0
120.0
125.0
Up
Market
Capt
ure
Rat
io
(%)
96.0 100.0 104.0 108.0 112.0 116.0 120.0 124.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Agincourt Intermediate Fixed Income 59.32 -8.41 0.29 0.50 0.78 0.39 0.03 1.07 1.26
Bloomberg Intermed Aggregate Index 0.00 -8.68 0.00 0.00 0.75 N/A 0.02 1.00 0.00
90 Day U.S. Treasury Bill 27.12 0.00 0.55 -2.19 N/A -0.75 0.00 0.04 2.92
Agincourt Intermediate Fixed Income
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Intermediate Duration (SA+CF)
Page 43
Growth of a Dollar
PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$1.33
$2.21
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
PIMCO:Div Income;Inst (PDIIX)-8.92 (49)-15.21 (76)-14.75 (60)-3.88 (60)-1.71 (67)1.51 (51)3.31 (30)3.79 (26)5.63 (7)
Blmbg. Global Multiverse -8.43 (41)-13.97 (57)-15.35 (66)-6.54 (83)-3.20 (82)-0.51 (84)0.62 (86)0.27 (84)2.37 (86)
Median -9.07 -13.72 -13.57 -2.25 -0.48 1.53 2.44 2.29 3.50
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
PIMCO:Div Income;Inst (PDIIX)-15.02 (67)5.62 (45)4.32 (57)10.36 (15)1.86 (33)7.79 (27)13.41 (7)
Blmbg. Global Multiverse -14.57 (63)-0.45 (87)5.99 (40)7.54 (49)-1.32 (78)-0.56 (88)9.23 (46)
Median -13.69 4.78 5.23 7.37 0.48 4.59 8.81
PIMCO:Div Income;Inst (PDIIX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM Global Fixed Income (SA+CF)
Page 44
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Ret
urn
(%)
0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse
96.0
100.0
104.0
108.0
112.0
116.0
120.0
Up
Market
Cap
ture
Ratio
(%)
15.0 30.0 45.0 60.0 75.0 90.0 105.0 120.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
PIMCO:Div Income;Inst (PDIIX)69.49 -15.21 3.94 3.55 0.62 0.58 0.06 0.85 6.16
Blmbg. Global Multiverse 0.00 -17.85 0.00 0.00 0.25 N/A 0.02 1.00 0.00
90 Day U.S. Treasury Bill 42.37 0.00 0.64 -1.57 N/A -0.25 0.00 0.01 6.25
PIMCO:Div Income;Inst (PDIIX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM Global Fixed Income (SA+CF)
Page 45
Growth of a Dollar
Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
$2.10
10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 6/22
$1.80
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Pacific Funds Floating Rate (PLFRX)-4.82 (57)-4.80 (44)N/A N/A N/A N/A N/A N/A N/A
S&P/LSTA Leveraged Loan Index -4.45 (34)-4.55 (35)-2.77 (37)4.19 (34)2.09 (39)2.91 (51)3.26 (48)3.74 (66)3.96 (65)
Median -4.73 -4.93 -3.10 3.79 1.90 2.92 3.22 3.81 4.08
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Pacific Funds Floating Rate (PLFRX)N/A N/A N/A N/A N/A N/A N/A
S&P/LSTA Leveraged Loan Index -3.84 (36)8.40 (48)1.06 (49)3.10 (67)5.19 (58)5.30 (48)5.46 (54)
Median -4.18 8.25 0.91 3.56 5.40 5.26 5.60
Pacific Funds Floating Rate (PLFRX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Bank Loans (SA+CF)
Page 46
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index
3.2
3.6
4.0
4.4
4.8
5.2
5.6
Ret
urn
(%)
7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Pacific Funds Floating Rate (PLFRX)
S&P/LSTA Leveraged Loan Index
93.0
96.0
99.0
102.0
105.0
108.0
Up
Market
Capt
ure
Rat
io
(%)
93.0 96.0 99.0 102.0 105.0 108.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Pacific Funds Floating Rate (PLFRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A
S&P/LSTA Leveraged Loan Index 0.00 -29.20 0.00 0.00 0.37 N/A 0.04 1.00 0.00
90 Day U.S. Treasury Bill 23.73 0.00 0.73 -3.99 N/A -0.37 0.00 -0.01 10.92
Pacific Funds Floating Rate (PLFRX)
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Bank Loans (SA+CF)
Page 47
Growth of a Dollar
Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW)
$0.00
$0.80
$1.60
$2.40
$3.20
$4.00
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 6/22
$2.66
$3.07
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Intercontinental US REIF 7.25 (14)13.43 (28)31.77 (23)19.57 (32)14.89 (19)12.84 (19)12.89 (28)13.48 (28)N/A
NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)12.90 (35)30.06 (35)18.98 (41)13.23 (49)11.01 (59)10.76 (56)11.39 (56)7.01 (62)
Median 4.40 11.71 28.87 18.42 13.12 11.23 11.20 11.97 7.26
Fiscal Year Returns
FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016
Intercontinental US REIF 24.48 (19)13.84 (73)4.41 (12)8.30 (21)11.37 (10)11.72 (6)13.07 (23)
NCREIF Fund Index-Open End Diversified Core (EW)21.59 (39)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)
Median 19.98 16.11 1.74 6.80 8.98 7.88 11.26
