HomeMy Public PortalAbout2019.02_4Q18 AHIC Presentation
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The Metropolitan St. Louis Sewer District
Employees’ Pension Plan
Fourth Quarter 2018
March 5, 2019
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Table of Contents
Section 1 Market Environment
Fourth Quarter and Calendar Year 2018 Markets Review
Medium-Term Views
Section 2 Quarterly Performance Update
Fourth Quarter 2018 Performance
January Performance Update
Fund Fee Comparison
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Market Environment – Fourth Quarter and
Calendar Year 2018
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Major Capital Markets Performance Summary
As of
Jan. 31 As of December 31, 2018
1-Month 1-Quarter 2018 3 years 5 years 10 years
MSCI All Country World IMI Index 8.1% -13.3% -10.1% 6.5% 4.2% 9.7%
DJ U.S. Total Stock Market Index 8.6 -14.4 -5.3 8.9 7.9 13.2
MSCI EAFE Index 6.6 -12.5 -13.8 2.9 0.5 6.3
MSCI EAFE Index (Local Currency) 5.5 -12.2 -11.0 2.6 3.8 7.5
MSCI Emerging Markets Index 8.8 -7.5 -14.6 9.2 1.6 8.0
MSCI Emerging Markets Index (Local
Currency) 7.2 -7.4 -10.1 8.8 5.0 9.6
Blmbg. Barclays U.S. Aggregate Index 1.1 1.6 0.0 2.1 2.5 3.5
Blmbg. Barclays Corporate High Yield Index 4.5 -4.5 -2.1 7.2 3.8 11.1
NCREIF ODCE Index -- 1.5 7.4 7.3 9.4 6.0
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Equity Pullback Not Uncommon
*Cumulative Return from 3/2/2009 – 2/25/2019
S&P 500
Cumulative Return
2009 – Present*
299%
700
1,200
1,700
2,200
2,700
3,200
3/2/2009 3/2/2010 3/2/2011 3/2/2012 3/2/2013 3/2/2014 3/2/2015 3/2/2016 3/2/2017 3/2/2018Price S&P 500 Index
Major Pullback During Current Market Cycle
Jul. 2, 2010
-16.0%
•Flash Crash
•BP oil spill
•Greece Debt Crisis
Oct. 3, 2011
-19.4%
•U.S. downgrade
•Stress in the
periphery of
Europe
Jun. 1, 2012
-9.9%
•Euro double dip
Oct. 15, 2014 -7.4% •Global growth scare •Ebola
Aug. 25, 2015
-12.4%
•Global growth scare
•Collapse of Chinese
stock market
•Federal Reserve
uncertainty
Feb. 11, 2016
-13.3%
•Oil prices drop
below $27
•Fears of U.S.
recession
•China
Feb. 8, 2018
-10.2%
•Wage
inflation
scare
Dec. 24, 2018
-19.3%
•Rising
rates
•Global
growth
slowdown
•Geopolitical
tensions
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Historical U.S. Equity Returns
Source: JPMorgan
S&P 500 intra-year declines vs. calendar year returns
Although the average intra-year drop has been 13.9%, annual returns have been positive in 29 of 39 years
In 2017, there was only a 3% market correction – the smallest market correction since 1995
We have expected volatility to increase and we believe 2017’s low volatility was unusual
–In 2018, the largest market decline was -20%
Calendar Year Returns
Largest Market Decline within the Calendar Year
2017-18
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Periodic Table of Performance
