HomeMy WebLinkAbout05.a. Receive quarterly Highmark overview and OPEB and Pension sub0trust report Page 1 of 23
Item 5.a.
,orVIOIN SAN
August 24, 2021
TO: FINANCE COMMITTEE
FROM: KEVIN MIZUNO, FINANCE MANAGER
REVIEWED BY: PHILIP R. LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION
ROGER S. BAILEY, GENERAL MANAGER
SUBJECT: RECEIVE HIGHMARK OTHER POST-EMPLOYMENT BENEFITS (OPEB)
AND PENSION PREFUNDING SUB-TRUST REPORTS FOR THE SECOND
QUARTER OF CALENDAR YEAR 2021
Attached for review is a trust performance overview provided by Highmark, as well as OPEB and Pension
Pre-funding sub-trust investment reports for the quarter ending June 30, 2021.
Andrew Brown, Central San's Investment Manager at Highmark, has provided an in-depth written analysis
of market and fund performance attached to this memo (Attachment 1). 1 n summary, this quarter's report
reflects quarterly returns of 4.68% and 2.56% for Central San's OPEB and Pension Pre-funding sub-
trusts, respectively. The long-term targeted returns are 6.25% for the OPEB trust and 5.82% for the
Pension Pre-funding trust. I n comparison, the inception-to-date returns have been 9.85% and 6.92% for
the OPEB and Pension Pre-funding sub-trusts respectively. A presentation of financial highlights
comparing quarterly results to historical results as well as benchmarks is also included, which includes an
overview slide showing the entities involved in administering the trusts for Central San (Attachment 2).
As approved by the Board recently, nearly the entire balance of the Pension Pre-funding trust was
liquidated to help finance the payoff of Central San's unfunded actuarially accrued liability (UAAL)totaling
approximately$70.8 million. Following the payoff of the UAAL in late June 2021, a residual amount of
$47,079.50 was reported in the trust on June 30, 2021. The Pension Trust will be kept in place in the
coming years, and as funding becomes available through budget to actual variances, or from other
sources, the Board may decide to direct additional contributions to the Trust.
Strategic Plan Tie-In
GOAL THREE:Fiscal Responsibility
Strategy 1—Maintain financial stability and sustainability, Strategy 2—Ensure integrity and transparency in financial
management
ATTACHMENTS:
1. Highmark Overview of the Second Quarter of 2021
2. PARS Investment Report Second Quarter of 2021
August 24, 2021 Special FINANCE Committee Meeting Agenda Packet- Page 121 of 151
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Attachment 1
JHIGHMARKO
CAPITAL MANAGEMENT
July 20, 2021
Phil Leiber
Director of Finance and Administration
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 2Q Quarter 2021 OPEB/Pension Report
Dear Mr. Leiber,
Market Commentary
Brushing aside mounting concerns about higher inflation and a more contagious Covid
variant spreading around the world, investors bought assets of almost any stripe in the
second quarter. For the fifth consecutive quarter, global equities marched higher as
corporate earnings continued a strong recovery that outperformed already lofty
expectations. In a bid to hedge potential inflation risk, asset classes like commodities
and real estate' have seen increasing demand this year, leading to strong performance.
Meanwhile, the bond market rallied throughout most of the second quarter and snapped
its trend of rising interest rates that began last August.
Global equities closed the second quarter at record highs, capping off a strong first half
of 2021 that saw shares advance 12.8 percent.' Bullish sentiment was buoyed by the
accelerating pace of vaccine distribution globally, leading to further lifting of pandemic-
related economic restrictions. Worry about elevated valuation levels stayed on the back
burner as domestic based retail investors continued to find paltry yields offered in the
bond market.
U.S. stocks carried the torch in the second quarter, outperforming international equity
markets.3 However, in a pivot from the prior two quarters, sectors with more sensitivity to
the strength of the economic cycle took a backseat to more secular growth-oriented
areas as questions emerged about the sustainability of fiscal and monetary policy
support.
Falling long-term interest rates also reflected the possibility of a premature moderation in
fiscal and monetary stimulus. The rate on the bellwether 10-year Treasury note fell 30
basis points from 1.74 percent at the end of March to 1.44 percent by the end of June. A
flattening of the yield curve, as measured by the spread between longer- and shorter-
maturity bonds, and further compression in credit spreads helped the bond market post
healthy returns in the second quarter after fighting a steepening curve over the prior ten
months.
' The Bloomberg Commodity Index returned 21.15 percent and the S&P U.S. REIT Index
returned 21.70 percent for the year-to-date period ending June 30, 2021.
' S&P Global Broad Market index including dividends
3 The S&P 500 Index returned 8.55 percent in the second quarter versus international stocks as
represented by MSCI EAFE which returned 5.17 percent over the same period.
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Attachment 1
Economic Enigma
At first glance, falling interest rates seem counterintuitive amid the highest inflation
readings seen in decades. After all, it makes sense that investors should demand higher
-- not lower-- yields if inflation is heating up. But it's the second derivative of inflation
that has the market's attention. Namely, the implications for future economic policy and
ultimately growth potential.
From toilet paper shortages to soaring home prices, the global pandemic has brought
with it many atypical economic phenomena. Wild swings in both supply and demand
across virtually all assets, goods and services have kept economists perplexed as to
what current economic data says about the future. What began with fears of a
deflationary death spiral at the onset of the pandemic had completed a one-eighty into
worries over out-of-control inflation entering the second quarter of 2021. An
unprecedented fiscal and monetary policy response to a rare, but economically
devastating, event has muddied the economic waters by stirring up questions about a
sustainable long-term equilibrium for both growth and inflation.
A key question for the U.S. economy and financial markets alike centers on the inflation
outlook and its implications for monetary policy. The Federal Reserve (Fed) has been
keenly focused on achieving a full labor market recovery while relaxing its mandate to
keep prices in check under its recently revised policy-making framework. However, the
exact length of the longer inflation leash remains in question as a surge in reopening
demand is met by supply chain disruptions.