Intercontinental US REIF
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Open End Private Real Estate (SA+CF)
Page 48
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percent
ile
Rank
9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22
Risk vs Return: October 2007 to Present
Intercontinental US REIF
NCREIF Fund Index-Open End Diversified Core (EW)
5.0
6.0
7.0
8.0
9.0
10.0
11.0
Ret
u
rn
(%)
2.0 4.0 6.0 8.0 10.0 12.0 14.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Intercontinental US REIF
NCREIF Fund Index-Open End Diversified Core (EW)
93.0
96.0
99.0
102.0
105.0
108.0
Up
Market
Capt
ure
Rat
io
(%)
93.0 96.0 99.0 102.0 105.0 108.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2022
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Intercontinental US REIF N/A N/A N/A N/A N/A N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)0.00 -39.11 0.00 0.00 0.82 N/A 0.06 1.00 0.00
90 Day U.S. Treasury Bill 11.86 0.00 0.71 -6.32 N/A -0.82 0.00 -0.01 7.75
Intercontinental US REIF
Long-Term Composite Performance
As of June 30, 2022
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Open End Private Real Estate (SA+CF)
Page 49
Total Fund Policy
Weight (%)
Oct-1994
S&P 500 Index 50.00
Blmbg. U.S. Gov't/Credit 50.00
Oct-2000
Blmbg. U.S. Gov't/Credit 40.00
S&P 500 Index 60.00
Apr-2007
Bloomberg Intermed Aggregate Index 40.00
S&P 500 Index 60.00
Apr-2010
S&P 500 Index 45.00
Blmbg. U.S. Aggregate Index 40.00
MSCI EAFE Index 15.00
Aug-2014
Russell 3000 Index 45.00
Bloomberg Intermed Aggregate Index 35.00
MSCI AC World ex USA 15.00
Blmbg. Global Multiverse 5.00
Jan-2015
Russell 3000 Index 45.00
Bloomberg Intermed Aggregate Index 25.00
MSCI AC World ex USA 15.00
Blmbg. Global Multiverse 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Oct-2018
Russell 3000 Index 45.00
MSCI AC World ex USA 15.00
Bloomberg Intermed Aggregate Index 25.00
Blmbg. Global Multiverse 2.50
S&P/LSTA Leveraged Loan Index 2.50
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Weight (%)
Jul-2021
Russell 3000 Index 42.50
MSCI AC World ex USA 15.00
Bloomberg Intermed Aggregate Index 22.50
Blmbg. Global Multiverse 2.50
S&P/LSTA Leveraged Loan Index 2.50
NCREIF Fund Index-Open End Diversified Core (EW)10.00
CPI + 3%5.00
Crestview Police Officers' and Firefighters' Retirement Plan
Investment Policies Benchmark History
As of June 30, 2022
Page 50
Total Equity Policy Domestic Equity Policy
International Equity Policy
Weight (%)
Oct-1994
S&P 500 Index 100.00
Apr-2010
S&P 500 Index 75.00
MSCI EAFE Index 25.00
Aug-2014
Russell 3000 Index 75.00
MSCI AC World ex USA 25.00
Weight (%)
Oct-1994
S&P 500 Index 100.00
Aug-2014
Russell 3000 Index 100.00
Weight (%)
Apr-2010
MSCI EAFE Index 100.00
Aug-2014
MSCI AC World ex USA 100.00
Crestview Police Officers' and Firefighters' Retirement Plan
Investment Policies Benchmark History
As of June 30, 2022
Page 51
Total Fixed Policy
Domestic Fixed Policy Non-Core Fixed Policy
Weight (%)
Oct-1994
Blmbg. U.S. Gov't/Credit 100.00
Apr-2007
Bloomberg Intermed Aggregate Index 100.00
Apr-2010
Blmbg. U.S. Aggregate Index 100.00
Aug-2014
Bloomberg Intermed Aggregate Index 83.00
Blmbg. Global Multiverse 17.00
Oct-2018
Bloomberg Intermed Aggregate Index 83.00
Blmbg. Global Multiverse 8.50
S&P/LSTA Leveraged Loan Index 8.50
Weight (%)
Oct-1994
Blmbg. U.S. Gov't/Credit 100.00
Apr-2007
Bloomberg Intermed Aggregate Index 100.00
Apr-2010
Blmbg. U.S. Aggregate Index 100.00
Aug-2014
Bloomberg Intermed Aggregate Index 100.00
Weight (%)
Jan-1999
Blmbg. Global Multiverse 100.00
Oct-2018
Blmbg. Global Multiverse 50.00
S&P/LSTA Leveraged Loan Index 50.00
Crestview Police Officers' and Firefighters' Retirement Plan
Investment Policies Benchmark History
As of June 30, 2022
Page 52
Crestview Police Officers' and Firefighters' Pension Fund
Compliance Checklist
As of June 30, 2022
Total Fund Compliance:Yes No N/A
1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing three year period.
2. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing five year period.
3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period.
4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period.
5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period.
6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period.
Equity Compliance:Yes No N/A
1. Total Domestic Equity return equaled or exceeded the benchmark over the trailing three year period.
2. Total Domestic Equity return equaled or exceeded the benchmark over the trailing five year period.
3. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing three year period.
4. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing five year period.
5. Total International Equity return equaled or exceeded the benchmark over the trailing three year period.
6. Total International Equity return equaled or exceeded the benchmark over the trailing five year period.
7. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing three year period.
8. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing five year period.
9. Total Equity investments was less than 75% of the total plan assets at market.
10. Total foreign equity was less than 25% of the total plan assets at market.
Fixed Income Compliance:Yes No N/A
1. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing three year period.
2. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing five year period.
3. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period.
4. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period.
5. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing three year period.
6. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing five year period.
7. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period.
8. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period.
9. All fixed income has a minimum rating of BBB/Baa, 5% may fall below.
Page 53
Crestview Police Officers' and Firefighters' Pension Fund
Compliance Checklist
As of June 30, 2022
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. Manager has had less than 4 consecutive quarters of underperformance.
6. Manager three year down market capture ratio is less than the index.
7. Manager five year down market capture ratio is less than the index.
8. Manager reports compliance with PFIA.
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. Manager has had less than 4 consecutive quarters of underperformance.
6. Manager three year down market capture ratio is less than the index.
7. Manager five year down market capture ratio is less than the index.
8. Manager reports compliance with PFIA.
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. Manager has had less than 4 consecutive quarters of underperformance.
6. Manager three year down market capture ratio is less than the index.
7. Manager five year down market capture ratio is less than the index.
8. Manager reports compliance with PFIA.
Brookfield
Manager Compliance:
Intercontinental RE
Pacific Funds (PLFRX)
Manager Compliance:
Vanguard VIMAX Vanguard VTSAX Europacific RERGX
Manager Compliance:
Transamerica TSWIX Agincourt Fixed PIMCO (PDIIX)
Page 54
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 55
Disclosures
AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing
their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client.
AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo
analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information
presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to
our attention that would cause AndCo to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future
performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management
services.
Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves.
This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live.
This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where
S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance
provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results.
This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or
redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire
risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any
express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all
warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.
Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect,
special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related
thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment
Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof.
This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is
proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not
guarantee of future results.
Page 56
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