*U.S. Equity - Dow Jones U.S. Total Stock Market; EAFE – MSCI EAFE; EM – MSCI EM; REITs – FTSE NAREIT All Equity REITS; Bonds – Blmbg. Barc. U.S. Aggregate; High Yield –
Blmbg. Barc. U.S. Corporate High Yield; Cmdty – Bloomberg Commodity Index; HFOF – HFR FOF; PE - Burgiss Private Equity Time Weighted Returns; PRE - Private Real Estate -
NCREIF ODCE
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 10 Year
Annualized
EM REITs EM REITs REITs High Yield EM
55.8 31.6 34.0 35.1 27.9 17.1 37.3
EAFE EM PE EM EM EM EM REITs US Equity EAFE PE
38.6 25.6 23.2 32.2 39.4 78.5 18.9 19.7 12.6 25.0 13.2
PE REITs PE Cmdty PE PE High Yield PE EM Cmdty US Equity US Equity
82.1 37.1 23.7 21.4 31.3 23.2 58.2 18.1 18.2 11.8 21.2 13.2
EM US Equity EAFE PRE EAFE Cmdty EAFE US Equity EAFE US Equity REITs EM PE REITs
66.0 31.6 20.2 20.2 26.3 16.2 31.8 17.5 17.3 33.5 28.0 11.2 12.0 12.5
EAFE Cmdty High Yield US Equity EAFE US Equity PRE US Equity Cmdty PRE US Equity EAFE US Equity PE REITs High Yield
27.0 31.8 29.0 12.5 13.5 15.8 14.8 28.6 16.8 15.0 16.4 22.8 12.5 9.8 8.7 11.1
HFOF REITs REITs Cmdty Cmdty PRE PRE EAFE REITs PRE REITs High Yield PE PRE PRE REITs HFOF EM
26.5 26.4 13.9 25.9 23.9 12.0 12.2 15.3 11.2 28.0 15.3 8.3 15.8 19.7 11.5 14.0 8.6 7.7 8.0
Cmdty PRE Bonds Bonds PE High Yield HFOF High Yield HFOF Cmdty High Yield Bonds PE PRE PE PE PRE High Yield EAFE
24.3 13.2 8.4 10.3 18.6 11.1 7.5 11.8 10.3 18.9 15.1 7.8 13.0 12.9 11.4 7.5 7.8 7.5 6.3
US Equity Bonds High Yield PRE HFOF Cmdty US Equity HFOF Bonds PE EAFE PE PRE HFOF Bonds REITs Bonds PRE PE PRE
23.6 11.6 5.3 4.6 11.6 9.1 6.4 10.4 7.0 15.8 7.8 7.9 9.8 9.0 6.0 2.8 2.6 6.7 11.0 6.0
PRE PE PRE REITs PRE HFOF High Yield Bonds US Equity HFOF Bonds High Yield HFOF High Yield HFOF Bonds EAFE Bonds PRE Bonds
12.1 10.5 4.6 3.8 8.3 6.9 2.7 4.3 5.6 11.5 6.5 5.0 4.8 7.4 3.4 0.5 1.0 3.5 7.4 3.5
High Yield HFOF HFOF HFOF Bonds Bonds Bonds Cmdty High Yield Bonds Bonds HFOF US Equity Bonds REITs High Yield US Equity HFOF Cmdty Bonds HFOF
2.4 4.1 2.8 1.0 4.1 4.3 2.4 2.1 1.9 5.2 5.9 5.7 1.1 4.2 2.9 2.5 0.4 0.5 1.7 0.0 3.1
Bonds High Yield EM High Yield REITs PRE PRE HFOF Cmdty Bonds EM HFOF High Yield Cmdty
-0.8 -5.9 -2.6 -1.4 -15.7 -10.7 -30.4 -5.7 -1.1 -2.0 -2.2 -0.3 -2.1 -3.8
REITs US Equity US Equity EM HFOF EAFE EM EAFE EAFE HFOF
-4.6 -10.9 -11.0 -6.2 -21.4 -12.1 -2.6 -4.9 -0.8 -3.9
EAFE PE PE PE Cmdty Cmdty Cmdty High Yield REITs
-14.2 -19.8 -10.9 -25.4 -13.3 -9.5 -17.0 -4.4 -4.0
EM Cmdty EAFE High Yield EM EM US Equity
-30.8 -19.5 -15.9 -26.2 -18.4 -14.9 -5.3
EAFE US Equity Cmdty Cmdty Cmdty
-21.4 -20.9 -35.6 -24.7 -11.3
US Equity EAFE
-37.2 -13.8
REITs EM
-37.7 -14.6
EAFE
-43.4
EM
-53.3
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Global Equity Markets
-13.3%
-11.9%
-14.5%
-12.7%
-14.4%-15.6%
-13.4%-13.7%
-8.5%-7.4%
-10.1%
-14.8%
-5.7%
-15.0%
-13.5%
-17.6%
-3.6%
-15.7%
-11.2%
-15.0%
-20%
-10%
0%
ACWI IMI 46.0%
ACWI ex-U.S.
