HomeMy WebLinkAbout04.a Receive Highmark Other Post-Employment Benefits (OPEB) and Pension Prefunding Sub-Trust Reports for the Fourth Quarter of Calendar Year 2023Page 1 of 37
Item 4.a.
F__1_448�411C_S0
February 27, 2024
TO: FINANCE COMMITTEE
FROM: KEVIN MIZUNO, FINANCE MANAGER
REVIEWED BY: PHILIP LEIBER, DEPUTYGENERAL MANAGER -ADMINISTRATION
ROGER S. BAILEY, GENERAL MANAGER
SUBJECT: RECEIVE HIGHMARK OTHER POST -EMPLOYMENT BENEFITS (OPEB)
AND PENSION PREFUNDING SUB -TRUST REPORTS FOR THE FOURTH
QUARTER OF CALENDAR YEAR 2023
Highmark joining PFM Asset Management
In January 2024 Central San was notified that HighMark, its OPEB and Pension-Prefunding trust
investment manager, was joining PFM Asset Management (PFMAM) effective January 1, 2024. It was
communicated that this change is part of the larger transfer of HighMark's institutional advisory businesses
to PFMAM on that date. This change is ultimately connected to U.S. Bank's acquisition of Union Bank in
December 2022 (HighMark being a subsidiary of Union Bank at that time) and U.S. Bank's acquisition of
PFMAM a year prior in December 2021.
A registered investment advisor with over 40 years of experience advising public and non-profit institutions,
PFMAM has over $166 billion in assets under management and over $49 billion in assets under
administration. Central San has been assured there will be no change to its investment strategy or
portfolio's asset allocation, and investments will continue to be managed by portfolio managers from
HighMark, who have joined the PFMAM team. Accordingly, Mr. Andrew Brown continues to be the main
point of contact for investment management services for Central San staff.
Performance Assessment
Attached is the Quarterly Market Summary prepared by PFMAM (Attachment 1) providing a current and
prospective outlook on the economy and the markets. Additionally, attached hereto (Attachment 2) is the
OPEB and Pension Pre -funding sub -trust investment reports for the quarter ending December 31, 2023.
In summary, this quarter's report reflects a quarterly return of 9.33 percent and 7.76 percent for Central
San's OPEB and Pension Pre -funding sub -trusts, respectively. For the past year (last 12 months), annual
returns were 13.27 percent and 10.25 percent for the OPEB and Pension Pre -funding sub -trusts,
respectively. The long-term targeted annual returns are 5.75 percent for the OPEB trust and 5.14 percent
for the Pension Pre -funding trust. In comparison, the inception -to -date annual returns have been 8.10
percent and 3.69 percent for the OPEB and Pension Pre -funding sub -trusts respectively.
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 156 of 196
Page 2 of 37
Consistent with the Board -approved FY 2022-23 budget plan (and the year prior), the excess of OPEB
costs above and beyond the actuarially determined contribution (ADC) was claimed from the OPEB trust
following the close of FY2022-23. With total FY2022-23 pay -go retiree OPEB premiums estimated to be
approximately $4.6 million, Central San claimed a reimbursement of approximately $81 thousand from the
OPEB trust in July 2023. Since then, inclusive of this reimbursement and market gains/losses, the OPEB
trust reported a market balance of $85.7 million as of December 31, 2023.
As approved by the Board, nearly the entire balance of the Pension Pre -funding trust was liquidated
to help finance the payoff of Central San's unfunded actuarial accrued liability (UAAL) totaling
approximately $70.8 million. I n October 2023 the Board authorized an additional contribution of $1 million
into the pension pre -funding trust utilizing favorable variances from the prior year (FY 2022-23). These
contributions commenced in November 2023 and will be spread evenly throughout the remainder of the
fiscal year. Inclusive of these newly authorized contributions as well as market gains/losses, the pension
pre -funding trust reported a market balance of approximately $175 thousand as of December 31, 2023.
While not a new issue, staff emphasizes that a Public Agency Retirement Services (PARS)
system limitation results in "Contributions" and "Withdrawals" for the OPEB Trust appearing
significantly overstated on page 2 of 24 in Attachment 2. This is caused by two issues: (1) a change in
account number related to the establishment of the Pension Pre -funding trust in 2017, and (2) several
changes to mutual fund investment share classes where movements of funds were reflected as
withdrawals and contributions.
Strategic Plan re -In
GOAL FOUR: Governance and Fiscal Responsibility
Strategy 1 - Promote and uphold ethical behavior, openness, and accessibility, Strategy 3 - Maintain financial stability
and sustainability
ATTACHMENTS:
1. Quarterly Market Summary - Quarter ended 12/31 /23
2. Investment Report - Quarter ended 12/31 /23
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 157 of 196
Attachment 1
pfm) asset
management
For the Quarter Ended December 31, 2023
QUARTERLY MARKET SUMMARY Multi -Asset Class Management
QTD
YTD
I Year
3 Years
5 Years
7 Years
10 Years
S&P 500
11.69%
26.29%
26.29%
10.00%
15.69%
13.42%
12.03%
Russell 3000 Index
12.07%
25.96%
25.96%
8.54%
15.16%
12.81 %
11.48%
Russell 1000 Value Index
9.50%
11.46%
11.46%
8.86%
10.91 %
8.32%
8.40%
Russell 1000 Index
11.96%
26.53%
26.53%
8.97%
15.52%
13.21 %
11.80%
Russell 1000 Growth Index
14.16%
42.68%
42.68%
8.86%
19.50%
17.68%
14.86%
Russell Midcap Index
12.82%
17.23%
17.23%
5.92%
12.68%
10.07%
9.42%
Russell 2000 Value Index
15.26%
14.65%
14.65%
7.94%
10.00%
6.10%
6.76%
Russell 2000 Index
14.03%
16.93%
16.93%
2.22%
9.97%
7.33%
7.16%
Russell 2000 Growth Index
12.75%
18.66%
18.66%
-3.50%
9.22%
8.08%
7.16%
MSCI EAFE (Net)
10.42%
18.24%
18.24%
4.02%
8.16%
6.91%
4.28%
MSCI AC World Index (Net)
11.03%
22.20%
22.20%
5.75%
11.72%
10.05%
7.93%
MSCI AC World ex USA (Net)
9.75%
15.62%
15.62%
1.55%
7.08%
6.33%
3.83%
MSCI AC World ex USA Small Cap (Net)
10.12%
15.66%
15.66%
1.49%
7.89%
6.70%
4.88%
MSCI EM (Net)
7.86%
9.83%
9.83%
-5.08%
3.68%
4.98%
2.66%
FTSE NAREIT Equity REIT Index
16.22%
13.73%
13.73%
7.21 %
7.39%
5.28%
7.65%
FTSE EPRA/NAREIT Developed Index
15.59%
10.85%
10.85%
2.16%
3.80%
3.57%
4.52%
FTSE Global Core Infrastructure 50/50 Index (Net)
10.85%
2.21 %
2.21 %
3.76%
6.04%
6.21 %
5.93%
Bloomberg Commodity Index Total Return
-4.63%
-7.91 %
-7.91 %
10.76%
7.23%
3.59%
-1.11
Blmbg. U.S. Aggregate
6.82%
5.53%
5.53%
-3.31%
1.10%
1.29%
1.81
Blmbg. U.S. Government/Credit
6.63%
5.72%
5.72%
-3.53%
1.41 %
1.52%
1.97%
Blmbg. Intermed. U.S. Government/Credit
4.56%
5.24%
5.24%
-1.63%
1.59%
1.57%
1.72%
Blmbg. U.S. Treasury: 1-3 Year
2.56%
4.29%
4.29%
-0.10%
1.28%
1.20%
1.04%
Blmbg. U.S. Corp: High Yield
7.16%
13.45%
13.45%
1.98%
5.37%
4.57%
4.60%
ICE BofAML Global High Yield Constrained (USD)
7.61 %
13.41 %
13.41 %
-0.08%
4.13%
3.86%
3.66%
Blmbg. Global Aggregate Ex USD
9.21 %
5.72%
5.72%
-7.21 %
-1.56%
1.97%
-0.79%
JPM EMBI Global Diversified
9.16%
11.09%
11.09%
-3.56%
1.67%
1.97%
3.22%
90 Day U.S. Treasury Bill
1.37%
5.02%
5.02%
2.15%
1.88%
1.73%
1.24%
Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.
