HomeMy WebLinkAbout06.a. Receive Highmark Other Post-Employment Benefits (OPEB) and pension prefunding sub-trust reports for the third quarter of calendar year 2021Page 1 of 24
Item 6.a.
F__1_448�411C_S0
November 22, 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 PREFUNDI NG SUB -TRUST REPORTS FOR THE THIRD
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 September 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). In summary, this quarter's report
reflects quarterly returns of -0.79% and 0.30% for Central San's OPEB and Pension Pre -funding sub -
trusts, respectively. The long-term targeted returns are 5.75% for the OPEB trust and 5.14% for the
Pension Pre -funding trust. In comparison, the inception -to -date returns have been 9.58% and 6.56% 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. (Attachment 2).
While not a new issue, it is worth mentioning a system limitation present in the PARS systems such that
that the "Contributions" and "Withdrawals" shown on page 2 of 17 for the OPEB Trust are significantly
overstated. This is due reasons including a transfer in account number related to the set-up of the
Pension Prefunding Trust in 2017, as well as several changes to mutual fund investment share classes
where movements of funds were reflected as withdrawals and contributions.
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
$47,192 was reported in the trust on September 30, 2021.
Strategic Plan Tie -In
GOAL THREE: Fiscal Responsibility
Strategy 1— Maintain financial stability and sustainability, , Strategy 2 — Ensure integrity and transparency in financial
management
November 22, 2021 Regular FINANCE Committee Meeting Agenda Packet - Page 139 of 167
Page 2 of 24
ATTACHMENTS:
1. Highmark Overview, Third Quarter 2021
2. PARS Investment Report, Third Quarter of 2021
November 22, 2021 Regular FINANCE Committee Meeting Agenda Packet - Page 140 of 167
Page 3 of 24
JHIGHMARK*
CAPITAL MANAGEMENT
October 19, 2021
Phil Leiber
Director of Finance and Administration
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 3Q Quarter 2021 OPEB/Pension Report
Dear Mr. Leiber,
Market Commentary
Attachment 1
The biggest "Grand Reopening" ever was put on hold this past summer thanks to an
unexpected resurgence of COVID cases despite the broad deployment of vaccines.
Beginning last November, when the first successful vaccine trials were announced, it
appeared a return to normalcy was right around the bend, and banners could be hung
on every street corner letting consumers know the economy would soon be fully open for
business once again.
With vaccine distribution in full swing by spring, this summer was shaping up to feel a lot
like the famous summer of 1969. While not exactly on the same scale, the prospect of
resuming normal activities that we all once took for granted, like taking vacations and
hugging loved ones, after a long hiatus felt like a moon landing event. Unfortunately,
expectations that vaccines would offer fortress -like immunity and receive ubiquitous
uptake among the eligible quickly gave way to a reality that both assumptions would
prove overly optimistic and the pandemic would remain a dark cloud hanging over the
economy for longer than most anticipated.
As case counts and hospitalizations grew over the summer, so did restrictions to slow
the spread. In turn, the momentum of global economic growth naturally slowed. High
frequency data that tracks mobility in places like airports, hotels and restaurants quickly
reflected the pivot in pandemic -related concern. Perhaps most importantly, snarled
supply chains, already putting heavy upward pressure on inflation, intensified over the
quarter. The bottleneck has become so pronounced that the ever-growing count of
container ships waiting to be off-loaded at U.S. ports has become a regular news story.
Disappointing economic data as the second quarter progressed led to significant
declines in estimates of third quarter U.S. real Gross Domestic Product (GDP). After
initially estimating a 6 percent annualized growth rate for most of August, the Atlanta
Federal Reserve's (Fed) measure of GDP steadily plummeted to just 1.3 percent in early
October.
Equity markets initially took the economic setback in stride, instead focusing on third-
quarter corporate profits reports that continued to inspire confidence. Nowhere was this
more apparent than domestic large cap stocks. Entering second quarter earnings
season, consensus analyst estimates for the S&P 500 Index were expecting an already
November 22, 2021 Regular FINANCE Committee Meeting Agenda Packet - Page 141 of 167
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Attachment 1
stellar year -over -year profit increase of 64 percent' according to FactSet. By the end of
the reporting season, FactSet noted, the index would see actual earnings increase by
over 90 percent -- the largest year -over -year increase since the fourth quarter of 2009.
In September, as the earnings season wound down, investors began to refocus on
deteriorating economic data and negative headlines. The tape of bad news flowed freely
with increasing attention being paid to the regulatory crackdown in China and gridlock in
Washington. By the end of the month, the S&P 500 Index would register its worst
monthly return since March of 2020, falling 4.7 percent.2
Change in China
Heading into next year's National Party Congress, where he will be looking to secure a
third term, Chinese President Xi Jinping has sought to address a number of structural
issues that are seen as obstacles to growing a robust middle-class population and
continued economic development. Under the banner of a "common prosperity" campaign
and other initiatives, China's government has taken aggressive regulatory action to reign
in what it views as an unacceptable wealth gap. Targets of these restrictive measures
have ranged broadly across the economy from China's tech giants to private tutoring
firms to insurance companies.
As Brookings Institute Senior Fellow Ryan Hass explains, "In launching a recent wave of
actions to redress social inequality and economic disparity, China's leaders may view
themselves as correcting some of the excesses of Deng's [Xiaoping] decision to "let
some people get rich first". Such efforts align with Xi's efforts to recast himself from a
princeling to a populist leader.113
China's multi -pronged policy shifts have stirred uncertainty in the world's second largest
economy and sent domestic stocks well into bear market territory from February highs.
Given the significance of China's role in the broader economy, investors are naturally
concerned about ripple effects across the global economy.
Compounding the market's jitters over China, financially distressed property developer
Evergrande has emerged as one of the larger casualties of a regulatory crackdown
focusing on curbing speculation and leverage in China's property market. With a
reported $300 billion in liabilities, some have speculated that Evergrande could become
China's equivalent of Lehman Brothers. Facing a massive restructuring, Chinese
authorities have aimed to limit Evergrande's impact on the broader economy by
signaling it intends to support the real estate market.
D.C. Drama
Washington's penchant for political brinksmanship has once again found its way into the
narrative of financial markets. Lawmakers have set themselves up for a down -to -the -wire
1https://www.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%201nsight/
Earningslnsight 070221.pdf
z Source: Morningstar Direct
3 https://www.brookings.edu/blog/order-from-chaos/2021/09/09/assessing-chinas-common-prosperity-
campaign/
November 22, 2021 Regular FINANCE Committee Meeting Agenda Packet - Page 142 of 167
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Attachment 1
stalemate over how to raise the debt ceiling in a standoff reminiscent of the same
scenario that played out in 2011. According to U.S. Treasury Secretary Janet Yellen, the
U.S. government can only afford to pay its bills until October 18 without additional
borrowing. The devastating fallout of a default on U.S. government debt could not be
understated. Secretary Yellen underscored this point in a recent television interview
saying, "I think it would be catastrophic for the economy and for individual families".'
Aside from addressing the debt ceiling, Congress will have a packed agenda in October
as it seeks to move the bipartisan infrastructure bill and President Biden's Build Back
Better budget plan across the finish line. Both pieces of legislation have important
implications for fiscal policy over the long term and will also be closely followed by
investors. As expected, the Build Back Better plan will increase taxes to pay for
spending on social and climate programs and is likely to be significantly scaled back
from the original $3.5 trillion price tag to meet the demands of moderate Democrats.
Looking Ahead
Since March of 2020, highly accommodative and globally coordinated fiscal and
monetary policies have supported a "glass half full" investor mindset towards a majority
of risk assets whenever sources of uncertainty emerged. However, as accommodative
policy is weaned over time, we expect that maintaining this sanguine disposition will
become more challenging.
Global equity markets, led by domestic stocks, have enjoyed an unusually smooth and
rapid ascent over the past eighteen months — a pattern we do not expect to continue
going forward. Rather, we expect further price appreciation but at a more modest pace,
accompanied by a normalization in volatility reflecting a growing number of risks as the
recovery cycle matures.
For now, we expect the current headwinds to economic momentum as delaying, but not
derailing, the recovery. Therefore, we remain constructive on the more economically
sensitive areas of the equity market that have been out of favor relative to more
defensive sectors.
Fixed Income Review
The third quarter was characterized by increased COVID concerns, a strong but
decelerating U.S. economic recovery, persistent inflation, Congress's inability to pass an
infrastructure bill and a move toward less accommodative global central bank policy.
Given these drawbacks, volatility significantly increased, interest rates fell substantially,
and credit spreads widened. By the end of the quarter, however, the impact of these
moves in fixed income markets reversed. Long maturity U.S. government bond rates
ended the quarter marginally lower while intermediate rates and credit spreads in
general ended the quarter slightly higher.
This basketful of risks worrying markets has weighed on forecasts for economic growth.
In fact, the Federal Reserve Open Market Committee's (FOMC) median 2021 economic
4 https://www.cnbc.com/2021/09/30/yelien-lends-support-for-effort-to-remove-the-debt-ceiling-
altogether.html.
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Attachment 1
growth forecast fell from 7% in June to 5.9% in September. Downward revisions to
growth forecasts, along with concerns over a potential Evergrande default, contributed to
a short-lived decline in U.S. Treasury interest rates and a widening in credit spreads
during the quarter.
Is Inflation Transitory? — The Market Says Yes
Inflation readings remained stubbornly high due to global supply chain disruptions, rising
oil and natural gas prices, increasing shelter costs, wage pressures within some
industries, and low -base price comparisons versus prior periods. There are, however,
some early signs of easing price pressures, including recent declines in the Manheim
Used Vehicle Value Index as well as prices for airfare and lodging away from home.
These data points, however, have not sufficed to resolve the debate among market
participants and central bankers over questions such as whether current inflationary
pressures are transitory, how long "transitory" might last or the prospect that we could be
entering a new inflation paradigm. For the time being though, the markets cautiously
agree with Federal Reserve (Fed) Chairman Powell's transitory inflation stance.
From the Gas Pedal to the Brakes
On the monetary policy front, the Fed began preparing markets for a potential tapering of
its quantitative easing (QE) asset purchase program. If the recovery remains on track,
QE tapering is expected to begin at the end of the year and conclude by mid-2022. The
tapering timeline was telegraphed by the Fed during its September policy meeting and
the tapering pace was faster than markets originally anticipated, contributing to the
increase in interest rates near the end of the quarter.
QE asset purchases are synonymous with a monetary policy that pushes the gas pedal
on economic growth, while changes to the Fed Funds rate are synonymous with pushing
the brakes on economic growth. The Fed has been clear that there is no predetermined
timeline between tapering QE and increasing the Fed Funds rate, but has noted that the
latter will require much more progress toward meeting their policy goalposts. These
goalposts were changed in August 2020 under the Fed's new policymaking framework
which seeks to achieve strong and broad -based employment outcomes, while also
allowing average inflation to exceed its long-term inflation target over an unspecified
period of time prior to triggering rate hikes.
Looking Ahead
Heading into the final quarter of 2021 and beyond into 2022, we expect a near -term
resolution to the Federal budget and debt ceiling impasse, the passage of a slimmed
down infrastructure stimulus package, decelerating yet reasonable U.S. economic
growth, the beginning of QE tapering, modestly easing core inflation pressures, and
continued improvement in corporate credit fundamentals within select industries.
We expect intermediate to longer maturity interest rates to resume their trend higher
across developed market economies as the global glut of liquidity slowly declines.
Further, we believe short- maturity interest rates in the U.S. will remain relatively stable
given our expectation that the Fed will be slower to increase short-term rates than what
is currently priced into the market.
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Attachment 1
Despite continued improvement in corporate credit fundamentals, select industries and
issuers may face declining margins and increased pressure to partake in mergers and
acquisitions or to prioritize equity holders at the expense of debt holders. With corporate
credit -spread risk premiums near their lowest level since the financial crisis, we see
limited opportunity for additional spread compression. However, opportunities exist
within select industries and issuers. Further, higher U.S. Treasury interest rates should
keep credit -spread premiums contained within a low range as yield -sensitive buyers
increase purchase activity. As such, we advocate fixed -income strategies that focus on
security selection, yield carry, and minimizing interest rate risk.
Plan Performance
The Central Contra Costa Sanitary District OPEB Plan declined -0.79% gross of
investment fees for the third quarter, which trailed the Plan's benchmark target of
-0.41 %. The fixed income segment gained 0.19%, which outperformed the Bloomberg
US Aggregate Bond Index return of .05%. Performance was supported by both high
yield (Pimco High Yield +0.78%) and three of the four other fixed income managers who
outperformed the Bloomberg Aggregate Index in the quarter. Credit spreads widened in
the first weeks of the quarter, as fears over another wave of the spread of COVID-19
emerged. There was an encouraging wave of new issuance in the latter part of the
quarter, however much of the issuance was related to the high -yield market. Inflationary
pressures also provided some pressure on yields in the quarter. Fears of tapering with
respect to quantitative easing have not led to a sell-off in fixed income, yet.
The equity segment was less rewarding for the OPEB Plan returns, as stocks declined
-1.76%. With the exception of real estate (+0.6%), and large cap equity (+0.36%) the
majority of our equity categories posted negative returns in the quarter. Higher volatility
equity markets such as emerging markets (MSCI Emerging Market Index-8.09%) and
small cap equities (Russell 2000 Index-4.36%) declined the most in the quarter.
Emerging market equities were once again primarily driven by events in China, whether
it was restrictive policies from governmental regulators, or concerns over the over -
indebted property development sector. While we reduced our emerging market equity
allocation by -1 % in the quarter, it only mitigated slightly the downside to returns. Large
cap growth stocks outperformed large cap value stocks in the quarter by roughly 2%,
however that trend showed some signs of reversing in September as large cap value
outperformed growth in the month by almost 2%. However, as the Plan maintained a
small tilt to an overweight to large cap value throughout 2Q, this negatively impacted the
Plan in the quarter. Overall the leading detractor to Plan returns in the quarter came
from the Victory Small Cap Growth Fund, which declined-10.65%.
We ended the quarter with a target asset allocation of 52% stocks, 47% 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 0.30% in the quarter,
gross of investment fees, which exceeded the District's Plan benchmark target of
-0.22%.
Andrew Brown
November 22, 2021 Regular FINANCE Committee Meeting Agenda Packet - Page 145 of 167
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Third Quarter 2021
Presented by
Andrew Brown, CFA
HIGHMARK°
CAPITAL MANAGEMENT
CCCSD — OPEB
Asset Allocation
Total Assets: $83,759,046
Period Ending: 9-30-2021
3Q21 Return: -0.79%
1 Year Return: 15.56%
Inception -to -Date Return: 9.58%
Inception Date: 4-1-2009
Plan target rate of return: 5.75%
Fixed Income
$39,205,683
45 810jo
Cash
V AF �7F)
Beginning Value
566,683.26
Contributions
106,870,307.56
Withdrawals
-65,059,697.51
Gain (Loss)
23,673,753.58
Interest and Dividends
17,707,999.45
Net Accrued Income
120,546.97
Ending Market Value
$83,879,593.31*
Equity
$43,496,989
51.930jo
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
JHIGHMARK 0
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
2
Asset Allocation - Central Contra Costa Sanitary District OPEB
As of Third Quarter 2021
Equity
51.93%
Range: 40%-60%
43, 496, 989
Large Cap Core
9.85%
IVV
iShares Core S&P 500 ETF
8,247,187
6.89%
VGIAX
Vanguard Growth & Income Adm
5,767,704
Large Cap Value
5.49%
IVE
iShares S&P 500 Value ETF
4,598,035
Large Cap Growth
4.91%
IVW
iShares S&P 500 Growth ETF
4,114,200
Mid Cap Core
4.92%
IWR
iShares Russell Mid -Cap ETF
4,119,065
Small Cap Value
4.08%
UBVFX
Undiscovered Managers Behavioral Val R6
3,416,320
Small Cap Growth
3.89%
RSEJX
Victory RS Small Cap Growth R6
3,255,582
International Core
3.69%
VEA
Vanguard FTSE Developed Markets ETF
3,088,776
International Value
1.51%
DODFX
Dodge & Cox International Stock
1,265,331
International Growth
1.52%
MGRDX
MFS International Growth R6
1,273,979
Emerging Markets
3.24%
HHHFX
Hartford Schroders Emerging Mkts Eq F
2,712,761
Real Estate
1.96%
VNQ
Vanguard Real Estate ETF
1,638,047
Fixed Income
46.81%
Range: 40%-60%
39,205,683
28.07%
Core Fixed Income Portfolio
23,511,508
Short -Term
1.78%
VFSUX
Vanguard Short -Term Investment -Grade Adm
1,493,749
Intermediate -Term
7.88%
PTTRX
PIMCO Total Return Instl
6,599,181
7.85%
PTRQX
PGIM Total Return Bond R6
6,576,972
High Yield
1.22%
PHIYX
PIMCO High Yield Instl
1,024,271
Cash
1.26%
Range: 0%-20%
1,056,375
1.26%
FGZXX
First American Government Oblig Z
1,056,375
TOTAL 100.00% $83,759,046
HIGHMARK° PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
Me 7
3
Cash Equivalents
Lipper Money Market Funds Index
Fixed Income ex Funds
Total Fixed Income
Bloomberg 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
International Equities
MSCI EAFE Index
MSCI EM Free Index
RR: RE ITS
Wilshire REIT Index
Total Managed Portfolio
CCCSD OPEB Benchmark
Selected Period Performance
CCCSD -OPEB
Period Ending: 9/30/2021
Year
Inception
to Date
to Date
3 Months
(9 Months)
1 Year
3 Years
5 Years
10 Years
04/01/2009
.01
.02
.03
.99
.99
.52
.46
.00
.00
.00
.96
.94
.48
.39
.19
-.99
.15
5.71
.19
-.86
.48
5.71
3.45
3.56
4.54
.05
-1.55
-.90
5.36
2.94
3.01
3
-1.76
11.94
31.33
13.34
14.42
14.11
14.57
.36
15.82
30.22
15.45
16.47
16.14
15.80
.58
15.92
30.00
15.99
16.90
16.63
16.79
-.95
14.99
37.87
14.08
14.08
13.80
-.93
15.17
38.11
14.22
14.39
15.52
17.09
-6.34
7.43
42.99
10.53
14.10
15.92
17.24
-4.36
12.41
47.68
10.54
13.45
14.63
15.67
-4.59
3.59
23.14
9.20
9.47
7.65
9.36
-.45
8.35
25.73
7.62
8.81
8.10
9.35
-8.09
-1.25
18.20
8.58
9.23
6.09
9.08
.60
22.03
33.42
11.28
1.64
24.79
38.04
10.39
6.97
11.30
16.73
-.79
5.88
15.56
9.78
9.03
8.87
9.58
-.41
6.22
15.31
9.40
8.74
8.63
9.52
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.
J HIGHMARK°
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
4
Fixed Income Portfolio: Statistics
As of Third Quarter 2021
CCCSD BC Aggregate Bond
OPEB Index
Weighted Average Maturity j 7.44 years 8.56 years
Effective Duration
5.89 years
2.61 %
1.70%
Aa3
6.43 years
2.50%
1.51 %
Aa2
Average Coupon
Yield to Maturity
Average Quality
HIGHMARK° PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
Me 7
Source: BondEdge
R
Fixed Income Portfolio: Sectors
As of Third Quarter 2021
40.0%
35.0% 1
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
■ CCCS❑ OPEB
■ Barclays U.S. Aggregate Bond Index
JHIGHMARKO
CAPITAL MANAGEMENT
e ,engbeF 22, 2921
Cash Treasury Agency Corp Non -Corp MBS CM❑ ABS CMBS
0.0% 29.6% 0.0% 33.5% 0.7% 21.4% 0.0% 14.1 % 0.7%
0.0% 38.0% 1.3% 25.8% 4.2% 28.4% 0.0% 0.2% 2.1 %
PARS: Central Contra Costa Sanitary District
Source: BondEdge
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Third Quarter 2021
Effective Duration
35%
30%
25%
20%
15%
10%
5%
n01-
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+
Yrs. Yrs.
■CCCSD DPEB 9.65% 18.79% 29.28% 9.59% 20.74% 11.95%
BC Aggregate Bond Index 0.36% 31.85% 25.32% 16.44% 7.74% 18.30%
JHIGHMARKO
CAPITAL MANAGEMENT
e ,engbeF 22, 2921
Effective Maturity
30%
25%
20%
15%
10%
5%
no/-
0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs.
■ CCCSD OPEB 9.65% 13.77% 19.98% 22.75% 18.46% 15.39%
BC Aggregate Bond Index 0.29% 19.19% 26.87% 14.62% 19.90% 19.12%
PARS: Central Contra Costa Sanitary District
Source: BondEdge
rN
Holdings - Reporting as of Trade Date
Account: 6746055900 - PARS/CCCSD 115P - OPEB
As of: 30-Sep-2021
Asset Type
Asset Name
Ticker
Shares/Units
Price
Market Value
Equities
DODGE & COX INTLSTOCK FD(CLSD)#1048
DODFX
26,706.0250
$47.3800
$1,265,331.46
Equities
HARTFORD SCHRODERS EMRG MKT FD#3150
HHHFX
136,251.1910
$19.9100
$2,712,761.21
Equities
ISHARES RUSSELL MIDCAP ETF
IWR
52,660.0000
$78.2200
$4,119,065.20
Equities
ISHARES S&P 500 GROWTH ETF
IVW
55,665.0000
$73.9100
$4,114,200.15
Equities
ISHARES S&P 500 VALUE ETF
IVE
31,619.0000
$145.4200
$4,598,034.98
Equities
ISHARES TR CORE S&P500 ETF
IVV
19,143.0000
$430.8200
$8,247,187.26
Equities
MFS INTERNATIONAL GROWTH R6#4805
MGRDX
28,609.4620
$44.5300
$1,273,979.34
Equities
UNDISCOVERED MGRS BEHAVL R6#3467
UBVFX
42,354.5690
$80.6600
$3,416,319.54
Equities
VANGUARD FTSE DEVELOPED MARKETS ETF
VEA
61,176.0000
$50.4900
$3,088,776.24
Equities
VANGUARD GRO & INC ADMIRALSHRS #593
VGIAX
53,399.7240
$108.0100
$5,767,704.19
Equities
VANGUARD REAL ESTATE ETF
VNQ
16,094.0000
$101.7800
$1,638,047.32
Equities
VICTORY RS SM CAP GROW #279
RSEJX
35074.1420
$92.8200
$3,255,581.86
Fixed Income
PIMCO HIGH YIELD,INSTL #108
PHIYX
112:805.2140
$9.0800
$1,024,271.34
Fixed Income
PIMCO TOTAL RETURN INSTIL #35
PTTRX
636986.6260
$10.3600
$6,599,181.45
Fixed Income
PRUDENTIAL TOTAL RTRN BD CL Q
PTRQX
450:786.3120
$14.5900
$6,576,972.29
Fixed Income
VNGRDSTTERMINVMTGRADEADM #539
VFSUX
136,665.0740
$10.9300
$1,493,749.26
Fixed Income
AMERICREDIT AUTO REC 3.580% 10/18/24
AAR3524A
140,000.0000
100.922%
$141,290.80
Fixed Income
CITIGROUP INC SR NT 6/09/27
CIS0027A
160,000.0000
99.411%
$159,057.60
Fixed Income
UNITED STATES TREA 0.00001% 10/31/25
UST0025C
215,000.0000
97.707%
$210,070.05
Fixed Income
UNITED STATES TREAS 0.000% 3/31/26
UST0026B
498,000.0000
99.293%
$494,479.14
Fixed Income
UNITED STATES TREAS 0.250% 6/15/24
UST0224B
228,000.0000
99.445%
$226,734.60
Fixed Income
UNITED STATES TREAS 0.375% 11/30/25
UST0025D
275,000.0000
98.090%
$269,747.50
Fixed Income
UNITED STATES TREAS 0.500% 2/28/26
UST0026A
129,000.0000
98.313%
$126,823.77
Fixed Income
UNITED STATES TREAS 1.250% 6/30/28
UST1228B
300,000.0000
99.789%
$299,367.00
Fixed Income
UNITED STATES TREAS 0.0001% 5/31/26
UST0026D
110,000.0000
99.160%
$109,076.00
Fixed Income
VERIZON COMMUNICATI0 2.987% 10/30/56
VC22956A
118,000.0000
92.337%
$108,957.66
Fixed Income
ACACN 2015-1A NTS 3.600% 9/15/28
A21\13627
140,204.6800
101.718%
$142,613.40
Fixed Income
ALASKA AIRLINES EQ 4.800% 2/15/29
AAE4829
119,809.5200
111.353%
$133,411.49
Fixed Income
ANDEAVOR SR GLBL 4.750% 12/15/23
TC44723
185,000.0000
106.218%
$196,503.30
Fixed Income
AT&T INC GLBL NT 3.500% 6/01/41
AIG3541
260,000.0000
102.673%
$266,949.80
Fixed Income
ATT 2013-1-2 2A 3.070% 3/15/48
A233048
155,000.0000
100.100%
$155,155.00
JHIGHMARK@
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
Holdings - Reporting as of Trade Date
Account: 6746055900 - PARS/CCCSD 115P - OPEB
As of: 30-Sep-2021
Asset Type
Asset Name
Ticker
Shares/Units
Price
Market Value
Fixed Income
AVIATION CAP GROUP 1.950% 1/30/26
ACG1926
95,000.0000
99.639%
$94,657.05
Fixed Income
BANK OF AMERICA CORP 3.194% 7/23/30
BOA3130
106,000.0000
106.405%
$112,789.30
Fixed Income
BOEING CO CR SEN SR 2.196% 2/04/26
BCC2126
175,000.0000
100.737%
$176,289.75
Fixed Income
BRITISH AIRWAYS 20134.625% 12/20/25
BA24625
103844.7100
105.524%
$109,581.09
Fixed Income
BROADSTONE NET LEASE 2.600% 9/15/31
BNL2631
250:000.0000
98.787%
$246,967.50
Fixed Income
BRUNSWICK CORP 2.400% 8/18/31
BC22431
130,000.0000
96.688%
$125,694.40
Fixed Income
CAPITAL ONE CC TR 1.720% 8/15/24
C000024
250000.0000
101.325%
$253,312.50
Fixed Income
CARVANA AUTO RECS TR 0.660% 6/12/28
CAR0628
260:000.0000
99.983%
$259,955.80
Fixed Income
CVS HEALTH CORP 5.050% 3/25/48
CHC5048
77,000.0000
128.720%
$99,114.40
Fixed Income
CYRUSONE LP/CYRUSONE 2.150% 11/01/30
CL22130
130,000.0000
93.968%
$122,158.40
Fixed Income
DARDEN RESTAURANTS 4.550% 2/15/48
DR44548
175,000.0000
115.454%
$202,044.50
Fixed Income
DEVON ENERGY CORP NE4.500% 1/15/30
DEC4530
52,000.0000
108.989%
$56,674.28
Fixed Income
DNKN 2017-1AA211 4.030%11/20/47
D2A4047
178,525.0000
105.444%
$188,243.90
Fixed Income
DRIVE AUTO REC TR 200.001% 12/15/25
DAR0025
195,000.0000
100.022%
$195,042.90
Fixed Income
ENERGY TRANSFER OPER 5.800% 6/15/38
ETO5838
125,000.0000
122.325%
$152,906.25
Fixed Income
EXETER AUTO RECV TR 0.850% 1/15/26
EAR0826
175,000.0000
100.182%
$175,318.50
Fixed Income
F&G GLOBAL FUNDING 2.000% 9/20/28
FGF2028
130,000.0000
98.457%
$127,994.10
Fixed Income
FAIRFAX US INC 4.875% 8/13/24
FUI4824
115,000.0000
109.020%
$125,373.00
Fixed Income
FGLMC#E03097 2.500% 3/01/27
E03097F
84,703.5600
104.914%
$88,865.89
Fixed Income
FGLMC#G60453 3.000% 1/01/46
G60453F
122,091.8000
107.915%
$131,755.37
Fixed Income
FGLMC#J30401 3.000% 1/01/30
J30401F
94,006.5100
106.453%
$100,072.75
Fixed Income
FGLMC #Q13204 3.000% 11/01/42
Q13204F
92,025.6000
108.126%
$99,503.60
Fixed Income
FHLMC G08823 3.500% 7/01/48
G08823F
85,655.4800
106.067%
$90,852.20
Fixed Income
FHLMC G14702 2.5000% 3/1/2023
G14702F
27,413.6300
104.146%
$28,550.20
Fixed Income
FHLMC G15252 3.000% 12/01/29
G15252F
79,697.2000
106.459%
$84,844.84
Fixed Income
FHLMC Q38373 3.500% 1/01/46
Q38373F
69,670.5600
108.070%
$75,292.97
Fixed Income
FHLMC RB5091 2.500% 11/01/40
RB5091A
354,927.4000
103.392%
$366,966.54
Fixed Income
FHLMC SB0380 3.500% 2/01/34
SB0380A
103,533.4100
108.140%
$111,961.03
Fixed Income
FHLMC SB8006 3.000% 9/01/34
SB8006A
96,915.5100
105.524%
$102,269.12
Fixed Income
FHLMC V60586 3.0000% 8/1/2029
V60586F
84,232.6200
106.296%
$89,535.91
Fixed Income
FIRST HORIZON CORPOR4.000% 5/26/25
FHC4025
145,000.0000
109.112%
$158,212.40
JHIGHMARK@
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
9
Holdings - Reporting as of Trade Date
Account: 6746055900 - PARS/CCCSD 115P - OPEB
As of: 30-Sep-2021
Asset Type
Asset Name
Ticker
Shares/Units
Price
Market Value
Fixed Income
FNMA #MA3238 3.500% 11/01/47
MA3238A
54,805.1000
106.119%
$58,158.62
Fixed Income
F N MA A L8174 3.5000% 2/1/2046
AL8174A
166,512.1200
108.434%
$180,555.75
Fixed Income
FN MA AL8924 3.0000% 12/1/2030
AL8924A
135,325.6500
105.518%
$142,792.92
Fixed Income
F N MA A L9376 3.0000% 8/1/2031
AL9376A
77,255.3300
105.710%
$81,666.61
Fixed Income
FNMAAL9861 3.000% 8/01/30
AL9861A
192,211.4700
105.624%
$203,021.44
Fixed Income
FNMAAS4916 3.000% 5/01/30
AS4916A
131,769.9700
105.760%
$139,359.92
Fixed Income
FNMA AS7729 3.0000% 8/1/2046
AS7729A
127,730.1100
107.137%
$136,846.21
Fixed Income
FNMA AT0293 3.0000% 3/1/2043
AT0293A
89,450.7600
108.086%
$96,683.75
Fixed Income
FNMA BC 1486 3.0000% 8/1/2046
BC1486A
118433.6400
107.135%
$126,883.88
Fixed Income
FNMA BM4913 3.000% 5/01/46
BM4913A
68:491.8900
106.627%
$73,030.85
Fixed Income
FNMA CA6348 2.500% 7/01/50
CA6348A
232140.1600
103.430%
$240,102.57
Fixed Income
FNMA CA6638 2.500% 8/01/50
CA6638A
301:837.0300
103.196%
$311,483.74
Fixed Income
FNMA CA6801 2.500% 8/01/50
CA6801A
328319.7900
103.368%
$339,377.60
Fixed Income
FNMA CA7231 2.500% 10/01/50
CA7231A
272:233.5100
103.445%
$281,611.95
Fixed Income
FNMA FM3494 2.500% 4/01/48
FM3494A
130783.2500
103.704%
$135,627.46
Fixed Income
FNMA MA2730 2.500% 8/01/46
MA2730A
302:024.9600
103.305%
$312,006.88
Fixed Income
FNMA MA27792.0000% 10/1/2026
MA2779A
56,115.5800
103.072%
$57,839.45
Fixed Income
FNMA MA2895 3.000% 2/01/47
MA2895A
76,784.7200
105.944%
$81,348.80
Fixed Income
FNMA MA3210 3.500% 11/01/47
MA3210A
51,666.9900
106.490%
$55,020.18
Fixed Income
FNMA MA3313 3.500% 3/01/33
MA3313A
42,119.2000
107.087%
$45,104.19
Fixed Income
FNMA MA3332 3.500% 3/01/48
MA3332A
70,184.5800
106.296%
$74,603.40
Fixed Income
FNMA MA3489 3.500% 10/01/33
MA3489A
39,670.0800
106.938%
$42,422.39
Fixed Income
FNMA MA3536 4.000% 12/01/48
MA3536A
19,651.5600
107.191%
$21,064.70
Fixed Income
FNMA MA4123 2.000% 9/01/35
MA4123A
219,099.5800
103.072%
$225,830.32
Fixed Income
FNMA UMBS INT 2.000% 8/01/36
CB1446A
208,670.5100
103.818%
$216,637.55
Fixed Income
FORD CR AUTO OWN TR 1.870% 3/15/24
FCA0024
113,237.5100
100.862%
$114,213.62
Fixed Income
FORD CREDIT FLRPLN 3.040% 3/15/24
FCF3024
145,000.0000
101.228%
$146,780.60
Fixed Income
GM ANLAUTO LEASE 2.040% 12/20/23
GFA2023
235,000.0000
101.337%
$238,141.95
Fixed Income
GOLDMAN SACHS BDS 3.691% 6/05/28
GSB3628
110,000.0000
110.073%
$121,080.30
Fixed Income
HASBRO INC 3.550% 11/19/26
H133526
100,000.0000
108.859%
$108,859.00
Fixed Income
HCA INC NTS 5.375% 2/01/25
HIN5325
105,000.0000
111.750%
$117,337.50
JHIGHMARK@
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
10
Holdings - Reporting as of Trade Date
Account: 6746055900 - PARS/CCCSD 115P - OPEB
As of: 30-Sep-2021
Asset Type
Asset Name
Ticker
Shares/Units
Price
Market Value
Fixed Income
HELMERICH & PAYNE IN 2.900% 9/29/31
HP12931
95,000.0000
100.231%
$95,219.45
Fixed Income
HONDA AUTO RECV 20183.160% 8/19/24
HAR3124
118,516.7200
100.120%
$118,658.94
Fixed Income
LOS ANGELES REV BDS 6.574% 7/01/45
LAR6545
100,000.0000
161.569%
$161,569.00
Fixed Income
MOTOROLA SOLUTIONS 5.500% 9/01/44
MS55544
95,000.0000
130.295%
$123,780.25
Fixed Income
MVW 2020-1 1.740% 10/20/37
M211737
189,265.1400
101.115%
$191,375.45
Fixed Income
NATIONAL FUEL GAS CO 2.950% 3/01/31
NFG0031
145,000.0000
101.256%
$146,821.20
Fixed Income
NGPL PIPECO LLC SR 3.250% 7/15/31
NPL3231
135,000.0000
102.460%
$138,321.00
Fixed Income
ONE GAS INC SR NT 1.100% 3/11/24
OG11124
175,000.0000
100.005%
$175,008.75
Fixed Income
PACIFIC GAS & ELEC 3.150% 1/01/26
PGE3126
125,000.0000
103.331%
$129,163.75
Fixed Income
PENN MUTUAL LIFE INS 3.800% 4/29/61
PML3861
175,000.0000
104.026%
$182,045.50
Fixed Income
PHYSICIANS RLTY LP 3.950% 1/15/28
PRL3928
170,000.0000
109.809%
$186,675.30
Fixed Income
SANTANDER RENGATLN 2.800% 1/26/32
SRA2832
230,000.0000
104.628%
$240,644.40
Fixed Income
SANTANDER RETAILAUT3.660% 5/20/24
SRA3624
270000.0000
101.313%
$273,545.10
Fixed Income
SBA TOWER TRUST 1.631% 5/15/51
STT1651
140:000.0000
99.749%
$139,648.60
Fixed Income
SCHWAB CHARLES F/R 4.000%
SCC0049
145,000.0000
104.250%
$151,162.50
Fixed Income
SPRINT SPECTRUM CO 4.738% 9/20/29
SSC4729
175,000.0000
106.800%
$186,900.00
Fixed Income
TAOT2019-CA3 MTGE 1.910% 9/15/23
T2A1923
133,160.9400
100.738%
$134,143.67
Fixed Income
TIME WARNER CABLE NT 7.300% 7/01/38
TWC7338
125,000.0000
143.452%
$179,315.00
Fixed Income
TOYOTA AUTO RECV OWN 2.520% 5/15/23
TAR2523
58,829.8300
100.535%
$59,144.57
Fixed Income
TRI-STATE GENERATION 6.000% 6/15/40
TG66040
115,000.0000
137.100%
$157,665.00
Fixed Income
UNITEDAIRI4-2A 3.750%9/03/26
UA13726
99,430.3000
105.164%
$104,564.88
Fixed Income
UNITED STATES TREAS 0.750% 1/31/28
UST0728
900,000.0000
97.106%
$873,954.00
Fixed Income
UNITED STATES TREAS 0.875% 9/30/26
UST0826
400,000.0000
99.461%
$397,844.00
Fixed Income
UNITED STATES TREAS 1.625% 5/15/31
UST1631
2,244,000.0000
101.172%
$2,270,299.68
Fixed Income
UNITED STATES TREAS 1.625% 10/31/26
UST1626
150,000.0000
103.070%
$154,605.00
Fixed Income
UNITED STATES TREAS 2.250% 5/15/41
UST2241
280,000.0000
103.984%
$291,155.20
Fixed Income
UNTD AIR 2013-1 4.300% 8/15/25
UA24325
163,239.6400
107.345%
$175,229.59
Fixed Income
VERIZON OWNERTR 1.940% 4/20/24
VOT0024
400,000.0000
100.985%
$403,940.00
Fixed Income
WESTLAKE AUTO RECV 4.000% 10/16/23
WAR4023
139,181.3700
101.020%
$140,601.02
Fixed Income
WESTLAKE CHEM CORP 0.001% 8/15/51
WCC0051
105,000.0000
94.337%
$99,053.85
Fixed Income
WORLD OMNI AUTO 2.500% 4/17/23
WOA2523
48,967.7700
100.290%
$49,109.78
JHIGHMARK@
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
11
Holdings - Reporting as of Trade Date
Account: 6746055900 - PARS/CCCSD 115P - OPEB
As of: 30-Sep-2021
Asset Type
Asset Name
Ticker
Shares/Units
Price
Market Value
Fixed Income
ANHEUSER-BUSCH INBEV WLDW IN
BUD/42
125,000.0000
123.539%
$154,423.75
Fixed Income
BLOCK FIN LCORP BDS 5.250% 10/01/25
HRB/25
80,000.0000
112.725%
$90,180.00
Fixed Income
COMMONWEALTH EDISON 5.875% 2/01/33
EXC/33
115,000.0000
130.583%
$150,170.45
Fixed Income
HESS CORP
HES/33
175,000.0000
135.232%
$236,656.00
Fixed Income
PETRO-CDA NT 6.800% 5/15/38
SU/38
120000.0000
141.432%
$169,718.40
Fixed Income
PLAINS ALL AMERN PIP 6.700% 5/15/36
PAA36
140:000.0000
124.783%
$174,696.20
Fixed Income
BANK OF NOVA SCOTIA
90,000.0000
107.500%
$96,750.00
Fixed Income
BOARDWALK PIPELINES 4.800% 5/03/29
125,000.0000
114.491%
$143,113.75
Fixed Income
BRITISH AIRWAYS PLC 3.300% 6/15/34
104836.4500
101.351%
$106,252.79
Fixed Income
DELTA AIR LINES 2.500% 12/10/29
109:156.9400
100.466%
$109,665.39
Fixed Income
FEDERAL EX CORP 1.875% 8/20/35
137,246.4800
98.808%
$135,610.50
Fixed Income
JPMORGAN CHASE & CO 3.650%
155,000.0000
100.500%
$155,775.00
Fixed Income
PNC FINLSVCS GROUP 3.400%
135,000.0000
99.750%
$134,662.50
Fixed Income
QORVO INC 4.375% 10/15/29
30,000.0000
109.000%
$32,700.00
Fixed Income
SPIRITAIRLINES 2017-1
89,172.6400
98.226%
$87,590.72
Fixed Income
TRUIST FINLCORP F/R 5.125%
115,000.0000
107.750%
$123,912.50
Fixed Income
UNITED STATES TREAS 1.875% 2/15/51
476,000.0000
95.359%
$453,908.84
Fixed Income
US TREAS NTS 1.625% 8/15/29
791,000.0000
101.852%
$805,649.32
Fixed Income
ZIONS BANCORPORATION 4.500% 6/13/23
95,000.0000
105.659%
$100,376.05
$23, 511, 508.24
Cash & Cash Equivalents
CASH
(30,801.2700)
$1.0000
($30,801.27)
Cash&Cash Equivalents
FIRSTAMERNGOVTOBLIGFDCLZ#3676
FGZXX
1,087,176.2600
$1.0000
$1,087,176.26
SUBTOTALS
Cash & Cash Equivalents
$1,056,374.99
Equities
$43,496, 988.75
Fixed Income
$39,205,682.58
TOTALS
$83, 759, 046.32
JHIGHMARK@
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
12
CCCSD — Pension
Asset Allocation
Total Assets: $47,142
Period Ending: 9/30/2021
3Q21 Return: 0.30%
1 Year Return: 8.95%
Inception -to -Date Return: 6.56%
Inception Date: 9-1-2017
Plan target rate of return: 5.14%
Fixed I
$31, 766
67.380/,
Cash
$542
1 1 501
Beginning Value
Contributions
Withdrawals
Gain (Loss)
Interest and Dividends
Net Accrued Income
Ending Market Value
Equity
ItiA R34
TO
3,359,081.81
7,245,356.05
-12,944,329.17
1,454,637.41
932,395.45
50.67
$47,192.22*
* Ending Market Value differs from total market value on page 14 due to differences in reporting methodology. The above ending market value includes
a cruals.
HIGHMARK° PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
13
Asset Allocation - Central Contra Costa Sanitary District Pension
As of Third Quarter 2021
Equity
31.47%
Range: 20%-40 %
14,834
Large Cap Core
10.05%
IVV
iShares Core S&P 500 ETF
4,739
2.95%
VGIAX
Vanguard Growth & Income Adm
1,392
Large Cap Value
1.54%
IVE
iShares S&P 500 Value ETF
727
1.08%
DODFX
Dodge & Cox International Stock
510
Large Cap Growth
0.94%
IVW
iShares S&P 500 Growth ETF
443
Mid Cap Core
2.82%
IWR
iShares Russell Mid -Cap ETF
1,330
Small Cap Value
2.54%
UBVFX
Undiscovered Managers Behavioral Val R6
1,198
Small Cap Growth
2.50%
RSEJX
Victory IRS Small Cap Growth R6
1,177
International Core
2.25%
VEA
Vanguard FTSE Developed Markets ETF
1,060
International Growth
1.07%
MGRDX
MFS International Growth R6
505
Emerging Markets
1.99%
HHHFX
Hartford Schroders Emerging Mkts Eq F
937
Real Estate
1.73%
VNQ
Vanguard Real Estate ETF
814
Fixed Income
67.38%
Range: 50%-80%
31,766
Short -Term
3.60%
VFSUX
Vanguard Short -Term Investment -Grade Adm
1,698
12.91 %
AGG
iShares Core US Aggregate Bond ETF
6,086
Intermediate -Term
24.37%
PTTRX
PIMCO Total Return Instl
11,489
24.25%
PTRQX
PGIM Total Return Bond R6
11,432
High Yield
2.25%
PHIYX
PIMCO High Yield Instl
1,061
Cash
1.15%
Range: 0%-20%
542
1.15%
FGZXX
First American Government Oblig Z
542
TOTAL 100.00% $47,142
HIGHMARK° PARS: Central Contra Costa Sanitary District 14
CAPITAL MANAGEMENT
Me 7
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account 6746055901
Period Ending: 9/30/2021
Year
Inception
to Date
to Date
3 Months
(9 Months)
1 Year
3 Years
09/01/2017
Cash Equivalents
.00
.02
.03
1.00
1.09
Lipper Money Market Funds Index
.00
.00
.00
.96
1.05
Total Fixed Income
.11
-1.39
-.13
5.52
3.71
Bloomberg US Aggregate Bd Index
.05
-1.55
-.90
5.36
3.48
Total Equities
-2.03
8.68
27.83
12.21
12.59
Large Cap Funds
.32
12.49
26.55
14.39
15.18
S&P 500 Composite Index
.58
15.92
30.00
15.99
16.69
Mid Cap Funds
-1.23
11.70
33.95
13.02
13.52
Russell Midcap Index
-.93
15.17
38.11
14.22
14.61
Small Cap Funds
-5.71
4.04
38.38
9.07
12.28
Russell 2000 Index
-4. 36
12.41
47.68
10.54
13.11
International Equities
-4.18
3.26
22.79
9.01
6.92
MSCI EAFE Index
-.45
8.35
25.73
7.62
6.89
MSCI EM Free Index
-8.09
-1.25
18.20
8.58
5.92
RR: RE ITS
.64
22.32
33.57
11.42
8.63
Wilshire REIT Index
1.64
24.79
38.04
10.39
8.55
Total Managed Portfolio
.30
2.75
8.95
7.93
6.56
CCCSD Pension Benchmark
-.22
3.25
8.83
7.58
6.53
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% MIL 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
Jguarantee, and may lose value.
HIGHMARK@
PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
15
Asset Type
Cash & Cash Equivalents
Cash & Cash Equivalents
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Equities
Fixed Income
Fixed Income
Fixed Income
Fixed Income
Fixed Income
SUBTOTALS
Cash & Cash Equivalents
Equities
Fixed Income
TOTALS
JHIGHMARK@
CAPITAL MANAGEMENT
Holdings - Reporting as of Trade Date
Account: 6746055901- PARS/CCCSD 115P - PENSION
As of: 30-Sep-2021
Asset Name
Ticker
Shares/Units
Price
Market Value
CASH
(50.6600)
$1.0000
($50.66)
FIRSTAMERNGOVTOBLIGFDCLZ#3676
FGZXX
592.2100
$1.0000
$592.21
DODGE & COX INTL STOCK FD(CLSD)#1048
DODFX
10.7740
$47.3800
$510.47
HARTFORD SCHRODERS EMRG MKT FD#3150
HHHFX
47.0450
$19.9100
$936.67
ISHARES RUSSELL MIDCAP ETF
IWR
17.0000
$78.2200
$1,329.74
ISHARES S&P 500 GROWTH ETF
IVW
6.0000
$73.9100
$443.46
ISHARES S&P 500 VALUE ETF
IVE
5.0000
$145.4200
$727.10
ISHARES TR CORE S&P500 ETF
IVV
11.0000
$430.8200
$4,739.02
MFS INTERNATIONAL GROWTH R6#4805
MGRDX
11.3420
$44.5300
$505.06
UNDISCOVERED MGRS BEHAVL R6#3467
UBVFX
14.8560
$80.6600
$1,198.28
VANGUARD FTSE DEVELOPED MARKETS ETF
VEA
21.0000
$50.4900
$1,060.29
VANGUARD GRO & INC ADMIRAL SHRS #593
VGIAX
12.8890
$108.0100
$1,392.14
VANGUARD REAL ESTATE ETF
VNQ
8.0000
$101.7800
$814.24
VICTORY IRS SM CAP GROW #279
RSEJX
12.6830
$92.8200
$1,177.24
ISHARES CORE US AGGREGATE BD ETF
AGG
53.0000
$114.8300
$6,085.99
PIMCO HIGH YIELD,INSTL #108
PHIYX
116.8620
$9.0800
$1,061.11
PIMCO TOTAL RETURN INSTIL #35
PTRRX
1,108.9920
$10.3600
$11,489.16
PRUDENTIAL TOTAL RTRN BD CL Q
PTRQX
783.5770
$14.5900
$11,432.39
VNGRD ST TERM I NVMT GRADE ADM #539
VFSUX
155.3200
$10.9300
$1,697.65
PARS: Central Contra Costa Sanitary District
$541.55
$14,833.71
$31, 766.30
$47,141.56
16
CENTRAL CONTRA COSTA SANITARY DISTRICT
September 30, 2021
EQUITYLARGE CAP
3-Month
YTD
1-Year
3-Year
5-Yea r
10-Yea r
Fund Name
Inception
Return
Rank
Return
Rank
Return Rank
Return
Rank
Return
Rank
Return
Rank
iShares Core S&P 500 ETF
(4/17)
0.57
22
15.89
37
29.96
50
15.96
28
16.86
21
16.58
15
iShares S&P 500 Value ETF
(4/17)
-0.89
51
15.14
62
31.77
64
10.52
35
11.52
43
13.57
27
Vanguard Growth & Income Adm
(12/16)
-0.02
56
15.87
38
30.34
44
15.05
48
16.31
38
16.62
13
iShares S&P 500 Growth ETF
(4/17)
1.81
11
16.27
12
28.62
32
20.03
46
20.93
45
18.74
35
S&P 500 TR USD
1�01
0.58
--
15.92
MID
-
CAP EQUITY
30.00
FUNDS
-
15.99
-
16.90
16.63
Shares Russell Mid -Cap ETF
(3/16)
-0.98
41
15.02
57
37.85
61
14.06
15
14.22
21
15.34
12
Russell Mid Cap TR USD
-0.93
--
15.17
38.11
-
14.22
-
14.39
-
15.52
-
SMALL
CAP EQUITY
Undiscovered Managers Behwioral Val R6
(9/16)
-1.96
48
25.35
34
79.57
10
8.43
41
10.79
39
15.66
Russell 2000 Value TR USD
-2.98
--
22.92
63.92
-
8.58
-
11.03
-
13.22
-
Victory IRS Small Cap Growth R6
(2/19)
-10.65
96
-10.25
99
10.00
100
9.64
90
17.13
56
16.34
Russell 2000 Growth TR USD
-5.65
--
2.82
33.27
-
11.70
-
15.34
-
15.74
INTERNATIONAL-
•
Dodge & Cox International Stock
-3.33
84
8.42
58
35.19
24
5.99
20
7.39
29
7.77
18
Vanguard FTSE Developed Markets ETF
(9/18)
-1.52
53
8.26
34
26.60
25
8.22
39
9.21
29
8.64
28
MFS International Growth R6
-3.05
77
4.48
64
16.58
78
10.78
77
11.97
45
10.21
49
MSCI EAFE NR USD
-0.45
8.35
25.73
--
7.62
--
8.81
8.10
Hartford Schroders Emerging Mkts Eq F
-8.08
60
-2.07
71
18.86
56
10.59
31
10.92
23
7.53
IMSCI EM NR USD
-8.09
-1.25
18.20
8.58
9.23
6.09
EQUITYREIT
Vanguard Real Estate ETF
(4/17)
0.68
59
22.19
48
33.49
48
11.97
42
7.52
47
11.53
33
Wilshire REIT Index
1.64
24.79
38.04
10.39
6.97
11.30
iShares Core US Aggregate Bond ETF
(6/21)
0.06
31
-1.58
61
-0.93
70
5.30
50
2.89
57
2.95
60
PIMCO Total Return Instl
0.30
14
-0.77
54
0.28
77
5.85
45
3.65
41
3.92
36
PGIM Total Return Bond R6
(5/16)
-0.01
75
-1.45
89
0.90
58
6.27
24
4.02
22
4.58
11
Vanguard Short -Term Investment -Grade Adm
0.14
35
0.35
44
1.34
41
4.02
18
2.71
23
2.64
19
Bloomberg US Agg Bond TR USD
0.05
-1.55
-0.90
5.36
2.94
3.01
PIMCO High Yield Instl
(12/20)
0.78
33
3.35
74
8.97
73
6.25
37
5.72
40
6.75
31
ICE BofA US High Yield Mstr II Index
0.94
4.67
11.46
6.62
6.35
7.33
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.
JHIGHMARK 0
PARS: Central Contra Costa
Sanitary District
17
CAPITAL MANAGEMENT