IMI
54.0%
USA IMI
5.4%
UK IMI
8.0%
Japan IMI
3.0%
Canada IMI
0.2%
Israel IMI
13.9%
Europe ex-UK
IMI
3.9%
Pacific ex-Japan
IMI
11.7%
Emerging
Markets IMI
GLOBAL MSCI IMI INDEX RETURNS (USD)
AS OF 12/31/2018 Fourth Quarter 2018 One-Year
Source: MSCI
USA
54.0%
UK
5.4%
Canada
3.0%
Pacific ex-Japan
3.9%Japan
8.0%
Europe ex-UK
13.9%
Israel
0.2%
Latin America
1.4%
Asia
8.6%
Eastern Europe,
Middle East &
Africa
1.7%
Emerging
Markets
11.7%
MSCI ALL COUNTRY WORLD IMI INDEX
GEOGRAPHIC ALLOCATION AS OF 12/31/2018
Source:MSCI
UK
11.7%
Canada
6.5%
Pacific ex-Japan
8.4%
Japan
17.5%
Europe ex-UK
30.2%
Israel
0.5%
Latin America
3.1%
Asia
18.6%
Eastern Europe,
Middle East &
Africa
3.6%
Emerging
Markets
25.3%
MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX
GEOGRAPHIC ALLOCATION AS OF 12/31/2018
Source:MSCI
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U.S. Equity Markets
Up until November 2018, U.S. equities had generated high-single digit returns. However, all the gains were reversed towards the
end of the quarter. The Dow Jones Total Stock Market Index dropped by 14.4% in the fourth quarter, translating into an overal l
5.3% fall for the year. Most notably, Information Technology stocks, which had been such a strong driver for the U.S. market,
moved sharply lower over the quarter. Earnings growth expectations, particularly in the tech sector where optimism was perhaps
excessive, were revised down.
The Russell 3000 Index fell 14.3% during the fourth quarter and 5.2% over the one-year period.
All sectors generated negative returns over the quarter. In particular, Energy (-25.8%) and Technology (-17.9%) were the worst
performing sectors in Q4 2018.
Performance was negative across the market capitalization spectrum over the quarter. In general, small cap stocks
underperformed both medium and large cap stocks over the quarter. Growth stocks underperformed their Value counterparts in
Q4 2018. Over the last 12 months, Value stocks continued to lag their Growth stock equivalents significantly.
-14.3%
-10.1%
-15.9%-15.0%-16.0%-18.7%
-21.7%
-5.2%-6.2%
-0.5%
-12.3%
-4.8%
-12.9%
-9.3%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
Russell
3000
32.1%
Large Value
35.6%
Large
Growth
14.9%
Medium
Value
10.4%
Medium
Growth
3.5%
Small Value
3.6%
Small
Growth
RUSSELL STYLE RETURNS
AS OF 12/31/2018 Fourth Quarter 2018
One-Year
Source: Russell Indexes
-14.3%
-17.9%
-10.7%
-14.7%
-6.0%
-25.8%
-15.6%
-17.7%
-12.5%
-2.0%
-5.2%
-1.2%
5.6%
-0.8%
-9.8%
-19.7%
-17.8%
-12.6%
-8.4%
0.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Russell 3000 20.3%
Technology
14.6%
Healthcare
14.4%
Cons. Disc
6.0%
Cons.
