HomeMy WebLinkAbout04.a. Review and provide input on Highmark Capital Management Government Accounting Standards Board (GASB 45) Other Post-Employment Benefits (OPEB) Sub-Trust and Pension Sub-Trust Quarterly Reports (First Quarter 2019) Page 1 of 27
Item 4.a.
CENTRAL SAN
May 21, 2019
TO: FINANCE COMMITTEE
FROM: PHILIP LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION
REVIEWED BY: ANN SASAKI, DEPUTY GENERAL MANAGER
ROGER S. BAILEY GENERAL MANAGER
SUBJECT: REVIEW AND PROVIDE INPUT ON HIGHMARK CAPITAL MANAGEMENT
GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB 45) OTHER
POST-EMPLOYMENT BENEFITS (OPEB) SUB-TRUSTAND PENSION SUB-
TRUST QUARTERLY REPORTS (FIRST QUARTER 2019)
An overview slide showing the entities involved in administering the Trusts for Central San is attached.
Also attached for review are the most recent Highmark overview and GASB 45 OPEB Sub-Trust and
Pension Sub-Trust Reports. Representatives from Public Agency Retirements Services (PARS) and
Highmark are expected to attend the meeting.
Strategic Plan Tie-In
GOAL THREE:Be a Fiscally Sound and Effective Water Sector Utility
Strategy 1 - Conduct long-range financial planning, Strategy 2- Manage costs
ATTACHMENTS:
1. Overview of Entities Administering Trusts
2. Highmark Overview of 1 st Quarter 2019 GASB 45 OPEB Sub-Trust Report
3. PARS Investment Report 1 st Quarter 2019
May 21, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 102 of 399
ATTACHMENT 1
PARS TRUST TEAM
AGFNCY
PARS bank® -AHIGHMARK°
RE7IREMFM
SERVH�S
CAPITAL MANAGEMENT
TRUSTED SOLUTIONS.LASTING RESULTS.
Trust Administrator & Consultant Trustee Investment Manager
• Record keeping/sub-trust accounting Safeguard plan assets 0 Investment sub-advisor
• Actuarial coordination 0Oversight protection to U.S. Bank
• Monitor contributions/process • Plan fiduciary • Open architecture
disbursements Custodian of assets Investment strategy and asset
• Monitor plan compliance allocation development
• Ongoing client liaison Investment policy assistance
Corporate Experience
35 years (1984- 2019) 156 years (1863 - 2019) 100 years (1919 - 2019)
Plans Under Administration
1,600+ plans, 850+ public agencies, 400,000+ participants
Dollars under Administration
Over $3.6 billion Over $5.0 trillion Over $15.8 billion
under management
I. PARS
REMEMENT
SERVICES
TRUSTED S%M?WM1W&gu1ar FINANCE Committee Meeting Agenda Packet- Page 103 of 399
Page 3 of 27
ATTACHMENT 2
JHIGHMARKO
CAPITAL MANAGEMENT
April 22, 2019
Phil Leiber
Director of Finance and Administration
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 1Q Quarter 2019 OPEB/Pension Report
Dear Mr. Leiber,
In the first quarter of 2019, U.S. stocks mostly recovered from 2018's end-of-year downdraft
despite meaningful downgrades to corporate earnings growth and a growing disconnect between
equity market prices and fundamentals. The first quarter rally seems to indicate that market
returns continue to be driven by sentiment and the Fed's intervention (in the form of monetary
stimulus) rather than fundamentals. In the current environment, equity markets are seemingly
anticipating an economic soft landing versus the hard landing anticipated by bond and currency
markets.
The S&P 500 Index delivered a total return of 13.7% in the first quarter, making it the best
performing quarter since the third quarter of 20091. Despite this result, analysts dialed back
corporate earnings estimates during the quarter largely due to fears of a synchronized global
economic slowdown and continued uncertainty regarding ongoing trade negotiations between the
U.S. and China. Estimated earnings of S&P 500 companies fell by 7.2%for first quarter from
year-end 2018, representing larger declines than averages from the prior 5-, 10-, and 15-year
periods. What does this mean for investors? Strong corporate earnings form the backbone of
durable, healthy market advances. Without the support of earnings, stock market rallies can fade
over time. As such, weakening corporate earnings could be a harbinger of future trouble for
equity markets. Although earnings estimates for the first quarter were dismal, equity markets
rallied nonetheless due to valuation expansion and lower market volatility. The Price to Earnings
(P/E) ratio for the S&P 500 Index grew from 13.5 in late December 2018 to over 16.5 by the end
of the first quarter. While this most recent P/E level is not necessarily high by historical measures,
the increase of three points is notable in that this type of rise is typically reserved for markets that
are recovering from recessions, not from a growth scare in an overvalued market.
The renewed optimism for economic growth coursing through global equity markets did not carry
over into the bond market, however, where yields on longer-term issues continued to decline
reflecting a lower growth and inflation outlook. Since peaking in early November 2018 at 3.22%,
the yield on the bellwether 10-year Treasury Note fell 81 basis points (0.81%)to end the first
quarter at 2.41%.
In a potentially prescient signal for the economy and equity market, longer-term yields fell so far
that the Treasury yield curve (10-year minus one-month maturities) inverted briefly at the end of
the quarter for the first time since 2007. Bond markets were unusually volatile towards the end of
the first quarter as the Fed signaled a dovish pause in both tightening and balance sheet
tapering. It also suggested that it might even return to cutting rates for the first time since the
depths of the great recession if first quarter economic growth repeats the lackluster results of the
fourth quarter of 2018. Investors digested the news that the U.S. Treasury yield curve had
FactSet,Standard&Poor's
May 21, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 104 of 399
Page 4 of 27
inverted for the first time in a decade with reactions ranging from a shrug to a shudder depending
on their view as to whether or not inversion invariably leads to recession. Inversion is a strong
signal that has often, but not always, led to recession.
Dismissing the bond market's skeptical outlook, the equity market's more sanguine view also
implied that lingering and unresolved geopolitical issues are likely to see a positive outcome in
the near future. Not surprisingly, escalation of U.S./China trade tensions was avoided and
expectations of a forthcoming resolution have increased. Meanwhile, Brexit has seen little
progress save for buying a little more time for the UK Parliament to agree on a deal to leave the
European Union. Given the current status of the stalemate, a disorderly 'no deal' Brexit cannot be
ruled out.
Event risk aside, there is no doubt that global growth is slowing. What is debatable is the
effectiveness of the varying policy responses from both a fiscal and monetary perspective. The
European Central Bank and Peoples Bank of China have joined the dovish central bank chorus.
