HomeMy WebLinkAbout04. Governmental Accounting Standards Board (GASB) 45 Trust Third Quarter ReportPARS: Central Contra Costa Sanitary District
Third Quarter 2015
Presented by
Andrew Brown, CFA
JHIGHMARK CR
CAPITAL MANAGEMENT
y
CCCSD
Asset Allocation
Total Assets: $38,879,134
Period Ending 9 -30 -15
3Q15 Return: -4.02%
1 Year Return: -.35%
Inception -to -Date Return: 10.17%
Inception Date: 4 -1 -2009
Fixed Income
$18,417,699
47.37%
Investment Summary
Since Inception
Beginning Value
$ 566,683.26
Contributions
37,796,627.76
Withdrawals
- 8,766,587.76
Gain (Loss)
3,948,066.31
Interest and Dividends
5,334,490.93
Net Accrued Income
43,576.51
Ending Market Value
$ 38,922,857.071*
Cash
..1 nA4 794
Equity
$19,396,711
49.89%
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value is reported as of
trade date and includes accruals. The Asset Allocation total market value is reported as of settlement date.
JHIGHMARKe PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
ASSET ALLOCATION — Central Contra Costa Sanitary District
As of Third Quarter 2015
Current Asset Allocation Investment Vehicle
Equity
49.89%
Range: 40%-60%
19, 396, 711
Large Cap Core
6.66%
SMGIX
Columbia Contrarian Core Cl Z
2,590,371
Large Cap Value
6.07%
DODGX
Dodge & Cox Stock Fund
2,360,182
6.04%
LSGIX
Loomis Sayles Value Fund
2,347,723
Large Cap Growth
3.51%
HACAX
Harbor Capital Appreciation Instl
1,366,100
3.51%
PRGFX
T. Rowe Price Growth Stock Fund
1,365,417
Mid Cap Value
2.29%
TIMVX
TIAA -CREF Mid -Cap Value Instl
890,536
Mid Cap Growth
1.29%
IYMIX
Ivy Mid Cap Growth Fund 1
501,118
Small Cap Value
4.47%
NSVAX
Columbia Small Cap Value Fund II
1,737,510
Small Cap Growth
2.57%
PRNHX
T. Rowe Price New Horizons Fund
998,434
International Core
3.68%
NWHNX
Nationwide Bailard Intl Equities Fund
1,431,829
International Value
1.90%
DODFX
Dodge & Cox International Stock Fund
739,329
International Growth
1.91%
MQGIX
MFS International Growth Fund
744,347
Tactical - Europe
2.83%
FEZ
SPDR EURO STOXX50 ETF
1,101,885
Emerging Markets
3.14%
SEMNX
Schroder Emerging Market Equity
1,221,929
Fixed Income
47.37%
Range: 40 % -60%
18,417,699
Short -Term
5.82%
VFSUX
Vanguard Short-Term Corp Adm Fund
2,264,546
Intermediate -Term
20.02%
NWJJX
Nationwide HighMark Bond Fund
7,781,927
20.05%
PTTRX
PIMCO Total Return Instl Fund
7,794.057
High Yield
1.48%
PHIYX
PIMCO High Yield Instl
577,169
Cash
2.74%
Range: 0%-20%
1, 064, 724
2.74%
FPZXX
Money Market
1,064,724
TOTAL 100.00% $38.879.134
J HIGHMARKk c. PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
Selected Period Performance
PARS /CENTRAL CONTRA COSTA SANT PRHCP
Account 6746030600
Period Ending: 09/30/2015
Account Inception: 4/2009
Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from
sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee,
and may lose value.