Staples
5.0%
Energy
3.5%
Materials &
Processing
10.2%
Producer
Durables
20.8%
Financial
Services
5.3%
Utilities
RUSSELL GICS SECTOR RETURNS AS AT 12/31/2018
Fourth Quarter 2018
One-Year
Source: Russell Indexes
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U.S. Fixed Income Markets
The Bloomberg Barclays U.S. Aggregate Bond Index rose
over the quarter. Government bonds were the best performer
at 2.5% whilst corporate bonds were the worst performer at
-0.2%.
Performance was positive across all investment-grade credit
qualities, with the exception of Baa bonds which fell 0.9%.
High yield bonds fell the most at -4.5%. In investment grade
bonds, Aaa bonds was the major outperformer with a return
of 2.3%.
Intermediate maturity bonds outperformed short and long
maturity bonds over the quarter. Intermediate maturity bonds
returned 1.8-2.1% while short and long maturity bonds
returned 1.2% and 0.9% respectively in Q4 2018.
1.6%
2.5%
-0.2%
2.1%
1.2%1.7%
0.0%
0.9%
-2.5%
1.0%
1.8%
0.8%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
Barclays Agg.
Bond
42.3%
Govt
25.5%
Corp.
29.6%
MBS
0.5%
ABS
2.1%
CMBS
BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR
AS OF 12/31/2018
Fourth Quarter 2018
One-Year
Source: FactSet
2.3%
1.3%
0.3%
-0.9%
-4.5%
0.9%
0.1%
-2.3%
-2.9%
-2.1%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
Aaa Aa A Baa High Yield
BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY
AND HIGH YIELD RETURNS AS OF 12/31/2018
Fourth Quarter 2018
One-Year
Source: FactSet
1.2%
1.8%2.0%2.1%
0.9%
1.6%1.1%0.9%
0.2%
-4.5%-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr.
BLOOMBERG BARCLAYS AGGREGATE RETURNS BY
MATURITY AS OF 12/31/2018
Fourth Quarter 2018
One-Year
Source: FactSet
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U.S. Fixed Income Markets (cont’d)
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
0 5 10 15 20 25 30
Maturity (Years)
U.S. TREASURY YIELD CURVE
12/31/2017
9/30/2018
12/31/2018
Source:U.S. Department of Treasury
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec 08 Dec 10 Dec 12 Dec 14 Dec 16 Dec 18
U.S. 10-YEAR TREASURY AND TIPS YIELDS
10Y TIPS Yield
10Y Treasury Yield
Source:U.S. Department of Treasury
Spread (bps)12/31/2018 9/30/2018 12/31/2017 Quarterly Change (bps)1-Year Change (bps)
U.S. Aggregate 54 39 36 15 18
Long Gov't 2 2 2 0 0
Long Credit 200 153 139 47 61
Long Gov't/Credit 113 90 83 23 30
MBS 35 28 25 7 10
CMBS 86 60 62 26 24
ABS 53 38 36 15 17
Corporate 153 106 93 47 60
High Yield 526 316 343 210 183
Global Emerging Markets 330 273 215 57 115
Source: FactSet, Bloomberg Barclays
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Medium-Term Views: 1 to 3 Year Time Horizon
February 2019 Medium Term Views (2/12/2019)
------=++++++
USD vs.
Currency
High Level
Asset Class
Views
Equity
Regions
Developed
Market Equity
Styles
Return
Seeking Fixed
Income
High Grade
Fixed Income
Alternatives Real Estate
Commodities
Direc. Hedge
Funds
Non-Direc.
Hedge Funds
Euro
Yen
Sterling
EM
US Large
US Small
EAFE
Emerging
US High Yield
Bank Loans
Local EMDUSD EMD
US Treas.
Inv. Credit
TIPS
Equities
Return Seeking
Bonds
High Grade
Bonds
AlternativesUSD
Global Value
GlobalGrowth
Global Low Vol.