Prior to the pandemic, the Fed consistently undershot its stated goal of 2 percent
inflation despite what at the time was the largest expansion of its balance sheet in
history following the Global Financial Crisis. Embedded in the Fed's mindset was that
monetary policy impacted longer-term inflation, but with a lagged effect. In other words,
they felt it was necessary to be more proactive than reactive to the price stability
mandate.
Recognizing a disconnect between the academic assumptions about the impact of
monetary policy on inflation and employment and the empirical experience, policy
makers decided they had some cover to see how far they could push the limits of
monetary policy to address the current crisis. Under the new framework, the U.S. central
bank now aims to "achieve inflation that averages 2 percent over time"' (emphasis
added), while also seeking broader-based positive employment outcomes. This simple
yet significant change opened the door for inflation targeting "moderately above 2
percent for some time" to compensate for the prior cycle's underachievement.
May's Core Personal Consumption Expenditures Index (the Fed's preferred inflation
marker), along with other inflation measures, came in well above expectations and at
levels not seen in decades. This data was taken in stride by policy makers and financial
markets with the expectation that current data is not necessarily indicative of a longer-
term trend. As evidence of the transitory nature of the spike in prices, economists point
a Federal Reserve Board-2020 Statement on Longer-Run Goals and Monetary Policy Strategy
August 24, 2021 Special FINANCE Committee Meeting Agenda Packet- Page 123 of 151
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Attachment 1
to items like used car prices, which are surging as a knock-on effect of the supply chain
disruption in the new car market.
The Fed's employment bogey is clearer. 6.8 million fewer Americans are employed
relative to pre-pandemic levels.'Achieving the objective of bringing that number closer
to zero, or what the Fed deems "maximum employment", hit a snag as the pace of hiring
fell short of expectations in April and May despite job openings and quit rates hitting new
highs. Explanations for the failure to meet the increasing demand for labor ranged from
enhanced unemployment benefits to caregiving challenges to ongoing pandemic fear. In
reality, the shortfall appears to be a combination of these factors.
June's increase of 850,000 non-farm payrolls relieved some concerns that the pace of
hiring was off track after two consecutive disappointing months.6 Most encouragingly,
employment in the sector most impacted by the pandemic, leisure and hospitality, saw
the lion's share of growth with 343,000 new jobs added in June.' However, the nearly 2
million Americans that have left the workforce in the wake of the pandemic present a
troublesome obstacle to achieving a full labor market recovery.a
The "transitory" inflation narrative firmly planted in the market's psyche prompted close
scrutiny of June's Federal Open Market Committee (FOMC) meeting for hints as to when
monetary policy accommodation will be weaned from the system. Heightened attention
was paid to the survey of FOMC members' projections, also known as the "Dot Plot",
that suggested the timeline for tapering quantitative easing and eventual rate hikes could
be shorter than previously expected.
In his press conference following the FOMC meeting, Chairman Powell was quick to
downplay this shift in expectations by saying the projections should be "taken with a
grain of salt", and reinforcing the highly uncertain speed of the recovery given the
unusual nature of the downturn in the economy. However, reading between the lines,
one might suspect that the FOMC voting members are a least thinking about tapering
despite comments to the contrary.'
Forecasting future economic conditions is always challenging and this cycle's unique
forces in both directions makes that endeavor even more difficult. At the foundation of
the "wall of worry" for investors today remains the central bank's ability to support the
recovery. Should the inflation outlook shift from being transitory to something longer
lasting, it will likely have major implications for Fed policy and subsequently all financial
assets. More specifically, it might force the Fed to confront the paradox of having to tap
the breaks to curtail inflation before the economy gets fully back on its feet.
Having learned important lessons from the 2013 "taper tantrum" and 2018's "autopilot"
remarks, the Fed is keenly aware of the market's sensitivity to not only its policy actions,
5 Source: U.S. Bureau of Labor Statistics
e Source: U.S. Bureau of Labor Statistics
'Source: U.S. Bureau of Labor Statistics
s U.S. Bureau of Labor Statistics, Employment Situation Summary,July 2,2021
9 Chairman Powell reiterated that the Fed is"not even thinking about thinking about raising rates"at the
post FOMC meeting press conference.
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Attachment 1
but also to mere guidance on what it might do in the future. For this reason, we expect
the Fed to be extremely careful about when and how it introduces a pivot toward
removing accommodation. There is no ambiguity about the delicate co-dependency
between financial markets and the real economy— a reality policy makers cannot afford
to ignore.
Looking Ahead
Heading into the back half of 2021 we expect a continuation of the global economic
momentum driving the speedy recovery in corporate fundamentals, while we are keeping
a close eye out for potential catalysts that would alter the global economy's longer-term
trajectory. Despite our sanguine economic outlook, corporate earnings expectations
have already reset to reflect a fairly optimistic scenario and comparisons to prior periods
will become more challenging.
For this reason, we believe the pace of appreciation in equity markets over the first half-
year is unlikely to be maintained in the second half. We remain most constructive on the
more economically sensitive areas of the equity market, including energy, financials and
industrials, that appear heavily discounted compared to more defensive peers in the
healthcare, consumer staples, and technology sectors.
Within fixed income markets we expect intermediate to longer maturity interest rates to
retrace their recent move lower and restart their upward trajectory as the global glut of
liquidity slowly diminishes. Further, while corporate fundamentals continue to improve,
increased merger and acquisition activity, dividend payouts and share buybacks could
become a limiting factor to that trend. Given the already low risk premiums offered, we
foresee limited opportunity for additional credit spread compression.
Among the most significant risks to our outlook and the current narrative in general is the
fragile feedback loop between economic data and monetary policy discussed above.
More specifically, the Fed's pragmatism could be tested if inflation starts to look less
than transitory. While some recent drivers of higher inflation readings are indeed likely to
fade, other variables have the potential to take the baton and flip the script on the
transitory story. Perhaps the most notable of those variables is rent, which represents
about a third of the Consumer Price Index calculation and has yet to meaningfully
accelerate despite a record surge in home prices.