JHIGHMARK9
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
l_'J
Year
Inception
3 Months
to Date
1 Year
3 Years
5 Years
to Date
Sector
(9 Months)
(78 Months)
Cash Equivalents
.01
.02
.03
.02
.02
.10
iMoneyNet, Inc. Taxable
01
01
.02
.02
02
03
Total Fixed Income
.07
.41
1.33
1.54
3.02
5.23
BC US Aggregate Bd Index
1.23
1.13
2.94
1.71
3.10
4.49
Total Equities
-8.71
-5.01
-2.76
10.26
10.34
15.11
Large Cap Funds
-7.35
-3.99
-.11
12.89
12.41
15.83
S &P 500 Composite Index
-6.44
-5.29
-,61
'2.40
13.34
16.91
Mid Cap Funds
-9.93
-7.86
-2.18
9.85
10.94
Russell Midcap Index
-8.01
-5.84
-.25
13.91
13.40
19.67
Small Cap Funds
-8.13
-2.60
4.07
14.68
15.03
20.29
Russell 2000 Index
-11.92
-7.73
1.25
11.02
11.73
17.43
International Equities
-11.20
-7.29
-10.70
1.35
.80
9.37
MSCI SAFE Index
-10.23
-5.28
-8.66
5.63
3.98
10.21
MSC/ EM Free Index
-17.90
-15.47
-19.28
-5.27
-3.58
7.83
Total Managed Portfolio
-4.02
-1.93
-.35
5.79
6.81
10.17
Account Inception: 4/2009
Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from
sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee,
and may lose value.
JHIGHMARK9
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
l_'J
CENTRAL CONTRA COSTA SANITARY DISTRICT
As of September 30, 2015
BOND FUNDS
Fund Name
1 -Month
Inception Return
3 -Month
Return
Year -to-
Date
1 -Year
Return
3 -Year
Return
5 -Year
Return
10 -Year
Return
Nationwide HighMark Bond Fid
0.46
0.46
1 -Month
3 -Month
Year -to-
1 -Year
3 -Year
5 -Year
10 -Year
Fund Name
Inception
Return
Return
Date
Return
Return
Return
Return
Columbia Contrarian Core Cl Z
(7/13)
-3.41
-7.22
-4.43
0.05
13.74
14.35
8.94
Dodge & Cox Stock
(8/14)
-4.19
-9.84
-8.64
-6.62
13.39
13.03
5.53
Harbor Capital Appreciation Instl
3.10
-2.53
-5.44
2.68
6.03
15.35
15.06
8.16
Loomis Sayles Value Fund
(7/11)
-3.79
-9.47
-8.85
-5.37
11.74
12.30
6.92
T. Rowe Price Growth Stock
-3.63
-4.71
2.08
6.47
15.24
15.19
8.73
S&P 500 Index
-2.47
-6.44
-5.29
-0.61
12.40
13.34
6.80
Ivy Mid Cap Growth 1
(5/14)
-4.18
-11.61
-8.56
-2.75
9.90
10.81
8.47
Russell Mid Cap Growth Index
-3.86
-7.99
-4.15
1.45
13.98
13.58
8.09
TIAA -Cref Mid -Cap Value Instl
(2/10)
-3.45
-8.62
-7.52
-2.01
12.73
12.11
7.39
Russell Mid Cap Value Index
-3.34
-8.04
-7.66
-2.07
13.69
13.15
7.42
Russell Mid Cap Index
-3.60
-8.01
-5.84
-0.25
13.91
13.40
7.87
Columbia Small Cap Value II Z
-2.78
-8.97
-5.09
1.33
12.91
12.62
7.22
T. Rowe Price New Horizons
-4.02
-7.78
-0.62
6.32
15.98
18.10
10.46
Russell 2000 Index
-4.91
-11.92
-7.73
1.25
11.02
11.73
6.55
INTERNATIONAL
•
Dodge & Cox Intl Stock
-6.23
-15.38
-12.09
-16.19
6.62
4.06
4.21
Nationwide Bailard Intl Equities
-3.96
-8.75
-3.18
-4.25
7.49
4.84
4.16
Schroder Emerging Market Equity
(11/12)
-1.62
-15.66
-13.19
-17.13
-4.66
-2.56
--
MFS International Growth 1
-2.35
-8.45
-3.33
-5.43
3.34
4.10
5.12
SPDR Euro Stoxx 50 ETF
(6/14)
-5.43
-9.09
-6.90
-12.64
6.25
1.90
1.60
MSCI EAFE Index
-5.08
-10.23
-5.28
-8.66
5.63
3.98
2.97
MSCI Emerging Markets Index
-3.01
-17.90
-15.47
-19.28
-5.27
-3.58
4.27
BOND FUNDS
Fund Name
1 -Month
Inception Return
3 -Month
Return
Year -to-
Date
1 -Year
Return
3 -Year
Return
5 -Year
Return
10 -Year
Return
Nationwide HighMark Bond Fid
0.46
0.46
0.71
1.88
1.72
3.35
4.83
Pimco Total Return Inst'l
-0.47
-0.09
0.25
1.58
1.36
3.23
5.76
Vanguard Short -Term Investment -Grade Adm
0.46
0.44
1.41
1.63
1.64
2.18
3.68
PIMCO High Yield Insti
(11/14) -2.79
-3.50
-1.37
-0.96
3.61
5.65
6.36
BarCap US Aggregate Bond
0.68
1.23
1.13
2.94
1.71
3.10
4.64
Credit Suisse HY
-2.50
-5.17
-2.42
-3.96
3.30
5.93
6.89
HIGHMARK(g PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
.: HIGH��IIARK`"
CAPITAL MANAGEMENT
October 15, 2015
Thea Vassallo
Finance Manager
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553 -4392
RE: P Quarter OPEB Report
Dear Thea,