China has also deployed fiscal stimulus measures, including tax cuts, in an effort to reaccelerate
growth. The early read from March data is showing signs of green shoots, but more time will be
needed to determine if the current expansionary cycle will get a second wind. Until then, the
divergent views between stock and bond investors are likely to go unreconciled.
A word on your investment objective
In the previous quarter, we asked the District to consider the investment objective for the Plan(s),
encouraging the decision makers not to be `reactive' with respect to the swoon in the equity
markets in the fourth quarter. Conversely, we have seen a nice rebound in the first quarter of
2019. The capital markets in which we invest always maintain some level of inherent volatility.
While it is nice to recoup the painful losses from the fourth quarter in a fairly short period of time,
our underlying message today, is the same that we offered in January of this year:
1. The current asset allocation holds a significant allocation to stocks, due to their attractive
long-term growth potential.
2. In the short-term, the direction and path of equity returns is unpredictable.
3. We can only benefit from the returns expected from stocks, by accepting the
unpredictable and sometimes uncomfortable return pattern offered by the equity markets.
4. The District is not planning on using these assets in the near-term, and the underlying
liabilities are long-term in nature, and as such can allow the District to maintain the asset
allocation policy established within the Moderate Objective for OPEB and Moderately
Conservative Objective for Pension.
Plan Performance
The Central Contra Costa Sanitary District OPEB Plan returned 8.60% gross of investment fees
for the first quarter. The return exceeded the District's OPEB Plan Benchmark target of 7.94%.
Equity markets rallied strongly off the lows from the previous quarter with the S&P500 Index
returning 13.7%, small caps as measured by the Russell 2000 Index up 14.6%. International
developed markets lagged relative to domestic market returns, with the MSCI-EAFE Index up
10%, and emerging markets up 9.9%. The overall equity component for the Plan registered a
gain of 13.8%. Within domestic markets, growth managers resumed leadership over value
managers across both large cap and small cap equity universes. The Plan has maintained a
May 21, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 105 of 399
Page 5 of 27
slight overweight to value vs. growth, which detracted slightly from relative performance. It was
a similar story within small cap with value trailing growth in the quarter. However, the strong
performance of the managers within the growth segment (Victory RS Small Cap Growth Fund
+22.8% and T. Rowe Price new Horizons Fund +20.8%)aided outperformance in the Plan.
While stocks were the place to be in the quarter, when bonds can generate over a 3% quarterly
return, that represents a profitable return. Bonds reacted favorably to signals from the Fed that
they may be on the sidelines with respect to future rate hikes. Additionally, the corporate bond
market reacted favorably to the `risk-on' environment displayed by the stock market. The
Bloomberg Barclays Aggregate Bond Index returned a positive +2.94. The Plan's fixed income
returns were ahead of the benchmark, posting a gain of+3.21%. The longer duration positioned
PGIM Total Return Bond Fund was the leading performer, up +4.02%.
In the month of February, we made a change within the small cap growth sector, replacing the T.
Rowe Price New Horizons Fund with the Victory RS Small Cap Growth Fund. There was an
announced change within the investment management structure within the T. Rowe Fund, as
long-time manager Henry Ellenbogen announced he was leaving the Fund to pursue other
interests. Due to his departure, we chose to eliminate the Fund from the Plan, and invest in the
Victory RS Small Cap Growth Fund. It was not a difficult decision, but it was a painful one. The
New Horizons Fund has been a staple within the investment structure of our PARS portfolios
since day 1, which spans more than a decade. The Fund, simply put, has generated both the
strongest absolute return, as well as the strongest relative return to a benchmark, of any of our
investment managers—hence the "pain" part of the decision. However, the new management
team, is not the management team that generated all of the wonderful performance numbers, and
from that standpoint, we felt compelled to make the change, and feel comfortable with the Victory
RS Fund as a replacement offering.
We ended the quarter with an asset allocation target for the OPEB Plan of 51% stocks, 46.5%
bonds, and 2.5% cash
The Central Contra Costa Sanitary District Pension Plan returned 6.24%for the quarter, gross of
investment fees, which outpaced the District's Plan benchmark target of 5.77%. Performance
contributions from the various asset class segments were similar to the OPEB Plan, with small
cap equity, international equity, REITs, and bonds outperforming benchmark targets, and large
