HomeMy Public PortalAbout08-29-23_Agenda_Packet-CPFCRESTVIEW POLICE OFFICERS’ & FIREFIGHTERS’ EMPLOYEES’ PENSION TRUST FUND
PENSION BOARD OF TRUSTEES QUARTERLY MEETING
198 N. WILSON STREET, CRESTVIEW, FL 32536
AGENDA
Tuesday, August 29, 2023 – 2:30 PM
Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter
considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a
verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing
assistance to participate in any of these proceedings should contact City Clerk at (850) 682-1560 prior to the meeting.
I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM
II. PUBLIC COMMENTS
III. APPROVAL OF MINUTES A. June 6, 2023, quarterly meeting minutes
IV. REPORTS (ATTORNEY/CONSULTANTS) A. AndCo Consulting, Tyler Grumbles, Investment Consultant
1. Quarterly report as of June 30, 2023
2. Updated Investment Policy Statement B. Klausner, Kaufman, Jensen & Levinson, Stu Kaufman, Board Attorney
1. House Bill 3 memo
V. OLD BUSINESS
VI. NEW BUSINESS A. Benefit calculations provided by the plan B. FY 23-24 Proposed Budget C. 2024 Meeting Dates
VII. CONSENT AGENDA A. Payment ratification
1. Warrant #29 and #30 B. Invoices for payment approval
1. None C. Fund activity report for period May 31,2023 through August 22, 2023
VIII. STAFF REPORTS, DISCUSSION, and ACTION A. Michelle Rodriguez, Plan Administrator
1. Financial disclosure forms
2. Annual report update
3. Education Opportunities i. 52nd Annual Police Officers' and Firefighters' Pension Conference Sept. 26- 28 in Orlando, Florida ii. FPPTA Fall Trustee School, October 1-4, 2023, Sawgrass Marriot, Orlando, FL
IX. NEXT QUARTERLY MEETING DATE – November 28, 2023 @2:30PM
X. ADJOURNMENT
1
CITY OF CRESTVIEW
POLICE OFFICERS’ & FIREFIGHTERS’ EMPLOYEES PENSION TRUST FUND
PENSION BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
198 N. Wilson Street
Crestview, FL 32536
Tuesday, June 6, 2023, at 2:30pm
TRUSTEES PRESENT: Ellis Conner
David Griggs
Dan Krusenklaus
Andrew Schneider, Chair
Corey Winkler, Secretary
TRUSTEES ABSENT: None
OTHERS PRESENT: Tyler Grumbles, AndCo Consulting
Stu Kaufman, Klausner, Kaufman, Jensen, & Levinson
Sean Sendra, Klausner, Kaufman, Jensen, & Levinson
Joe Griffin, Foster & Foster
Michelle Rodriguez, Foster & Foster
Justin Hildebrand, Agincourt
Ryon Acey, Agincourt
1. Call to Order – Andrew Schneider called the meeting to order at 2:30pm.
2. Roll Call – As reflected above.
3. Public Comments – None.
4. Approval of Minutes
a. February 28, 2023, quarterly meeting
The minutes from the February 28, 2023, quarterly meeting were approved, upon motion
by Ellis Conner and second by Dan Krusenklaus; motion carried 5-0.
5. Reports (Attorney/Consultants)
a. Foster & Foster, Joe Griffin
i. October 1, 2022, Actuarial Valuation Report
1. Joe Griffin reviewed the report and commented the City’s required
contribution increased due to an overall unfavorable plan
experience in part due to an investment return of 5.52% which fell
short of the 7.00% assumption and an unfavorable
disability/retirement experience. Joe commented the losses were
offset in part by a gain associated with lower than expected interest
crediting on Share Plan balances. Joe explained that the City had
access to a prepaid contribution of $99,447.25 that was available
to offset a portion of the required contributions for the fiscal year
ending September 30, 2023.
2
The Board approved the October 1, 2022, valuation report as presented, upon motion by
Ellis Conner and second by Dan Krusenklaus; motion carried 5-0.
The Board voted the declaration of returns for the plan shall be 7.00% for the next year,
the next several years, and the long-term thereafter net of investment related expenses,
upon motion by David Griggs and second by Corey Winkler; motion carried 5-0.
b. Agincourt Capital Management, Justin Hildebrand and Ryon Acey, Investment
Managers
i. Quarterly report as of March 1, 2023
1. Ryon Acey provided an overview of his firm and their investment
strategies.
c. AndCo Consulting, Tyler Grumbles, Investment Consultant
i. Quarterly report as of March 31, 2023
1. Tyler reviewed the market environment over the last quarter and
commented that even with the Federal Reserve increasing its rates,
longer term rates had gone down, and short-term rates had gone
up. Tyler added the real estate market experienced a downturn.
2. The market value of assets as of March 31, 2023, was $25,960,263.
3. The gross earnings for the quarter were 4.38%, slightly
underperforming the policy benchmark of 4.55%. The fiscal year-
to-date earnings were 9.94%, underperforming the policy
benchmark of 10.16%. The trailing returns for the 1, 3, 4, and 5-
year periods were -3.87, 10.97%, 6.84%, and 6.38% respectively.
Since inception (10/01/1994) returns were 7.53%, slightly
underperforming the policy benchmark of 7.62%.
4. Tyler reviewed the asset allocations of the fund and commented he
did not have any recommendations for rebalancing at this time,
however he would like the board to approve an auto rebalancing
letter.
5. Tyler commented this letter would allow the custodian to
automatically rebalance the fund in accordance with the Investment
Policy Statement.
The Board voted to approve the investment consultant prepare an auto rebalance letter
that will keep $275,000 in cash and the remainder of the fund in compliance with the
Investment Policy Statement, upon motion by Dan Krusenklaus and second by Ellis
Conner; motion carried 5-0.
6. Tyler commented Salem now offered share class exchange which
provided a lower cost for the TSW fund.
The Board voted to approve a share class exchange as presented by the investment
consultant, upon motion by David Griggs and second by Dan Krusenklaus; motion carried
5-0.
d. KKJL, Stu Kaufman and Sean Sendra, Board Attorneys
i. Proposed Ordinance Amendment – RMD Age
3
1. Sean Sendra reviewed the proposed language and the board
agreed by consensus to request a no impact letter from the
actuary and send to the City for first reading.
ii. Proposed Ordinance Amendment – 25 and out
1. Stu reviewed the proposed language and commented he has sent
it to the City and was waiting for their response.
iii. Legislative update
1. Sean reviewed the memo and commented House Bill 3 recently
passed the Florida House and Senate and went into effect July 1,
2023.
2. Sean commented the bill stipulates that only pecuniary factors
may be used when making investment decisions and specifically
prohibited trustees to consider Environmental, Social and
Governance (ESG) factors when making investment decisions.
Sean commented the legislation did not prohibit any specific
funds, but rather seeks to regulate the reason for choosing funds.
Sean commented this board was already in compliance because
they only used data points provided by their investment consultant
to make all of their investment decisions.
3. Sean commented the legislation would require additional reporting
requirements and added his firm was waiting for the State to issue
guidance on the process.
6. New Business – None.
7. Old Business – None.
8. Consent Agenda
a. Payment ratification – Warrant #28
b. Invoices for approval – None
c. Fund activity report for February 22, 2023 through May 30, 2023
The Board voted to approve the Consent Agenda as presented, upon motion by David
Griggs and second by Ellis Conner; motion carried 5-0.
10. Staff Reports, Discussion and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Member Statements
1. Michelle commented she just received the member statements
from the actuary and asked the board how they were usually
distributed to the members. The board asked the plan administrator
to email the statements individually to the members.
ii. Annual Report
1. Michelle advised the board the annual report was submitted to the
state on May 15, 2023; however she was waiting for the audited
financial statement to be completed so it could be submitted to the
State as well.
iii. Financial Disclosure Forms
1. Michelle reminded the board to submit their financial disclosure
forms to the Supervisor of Elections in the County in which they
reside by July 1st.
4
iv. Upcoming educational opportunities
1. Michelle reviewed education opportunities that were available to the
board.
11. Trustee Reports, Discussion and Action – None.
12. Adjournment - The meeting adjourned at 4:50pm.
13. Next Meeting – August 29, 2023, at 2:30pm.
Respectfully submitted by: Approved by:
_______________________________ _____________________________
Michelle Rodriguez, Plan Administrator Andrew Schneider, Chair
Date Approved by the Pension Board: ______________________________________
<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="06/30/2023" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending June 30, 2023
City of Crestview
Police Officers & Firefighters'
Retirement Plan
2nd Quarter 2023 Market Environment
Page 1
The Market Environment
Executive Summary
As of June 30, 2023
The Economy
Though the Atlanta Fed GDPNow model forecasted weak GDP growth in 2023 as
the impact from higher interest rates continued to spread through the broader
economy,the first quarter GDP final revision of 2%was markedly higher than the
1.3%first reported.
The US Federal Reserve Bank (the Fed)continued to increase interest rates
during the quarter with an additional 0.25%increase in the Fed Funds rate in May,
followed by a pause in June.The Fed continues to prioritize fighting high inflation
with the press release from the June meeting detailing the extent that additional
policy firming (i.e.,rate increases)will consider the cumulative tightening of
monetary policy,the lags with which monetary policy affects economic activity and
inflation,and economic and financial developments.
June brought some weakness in the US labor market as nonfarm payrolls
increased by 209,000,below the expected 240,000 new jobs.This represented
the slowest month for job creation since December 2020.Initial jobless also rose
for the week ending July 1st.
The global banking sector came under duress in the first quarter of 2023,triggered
by the second and third-largest regional bank failures in US history.Fears of
deterioration in the banking sector have waned,likely helped by aggressive
intervention from the FDIC and Federal Reserve.
Equity (Domestic and International)
US equities moved broadly higher during the second quarter led by growth-
oriented sectors.The S&P 500 Benchmark rose 8.7%for the quarter,its best-
performing quarter since Q4-2021.Large-cap growth was the best-performing
domestic segment of the equity market during the period while small-cap value,
while positive,was the weakest relative performer for the quarter.
International stocks experienced modest returns during the quarter.Local currency
(LCL)performance outpaced US Dollar (USD)performance in most regions
though both benchmarks were positive as the USD traded higher during the
quarter.
Global GDP growth continues to face challenges despite falling energy prices.
European growth remained under pressure amid hawkish central bank policies.
While China has fully reopened after almost three years of COVID-19 restrictions,
there have been challenges associated with the region re-integrating with the
global economy.
Fixed Income
While inflation continues to decline,the Fed maintained their inflation-fighting
policy stance,increasing interest rates by 0.25%in May but opting to pause in
June.The additional rate hike in May along with the possibility that additional rate
hikes could occur in this tightening cycle,drove intermediate and long-term rates
slightly higher during the quarter.
US Government securities were the worst-performing sector during the quarter.
US Treasuries lagged the corporate and securitized sectors as yields at longer
maturities rose slightly and credit conditions were considered more favorable than
the previous quarter.
Corporate bonds with lower credit ratings held up better than higher quality issues,
aided by narrowing credit spreads as well as their higher coupons.High-yield
bonds were the best-performing segment of the domestic bond market,echoing
the equity market’s positive sentiment during the quarter.
Global bonds underperformed US issues during the quarter and the trailing one-
year period.
Market Themes
Central banks remained vigilant in their fight against inflation with the Fed,the
Bank of England,and the European Central foreshadowing the potential for further
tightening with additional rate hikes in the coming months.GDP contraction in the
Eurozone for the previous two quarters has been met with recovering asset prices
in the most recent quarter as investors remain hopeful of future growth.
The conflict in Ukraine continues without expectations of any resolution in the near
future.Energy costs have subsided in recent months attributed to a mild winter in
the Eurozone region and an increase in fossil fuel production in the US.
Short-term interest rates rose across most developed markets as central banks
continued to tighten policy stances.Despite previous concerns about the potential
for slowing economic growth,lower-quality corporate bonds outpaced higher-
quality government bonds as credit spreads narrowed.
Both US and international equity markets continued to recover from the
disappointing year that was 2022 on expectations that inflation would continue to
moderate and central banks would slow the pace of their monetary tightening
cycles.Growth has significantly outpaced value in the previous two quarters.
Page 2
The Market Environment
Major Market Index Performance
As of June 30, 2023
Domestic equity markets started 2023 with solid results,led mostly by the
large-cap names.The poor performance posted by domestic equities in the
first half of 2022 has rolled off and now each index has turned positive on a
trailing one-year basis.Factors contributing to the quarter's results include
strong economic data in the face of higher benchmark rates and the
expectation that the Fed would slow the pace of future interest rate increases.
For the period,the S&P 500 large-cap benchmark returned 8.7%versus 4.8%
for mid-cap and 5.2%for small-cap benchmarks.
International developed and emerging market equities also delivered positive
results,albeit lagging behind their domestic counterparts.Europe continues to
face geopolitical risks related to the conflict in Ukraine and rising interest rates,
though inflation has eased somewhat due to higher rates and more
manageable energy prices.Performance in the emerging market index was
led by the Latin America region whose regional index posted a strong 14.0%
return in USD terms.The developed market MSCI EAFE Index returned 3.0%
for the quarter and the MSCI Emerging Markets Index rose by 0.9%.
The domestic bond market ebbed during the quarter due to higher rates from
the Federal Reserve’s decision to hike policy rates an additional 0.25%.The
Bloomberg (BB)US Aggregate Index returned -0.8%for the period while
investment-grade corporate bonds were down less with a return of -0.3%.
During the one-year trailing period,US equity markets were positive as the
weak performance from the first half of 2022 rolled off.The S&P 500 Index
returned 19.6%for the year.The weakest relative performance for the year
was the Russell 2000 Index,which still climbed 12.3%over the last 12-
months.
International markets also rolled off their poor performance in 2022.Over the
trailing one-year period,the MSCI EAFE Index returned 18.8%while the MSCI
Emerging Markets Index added a much more modest 1.7%.Concerns relating
to the conflict in Ukraine continued to emanate throughout the region and
globally.Elevated inflation and slowing global economic growth continue to be
an additional headwind for global markets.
Bond markets softened further,posting negative returns over the previous 1-
year period for most indices.The primary driver of results during the first half
of 2023 continues to be higher interest rates,which directly impact bond prices
and index performance.Investment-grade corporate bonds were the only
sector to post positive performance over the previous 12-months,adding
1.5%.The US Government sector suffered the most for the period,posting a
return of -2.1%.
Source: Investment Metrics
1.2%
-0.3%
-0.6%
-1.4%
-1.4%
-0.8%
0.9%
3.0%
2.4%
5.2%
4.8%
8.6%
8.4%
8.7%
-2.5%0.0%2.5%5.0%7.5%10.0%
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
3.7%
1.5%
-1.5%
-1.4%
-2.1%
-0.9%
1.7%
18.8%
12.7%
12.3%
14.9%
19.4%
19.0%
19.6%
-5.0%0.0%5.0%10.0%15.0%20.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
1-Year Performance
Page 3
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2023
Core domestic equity benchmarks posted positive results for the second
quarter in a row.However,concerns regarding the regional banking sector and
the financial sector's large weight in the value benchmarks weighed heavily on
the broad value indices’performance in the first half of 2023.Large-cap stocks
once again led results for the capitalization-based benchmarks,besting both
the mid-cap and small-cap indices for the quarter.Growth benchmarks posted
the strongest results as economic data continues to show favorable conditions
for growth stocks.The Russell 1000 Growth Index topped the quarter,
returning 12.8%followed by the Russell 2000 Growth Index and the Russell
Midcap Growth Index,which rose by 7.1%and 6.2%,respectively.