The third quarter started with concern over economic conditions in Greece, which faded once a
deal was reached and a technical default was avoided. Prime Minister Tsipiras and his Syriza
party were re- elected and essentially gave up on the prior strategy of playing hardball with the
'troika" of the International Monetary Fund, the European Central Bank, and the European
commission. As we write this note in October, the problems in Greece seem like they occurred
ages ago. The market quickly turned its focus from Greece to China, to the Fed, in a quarter that
saw high levels of volatility, mainly on the down side. The stock market slide was fueled by two
catalysts: China and the Federal Reserve.
China announced on August 8 plans to devalue their currency. This was viewed as a negative by
financial markets, indicating a slowdown in Chinese economic growth.
Chinese policy responses to their declining stock market have consisted of restrictions on security
sales, censoring media coverage of the equity market decline, and devaluation of their currency,
all with marginal results. As a major driver of global economic growth, China is viewed as a vital
source of demand for commodity - producing nations and corporations looking to market their
products to a growing middle class.
Given that China is the world second largest economy, a slowdown in growth will have a negative
global impact. The problems in emerging markets have not been isolated to China. Brazil and
Russia also appear to be in recessions, as both nations have been struggling to regain economic
traction. Russia has been negatively impacted by the plunge in oil prices, while Brazil has
struggled with political instability and a rising rate of inflation, coupled with a stagnant economy.
The other event, or non -event depending on how you look at it, related to the Federal Reserve,
and their decision on interest rate normalization. On the heels of several strong employment
announcements, as well as a strong second quarter GDP print of 3.9 %, most investors began to
anticipate that the Federal Reserve might initiate a rate hike in the third quarter. These beliefs
were somewhat supported by several speeches throughout the quarter from Fed members who
gave indications that a rate hike was on the table. However, in a press conference on September
17, Chairperson Janet Yellen spoke with a dovish tone, and stocks slumped in reaction. One
possible explanation for the negative reaction, immediately following the Fed's decision not to
raise rates, is that investors viewed the policy decision as an indication that the U.S. economy
may be more vulnerable than assumed. With the Fed's apparent'about face' on raising rates,
inaction served to express more concern about the economy than what was priced into the
market.
Performance Review
The Central Contra Costa Sanitary District PRHCP Plan returned -4.02% for the quarter. The
fixed income investments posted a 0.07% return, which underperformed the Barclays Aggregate
return of 1.23 %. The fixed income segment was negatively impacted on several fronts. First of
C5)
all, our duration position was tilted to a shorter -than benchmark position, with our allocation to the
Vanguard Short-Term Corporate Bond Fund. This Fund returned +0.44% in the quarter, which
underperformed the benchmark. Secondly, our two intermediate -term fixed income managers
also underperformed due less duration exposure. The Pimco Total Return Bond Fund's return of
-0.09% was hampered by both short duration, and a position in emerging market bonds. Much
like emerging market equities, emerging market debt struggled in the third quarter. Finally, while
the allocation was modest at 1.5% of Plan assets, the Pimco High Yield Fund return of -3.5%
detracted from the fixed income investment returns, as high yield bonds sold off.