cap and mid cap equity`in-line'with benchmark returns.
The target asset allocation did not change throughout the quarter. We maintained a neutral
equity target of 30%, and a fixed income/cash allocation of 70%.
Andrew Brown
May 21, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 106 of 399
ATTACHMENT 3
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
First Quarter 2019
Presented by
Andrew Brown, CFA
JHIGHMARK®
CAPITAL MANAGEMENT
Investment Summary Since Inception
CCCSD - OPEB Beginning Value 566,683.26
Asset Allocation Contributions 104,420,707.12
Withdrawals -63,776,732.73
Total Assets: $63,090,679 Gain (Loss) 9,445,817.94
Interest and Dividends 12,434,203.39
Period Ending: 3-31-2019 Net Accrued Income 155,357.56
1Q19 Return: 8.60% Ending Market Value $ 63,246,036.54-
1 Year Return: 5.64%
Inception-to-Date Return: 9.19%
Cash
Inception Date:4-1-2009 $ 1,540,736
Plan target rate of return: 6.25% 2.22%
Equity
$32,380,258
51.05%
I
l
Fixed Income
$29,169,685
46.74%
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
JHIGHMARKO PARS: Central Contra Costa Sanitary District
2
CAPITAL MANAGEMENT
Asset Allocation — Central Contra Costa Sanitary District OPEB
As of First Quarter 2019
Current Asset Allocation Investment Vehicle
Equity 51.32% Range: 40%-60% 32,380,258
Large Cap Core 11.02% IVV iShares Core S&P 500 ETF 6,952,370
6.76% VGIAX Vanguard Growth & Income Adm 4,261,859
Large Cap Value 5.42% IVE iShares S&P 500 Value ETF 3,417,826
Large Cap Growth 4.84% IVW iShares S&P 500 Growth ETF 3,054,736
Mid Cap Core 4.89% IWR iShares Russell Mid-Cap ETF 3,083,243
Small Cap Value 4.66% UBVFX Undiscovered Managers Behavioral Val R6 2,941,886
Small Cap Growth 2.77% RSEJX Victory RS Small Cap Growth R6 1,747,761
International Core 1.72% VEA Vanguard FTSE Developed Markets ETF 1,087,265
International Value 1.50% DODFX Dodge & Cox International Stock Fund 947,920
International Growth 1.54% MGRDX MFS® International Growth Fund Class R6 973,225
Emerging Markets 3.19% HHHYX Hartford Schroders Emerging Mkts Eq Y 2,011,533
Real Estate 3.01% VNQ Vanguard Real Estate ETF 1,900,635
Fixed Income 46.23% Range: 40%-60% 29,169,685
27.08% Core Fixed Income Portfolio 17,086,677
Short-Term 4.01% VFSUX Vanguard Short-Term Investment-Grade Adm 2,529,120
Intermediate-Term 7.55% PTTRX PIMCO Total Return Instl Fund 4,763,749
7.59% PTRQX Prudential Total Return Bond Q 4,790,138
Cash 2.44% Range: 0%-20% 1,540,736
2.44% FGZXX First American Government Oblig Z 1,540,736
TOTAL 100.00% $63,090,679
JHIGHMARKO PARS: Central Contra Costa Sanitary District
3
CAPITAL MANAGEMENT
Selected Period Performance
CCCSD - OPEB
Period Ending: 3/31/2019
Year Inception
to Date to Date
(3 Months) 1 Year 3 Years 5 Years (120 Months)
Cash Equivalents .57 1.96 1.07 .67 .39
Lipper Money Market Funds Index .55 1.91 .98 .59 .31
Fixed Income ex Funds 3.39 4.86
Total Fixed Income 3.21 4.56 2.70 2.65 4.43
BBG Barclays US Aggregate Bd Index 2.94 4.48 2.03 2.74 3.77
Total Equities 13.87 5.65 12.56 7.91 13.92
Large Cap Funds 13.42 9.06 13.76 9.96 14.86
S&P 500 Composite Index 13.65 9.50 13.51 1 15.92
Mid Cap Funds 16.47 6.21 11.62 7.32
Russell Midcap Index 16.54 6.47 11.82 16.88
Small Cap Funds 15.95 5.64 14.18 8.93 17.61
Russell 2000 Index 14.58 2.05 12.92 7.05 15.36
International Equities 10.81 -5.93 8.54 3.02 8.76
MSCI EAFE Index 9.98 -3.71 7.27 2.33 8.96
MSCI EM Free Index 9.92 -7.41 10.68 3.68 8.94
Real Estate- ETFs / Sctr Fds 17.45 20.61
Wilshire REIT Index 16.02 19.34 5.45 9.00 18.69
Total Managed Portfolio 8.60 5.64 7.70 5.41 9.19
CCCSD OPEB 7.94 5.19 7.13 5.62
Account Inception:4/2009
CCCSD OPEB Benchmark consists of: 26.5%of S&P 500,5%Russell Midcap,7.5%Russell 2000, 1.75%Wilshire REIT, 3.25% MSCI EM Free,6%MSCI EAFE,33.5%BC Aggregate, 10%ML 1-3
Yr US Corp/Govt, 1.5%ML US High Yield Mstr II,and 5%Citigroup 1 Month T-Bill Indexes. 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.
JHIGHMARKO PARS: Central Contra Costa Sanitary District
4
CAPITAL MANAGEMENT
Fixed Income Portfolio: Statistics
As of First Quarter 2019
CCCSD BC Aggregate Bond
OPEB Index
Weighted Average Maturity 6.88 years 8.03 years
Effective Duration 5.37 years 5.95 years
Average Coupon 3.15% 3.22%
Yield to Maturity 3.00% 2.93%
Average Quality Aa3 Aa2
JHIGHMARKO PARS: Central Contra Costa Sanitary District
5
CAPITAL MANAGEMENT
Fixed Income Portfolio: Sectors
As of First Quarter 2019
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0% —
5.0%
0.0% Cash Treasury Agency Corp Non-Corp MBS CMO ABS CMBS
■CCCSD OPEB 0.0% 25.3% 0.0% 45.8% 0.9% 18.0% 0.0% 10.1% 0.0%
■Barclays U.S.Aggregate Bond Index 0.0% 40.2% 1.3% 25.1% 4.6% 26.2% 0.0% 0.5% 2.1%
JHIGHMARKO PARS: Central Contra Costa Sanitary District
6
CAPITAL MANAGEMENT
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of First Quarter 2019
Effective Duration Effective Maturity
35% 30%
30% 25% -
25%
20%
20%
15%
15%
10%
10%
5% 5%
0%
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+ 0%
Yrs. Yrs. 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+Yrs.
■CCCSD OPEB 5.19% 20.03% 27.00% 27.52% 9.86% 10.40% ■CCCSD OPEB 4.61% 18.84% 20.10% 24.79% 19.17% 12.50%
BC Aggregate Bond Index 0.18% 24.62% 34.53% 18.18% 6.90% 15.59% BC Aggregate Bond Index 0.09% 21.79% 20.93% 26.03% 14.46% 16.70%
JHIGHMARKO PARS: Central Contra Costa Sanitary District
7
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 23,393.8720 $40.5200 $947,919.69
Equities HARTFORD SCHRODR MKTS EQCLY#1842 HHHYX 131,044.4830 $15.3500 $2,011,532.81
Equities ISHARES RUSSELL MIDCAP ETF IWR 57,150.0000 $53.9500 $3,083,242.50
Equities ISHARES S&P 500 GROWTH ETF IVW 17,723.0000 $172.3600 $3,054,736.28
Equities ISHARES S&P 500 VALUE ETF IVE 30,316.0000 $112.7400 $3,417,825.84
Equities ISHARES TR CORE S&P500 ETF IVV 24,432.0000 $284.5600 $6,952,369.92
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 29,208.4420 $33.3200 $973,225.29
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 48,211.8400 $61.0200 $2,941,886.48
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 26,603.0000 $40.8700 $1,087,264.61
Equities VANGUARD GRO&INC ADMIRALSHRS#593 VGIAX 55,155.4190 $77.2700 $4,261,859.23
Equities VANGUARD REAL ESTATE ETF VNQ 21,869.0000 $86.9100 $1,900,634.79
Equities VICTORY RS SM CAP GROW#279 RSEJX 22,290.0260 $78.4100 $1,747,760.94
Fixed Income PIMCO TOTAL RETURN INSTL #35 PTTRX 470,726.2040 $10.1200 $4,763,749.18
Fixed Income PRUDENTIALTOTAL RTRN BD CL Q PTRQX 333,575.0920 $14.3600 $4,790,138.32
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 238,821.5240 $10.5900 $2,529,119.94
Fixed Income CC CCIT 2014-A1 2.880% 1/23/23 CC22823A 275,000.0000 100.559% $276,537.25
Fixed Income HAROT 2017-3 A3 1.790% 9/20/21 H2A1721B 150,000.0000 99.348% $149,022.00
Fixed Income HAROT2017-4 A3 2.050%11/22/21 H2A2121A 350,000.0000 99.482% $348,187.00
Fixed Income TAOT 2016-D A3 1.230%10/15/20 T2A1220A 51,954.6900 99.524% $51,707.39
Fixed Income UNITED STATES TREAS 2.875% 8/15/28 UST2828A 340,000.0000 103.898% $353,253.20
Fixed Income US TREAS NTS 1.875% 1/31/22 UTN0022B 175,000.0000 98.988% $173,229.00
Fixed Income US TREAS NTS 2.000% 5/31/24 UTN2024A 905,000.0000 98.758% $893,759.90
Fixed Income WELLS FARGO&CO NEW 3.000%10/23/26 WFC3026A 250,000.0000 97.508% $243,770.00
Fixed Income ABBOTT LABS SR NT 3.750%11/30/26 ALS3726 152,000.0000 103.952% $158,007.04
Fixed Income AMERICAN EXPRESS CO 3.000%10/30/24 AEC3024 185,000.0000 99.501% $184,076.85
Fixed Income AMERICAN INTLGROUP 2.300% 7/16/19 AIG2319 150,000.0000 99.837% $149,755.50
Fixed Income AMXCA 2017-3A 1.770%11/15/22 A2A1122 200,000.0000 99.139% $198,278.00
Fixed Income AMXCA 2017-6A 2.040% 5/15/23 \2A2023 100,000.0000 99.303% $99,303.00
Fixed Income ANHEUSER-BUSCH INBEV 4.900% 1/23/31 AI44919 65,000.0000 107.844% $70,098.60
Fixed Income AT&T INC NTS 4.125% 2/17/26 AIN4126 220,000.0000 102.222% $224,888.40
JHIGHMARKO PARS: Central Contra Costa Sanitary District
9
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income AVALONBAY CMNTYSINC 3.450% 6/01/25 AC13425 155,000.0000 101.803% $157,794.65
Fixed Income BB&T CORP SR MTN 2.850%10/26/24 BCS2824 210,000.0000 99.388% $208,714.80
Fixed Income BECTON DICKINSON BIDS 2.133% 6/06/19 BDB2119 80,000.0000 99.862% $79,889.60
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 175,000.0000 104.671% $183,174.25
Fixed Income BK OF AMERICA CORP 4.000% 4/01/24 BOA4024 220,000.0000 104.308% $229,477.60
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 205,000.0000 98.898% $202,740.90
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 170,000.0000 100.108% $170,183.60
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 180,000.0000 98.704% $177,667.20
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 170,000.0000 103.668% $176,235.60
Fixed Income CAPITAL ONE BK USA 3.375% 2/15/23 COB3323 220,000.0000 99.919% $219,821.80
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 170,000.0000 99.758% $169,588.60
Fixed Income CELGENE CORP NT 3.250% 2/20/23 CC33223 175,000.0000 100.827% $176,447.25
Fixed Income CITIGROUP INC 3.200%10/21/26 C133226 220,000.0000 97.944% $215,476.80
Fixed Income COMCASTCORP NEW SR 4.150%10/15/28 CCN4128 200,000.0000 105.254% $210,508.00
Fixed Income CONCHO RES INC 4.300% 8/15/28 CRI4328 80,000.0000 103.154% $82,523.20
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 155,000.0000 100.741% $156,148.55
Fixed Income DOWDUPONT INC 5.319%11/15/38 DI55338 160,000.0000 111.168% $177,868.80
Fixed Income ECOLAB INC SR NT 2.375% 8/10/22 EIS2322 80,000.0000 98.700% $78,960.00
Fixed Income ENBRIDGE INC 2.900% 7/15/22 E122922 150,000.0000 99.709% $149,563.50
Fixed Income ENTERPRISE PRODS NT 3.350% 3/15/23 EPN3323 175,000.0000 101.495% $177,616.25
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 186,608.3000 99.979% $186,569.11
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 213,692.2100 100.020% $213,734.95
Fixed Income FGLMC#J 30401 3.000% 1/01/30 J30401F 179,565.4100 101.315% $181,926.70
Fixed Income FGLMC#Q13204 3.000%11/01/42 Q13204F 143,739.7900 100.055% $143,818.85
Fixed Income FHLMC G08823 3.5000%7/1/2048 G08823F 156,245.6600 101.618% $158,773.71
Fixed Income FHLMC G14702 2.5000%3/1/2023 G14702F 139,676.8500 100.282% $140,070.74
Fixed Income FHLMC G15252 3.0000%12/1/2029 G15252F 147,994.4300 101.316% $149,942.04
Fixed Income FHLMC V60586 3.0000%8/1/2029 V60586F 182,190.6000 101.315% $184,586.41
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 175,000.0000 99.328% $173,824.00
Fixed Income F N MA A L8174 3.5000%2/1/2046 AL8174A 326,253.3700 102.009% $332,807.80
JHIGHMARKO PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income F N MA A L8924 3.0000%12/1/2030 AL8924A 265,724.9200 101.118% $268,695.72
Fixed Income F N MA A L9376 3.0000%8/1/2031 AL9376A 147,847.7300 101.040% $149,385.35
Fixed Income FNMA AS7729 3.0000%8/1/2046 AS7729A 238,538.6600 99.726% $237,885.06
Fixed Income F N MA AT0293 3.0000%3/1/2043 AT0293A 144,079.5700 100.065% $144,173.22
Fixed Income FNMA BC14863.0000%8/1/2046 BC1486A 208,725.3300 99.726% $208,153.42
Fixed Income FNMA MA27792.0000%10/1/2026 MA2779A 150,645.3000 99.850% $150,419.33
Fixed Income FNMA MA3313 3.500% 3/01/33 MA3313A 121,708.5800 102.297% $124,504.23
Fixed Income FNMA MA3536 4.000%12/01/48 MA3536A 112,875.6900 102.988% $116,248.42
Fixed Income GENERAL MTRS FINLCO4.000%10/06/26 GMF4026 160,000.0000 95.790% $153,264.00
Fixed Income GEORGIA PAC CORP 8.000% 1/15/24 GPC8024 140,000.0000 122.257% $171,159.80
Fixed Income HALLIBURTON CO BIDS 3.800%11/15/25 HCB3825 180,000.0000 102.205% $183,969.00
Fixed Income HEWLETT PACKARD CO NT4.375% 9/15/21 HPC4321 150,000.0000 103.393% $155,089.50
Fixed Income HSBC HLDGS 2.950% 5/25/21 HSBC21C 180,000.0000 100.063% $180,113.40
Fixed Income KEY BANK NA 2.250% 3/16/20 KBN2220 100,000.0000 99.553% $99,553.00
Fixed Income LOS ANGELES REV BDS 6.574% 7/01/45 LAR6545 100,000.0000 145.864% $145,864.00
Fixed Income MACY'S RETAIL HLDGS 4.375% 9/01/23 MRH4323 150,000.0000 100.787% $151,180.50
Fixed Income NAROT2016-C A3 1.180% 1/15/21 N2A1121 12,573.5100 99.396% $12,497.57
Fixed Income NAROT 2017-B A3 1.750%10/15/21 N2A0121 350,000.0000 99.206% $347,221.00
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 100,000.0000 101.358% $101,358.00
Fixed Income PNC FINL SVCS GROUP 3.150% 5/19/27 PFS3127 175,000.0000 100.160% $175,280.00
Fixed Income QUEST DIAGNOSTICS BD 3.500% 3/30/25 QDB3525 150,000.0000 100.017% $150,025.50
Fixed Income SHIREACQINV IRELAND2.875% 9/23/23 SA12823 155,000.0000 98.689% $152,967.95
Fixed Income TAOT 2017-D A3 1.930% 1/18/22 T2A2222 150,000.0000 99.277% $148,915.50
Fixed Income TIME WARNER CABLE NT 7.300% 7/01/38 TWC7338 125,000.0000 116.467% $145,583.75
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 95,000.0000 99.852% $94,859.40
Fixed Income TRANSCONTINENTAL GAS 7.850% 2/01/26 TG77826 100,000.0000 125.031% $125,031.00
Fixed Income U N TD AIR 2013-1 4.300% 8/15/25 UA24325 77,756.7800 103.637% $80,584.79
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 500,000.0000 114.891% $574,455.00
Fixed Income USTREAS NTS 1.625% 4/30/23 UTN1623 145,000.0000 97.602% $141,522.90
Fixed Income USTREAS NTS 1.750% 2/15/26 UTN1726 385,000.0000 95.551% $367,871.35
JHIGHMARKO PARS: Central Contra Costa Sanitary District
10
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income US TREAS NTS 2.000% 2/15/25 UTN2025 360,000.0000 98.363% $354,106.80
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 500,000.0000 100.102% $500,510.00
Fixed Income US TREAS NTS 2.375%12/31/20 UTN2320 730,000.0000 100.082% $730,598.60
Fixed Income US TREAS NTS 3.125% 5/15/21 UTN3221 230,000.0000 101.703% $233,916.90
Fixed Income VERIZON COMM SR NT 4.125% 3/16/27 VC44127 85,000.0000 104.721% $89,012.85
Fixed Income BOSTON PPTYS LTD PAR 2.750%10/01/26 BXP26A 180,000.0000 94.744% $170,539.20
Fixed Income JPMORGAN CHASE&CO 3.200% 6/15/26 JPM26B 255,000.0000 99.352% $253,347.60
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 80,000.0000 100.415% $80,332.00
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 120,000.0000 128.813% $154,575.60
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 115,000.0000 128.719% $148,026.85
Fixed Income FORD MTR CO NTS 7.450% 7/16/31 F31 130,000.0000 106.584% $138,559.20
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 120,000.0000 112.493% $134,991.60
Cash&Cash Equivalents CASH (345,670.7400) $1.0000 ($345,670.74)
Cash&Cash Equivalents FIRST AMERN GOVT OBLIG FID CLZ#3676 FGZXX 1,886,406.6500 $1.0000 $1,886,406.65
SUBTOTALS
Cash&Cash Equivalents $1,540,735.91
Equities $32,380,258.38
Fixed Income $29,169,684.69
TOTALS $63,090,678.98
JHIGHMARKO PARS: Central Contra Costa Sanitary District
11
CAPITAL MANAGEMENT
Investment Summary Since Inception
CCCSD - Pension Beginning Value $3,359,081.81
Asset Allocation Contributions 3,069,724.53
Withdrawals -18,610.35
Total Assets: $6,719,361 Gain (Loss) 83,702.19
Interest and Dividends 225,462.69
Period Ending: 3-31-2019 Net Accrued Income 24,653.03
1Q19 Return: 6.24% Ending Market Value $6,744,013.90*
1 Year Return: 4.98%
Inception-to-Date Return: 3.65%
Cash
Inception Date:9-1-2017
$186,840 Equity
5.16% $2,080,728
30.67%
i
Fixed Income
$4,451,793
64.17%
* Ending Market Value differs from total market value on page 13 due to differences in reporting methodology. The above ending market value includes
cruals.
a
HIGHMARK® PARS: Central Contra Costa Sanitary District
12
CAPITAL MANAGEMENT
Asset Allocation - Central Contra Costa Sanitary District Pension
As of First Quarter 2019
Current Asset Allocation Investment Vehicle
Equity 30.97% Range: 20%-40% 2,080,728
Large Cap Core 6.25% IVV iShares Core S&P 500 419,726
4.06% VGIAX Vanguard Growth & Income Adm 272,964
Large Cap Value 3.44% IVE iShares S&P 500 Value 231,342
Large Cap Growth 2.47% IVW iShares S&P 500 Growth 165,810
Mid Cap Core 2.75% IWR iShares Russell Mid-Cap ETF 184,455
Small Cap Value 2.71% UBVFX Undiscovered Managers Behavioral Val R6 182,075
Small Cap Growth 1.43% RSEJX Victory RS Small Cap Growth R6 96,335
International Core 1.51% VEA Vanguard FTSE Developed Markets ETF 101,358
International Value 1.15% DODFX Dodge & Cox International Stock Fund 77,485
International Growth 1.18% MGRDX MFSO International Growth Fund Class R6 79,522
Emerging Markets 2.00% HHHYX Hartford Schroders Emerging Mkts Eq Y 134,250
Real Estate 2.02% VNQ Vanguard Real Estate ETF 135,406
Fixed Income 66.25% Range: 50%-80% 4,451,793
45.80% Core Fixed Income Portfolio 3,077,165
Short-Term 2.99% VFSUX Vanguard Short-Term Investment-Grade Adm 201,228
Intermediate-Term 8.73% PTTRX PIMCO Total Return Instl Fund 586,332
8.74% PTRQX Prudential Total Return Bond Q 587,068
Cash 2.78% Range: 0%-20% 186,840
2.78% FGZXX First American Government Oblig Z 186,840
TOTAL 100.00% $6,719,361
JHIGHMARKO PARS: Central Contra Costa Sanitary District
13
CAPITAL MANAGEMENT
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account 6746055901
Period Ending: 3/31/2019
Year Inception
to Date to Date
(3 Months) 1 Year (19 Months)
Cash Equivalents .57 1.97 1.63
Lipper Money Market Funds Index .55 1.91 1.56
Fixed Income ex Funds 3.32 4.88 2.19
Total Fixed Income 3.21 4.65 2.07
BBG Barclays US Aggregate Bd Index 2.94 4.48 1.80
Total Equities 13.67 5.42 7.76
Large Cap Funds 13.35 9.13 10.55
S&P 500 Composite Index 13.65 9.50
Mid Cap Funds 16.43 6.51 9.23
Russell Midcap Index 16.54 6.47
Small Cap Funds 15.67 5.24 9.56
Russell 2000 Index 14.58 2.05 7.39
International Equities 10.84 -5.79 -.08
MSCI EAFE Index 9.98 -3.71 .81
MSCI EM Free Index 9.92 -7.41 .31
Real Estate- ETFs / Sctr Fds 17.44 21.19 7.55
Wilshire REIT Index 16.02 19.34 7.54
Total Managed Portfolio 6.24 4.98 3.65
CCCSD Pension 5.77 4.77 3.94
Performance Inception: 09/2017
CCCSD Pension Benchmark consists of: 15.5%of S&P 500, 3%Russell Midcap,4.5%Russell 2000, 1%Wilshire REIT, 2%MSCI EM Free,4% MSCI EAFE,49.25%BC Aggregate, 14%ML 1-3 Yr
US Corp/Govt, 1.75% ML US High Yield Mstr II, and 5%Citigroup 1 Month T-Bill Indexes. 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.
JHIGHMARKO PARS: Central Contra Costa Sanitary District
13
CAPITAL MANAGEMENT
Fixed Income Portfolio: Statistics
As of First Quarter 2019
CCCSD BC Aggregate Bond
Pension Index
Weighted Average Maturity 6.93 years 8.03 years
Effective Duration 5.42 years 5.95 years
Average Coupon 3.19% 3.22%
Yield to Maturity 3.02% 2.93%
Average Quality Aa3 Aa2
JHIGHMARKO PARS: Central Contra Costa Sanitary District
14
CAPITAL MANAGEMENT
Fixed Income Portfolio: Sectors
As of First Quarter 2019
50.0%
45.0%
40.0%
35.0% —
30.0% —
25.0%
20.0% -
15.0%
10.0%
5.0%
o � 1 � ■
0.0/o Cash Treasury Agency Corp Non-Corp MBS CMO ABS CMBS
■CCCSD Pension 0.0% 25.8% 0.0% 47.3% 0.0% 15.9% 0.0% 11.0% 0.0%
■Barclays U.S.Aggregate Bond Index 0.0% 40.2% 1.3% 25.1% 4.6% 26.2% 0.0% 0.5% 2.1%
JHIGHMARKO PARS: Central Contra Costa Sanitary District
15
CAPITAL MANAGEMENT
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of First Quarter 2019
Effective Duration Effective Maturity
25%
35%
30%
20%
25%
15%
20%
15%
10%
10%
5%
5%
0% 7-10 10+ 0%
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. Yrs. Yrs. 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+Yrs.
■CCCSD Pension 8.39% 17.98% 24.37% 27.47% 11.61% 10.18% ■CCCSD Pension 8.07% 16.47% 18.26% 23.00% 21.89% 12.31%
BC Aggregate Bond Index 0.18% 24.62% 34.53% 18.18% 6.90% 15.59% BC Aggregate Bond Index 0.09% 21.79% 20.93% 26.03% 14.46% 16.70%
JHIGHMARKO PARS: Central Contra Costa Sanitary District
16
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 1,912.2730 $40.5200 $77,485.30
Equities HARTFORD SCHRODR MKTS EQCIL Y#1842 HHHYX 8,745.9040 $15.3500 $134,249.63
Equities ISHARES RUSSELL MIDCAP ETF IWR 3,419.0000 $53.9500 $184,455.05
Equities ISHARES S&P 500 GROWTH ETF IVW 962.0000 $172.3600 $165,810.32
Equities ISHARES S&P 500 VALUE ETF IVE 2,052.0000 $112.7400 $231,342.48
Equities ISHARES TR CORE S&P500 ETF IVV 1,475.0000 $284.5600 $419,726.00
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 2,386.6050 $33.3200 $79,521.68
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 2,983.8600 $61.0200 $182,075.14
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 2,480.0000 $40.8700 $101,357.60
Equities VANGUARD GRO&INC ADMIRAL SHRS#593 VGIAX 3,532.6040 $77.2700 $272,964.31
Equities VANGUARD REAL ESTATE ETF VNQ 1,558.0000 $86.9100 $135,405.78
Equities VICTORY RS SM CAP GROW#279 RSEJX 1,228.6030 $78.4100 $96,334.76
Fixed Income PIMCO TOTAL RETURN INSTIL #35 PTTRX 57,937.9130 $10.1200 $586,331.68
Fixed Income PRUDENTIAL TOTAL RTRN BD CLQ PTRQX 40,882.1980 $14.3600 $587,068.36
Fixed Income VNGRD STTERM INVMT GRADE ADM #539 VFSUX 19,001.7110 $10.5900 $201,228.12
Fixed Income CC CCIT 2014-A1 2.880% 1/23/23 CC22823A 77,000.0000 100.559% $77,430.43
Fixed Income CIT 2012-4A A 1.580% 8/16/21 C2A1521B 30,000.0000 99.615% $29,884.50
Fixed Income HAROT2017-4 A3 2.050%11/22/21 H2A2121A 70,000.0000 99.482% $69,637.40
Fixed Income TAOT 2016-D A3 1.230%10/15/20 T2A1220A 10,390.9300 99.524% $10,341.47
Fixed Income UNITED STATES TREAS 2.750% 6/30/23 UST0023B 5,000.0000 101.559% $5,077.95
Fixed Income UNITED STATES TREAS 2.875% 8/15/28 UST2828A 35,000.0000 103.898% $36,364.30
Fixed Income USTREASNTS 1.500%11/30/19 UTN1519E 100,000.0000 99.375% $99,375.00
Fixed Income US TREAS NTS 1.875% 1/31/22 UTN0022B 20,000.0000 98.988% $19,797.60
Fixed Income USTREAS NTS 2.000% 5/31/24 UTN2024A 90,000.0000 98.758% $88,882.20
Fixed Income WELLS FARGO&CO NEW 3.000%10/23/26 WFC3026A 45,000.0000 97.508% $43,878.60
Fixed Income ABBOTT LABS SR NT 3.750%11/30/26 ALS3726 27,000.0000 103.952% $28,067.04
Fixed Income AMERICAN EXPRESS CO 3.000%10/30/24 AEC3024 40,000.0000 99.501% $39,800.40
Fixed Income AMERICAN INTLGROUP 2.300% 7/16/19 AIG2319 20,000.0000 99.837% $19,967.40
Fixed Income AMXCA 2017-3 A 1.770%11/15/22 A2A1122 25,000.0000 99.139% $24,784.75
Fixed Income AT&T INC NTS 4.125% 2/17/26 AIN4126 40,000.0000 102.222% $40,888.80
JHIGHMARKO PARS: Central Contra Costa Sanitary District
18
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income AVA LO N BAY CM NTYS INC 3.450% 6/01/25 AC 13425 30,000.0000 101.803% $30,540.90
Fixed Income BB&T CORP SR MTN 2.850%10/26/24 BCS2824 35,000.0000 99.388% $34,785.80
Fixed Income BECTON DICKINSON BIDS 2.133% 6/06/19 BDB2119 20,000.0000 99.862% $19,972.40
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 30,000.0000 104.671% $31,401.30
Fixed Income BK OF AMERICA CORP 4.000% 4/01/24 BOA4024 35,000.0000 104.308% $36,507.80
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 30,000.0000 98.898% $29,669.40
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 30,000.0000 100.108% $30,032.40
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 20,000.0000 98.704% $19,740.80
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 30,000.0000 103.668% $31,100.40
Fixed Income CAPITALONE BK USA 3.375% 2/15/23 COB3323 25,000.0000 99.919% $24,979.75
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 30,000.0000 99.758% $29,927.40
Fixed Income CELGENE CORP NT 3.250% 2/20/23 CC33223 35,000.0000 100.827% $35,289.45
Fixed Income CHAIT 2016-A4 A 1.490% 7/15/22 C2A1422 25,000.0000 98.691% $24,672.75
Fixed Income CITIGROUP INC 3.200%10/21/26 C133226 45,000.0000 97.944% $44,074.80
Fixed Income COMCASTCORP NEW SR 4.150%10/15/28 CCN4128 40,000.0000 105.254% $42,101.60
Fixed Income CONCHO RES INC 4.300% 8/15/28 CR14328 20,000.0000 103.154% $20,630.80
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 30,000.0000 100.741% $30,222.30
Fixed Income DOWDUPONT INC 5.319%11/15/38 D155338 25,000.0000 111.168% $27,792.00
Fixed Income ECOLAB INC SR NT 2.375% 8/10/22 EIS2322 20,000.0000 98.700% $19,740.00
Fixed Income ENBRIDGE INC 2.900% 7/15/22 E122922 30,000.0000 99.709% $29,912.70
Fixed Income ENTERPRISE PRODS NT 3.350% 3/15/23 EPN3323 30,000.0000 101.495% $30,448.50
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 31,101.3900 99.979% $31,094.86
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 36,843.4700 100.020% $36,850.84
Fixed Income FGLMC#130401 3.000% 1/01/30 J30401F 28,217.4300 101.315% $28,588.49
Fixed Income FGLMC G08701 3.000% 4/01/46 G08701F 29,903.4300 99.683% $29,808.64
Fixed Income FHLMC G08823 3.5000%7/1/2048 G08823F 60,389.4300 101.618% $61,366.53
Fixed Income FHLMC G15252 3.0000%12/1/2029 G15252F 33,753.1200 101.316% $34,197.31
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 30,000.0000 99.328% $29,798.40
Fixed Income FNMA#AB3678 3.500%10/01/41 AB3678A 42,280.1200 102.157% $43,192.10
Fixed Income FNMAAL93763.0000%8/1/2031 AL9376A 33,601.7600 101.040% $33,951.22
JHIGHMARKO PARS: Central Contra Costa Sanitary District
19
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income F N MA AS7729 3.0000%8/1/2046 AS7729A 41,127.3500 99.726% $41,014.66
Fixed Income FNMA BC14863.0000%8/1/2046 BC1486A 40,139.4600 99.726% $40,029.48
Fixed Income FNMA MA2779 2.0000%10/1/2026 MA2779A 32,052.1900 99.850% $32,004.11
Fixed Income FNMA MA3313 3.500% 3/01/33 MA3313A 52,160.8300 102.297% $53,358.96
Fixed Income FNMA MA3536 4.000%12/01/48 MA3536A 24,538.1900 102.988% $25,271.39
Fixed Income GENERAL MTRS FINLCO 4.000%10/06/26 GMF4026 25,000.0000 95.790% $23,947.50
Fixed Income GEORGIA PAC CORP 8.000% 1/15/24 GPC8024 25,000.0000 122.257% $30,564.25
Fixed Income HALLIBURTON CO BIDS 3.800%11/15/25 HCB3825 20,000.0000 102.205% $20,441.00
Fixed Income HAIR 2017-4A-4 2.210% 3/21/24 H222224 25,000.0000 99.175% $24,793.75
Fixed Income HEWLETT PACKARD CO NT4.375% 9/15/21 HPC4321 20,000.0000 103.393% $20,678.60
Fixed Income HSBC HLDGS 2.950% 5/25/21 HSBC21C 20,000.0000 100.063% $20,012.60
Fixed Income KEY BANK NA 2.250% 3/16/20 KBN2220 10,000.0000 99.553% $9,955.30