As previously stated,Growth stocks at all capitalization ranges outperformed
their value counterparts by a wide margin for the quarter.This continued the
2023 theme of growth-based benchmark outperformance.Among the value
benchmarks Large cap,mid-cap and small-cap value each posted positive
performance for the quarter with the Russell 1000 Value Index leading the way
at 4.1%.
The second quarter’s continued positive performance in tandem with the poor
performance from the first half of 2022 rolling off the various benchmark
returns turned the Russell indices positive on a trailing 12-month basis.Within
large-cap stocks,the Russell 1000 Growth Index returned a strong 27.1%,
leading the way among style and market capitalization classifications.The
worst-performing index was the Russell 2000 Value,which posted a modest
6.0%return for the trailing 12-months.
Growth rebounded from disappointing results in early 2022 and led value-
based benchmarks in all market capitalization ranges during the trailing year.
The Russell 2000 Growth Index returned 18.5%,outpacing the Russell 2000
Value index return of 6.0%by a span of 12.5%.The Russell 1000 Growth and
Russell Midcap Growth benchmarks gained 27.1%and 23.1%,respectively,
while their corresponding value index counterparts returned solid,but lagging,
performance of 11.5%and 10.5%,respectively.
18.5%
12.3%
6.0%
23.1%
14.9%
10.5%
27.1%
19.4%
11.5%
26.6%
19.0%
11.2%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
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
7.1%
5.2%
3.2%
6.2%
4.8%
3.9%
12.8%
8.6%
4.1%
12.5%
8.4%
4.0%
0.0%3.0%6.0%9.0%12.0%15.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
Quarter Performance -Russell Style Series
Page 4
The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2023
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.
Large Cap sector performance was mostly positive for the second quarter.
Nine of 11 economic sectors posted positive absolute performance for the
quarter,but just three managed to outpace the return of the Russell 1000
index.
After a challenging 2022,the information technology sector continued its
dominating rebound,amassing an impressive 17.1%return for the
quarter.The other two sectors that outpaced the headline index's return
for the quarter were communication services (12.5%)and consumer
discretionary (13.4%).Energy (-0.9%),and utilities (-2.7%)were the two
sectors that lost ground for the quarter.
For the full year,four economic sectors exceeded the return of the broad
large-cap benchmark and seven of the eleven sectors posted positive
performance.The weakest economic sector in the Russell 1000 for the
year was utilities,which declined by -3.4%and was heavily impacted by
rising energy costs and a market rotation away from defensive names.
Eight small-cap economic sectors posted positive results during the
quarter while just three exceeded the 5.2%return of the Russell 2000
Index.The health care (11.9%),industrials (9.8%),and information
technology (8.4%)sectors led the way,outpacing the broad benchmark
for the quarter while the utilities (-3.7%),financials (-1.1%),and
communication services (-0.3%)sectors posted negative returns.
Like large cap sector performance over the trailing year,seven small cap
sectors were positive.Industrials posted the strongest sector results
(25.9%)but the consumer discretionary,energy,and information
technology sectors each also returned in excess of 20%for the last 12-
months.Five of the 11 economic sectors fell short of core small-cap
benchmark’s return of 12.3%over the trailing year.The worst-performing
sector for the year was financials with a return of -6.2%.The
communication services (-4.5%),real estate (-3.1%),and utilities (-2.8%)
sectors also posted negative results for the year.
-3.4%
-3.0%
15.8%
39.8%
26.4%
5.4%
11.0%
17.6%
6.7%
24.8%
16.7%
-2.7%
2.3%
2.9%
17.1%
7.5%
2.8%
5.4%
-0.9%
0.5%
13.4%
12.5%
-10.0%0.0%10.0%20.0%30.0%40.0%
Utilities (2.7%)
Real Estate (2.9%)
Materials (2.7%)
Info Technology (25.9%)
Industrials (9.3%)
Health Care (13.9%)
Financials (13.1%)
Energy (4.4%)
Consumer Staples (6.7%)
Consumer Disc (10.3%)
Comm Services (8.2%)
Russell 1000 Quarter 1-Year
-2.8%
-3.1%
16.0%
23.0%
25.9%
12.5%
-6.2%
23.4%
9.7%
23.5%
-4.5%
-3.7%
2.4%
0.4%
8.4%
9.8%
11.9%
-1.1%
3.8%
2.6%
3.2%
-0.3%
-10.0%0.0%10.0%20.0%30.0%
Utilities (3.3%)
Real Estate (6.2%)
Materials (4.4%)
Info Technology (12.2%)
Industrials (16.9%)
Health Care (17.3%)
Financials (15.5%)
Energy (6.3%)
Consumer Staples (3.8%)
Consumer Disc (11.2%)
Comm Services (2.7%)
Russell 2000 Quarter 1-Year
Page 5
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2023
Source: Morningstar Direct
Top 10 Weighted StocksTop 10 Weighted Stocks
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Information Technology517.7%133.9%0.5%Super Micro Computer IncInformation Technology42.7%17.8%7.0%Apple Inc
Information Technology69.9%26.1%0.3%SPS Commerce IncInformation Technology33.9%18.4%6.2%Microsoft Corp
Information Technology198.6%25.2%0.3%Rambus IncConsumer Discretionary22.7%26.2%2.9%Amazon.com Inc
Industrials-4.5%27.4%0.3%Chart Industries IncInformation Technology179.3%52.3%2.4%NVIDIA Corp
Information Technology51.8%15.7%0.3%Novanta IncConsumer Discretionary16.6%26.2%1.8%Tesla Inc
Energy38.0%16.9%0.3%Chord Energy Corp Ordinary SharesCommunication Services9.9%15.4%1.7%Alphabet Inc Class A
Consumer Discretionary46.3%14.5%0.3%Light & Wonder Inc Ordinary SharesCommunication Services78.0%35.4%1.5%Meta Platforms Inc Class A
Energy57.8%14.8%0.3%ChampionX CorpFinancials24.9%10.4%1.5%Berkshire Hathaway Inc Class B
Industrials87.9%11.0%0.3%Atkore IncCommunication Services10.6%16.3%1.5%Alphabet Inc Class C
Materials61.2%8.0%0.3%Commercial Metals CoHealth Care-5.1%2.1%1.1%UnitedHealth Group Inc
Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Information Technology9.2%503.3%0.0%CXApp Inc Ordinary Shares -Class AFinancials30.6%97.6%0.0%XP Inc Class A
Health Care319.3%391.4%0.2%Immunogen IncConsumer Discretionary49.2%89.3%0.0%Wayfair Inc Class A
Information Technology790.5%317.4%0.0%Applied Digital CorpConsumer Discretionary117.7%85.5%0.0%Carnival Corp
Information TechnologyN/A230.4%0.0%Presto Automation IncIndustrials95.0%85.0%0.0%XPO Inc
Health Care10.5%195.9%0.0%EyePoint Pharmaceuticals IncInformation Technology69.0%81.4%0.1%Palantir Technologies Inc
Health CareN/A182.9%0.0%CARISMA Therapeutics IncInformation Technology58.4%76.3%0.1%MongoDB Inc Class A
Health Care-19.6%182.1%0.0%P3 Health Partners Inc Class AIndustrials201.6%73.1%0.0%Vertiv Holdings Co Class A
Health Care37.1%168.5%0.0%Nano X Imaging Ltd Ordinary SharesFinancials111.0%65.8%0.0%Nu Holdings Ltd Ordinary Shares
Consumer Discretionary14.8%164.8%0.1%Carvana Co Class AInformation Technology-25.3%63.4%0.0%AppLovin Corp Ordinary Shares -
Information Technology209.9%163.6%0.0%Bit Digital Inc Ordinary SharesConsumer Discretionary95.8%61.9%0.0%Norwegian Cruise Line Holdings Ltd
Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Health Care-99.7%-98.6%0.0%Babylon Holdings Ltd Ordinary SharesConsumer Discretionary-37.7%-49.0%0.0%Victoria's Secret & Co
Health Care-86.7%-89.8%0.0%ViewRay IncConsumer Discretionary-58.1%-41.5%0.0%Advance Auto Parts Inc
Health Care-78.4%-86.3%0.0%Rain Oncology IncHealth Care-58.5%-39.6%0.0%Tandem Diabetes Care Inc
Health Care-74.4%-85.5%0.0%FibroGen IncFinancials-46.6%-35.8%0.0%First Horizon Corp
Financials-82.0%-66.6%0.0%HomeStreet IncInformation Technology-28.5%-35.1%0.0%Ubiquiti Inc
Health Care-49.5%-64.3%0.0%BioXcel Therapeutics IncHealth Care-59.6%-34.0%0.0%Catalent Inc
Health CareN/A-64.2%0.0%Orchestra BioMed Holdings IncIndustrials-39.9%-33.4%0.0%Concentrix Corp Ordinary Shares
Materials-68.6%-63.2%0.0%PolyMet Mining CorpFinancials3.1%-33.0%0.0%MarketAxess Holdings Inc
Energy-80.1%-62.4%0.0%Enviva IncIndustrials-46.2%-32.3%0.0%Mercury Systems Inc
Health Care-68.1%-59.1%0.0%NanoString Technologies IncConsumer Discretionary-16.2%-32.2%0.0%Peloton Interactive Inc
Page 6
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2023
Many of the international developed and emerging market benchmarks
posted positive performance in both USD and LCL terms for the second
quarter.While the strengthening of the USD chilled non-US index
performance in USD during the quarter,the developed market MSCI EAFE
Index still returned a solid 3.0%in USD and 4.3%in LCL terms for the period.
The MSCI Emerging Markets Index rose by 0.9%in USD and 1.7%in LCL
terms.
Latin America (LATAM)dramatically outpaced other emerging markets for the
quarter with the regional index earning a solid 14.0%in USD and 9.0%in LCL
terms.Performance in the region was driven by strong demand for commodity
exports from growing worldwide production along with a USD performance
boost due to local currency strength in the region.
The largest weighted country in the emerging market index (China,8.2%)
lagged during the quarters.Investors have struggled to accurately forecast
the pace of China’s recovery after its grand economic reopening from COVID-
19 lockdowns,which led to a flurry of spending that has since cooled.
Much like domestic markets,trailing one-year results for international
developed and emerging markets rolled off their poor performance from early
2022 which resulted in strong results for the trailing year.Much of the strong
USD performance in late 2022 has been reversed in 2023 with the MSCI
EAFE Index returning 18.8%in USD for the year and 17.5%in LCL terms.
Annual returns across emerging markets were more bifurcated.Latin
American results led the way with returns of 29.8%in USD and 16.9%in LC
terms.Performance in the EM Asia regional benchmark detracted from
emerging market index with the EM Asia Index posting returns of -0.9%in
USD and 1.4%in LCL terms.As a result,the broad MSCI Emerging Markets
Index returned a muted 1.7%in USD and 3.3%in LCL terms for the year.
9.0%
0.3%
5.6%
1.7%
9.5%
1.7%
4.3%
4.0%
3.4%
14.0%
-0.8%
2.7%
0.9%
3.5%
2.7%
3.0%
3.0%
2.4%
-2.0%2.0%6.0%10.0%14.0%
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
16.9%
1.4%
6.9%
3.3%
19.1%
16.8%
17.5%
16.7%
12.6%
29.8%
-0.9%
1.8%
1.7%
13.7%
21.5%
18.8%
17.4%
12.7%
-5.0%5.0%15.0%25.0%35.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (48)
1-Year Performance USD Local Currency
Page 7
The Market Environment
US Dollar International Index Attribution & Country Detail
As of June 30, 2023
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents
backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE
2.2%-2.6%4.1%Communication Services
30.6%5.0%12.6%Consumer Discretionary
9.9%-0.6%10.1%Consumer Staples
14.3%0.1%4.2%Energy
20.2%4.6%18.3%Financials
9.8%2.0%13.2%Health Care
29.6%6.2%16.2%Industrials
32.7%5.9%8.2%Information Technology
16.4%-1.7%7.4%Materials
-7.4%-2.0%2.3%Real Estate
16.5%4.0%3.5%Utilities
18.8%3.0%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS
-0.7%-4.6%5.5%Communication Services
12.6%1.5%12.1%Consumer Discretionary
9.0%-0.4%8.6%Consumer Staples
9.4%3.4%5.4%Energy
13.2%4.9%20.6%Financials
7.4%1.5%9.6%Health Care
24.9%5.4%13.2%Industrials
24.1%6.1%11.9%Information Technology
10.7%-2.7%7.9%Materials
-9.5%-2.5%2.0%Real Estate
7.8%3.7%3.2%Utilities
12.7%2.4%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt
-3.6%-6.8%9.8%Communication Services
-15.3%-6.3%13.2%Consumer Discretionary
4.4%0.3%6.4%Consumer Staples
13.5%12.1%5.0%Energy
6.4%5.7%21.9%Financials
-9.6%-2.5%3.8%Health Care
5.3%1.8%6.3%Industrials
14.1%5.1%21.2%Information Technology
1.8%-4.2%8.1%Materials
-17.7%-4.9%1.8%Real Estate
-6.7%4.2%2.6%Utilities
1.7%0.9%100.0%Total
1-YearQuarterMSCI-ACWIxUSMSCI-EAFE
ReturnReturnWeightWeightCountry
18.1%6.4%14.5%22.4%Japan
13.2%2.2%9.5%14.7%United Kingdom
31.7%3.2%8.0%12.4%France
13.3%4.0%6.5%10.1%Switzerland
28.4%2.8%5.6%8.6%Germany
11.2%0.3%4.7%7.3%Australia
31.2%4.1%3.0%4.6%Netherlands
16.6%-1.2%2.1%3.3%Sweden
31.9%1.7%2.0%3.1%Denmark
29.0%5.6%1.7%2.6%Spain
43.4%8.2%1.6%2.5%Italy
-9.0%-5.1%1.6%2.5%Hong Kong
10.0%-5.6%0.9%1.4%Singapore
6.1%-6.1%0.6%0.9%Belgium
-1.2%-8.1%0.6%0.9%Finland
45.3%4.3%0.5%0.8%Ireland
-9.0%-1.0%0.4%0.6%Norway
-4.7%-4.0%0.4%0.6%Israel
6.7%-1.1%0.1%0.2%Portugal
15.5%-6.0%0.1%0.2%New Zealand
18.9%4.4%0.1%0.2%Austria
18.8%3.0%64.6%100.0%Total EAFE Countries
7.0%3.7%7.6%Canada
17.4%3.0%72.2%Total Developed Countries
-16.8%-9.7%8.2%China
12.5%4.5%4.3%Taiwan
14.2%12.2%4.1%India
13.0%4.4%3.4%Korea
29.8%20.7%1.5%Brazil
-1.7%6.3%1.2%Saudi Arabia
-1.9%-4.9%0.9%South Africa
35.1%5.6%0.8%Mexico
13.2%2.8%0.6%Indonesia
1.7%-8.2%0.5%Thailand
-6.4%-8.4%0.4%Malaysia
-6.1%5.8%0.4%United Arab Emirates
-15.4%-2.4%0.3%Qatar
36.4%24.5%0.2%Poland
-4.7%-0.9%0.2%Kuwait
5.8%-1.3%0.2%Philippines
18.1%2.4%0.2%Chile
53.3%-10.7%0.2%Turkey
71.3%23.9%0.1%Greece
34.0%6.5%0.1%Peru
48.8%24.8%0.1%Hungary
8.7%-5.1%0.0%Czech Republic
-5.7%11.7%0.0%Colombia
27.0%3.9%0.0%Egypt
1.7%0.9%27.8%Total Emerging Countries
12.7%2.4%100.0%Total ACWIxUS Countries
Page 8
Source: Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2023
Fixed income markets started 2023 strong but performance stalled during the
second quarter.Yields remain elevated on the back of the Federal Reserve’s
decision to hike policy rates an additional 0.25%in May.After a challenging
2022 in fixed-income markets brought on by the largest and most rapid
increase in interest rates since the early 1980s,higher yields and an
expected slower pace of rate increase led investors to expect better
outcomes in 2023.That expectation was at least temporarily frustrated during
the second quarter,as the quarter’s 0.25%rate hike and increased
expectations for future rate hikes weighed on the asset class and many of the
major domestic fixed-income indices posted negative absolute returns.
The Bloomberg US Aggregate Bond Index,the bellwether US investment
grade benchmark,returned a mild negative result,returning -0.8%for the
quarter.Performance across the investment grade index’s segments soured
during the period with the Bloomberg US Corporate Investment Grade Index
returning -0.3%and the US Mortgage Index sliding -0.6%.
Outside of the aggregate index's sub-components,high-yield bonds
continued to rise with a return of 1.7%as credit spreads narrowed during the
quarter.US TIPS lost -1.4%for the quarter.The Bloomberg Global Aggregate
ex-US Index lagged most domestic fixed-income indexes and the multiverse
benchmark,posting a loss of -2.2%for the quarter.
Over the trailing one-year period,the Bloomberg US Aggregate Bond Index
declined by -0.9%.The benchmark's sub-components fell in a narrow band
above and below the broad index's return.US TIPS,which are excluded from
the aggregate index,dropped by -1.4%for the year.High-yield corporate
bonds,which have a much shorter duration,have outpaced their investment
grade counterparts with the Bloomberg US High Yield Index returning a
strong 9.1%for the last year.
Performance for non-US bonds was also negative for the year with the
Bloomberg Global Aggregate ex-US Index falling by -1.8%.The combination
of rising interest rates,elevated inflation,and geopolitical risks were a
hindrance for non-US index performance.
-1.4%
-2.2%
-0.7%
-0.8%
0.0%
-0.4%
-0.7%
-1.1%
-1.4%
1.7%-0.3%
-0.6%
-1.4%
-3.0%-2.0%-1.0%0.0%1.0%2.0%
Multiverse (6.6)
Global Agg x US (7.2)
Intermediate Agg (4.6)
Aggregate (6.3)
Baa (7.1)
A (7.1)
AA (7.0)
AAA (6.0)
U.S. TIPS (4.5)
U.S. High Yield (3.5)
U.S. Corporate IG (7.1)
U.S. Mortgage (6.1)
U.S. Treasury (6.2)
Quarter Performance
-2.9%
-1.8%
-0.6%
-0.9%
2.6%
0.7%
-0.3%
-1.8%
-1.4%
9.1%
1.5%
-1.5%
-2.1%
-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%
Multiverse (6.6)
Global Agg x US (7.2)
Intermediate Agg (4.6)
Aggregate (6.3)
Baa (7.1)
A (7.1)
AA (7.0)
AAA (6.0)
U.S. TIPS (4.5)
U.S. High Yield (3.5)
U.S. Corporate IG (7.1)
U.S. Mortgage (6.1)
U.S. Treasury (6.2)
1-Year Performance
Page 9
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2023
The gray band across the graph illustrates the range of the current Fed Funds
target rate.During the second quarter,the Federal Open Market Committee
(FOMC)raised the lower end of its target rate range from 4.75%to 5.00%at
their May meeting.While the FOMC pushed pause on a rate increase at their
June meeting,several speeches and public comments since that meeting
have made it clear that additional rate hikes should not be ruled out.The
FOMC is continuing its policy of removing liquidity from the market by allowing
bonds held on its balance sheet to mature without reinvesting those proceeds.
Despite the potential for further rate increases,market participants appear to
believe the Fed may be nearing the end of its rate hiking cycle.
The yield on the US 10-year Treasury (green line)rose a modest 0.33%
partially due to increases in the policy rate and renewed prospects for future
growth.The closing yield on the 10-Year Treasury was 3.81%as of June 30,
2023,down just 7 basis points from its 3.88%yield at year-end.The
benchmark's rate peaked in October 2022,cresting at just over 4.00%before
pulling back to its current level.
The blue line illustrates changes in the BAA OAS (Option Adjusted Spread)
for BAA-rated corporate bonds.This measure quantifies the additional yield
premium that investors require to purchase and hold non-US Treasury
investment grade issues with the lowest investment grade rating.For the full
year,the spread has narrowed from 2.05%to 1.62%,signaling a lower
premium for credit risk than was the case a year prior.High Yield OAS
spreads have narrowed from 5.92%in July 2022 to 4.14%as of the end of
Q2.High-yield spreads reached their highs in July 2022 before trading lower
the remainder of the year and have continued to tighten in 2023.A spike in
both the BAA OAS and High Yield spreads is visible in March following a
short-lived crisis of confidence in the banking sector,which was addressed
quickly by the FDIC and supported further by the Fed's aggressive short-term
par loan program.Both spread measures traded lower on the news of the
Government's intervention,and as fears of possible contagion waned,credit
spreads returned to their levels prior to February.
The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters.Short-term rates continued to rise during
the second quarter as the Fed increased interest rates to continue combatting
inflation.Despite these short-term rate increases,at the end of the quarter,
both intermediate and longer-term yields were slightly lower than they were at
the end of 2022.The yield curve has further inverted (short-term rates higher
than long-term rates)between two-and 10-year maturities.Historically,a
persistent inversion of these two key rates has been a precursor of an
economic recession within six-to 24 months.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
1-Year Trailing Market Rates
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Treasury Yield Curve
9/30/2022 12/31/2022 3/31/2023 6/30/2023
Page 10
Page Intentionally Left Blank
Page 11
Mar-2023 : $25,960,263
Domestic Equity
R&D
Real Estate
Infrastructure
Non-Core FI
Domestic Fixed
International Equity
Jun-2023 : $26,787,274
Domestic Equity
R&D
Real Estate
Infrastructure
Non-Core FI
Domestic Fixed
International Equity
Allocation
Market Value Allocation
Domestic Equity 10,857,328 41.8¢£
International Equity 4,298,604 16.6¢£
Domestic Fixed 4,719,321 18.2¢£
Non-Core Fixed income 1,271,759 4.9¢£
Infrastructure 1,510,919 5.8¢£
Real Estate 2,803,928 10.8¢£
Cash Equivalent 498,404 1.9¢£
Allocation
Market Value Allocation
Domestic Equity 11,673,083 43.6¢£
International Equity 4,398,447 16.4¢£
Domestic Fixed 4,698,389 17.5¢£
Non-Core Fixed income 1,297,960 4.8¢£
Infrastructure 1,537,899 5.7¢£
Real Estate 2,615,813 9.8¢£
Cash Equivalent 565,682 2.1¢£
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation by Asset Class
As of June 30, 2023
Page 12
Mar-2023 : $25,960,263 Jun-2023 : $26,787,274
Allocation
Market Value Allocation
Vanguard Mid Cap Index (VIMAX)2,667,512 10.3¢£
Vanguard Total Stock Index (VTSAX)8,189,816 31.5¢£
Europacific Growth (RERGX)2,190,057 8.4¢£
Transamerica Intl (TAINX)2,108,546 8.1¢£
Agincourt Fixed Income 4,719,321 18.2¢£
PIMCO Diversified Income (PDIIX)635,431 2.4¢£
Aristotle Floating Rate Income (PLFRX)636,328 2.5¢£
Brookfield BSIP Access Fund 1,510,919 5.8¢£
Intercontinental Real Estate 2,803,928 10.8¢£
R&D 498,404 1.9¢£
Allocation
Market Value Allocation
Vanguard Mid Cap Index (VIMAX)2,794,530 10.4¢£
Vanguard Total Stock Index (VTSAX)8,878,553 33.1¢£
Europacific Growth (RERGX)2,237,466 8.4¢£
Transamerica Intl (TAINX)2,160,981 8.1¢£
Agincourt Fixed Income 4,698,389 17.5¢£
PIMCO Diversified Income (PDIIX)641,173 2.4¢£
Aristotle Floating Rate Income (PLFRX)656,787 2.5¢£
Brookfield BSIP Access Fund 1,537,899 5.7¢£
Intercontinental Real Estate 2,615,813 9.8¢£
R&D 565,682 2.1¢£
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation by Manager
As of June 30, 2023
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) (9.8%)
Infrastructure (5.7%)
Non-Core Fixed income (4.8%)
Domestic Fixed (17.5%)
International Equity (16.4%)
Domestic Equity (43.6%)
Recomm
end
ation
Asset Allocation Compliance
Minimum
Allocation (%)
Maximum
Allocation (%)
Current
Allocation (%)
Target
Allocation (%)
Non-Core Fixed income 0.0 10.0 4.8 5.0
Infrastructure 0.0 10.0 5.7 5.0
Real Estate (Composite)5.0 15.0 9.8 10.0
International Equity 10.0 20.0 16.4 15.0
Domestic Fixed 17.5 27.5 17.5 22.5
Domestic Equity 37.5 47.5 43.6 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, 2023
Page 14
Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Allo
cat
io
n
(%)
US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Crestview Police & Fire 43.58 (51)16.42 (29)2.39 (80)19.99 (67)5.74 (73)9.77 (40)2.11 (31)z
5th Percentile 61.66 23.75 24.76 53.59 41.27 16.42 8.75
1st Quartile 51.50 17.12 9.89 31.03 20.56 11.21 2.44
Median 43.62 14.34 4.82 23.84 12.24 8.90 1.26
3rd Quartile 31.93 10.94 2.99 18.27 4.96 5.88 0.59
95th Percentile 14.83 6.53 0.97 11.89 1.02 2.81 0.08
Population 637 598 200 640 310 459 565
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation vs Other Public Pension Plans
As of June 30, 2023
Parentheses contain percentile rankings.
.
Page 15
Jun-2023 Mar-2023 Dec-2022 Sep-2022 Jun-2022
($)%($)%($)%($)%($)%
Total Equity 16,071,530 60.00 15,155,932 58.38 14,158,896 56.69 12,874,218 55.08 12,302,455 50.43
Domestic Equity 11,673,083 43.58 10,857,328 41.82 10,210,706 40.88 9,488,829 40.59 8,876,962 36.39
Dana Large Cap Core Equity -0.00 -0.00 -0.00 -0.00 -1,887 -0.01
Vanguard Mid Cap Index (VIMAX)2,794,530 10.43 2,667,512 10.28 2,568,209 10.28 2,355,828 10.08 2,313,690 9.48
Vanguard Total Stock Index (VTSAX)8,878,553 33.14 8,189,816 31.55 7,642,497 30.60 7,133,001 30.51 6,565,159 26.91
International Equity 4,398,447 16.42 4,298,604 16.56 3,948,190 15.81 3,385,390 14.48 3,425,493 14.04
Europacific Growth (RERGX)2,237,466 8.35 2,190,057 8.44 1,993,290 7.98 1,751,810 7.49 1,726,578 7.08
Transamerica Intl (TAINX)2,160,981 8.07 2,108,546 8.12 1,954,900 7.83 1,633,580 6.99 1,698,915 6.96
Total Fixed Income 5,996,350 22.39 5,991,080 23.08 5,836,611 23.37 5,715,237 24.45 7,319,245 30.00
Agincourt Fixed Income 4,698,389 17.54 4,719,321 18.18 4,603,534 18.43 4,525,439 19.36 6,122,953 25.10
PIMCO Diversified Income (PDIIX)641,173 2.39 635,431 2.45 618,859 2.48 591,117 2.53 557,111 2.28
Aristotle Floating Rate Income (PLFRX)656,787 2.45 636,328 2.45 614,218 2.46 598,681 2.56 639,181 2.62
Total Infrastructure 1,537,899 5.74 1,510,919 5.82 1,478,843 5.92 1,453,084 6.22 1,428,705 5.86
Brookfield BSIP Access Fund 1,537,899 5.74 1,510,919 5.82 1,478,843 5.92 1,453,084 6.22 1,428,705 5.86
Real Estate 2,615,813 9.77 2,803,928 10.80 2,926,169 11.72 3,137,678 13.42 3,109,210 12.75
Intercontinental Real Estate 2,615,813 9.77 2,803,928 10.80 2,926,169 11.72 3,137,678 13.42 3,109,210 12.75
Cash Accounts
R&D 565,682 2.11 498,404 1.92 575,061 2.30 195,541 0.84 235,255 0.96
Total Fund Portfolio 26,787,274 100.00 25,960,263 100.00 24,975,580 100.00 23,375,758 100.00 24,394,870 100.00
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation History by Portfolio
As of June 30, 2023
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 7/22 6/23
Crestview Police Officers' and Firefighters' Retirement Plan
Asset Allocation History by Asset Class
Since Inception Ending June 30, 2023
Page 17
Market Value
04/01/2023
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2023
Total Equity 15,155,932 -----51,517 864,081 16,071,530
Domestic Equity 10,857,328 -----43,170 772,585 11,673,083
Vanguard Mid Cap Index (VIMAX)2,667,512 -----10,220 116,798 2,794,530
Vanguard Total Stock Index (VTSAX)8,189,816 -----32,950 655,787 8,878,553
International Equity 4,298,604 -----8,346 91,497 4,398,447
Europacific Growth (RERGX)2,190,057 -----8,346 39,062 2,237,466
Transamerica Intl (TAINX)2,108,546 ------52,435 2,160,981
Total Fixed Income 5,991,080 ----2,951 -29,473 -21,253 5,996,350
Agincourt Fixed Income 4,719,321 ----2,951 -6,784 -24,765 4,698,389
PIMCO Diversified Income (PDIIX)635,431 -----7,798 -2,056 641,173
Aristotle Floating Rate Income (PLFRX)636,328 -----14,891 5,568 656,787
Infrastructure 1,510,919 ----3,909 -18,978 11,911 1,537,899
Brookfield BSIP Access Fund 1,510,919 ----3,909 -18,978 11,911 1,537,899
Real Estate 2,803,928 -12,426 ---5,425 -17,850 -188,115 2,615,813
Intercontinental Real Estate 2,803,928 -12,426 ---5,425 -17,850 -188,115 2,615,813
Cash Accounts
R&D 498,404 12,426 310,093 -247,321 --13,495 5,576 -565,682
Total Fund Portfolio 25,960,263 -310,093 -247,321 -12,285 -13,495 123,394 666,625 26,787,274
Crestview Police Officers' and Firefighters' Retirement Plan
Financial Reconciliation: Quarter to Date
1 Quarter Ending June 30, 2023
Page 18
Market Value
10/01/2022
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2023
Total Equity 12,874,218 -----193,609 3,003,703 16,071,530
Domestic Equity 9,488,829 -----134,704 2,049,551 11,673,083
Vanguard Mid Cap Index (VIMAX)2,355,828 -----33,714 404,988 2,794,530
Vanguard Total Stock Index (VTSAX)7,133,001 -----100,990 1,644,563 8,878,553
International Equity 3,385,390 -----58,905 954,152 4,398,447
Europacific Growth (RERGX)1,751,810 -----37,312 448,343 2,237,466
Transamerica Intl (TAINX)1,633,580 -----21,593 505,809 2,160,981
Total Fixed Income 5,715,237 ----8,657 -1,352 178,909 112,212 5,996,350
Agincourt Fixed Income 4,525,439 ----8,657 -1,352 117,704 65,255 4,698,389
PIMCO Diversified Income (PDIIX)591,117 -----22,026 28,030 641,173
Aristotle Floating Rate Income (PLFRX)598,681 -----39,179 18,927 656,787
Infrastructure 1,453,084 ----11,480 -57,545 38,750 1,537,899
Brookfield BSIP Access Fund 1,453,084 ----11,480 -57,545 38,750 1,537,899
Real Estate 3,137,678 -37,946 ---21,315 -54,461 -517,065 2,615,813
Intercontinental Real Estate 3,137,678 -37,946 ---21,315 -54,461 -517,065 2,615,813
Cash Accounts
R&D 195,541 37,946 1,342,047 -962,374 --62,375 14,897 -565,682
Total Fund Portfolio 23,375,758 -1,342,047 -962,374 -41,452 -63,727 499,421 2,637,600 26,787,274
Crestview Police Officers' and Firefighters' Retirement Plan
Financial Reconciliation: Fiscal Year to Date
October 1, 2022 To June 30, 2023
Page 19
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Net)3.00 (65)13.11 (65)8.52 (62)7.23 (53)6.46 (46)6.47 (45)7.22 (63)10/01/1994
Total Fund Policy 3.63 (35)14.15 (50)9.35 (44)8.18 (28)7.49 (14)7.47 (11)7.69 (37)
All Public Plans-Total Fund Median 3.32 14.15 9.08 7.28 6.37 6.38 7.40
Total Fund Portfolio (Gross)3.05 13.29 8.75 7.56 6.78 6.78 7.57 10/01/1994
Total Equity 6.04 24.83 16.68 11.25 9.38 8.78 9.01 10/01/1994
Total Equity Policy 6.95 24.93 17.68 12.41 10.18 9.58 9.28
Domestic Equity 7.51 (32)23.02 (37)17.05 (44)12.43 (60)10.59 (42)10.18 (39)13.41 (79)04/01/2009
Domestic Equity Policy 8.39 (27)24.51 (31)18.95 (35)13.89 (48)12.00 (27)11.39 (28)14.71 (51)
IM U.S. Equity (SA+CF+MF) Median 5.46 20.39 15.83 13.66 9.80 9.10 14.71
International Equity 2.32 (59)29.92 (33)15.79 (43)7.67 (48)5.50 (47)4.14 (50)6.72 (96)04/01/2009
International Equity Policy 2.67 (51)25.64 (56)13.33 (56)7.75 (46)4.57 (59)4.01 (52)N/A
IM International Equity (MF) Median 2.69 26.64 14.70 7.36 5.35 4.13 8.99
Total Fixed Income 0.14 5.10 1.90 -1.89 -0.18 1.20 4.80 10/01/1994
Total Fixed Policy -0.47 4.13 0.32 -2.27 -0.34 0.94 4.58
Domestic Fixed Income -0.38 (37)4.05 (20)0.37 (53)-2.55 (92)-0.14 (92)1.30 (77)4.83 (19)10/01/1994
Domestic Fixed Policy -0.75 (82)3.37 (63)-0.60 (92)-2.89 (98)-0.60 (99)0.83 (99)4.59 (66)
IM U.S. Intermediate Duration (SA+CF) Median -0.51 3.52 0.44 -2.00 0.26 1.53 4.64
Non-Core Fixed Income 2.06 9.09 8.50 0.88 -0.54 0.66 0.81 10/01/2014
Non-Core Fixed Income Policy 0.87 7.88 4.90 0.75 0.82 1.39 1.26
Infrastructure 2.04 6.64 8.72 N/A N/A N/A 7.66 07/01/2021
CPI + 3%1.42 4.76 6.18 8.91 7.60 7.01 9.15
Real Estate -6.09 (96)-14.90 (87)-13.54 (80)7.28 (66)6.98 (34)7.25 (29)9.15 (25)01/01/2015
NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-10.68 (70)-9.82 (50)8.48 (33)6.97 (34)6.96 (51)8.38 (56)
IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -10.33 -9.86 8.17 6.84 6.97 8.50
Crestview Police Officers' and Firefighters' Retirement Plan
Trailing Returns
As of June 30, 2023
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, 2023
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Equity Strategies
Vanguard Mid Cap Index (VIMAX)4.76 (42)18.62 (39)13.71 (42)11.95 (83)8.78 (37)8.59 (25)10.31 (17)05/01/2016
Russell Midcap Index 4.76 (42)19.02 (33)14.92 (25)12.50 (73)8.62 (41)8.46 (27)10.19 (18)
IM U.S. Mid Cap Core Equity (MF) Median 4.65 17.69 12.82 13.58 8.30 7.39 8.85
Vanguard Total Stock Index (VTSAX)8.41 (23)24.47 (35)18.92 (31)13.75 (35)11.88 (28)11.30 (24)12.39 (20)01/01/2017
Russell 3000 Index 8.39 (25)24.51 (34)18.95 (30)13.89 (31)12.00 (24)11.39 (20)12.45 (17)
IM U.S. Multi-Cap Core Equity (MF) Median 7.16 23.28 17.38 12.87 10.61 9.83 11.00
International Equity Strategies
Europacific Growth (RERGX)2.16 (63)27.72 (56)15.80 (54)5.47 (67)4.89 (66)4.29 (63)6.98 (38)05/01/2016
MSCI AC World ex USA Growth 2.08 (69)25.31 (83)13.65 (78)4.27 (79)4.73 (70)4.39 (60)6.74 (47)
IM International Large Cap Growth Equity (MF) Median 2.45 28.42 16.77 6.51 5.53 4.72 6.59
Transamerica Intl (TAINX)2.49 (87)32.29 (39)16.80 (64)9.88 (72)5.89 (39)3.75 (42)5.35 (44)05/01/2016
MSCI EAFE Value 3.54 (39)31.57 (58)18.25 (47)12.08 (32)4.89 (62)3.59 (44)5.56 (36)
IM International Large Cap Value Equity (MF) Median 3.11 31.70 18.05 11.17 5.18 3.50 5.10
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, 2023
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Fixed Income Strategies
Agincourt Fixed Income -0.38 (37)4.05 (20)0.37 (53)-2.55 (92)-0.14 (92)1.30 (77)3.26 (42)07/01/2007
Bloomberg Intermed Aggregate Index -0.75 (82)3.37 (63)-0.60 (92)-2.89 (98)-0.60 (99)0.83 (99)2.75 (92)
IM U.S. Intermediate Duration (SA+CF) Median -0.51 3.52 0.44 -2.00 0.26 1.53 3.21
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)0.90 (8)8.47 (13)5.70 (6)N/A N/A N/A -5.48 (40)07/01/2021
Blmbg. Global Multiverse -1.38 (72)6.38 (33)-0.81 (72)-4.67 (69)-2.61 (71)-0.94 (69)-8.37 (62)
IM Global Fixed Income (MF) Median -0.58 5.27 0.49 -3.22 -1.67 -0.17 -6.48
Aristotle Floating Rate Income (PLFRX)3.22 (14)9.71 (13)11.12 (9)5.49 (32)3.67 (12)N/A 3.56 (11)11/01/2018
Morningstar LSTA US Leveraged Loan 3.15 (18)9.27 (20)10.71 (20)6.31 (9)4.17 (1)4.13 (1)4.03 (1)
IM U.S. Bank Loans (MF) Median 2.84 8.61 9.62 4.99 2.77 2.82 2.68
Infrastructure Strategies
Brookfield BSIP Access Fund 2.04 6.64 8.72 N/A N/A N/A 8.92 07/01/2021
CPI + 3%1.42 4.76 6.18 8.91 7.60 7.01 9.15
Real Estate Strategies
Intercontinental Real Estate -6.09 (96)-14.90 (87)-13.54 (80)7.28 (66)6.98 (34)7.25 (29)9.15 (25)01/01/2015
NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-10.68 (70)-9.82 (50)8.48 (33)6.97 (34)6.96 (51)8.38 (56)
IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -10.33 -9.86 8.17 6.84 6.97 8.50
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Page 22
FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016
Total Fund Portfolio (Net)13.11 (65)-13.29 (33)19.62 (57)8.27 (53)4.21 (41)8.24 (43)12.68 (29)6.65 (94)
Total Fund Policy 14.15 (50)-11.93 (20)19.40 (60)10.32 (30)4.54 (31)8.64 (35)12.05 (43)10.61 (15)
All Public Plans-Total Fund (Net)14.15 -14.76 19.96 8.51 3.99 7.88 11.72 9.36
Total Fund Portfolio (Gross)13.29 -12.85 19.87 8.54 4.48 8.50 13.07 7.20
Total Equity 24.83 -21.92 30.53 11.29 2.52 12.72 19.05 8.58
Total Equity Policy 24.93 -19.42 30.03 12.06 2.04 13.62 19.14 13.68
Domestic Equity 23.02 (37)-19.30 (63)32.10 (56)12.20 (41)3.80 (34)15.98 (45)19.19 (47)8.51 (83)
Domestic Equity Policy 24.51 (31)-17.63 (56)31.88 (57)15.00 (36)2.92 (39)17.58 (38)18.71 (51)14.96 (38)
IM U.S. Equity (SA+CF+MF) Median 20.39 -16.54 33.83 5.72 1.12 14.72 18.80 13.36
International Equity 29.92 (33)-28.94 (63)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62)
International Equity Policy 25.64 (56)-24.79 (30)24.45 (50)3.45 (64)-0.72 (47)2.25 (40)20.15 (55)9.80 (55)
IM International Equity (MF) Median 26.64 -27.30 24.34 7.82 -1.04 1.33 20.73 10.49
Total Fixed Income 5.10 -11.14 0.42 4.82 7.40 -0.78 2.66 4.17
Total Fixed Policy 4.13 -11.53 0.34 5.37 7.62 -0.99 0.12 4.53
Domestic Fixed Income 4.05 (20)-11.32 (86)-0.33 (85)6.49 (48)8.53 (15)-0.57 (69)0.76 (46)4.41 (24)
Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71)
IM U.S. Intermediate Duration (SA+CF) Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71 3.89
Non-Core Fixed Income 9.09 -10.33 3.91 -2.55 2.90 -1.91 13.82 2.68
Non-Core Fixed Income Policy 7.88 -11.80 3.91 3.67 5.36 -1.32 -0.56 9.23
Infrastructure 6.64 6.58 N/A N/A N/A N/A N/A N/A
CPI + 3%4.76 11.46 8.54 4.41 4.77 5.40 5.25 4.59
Real Estate -14.90 (87)26.31 (16)13.86 (71)4.41 (12)8.32 (19)11.40 (9)11.46 (9)13.05 (23)
NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68)
IM U.S. Open End Private Real Estate (SA+CF) Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83 11.18
Crestview Police Officers' and Firefighters' Retirement Plan
Fiscal Year Returns
As of June 30, 2023
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, 2023
FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016
Domestic Equity Strategies
Vanguard Mid Cap Index (VIMAX)18.62 (39)-19.48 (91)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A
Russell Midcap Index 19.02 (33)-19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27)
IM U.S. Mid Cap Core Equity (MF) Median 17.69 -14.07 37.86 -2.64 1.86 9.96 15.17 11.88
Vanguard Total Stock Index (VTSAX)24.47 (35)-18.01 (60)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A
Russell 3000 Index 24.51 (34)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12)
IM U.S. Multi-Cap Core Equity (MF) Median 23.28 -17.30 30.66 11.15 1.49 15.61 18.24 11.19
Dana Large Cap Core Equity N/A N/A 28.55 (68)11.93 (55)6.23 (24)15.09 (70)24.44 (6)7.16 (95)
S&P 500 Index 25.73 (30)-15.47 (57)30.00 (57)15.15 (39)4.25 (38)17.91 (43)18.61 (58)15.43 (21)
IM U.S. Large Cap Core Equity (SA+CF) Median 24.02 -14.97 30.79 13.05 3.11 17.40 19.05 13.17
International Equity Strategies
Europacific Growth (RERGX)27.72 (56)-32.85 (73)24.76 (27)14.97 (50)1.14 (54)1.47 (62)20.63 (8)N/A
MSCI AC World ex USA Growth 25.31 (83)-30.00 (59)17.27 (77)17.90 (27)2.43 (35)3.46 (41)18.09 (41)11.92 (13)
IM International Large Cap Growth Equity (MF) Median 28.42 -28.73 20.62 14.87 1.35 2.48 17.62 7.50
Transamerica Intl (TAINX)32.29 (39)-25.08 (68)27.29 (86)-0.06 (7)-5.52 (54)2.26 (6)16.16 (69)N/A
MSCI EAFE Value 31.57 (58)-19.62 (10)31.43 (32)-11.45 (100)-4.31 (27)0.24 (49)23.22 (2)4.16 (54)
IM International Large Cap Value Equity (MF) Median 31.70 -22.63 29.29 -5.76 -5.45 -0.02 18.21 4.33
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, 2023
FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016
Domestic Fixed Income Strategies
Agincourt Fixed Income 4.05 (20)-11.32 (86)-0.33 (85)6.49 (48)8.53 (15)-0.57 (69)0.76 (46)4.41 (24)
Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71)
IM U.S. Intermediate Duration (SA+CF) Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71 3.89
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)8.47 (13)-17.73 (52)N/A N/A N/A N/A N/A N/A
Blmbg. Global Multiverse 6.38 (33)-20.34 (63)-0.45 (80)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)
IM Global Fixed Income (MF) Median 5.27 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40
Aristotle Floating Rate Income (PLFRX)9.71 (13)-2.91 (16)6.97 (69)0.09 (30)N/A N/A N/A N/A
Morningstar LSTA US Leveraged Loan 9.27 (20)-2.59 (9)8.40 (32)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (36)
IM U.S. Bank Loans (MF) Median 8.61 -4.18 7.64 -0.61 2.24 4.37 4.48 5.01
Templeton Global (FTTRX)N/A N/A N/A -4.57 (100)2.50 (99)-1.91 (65)13.82 (1)2.68 (95)
Blmbg. Global Multiverse 6.38 (33)-20.34 (63)-0.45 (80)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)
IM Global Fixed Income (MF) Median 5.27 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40
Infrastructure Strategies
Brookfield BSIP Access Fund 6.64 9.10 N/A N/A N/A N/A N/A N/A
CPI + 3%4.76 11.46 8.54 4.41 4.77 5.40 5.25 4.59
Real Estate Strategies
Intercontinental Real Estate -14.90 (87)26.31 (16)13.86 (71)4.41 (12)8.32 (19)11.40 (9)11.46 (9)13.05 (23)
NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68)
IM U.S. Open End Private Real Estate (SA+CF) Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83 11.18
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 3/22 6/23
$5,273,238
$26,787,274
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Total Fund Portfolio 3.05 (63)7.56 (55)8.75 (58)-0.56 (33)7.56 (44)6.78 (31)7.82 (32)7.20 (42)6.87 (28)
Total Fund Policy 3.63 (35)8.34 (38)9.35 (44)0.44 (12)8.18 (28)7.47 (11)8.26 (17)7.94 (15)7.29 (11)
Median 3.32 7.82 9.08 -1.25 7.28 6.38 7.40 7.09 6.47
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Total Fund Portfolio 13.29 (63)-12.85 (29)19.87 (59)8.54 (45)4.48 (33)8.50 (40)13.07 (23)
Total Fund Policy 14.15 (50)-11.93 (20)19.40 (67)10.32 (22)4.54 (32)8.64 (38)12.05 (47)
Median 14.15 -14.77 20.34 7.99 3.99 8.00 11.91
Crestview Police Officers' and Firefighters' Retirement Plan
Long-Term Performance
As of June 30, 2023
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
9/03 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 9/22 6/23
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
Ret
urn
(%)
8.4 9.1 9.8 10.5 11.2 11.9 12.6 13.3 14.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Total Fund Portfolio Total Fund Policy
97.6
98.0
98.4
98.8
99.2
99.6
100.0
100.4
Up
Market
Cap
ture
Ratio
(%)
99.9 100.0 100.1 100.2 100.3
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Total Fund Portfolio 52.38 -23.82 -0.20 -0.22 0.54 -0.11 0.06 1.00 1.97
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 26.98 0.00 0.91 -5.97 N/A -0.56 0.00 -0.01 10.58
Crestview Police Officers' and Firefighters' Retirement Plan
Long-Term Performance
As of June 30, 2023
Peer Group: All Public Plans-Total Fund
Page 27
Multi Time Period Statistics
1 Qtr
Return
1
Quarter
Ending
Mar-2023
Return
1
Quarter
Ending
Dec-2022
Return
1
Quarter
Ending
Sep-2022
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Total Fund Portfolio (Net)3.00 (65)4.33 (49)5.25 (65)-4.06 (37)7.23 (53)6.47 (45)105.42 (71)107.66 (67)
Total Fund Policy 3.63 (35)4.55 (39)5.37 (61)-4.20 (43)8.18 (28)7.47 (11)100.00 100.00
All Public Plans-Total Fund (Net) Median 3.32 4.31 5.67 -4.31 7.28 6.38 116.40 114.09
Total Fund Portfolio (Gross)3.05 4.38 5.33 -4.01 7.56 6.78 104.42 106.82
Total Fund Policy 3.63 4.55 5.37 -4.20 8.18 7.47 100.00 100.00
Total Equity 6.04 7.04 9.98 -6.53 11.25 8.78 109.46 107.50
Total Equity Policy 6.95 7.14 9.03 -5.80 12.41 9.58 100.00 100.00
Domestic Equity 7.51 (32)6.33 (40)7.61 (58)-4.85 (60)12.43 (60)10.18 (39)106.76 (37)105.66 (47)
Domestic Equity Policy 8.39 (27)7.18 (33)7.18 (63)-4.46 (52)13.89 (48)11.39 (28)100.00 100.00
IM U.S. Equity (SA+CF+MF) Median 5.46 4.66 8.63 -4.41 13.67 9.12 94.88 103.56
International Equity 2.32 (53)8.88 (24)16.62 (30)-10.88 (61)7.67 (37)4.14 (31)113.78 (49)110.34 (43)
International Equity Policy 2.67 (44)7.00 (49)14.37 (50)-9.80 (39)7.75 (36)4.01 (34)100.00 100.00
IM International Equity (MF) Median 2.44 6.91 14.28 -10.39 6.28 3.10 112.68 107.88
Total Fixed Income 0.14 2.71 2.18 -3.04 -1.89 1.20 93.23 89.24
Total Fixed Policy -0.47 2.52 2.05 -3.66 -2.27 0.94 100.00 100.00
Domestic Fixed Income -0.38 (37)2.60 (19)1.80 (27)-3.53 (83)-2.55 (92)1.30 (77)97.49 (13)97.49 (13)
Domestic Fixed Policy -0.75 (82)2.39 (50)1.72 (35)-3.84 (93)-2.89 (98)0.83 (99)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median -0.51 2.38 1.58 -2.96 -2.00 1.53 88.81 88.81
Non-Core Fixed Income 2.06 3.14 3.64 -0.54 0.88 0.66 87.49 82.38
Non-Core Fixed Income Policy 0.87 3.16 3.68 -2.76 0.75 1.39 100.00 100.00
Infrastructure 2.04 2.41 2.05 1.95 N/A N/A N/A N/A
CPI + 3%1.42 1.69 1.57 1.36 8.91 7.01 N/A N/A
Real Estate -6.09 (96)-3.60 (72)-5.99 (75)1.60 (27)7.28 (66)7.25 (29)141.72 (15)127.25 (23)
NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-3.31 (65)-4.90 (48)0.96 (41)8.48 (33)6.96 (51)100.00 100.00
IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -2.98 -4.97 0.60 8.17 6.97 96.30 96.39
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2023
Page 28
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2023
1 Qtr
Return
1
Quarter
Ending
Mar-2023
Return
1
Quarter
Ending
Dec-2022
Return
1
Quarter
Ending
Sep-2022
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)4.76 (42)3.87 (30)9.02 (65)-4.14 (43)11.95 (83)8.59 (25)101.94 (12)98.93 (40)
Russell Midcap Index 4.76 (42)4.06 (28)9.18 (60)-3.44 (32)12.50 (73)8.46 (27)100.00 100.00
IM U.S. Mid Cap Core Equity (MF) Median 4.65 2.31 9.63 -4.32 13.58 7.39 83.99 95.30
Vanguard Total Stock Index (VTSAX)8.41 (23)7.16 (28)7.14 (64)-4.46 (41)13.75 (35)11.30 (24)101.06 (43)100.35 (53)
Russell 3000 Index 8.39 (25)7.18 (27)7.18 (61)-4.46 (41)13.89 (31)11.39 (20)100.00 100.00
IM U.S. Multi-Cap Core Equity (MF) Median 7.16 6.16 8.06 -4.63 12.87 9.84 99.27 100.55
International Equity Strategies
Europacific Growth (RERGX)2.16 (63)9.87 (42)13.78 (65)-9.33 (39)5.47 (67)4.29 (63)99.51 (35)108.44 (25)
MSCI AC World ex USA Growth 2.08 (69)8.69 (64)12.94 (80)-9.30 (39)4.27 (79)4.39 (60)100.00 100.00
IM International Large Cap Growth Equity (MF) Median 2.45 9.63 14.64 -9.57 6.51 4.72 89.99 98.55
Transamerica Intl (TAINX)2.49 (87)7.86 (42)19.67 (41)-11.71 (65)9.88 (72)3.75 (42)116.06 (23)106.31 (43)
MSCI EAFE Value 3.54 (39)6.14 (83)19.73 (40)-10.12 (32)12.08 (32)3.59 (44)100.00 100.00
IM International Large Cap Value Equity (MF) Median 3.11 7.45 19.00 -10.69 11.17 3.50 103.70 105.75
Page 29
Crestview Police Officers' and Firefighters' Retirement Plan
Compliance Statistics
As of June 30, 2023
1 Qtr
Return
1
Quarter
Ending
Mar-2023
Return
1
Quarter
Ending
Dec-2022
Return
1
Quarter
Ending
Sep-2022
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Domestic Fixed Income Strategies
Agincourt Fixed Income -0.38 (37)2.60 (19)1.80 (27)-3.53 (83)-2.55 (92)1.30 (77)97.49 (13)97.49 (13)
Bloomberg Intermed Aggregate Index -0.75 (82)2.39 (50)1.72 (35)-3.84 (93)-2.89 (98)0.83 (99)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median -0.51 2.38 1.58 -2.96 -2.00 1.53 88.81 88.81
Non-Core Fixed Income Strategies
PIMCO Diversified Income (PDIIX)0.90 (8)2.68 (57)4.69 (33)-2.55 (25)N/A N/A N/A N/A
Blmbg. Global Multiverse -1.38 (72)3.02 (33)4.71 (33)-6.76 (71)-4.67 (69)-0.94 (69)100.00 100.00
IM Global Fixed Income (MF) Median -0.58 2.76 3.53 -4.13 -3.22 -0.17 79.68 82.75
Aristotle Floating Rate Income (PLFRX)3.22 (14)3.60 (8)2.60 (52)1.29 (30)5.49 (32)N/A 107.38 (83)N/A
Morningstar LSTA US Leveraged Loan 3.15 (18)3.23 (21)2.62 (51)1.31 (27)6.31 (9)4.13 (1)100.00 100.00
IM U.S. Bank Loans (MF) Median 2.84 2.95 2.63 1.05 4.99 2.82 124.89 105.44
Infrastructure Strategies
Brookfield BSIP Access Fund 2.04 2.41 2.05 1.95 N/A N/A N/A N/A
CPI + 3%1.42 1.69 1.57 1.36 8.91 7.01 N/A N/A
Real Estate Strategies
Intercontinental Real Estate -6.09 (96)-3.60 (72)-5.99 (75)1.60 (27)7.28 (66)7.25 (29)141.72 (15)127.25 (23)
NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-3.31 (65)-4.90 (48)0.96 (41)8.48 (33)6.96 (51)100.00 100.00
IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -2.98 -4.97 0.60 8.17 6.97 96.30 96.39
Page 30
Estimated
Annual Fee (%)
06/30/23
Market Value
06/30/23
Allocation (%)
Estimated
Annual Fee ($)
Domestic Equity
Vanguard Mid Cap Index (VIMAX)0.05 2,794,530 10.43 1,397
Vanguard Total Stock Market Index (VTSAX)0.04 8,878,553 33.14 3,551
International Equity
Europacific Growth (RERGX)0.46 2,237,466 8.35 10,292
Transamerica Intl (TAINX)0.75 2,160,981 8.07 16,207
Domestic Fixed Income
Agincourt Fixed Income 0.25 4,698,389 17.54 11,746
Non-Core Fixed Income
PIMCO Diversified Income (PDIIX)0.79 641,173 2.39 5,065
Aristotle Floating Rate Income (PLFRX)0.72 656,787 2.45 4,729
Infrastructure
Brookfield BSIP Access Fund**1.00 1,537,899 5.74 15,379
Real Estate
Intercontinental Real Estate*1.10 2,615,813 9.77 28,774
Cash Accounts
R&D 565,682 2.11 -
Total Fund Portfolio 0.36 26,787,274 100.00 97,141
Crestview Police Officers' and Firefighters' Retirement Plan
Fee Analysis
As of June 30, 2023
*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.
Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest.
Page 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 1/22 10/22 6/23
$3.49$3.46
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Vanguard Md-Cp I;Adm (VIMAX)4.76 (42)8.81 (30)13.71 (42)-2.27 (80)11.95 (83)8.59 (25)10.29 (17)10.43 (13)9.59 (15)
Russell Midcap Index 4.76 (42)9.01 (28)14.92 (25)-2.51 (83)12.50 (73)8.46 (27)10.12 (20)10.32 (16)9.64 (14)
Median 4.65 7.22 12.82 0.41 13.58 7.39 8.98 8.68 8.24
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Vanguard Md-Cp I;Adm (VIMAX)18.62 (39)-19.48 (91)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46)
Russell Midcap Index 19.02 (33)-19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)
Median 17.69 -14.07 37.86 -2.64 1.86 9.96 15.17
Vanguard Md-Cp I;Adm (VIMAX)
Long-Term Composite Performance
As of June 30, 2023
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
Percentile
Rank
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 9/22 6/23
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
(%)
99.2 99.4 99.6 99.8 100.0 100.2
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Vanguard Md-Cp I;Adm (VIMAX)47.62 -48.50 0.02 -0.10 0.46 -0.07 0.09 0.99 1.51
Russell Midcap Index 0.00 -48.60 0.00 0.00 0.46 N/A 0.09 1.00 0.00
90 Day U.S. Treasury Bill 30.16 0.00 0.91 -9.43 N/A -0.46 0.00 -0.01 20.48
Vanguard Md-Cp I;Adm (VIMAX)
Long-Term Composite Performance
As of June 30, 2023
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 1/22 10/22 6/23
$3.83$3.86
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Vanguard TSM Idx;Adm (VTSAX)8.41 (23)16.17 (25)18.92 (31)0.99 (44)13.75 (35)11.30 (24)12.80 (20)12.28 (15)10.65 (15)
Russell 3000 Index 8.39 (25)16.17 (25)18.95 (30)1.22 (39)13.89 (31)11.39 (20)12.86 (18)12.34 (13)10.61 (15)
Median 7.16 13.65 17.38 0.63 12.87 9.84 11.46 10.76 9.14
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Vanguard TSM Idx;Adm (VTSAX)24.47 (35)-18.01 (60)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43)
Russell 3000 Index 24.51 (34)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)
Median 23.28 -17.30 30.66 11.15 1.49 15.61 18.24
Vanguard TSM Idx;Adm (VTSAX)
Long-Term Composite Performance
As of June 30, 2023
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
Percentile
Rank
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 9/22 6/23
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
12.0
Ret
urn
(%)
14.0 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
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, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Vanguard TSM Idx;Adm (VTSAX)53.97 -45.58 0.04 0.05 0.53 0.32 0.10 1.00 0.14
Russell 3000 Index 0.00 -45.95 0.00 0.00 0.53 N/A 0.10 1.00 0.00
90 Day U.S. Treasury Bill 30.16 0.00 0.91 -9.57 N/A -0.53 0.00 -0.01 18.10
Vanguard TSM Idx;Adm (VTSAX)
Long-Term Composite Performance
As of June 30, 2023
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 Growth
$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 1/22 10/22 6/23
$1.52
$1.69
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
American Funds EuPc;R5 (RERFX)2.16 (64)12.21 (50)15.74 (55)-8.52 (72)5.43 (68)4.24 (64)7.35 (41)6.25 (33)4.62 (31)
MSCI AC World ex USA Growth 2.08 (69)10.95 (68)13.65 (78)-8.04 (69)4.27 (79)4.39 (60)7.05 (48)5.96 (42)3.71 (62)
Median 2.45 12.21 16.77 -4.70 6.51 4.72 7.01 5.67 3.94
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
American Funds EuPc;R5 (RERFX)27.70 (57)-32.89 (73)24.70 (27)14.91 (50)1.10 (55)1.44 (63)20.56 (9)
MSCI AC World ex USA Growth 25.31 (83)-30.00 (59)17.27 (77)17.90 (27)2.43 (35)3.46 (41)18.09 (41)
Median 28.42 -28.73 20.62 14.87 1.35 2.48 17.62
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of June 30, 2023
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Growth Equity (MF)
Page 38
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percentile
Rank
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 9/22 6/23
Risk vs Return: October 2007 to Present
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth
0.0
1.0
2.0
3.0
4.0
5.0
6.0
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
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth
99.6
99.9
100.2
100.5
100.8
101.1
101.4
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, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
American Funds EuPc;R5 (RERFX)58.73 -45.07 0.77 0.74 0.25 0.20 0.05 1.00 3.71
MSCI AC World ex USA Growth 0.00 -50.47 0.00 0.00 0.21 N/A 0.04 1.00 0.00
90 Day U.S. Treasury Bill 39.68 0.00 0.86 -4.15 N/A -0.21 0.00 0.00 19.68
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of June 30, 2023
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Growth Equity (MF)
Page 39
Growth of a Dollar
Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
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 1/22 10/22 6/23
$1.26
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Transam:Interntl Eq;R6 (TAINX)2.69 (78)10.99 (49)17.78 (59)-0.76 (65)10.77 (53)4.61 (27)7.04 (22)N/A N/A
MSCI EAFE Value 3.54 (39)9.89 (74)18.25 (47)2.42 (28)12.08 (32)3.59 (44)6.68 (28)4.76 (40)3.04 (34)
Median 3.11 10.82 18.05 1.43 11.17 3.50 5.72 4.43 2.54
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Transam:Interntl Eq;R6 (TAINX)33.11 (36)-24.52 (67)28.38 (66)0.80 (1)-4.73 (37)3.14 (2)17.14 (63)
MSCI EAFE Value 31.57 (58)-19.62 (10)31.43 (32)-11.45 (100)-4.31 (27)0.24 (49)23.22 (2)
Median 31.70 -22.63 29.29 -5.76 -5.45 -0.02 18.21
Transam:Interntl Eq;R6 (TAINX)
Long-Term Composite Performance
As of June 30, 2023
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Value Equity (MF)
Page 40
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percentile
Rank
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 9/22 6/23
Risk vs Return: October 2007 to Present
Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value
-0.8
0.0
0.8
1.6
2.4
3.2
4.0
4.8
Ret
urn
(%)
19.0 19.5 20.0 20.5 21.0 21.5 22.0 22.5 23.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value
93.0
96.0
99.0
102.0
105.0
108.0
Up
Market
Cap
ture
Ratio
(%)
93.0 96.0 99.0 102.0 105.0 108.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Transam:Interntl Eq;R6 (TAINX)N/A N/A N/A N/A N/A N/A N/A N/A N/A
MSCI EAFE Value 0.00 -53.93 0.00 0.00 0.15 N/A 0.03 1.00 0.00
90 Day U.S. Treasury Bill 38.10 0.00 0.86 -3.05 N/A -0.15 0.00 0.00 20.68
Transam:Interntl Eq;R6 (TAINX)
Long-Term Composite Performance
As of June 30, 2023
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Value 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 1/22 10/22 6/23
$1.49
$1.62
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Agincourt Intermediate Fixed Income -0.49 (50)1.89 (48)0.51 (44)-3.54 (56)-2.28 (80)1.61 (41)1.14 (48)1.82 (45)3.07 (37)
Bloomberg Intermed Aggregate Index -0.75 (82)1.62 (76)-0.60 (92)-4.33 (93)-2.89 (98)0.83 (99)0.52 (98)1.33 (96)2.46 (93)
Median -0.51 1.88 0.44 -3.49 -2.00 1.53 1.12 1.78 2.95
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Agincourt Intermediate Fixed Income 3.69 (36)-10.28 (66)-0.43 (89)7.28 (14)8.50 (17)-0.66 (78)0.66 (55)
Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)
Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71
Agincourt Intermediate Fixed Income
Long-Term Composite Performance
As of June 30, 2023
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
Percentile
Rank
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 9/22 6/23
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
Ret
u
rn
(%)
2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6
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
Up
Market
Capt
ure
Rat
io
(%)
98.0 100.0 102.0 104.0 106.0 108.0 110.0 112.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To June 30, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Agincourt Intermediate Fixed Income 61.90 -11.22 0.43 0.53 0.66 0.43 0.02 1.04 1.24
Bloomberg Intermed Aggregate Index 0.00 -12.19 0.00 0.00 0.57 N/A 0.02 1.00 0.00
90 Day U.S. Treasury Bill 28.57 0.00 0.76 -1.80 N/A -0.57 0.00 0.03 3.14
Agincourt Intermediate Fixed Income
Long-Term Composite Performance
As of June 30, 2023
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
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
$2.80
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 1/22 10/22 6/23
$1.32
$2.09
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
PIMCO:Div Income;Inst (PDIIX)0.90 (43)3.53 (44)5.73 (38)-5.43 (56)-1.29 (56)1.54 (57)2.53 (49)3.23 (35)5.04 (18)
Blmbg. Global Multiverse -1.38 (76)1.60 (78)-0.81 (81)-8.37 (78)-4.67 (90)-0.94 (87)-0.68 (91)0.36 (83)1.53 (80)
Median 0.38 3.17 3.58 -4.64 -0.28 2.11 2.38 2.57 2.79
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
PIMCO:Div Income;Inst (PDIIX)8.48 (42)-17.66 (59)4.82 (50)3.52 (65)9.52 (24)1.08 (42)6.97 (34)
Blmbg. Global Multiverse 6.38 (71)-20.34 (71)-0.45 (87)5.99 (40)7.54 (49)-1.32 (79)-0.56 (89)
Median 7.51 -16.01 4.80 5.24 7.37 0.52 4.40
PIMCO:Div Income;Inst (PDIIX)
Long-Term Composite Performance
As of June 30, 2023
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
Percentile
Rank
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 9/22 6/23
Risk vs Return: October 2007 to Present
PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse
0.0
1.5
3.0
4.5
6.0
7.5
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
98.0
100.0
102.0
104.0
106.0
108.0
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, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
PIMCO:Div Income;Inst (PDIIX)69.84 -17.68 3.41 2.99 0.52 0.49 0.05 0.81 6.04
Blmbg. Global Multiverse 0.00 -23.40 0.00 0.00 0.19 N/A 0.01 1.00 0.00
90 Day U.S. Treasury Bill 42.86 0.00 0.82 -1.22 N/A -0.19 0.00 0.01 6.45
PIMCO:Div Income;Inst (PDIIX)
Long-Term Composite Performance
As of June 30, 2023
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
Ari Fds:Flt Rt Inc;I (PLFRX)Morningstar LSTA US Leveraged Loan
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
$2.10
$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 1/22 10/22 6/23
$1.99
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Ari Fds:Flt Rt Inc;I (PLFRX)3.21 (15)6.90 (9)11.35 (9)3.82 (12)5.58 (36)3.73 (12)4.32 (13)3.80 (15)N/A
Morningstar LSTA US Leveraged Loan 3.15 (18)6.48 (22)10.71 (30)3.74 (15)6.31 (14)4.13 (2)4.63 (5)4.07 (3)4.84 (N/A)
Median 2.87 5.80 9.88 2.49 5.09 3.05 3.73 3.29 N/A
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Ari Fds:Flt Rt Inc;I (PLFRX)9.80 (16)-2.74 (19)6.95 (67)0.01 (46)3.21 (25)5.18 (18)5.81 (14)
Morningstar LSTA US Leveraged Loan 9.27 (30)-2.59 (17)8.40 (32)1.06 (21)3.10 (31)5.19 (17)5.30 (25)
Median 8.85 -3.85 7.69 -0.26 2.56 4.44 4.60
Ari Fds:Flt Rt Inc;I (PLFRX)
Long-Term Composite Performance
As of June 30, 2023
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 (MF)
Page 46
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
Percentile
Rank
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 9/22 6/23
Risk vs Return: October 2007 to Present
Ari Fds:Flt Rt Inc;I (PLFRX)
Morningstar LSTA US Leveraged Loan
2.5
3.0
3.5
4.0
4.5
5.0
Ret
u
rn
(%)
8.0 8.4 8.8 9.2 9.6 10.0 10.4 10.8 11.2
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Ari Fds:Flt Rt Inc;I (PLFRX)
Morningstar LSTA US Leveraged Loan
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, 2023
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Ari Fds:Flt Rt Inc;I (PLFRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Morningstar LSTA US Leveraged Loan 0.00 -29.20 0.00 0.00 0.39 N/A 0.04 1.00 0.00
90 Day U.S. Treasury Bill 22.22 0.00 0.90 -4.17 N/A -0.39 0.00 -0.01 10.58
Ari Fds:Flt Rt Inc;I (PLFRX)
Long-Term Composite Performance
As of June 30, 2023
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 (MF)
Page 47
Growth of a Dollar
Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW)
$0.00
$0.60
$1.20
$1.80
$2.40
$3.00
$3.60
9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23
$2.39
$2.66
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Intercontinental US REIF -6.10 (96)-9.49 (84)-13.56 (80)6.73 (53)7.31 (64)7.26 (28)8.66 (15)10.09 (24)6.19 (53)
NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-6.08 (67)-9.82 (50)8.30 (34)8.48 (33)6.96 (51)7.36 (50)9.02 (58)5.70 (63)
Median -1.80 -4.60 -9.86 6.95 8.17 6.97 7.35 9.23 6.19
Fiscal Year Returns
FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017
Intercontinental US REIF -14.92 (89)26.47 (15)13.84 (72)4.41 (11)8.30 (19)11.37 (10)11.72 (6)
NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)
Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83
Intercontinental US REIF
Long-Term Composite Performance
As of June 30, 2023
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
Percentile
Rank
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 9/22 6/23
Risk vs Return: October 2007 to Present
Intercontinental US REIF
NCREIF Fund Index-Open End Diversified Core (EW)
5.2
5.6
6.0
6.4
6.8
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, 2023
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 0.63 N/A 0.05 1.00 0.00
90 Day U.S. Treasury Bill 15.87 0.00 0.96 -5.06 N/A -0.63 0.00 -0.02 7.97
Intercontinental US REIF
Long-Term Composite Performance
As of June 30, 2023
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
Morningstar LSTA US Leveraged Loan 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
Morningstar LSTA US Leveraged Loan 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, 2023
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, 2023
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
Morningstar LSTA US Leveraged Loan 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
Morningstar LSTA US Leveraged Loan 50.00
Crestview Police Officers' and Firefighters' Retirement Plan
Investment Policies Benchmark History
As of June 30, 2023
Page 52
Crestview Police Officers' and Firefighters' Pension Fund
Compliance Checklist
As of June 30, 2023
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, 2023
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
Aristotle (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
CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO
Clients first.
March 2022August 2023 Page 1
CRESTVIEW
(PLAN SPONSOR)
POLICE OFFICERS’ AND FIREIFIGHTERS’
RETIREMENT PLAN
Investment Policy Statement
I. PURPOSE OF INVESTMENT POLICY STATEMENT
The Pension Board of Trustees (Board) maintains that an important determinant of future
investment returns is the expression and periodic review of the Crestview Police Officers’ and
Firefighters’ Retirement Plan (the Plan) investment objectives. To that end, the Board has
adopted this statement of Investment Policy and directs that it apply to all assets under their
control.
In fulfilling their fiduciary responsibility, the Board recognizes that the retirement system is an
essential vehicle for providing income benefits to retired participants or their beneficiaries. The
Board also recognizes that the obligations of the Plan are long-term and that investment policy
should be made with a view toward performance and return over a number of years. The general
investment objective is to obtain a reasonable total rate of return - defined as interest and
dividend income plus realized and unrealized capital gains or losses - commensurate with the
Prudent Investor Rule and any other applicable ordinances and statutes.
Reasonable consistency of return and protection of assets against the inroads of inflation are
paramount. However, interest rate fluctuations and volatility of securities markets make it
necessary to judge results within the context of several years rather than over short periods of
five years or less.
The Board will employ investment professionals to oversee and invest the assets of the Plan.
Within the parameters allowed in this document and their agreements with the Board, the
investment management professionals shall have investment discretion over their mandates,
including security selection, sector weightings and investment style.
The Board, in performing their investment duties, shall comply with the fiduciary standards set
forth in Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1)
(A) – (C). In case of conflict with other provisions of law authorizing investments, the
investment and fiduciary standards set forth in this section shall prevail.
March 2022August 2023 Page 2
II. TARGET ALLOCATIONS
In order to provide for a diversified portfolio, the Board has engaged investment professional(s)
to manage and administer the fund. The investment manager(s) are responsible for the assets and
allocation of their mandate only and may be provided an addendum to this policy with their
specific performance objectives and investment criteria. The Board has established the
following asset allocation targets for the total fund:
Asset Class Target Range Benchmark Index
Domestic Equity 42.5% 37.5% - 47.5% Russell 3000
International Equity 15% 10% - 20% MSCI AC World ex USA
Total Equities 57.5% 52.5% - 62.5%
Domestic Fixed Income 22.5% 17.5% - 27.5% Bloomberg Intermediate Aggregate
Global Fixed Income* 2.5% 0% - 5% Bloomberg Multiverse
Bank Loans* 2.5% 0% - 5% S&P/LSTA Leveraged Loan
Total Fixed Income 27.5% 22.5% - 32.5%
Core Real Estate* 10% 5% - 1520% NCREIF ODCE (EW)
Core Infrastructure** 5% 0% - 1015% CPI +3%6% Absolute Return
Total Alternatives* 15% 10% - 20%
*
Allocation and benchmark will default to “domestic core fixed income” if these portfolios are not funded.
** Allocation and benchmark will default to 50% domestic equity and 50% domestic core fixed income if these
portfolios are not funded
The Board will monitor the aggregate asset allocation of the portfolio, and will rebalance to the
target asset allocation based on market conditions. If at the end of any calendar quarter, the
allocation of an asset class falls outside of its allowable range, barring extenuating circumstances
such as pending cash flows or allocation levels viewed as temporary, the asset allocation will be
rebalanced into the allowable range. To the extent possible, contributions and withdrawals from
the portfolio will be executed proportionally based on the most current market values available.
The Board does not intend to exercise short-term changes to the target allocation.
III. INVESTMENT PERFORMANCE OBJECTIVES
The following performance measures will be used as objective criteria for evaluating the
effectiveness of the Investment Managers.
A. Total Portfolio Performance
1. The performance of the total portfolio will be measured for rolling three and five year
periods. The performance of the portfolio will be compared to the return of the policy
indexes comprised of 42.5% Russell 3000, 15% MSCI ACWI ex US, 22.5% Barclays
Intermediate Aggregate, 2.5% S&P/LSTA Leveraged Loan, 2.5% Barclays Multiverse,
March 2022August 2023 Page 3
5% CPI +3% and 10% NCREIF ODCEa blended benchmark based on the asset
allocation table above.
2. On a relative basis, it is expected that the total portfolio performance will rank in the top
40th percentile of the appropriate peer universe over three and five-year time periods.
3. On an absolute basis, the objective is that the return of the total portfolio will equal or
exceed the actuarial earnings assumption, and provide inflation protection by meeting
Consumer Price Index plus 3%.
B. Equity Performance
The combined equity portion of the portfolio, defined as common stocks and convertible
bonds, is expected to perform at a rate at least equal to 75% of the Russell 3000 Index and of
the 25% MSCI ACWI ex US Index. Individual components of the equity portfolio will be
compared to the specific benchmarks defined in each Investment Manager addendum. All
portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over
three and five-year time periods.
C. Fixed Income Performance
The overall objective of the fixed income portion of the portfolio is to add stability and
liquidity to the total portfolio. The fixed income portion of the portfolio is expected to
perform at a rate at least equal to 83% of the Bloomberg U.S. Intermediate Aggregate Bond
Index, 8.5% S&P/LSTA Leveraged Loan and 8.5% of the Bloomberg Multiverse. All
portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over
three and five-year time periods.
D. Real Estate Performance
The overall objective of the real estate portion of the portfolio, if utilized, is to add
diversification and another stable income stream to the total fund. The real estate portion of
the portfolio, defined as core, open ended private real estate, is expected to perform at a rate
at least equal to the NCREIF Open End Diversified Core (ODCE) (EW) Index and rank in
the top 40th percentile of the appropriate peer universe over three and five-year time periods.
E. Infrastructure Performance
The overall objective of the infrastructure portion of the portfolio, if utilized, is to add
diversification and another stable income stream to the total fund. The infrastructure portion
of the portfolio, defined as core, open ended private infrastructure, is expected to perform at
a rate at least equal to CPI +3%6% Absolute Return and rank in the top 40th percentile of the
appropriate peer universe (if available) over three and five-year time periods.
IV. INVESTMENT GUIDELINES
A. Authorized Investments
March 2022August 2023 Page 4
Pursuant to the investment powers of the Board of Trustees as set forth in the Florida
Statutes and local ordinances, the Board of Trustees sets forth the following investment
guidelines and limitations:
1. Equities:
a. Must be traded on a national exchange or electronic network; and
b. Not more than 5% of the Plan’s assets, at the time of purchase, shall be invested in
the common stock, capital stock or convertible stock of any one issuing company,
nor shall the aggregate investment in any one issuing company exceed 5% of the
outstanding capital stock of the company (this restriction shall not apply to any
single holding within a diversified pooled fund); and
c. Additional criteria may be outlined in the manager’s addendum.
2. Fixed Income:
a. All fixed income investments shall have a minimum rating in one of the four
highest classifications by a major rating service, except that no more than 5% of the
total portfolio may be invested in securities that fall below these rating guidelines.
b. The value of bonds issued by any single corporation shall not exceed 10% of the
total fund (excluding issues from the U.S. government, or agency thereof; and this
restriction shall not apply to any single holding within a diversified pooled fund);
and
c. Additional criteria may be outlined in the manager’s addendum.
3. Money Market:
a. The money market fund or STIF options provided by the Plan’s custodian; and
b. Have a minimum rating of Standard & Poor’s A1 or Moody’s P1.
4. Pooled Funds:
Investments made by the Board may include pooled funds. For purposes of this policy
pooled funds may include mutual funds, commingled funds, and exchange-traded funds.
a. Pooled funds may be governed by separate prospectus which may include
investments not expressly permitted in this Investment Policy Statement. In the
event of investment by the Plan into a pooled fund the Board the prospectus or
governing policy of that pooled fund, as updated from time to time, shall be treated
as an addendum to this Investment Policy Statement.
b. The asset classification of the fund will be based upon its investment objective.
B. Trading Parameters
When feasible and appropriate, all securities shall be competitively bid. Except as otherwise
required by law, the most economically advantageous bid shall be selected. Commissions
March 2022August 2023 Page 5
paid for purchase of securities must meet the prevailing best-execution rates. The
responsibility of monitoring best price and execution of trades placed by each manager on
behalf of the Plan will be governed by the Portfolio Management Agreement between the
Plan and the Investment Managers.
C. Limitations
1. Investments in corporate common stock and convertible bonds shall not exceed seventy
(75%) of the Plan assets at market.
2. Foreign securities shall not exceed twenty-five percent (25%) of Plan’s market value.
3. All equity and fixed income securities must be readily marketable. Commingled funds
must be independently appraised at least annually.
3.4. The Board and its Investment Managers shall comply with the applicable requirements
of Chapter 2023-28, Laws of Florida, including Section 112.662, along with regulations
adopted by the Department of Management Services. The term “pecuniary factor” is
defined as a factor that a named fiduciary “prudently determines is expected to have a
material effect on the risk or returns of an investment based on appropriate investment
horizons consistent with the investment objectives and funding policy of the investment
program. The term does not include the consideration of the furtherance of any social,
political, or ideological interests.” [112.662(1)]. In selecting Investment Managers, only
pecuniary factors may be considered and the interests of the participants and
beneficiaries of the system may not be subordinated to other objectives, including
sacrificing investment return or undertaking additional investment risk to promote any
nonpecuniary factor. The weight given to any pecuniary factor must appropriately
reflect a prudent assessment of its impact on risk or returns. [112.662(2)]. Only
pecuniary factors may be considered when voting proxies. [112.662(3)]
D. Absolute Restrictions
No investments shall be permitted in;
1. Any investment not specifically allowed as part of this policy.
2. Illiquid investments, as described in Chapter 215.47, Florida Statutes.
V. COMMUNICATIONS
A. On a monthly basis, the custodian shall supply an accounting statement that will include a
summary of all receipts and disbursements and the cost and the market value of all assets.
B. On a quarterly basis, the Investment Managers shall provide a written report affirming
compliance with the security restrictions of Section IV (as well as any provisions outlined in
the Investment Manager’s addendum). In addition, the Investment Managers shall deliver a
report each quarter detailing the Plan's performance, forecast of the market and economy,
portfolio analysis and current assets of the Plan. Written reports shall be delivered to the
Board within 30 days of the end of the quarter. A copy of the written report shall be
March 2022August 2023 Page 6
submitted to the person designated by the City, and shall be available for public inspection.
The Investment Managers will provide immediate written and telephone notice to the Board
of any significant market related or non-market related event, specifically including, but not
limited to, any deviation from the standards set forth in Section IV or their Investment
Manager addendum. In the event of any deviation from the standards set forth in Section IV
or their Investment Manager addendum an action plan outlining the investment strategy
shall be provided to the Board immediately.
C. If the Fund owns investments, that complied with section IV at the time of purchase, which
subsequently exceed the applicable limit or do not satisfy the applicable investment
standard, such excess or noncompliant investments may be continued until it is
economically feasible to dispose of such investment in accordance with the prudent man
standard of care, but no additional investment may be made unless authorized by law or
ordinance. An action plan outlining the investment ‘hold or sell’ strategy shall be provided
to the Board immediately; and followed by a required detailed quarterly report from the
investment manager indicating the status of the non-compliant security. The detailed report
should include the original date of purchase and corresponding rating agency and rating
change dates.
D. The Investment Consultant shall evaluate and report on a quarterly basis the rate of return
net of investment fees and relative performance of the Plan.
E. The Board will meet periodically to review the Investment Consultant performance report.
The Board will meet with the investment manager and appropriate outside consultants to
discuss performance results, economic outlook, investment strategy and tactics and other
pertinent matters affecting the Plan on a periodic basis.
F. At least annually, the Board shall provide the Investment Managers with projected
disbursement needs of the Plan so that the investment portfolio can be structured in such a
manner as to provide sufficient liquidity to pay obligations as they come due. To this end
the Investment Managers should, to the extent possible, attempt to match investment
maturities with known cash needs and anticipated cash-flow requirements.
G. The Investment Consultant, on behalf of the Plan, shall send a letter to any pooled fund
referring the investment manager to the listing of ‘Scrutinized Companies’ by the State
Board of Administration (‘SBA list’), on their website www.sbafla.com/fsb/. This letter
shall request that they consider removing such companies from the fund or create a similar
actively managed fund having indirect holdings devoid of such companies. If the manager
creates a similar fund, the Plan shall replace all applicable investments with investments in
the similar fund in an expedited timeframe consistent with prudent investing standards. For
the purposes of this section, a private equity fund is deemed to be an actively managed
investment fund. However, after sending the required correspondence, the Plan is not
required to sell the pooled fund.
F.H. The Board shall timely comply with the reporting requirement of Section 112.662 by filing
a comprehensive report by December 15 of each odd-numbered year. [112.662(4)].
Investment managers and the Board’s Investment Consultant shall assist in the preparation
of required reports and shall annually confirm to the Board their compliance with Chapter
2023-28
March 2022August 2023 Page 7
VI. COMPLIANCE
A. It is the direction of the Board that the plan assets are held by a third party custodian, and that
all securities purchased by, and all collateral obtained by the plan shall be properly
designated as Plan assets. No withdrawal of assets, in whole or in part, shall be made from
safekeeping except by an authorized member of the Board or their designee. Securities
transactions between a broker-dealer and the custodian involving purchase or sale of
securities by transfer of money or securities must be made on a "delivery vs. payment" basis
to insure that the custodian will have the security or money in hand at conclusion of the
transaction.
B. The investment policy shall require all approved institutions and dealers transacting
repurchase agreements to execute and perform as stated in the Master Repurchase
Agreement. All repurchase agreement transactions shall adhere to the requirements of the
Master Repurchase Agreement.
C. At the direction of the Board, the Plan’s compliance with “Section IV. Authorized
Investments” shall be reviewed by independent certified public accountants as part of any
financial audit periodically required. Compliance with the Board’s internal controls over
financial reporting shall also be verified. These controls have been designed to prevent
losses of assets that might arise from fraud, error, or misrepresentation by third parties or
imprudent actions by the Board or employees of the plan sponsor, to the extent possible.
D. Each member of the Board shall participate in a continuing education program relating to
investments and the Board’s responsibilities to the Plan. It is suggested that this education
process begin during each Trustee’s first term.
E. With each actuarial valuation, the Board shall determine the total expected annual rate of
return for the current year, for each of the next several years and for the long term thereafter.
This determination shall be filed promptly with the Department of Management Services, the
plan’s sponsor and the consulting actuary.
F. The proxy votes must be exercised for the exclusive benefit of the participants of the Plan.
Each Investment Manager shall provide the Board with a copy of their proxy voting policy
for approval. On a regular basis, at least annually, each manager shall report a record of their
proxy vote.
G. The Investment Consultant will provide Investment Managers for consideration based solely
on pecuniary factors as defined by Florida Statutes §112.662.
F.H. If a Request for Proposals document is issued for Investment Manager services, the
solicitation document must include the following: The Board of Trustees may not request
documentation of or consider a vendor’s social, political, or ideological interests when
determining if the vendor is a responsible vendor. Additionally, the Board of Trustees may
not give preference to a vendor based on vendor’s social, political, or ideological interests.
March 2022August 2023 Page 8
VII. CRITERIA FOR INVESTMENT MANAGER REVIEW
The Board wishes to adopt standards by which judgments of the ongoing performance of a
portfolio manager may be made. If, at any time, any three of the following is breached, the
portfolio manager may be warned of the Board's serious concern for the Plan's continued safety
and performance. If any five of these are violated the consultant may recommend a manager
search for that mandate.
Four (4) consecutive quarters of relative under-performance versus the benchmark.
Three (3) year trailing return below the top 40th 50th percentile within the appropriate
peer group.
Three (3) year trailing return and under- performance versus the benchmark.
Five (5) year trailing return below the top 40th 50th percentile within the appropriate
peer group.
Five (5) year trailing return and under- performance versus the benchmark.
Three (3) year downside volatility greater than the index (greater than 100), as
measured by down market capture ratio.
Five (5) year downside volatility greater than the index (greater than 100), as
measured by down market capture ratio.
Style consistency or purity drift from the mandate.
Management turnover in portfolio team or senior management.
Investment process change, including varying the index or benchmark.
Failure to adhere to the IPS or other compliance issues.
Investigation of the firm by the Securities and Exchange Commission (SEC).
Significant asset flows into or out of the company.
Merger or sale of firm.
Fee increases outside of the competitive range.
Servicing issues – key personnel stop servicing the account without proper
notification.
Failure to attain a 60% vote of confidence by the Board.
Nothing in this section shall limit or diminish the Board’s right to terminate the manager at any
time for any reason.
March 2022August 2023 Page 9
VIII. APPLICABLE CITY ORDINANCES
If at any time this document is found to be in conflict with the City Ordinances or applicable
Florida Statutes, the Ordinances and Statutes shall prevail.
IX. REVIEW AND AMENDMENTS
It is the Board’s intention to review this document at least annually subsequent to the actuarial
report and to amend this statement to reflect any changes in philosophy, objectives, or
guidelines. In this regard, the Investment Manager's interest in consistency in these matters is
recognized and will be taken into account when changes are being considered. If, at any time,
the Investment Manager feels that the specific objectives defined herein cannot be met, or the
guidelines constrict performance, the Board should be notified in writing. By initialing and
continuing acceptance of this Investment Policy Statement, the Investment Managers concur
with the provisions of this document. By signing this document, the Chairman attests that this
policy has been recommended by the Investment Consultant, reviewed by the plan’s legal
counsel for compliance with applicable law, and approved by the Board of Trustees.
X. FILING OF THE INVESTMENT POLICY
Upon adoption by the Board, the investment policy shall be promptly filed with the Florida
Department of Management Services, the City, and the plan’s actuary. The effective date of the
Investment Policy shall be the 31 days following the filing date with the City.
CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT PLAN
_______________________ __________
Chairman, Board of Trustees Date
Client Memorandum
To: Florida Public Pension Clients
From: Klausner, Kaufman, Jensen & Levinson
Date: 5/31/2023
Re: House Bill 3 (Chapter 2023-28, Laws of Florida): Act Relating to Government and
Corporate Activism
______________________________________________________________________________
The purpose of this memo is to summarize recently adopted Florida statutory amendments,
House Bill 3 (HB 3), governing the investment of public funds, along with related investment
topics. The broadly written 51-page bill contains twenty-eight sections governing state funds,
local funds, and qualified public depositories, among other financial institutions. While all of the
various statutory sections amended are noted, the focus of this memo is on those provisions
specific to local government plans. The law takes effect starting on July 1, 2023.In addition to
regulating the fiduciary standards for public funds, HB 3 also contains a series of prohibitions on
Environmental, Social and Governance (ESG) targeted investment practices, along with new
anti-discrimination protections for consumers of financial services.
Of particular interest for local pension boards, HB 3 amends Chapters 112, 175, 185 and 215,
Florida Statutes. The following summary is not intended to be exhaustive, but rather focuses on
amendments which are applicable to governmental pensions.
As set forth below, HB 3 primarily impacts local government pension plans as follows:
• Fiduciaries may solely invest based on “pecuniary factors”;
• Fiduciaries may not invest to further any “social, political or ideological interests”
(otherwise commonly known as “ESG”);
• Governmental plans must comply with requirements 1 and 2 when voting proxies;
• By December 15, 2023, and each odd-numbered year thereafter, governmental plans must
file a comprehensive report detailing and reviewing governance policies;
2
• Related provisions broadly apply to financial institutions, including investment managers
and qualified public depositories;
• Requires manager contracts and certain manager communications to include statutory
provisions.
Our office will be working with investment consultants to formulate appropriate language to be
included in revised investment policy guidelines.
House Bill 3: Chapter 23-28 Laws of Florida
Set forth below are the numbered sections of the bill that are applicable to governmental plans:
Section 3: Amends Section 112.656 governing fiduciary duties for trustees to specify that
investment decisions must comply with Section 112.662.
Section 4: Amends Section 112.661 governing investment policies to provide that Section
112.662 shall prevail in cases of a conflict with other provisions.
Section 5: Creates a new Section 112.662 governing investment and the exercise of shareholder
rights. It is worthwhile for trustees and service providers to familiarize themselves with Section
112.662 which is the heart of the bill applicable to governmental plans.
(1) The term “pecuniary factor” is defined as:
a factor that the plan administrator, named fiduciary, board, or board of trustees prudently
determines is expected to have a material effect on the risk or returns of an investment
based on appropriate investment horizons consistent with the investment objectives and
funding policy of the retirement system or plan. The term does not include the
consideration of the furtherance of any social, political, or ideological interests.
(2) After defining the term pecuniary factor, Section 112.662 makes clear that “only
pecuniary factors may be considered” and the weight given to any pecuniary factor must
appropriately reflect a prudent assessment of its impact on risk or returns. Similarly, “the
interests of the participants and beneficiaries” of the plan “may not be subordinated to any
nonpecuniary factor.”
(3) When exercising shareholder rights by voting proxies these same considerations shall
apply. Ordinarily, the board’s investment managers vote proxies on behalf of the board. Thus,
investment managers will need to specifically comply with Section 112.662(3).
(4) By December 15, 2023, and by December 15 of each odd-numbered year thereafter,
retirement plans shall file a “comprehensive report detailing and reviewing the governance
policies concerning decision-making in vote decisions and adherence to fiduciary standards,”
including proxy voting, as required by HB 3.
3
By January 15, 2024, and by January 15 of each even-numbered year thereafter, the
Department of Management Services (DMS) shall submit a report to Tallahassee that includes a
summary of reports submitted by local plans. DMS shall also report incidents of non-compliance
to the Attorney General who may institute proceedings to enjoin violations. In such actions, the
Attorney General is entitled to reasonable attorney’s fees and costs. This section does not apply
to member-directed investments.
Our office will closely follow the process for adoption of rules to implement the new
Section 112.662. In particular, rulemaking will be useful to clarify the degree to which managers
may consider environment and governance considerations that a third-party investment manager
ordinarily deems to be pecuniary in nature.
Section 6: Amends Section 175.071 governing firefighter pension plans to cross reference to
new Section 112.662.
Section 7: Amends Section 185.06 governing police pension plans to cross reference to new
Section 112.662.
Sections 8 & 9: Amends Section 215.47 and 215.475 governing authorized investments and
investment policies to cross reference to new Section 112.662.
Section 10: Amends Section 215.4755 which governs the State Board of Administration and
managers working for the Florida Retirement System. This section does not impact municipal
plans.
Section 11: Creates a new Section 215.681 prohibiting the issuance of ESG bonds. This section
may impact municipal employers/plan sponsors, but pension plans do not issue bonds.
Section 12: Creates a new Section 215.855 governing external communications by investment
managers. As used in 215.855, “governmental entity” includes municipal or other political
subdivision, including boards. “Investment manager” is defined as a private sector company that
offers investment products or services to a governmental entity that has discretionary investment
authority. “Public funds” are defined to include all money under the jurisdiction of a
governmental entity including pension funds.
Any contract executed, amended, or renewed on or after July 1, 2023, between a governmental
entity and an investment manager must include the following provisions:
(a) That any written communication made by the investment manager to a company in
which such manager invests public funds on behalf of a governmental entity must include
the following disclaimer in a conspicuous location if such communication discusses social,
political, or ideological interests; subordinates the interests of the company’s shareholders
to the interest of another entity; or advocates for the interest of an entity other than the
company’s shareholders:
4
The views and opinions expressed in this communication are those of the sender and
do not reflect the views and opinions of the people of the State of Florida.
(b) That the contract may be unilaterally terminated at the option of the governmental
entity if the investment manager does not include the disclaimer required in paragraph (a).
Section 14: Amends Section 280.02 applicable to Qualified Public Depositories (QPDs).
Section 15: Creates a new Section 280.025 to require attestation by QPDs beginning on July 1,
2023.
Section 20: Creates a new Section 287.05701 applicable to government contracting to prevent
consideration of a vendor’s social, political, or ideological interests. Beginning July 1, 2023, any
solicitation for contractual services must include a provision notifying vendors of Section
280.025.
Here is a link to HB 3: https://laws.flrules.org/2023/28
Feel free to contact our office if you have any questions about the application of HB 3.
Expenditure Type
Actual Expenses
as of 09/30/2022
2022-2023
Proposed Budget
Amount
Actual Expenses as
of 07/31/2023
2023-2024
Proposed Budget
Amount
Actuary $35,701.00 $35,000.00 $28,961.00 $35,000.00
Administrator $20,926.25 $23,000.00 $14,263.82 $23,000.00
Attorney $19,511.99 $19,000.00 $11,578.30 $21,000.00
IME Physician Fees $0.00 $10,000.00 $0.00 $10,000.00
Auditor/Accountant $12,870.00 $10,000.00 $0.00 $0.00
Custodian of Funds $8,456.30 $12,000.00 $4,093.86 $12,000.00
Insurance $5,350.00 $7,000.00 $4,932.00 $7,000.00
School, Travel and Dues $0.00 $10,000.00 $2,252.49 $10,000.00
Investment Consultant $24,000.00 $25,000.00 $12,240.00 $26,000.00
Miscellaneous $0.00 $5,000.00 $0.00 $5,000.00
Totals $126,815.54 $156,000.00 $78,321.47 $149,000.00
SCHEDULE OF EXPENDITURES BUDGET TO ACTUAL
AS OF JULY 31, 2023
CITY OF CRESTVIEW POLICE OFFICERS' AND FIREFIGHTERS RETIREMENT PLAN
Writer’s e-mail: yolanda@robertdklausner.com
MEMORANDUM
TO: City of Crestview Police and Firefighters’ Retirement Plan
FROM: Yolanda Vega
RE: Proposed 2024 Meeting Dates
DATE: August 3, 2023
Listed below are the proposed 2024 meeting dates based on the previous year’s
schedules. Should they meet with the Board’s approval, please let us know and we will put them
on our calendar. Should there be any discrepancies with any of the dates and/or times, please do
not hesitate to contact Yolanda at the office, via phone at 954-916-1202 or e-mail at
Yolanda@robertdklausner.com, and we will do the best we can to comply with your requests.
ALL MEETINGS WILL BE HELD AT 2:30PM
Tuesday, March 5
Tuesday, June 4
Tuesday, August 27
Tuesday, December 3
Thank you
WARRANT
#
SENT FOR
PAYMENT FOR PERIOD DESCRIPTION TOTAL DUE
29 6/29/2023 April 2023
Klausner, Kaufman, Jensen & Levinson, invoice
#32734, legal services $3,434.40
29 6/29/2023 Since Last Invoice
Foster & Foster, invoice #27076, actuarial
services $25,111.00
29 6/29/2023 May 2023
Klausner, Kaufman, Jensen & Levinson, invoice
#32916, legal services $1,335.60
29 6/29/2023 May 2023
Foster & Foster, invoice #27339, plan
administration $1,725.00
30 8/21/2023 April 1 - June 30, 2023 AndCo, invoice #44481, investment consulting $6,120.00
30 8/21/2023 June 2023
Klausner, Kaufman, Jensen & Levinson, invoice
#33118, legal services $2,021.84
30 8/21/2023 April 1 - June 30, 2023 Salem Trust, 2nd quarter fees, custodial services $2,542.12
30 8/21/2023 April 1 - June 30, 2023
Agincourt Capital Management, invoice #18569,
investment management $2,936.47
30 8/21/2023 June 2023
Foster & Foster, invoice #27756, plan
administration $1,981.04
30 8/21/2023 July 2023
Klausner, Kaufman, Jensen & Levinson, invoice
#33304, legal services $95.40
30 8/21/2023 July 2023
Foster & Foster, invoice #28014, plan
administration $1,725.00
Total Invoices $49,027.87
Total Checks $0.00
CHECK REQUESTS
**Highlighted items are pending approval and have not yet
been paid**
INVOICES
SUMMARY OF PAYMENTS
City of Crestview Police Officers' and Firefighters' Retirement Plan
June 07, 2023 - August 29, 2023
FOR RATIFICATION:
Warrant #29, Invoices
------------
Paid on warrant 28
Invoice
Date
5/26/2023
Invoice #
27076
Bill To
City of Crestview Police Officers'
& Firefighters' Retirement Plan
c/o Foster & Foster, Inc.
2503 Del Prado Blvd., Suite 502
Cape Coral, FL 33904
City of Crestview Police Officers'
and Firefighters' Retirement Plan Terms
Net 30
Due Date
6/25/2023
Balance DueThank you for your business!
Phone: (239) 433-5500
Fax: (239) 481-0634
Email: AR@foster-foster.com
Website: www.foster-foster.com
Federal EIN: 59-1921114
Description Amount
Benefit Calculations: TEMPLE, Shawn (EARLY & NORMAL) 400.00
Preparation for and attendance at November 29, 2023 Board meeting
(Board's share of expenses)281.00
Refund Calculations: SMITH, Decatur; NEWCOMB, William;
CHISHOLM, Christine 375.00
Benefit Calculations: LEADMON, Michael (EARLY)300.00
Preparation of GASB 67 Statement with measurement date of 09/30/2022 1,600.00
Preparation of GASB 68 Statement with measurement date of 09/30/2022 2,500.00
Preparation of the October 1, 2022 Actuarial Valuation and Report 13,305.00
Electronic filing of 10/1/2022 valuation report to the Division of Retirement 300.00
Preparation of the 2022 Annual Report for the Division of Retirement 3,300.00
Page 1
Invoice
Date
5/26/2023
Invoice #
27076
Bill To
City of Crestview Police Officers'
& Firefighters' Retirement Plan
c/o Foster & Foster, Inc.
2503 Del Prado Blvd., Suite 502
Cape Coral, FL 33904
City of Crestview Police Officers'
and Firefighters' Retirement Plan Terms
Net 30
Due Date
6/25/2023
Balance DueThank you for your business!
Phone: (239) 433-5500
Fax: (239) 481-0634
Email: AR@foster-foster.com
Website: www.foster-foster.com
Federal EIN: 59-1921114
Description Amount
Preparation of the 09/30/2022 Share Plan schedule 2,750.00
Page 2
Most preferred method of payment is an ACH deposit.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste104. Fort Myers, FL 33912
$25,111.00
------------
Paid on this warrant
Invoice
Date
6/12/2023
Invoice #
27339
Bill To
City of Crestview Police Officers'
& Firefighters' Retirement Plan
c/o Foster & Foster, Inc.
2503 Del Prado Blvd., Suite 502
Cape Coral, FL 33904
Terms
Net 30
Due Date
7/12/2023
Balance Due
Thank you for your business!
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
billing@foster-foster.com
www.foster-foster.com
Federal EIN: 59-1921114
Description Amount
Plan Administration services for the month of May 2023. 1,725.00
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912
$1,725.00
Page 1 of 1
AndCo Consulting, LLC
531 W Morse Blvd Ste 200
Winter Park, FL 32789
844-442-6326
ar@andcoconsulting.com
INVOICE
BILL TO
Kathy Austin
Crestview Police & Firefighters
INVOICE 44481
DATE 06/30/2023
DESCRIPTION AMOUNT
Consulting Services and Performance Evaluation, Billed Quarterly (April, 2023)2,040.00
Consulting Services and Performance Evaluation, Billed Quarterly (May, 2023)2,040.00
Consulting Services and Performance Evaluation, Billed Quarterly (June, 2023)2,040.00
-------------------------------------------------
It is our honor and privilege to provide excellence service. If this is not your experience, please
contact us immediately.BALANCE DUE $6,120.00
FOR RATIFICATION:
Warrant #30, Invoices
Klausner, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel. (954) 916-1202 www.klausnerkaufman.com
Fax (954) 916-1232 Tax I.D.: 45-4083636
CITY OF CRESTVIEW POLICE AND FIREFIGHTERS' RET PLAN
CIO FOSTER & FOSTER
2503 DEL PRADO BLVD., SUITE 502
CAPE CORAL, FL 33904
June 30, 2023
BiII # 33118
CLIENT: CRESTVIEW POLICE AND FIREFIGHTERS' RET PLA : 170028
MATTER: CITY OF CRESTVIEW POLICE AND FIREFIGHTERS' RET PLAN :170028
Professional Fees
Date Attorney Description Hours Amount
06/06/23 SAK PREPARE FOR MEETING 0.30 143.10
06/06/23 SAK ATTEND MEETING 1.40 667.80
06/06/23 SAK TRAVEL TIME 0.90 214.65
06/06/23 SS ATTEND MEETING 1.40 0.00
06/06/23 SS TRAVEL TIME 0.90 0.00
06/13/23 SAK REVIEW OF INTERCONTINENTAL ESG 0.30 143.10
ISSUES
06/15/23 SAK REVIEW OF BUYBACK ISSUES 0.30 143.10
06/16/23 SAK REVIEW OF SALEM TRUST ISSUES 0.30 143.10
06/22/23 SAK REVIEW OF AND REVISE ROBBINS 0.40 190.80
GELLER SECURITIES MONITORING
AGREEMENT
Total for Services 6.20 $1,645.65
Costs
Date Description Amount
06/06/23 TRAVEL EXPENSES AIRFARE 48.00
06/06/23 TRAVEL EXPENSES CAR RENTAL AND 51.44
TRANSPORTATION
06/06/23 TRAVEL EXPENSES HOTEL AND MEALS 276.75
Total Costs $376.19
Continued .. .
------------
Paid on warrant 29
Fee A/C# M21337
Crestview P&F
Fee Invoice for Period April 1, 2023 to
$22,596,615.45
Detail of Calculation:
Market Value Basis Point Rate Annual Fee Quarterly Fee
$22,596,615.45 0.00045 $10,168.48 $2,542.12
TOTAL $2,542.12
If you have any questions, please contact Mark Rhein at 877-382-5268.
July 13, 2023
Michelle Rodriguez
Foster & Foster
2503 Del Prado Blvd S Suite 502
Cape Coral, Fl 33904
billing@foster-foster.com
June 30, 2023
Total Market Value for Fund:
1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382‐5268 FAX (813) 301‐1295
www.salemtrust.com
INVOICE FOR PAYMENT
Ms. Kim Kilgore
Plan Administrator
Foster & Foster
2503 Del Prado Blvd. S.
Suite 502
Cape Coral, FL 33904
Crestview Police and Fire Retirement Plan
Per Our Investment Management Agreement, the fees to Agincourt Capital
Management in payment for investment services rendered from 4/1/2023 - 6/30/2023
MONTHLY MARKET VALUE
CVP - Crestview Police and Fire Retirement Plan \ 0740007935 6/30/2023 $4,698,357.02
$4,698,357.02 x 0.2500 %=$11,745.89
Total Annual Fee $11,745.89
Total Quarterly Fee Due $2,936.47
Please make payment to Agincourt Capital Management, within 30 days:
If by ACH
Branch Banking Trust (BBT) 901 East Byrd Street, Richmond, VA 23219
ABA# 021052053 | Account# 72169911 | FBO: Agincourt Capital Management
If by Wire
Previous wire instructions are valid. Please send wire to account ending with #1778. If you need instructions, please call 804-915-1308.
If by Check
Agincourt Capital Management, LLC
ATTN: Elsie Rose
200 South 10th Street, Suite 800
Richmond, VA 23219
Agincourt's Federal Tax ID: 54-1947440
Please let us know if you would like a copy of our latest SEC Form ADV Part 2, our Code of Ethics or our Privacy Statement.
200 SOUTH 10TH STREET, SUITE 800, RICHMOND, VA 23219 T 804.648.1111 F 804.864.2611
INVOICE
7/17/2023
#18569
Invoice
Date
7/26/2023
Invoice #
27756
Bill To
City of Crestview Police Officers'
& Firefighters' Retirement Plan
c/o Foster & Foster, Inc.
2503 Del Prado Blvd., Suite 502
Cape Coral, FL 33904
Terms
Net 30
Due Date
8/25/2023
Balance Due
Thank you for your business!
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
billing@foster-foster.com
www.foster-foster.com
Federal EIN: 59-1921114
Description Amount
Plan Administration services for the month of June 2023.
Attendance at June 06, 2023, Board meeting (out-of-pocket expenses shared with Crestview General,
Ft. Walton Beach Fire/Police and E. Niceville Fire Pension Boards).
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912
1,725.00
256.04
$1,981.04
-----------
Paid on warrant 29
Invoice
Date
8/17/2023
Invoice #
28014
Bill To
City of Crestview Police Officers'
& Firefighters' Retirement Plan
c/o Foster & Foster, Inc.
2503 Del Prado Blvd., Suite 502
Cape Coral, FL 33904
Terms
Net 30
Due Date
9/16/2023
Balance Due
Thank you for your business!
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
billing@foster-foster.com
www.foster-foster.com
Federal EIN: 59-1921114
Description Amount
Plan Administration services for the month of July 2023. 1,725.00
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912
$1,725.00
May 31, 2023 through August 22, 2023
Retirees Term Date Monthly Benefit Option Selection PLOP Sent to Custodian
James Anderson 7/4/2023 $5,562.98 LA 0%8/18/2023
DROP Entries Entry Date Monthly Benefit Option Selection
None this period
DROP Exits Term Date Monthly Benefit Account Balance Sent to Custodian
None this period
Share Plan Distriutions Term Date Balance Date Amount Type Sent to Custodian
Frank Van Schmidt 2/6/2022 9/30/2022 $3,412.80 Direct Payment 8/7/2023
Refunded Contributions Term Date Refund Amount Status Sent to Custodian
None this period
Purchase of Service Credit Amount Due Rollover Contributions Sent to Custodian
None this period
Deceased Members/Beneficiaries Benefit Amount Date of Death Option Selected Sent to Custodian
None this period
Beneficiary Payments Benefit Amount Type Sent to Custodian
None this period
FUND ACTIVITY REPORT
City of Crestview Municipal Police & Fire Employees' Retirement Trust Fund
Page 1