The equity segment of the portfolio returned -8.71% in the third quarter. There were no 'safe
havens' in the quarter for stocks, with the S &P500 declining - 6.44 %, the Russell Mid Cap Index
declining -8.01, and both small cap and international equity indices experiencing double digit
declines of -12% and -10 %, respectively. This was the largest quarterly decline in over three
years for the S &P500, with only one sector, utilities ( +5.4 %), able to show any gains in the period.
Significant areas of weakness were felt in the energy (- 17.4 %), materials (- 16.9 %), and health
care (- 10.7 %) sectors. Emerging markets (3% of Plan assets) represented the largest declines in
the quarter with the MSCI Emerging Market Index off - 17.9 %. Brazil (- 33.6 %), China (- 22.7 %),
and Russia (- 14.8 %) were the largest detractors from performance.
Strategy Positioning
In August, as the equity market sold off, we moved the equity allocation from an underweight
allocation in stocks, to a neutral allocation, effectively moving from a 48% target to a 50% target.
Additionally, we implemented a style tilt in our investment portfolios, by overweighting value vs.
growth equities across all market capitalization. Over the past year, growth equities have
outpaced value stocks by a considerable margin. Growth - oriented sectors such as technology,
bio -tech, and health care, have posted strong gains. On the other hand, the value- oriented
sectors such as the financials, energy, and basic materials have lagged considerably. We view
valuations as more compelling in 'value' oriented indices, and we believe investors' attention will
eventually revert back to value names as the cycle continues.
While international markets have disappointed over the past year, we continue to maintain our
slight overweight to international equity markets, with a current target of 14% of Plan assets.
While some of the weakness in international markets can be attributed to weakness in China,
Europe and Japan should continue to benefit from supportive central bank monetary policies that
will likely support equity returns. Some of the negative contribution from international equity
markets has stemmed from the stronger dollar /weaker foreign currencies. If the Fed decides to
hold off on raising rates, we could see a strong snap back in the fortunes of international equity
markets.
Our current asset allocation target for the Plan is 50% stocks, 47.5% bonds, and 2.5% in cash.
Best regards,
Andrew Brown
4.
(parr 20)
PARS: Central Contra Costa Sanitary District
November 24, 2015
Presented by
Andrew Brown, CFA
,�HIGHMARKR
CAPITAL MANAGEMENT
DISCUSSION HIGHLIGHTS CCCSD
Asset Allocation: Moderate HighMark Plus (November 2015)
• Allocation Target — 50% stocks (40 - 60% range), 47.75% bonds (40 - 60% range), 2.25% cash (0 - 20% range)
• Large cap 25 %, mid -cap 3.5 %, small cap 7 %, international 13.5% real estate 1 %
Performance: Central Contra Costa Sanitary District
(as of 10 -31 -2015) Net of fund fees, gross of investment management fees
• Quarter -1.33%
• Year to date: 1.83%
• 1 -Year: 2.34%
• Inception to date 10.66% (April 2009)
• Bonds — Short duration a negative over the last 12 months
• Stocks
• Domestic markets - 72 MPH in a 65 zone
• Large cap performing better, growth stocks outperforming.
• Mid cap and small cap — mixed performance
• International markets — Emerging markets hurting 1
12 -Month Changes
• Sold Sentinel Common Stock Fund (May)
• Overweight to Value (August)
• Equal weight to stocks (August)
• Real Estate —October addition
Watch List
• Pimco High Yield, Pimco Total Return, Ivy Mid Cap Growth, MFS International
Outlook 2016
• The Fed — Spotlight on Dec. rate hike
• Oil impacts earnings, boost to consumer
• International — China growth uncertainty
• GDP est. 2.25% in 2015, 2.9% in 2016
• Unemployment 5.1%,4.9% in 2016
• Fed Funds 0.5 %, 1 % in 2016
_�HIGHMARKe
CAPITAL MANAGEMENT 2
Selected Period Performance
PARS /CENTRAL CONTRA COSTA SANT PRHCP
Account6746030600
Period Ending: 10/31/2015
Account Inception: 4/2009
Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from
sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee,
and may lose value.