Plan Performance
The Central Contra Costa Sanitary District OPEB Plan gained 4.68% gross of
investment fees for the second quarter, which exceeded the Plan's benchmark target of
4.3%. The continued strength in the equity market and an overweight to equities,
propelled Plan returns in the quarter, with the equity segment returning 6.73%. Despite
the strong contribution from stocks, a modest detractor to `relative' performance came
from small cap equities, international equities, and REITs. While all of these categories
generated positive performance, they all slightly underperformed their respective
benchmark targets. The fixed income segment gained 2.21%, which exceeded the
Bloomberg Barclays US Aggregate Bond Index return of 1.83%. Credit spreads
continue to tighten, supported by the continued recovery of the economy. Consumer
August 24, 2021 Special FINANCE Committee Meeting Agenda Packet- Page 125 of 151
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Attachment 1
confidence and a recovery in earnings helped the bond market recover some of the
losses incurred in the first quarter of the year. Fixed income performance was supported
by all three intermediate-term bond managers outperforming the Barclays Aggregate
benchmark. Additionally, performance was aided by the Pimco High-Yield Bond Fund,
which gained 2.48% in the quarter. However, gains from high-yield were offset by the
modest 0.68% return from the Vanguard Short-Term Investment Grade Bond Fund.
We ended the quarter with a target asset allocation of 53% stocks, 46% bonds and 1%
cash for the OPEB Plan. There were no changes to investment managers in the
quarter.
The Central Contra Costa Sanitary District Pension Plan gained 2.56% in the quarter,
gross of investment fees, which trailed the District's Plan benchmark target of 3.12%.
At the end of the quarter, we raised funds for a transfer to CCCERA.
Andrew Brown
August 24, 2021 Special FINANCE Committee Meeting Agenda Packet- Page 126 of 151
Attachment 2
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Second Quarter 2021
Presented by
Andrew Brown, CFA
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 2
Investment Summary Since Inceptiori
CCCSD - OPEB Beginning Value 566,683.26
Asset Allocation Contributions 106,868,981.39
Withdrawals -65,003,573.52
Total Assets: $84,476,545 Gain (Loss) 24,683,465.73
Interest and Dividends 17,361,554.25
Period Ending: 6-30-2021 Net Accrued Income 124,644.72
2Q21 Return: 4.68% Ending Market Value $84,601,755.83"'-
1
84,601,755.83*1 Year Return: 21 .42%
Inception-to-Date Return: 9.85% Cash
Inception Date:4-1-2009 $843,921
1.000]0
Plan target rate of return: 6.25%
Equity
$44,784,574
53010/,
Fixed Income
$38,848,050
45.990]0
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
J HIGHMARK®
CAPITAL MANAGEMENT
Attachment 2
Asset Allocation - Central Contra Costa Sanitary District OPEB
As of Second Quarter 2021
Current Asset Allocation Investment Vehicle
Equity 53.01% Range: 40%-60% 44,784,574
Large Cap Core 10.05% IVV iShares Core S&P 500 ETF 8,491,780
7.11% VGIAX Vanguard Growth & Income Adm 6,006,470
Large Cap Value 5.53% IVE iShares S&P 500 Value ETF 4,668,229
Large Cap Growth 5.03% IVW iShares S&P 500 Growth ETF 4,253,323
Mid Cap Core 5.11% IWR iShares Russell Mid-Cap ETF 4,317,312
Small Cap Value 3.69% UBVFX Undiscovered Managers Behavioral Val R6 3,118,774
Small Cap Growth 3.74% RSEJX Victory RS Small Cap Growth R6 3,156,774
International Core 3.73% VEA Vanguard FTSE Developed Markets ETF 3,151,788
International Value 1.46% DODFX Dodge & Cox International Stock 1,232,977
International Growth 1.56% MGRDX MFS International Growth R6 1,314,033
Emerging Markets 4.26% HHHFX Hartford Schroders Emerging Mkts Eq F 3,596,549
Real Estate 1.75% VNQ Vanguard Real Estate ETF 1,476,566
Fixed Income 45.99% Range:40%-60% 38,848,050
27.96% Core Fixed Income Portfolio 23,621,779
Short-Term 1.44% VFSUX Vanguard Short-Term Investment-Grade Adm 1,215,476
Intermediate-Term 7.65% PTTRX PIMCO Total Return Instl 6,465,526
7.73% PTRQX PGIM Total Return Bond R6 6,528,966
High Yield 1.20% PHIYX PIMCO High Yield Instl 1,016,304
Cash 1.00% Range: 0%-20% 843,921
1.00% FGZXX First American Go\/ernment Oblig Z 843,921
TOTAL 100.00% $84,476,545
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 2
Selected Period Performance
CCCSD - OPEB
Period Ending: 6/30/2021
Year Inception
to Date to Date
3 Months (6 Months) 1 Year 3 Years 5 Years 10 Years 04/01/2009
Cash Equivalents .01 .01 .03 1.14 1.00 .52 .47
Lipper Money Market Funds Index .00 .00 .01 1.11 .95 .48 .40
Fixed Income ex Funds 2.06 -1.18 .67 5.75
Total Fixed Income 2.21 -1.05 1.33 5.74 3.60 3.57 4.62
BBG Barclays US Aggregate Bd Index 1.83 -1.60 5.34 3.03 3.39 4.00
Total Equities 6.73 13.94 44.11 16.05 16.25 12.08 15.05
Large Cap Funds 8.31 15.41 40.91 18.13 17.78 14.03 16.11
S&P 500 Composite Index 8.55 15.25 40.79 18.67 17.65 14.84 17.10
Mid Cap Funds 7.36 16.09 49.41 16.31 15.28 11.72
Russell Midcap Index 7.50 16.25 49.80 16.45 15.62 13.24 17.56
Small Cap Funds 3.90 14.70 60.58 14.85 17.30 13.98 18.26
Russell 2000 Index 4.29 17.54 62.03 13.52 16.47 12.34 16.43
International Equities 4.46 8.58 38.46 11.01 12.12 5.48 9.98
MSCI EAFE Index 5.17 8.83 32.35 8.27 10.28 5.89 9.59
MSCI EM Free Index 5.05 7.45 40.90 11.27 13.03 4.28 10.03
RR: RE ITS 11.55 21.31 34.49 11.24
Wilshire REIT Index 12.84 22.78 37.52 10.06 6.36 9.38 16.94
Total Managed Portfolio 4.68 6.73 21.42 11.11 9.97 7.86 9.85
CCCSD OPEB 4.30 6.66 20.50 10.52 9.43 7.83 9.76
Account Inception:412009
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.
J HIGHMARKO
CAPITAL MANAGEMENT
Attachment 2
Fixed Income Portfolio: Statistics
As of Second Quarter 2021
CCCSD BC Aggregate Bond
OPEB Index
Weighted Average Maturity 7.12 years 8.17 years
Effective Duration 5.67 years 6.28 years
Average Coupon 2.63% 2.56%
Yield to Maturity 1.60% 1.38%
Average Quality Aa3 Aa2
J HIGHMARK®
CAPITAL MANAGEMENT Source: BondEdge
Attachment 2
Fixed Income Portfolio: Sectors
As of Second Quarter 2021
40.0%
35.0% I
30.0%
25.0%
20.0%
15.0%
10.0%
5.0% id
0.0% Cash Treasury Agency Corp Non-Corp MBS CM❑ ABS CMBS
■CCCS❑❑PEB 0.0% 28.8% 0.0% 34.8% 0.7% 22.3% 0.0% 12.7% 0.7%
■Barclays U.S.Aggregate Bond Index 0.0% 37.3% 1.5% 26.2% 4.4% 28.2% 0.0% 0.3% 2.2%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 2
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2021
Effective Duration Effective Maturity
35%
40°/°
35°/° 30%
30°/°
25°/°
25°/°
20%
20°/°
15%
15°/°
10°I° 10%
5°I° 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.
■CCC5D OP EB 9.12% 25.99% 26.05% 9.66% 16.12% 13.05% ■CCCSD OPEB 9.86% 16.64% 31.15% 12.11% 16.17% 14.06%
BC Aggregate Bond Index 0.38% 35.56% 24.74% 13.33% 7.75% 18.24% BC Aggregate Bond Index 0.32% 24.05% 29.23% 14.96% 12.54% 18.89%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 25,157.6650 $49.0100 $1,232,977.16
Equities HARTFORD SCHRODERS EMRG MKT FD#3150 HHHFX 166,045.6760 $21.6600 $3,596,549.34
Equities ISHARES RUSSELL MIDCAP ETF IWR 54,484.0000 $79.2400 $4,317,312.16
Equities ISHARES S&P 500 GROWTH ETF IVW 58,481.0000 $72.7300 $4,253,323.13
Equities ISHARES S&P 500 VALUE ETF IVE 31,619.0000 $147.6400 $4,668,229.16
Equities ISHARES TR CORE S&P500 ETF IVV 19,752.0000 $429.9200 $8,491,779.84
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 28,609.4620 $45.9300 $1,314,032.59
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 37,909.0080 $82.2700 $3,118,774.09
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 61,176.0000 $51.5200 $3,151,787.52
Equities VANGUARD GRO&INC ADMIRAL SHRS#593 VGIAX 55,600.0160 $108.0300 $6,006,469.73
Equities VANGUARD REAL ESTATE ETF VNQ 14,506.0000 $101.7900 $1,476,565.74
Equities VICTORY RS SM CAP GROW#279 RSEJX 30,388.6590 $103.8800 $3,156,773.90
Fixed Income PIMCO HIGH YIELD,INSTL #108 PHIYX 111,559.1800 $9.1100 $1,016,304.13
Fixed Income PIMCO TOTAL RETURN INSTL #35 PTTRX 622,883.0100 $10.3800 $6,465,525.64
Fixed Income PRUDENTIAL TOTAL RTRN BD CL Q PTRQX 444,449.6720 $14.6900 $6,528,965.68
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 110,901.0630 $10.9600 $1,215,475.65
Fixed Income AMERICREDIT AUTO REC 3.580%10/18/24 AAR3524A 140,000.0000 102.032% $142,844.80
Fixed Income ATHENE GLOBAL FNDNG 2.550% 6/29/25 AGF2525A 140,000.0000 104.748% $146,647.20
Fixed Income CITIGROUP INC SR NT 6/09/27 CIS0027A 160,000.0000 99.570% $159,312.00
Fixed Income UNITED STATES TREA 0.00001%10/31/25 UST0025C 215,000.0000 97.770% $210,205.50
Fixed Income UNITED STATES TREAS 0.000% 3/31/26 UST0026B 498,000.0000 99.551% $495,763.98
Fixed Income UNITED STATES TREAS 0.125% 1/31/23 UST0023G 570,000.0000 99.902% $569,441.40
Fixed Income UNITED STATES TREAS 0.125% 3/31/23 UST00231 100,000.0000 99.848% $99,848.00
Fixed Income UNITED STATES TREAS 0.125%12/15/23 UST0123E 246,000.0000 99.473% $244,703.58
Fixed Income UNITED STATES TREAS 0.250% 6/15/24 UST0224B 228,000.0000 99.391% $226,611.48
Fixed Income UNITED STATES TREAS 0.375%11/30/25 UST0025D 275,000.0000 98.199% $270,047.25
Fixed Income UNITED STATES TREAS 0.500% 2/28/26 UST0026A 129,000.0000 98.484% $127,044.36
Fixed Income UNITED STATES TREAS 1.500%10/31/21 UST0021B 190,000.0000 100.479% $190,910.10
Fixed Income UNITED STATES TREAS 0.0001% 5/31/26 UST0026D 110,000.0000 99.430% $109,373.00
Fixed Income US TREAS NTS 1.875% 4/30/22 UST0022A 100,000.0000 101.484% $101,484.00
Fixed Income VERIZON COMMUNICATIO 2.987%10/30/56 VC22956A 118,000.0000 94.004% $110,924.72
Fixed Income ACACN 2015-1A NTS 3.600% 9/15/28 A21\13627 144,908.9600 101.659% $147,313.00
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income ALASKA AIRLINES EQ 4.800% 2/15/29 AAE4829 124,904.7600 110.642% $138,197.12
Fixed Income ANDEAVOR SR GLBL 4.750%12/15/23 TC44723 185,000.0000 107.015% $197,977.75
Fixed Income AT&T INC GLBL NT 3.500% 6/01/41 AIG3541 260,000.0000 103.877% $270,080.20
Fixed Income ATT 2013-1-22A 3.070% 3/15/48 A233048 155,000.0000 100.486% $155,753.30
Fixed Income AVIATION CAP GROUP 1.950% 1/30/26 ACG1926 165,000.0000 100.027% $165,044.55
Fixed Income BANK OF AMERICA CORP 3.194% 7/23/30 BOA3130 206,000.0000 107.656% $221,771.36
Fixed Income BELL 2018-1 A21 4.318%11/25/48 132A4348 131,625.0000 100.214% $131,906.68
Fixed Income BERKSHIRE HATHAWAY 2.850%10/15/50 BH22850 105,000.0000 99.820% $104,811.00
Fixed Income BOEING CO CR SEN SR 2.196% 2/04/26 BCC2126 175,000.0000 100.956% $176,673.00
Fixed Income BRITISH AIRWAYS 20134.625%12/20/25 BA24625 64,821.0800 105.440% $68,347.35
Fixed Income CAPITALONECCTR 1.720% 8/15/24 C000024 250,000.0000 101.722% $254,305.00
Fixed Income CUBESMART L P SR NT 2.000% 2/15/31 CLP2031 130,000.0000 97.166% $126,315.80
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 77,000.0000 129.888% $100,013.76
Fixed Income DARDEN RESTAURANTS 4.550% 2/15/48 DR44548 175,000.0000 117.356% $205,373.00
Fixed Income DEVON ENERGY CORP NE 4.500% 1/15/30 DEC4530 52,000.0000 109.940% $57,168.80
Fixed Income DNKN 2017-1AA211 4.030%11/20/47 D2A4047 178,987.5000 106.515% $190,648.54
Fixed Income ENERGY TRANSFER OPER 5.800% 6/15/38 ETO5838 125,000.0000 124.318% $155,397.50
Fixed Income F&G GLOBAL FUNDI 1.750% 6/30/26 FGF1726 140,000.0000 100.412% $140,576.80
Fixed Income FAIRFAX US INC 4.875% 8/13/24 FU14824 115,000.0000 109.372% $125,777.80
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 92,749.5900 104.906% $97,299.88
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 132,533.6600 106.750% $141,479.68
Fixed Income FGLMC#J30401 3.000% 1/01/30 J30401F 98,234.7200 106.170% $104,295.80
Fixed Income FGLMC#Q13204 3.000%11/01/42 Q13204F 96,963.5200 107.112% $103,859.57
Fixed Income FHLMCG08823 3.500% 7/01/48 G08823F 104,851.2500 105.536% $110,655.82
Fixed Income FHLMC G14702 2.5000%3/1/2023 G14702F 35,496.0200 104.302% $37,023.06
Fixed Income FHLMC G15252 3.000%12/01/29 G15252F 85,568.8900 106.177% $90,854.48
Fixed Income FHLMCQ38373 3.500% 1/01/46 Q38373F 76,488.5400 107.839% $82,484.48
Fixed Income FHLMC RB5091 2.500%11/01/40 RB5091A 377,986.9500 103.816% $392,410.93
Fixed Income FHLMC SB0380 3.500% 2/01/34 SB0380A 111,939.8900 107.934% $120,821.20
Fixed Income FHLMCSB8006 3.000% 9/01/34 SB8006A 111,326.2100 105.345% $117,276.60
Fixed Income FHLMCV605863.0000%8/1/2029 V60586F 92,421.6500 106.047% $98,010.39
Fixed Income FIRST HORIZON CORPOR4.000% 5/26/25 FHC4025 145,000.0000 110.168% $159,743.60
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income FLOWERS FOODS INC SR 2.400% 3/15/31 FF12431 125,000.0000 100.191% $125,238.75
Fixed Income FNMA#MA3238 3.500%11/01/47 MA3238A 63,014.2900 105.726% $66,622.49
Fixed Income F N MA A L8174 3.5000%2/1/2046 AL8174A 181,976.5400 108.066% $196,654.77
Fixed Income FNMA A L8924 3.0000%12/1/2030 AL8924A 148,937.3300 105.326% $156,869.73
Fixed Income F N MA A L9376 3.0000%8/1/2031 AL9376A 83,399.3400 106.431% $88,762.75
Fixed Income FNMA AL9861 3.000% 8/01/30 AL9861A 208,741.5900 105.651% $220,537.58
Fixed Income FNMA AS4916 3.000% 5/01/30 AS4916A 146,339.1800 105.785% $154,804.90
Fixed Income FNMA AS7729 3.0000%8/1/2046 AS7729A 137,946.0700 106.232% $146,542.87
Fixed Income FNMA AT0293 3.0000%3/1/2043 AT0293A 91,433.2400 107.068% $97,895.74
Fixed Income FNMA BC 14863.0000%8/1/2046 BC1486A 130,747.9300 106.334% $139,029.50
Fixed Income FNMA BM4913 3.000% 5/01/46 BM4913A 74,687.6000 106.258% $79,361.55
Fixed Income FNMA CA6348 2.500% 7/01/50 CA6348A 252,539.4500 103.557% $261,522.28
Fixed Income FNMA CA6638 2.500% 8/01/50 CA6638A 327,429.0200 103.527% $338,977.44
Fixed Income FNMA CA6801 2.500% 8/01/50 CA6801A 350,007.9200 103.527% $362,352.70
Fixed Income FNMA CA7231 2.500%10/01/50 CA7231A 289,291.0700 103.616% $299,751.84
Fixed Income FNMA FM3494 2.500% 4/01/48 FM3494A 142,734.3900 103.775% $148,122.61
Fixed Income FNMA MA2730 2.500% 8/01/46 MA2730A 337,257.7300 103.527% $349,152.81
Fixed Income FNMA MA27792.0000%10/1/2026 MA2779A 63,920.9600 103.227% $65,983.69
Fixed Income FNMA MA2895 3.000% 2/01/47 MA2895A 84,761.4000 105.228% $89,192.73
Fixed Income FNMA MA3210 3.500%11/01/47 MA3210A 59,894.8400 105.769% $63,350.17
Fixed Income FNMA MA3313 3.500% 3/01/33 MA3313A 48,530.3200 107.200% $52,024.50
Fixed Income FNMA MA3332 3.500% 3/01/48 MA3332A 82,296.4300 105.713% $86,998.03
Fixed Income FNMA MA3489 3.500%10/01/33 MA3489A 47,575.7900 106.996% $50,904.19
Fixed Income FNMA MA3536 4.000%12/01/48 MA3536A 23,525.9100 106.540% $25,064.50
Fixed Income FNMA MA4123 2.000% 9/01/35 MA4123A 239,550.7200 103.227% $247,281.02
Fixed Income FORD CR AUTO OWN TR 1.870% 3/15/24 FCA0024 144,826.8900 101.136% $146,472.12
Fixed Income FORD CREDIT FLRPLN 3.040% 3/15/24 FCF3024 145,000.0000 101.881% $147,727.45
Fixed Income GENERAL MTRS F I N L CO 4.000%10/06/26 GMF4026 160,000.0000 110.402% $176,643.20
Fixed Income GM FINLAUTO LEASE 2.040%12/20/23 GFA2023 235,000.0000 101.648% $238,872.80
Fixed Income GOLDMAN SACHS BIDS 3.691% 6/05/28 GSB3628 110,000.0000 110.411% $121,452.10
Fixed Income HASBRO INC 3.550%11/19/26 H133526 100,000.0000 109.612% $109,612.00
Fixed Income HCA INC NTS 5.375% 2/01/25 HIN5325 105,000.0000 112.800% $118,440.00
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income HONDA AUTO RECV 20183.160% 8/19/24 HAR3124 150,000.0000 100.807% $151,210.50
Fixed Income HYUNDAI AUTO LEASE 1.900% 5/15/22 HAL1922 32,085.6500 100.068% $32,107.47
Fixed Income LOS ANGELES REV BDS 6.574% 7/01/45 LAR6545 100,000.0000 161.953% $161,953.00
Fixed Income MACQUARIE GROUP LTD 1.340% 1/12/27 MGL1327 90,000.0000 99.160% $89,244.00
Fixed Income MOTOROLA SOLUTIONS 5.500% 9/01/44 MS55544 95,000.0000 130.251% $123,738.45
Fixed Income MVW 2020-1 1.740%10/20/37 M211737 214,967.0900 101.907% $219,066.51
Fixed Income NATIONAL FUEL GAS CO 0.000% 3/01/31 N FG0031 145,000.0000 100.580% $145,841.00
Fixed Income NGPLPIPECOLLCSR 3.250% 7/15/31 NPL3231 135,000.0000 103.063% $139,135.05
Fixed Income ONE GAS INC SR NT 1.100% 3/11/24 OG11124 175,000.0000 100.069% $175,120.75
Fixed Income PACIFIC GAS&ELEC 3.150% 1/01/26 PGE3126 125,000.0000 103.143% $128,928.75
Fixed Income PENN MUTUAL LIFE INS 3.800% 4/29/61 PML3861 175,000.0000 103.470% $181,072.50
Fixed Income PHYSICIANS RLTY LP 3.950% 1/15/28 PRL3928 170,000.0000 109.771% $186,610.70
Fixed Income SANTANDER RENGATUN 2.800% 1/26/32 SRA2832 145,000.0000 105.110% $152,409.50
Fixed Income SANTAN DER RETAI L ALIT 3.660% 5/20/24 SRA3624 270,000.0000 102.065% $275,575.50
Fixed Income SBA TOWER TRUST 1.631% 5/15/51 STT1651 140,000.0000 99.976% $139,966.40
Fixed Income SCHWAB CHARLES F/R 4.000% SCC0049 145,000.0000 104.250% $151,162.50
Fixed Income STI FEL FINLCORP SR 4.000% 5/15/30 SFC4030 160,000.0000 110.762% $177,219.20
Fixed Income TAOT2019-CA3MTGE 1.910% 9/15/23 T2A1923 176,164.3700 100.964% $177,862.59
Fixed Income TIME WARNER CABLE NT 7.300% 7/01/38 TWC7338 125,000.0000 146.043% $182,553.75
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 91,102.5000 100.747% $91,783.04
Fixed Income TRI-STATE GENERATION 6.000% 6/15/40 TG66040 115,000.0000 135.189% $155,467.35
Fixed Income TRITON CONTAINER INT 3.150% 6/15/31 TCI3131 135,000.0000 100.587% $135,792.45
Fixed Income UNITEDAIR 14-2A 3.750% 9/03/26 UA13726 103,567.4500 105.685% $109,455.26
Fixed Income UNITED STATES TREAS 0.375% 1/31/26 UST0026 82,000.0000 97.996% $80,356.72
Fixed Income UNITED STATES TREAS 0.750% 1/31/28 UST0728 900,000.0000 97.356% $876,204.00
Fixed Income UNITED STATES TREAS 1.625% 5/15/31 UST1631 1,404,000.0000 101.531% $1,425,495.24
Fixed Income UNITED STATES TREAS 1.625%10/31/26 UST1626 150,000.0000 103.574% $155,361.00
Fixed Income UNITED STATES TREAS 1.875% 2/15/41 UST1841 284,000.0000 97.891% $278,010.44
Fixed Income UNTD AIR 2013-1 4.300% 8/15/25 UA24325 169,470.5900 105.762% $179,235.49
Fixed Income VERIZON OWNERTR 1.940% 4/20/24 VOT0024 400,000.0000 101.415% $405,660.00
Fixed Income WESTLAKE AUTO RECV 4.000%10/16/23 WAR4023 160,000.0000 101.682% $162,691.20
Fixed Income WORLD OMNI AUTO 2.500% 4/17/23 WOA2523 99,138.3100 100.575% $99,708.36
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income ANHEUSER-BUSCH INBEV WLDW IN BUD/42 125,000.0000 126.673% $158,341.25
Fixed Income BLOCK FIN LCORP BIDS 5.250%10/01/25 HRB/25 135,000.0000 113.628% $153,397.80
Fixed Income HESS CORP HES/33 175,000.0000 135.557% $237,224.75
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 120,000.0000 143.557% $172,268.40
Fixed Income PLAINS ALL AMERN PIP 6.700% 5/15/36 PAA36 140,000.0000 122.546% $171,564.40
Fixed Income AMERICAN HOMES 4 REN 4.250% 2/15/28 130,000.0000 111.976% $145,568.54
Fixed Income BOARDWALK PIPELINES 4.800% 5/03/29 125,000.0000 115.077% $143,846.25
Fixed Income BRITISH AIRWAYS PLC 3.300% 6/15/34 106,140.5100 101.722% $107,968.25
Fixed Income DELTA AIR LINES 2.500%12/10/29 109,156.9400 101.510% $110,804.88
Fixed Income FEDERAL EX CORP 1.875% 8/20/35 141,123.2400 99.225% $140,029.53
Fixed Income JPMORGAN CHASE&CO 3.650% 155,000.0000 100.140% $155,217.00
Fixed Income SPIRITAIRLINES2017-1 92,299.1800 98.009% $90,461.50
Fixed Income TRUISTFINLCORP F/R 5.125% 115,000.0000 107.250% $123,337.50
Fixed Income UNITED STATES TREAS 1.875% 2/15/51 564,000.0000 95.438% $538,270.32
Fixed Income US TREAS NTS 1.625% 8/15/29 791,000.0000 102.277% $809,011.07
Fixed Income WELLS FARGO F/R 3.900%12/31/99 145,000.0000 103.530% $150,118.50
Fixed Income ZIONS BANCORPORATION 4.500% 6/13/23 95,000.0000 106.634% $101,302.30
$23,621,778.89
Cash&Cash Equivalents CASH (97,943.8100) $1.0000 ($97,943.81)
Cash&Cash Equivalents FIRSTAMERN GOVTOBLIG FDCLZ#3676 FGZXX 941,864.4000 $1.0000 $941,864.40
SUBTOTALS
Cash&Cash Equivalents $843,920.59
Equities $44,784,574.36
Fixed Income $38,848,049.99
TOTALS $84,476,544.94
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
Investment Summary Since Inception
CCC.7D — Pension Beginning Value 3,359,081.81
Asset Allocation Contributions 7,245,356.05
Withdrawals -12,944,299.47
Total Assets: $43,404 Gain (Loss) 1,455,124.08
Interest and Dividends 928,141.91
Period Ending: 6/30/2021 Net Accrued Income 3,675.12
2Q21 Return: 2.56% Ending Market Value $47,079.50*
1 Year Return: 11 .71%
Inception-to-Date Return: 6.92% Equity
Inception Date:9-1-2017
Cash $11,893
$5,584 27.400/,
Plan target rate of return: 5.82% 12.870/,
Fixed Income
$25,928
59.740/,
* Ending Market Value differs from total market value on page 14 due to differences in reporting methodology. The above ending market value includes
cruals.
a
HIGHMARK®
CAPITAL MANAGEMENT
Attachment 2
Asset Allocation - Central Contra Costa Sanitary District Pension
As of Second Quarter 2021
Current Asset Allocation
Equity 27.40% Range: 20%-40% 11,893
Large Cap Core 10.90% IVV iShares Core S&P 500 ETF 4,729
Large Cap Value 2.04% IVE iShares S&P 500 Value ETF 886
Mid Cap Core 2.01% IWR iShares Russell Mid-Cap ETF 872
Small Cap Value 1.95% UBVFX Undiscovered Managers Behavioral Val R6 846
Small Cap Growth 1.94% RSEJX Victory RS Small Cap Growth R6 842
International Core 4.75% VEA Vanguard FTSE Developed Markets ETF 2,061
Emerging Markets 1.94% HHHFX Hartford Schroders Emerging Mkts Eq F 843
Real Estate 1.88% VNQ Vanguard Real Estate ETF 814
Fixed Income 59.74% Range: 50%-80% 25,928
Short-Term 3.91% VFSUX Vanguard Short-Term Investment-Grade Adm 1,695
12.75% AGG iShares Core US Aggregate Bond ETF 5,536
Intermediate-Term 20.54% PTTRX PIMCO Total Return Instl 8,914
21.67% PTRQX PGIM Total Return Bond R6 9,407
High Yield 0.86% PHIYX PIMCO High Yield Instl 375
Cash 12.87% Range: 0%-20% 5,584
12.87% FGZXX First American Government Oblig Z 5,584
TOTAL 100.00% $43,404
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 2
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account 6746055901
Period Ending: 6/30/2021
Year Inception
to Date to Date
3 Months (6 Months) 1 Year 3 Years 09/01/2017
Cash Equivalents .01 .01 .03 1.14 1.16
Lipper Money Market Funds Index .00 1.11 1.12
Fixed Income ex Funds 1.43 -1.80 .01 5.48 3.85
Total Fixed Income 1.72 -1.50 .73 5.58 3.93
BBG Barclays US Aggregate Bd Index 1.83 -1.60 -.33 5.34
Total Equities 4.06 10.94 40.57 14.93 14.07
Large Cap Funds 5.25 12.13 36.96 17.04 16.15
S&P 500 Composite Index 8.55 15.25 40.79 18.67 17.69
Mid Cap Funds 4.57 13.08 45.62 15.32 14.84
Russell Midcap Index 7.50 16.25 49.80 16.45 15.92
Small Cap Funds .12 10.34 54.30 12.98 14.88
Russell 2000 Index 4.29 17.54 62.03 13.52 15.36
International Equities 3.66 7.76 37.23 10.70 8.59
MSCI EAFE Index 5.17 8.83 32.35 8.27 7.48
MSCI EM Free Index 5.05 7.45 40.90 11.27 8.69
RR: RE ITS 11.74 21.55 34.29 11.36 9.04
Wilshire REIT Index 12.84 22.78 37.52 10.06 8.67
Total Managed Portfolio 2.56 2.44 11.71 8.45 6.92
CCCSD Pension 3.12 3.48 11.99 8.25 7.04
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.