Global Quality
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Quarterly Performance Update
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Total Plan Performance
As of 12/31/2018 1-Quarter 2018 3-Year 5-Year 10-Year Since
Inception
Total Plan -6.6% -4.3% 4.2% 2.9% 6.9% 7.0%
Policy Benchmark -6.8 -4.5 4.5 3.1 7.0 --
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Historical Market Values
$261.4 million
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Market Value (in thousands) Total Plan Market Value History
Ending 12/31/2018
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Risk-Return vs. Peers (<$1B) as of 12/31/2018
*All Public Plans < $1B contains 343 peer portfolios for the 3-Year period and 327 peer portfolios for the 5-Year period.
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Asset Allocation vs. Policy Targets as of 12/31/2018
30.0%
17.3%
35.7%
3.3%
12.8%
0.8%
35.0%
18.0%
35.0%
0.0%
12.0%
0.0%
-5.0%
-0.7%
0.7%
3.3%
0.8% 0.8%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Total Domestic
Equity
Total International
Equity
Total Fixed Income Hedge Funds Real Estate Cash
Asset Allocation Policy Target Difference
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Pension Plan - Trailing Period Performance as of 12/31/2018
*Performance prior to 9/30/2018 has been calculated by MSD’s previous investment consultant.
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Pension Plan - Trailing Period Performance as of 12/31/2018 (cont’d)
*Performance prior to 9/30/2018 has been calculated by MSD’s previous investment consultant.
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Pension Plan - Trailing Period Performance as of 1/31/2019
*Performance prior to 9/30/2018 has been calculated by MSD’s previous investment consultant.
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Pension Plan - Trailing Period Performance as of 1/31/2019 (cont’d)
*Performance prior to 9/30/2018 has been calculated by MSD’s previous investment consultant.
The remaining liquidated Entrust assets were released back to MSD after 1/31/2019 and subsequently reallocated to existing funds within the Pension.
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DC Plans - Trailing Period Performance as of 12/31/2018
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DC Plans - Trailing Period Performance as of 12/31/2018 (cont’d)
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DC Plans - Trailing Period Performance as of 1/31/2019
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DC Plans - Trailing Period Performance as of 1/31/2019 (cont’d)
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Pension - Fund Fee Comparison
12/31/2018 Asset
Market Values Fund Expense Ratio Institutional Peer Comparison
Fund Name % $ % $ Universe
Median %
Universe
Median $
eVestment Alliance
Universe
BlackRock Russell 1000 Index Fund 22.3% $58,194,586 0.04% $20,368 0.04% $21,615 US Passive Large Cap
Kennedy Mid Cap Value Fund 3.8 9,977,412 0.75 74,831 0.73 72,835 US Mid Cap Value
TimesSquare Small Cap Growth Fund 3.9 10,132,217 0.99 100,309 0.85 86,124 US Small Cap Growth
Morgan Stanley Int’l Equity Fund 11.6 30,442,165 0.91 277,024 0.75 228,316 All EAFE Equity
Morgan Stanley Emerging Markets Fund 5.7 14,879,755 1.04 154,749 0.90 133,918 Emerging Mkts Equity
Income Research Fund 14.3 37,478,040 0.34 127,425 0.29 109,757 US Core Fixed Income
Prudential Core Plus Bond Fund 13.0 33,896,439 0.30 101,689 0.30 101,689 US Core Plus Fixed
Income
Brandywine Global Opp. FI Fund 8.4 22,024,186 0.45 99,109 0.40 88,097 Global Agg Fixed
Income
Entrust Capital Diversified Fund* 3.3 8,623,779 -- -- -- -- --
UBS Trumbull Property Fund 12.8 33,540,505 0.86 288,448 0.94 315,281 NCREIF ODCE Peers1
Cash 0.8 2,197,108 0.15 3,296 0.20 4,394 US Taxable Money
Market Funds2
Total Pension 100.0% $261,386,192 0.48% $1,247,248 0.44% $1,162,026 --
*The Entrust Capital Diversified Fund has been fully liquidated since 12/31/2018.
1Average annual investment management fee of ODCE peers (24 funds) for similar sized mandates.
2From the 2017 Aon mutual fund expense analysis.
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DC Plans - Fund Fee Comparison
12017 AHIC Mutual Fund Expense Analysis
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