JHIGHMARK
�
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
3
Year
Inception
to Date
to Date
Sector
1 Month
3 Months
(10 Months)
1 Year
3 Years
5 Years
(79 Months)
Cash Equivalents
.00
.01
.03
.03
.02
.02
.10
VoneyNet. Inc. Taxable
00
01
02
02
.02
02
03
Total Fixed Income
.55
-.15
.96
1.21
1.57
2.99
5.25
BC US Aggregate Bd Index
02
.55
1.14
1.96
1.65
3.03
4.43
Total Equities
7.18
-3.43
1.81
2.57
13.39
11.09
16.12
Large Cap Funds
8.15
-2.26
3.84
5.70
16.55
13.41
17.00
S &P 500 Composite Index
o 44
- 63
2.70
5.20
16.20
14.33
18.13
Mid Cap Funds
5.10
-4.91
-3.16
-.05
12.14
11.25
Russell Midcap index
6.20
-3.03
-.01
2.77
16.61
13.91
20.49
Small Cap Funds
5.76
-3.74
3.01
4.86
17.69
15.37
21.03
Russell 2000 Index
5.63
-5.86
-2.53
.34
13.90
12.06
18.17
International Equities
6.79
-4.94
-1.00
-3.76
3.73
1.43
10.34
MSCI EAFE Index
7.82
-5.19
2.13
-.07
8.02
4.81
11.34
MSCI EM Free Index
7.13
-5.49
4 45
-14.53
-2.87
-2.80
8.86
Total Managed Portfolio
3.83
-1.33
1.83
2.34
7.31
7.13
10.66
Account Inception: 4/2009
Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from
sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee,
and may lose value.
JHIGHMARK
�
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
3
ASSET ALLOCATION — Central Contra Costa Sanitary District
As of October 31, 2015
Current Asset Allocation Investment Vehicle
Equity
50.79%
Range: 40 %-60%
20, 609,172
Large Cap Core
6.01%
SMGIX
Columbia Contrarian Core Cl Z
2,436,906
Large Cap Value
6.28%
DODGX
Dodge & Cox Stock Fund
2,547,018
6.21%
LSGIX
Loomis Sayles Value Fund
2,521,123
Large Cap Growth
3.66%
HACAX
Harbor Capital Appreciation Instl
1,483,863
3.67%
PRGFX
T. Rowe Price Growth Stock Fund
1,490,037
Mid Cap Value
2.31%
TIMVX
TIAA -CREF Mid -Cap Value Instl
938,307
Mid Cap Growth
1.29%
IYMIX
Ivy Mid Cap Growth Fund 1
524,357
Small Cap Value
4.52%
NSVAX
Columbia Small Cap Value Fund 11
1,833,628
Small Cap Growth
2.61%
PRNHX
T. Rowe Price New Horizons Fund
1,059,933
International Core
3.70%
NWHNX
Nationwide Bailard Intl Equities Fund
1,501,373
International Value
1.88%
DODFX
Dodge & Cox International Stock Fund
764,568
International Growth
1.91%
MQGIX
MFS International Growth Fund
774,929
Tactical - Europe
2.82%
FEZ
SPDR EURO STOXX50 ETF
1,142,874
Emerging Markets
3.18%
SEMNX
Schroder Emerging Market Equity
1,292,361
Real Estate
0.73%
FARCX
Nuveen Real Estate Securities 1
297,896
Fixed Income
46.58%
Range: 40Yo-60%
18,900,138
Short-Term
5.66%
VFSUX
Vanguard Short-Term Corp Adm Fund
2,298,448
Intermediate -Term
19.66%
NWJJX
Nationwide HighMark Bond Fund
7,977,573
19.76%
PTTRX
PIMCO Total Return Instl Fund
8,018,878
High Yield
1.49%
PHIYX
PIMCO High Yield Instl
605,239
Cash
2.64%
Range: 0 %-20%
1,069,710
2.64%
FPZXX
Money Market
1,069,710
TOTAL 100.00% $40,579,020
JHIGHMARK` PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
Source: SEI Investments, Morningstar Investments
Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
HIGH�K� PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
•
As of October 31, 2015