Fixed Income MACY'S RETAIL HLDGS 4.375% 9/01/23 MRH4323 20,000.0000 100.787% $20,157.40
Fixed Income MAGELLAN MIDSTREAM 5.000% 3/01/26 MM55026 25,000.0000 108.510% $27,127.50
Fixed Income METLIFE INC BIDS 3.600%11/13/25 MIB3625 30,000.0000 103.160% $30,948.00
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 10,000.0000 101.358% $10,135.80
Fixed Income PNC FINL SVCS GROUP 3.150% 5/19/27 PFS3127 30,000.0000 100.160% $30,048.00
Fixed Income QUEST DIAGNOSTICS BD 3.500% 3/30/25 QDB3525 25,000.0000 100.017% $25,004.25
Fixed Income REPUBLIC SVCS NTS 3.375%11/15/27 RSN3327 30,000.0000 100.671% $30,201.30
Fixed Income SHIREACQINV I RELAN D2.875% 9/23/23 SA12823 20,000.0000 98.689% $19,737.80
Fixed Income TAOT 2017-D A3 1.930% 1/18/22 T2A2222 25,000.0000 99.277% $24,819.25
Fixed Income TIME WARNER CABLE NT 7.300% 7/01/38 TWC7338 15,000.0000 116.467% $17,470.05
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 55,000.0000 99.852% $54,918.60
Fixed Income TRANSCONTINENTAL GAS 7.850% 2/01/26 TG77826 25,000.0000 125.031% $31,257.75
Fixed Income UNITEDAIR 4.150% 8/25/31 UA44131 35,000.0000 103.536% $36,237.60
Fixed Income UNTDAIR2013-1 4.300% 8/15/25 UA24325 31,102.7100 103.637% $32,233.92
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 140,000.0000 114.891% $160,847.40
Fixed Income USTREAS NTS 1.625% 4/30/23 UTN1623 25,000.0000 97.602% $24,400.50
Fixed Income USTREAS NTS 1.750% 2/15/26 UTN1726 30,000.0000 95.551% $28,665.30
Fixed Income USTREAS NTS 2.000% 2/15/25 UTN2025 50,000.0000 98.363% $49,181.50
JHIGHMARKO PARS: Central Contra Costa Sanitary District
Zo
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:31-Mar-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income US TREAS NTS 2.250%11/15/25 UTN2225 30,000.0000 99.547% $29,864.10
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 95,000.0000 100.102% $95,096.90
Fixed Income US TREAS NTS 2.375%12/31/20 UTN2320 95,000.0000 100.082% $95,077.90
Fixed Income US TREAS NTS 3.125% 5/15/21 UTN3221 60,000.0000 101.703% $61,021.80
Fixed Income VERIZON COMM SR NT 4.125% 3/16/27 VC44127 15,000.0000 104.721% $15,708.15
Fixed Income BOSTON PPTYS LTD PAR 2.750%10/01/26 BXP26A 40,000.0000 94.744% $37,897.60
Fixed Income JPMORGAN CHASE&CO 3.200% 6/15/26 JPM26B 40,000.0000 99.352% $39,740.80
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 20,000.0000 100.415% $20,083.00
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 10,000.0000 128.813% $12,881.30
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 30,000.0000 128.719% $38,615.70
Fixed Income FORD MTR CO NTS 7.450% 7/16/31 F31 25,000.0000 106.584% $26,646.00
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 20,000.0000 112.493% $22,498.60
Cash&Cash Equivalents CASH (52,650.5500) $1.0000 ($52,650.55)
Cash&Cash Equivalents FIRST AMERN GOVT OBLIG FD CL Z#3676 FGZXX 239,490.3600 $1.0000 $239,490.36
SUBTOTALS
Cash&Cash Equivalents $186,839.81
Equities $2,080,728.05
Fixed Income $4,451,793.01
TOTALS $6,719,360.87
JHIGHMARKO PARS: Central Contra Costa Sanitary District
21
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending March 31 , 2019
EQUITYLARGE CAP
3-Month YTD 1-Year 3-Year 5-Ye a r
Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank
iShares Core S&P 500 ETF (4/17) 13.65 33 13.65 33 9.46 22 13.47 17 10.86 11
iShares S&P 500 Value ETF (4/17) 12.17 26 12.17 26 5.79 36 10.45 43 7.88 33
Vanguard Growth& Income Adm (12/16) 13.32 49 13.32 49 8.84 36 13.03 34 10.88 10
iShares S&P 500 Growth ETF (4/17) 14.91 63 14.91 63 12.60 31 15.72 45 13.17 24
S&P 500 TR USD 13.65 -- 13.65 -- 9.50 -- 13.51 10.91
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iShares Russell Mid-Cap ETF (3/16) 16.48 12 16.48 12 6.38 17 11.65 27 8.65 14
Russell Mid Cap TR USD 16.54 -- 16.54 -- 6.47 11.82 8.81
EQUITYSMALL CAP
Undiscovered Managers Behavioral Val R6 (9/16) 13.99 16 13.99 16 -0.18 23 8.35 48 7.29 4
Russell 2000 Value TR USD 11.93 -- 11.93 -- 0.17 -- 10.86 5.59
Victory RS Small Cap Growth R6 (2/19) 22.84 8 22.84 8 6.14 59 20.54 17 10.85 17
T. Rowe Price New Horizons I Out(2/19) 20.78 18 20.78 18 18.40 5 23.06 3 14.29 1
Russell 2000 Growth TR USD 17.14 - 17.14 -- 3.85 -- 14.87 8.41
Dodge&Cox International Stock 9.78 24 9.78 24 -8.00 64 7.87 20 0.85 45
Vanguard FTSE Developed Markets ETF (9/18) 10.18 46 10.18 46 -4.69 48 7.61 23 2.73 24
MFS International Growth R6 12.61 53 12.61 53 3.94 5 11.28 9 6.15 11
MSCI EAFE NR USD 9.98 -- 9.98 -- -3.71 -- 7.27 2.33 --
Hartford Schroders Emerging Mkts Eq Y 10.51 44 10.51 44 -8.83 49 12.27 14 4.51 15
IMSCI EM Free Index 9.92 9.92 -7.41 10.68 3.68
REIT EQUITY FUNDS
Vanguard Real Estate ETF (4/17) 17.29 16 17.29 16 20.06 16 5.74 48 8.79 41
Wilshire REIT Index 16.02 -- 16.02 19.34 -- 5.45 9.00 --
PIMCO Total Return Instl 2.78 74 2.78 74 3.83 62 2.80 27 2.85 29
PGIM Total Return Bond R6 (5/16) 4.02 10 4.02 10 4.78 12 3.85 6 3.92 3
Vanguard Short-Term Investment-Grade Adm 2.18 22 2.18 22 3.70 15 2.11 29 2.05 16
BBgBarc US Agg Bond TR USD 2.94 -- 2.94 -- 4.48 -- 2.03 2.74
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.
JHIGHMARKO PARS: Central Contra Costa Sanitary District
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CAPITAL MANAGEMENT