HIGHMARK®
CAPITAL MANAGEMENT
Attachment 2
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:30-Jun-2021
Asset Type Asset Name Ticker Shares/Units Price Market Value
Cash&Cash Equivalents CASH (3,418.1100) $1.0000 ($3,418.11)
Cash&Cash Equivalents FIRST AMERN GOVT OBLIG FID CIL Z#3676 FGZXX 9,002.0900 $1.0000 $9,002.09
Equities HARTFORD SCHRODERS EMRG MKT FD#3150 HHHFX 38.9310 $21.6600 $843.25
Equities ISHARES RUSSELL MIDCAP ETF IWR 11.0000 $79.2400 $871.64
Equities ISHARES S&P 500 VALUE ETF IVE 6.0000 $147.6400 $885.84
Equities ISHARES TR CORE S&P500 ETF IVV 11.0000 $429.9200 $4,729.12
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 10.2850 $82.2700 $846.15
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 40.0000 $51.5200 $2,060.80
Equities VANGUARD REAL ESTATE ETF VNQ 8.0000 $101.7900 $814.32
Equities VICTORY RS SM CAP GROW#279 RSEJX 8.1010 $103.8800 $841.53
Fixed Income ISHARES CORE US AGGREGATE BD ETF AGG 48.0000 $115.3300 $5,535.84
Fixed Income PIMCO HIGH YIELD,INSTL #108 PHIYX 41.1990 $9.1100 $375.32
Fixed Income PI MCO TOTAL RETURN INSTL #35 PTTRX 858.8110 $10.3800 $8,914.46
Fixed Income PRUDENTIAL TOTAL RTRN BD CLQ PTRQX 640.3710 $14.6900 $9,407.05
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 154.6610 $10.9600 $1,695.08
SUBTOTALS
Cash&Cash Equivalents $5,583.98
Equities $11,892.65
Fixed Income $25,927.75
TOTALS $43,404.38
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 2
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending June 30, 2021
EQUITYLARGE CAP
3-Month YTD 1-Year 3-Year 5-Year 10-Year
Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank
iShares Core S&P 500 ETF (4/17) 8.54 26 15.23 43 40.75 52 18.64 27 17.61 26 14.78 14
iShares S&P 500 Value ETF (4/17) 4.96 67 16.18 64 39.27 64 12.96 36 12.36 46 11.67 33
Vanguard Growth& Income Adm (12/16) 8.38 36 15.89 32 41.52 45 18.08 40 17.18 38 14.86 11
iShares S&P 500 Growth ETF (4/17) 11.87 25 14.20 27 41.11 48 22.87 45 21.61 51 17.08 31
S&P 500 TR USD 8.55 15.25 40.79 18.67 17.65 14.84
obb.- MID CAP EQUITY
iShares Russell Mid-Cap ETF (3/16) 7.43 14 16.15 61 49.53 56 16.29 17 15.44 22 13.06 12
Russell Mid Cap TR USD 7.50 16.25 49.80 16.45 15.62 13.24
EQUITYSMALL CAP
Undiscovered Managers Behavioral Val R6 (9/16) 4.18 49 27.85 34 84.83 16 10.16 36 12.80 37 12.70
Russell 2000 Value TR USD 4.56 -- 26.69 -- 73.28 10.27 -- 13.62 10.85
Victory RS Small Cap Growth R6 (2/19) 3.09 81 0.44 97 34.82 98 15.92 68 22.23 35 14.64
Russell 2000 Growth TR USD 3.92 -- 8.98 -- 51.36 -- 15.94 -- 18.76 -- 13.52 INTERNATIONAL --
•
Dodge&Cox International Stock 4.66 33 12.15 42 40.39 27 7.48 16 10.22 10 5.52 19
Vanguard FTSE Developed Markets ETF (9/18) 5.69 27 9.93 32 35.84 31 9.17 37 10.91 34 6.39 23
MFS International Growth R6 7.01 43 7.77 40 31.10 70 12.74 55 14.08 42 8.16 42
MSCI EAFE NR USD 5.17 -- 8.83 -- 32.35 -- 8.27 -- 10.28 -- 5.89 --
Hartford Schroders Emerging Mkts Eq F 2.90 84 6.54 72 43.85 35 13.28 26 15.03 18 5.57
I MSCI EM NR USD 5.05 -- 7.45 -- 40.90 -- 11.27 -- 13.03 -- 4.28 EQUITY --
REIT
Vanguard Real Estate ETF (4/17) 11.66 63 21.37 47 34.33 65 11.92 35 7.06 48 9.72 30
Wilshire REIT Index 12.84 -- 22.78 -- 37.52 -- 10.06 -- 6.36 -- 9.38 BOND FUNDS
iShares Core US Aggregate Bond ETF (6/21) 1.82 55 -1.64 67 -0.37 77 5.29 49 2.97 55 3.33 50
PIMCO Total Return Instl 2.09 49 -1.06 68 1.47 78 5.77 51 3.84 44 3.77 55
PGIM Total Return Bond R6 (5/16) 3.14 3 -1.44 88 2.70 47 6.24 29 4.31 22 4.76 8
Vanguard Short-Term Investment-Grade Adm 0.68 26 0.21 51 2.13 45 4.18 13 2.80 20 2.61 16
BBgBarc US Agg Bond TR USD 1.83 -- -1.60 -0.33 -- 5.34 -- 3.03 -- 3.39 --
PIMCO High Yield Instl (12/20) 2.48 52 2.54 77 12.44 76 6.89 34 6.59 40 5.99 29
ICE BofA US High Yield Mstr II Index 2.77 -- 3.70 -- 15.62 -- 7.15 -- 7.30 -- 6.53
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.
J HIGHIIIIARKO
CAPITAL MANAGEMENT