Dodge & Cox Intl Stock
7.75
-7.30
-5.27
-8.08
1JEWRGE CAP EQUITY FUNDS
4.68
5.27
Nationwide Bailard Intl Equities
5.99
-4.90
2.62
1 -Month 3 -Month Year -to-
1 -Year
3 -Year
5 -Year
10 -Year
Fund Name
Inception
Return Return Date
Return
Return
Return
Return
Columbia Contrarian Core Cl Z
(7/13)
8.22 -1.06 3.42
5.93
17.35
15.10
10.00
Dodge & Cox Stock
(8/14)
7.92 -3.79 -1.41
0.92
16.55
13.81
6.53
Harbor Capital Appreciation Instl
2.88
8.62 -1.51 11.53
12.16
20.25
15.79
9.00
Loomis Sayles Value Fund
(7/11)
7.39 -3.90 -2.12
0.22
14.57
13.08
7.86
T. Rowe Price Growth Stock
-2.87
9.13 -0.86 11.40
12.12
20.21
16.03
9.73
S &P 500 Index
8.44 -0.63 2.70
5.20
16.20
14.33
7.85
MID CAP EQUITY FUNDS
Ivy Mid Cap Growth I
(5/14)
4.64 -6.90 -4.32
-0.97
11.99
11.10
9.02
Russell Mid Cap Growth Index
6.29 -3.76 1.89
4.94
17.22
14.10
9.08
TlAA -Cref Mid -Cap Value Instl
(2/10)
5.36 -3.48 -2.56
0.27
14.78
12.51
8.34
Russell Mid Cap Value Index
6.10 -2.29 -2.02
0.47
15.92
13.64
8.39
Russell Mid Cap Index
6.20 -3.03 -0.01
2.77
16.61
13.91
8.85
SMALL CAP EQUITY FUNDS
Columbia Small Cap Value II Z
5.53 -3.77 0.16
1.50
15.37
12.90
8.06
T. Rowe Price New Horizons
6.16 -4.05 5.50
7.93
19.85
18.54
11.50
Russell 2000 Index
5.63 -5.86 -2.53
0.34
13.90
12.06
7.47
REAL ESTATE FUNDS
Nuveen Real Estate Securities 1
6.25 2.94 2.05
5.81
11.88
12.28
9.24
Source: SEI Investments, Morningstar Investments
Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
HIGH�K� PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
INTERNATIONAL
•
Dodge & Cox Intl Stock
7.75
-7.30
-5.27
-8.08
8.75
4.68
5.27
Nationwide Bailard Intl Equities
5.99
-4.90
2.62
1.74
9.16
5.12
5.09
Schroder Emerging Market Equity
(11/12) 5.76
-4.78
-8.18
-12.88
-2.74
-1.95
-
MFS International Growth 1
7.08
-3.78
3.51
1.39
5.68
4.72
6.16
SPDR Euro Stoxx 50 ETF
(6/14) 9.18
-4.84
1.65
-0.46
8.38
2.61
2.88
MSCI EAFE Index
7.82
-5.19
2.13
-0.07
8.02
4.81
4.05
MSCI Emerging Markets Index
7.13
-5.49
-9.45
-14.53
-2.87
-2.80
5.70
Source: SEI Investments, Morningstar Investments
Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
HIGH�K� PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
As of October 31, 2015
BOND FUNDS
Source: SEI Investments, Morningstar Investments
Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
0
JHIGHMARK PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
1 -Month
3 -Month
Year -to-
1 -Year
3 -Year
5 -Year
10 -Year
Fund Name
Inception Return
Return
Date
Return
Return
Return
Return
Nationwide HighMark Bond Fid
0.28
0.37
0.99
1.42
1.61
3.32
4.92
Pimco Total Return Inst'I
0.76
-0.54
1.01
1.53
1.49
3.17
5.94
Vanguard Short-Term Investment -Grade Adm
0.09
0.36
1.50
1.37
1.58
2.08
3.69
PIMCO High Yield Instl
(11/14) 3.26
-0.84
1.84
0.28
4.44
5.86
6.78
BarCap US Aggregate Bond
0.02
0.55
1.14
1.96
1.65
3.03
4.72
Credit Suisse HY
2.56
-2.05
0.08
-2.43
3.88
5.97
7.26
Source: SEI Investments, Morningstar Investments
Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
0
JHIGHMARK PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT