HomeMy WebLinkAbout04. HighMark Capital Management GASB 45 reportPARS: Central Contra Costa Sanitary District
May 31, 2016
Presented by
Andrew Brown, CFA
,A4HIGHMARK®
CAPITAL MANAGEMENT
4.
DISCUSSION HIGHLIGHTS - CCCSD
Investment objective — Moderate HighMark Plus
Asset Allocation June 2016
Allocation Target — 48.5% stocks (40-60% range), 48.5% bonds (40-60% range), 3% cash (0-20% range)
Large cap 23.25%, mid -cap 3.5%, small cap 9%, international 11.25%, real estate 1.5%
Performance
(as of 5-31-2016) gross of investment management fees, net of fund fees
3 -months: 5.94%
Year to date: 2.04%
1 -Year -0.89%
Since Inception (4/1/2009) 9.83%
Bonds — Short duration a slight negative,
Stocks
GrowthNalue performance spread narrowed
International still behind US — Divergent growth and monetary policy trends
12 -Month Changes
Sold FEZ — Euro Stoxx 50 ETF
Real Estate — REIT ETF
Eliminated two Mid -cap funds
Added Prudential Total Return Fund
Sold High Yield — Pimco High Yield Bond Fund
Overweight to Value
Outlook 2016
Continue focus on the FED and monetary policy - Fed Funds Rate Rise in July/Sept?
Oil rebound, Where from here?
International economic fears — China, Commodities, Europe, UK EU exit
Market volatility will continue — Portfolio positioned accordingly
4HIGHMARK®
CAPITAL MANAGEMENT
CCCSD
Asset Allocation
Total Assets: $42,333,542
Period Ending 5-31-16
YTD Return: 2.04%
1 Year Return: -0.89%
Inception -to -Date Return: 9.83%
Inception Date: 4-1-2009
Cash
$1,452,875
3.43%
Beginning Value $ 566,683.26
Contributions 39,571,525.30
Withdrawals -8,869,309.01
Gain (Loss) 3,484,166.62
Interest and Dividends 7,534,966.36
Net Accrued Income 45,844.11
Ending Market Value $ 42,333,876.64*
ti
1t
Axed Income J •
$20,441,831
48.29%
Equity
$20,438,837
4828%
Ending Market Value differs from total market value on page 5 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.
HIGHMARK°
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
3
Selected Period Performance
PARS/CENTRAL CONTRA COSTA SANT PRHCP
Account 6746030600
Period Ending: 05/31/2016
Sector
Cash Equivalents
iMoneyNer, Inc. Taxable
Total Fixed Income
BC US Aggregate Bd Index
Total Equities
Large Cap Funds
,Inosite Index
Mid Cap Funds
• uss riidcap Index
Small Cap Funds
Fiussef; 2000 index
REIT Funds
Wilshrre REIT Index
Year Inception
to Date to Date
3 Months (5 Months) 1 Year 3 Years 5 Years (86 Months)
.08 .12 .15 .06 .04 .11
2.37 3.18 2.14 2.22 3.15 5.16
4.47
10.10 1.23 -4.45 7.39 7.83 14.55
10.06 1.17 -1.18 10.28 10.41 15.47
3.57 16.90
12.41 4.81 -5.06 7.30 7.79
5.02 19.08
10.64 1.82 -3.05 9.78 10.22 19.08
12.15 2.28 16.63
9.46 4.44
9.48 4.32 10.40 10.65 10.32 24.07
International Equities 9.03 -.43 -11.43 -.20 -.90 8.77
MSC! EAFE Index 8.59 -1.10 -9.68 1.99 2.12 9.75
MSCI EM Free Index 9.60 2.32 -17.63 -4.95 -4.83 7.52
Total Managed Portfolio
5.94 2.04 -.89 4.69 5.49 9.83
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.
4HIGHMARK®
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
4
(Current Asset Allocation Investment Vehicle
ASSET ALLOCATION - Central Contra Costa Sanitary District
As of May 31, 2016
Equity 48.28% Range: 40%-60% 20, 438, 837
Large Cap Core 5.54% SMGIX Columbia Contrarian Core CI Z 2,344,922
Large Cap Value 5.78% DODGX Dodge & Cox Stock Fund 2,446,470
5.67% LSGIX Loomis Sayles Value Fund 2,398,718
Large Cap Growth 3.37% HACAX Harbor Capital Appreciation Instl 1,428,184
3.34% PRGFX T. Rowe Price Growth Stock Fund 1,414,415
Mid Cap Core 2.61% IWR iShares Russell Mid -Cap ETF 1,106,686
Mid Cap Value 1.00% IWS iShares Russell MidCap Value Fund 425,329
Small Cap Value 5.57% NSVAX Columbia Small Cap Value Fund II 2,357,577
Small Cap Growth 3.47% PRNHX T. Rowe Price New Horizons Fund 1,469,062
International Core 4.02% NWHNX Nationwide Bailard Intl Equities Fund 1,703,631
International Value 2.27% DODFX Dodge & Cox International Stock Fund 962,342
International Growth 2.23% MQGIX MFS International Growth Fund 942,396
Emerging Markets 2.67% SEMNX Schroder Emerging Market Equity 1,131,942
Real Estate 0.73% FARCX Nuveen Real Estate Securities I 307,164
Fixed Income 48.29% Range: 40%-60% 20,441,831
Short -Term 7.57% VFSUX Vanguard Short -Term Corp Adm Fund 3,206,761
Intermediate -Term 19.61% NWJJX Nationwide HighMark Bond Fund 8,300,419
9.82% PTTRX PIMCO Total Return Instl Fund 4,156,802
9.80% PTRQX Prudential Total Return Bond Q 4,147,385
High Yield 1.49% PHIYX PIMCO High Yield Instl 630,464
Cash 3.43% Range: 0%0-20% 1,452,875
3.43% FPZXX Money Market 1,452,875
TOTAL
A HIGHMARK°
CAPITAL MANAGEMENT
100.00% $42,333,542
PARS: Central Contra Costa Sanitary District
5
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending May 31, 2016
Fund Name
Columbia Contrarian Core CI Z
Dodge & Cox Stock
Harbor Capital Appreciation Instl
Loomis Sayles Value Fund
T. Rowe Price Growth Stock
S&P 500 Index
iShares Russell Midcap Value
Russell Mid Cap Value Index
'Shares Russell Midcap Index
Russell Mid Cap Index
Inception
(7/13)
(8/14)
(7/11)
(3/16)
(3/16)
LARGE CAP EQUITY FUNDS
1 -Month 3 -Month
Return Return
2.16 9.51
2.29 11.81
2.63 8.46
2.00 11.32
2.11 7.46
1.80 9.12
Columbia Small Cap Value II Z
T. Rowe Price New Horizons
Russell 2000 Index
INNIMEMIIIMargai
Nuveen Real Estate Securities I
1.61
1.64
1.62
1.64
13.32
13.40
11.05
11.13
Year -to -
Date
3.37
3.42
- 3.67
2.31
- 3.67
3.57
7.77
7.89
4.93
5.02
1 -Year 3 -Year 5 -Year 10 -Year
Return Return Return Return
1.83 11.73 12.31 9.72
-3.93 9.27 10.50 5.42
-1.42 13.24 11.62 8.59
-3.94 7.95 9.70 6.55
-1.41 12.79 12.30 8.67
1.72 11.06 11.67 7.41
-0.51
-0.31
-2.12
-1.97
9.98
10.22
10.00
10.18
10.69
10.92
10.17
10.33
7.58
7.76
7.88
8.03
SMALL CAP EQUITY FUNDS
1.56 9.96 2.89 -3.93 7.73 8.18 6.54
2.60 11.66 -0.52 -3.31 11.25 12.54 10.22
2.25 12.15 2.28 -5.97 6.93 7.86 6.27
REAL EBTA1TFUNDS
2.45 9.46 4.41 10.16 10.21 10.01 8.27
INTERNATIONAL EQUITY FUNDS
Dodge & Cox Intl Stock
Nationwide Bailard Intl Equities
Schroder Emerging Market Equity
MFS International Growth I
MSCI EAFE Index
MSCI Emerging Markets Index
Nationwide HighMark Bond Fid
Pimco Total Return Inst'I
Prudential Total Retum Bond Q
Vanguard Short -Term Investment -Grade Adm
PIMCO High Yield Instl
BarCap US Aggregate Bond
Credit Suisse HY
(5/31)
(11/14)
-0.94
-0.79
-2.22
0.31
-0.91
-3.73
-0.27
0.27
0.03
0.01
0.22
0.03
0.77
12.21
7.53
9.97
8.46
8.59
9.60
BOND FUNDS
2.60
2.17
2.73
1.50
5.96
1.33
9.41
-1.26
-1.05
1.29
2.73
-1.10
2.32
4.05
2.51
4.29
2.23
5.51
3.45
7.92
-18.17
-7.99
-15.65
-5.19
-9.68
-17.63
2.63
2.00
2.84
2.09
-0.18
2.99
-1.67
0.52
4.04
-4.78
2.02
2.00
4.95
2.62
2.11
3.53
1.97
3.13
2.91
2.54
1.35
2.61
-4.31
2.28
2.12
-4.83
3.52
3.35
4.68
2.20
5.06
3.33
5.17
2.56
2.80
3.61
4.34
1.92
3.11
5.19
6.11
6.37
3.68
6.53
4.97
6.93
Source: SEI Investments, Morningstar Investments
Retums less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from
believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
J HIGHMt1RK®
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
6
HIGHMARK®
CAPITAL MANAGEMENT
April 26, 2016
Thea Vassallo
Finance Manager
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 1st Quarter 2016 OPEB Report
Dear Thea,
2016 started off with high anxiety as markets sold off, breaking recent lows from 2015. The
factors underpinning the increased tension in global markets were reminiscent of the selloff in the
third quarter of last year; U.S. tightening monetary policy, China economic transition, and the
decline in global commodity prices. In February these catalysts reversed and risk assets surged
on a stream of favorable economic data, a more accommodative stance from the U.S. and China,
and a rally in energy prices. As the quarter came to an end, sentiment was split with creditable
arguments for both a continued climb and a return to turmoil. These factors will lead to continued
volatility through the year and warrant continual attention as events unfold.
U.S. Equity markets started 2016 with one of the worst starts in history, dropping over 10%
through February. However, by quarter end, U.S. stocks rallied back into positive territory for the
year based on better than expected economic data and a surprise pause by the Fed from its
interest rate normalization path. The outlook for future rate hikes continues to decline as the Fed
seems to be moving towards market expectations. Gloom further dissipated as investors
determined that a full-fledged recession was unlikely given a stream of positive economic data,
especially employment related statistics. The equity market did however reverse a trend that
dominated markets for years, the outperformance of growth stocks relative to value stocks. Within
large cap, value outperformed growth by almost a full percent in the quarter. This relative
performance was also seen in both mid cap and small cap markets, with the Russell Mid Cap
Value Index outperforming the growth index by over 3.3%, and the Russell 2000 Value Index
outperforming the growth index about 3%. One factor contributing to this trend is the
outperformance of "bond like stocks," which refers to stocks that pay high and stable dividend
yields, a characteristic more represented in value stocks. The Telecommunications and Utilities
sectors outdistanced all sectors in the first quarter, with returns north of +15%. These sectors pay
relatively high dividend yields due to the highly regulated nature of their industries and lack of
opportunity for internal investment. Other positively performing sectors included Consumer
Staples (+5.6%), Industrials (+5%), Technology (+2.6%), and Consumer Discretionary (+1.6%).
Further, a rebound in oil prices and other commodities, led the Energy sector to deliver a return of
over +4%, and materials to return over +3.6%. The largest detractors from returns were
Financials (-5.1%) and Health Care (-5.5%). The low interest rate environment and regulatory
burdens weighed heavily on the performance of these sectors. With the U.S. expansion now over
7 years old, signs of an aging bull market are becoming more apparent. One example is
corporations inclination to take on higher debt levels, in order to buy back stock, and/or to pay for
merger and acquisitions, in the face of weak organic growth. While signs of slowing growth are
emerging, the dovish Fed has shown a willingness to support both the economic and financial
markets at considerable cost.
Performance Review
The District's OPEB Plan returned 0.45% for the quarter. The fixed income investments posted a
2.42% return, which underperformed the Barclays Aggregate return of 3.03%. The Plan was
negatively impacted on several fronts. One, 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 +1.76% in the quarter, which lagged the longer duration Barclays Aggregate Index.
Secondly, the Pimco Total Return Bond Fund lagged benchmark targets due to the manager's
allocation to high yield issues, currency exposure to the Yen and the Euro, and a duration target
that was lower than that of the benchmark. Finally, while the high yield market posted returns in
the black, the high yield sector failed to keep up with the Barclays Aggregate Index in the first
quarter. The Pimco High Yield Fund return of +2.7% in the quarter.
The equity segment of the portfolio returned -1.28% in the quarter. While small cap (-0.98%) and
international equity (-1.31%) both outperformed their benchmark targets, both segments posted
negative results. REITs, while underperforming the benchmark, posted the strongest returns for
any segment in the Plan, returning 4.03% for the quarter. In the quarter, we terminated both of
our mid -cap equity managers. Both managers had been struggling to outperform their
benchmark targets, and we felt it would be best to move to a passively managed index fund for
the mid -cap segment. For the quarter, the mid cap equity segment posted a +1.73%.
The largest disappointment during the quarter came from the large cap equity segment, where all
five of our managers underperformed the S&P500. With growth equities underperforming value
stocks in the quarter, our two large cap growth managers posted returns way below that of the
S&P500. The T. Rowe Price Growth Stock Fund returned -5.4%, and the Harbor Capital
Appreciation Fund was off -5.5%. A decline in technology shares was a common denominator for
both managers. An equal disappointment though was the performance from our two large cap
value managers: Dodge & Cox Stock Fund (-0.99%) and Loomis Sayles Value Fund (-1.7%).
Exposure to banking and financial stocks weighed heavily on both managers in the quarter, and a
lack of exposure to the two strongest performing sectors: telecommunications and utilities hurt
both managers.
In August of 2015, we implemented a style tilt in our investment portfolios, by moving to an
overweight to value vs. growth equities across all market capitalization. This has been rewarding
in both the small cap and mid cap segments, since we made this adjustment. However, we state
above that with respect to the first quarter, we were equally disappointed with the performance
from our large cap value managers, whose performance declined by roughly -1.5%, when
compared with the large cap growth managers who declined by roughly -5.5%. We feel we got
the market direction correct by overweighting the large cap value sector, but the two managers
who we invested in to convey that world view, did not have strong quarters. We anticipate
stronger returns from our large cap value managers in the future.
Strategy Positioning
We remain slightly underweight to equity markets, with a 48% Plan allocation to stocks. We
have a very slight underweight to bonds, maintaining a 49% Plan allocation to fixed income.
Cash is currently at 3%
Andrew Brown
J H IGHMARK'
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
First Quarter 2016
Presented by
Andrew Brown, CFA
CCCSD
Asset Allocation
Total Assets: $41,239,697
Period Ending 3-31-16
1Q16 Return: 0.45%
1 Year Return: -1.63%
Inception -to -Date Return: 9.83%
Inception Date: 4-1-2009
Fixed Income
$20,111,374
48.77%
Cash
$1,381,740
3.35%
Investment Summary Since Inception
Beginning Value
Contributions
Withdrawals
Gain (Loss)
Interest and Dividends
Net Accrued Income
Ending Market Value
Equity
$19,746,582
47.88%
$ 566,683.26
39,132,925.30
-8,822,467.38
2,918,093.56
7,442, 947.76
45, 359.68
$ 41,283,542.18*
* 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.
J HIGHMARK°
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
2
ASSET ALLOCATION — Central Contra Costa Sanitary District
As of First Quarter 2016
Current Asset Allocation
Investment Vehicle
Equity
Large Cap Core
Large Cap Value
Large Cap Growth
Mid Cap Core
Mid Cap Value
Small Cap Value
Small Cap Growth
International Core
International Value
International Growth
Tactical - Europe
Emerging Markets
Real Estate
Fixed Income
Short -Term
Intermediate -Term
High Yield
Cash
47.88%
5.53% SMGIX
5.58% DODGX
5.59% LSGIX
3.36% HACAX
3.32% PRGFX
2.63% IWR
1.01% IWS
5.56% NSVAX
3.48% PRNHX
3.67% NWHNX
1.87% DODFX
1.90% MQGIX
1.93% FEZ
1.71% SEMNX
0.76% FARCX
48.77%
7.63% VFSUX
19.86% NWJJX
19.80% PTTRX
1.47% PHIYX
3.35%
3.35% FPZXX
TOTAL 100.00%
J H IGHMARK'
CAPITAL MANAGEMENT
Range: 40%-60%
Columbia Contrarian Core CI Z
Dodge & Cox Stock Fund
Loomis Sayles Value Fund
Harbor Capital Appreciation Instl
T. Rowe Price Growth Stock Fund
iShares Russell Mid -Cap ETF
iShares Russell MidCap Value Fund
Columbia Small Cap Value Fund 11
T. Rowe Price New Horizons Fund
Nationwide Bailard Intl Equities Fund
Dodge & Cox International Stock Fund
MFS International Growth Fund
SPDR EURO STOXX 50 ETF
Schroder Emerging Market Equity
Nuveen Real Estate Securities 1
Range: 40%-60%
Vanguard Short -Term Corp Adm Fund
Nationwide HighMark Bond Fund
PIMCO Total Return Instl Fund
PIMCO High Yield Instl
Range: 0%-20%
Money Market
PARS: Central Contra Costa Sanitary District
19, 746, 582
2,279,594
2,300,152
2,304,148
1,384,379
1, 368,226
1,082,603
416,501
2,293,325
1,434,646
1,513,891
771,358
782,900
797,586
703,585
313,687
20,111,374
3,147, 836
8,192, 249
8,165,132
606,157
1,381,740
1,381,740
$41,239,697
3
Sector
Cash Equivalents
iMoneyNet. Inc. Taxable
Selected Period Performance
PARS/CENTRAL CONTRA COSTA SANT PRHCP
Account 6746030600
Period Ending: 03/31/2016
Total Fixed Income
BC US Aggregate Bd Index
Total Equities
Large Cap Funds
S&P 500 Composite Index
Mid Cap Funds
Russell Midcap Index
Small Cap Funds
Russell 2000 Index
REIT Funds
Wilshire REIT Index
Year Inception
to Date to Date
3 Months (3 Months) 1 Year 3 Years 5 Years (7 Years)
.07 .07 .10 .05 .04 .10
02 .02 .04 .02 .02 03
2.42 2.42 .93 1.78 3.41 5.18
3.03 3.03 1.96 2.50 3.78 4.52
-1.28 -1.28 -4.80 7.65 7.71 14.51
-1.98 -1.98 -1.67 10.65 10.06 15.34
1.35 1.35 1.78 11.82 11.58 16.97
1.73 1.73 -7.02 6.86 7.65
2.24 2 24 -4.04 10.45 10.30 19.12
-.95 -.95 -5.18 10.13 9.91 19.11
-1.52 -1.52 -9.76 6.84 7.20 16.42
4.03 4.03
5.20 5.20 4.76 11.07 12.11 24.86
International Equities -1.33 -1,33 -10.02 -.45 -.57 8.85
MSCI EA FE Index -3.01 -3.01 -8.27 2.23 2.29 9.69
MSCI EM Free Index 5.7 5,71 -12.03 -4.50 -4.13 8.21
Total Managed Portfolio
.45 .45 -1.63 4.61 5.56 9.83
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
4
PARS/CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending March 31, 2016
Fund Name
Columbia Contrarian Core Z
Dodge & Cox Stock
Harbor Capital Appreciation Instl
Looms Sayles Value Fund
T. Rowe Rice Growth Stock
Idx: Russell 1000
3 -Month YTD
Inception Return Rank Return Rank
(7/13) 0.62 45 0.62 45
(8/14) -0.99 82 -0.99 82
- 5.49 88 -5.49 88
(7/11) -1.66 90 -1.66 90
- 5.37 86 -5.37 86
1.17 -- 1.17 --
1 -Year 3 -Year 5 -Year
Return Rank Return Rank Return
2.42 8 12.54 4 12.22
- 4.29 64 9.51 25 10.14
-0.63 30 14.08 10 12.04
-5.42 74 8.00 57 9.00
- 1.07 35 13.84 11 12.21
0.50 -- 11.52 -- 11.35
Rank
4
22
11
46
9
MID CAP EQUITY FUNDS
iShares Russell Mid -Cap Value
Idx: Russell Mid Cap Value
iShares Russell Mid -Cap
(3/16) 3.86 -- 3.86 -3.56 9.65 -- 10.29
3.92 3.92 -3.39 9.88 -- 10.52
2.21 2.21 -4.17 -- 10.27 -- 10.14
(3/16)
SMALL CAP EQUITY FUNDS
Columbia Small Cap Value II Z
Idx: Russell 2000 Value
T. Rowe Rice New Horizons
Idx: Russell 2000 Growth
0.66 70 0.66 70
1.70 -- 1.70 --
-4.10 45 -4.10 45
-4.68 -- -4.68 --
-5.96 37 7.93 21 7.86
-7.72 -- 5.73 -- 6.67
-5.81 13 11.81 2 12.25
-11.84 -- 7.91 -- 7.70
22
1
INTERNATIONAL EQUITY FUNDS
Dodge & Cox International Stock
Nationw ide Bailard Intl Eqs InSvc
MFS International Growth 1
Idx: MSCI EAFE
Schroder Emerging Market Equity
Idx: MSCI Emerging Markets
SFDR EURO STOXX 50 ETF
(6/14)
-3.76 83 -3.76 83
-2.09 46 -2.09 46
1.54 4 1.54 4
-3.01 -- -3.01 --
3.03 58 3.03 58
5.71 -- 5.71 --
-3.27 62 -3.27 62
-18.12 100 1.34 61 1.36
-5.50 23 4.05 10 3.21
-3.10 24 1.79 67 3.09
-8.27 -- 2.23 -- 2.29
-12.61 64 -4.84 52 -3.79
-12.03 -- -4.50 -- -4.13
-11.40 75 3.59 67 -0.28
Data Source: Morningstar, SB Investments
Returns less than one year are not annualized Past performance is not indicative of future returns. The information presented has been obtained from sources
believed accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
JHIGHMARK€
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
59
16
43
47
100
5
PARS/CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending March 31, 2016
REIT EQUITY FUNDS
3 -Month YTD 1 -Year 3 -Year 5 -Year
Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank
Nuveen Real Estate Secs Y (10/15) 4.76 55 4.76 55 4.07 30 10.53 29 11.60 22
Idx: Wilshire REIT Index 5.20 -- 5.20 -- 4.76 -- 11.07 -- 12.11 --
Pimco Total Return Inst'I 1.79 88 1.79 88 0.31 69 1.53 72 3.66 45
Vanguard Short -Term Investment -Grade Adm 1.76 8 1.76 8 1.86 2 1.79 4 2.36 13
Nationwide HighMark Bond InSvc 3.31 5 3.31 5 1.52 23 2.19 36 3.82 35
BarCap US Aggregate Bond 3.03 -- 3.03 -- 1.96 -- 2.50 -- 3.78 --
PIMCO High Yield Instl (11/14) 2.71 28 2.71 28 -1.61 20 2.52 16 4.89 17
Credit Suisse HY 3.11 -- 3.11 -- -4.46 -- 1.42 -- 4.59 --
Data Source: Morningstar, SEI Investments
Returns less than one year are not annualized. Past performance is not indicative of future returns. The information presented has been obtained from sources
believed accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
H IGHMARK'
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
6