Fehwafye2ff,i0WRegWaq F4bfA-NGEcGommktaeAdeetbVrAgemdaiRackeI 9RpgiBhi56aoEfri196not for inspection by, distribution to, or quotation to the general public.
Attachment 1
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THE ECONOMY
QUARTERLY MARKET SUMMARY
► In the third quarter, U.S. gross domestic product (GDP) grew at an annualized rate
of 4.9%, marking the strongest growth since the fourth quarter of 2021, as resilient
consumer spending drove the economy. This is above global growth estimates of 3.0%,
which have been buoyed by emerging markets (EM) and developing economies.
► The U.S. labor market remains strong, ending the quarter with 3.7% unemployment
rate that is in line with September's reading and a 62.5% participation rate, which is a
slight decrease from last quarter. The number of job openings to unemployed ratio fell to 0
1.40, down from its high of 2.0 in 2022. o
No. Headline inflation (CPI) cooled over the quarter, with a year -over -year (YoY) rate
of 3.1 % in November, down from 3.7% at the end of the second quarter. These cooler
readings came in large part from falling energy prices which dropped 5.4% in November,
the less volatile core inflation reading (which excludes food and energy) still tells the same
story of cooling over the quarter but shows a slightly higher level of inflation at 4.0% YoY.
► Through the strong labor market and continued growth, consumer confidence saw
relative improvement. The Michigan Consumer Sentiment survey ended the quarter at
69.7, up 8.4 year-to-date, though below the long-term average. Consumers savings and
income standpoint remain strong, but debt levels and defaults are increasing.
N
0)
c
co
U
0
i
O
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Dec-19
U.S. Inflation Rate
Dec-20 Dec-21 Dec-22
Core CPI
Source: Bureau of Labor Statistics.
CPI
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
Global GDP Growth
-4.0%
o� a�' a`' a� ao�a �� ��
�o �o ^a ^a ^a �o �o �o �o �o �o �o �o �o �o �o �o
M
Source: IMF. Dark blue bars indicate actual numbers; light blue bars indicate forecasted
estimates.
64%
62%
60%
58%
Jan-19
U.S. Prime Age Labor Force Participation Rate 25-53 Years
Seasonally Adjusted (SA)
Jan-20 Jan-21 Jan-22 Jan-23
Source: Bureau of Labor Statistics.
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Attachment 1
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WHAT WERE WATCHING
QUARTERLY MARKET SUMMARY
► After a total of four hikes this year, the final quarter closed out with the Federal
Open Market Committee (FOMC) on pause with member expectations that the policy
rate is at or near its peak. Looking forward, the median dot plot projection shows 75
basis points (bps) of cuts for 2024 as inflation and economic growth slow. Globally, most
major central banks also held rates steady, with European Central Bank (ECB) and Bank
of England (BOE) both pausing despite increasing pressure from poor economic growth.
No. The U.S. saw manufacturing conditions worsen during the quarter as ISM U.S.
Manufacturing fell to 47.4 in December, marking the fourteenth month of contractionary
readings as producers saw diminishing demand for their goods, amid high borrowing
costs and continued inflation. Services weakened slightly over the quarter but remain
expansionary at 50.6.
► Globally, conditions varied. The HCOB Eurozone manufacturing PMI improved
over the quarter but remained in sharply contractionary territory, at 44.4. The Eurozone
services PMI continued to struggle, remaining flat at 48.8 for year end. Meanwhile,
China's Caxin manufacturing PMI inched up over the quarter, with an expansionary
reading of 50.8 after a dip into contractionary in October. China's services sectors saw
a rebound over the quarter as the Caixin Service PMI rose to 52.9, marking the fastest
expansion since July as new business grew solidly.
100
80
60
40
20
Source: Bloomberg.
University of Michigan Consumer Sentiment
0
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
7o
65
60
55
50
45
40
Dec-19 Dec-20
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
U.S. ISM Manufacturing & Services PMI
Source: Bloomberg
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
De
Dec-21
Manufacturing
Dec-22 Dec-23
Services
Global Central Bank Rates
19 Dec-20
—Fed Target Rate
Bank of England Target Rate
Source: Bloomberg.
Dec-21 Dec-22 Dec-23
ECB Target Rate
Bank of Canada Target Rate
Febwafye2f?,i0W deq.daq F bfA-NGEcGoYhnmktaeAAeetbVrAg iRackeI9 iBh`1s69aoEfri1A6not for inspection by, distribution to, or quotation to the general public.
Attachment 1
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DOMESTIC EQUITY
QUARTERLY MARKET SUMMARY
► The S&P 500 Index (S&P) posted an 11.69% return for the fourth quarter
of 2023. As of December 31, 2023, the trailing 1-year return for the index was
26.29%.
► After being dominated by the Magnificent Seven for the first three quarters
of the year, domestic equity markets saw a broadening of performance,
as indicated by the S&P 500 Equal -Weighted index performing in line with
the market capitalization -weighted index for the fourth quarter. Throughout
the year, the equal -weighted index had significantly lagged the market
capitalization -weighted index.
► Within S&P 500, the only GICS sector to post a negative return for the
quarter was Energy (-6.99%). The next worst performers were Consumer
Staples (5.54%) and Healthcare (6.41 %). The sectors that led performance
over the quarter were Real Estate (18.83%), Information Technology (17.17%)
and Financials (13.98%).
► Small -caps, as represented by the Russell 2000 Index, returned 14.03%
during the quarter, outperforming mid- and large -caps. The Russell Midcap
and Russell 1000 indices returned 12.82% and 11.96%, respectively.
No. According to FactSet Earnings Insight (as of December 18, 2023), the
expected YoY earnings growth rate for S&P 500 for calendar year 2023 is
0.6%, which is below the 10-year average of 8.4%.
► As of the end of the quarter, the S&P 500 P/E ratio was 23.85, above
its 5-year average of 21.91. By comparison, the S&P 600, which represents
small -cap stocks, had a P/E ratio of 16.0, below its 5-year average of 16.96.
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
S&P 500 Index Performance by Sector
Periods Ended December 31. 2023
70%
60%
50%
40%
30% -
20%
10%
0%
-10%
-20%
Consumer
Disc.
Consumer
Staples
Energy
Financials
H'Ithcare
Industrials Info.
Tech
Materials
Real
Estate
Telecom
Utilities
-
■QTD
12.42%
5.54%
-6.99%
13.98%
6.41%
13.00%
17.17%
9.69%
18.83%
10.95%
8.56%
■Y
Year
42.30%
0.52%
-1.42%
12.10%
2.06%
18.08%
57.84%
12.55%
12.27%
55.80%
-7.08%
Source: Bloomberg.
35
30
0 25
0
uO
EL
to 20
15
10
Jan-19
P/E Ratios of Major Stock Indices"
Jan-20 Jan-21 Jan-22 Jan-23
S&P 500 S&P 500 5-Year Average
S&P 600 S&P 600 5-Year Average
30
25
20
0
15 a
fn
10
Source: Bloomberg.
TIE ratios are calculated based on one-year forward estimates and adjusted to include only
positive earnings results for consistency.
Febwafye2f?,i0W degldaq F4bfA-NGEcGorhnmktaeAAeetbVrAgemdaiRackeI not for inspection by, distribution to, or quotation to the general public.
Attachment 1
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NON-U.S. EQUITY
QUARTERLY MARKET SUMMARY
► Markets outside of the United States, as measured by the MSCI ACWI
ex-U.S. Index, underperformed their U.S. counterparts, returning 9.75% for
the quarter.
► Developed ex-U.S. Markets, as represented by the MSCI EAFE Index,
outperformed emerging markets (EM), represented by the MSCI Emerging
Market Index, returning 10.42% versus 7.87% for the quarter.
► Stocks in the Eurozone fared better amid signs of falling inflation and
increased manufacturing activity, leading to the outperformance of MSCI
EMU (12.43%) versus the MSCI EAFE Index. The UK (6.48%) was the worst
performer of the five largest -weighted countries in the index. The country
continues to grapple with falling yet stubbornly high inflation.
► Within EM, MSCI Brazil outperformed the index. Brazilian equities soared
17.84% during the quarter as inflation slowed in line with expectations,
inching toward the central bank's target range. Conversely, MSCI China
(4.22%) lagged the index despite better retail sales and industrial production
data.
► Value stocks underperformed growth stocks for the quarter as
represented by the broad benchmark, a reversal of the trend observed during
the first three quarters of the year. MSCI AC World ex -USA Value returned
8.43% while MSCI AC World ex -USA Growth returned 11.13%. Within EM,
value continued to outperform growth returning 8.05% versus 7.72%.
► Small -caps, as represented by MSCI ACWI ex-U.S. Small Cap Index,
outperformed within the international equity markets, returning 10.12% for the
quarter.
► Non-U.S. equities valuations have moved closer to their long-term
average across international equity markets. As of December 31, 2023,
MSCI EM'S P/E stood at 13.67 versus a 5-year average of 13.21. MSCI
EAFE ended the year with a P/E ratio of 14.25, slightly lower than its 5-year
average of 15.92.
40%
35%
30%
25%
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
Ill ACWI ex-U.S. Sectors
Periods Ended December 31, 2023
20%
-
15%
10%
5%
0%
Consumer
I consumer
Energy Financials Healthcare Industrials
Info Tech
Materials
Real
Telecomy
11
Utilities
Disc.
Staples
Estate
■QTD
5.71%
1 5.63%
1 2.34%
1 10.12%
1 5.16%
1 12.80%
1 19.95%
1 12.53%
1 11.10%
1 4.68%
13.55%
■YTD
1 12.72%
1 4.91%
1 14.99%
1 16.17%
1 8.03%
1 23.22%
1 36.26%
1 12.18%
1 5.29%
1 5.660/6
1 12.02%
■1 Yearl
12.72%
1 4.91%
1 14.99%
1 16.17%
1 8.03%
1 23.22%
1 36.26%
1 12.18%
1 5.29%
1 5.66%
1 12.02%
Source: Bloomberg.
28
23
18
13
8
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
P/E Ratios of MSCI Equity Indices*
MSCI EAFE
MSCI Emerging Markets
MSCI EAFE 5-Year Average
MSCI Emerging Markets 5-Year Average
Source: Bloomberg.
*PIE ratios are calculated based on one-year forward estimates and adjusted to include only
positive earnings results for consistency.
Febf afye2f?,i0WRegldaq F bfA-NGEdGlllt mkttaeAdeetbVrA\g iRackeI9Rpgeh`162aoEfri196not for inspection by, distribution to, or quotation to the general public.
Attachment 1
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FIXED INCOME
QUARTERLY MARKET SUMMARY
► The U.S. bond market represented by the Bloomberg U.S. Aggregate
Index (Aggregate) had sharp gains in the quarter, rising 6.82%. The calendar
year return for the U.S. Aggregate Index is 5.53%.
► The Bloomberg U.S. Treasury Index closed the quarter with a gain of
5.66%. During the period, the FOMC maintained interest rate levels and
signaled several cuts for 2024. Long rates dropped anticipating a pivot
on tightening. The curve remains inverted as the Fed Funds rate remains
targeted at 5.5%. The 10-year declined about 69 bps in the quarter, ending at
3.88%, while the 2-year ended at 4.25%.
► Corporate credit had strong results for the quarter on the declining rates.
The investment -grade (IG) Bloomberg U.S. Corporate (IG Corp) Index surged
8.50% higher while high yield bonds, as represented by the Bloomberg U.S.
Corporate High Yield (HY) Index, posted a significant gain of 7.16%. Spreads
declined across all quality buckets, but BBB -rated bonds outperformed the
high yield space.
► The fixed-rate mortgage market, as measured by the Bloomberg U.S.
Mortgage -Backed Securities (MBS) Index, gained 7.48%, aided by rates
falling. On the commercial side, the Bloomberg U.S. Agency CMBS Index
rose 5.60%.
► Emerging market USD sovereign bonds, as represented by the JP
Morgan EMBI Global Diversified index, gained 9.16% led by some of the
largest weighted countries.
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
U.S. Treasury Yield Curve
12/31 /2023
0.0%
3-mo 2-yr 5-yr 10-yr 30-yr
Source: Bloomberg.
Returns for Fixed -Income Segments
Periods Ended December 31, 2023
16%
14%
12%
10%
8%
6%
4%
2%
0%
Blmbg U.S.
Blmbg U.S.
Blmbg U.S.
Blmbg U.S.
Blmbg U.S.
Aggregate
Treasury
MBS
Corporate
High Yield
■ QTD
6.82%
5.66%
7.48%
8.50%
7.16%
■YTD
5.53%
1 4.05%
5.05%
8.52%
13.45%
■ 1 Year
1 5.53%
1 4.05%
5.05%
8.52%
13.45%
Source: Bloomberg.
Fel3wafye2f?,i0W deq.daq F bfA-NGEcGoYhnmktaeAAeetbVrAg iRackeI 9RpgiBh`i3aotfri1A6not for inspection by, distribution to, or quotation to the general public.
Attachment 1
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ALTERNATIVES
QUARTERLY MARKET SUMMARY
► REITs, as measured by the FTSE NAREIT Equity REITs Index, gained 16.22%
in the fourth quarter of 2023, compared to a -7.13% return in the prior quarter. All
major sectors posted gains during the quarter as market participants now expect
falling interest rates in the near -term. The best performers were the Office and
Self -Storage sectors, which posted returns of 23.54% and 23.51 %, respectively.
The worst performers during the quarter were the Apartments and Healthcare
sectors, which posted returns of 8.89% and 10.47%, respectively.
► Listed infrastructure, as measured by the FTSE Global Core Infrastructure
50/50 Index, gained 11.11 % in the fourth quarter of 2023, compared to a -7.80%
decrease in the prior quarter. Most major sectors had positive returns during the
quarter as interest rates fell from their highs. The best performing industry groups
were Telecom Towers and Specialized, which posted returns of 30.67% and
25.66%, respectively. The worst performing industry groups during the quarter
were Cable & Satellite Communications and Alternative Carriers, which posted
returns of -5.07% and 3.29%, respectively.
No. Commodity futures, represented by the Bloomberg Commodity Total Return
Index, fell 4.63% in the fourth quarter of 2023, compared to a 4.71 % gain in the
prior quarter. The U.S. Dollar Index (DXY) fell 4.56% during the same period. The
price of gold increased 11.60% in Q4, due to expectations of falling yields and
rising geopolitical tensions. Gold finished the quarter at $2,062.98 per ounce, up
from $1,848.63 at the end of the previous quarter. The West Texas Intermediate
(WTI) Crude Oil spot price fell 21.08% from $90.79 to $71.65 per barrel as the
impacts of high supplies and falling demand outweighed potential price tailwinds
arising from concerns in the Middle East.
No. Private real estate, as measured by the NCREIF Property Index, fell -1.37%
in the third quarter of 2023, resulting in a -8.40% return over the twelve-month
period ended September 2023. This was the fourth consecutive quarter of negative
returns for the index. Weak performance has been driven by property value
declines across sectors; although, Office has seen the most significant decline.
Hotel properties were again the top performers, with a total return of 1.86% in the
third quarter, comprised of 2.12% in income return and -0.25% in appreciation
return. Office properties were again the worst performers with total return of
-3.67%, comprised of 1.30% in income return and -4.97% in appreciation return.
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
FTSE NAREIT Sectors
Periods Ended December 31, 2023
35%
30%
25%
20%
15%
10%
5% 1
0% .-5%
-10% Data
Apartments Centers Diversified Healthcare Hotels Industrial Office Retail Storage
OTD 8.89 % 11.76 % 1 20.40 % 1 10.47 % 1 22.92 % 1 17.13% 1 23.54% 1 21.40% 1 23.51 %
■ YTD 5.87 % 30.08 % 1 -7.59 % 1 13.94 % 1 23.92 % 1 19.15 % 1 2.03 % 1 10.57 % 1 18.49 %
•17ear 5.87% 30.08% 1 -7.59% 1 13.94% 1 23.92% 1 19.15% 1 2.03% 1 10.57% 1 18.49%
Source: Bloomberg.
Returns for Liquid and Semi -Liquid Alternative Assets
Periods Ended December 31, 2023
20%
15%
10%
5%
0%
-5%
-10%
International Commodity HFRI Fund
U.S. REITs REITs Futures Gold Weighted
Comp.
QTD 16.22% 15.05% -4.63% 11.02% 0.99%
■YTD 13.73% 7.06% -7.91% 13.45% 4.82%
■1 Year 13.73% 7.06% -7.91% 13.45% 4.52%
Sources: Bloomberg and Hedge Fund Research, Inc.
Febwafye21?,it ,RegWaq F4bfA-NGEcGorhnmktaeAAeetbVrAgemdaiRackeI9 iBh1is64aoEfri1A6not for inspection by, distribution to, or quotation to the general public.
Attachment 1
pfm) asset
management
ALTERNATIVES (continued)
QUARTERLY MARKET SUMMARY
► In the third quarter of 2023, infrastructure funds raised $10.25 billion.
While this is up from the prior quarter, 2023 has seen a sharp decline in
fundraising with fewer funds raising capital. Infrastructure dry powder has
also fallen from previous years and stands at $244.06 billion as of Q1 2023.
The asset class has received attention from investors in recent years due to
expectations that it could provide steady returns during periods of volatility,
inflation, and recession. According to PitchBook, infrastructure funds posted
a return of 5.97% in Q1 2023. The asset class has generated an annualized
return of 10.53% for the 5 years ended Q1 2023.
► In the third quarter of 2023, private debt funds raised $31.70 billion,
down from the prior quarter. Private debt dry powder has fallen to $449.00
billion as of Q1 2023; although, it remains above the long-term average. The
asset class has performed well relative to public fixed income over the long-
term and may see more opportunities emerge in the near -term as tightening
lending standards continue to push banks out of the private lending space.
According to Cliffwater Direct Lending Index, U.S. middle market loans, a
proxy for private debt, posted a return of 3.17% in Q3 2023. The asset class
has also generated an annualized return of 8.64% for the 5 years ended Q3
2023.
No. In the third quarter of 2023, private capital fundraising was led by private
equity funds, which closed on $133.40 billion, up from the prior quarter. Global
private equity dry powder, which accounts for the bulk of private capital dry
powder, remains high at $1.55 trillion as of Q1 2023. Recent private equity
performance has weakened as a result of increasing cost of leverage, slowing
deal flow, and macroeconomic uncertainty; however, longer term performance
relative to public equities remains strong. According to Cambridge Associates,
U.S. private equity posted a return of 2.76% in Q2 2023. The asset class has
generated an annualized return of 17.77% for the 5 years ended Q2 2023.
► Hedge fund returns were mostly positive quarter -to -date through
November 2023 with the HFRI Fund Weighted Composite Index returning
0.99%. During the same period, the HFRI Macro (Total) Index returned
-1.67%. The HFRI Equity Hedge (Total) Index and the HFRI Fund of Funds
Index returned 1.82% and 1.15%, respectively.
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
Returns for Private Capital Assets
12%
10%
8%
6%
4%
0% ■
-2%
_Y /0
Private Real Estate
Infrastructure
Private Debt
Private Equity
-1.81%
5.97%
2.69%
2.69%
■
�TD
-1.81%
5.97%
2.69%
2.69%
-1.60%
10.17%
7.269/
Source: NCREIF, PitchBook, Cliffwater, Cambridge Associates, manual inputs.
As of March 31, 2023 - most recent period for which all performance data is available.
Private Capital Fundraising & Dry Powder
$1,800
$1,600
$1,400
$1,200
12 $1,000
0
$800
$600
$400
$200
$0
Closed-
End Real
Infrastruc
Private
Private
Venture
Estate
ture
Debt
Equity
Capital
■YTD Fundraising ($B)*
$70.1298
$17.9085
$131.5133
$366.9902
$117.3286
Dry Powder ($B)**
$354.5476
$244.0636
$448.9976
$1,546.2112
$659.1719
Sources: Pitchbook.
* Total capital raised in 2023 as of September 30, 2023 - most recent period for which ALL
fundraising data is available.
** Cumulative dry powder as of most recent - March 31, 2022.
Febwafye2ff?,i0W i3egWaq F bfA-NGEcGorhnmktaeAAeetbVrA\g iRackeI9 iBhi�SaoEfri1A6not for inspection by, distribution to, or quotation to the general public.
Attachment 1
pfm) asset
management
Disclosures
For the Quarter Ended December 31, 2023
QUARTERLY MARKET SUMMARY Multi -Asset Class Management
PFMAsset Management LLC (PFMAM') is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset
Management, Inc. ("USBAM'). USBAM is a subsidiary of U. S. Bank National Association ("U. S. Bank). U. S. Bank is a separate entity and subsidiary of U. S. Bancorp. U. S.
Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.
The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change.
Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy,
completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities.
NOT FDIC INSURED: NO BANK GUARANTEE: MAY LOSE VALUE
Further distribution is not permitted without prior written consent.
Febwafye2ff,i0WReq.daq F4bfANGEcGonnmkteeAAeetbVrAgemdaiRackeI 9PpgiBh166aoEfr4l96not for inspection by, distribution to, or quotation to the general public.
Attachment 1
pfm) asset
management
QUARTERLY MARKET SUMMARY
Investment Strategy Overview
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
U.S. Equities
�--- �•
Fed's guidance towards three rate cuts in 2024 and moderating inflation
have led to recent rally in equities. Rising valuations are supported by
Large -Caps
• '
improving earnings growth expectations and expectation of economic
soft -landing. We expect equities to do better this year, as long as risks of
Mid -Caps
0 -- 0.0
recession remain low.
Small -Caps
Mid- and small -cap valuations are attractive and would be beneficiary of
rate cuts as investor sentiment/earnings growth expectations improves.
- •
International equities continue to trade at a discount to U.S. equities but
Non-U.S. Equities
slowing economic growth in Europe and China is a headwind.
Developed Markets
- •
EM equities trade at attractive valuations relative to developed market
•
equities. Negative investor sentiment and slower growth expectations
Emerging Markets
continue to weigh on Chinese equities. We remain positive on emerging
_ •
market equities outside of China.
International Small -Caps
International small -caps provide exposure to local revenue streams and
are trading at attractive valuations.
Fixed Income
•
The Fed's recent guidance points towards soft -landing scenario with three
expected rate cuts in 2024. Yields at short -end of the curve look attractive
Long -Duration,
even as long-term yields fell back from the recent highs. We expect a
Interest Rate -Sensitive
•
further fall in yields as inflation continues to moderate.
Sectors
Credit markets remain attractive due to strong corporate fundamentals.
Credit -Sensitive Sectors
•
We continue to seek diversified credit exposure and are closely watching
signs for any distress in the corporate credit space.
Public REITs have recovered recently as interest rates have fallen from
the recent highs. We expect this trend to continue helped by falling rates
Diversifying
and economic soft landing. Office properties make up a smaller portion of
Listed Real Estate
• -
public real estate.
Listed global infrastructure equities are expected to do better in an
Listed Global Infrastructure
•
economic soft landing and falling rates scenario. Long-term tailwind of
increased capital allocation to infrastructure projects is positive for these
mature, stable cash flow businesses.
Current outlook O Outlook one quarter ago
The view expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (December 31, 2023) and are subject to change.
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 167 of 196
Attachment 1
pfm) asset
management
QUARTERLY MARKET SUMMARY
Factors to Consider Over the Next 6-12 Months
Monetary Policy:
0--*0
The Fed's recent pivot towards rate cutting in 2024
points towards soft -landing scenario, which is
favorable to risk assets. The path of rate cuts will
determine performance of risk assets.
Globally, most major central banks have maintained
a hawkish stance but are nearing the end of the rate
hike cycle.
Financial Conditions:
• Fed pivot along with expectations of soft -landing in
2024 has led to loosening of financial conditions.
• We continue to be focused on identifying pockets of
stress within financial markets due to higher level of
interest rates.
Corporate Fundamentals:
• Earnings growth expectations are improving while
profit margins are stabilizing at pre -pandemic levels.
• Falling interest rates from the recent highs along
with continued but slower economic growth are
tailwinds.
Economic Growth:
• U.S. economy is expected to avoid a recession in
the near -term amidst continued strength within
services activity, consumer spending, corporate
balance sheets and labor markets.
• Eurozone economic growth is slowing. Emerging
economies outside of China are expected to grow.
Consumer Spending (U.S.):
• With inflation moderating, consumer confidence has
improved and retail sales have held up.
• Moderating inflation, low unemployment rate and
rising real personal income may keep consumer
spending while student loan repayments is a
headwind.
Valuations:
• International equities look attractive relative to
historical valuations but continued economic
uncertainty is leading to increased volatility.
• Credit markets look attractive on the back of strong
corporate fundamentals, but pockets of
vulnerabilities could appear as rates remain high.
Inflation:
For the Quarter Ended December 31, 2023
Multi -Asset Class Management
0— 4 =
• Inflation is continuing to moderate and we expect
inflation data to be supportive of rate cuts in 2024.
• Upside surprise driven by services inflation or due
to rising crude oil prices on goods inflation will be
negative and could lead to renewed aggressive
monetary policy.
Labor Markets:
• Labor markets remain relatively strong but showing
signs of softening as economy continues to slow.
• Improving labor force participation bodes well for
lower wage growth and inflation.
Political Risks:
• Geopolitical risks continue to remain elevated.
Tensions between the U.S. and China, the war
between Russia and Ukraine, the Israel and Hamas
conflict, China's moves in South China Sea and
Taiwan Strait further add to risks.
10 Current outlook Outlook one quarter ago Stance Unfavorable to Risk AssetsNegative Slightly Neutral T- = Stance Favorable
to Risk Assets
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within
this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (December 31, 2023) and are subject to change. Information is obtained from
sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability.
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 168 of 196
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Fourth Quarter 2023
Presented by
Andrew Brown, CFA
JHIGHMARKO
CAPITAL MANAGEMENT
CCCSD — OPEB
Asset Allocation
Total Assets: $85,481,871
Period Ending: 12-31-2023
4Q23 Return: 9.33%
1 Year Return: 13.27%
Inception -to -Date Return: 8.10%
Inception Date: 4-1-2009
Plan target rate of return: 5.75%
Fixed Income
$41,177,252
48.17 %
Cash
$1,976,806
2.31%
Beginning Value
566,683.26
Contributions
109,249,303.32
Withdrawals
-66,231,026.34
Gain (Loss)
16,509,754.16
Interest and Dividends
25,385,146.36
Net Accrued Income
187,078.04
Ending Market Value
$85,666,938.80*
Equity
$42,327,814
49.52%
* 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
CAPITAL MANAGEMENT
Asset Allocation — Central Contra Costa Sanitary District OPEB
As of Fourth Quarter 2023
Equity
49.52%
Range: 40 %-60%
42, 327, 814
Large Cap Core
9.17%
IVV
iShares Core S&P 500 ETF
7,837,431
7.24%
VGIAX
Vanguard Growth & Income Adm
6,185,250
Large Cap Value
5.22%
IVE
iShares S&P 500 Value ETF
4,462,191
Large Cap Growth
4.70%
IVW
iShares S&P 500 Growth ETF
4,014,996
Mid Cap Core
5.23%
IWR
iShares Russell Mid -Cap ETF
4,472,662
Small Cap Value
3.51%
UBVFX
Undiscovered Managers Behavioral Val R6
2,999,268
Small Cap Growth
3.53%
FGROX
Emerald Growth Institutional
3,019,002
International Core
4.57%
VEA
Vanguard FTSE Developed Markets ETF
3,902,988
International Value
1.01%
DODFX
Dodge & Cox International Stock 1
866,314
International Growth
1.04%
MGRDX
MFS International Growth R6
888,682
Emerging Markets
3.04%
HHHFX
Hartford Schroders Emerging Mkts Eq F
2,595,823
Real Estate
1.27%
VNQ
Vanguard Real Estate ETF
1,083,205
Fixed Income
48.17%
Range: 40%-60%
41,177,252
31.16%
Core Fixed Income Portfolio
26,640,283
Intermediate -Term
8.56%
DODIX
Dodge & Cox Income 1
7,315,105
8.45%
PTRQX
PGIM Total Return Bond R6
7,221,864
Cash 2.31 % Range: 0 %-20
2.31 % FG)= First Am Govt Ob Fd Cl X
1,976,806
1,976,806
TOTAL 100.00% $85,481,871
JHIGHMARKO
CAPITAL MANAGEMENT
Selected Period Performance
CCCSD -OPEB
Period Ending: 12/31/2023
Year
Inception
to Date
to Date
3 Months
(1 Year)
1 Year
3 Years
5 Years
10 Years
04/01/2009
Cash Equivalents
1.35
5.01
5.01
2.15
1.77
1.16
.83
Lipper Money Market Funds Index
1.33
5.00
5.00
2.15
1.76
1.12
.77
Fixed Income ex Funds
6.71
5.59
5.59
-2.91
1.51
Total Fixed Income
6.94
6.38
6.38
-2.65
1.66
1.98
3.33
Bloomberg US Aggregate Bd Index
6.82
5.53
5.53
-3.31
1.10
1.81
2.72
Total Equities
11.89
21.16
21.16
6.53
12.83
9.04
12.80
Large Cap Funds
11.68
25.63
25.63
10.10
15.38
11.35
14.33
S&P 500 Composite Index
9
26.29
26.29
15.69
12.03
15.13
Mid Cap Funds
12.75
16.90
16.90
5.73
12.47
8.36
Russell Midcap Index
12.82
17.23
17.23
5.92
12.68
9.42
14.55
Small Cap Funds
15.24
17.13
17.13
2.95
11.19
8.69
14.55
Russell 2000 Index
14.03
16.93
16.93
2.22
9.97
7.16
12.74
International Equities
9.65
14.54
14.54
.12
7.24
4.03
7.64
MSCI EAFE Index
10.42
18.24
18.24
4.02
8.16
4.28
8.15
MSCI EMFree Index
7.86
9.83
9.83
-5.08
3.68
2.66
6.60
RR: REITS
18.23
11.79
11.79
5.04
6.88
Wilshire REIT Index
16.30
16.18
16.18
7.52
7.56
7.72
13.97
Total Managed Portfolio
9.33
13.27
13.27
2.13
7.31
5.61
8.10
CCCSD OPEB Benchmark
8.72
13.56
13.56
2.58
7.31
5.82
8.13
Account Inception: 4/2009
From April 1, 2009 to July 31, 2017, the portfolio was invested in account 6746030600, PARS/Central Contra Costa Sant PRHCP. The portfolio then moved to account 6746055900, PARS/CCCSD
115 - OPEB. 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 HIGHIIIIARKO
CAPITAL MANAGEMENT
Fixed Income Portfolio: Statistics
As of Fourth Quarter 2023
CCCSD BC Aggregate Bond
OPEB Index
Weighted Average Maturity 1 9.24 years 8.41 years
Effective Duration 6.22 years 6.20 years
Average Coupon 4.67% 3.36%
Yield to Maturity 1 4.89% 4.54%
Average Quality I AA/AA- AA/AA-
J HIGHMARK®
CAPITAL MANAGEMENT Source: BondEdge
Fixed Income Portfolio: Sectors
As of Fourth Quarter 2023
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
■ CCCSD OPEB
■ Barclays U.S. Aggregate Bond Index
JHIGHMARKO
CAPITAL MANAGEMENT
Cash Treasury
0.1 % 23.2%
0.0% 41.5%
Agency Credit MBS CMO
0.0% 27.7% 38.7% 0.0%
1.0% 28.8% 26.7% 0.0%
AB
10.3%
0.5%
CMBS
0.0%
1.7%
Source: BondEdge
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Fourth Quarter 2023
Effective Duration
30%
25%
20%
15%
10%
5%
0%
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+
Yrs. Yrs.
■ CCCSD OPEB 6.85% 12.89% 17.74% 26.06% 23.03% 13.42%
BC Aggregate Bond Index 0.28% 23.29% 22.40% 19.54% 18.17% 16.31 %
JHIGHMARKO
CAPITAL MANAGEMENT
60%
50%
40%
30%
20%
10%
0%
0-1 Yr.
■ CCCSD OPEB 6.62%
BC Aggregate Bond Index 0.00%
Effective Maturity
1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs.
10.86% 8.97% 3.59% 49.65% 20.32%
21.81 % 18.28% 13.20% 23.29% 23.42%
Source: BondEdge
CCCSD — Pension
Asset Allocation
Total Assets: $174,500
Period Ending: 12-31-2023
4Q23 Return: 7.76%
1 Year Return: 10.25%
Inception -to -Date Return: 3.69%
Inception Date: 9-1-2017
Plan target rate of return: 5.14%
Fixe
$118,726%
68.04%
Beginning Value
Contributions
Withdrawals
Gain (Loss)
Interest and Dividends
Net Accrued Income
Ending Market Value
Cash Equity
$4,153 $51,622
2.3807 nn
1-0
3,359,081.81
7,370,356.11
-12,944,605.11
1,451,996.89
937,670.64
202.09
$174,702.43*
* Ending Market Value differs from total market value on page 9 due to differences in reporting methodology. The above ending market value includes accruals.
JHIGHMARKO
CAPITAL MANAGEMENT
Asset Allocation — Central Contra Costa Sanitary District Pension
As of Fourth Quarter 2023
Equity
29.58%
Range: 20 %-40 %
51,622
Large Cap Core
4.93%
IVV
iShares Core S&P 500 ETF
8,597
4.24%
VGIAX
Vanguard Growth & Income Adm
7,407
Large Cap Value
3.29%
IVE
iShares S&P 500 Value ETF
5,738
1.01 %
DODFX
Dodge & Cox International Stock 1
1,769
Large Cap Growth
3.01%
IVW
iShares S&P 500 Growth ETF
5,257
Mid Cap Core
3.03%
IWR
iShares Russell Mid -Cap ETF
5,286
Small Cap Value
2.01%
UBVFX
Undiscovered Managers Behavioral Val R6
3,507
Small Cap Growth
2.02%
FGROX
Emerald Growth Institutional
3,530
International Core
2.53%
VEA
Vanguard FTSE Developed Markets ETF
4,407
International Growth
1.01%
MGRDX
MFS International Growth R6
1,771
Emerging Markets
1.79%
HHHFX
Hartford Schroders Emerging Mkts Eq F
3,116
Real Estate
0.71%
VNQ
Vanguard Real Estate ETF
1,237
Fixed Income
68.04%
Range: 50%-80%
118,726
Intermediate -Term
21.95%
AGG
iShares Core US Aggregate Bond ETF
38,311
21.18%
DODIX
Dodge & Cox Income 1
36,951
20.92%
PTRQX
PGIM Total Return Bond R6
36,502
Mortgage Backed Securities
3.99%
MBB
iShares MBS ETF
6,962
Cash
2.38%
Range: 0%-20%
4,153
2.38%
FGXXX
First Am Govt Ob Fd Cl X
4,153
TOTAL 100.00% $174, 500
JHIGHMARK@
CAPITAL MANAGEMENT
Selected Period Performance
PARS/CCCSD 115P -PENSION
Account ******5901
Period Ending: 12/31/2023
Year
Inception
to Date
to Date
3 Months
(1 Year)
1 Year
3 Years
5 Years
09/01/2017
Cash Equivalents
1.33
4.99
4.99
2.14
1.77
1.72
Lipper Money Market Funds Index
1.33
5.00
5.00
2.15
, -
Total Fixed Income
6.42
6.36
6.36
-3.16
1.32
1.05
Bloomberg US Aggregate Bd Index
6.82
5.53
5.53
.86
Total Equities
12.36
21.42
21.42
5.51
12.11
9.27
Large Cap Funds
12.31
26.03
26.03
9.01
14.68
12.01
S&P 500 Composite Index
11.69
26.29
26.29
10.00
15.69
12.90
Mid Cap Funds
13.04
17.45
17.45
4.99
11.98
9.13
Russell Midcap Index
12.82
17.23
17.23
5.92
12.68
9.73
Small Cap Funds
14.83
17.19
17.19
1.97
10.36
8.08
Russell 2000 Index
14.03
16.93
16.93
2.22
9.97
7.40
International Equities
10.69
15.16
15.16
.54
7.50
4.15
MSCI EAFE Index
10.42
18.24
18.24
4.02
8.16
5.02
MSCI EMFree Index
7.86
9.83
9.83
-5.08
3.68
1.45
RR: REITS
16.71
9.94
9.94
4.53
6.50
4.35
Wilshire RENT Index
16.30
16.18
16.18
7.52
7.56
5.36
Total Managed Portfolio
7.76
10.25
10.25
-.09
4.78
3.69
CCCSD Pension Benchmark
7.51
10.29
10.29
.66
4.94
3.96
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.
JHIGHMARK@
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
December 31, 2023
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)
11.68
46
26.26
26
26.26
26
9.97
27
15.65
21
11.99
10
iShares S&P 500 Value ETF
(4/17)
13.57
4
22.02
6
22.02
6
12.90
11
13.92
14
9.83
15
Vanguard Growth & Income Adm
(12/16)
11.53
55
24.76
44
24.76
44
10.12
23
15.39
31
11.90
14
iShares S&P 500 Growth ETF
(4/17)
10.05
95
29.80
73
29.80
73
6.43
43
16.02
50
13.15
27
S&P 500 TR USD
11.69
--
26.29
--
26.29
--
10.00
--
15.69
--
12.03
--
iShares Russell Mid -Cap ETF
(3/16)
12.78
27
17.07
37
17.07
37
5.76
70
12.50
39
9.26
19
Russell Mid Cap TR USD
12.82
--
17.23
--
17.23
--
5.92
--
12.68
--
9.42
--
SMALL CAP
•
Undiscovered Managers Behavioral Val R6
(9/16)
15.36
22
14.57
66
14.57
66
15.08
17
14.26
17
9.53
4
Russell 2000 Value TR USD
15.26
--
14.65
--
14.65
--
7.94
--
10.00
--
6.76
--
Emerald Growth Institutional
(1/22)
14.94
9
19.06
34
19.06
34
-2.21
53
10.82
48
8.58
38
Russell 2000 Growth TR USD
12.75
--
18.66
--
18.66
--
-3.50
--
9.22
--
7.16
--
INTERNATIONAL
EQUITY
Dodge & Cox International Stock 1
6.81
88
16.70
63
16.70
63
6.49
44
8.65
27
3.99
31
Vanguard FTSE Developed Markets ETF
(9/18)
11.17
17
17.77
35
17.77
35
3.59
36
8.40
29
4.55
23
MFS International Growth R6
10.87
73
14.96
69
14.96
69
2.32
15
9.57
30
6.47
18
MSCI EAFE NR USD
10.42
--
18.24
--
18.24
--
4.02
--
8.16
--
4.28
--
Hartford Schroders Emerging Mkts Eq F
8.26
38
9.00
71
9.00
71
-6.90
73
4.09
55
2.97
39
IMSCI EM NR USD
7.86
--
9.83
--
9.83
--
-5.08
--
3.69
--
2.66
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@
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
December 31, 2023
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
Vanguard Real Estate ETF
(4/17)
18.12
12
11.74
52
11.74
52
5.00
63
7.29
45
7.34
45
Wilshire REIT Index
16.30
--
16.18
--
16.18
--
7.52
--
7.56
--
7.72
--
iShares Core US Aggregate Bond ETF
(6/21)
6.69
51
5.59
52
5.59
52
-3.36
42
1.06
49
1.77
38
Dodge & Cox Income 1
7.32
21
7.70
8
7.70
8
-1.65
11
2.70
6
2.79
7
PGIM Total Return Bond R6
(5/16)
7.16
31
7.78
7
7.78
7
-3.20
56
1.73
38
2.66
10
Bloomberg US Agg Bond TR USD
6.82
--
5.53
--
5.53
--
-3.31
--
1.10
--
1.81
--
iShares MBS ETF
(12/20)
7.33
11
4.99
19
4.99
19
-2.97
37
0.20
60
1.28
27
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@
CAPITAL MANAGEMENT
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
6746055900 : PARS/CCCSD 115P - OPEB
CASH
CASH
Principal Cash
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336 FIRST AM GOVT OB FD CL X
FGXXX
CORPORATE OBLIGATIONS
CORPORATE BONDS AND NOTES
00206RMT6
AT T INC 5.400% 2/15/34
031162DT4
AMGEN INC 5.650% 3/02/53
11135EAA2
BROADSTONE NET 2.600% 9/15/31
126650BRO
CVS CAREMARK 6.125% 9/15/39
126650CZ1
CVS HEALTH CORP 5.050% 3/25/48
14040HCY9
CAPITAL ONE FINL 5.817% 2/01/34
17327CAR4
CITIGROUP INC SUB 6.174% 5/25/34
202795HG8
COMMONWEALTH EDISON 5.875% 2/01/33
209111EQ2
CONSOLIDATED EDISON 5.700% 12/01/36
285512AF6
ELECTRONIC ARTS INC 2.950% 2/15/51
29273VAU4
ENERGY TRANSFER L P 6.550% 12/01/33
29366WAD8
ENTERGY LLC 5.000% 9/01/33
29670GAE2
ESSENTIAL UTILS INC 3.351% 4115150
Page: 1 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Issue Date Moody Annual % Total Unrealized
Maturitv Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss
.71
.71
Total For Asset Type:
CASH
$0.71
$0.71 .00 %
0.052514
100.00
1,976,805.2100
1,976,805.21
1,976,805.21
.00
Total For Asset Type:
SHORT
TERM FDS-TAXABLE
(ACM)
$1,976,805.21
$19976,805.21 2.31%
$0.00
06/02/2023
BAA2
0.054
103.133
165,000.0000
.00
170,169.45
170,169.45
02/15/2034
BBB
03/02/2023
BAA1
0.0565
105.209
65,000.0000
.00
68,385.85
68,385.85
03/02/2053
BBB+
09/15/2021
BAA2
0.026
77.483
130,000.0000
.00
100,727.90
100,727.90
09/15/2031
BBB
09/11/2009
BAA2
0.06125
106.20
35,000.0000
.00
37,170.00
37,170.00
09/15/2039
BBB
03/09/2018
BAA2
0.0505
93.531
57,000.0000
.00
53,312.67
53,312.67
03/25/2048
BBB
02/01/2023
BAAI
0.05817
99.513
90,000.0000
.00
89,561.70
89,561.70
02/01/2034
BBB
05/25/2023
BAA2
0.06174
103.478
70,000.0000
.00
72,434.60
72,434.60
05/25/2034
BBB
01/22/2003
Al
0.05875
105.704
125,000.0000
.00
132,130.00
132,130.00
02/01/2033
A
12/01/2006
A3
0.057
103.429
80,000.0000
.00
82,743.20
82,743.20
12/01/2036
A-
02/11/2021
BAAI
0.0295
70.709
80,000.0000
.00
56,567.20
56,567.20
02/15/2051
BBB+
10/13/2023
BAA3
0.0655
108.53
145,000.0000
.00
157,368.50
157,368.50
12/01/2033
BBB
05/12/2023
A2
0.05
100.612
105,000.0000
.00
105,642.60
105,642.60
09/01/2033
A
04/15/2020
BAA2
0.03351
70.711
175,000.0000
.00
123,744.25
123,744.25
04/15/2050
A -
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 181 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 2 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
30225VAJ6
EXTRA SPACE STORAGE 5.700% 4/01/28
03/28/2023
BAA2
0.057
102.489
100,000.0000
.00
102,489.00
102,489.00
04/01/2028
BBB+
303211,2C5
F G GLOBAL MTN 2.000% 9/20/28
09/22/2021
N/A
0.02
84.789
130,000.0000
.00
110,225.70
110,225.70
09/20/2028
A-
304071AA1
FAIRFAX US INC 4.875% 8/13/24
08/13/2014
BAA2
0.04875
99.801
115,000.0000
.00
114,771.15
114,771.15
08/13/2024
BBB
320517AD7
FIRST HORIZON NATL 4.000% 5/26/25
05/26/2020
BAA3
0.04
96.713
145,000.0000
.00
140,233.85
140,233.85
05/26/2025
N/A
36143L2130
GA GLOBAL MTN 1.000% 4/08/24
04/08/2021
A2
0.01
98.534
140,000.0000
.00
137,947.60
137,947.60
04/08/2024
A-
38141GYM0
GOLDMAN SACHS 1.948% 10/21/27
10/21/2021
A2
0.01948
91.482
80,000.0000
.00
73,185.60
73,185.60
10/21/2027
BBB+
40139LBE2
GUARDIAN LIFE MTN 1.625% 9/16/28
09/16/2021
AAl
0.01625
87.371
110,000.0000
.00
96,108.10
96,108.10
09/16/2028
AA+
41284VAC6
HARLEY DAVIDSON FINL 6.500% 3/10/28
03/10/2023
BAA3
0.065
103.803
120,000.0000
.00
124,563.60
124,563.60
03/10/2028
BBB-
45138LBJ1
IDAHO PWR CO 5.800% 4/01/54
09/11/2023
A2
0.058
106.814
135,000.0000
.00
144,198.90
144,198.90
04/01/2054
A-
55903VBE2
WARNERMEDIAHLDGS 5.141% 3/15/52
03/15/2023
BAA3
0.05141
85.836
165,000.0000
.00
141,629.40
141,629.40
03/15/2052
BBB-
571748BV3
MARSH MCLENNAN COS 5.700% 9/15/53
09/11/2023
A3
0.057
108.67
95,000.0000
.00
103,236.50
103,236.50
09/15/2053
A-
577081AW2
MATTELINC 5.450%11/01/41
11/08/2011
BAA3
0.0545
90.06
80,000.0000
.00
72,048.00
72,048.00
11/01/2041
BBB-
604074AA2
MINNESOTA LIFE INS 8.250% 9/15/25
09/15/1995
A2
0.0825
103.812
120,000.0000
.00
124,574.40
124,574.40
09/15/2025
A
620076BU2
MOTOROLA SOLUTIONS 2.750% 5/24/31
05/24/2021
BAA2
0.0275
85.47
150,000.0000
.00
128,205.00
128,205.00
05/24/2031
BBB-
641423CG1
NEVADA POWER CO 6.000% 3/15/54
09/13/2023
A2
0.06
109.707
65,000.0000
.00
71,309.55
71,309.55
03/15/2054
A
665859AX2
NORTHERN TR CORP 6.125% 11/02/32
11/02/2022
A2
0.06125
107.383
115,000.0000
.00
123,490.45
123,490.45
11/02/2032
A
677050AT3
OGLETHORPE POWER 6.200% 12/01/53
12/05/2023
BAAI
0.062
107.252
45,000.0000
.00
48,263.40
48,263.40
12/01/2053
BBB+
68235PAL2
ONE GAS INC 1.100% 3/11/24
03/11/2021
A3
0.011
99.113
121,000.0000
.00
119,926.73
119,926.73
03/11/2024
A-
69047QAC6
OVINTIV INC 6.250% 7/15/33
05/31/2023
BAA3
0.0625
103.377
75,000.0000
.00
77,532.75
77,532.75
07/15/2033
BBB-
693475BC8
PNC FINL SVCS GROUP 3.400% 12/15/69
09/13/2021
BAA2
0.034
79.993
110,000.0000
.00
87,992.30
87,992.30
12/15/2069
BBB -
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 182 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 3 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
69430M8
PACIFIC GAS ELEC CO 4.950% 7/01/50
07/01/2020
BAA3
0.0495
85.419
85,000.0000
.00
72,606.15
72,606.15
07/01/2050
BBB-
694476AF9
PACIFIC LIFECORP 5.400% 9/15/52
09/15/2022
A3
0.054
99.432
65,000.0000
.00
64,630.80
64,630.80
09/15/2052
A-
72650RBC5
PLAINS ALL AMER PIPE 4.300% 1/31/43
12/10/2012
BAA3
0.043
79.383
155,000.0000
.00
123,043.65
123,043.65
01/31/2043
BBB
74368CBV5
PROTECTIVE LIFE MTN 5.467% 12/08/28
12/08/2023
Al
0.05467
102.671
150,000.0000
150,000.00
154,006.50
4,006.50
12/08/2028
AA-
744448CY5
PUBLIC SERVICE CO 5.250% 4/01/53
04/03/2023
Al
0.0525
99.539
70,000.0000
.00
69,677.30
69,677.30
04/01/2053
A
74460WAHO
PUBLIC STORAGE 5.350% 8/01/53
07/26/2023
A2
0.0535
104.405
75,000.0000
.00
78,303.75
78,303.75
08/01/2053
A
76209PAC7
RGA GLOBAL MTN 6.000% 11/21/28
11/21/2023
Al
0.06
103.681
125,000.0000
.00
129,601.25
129,601.25
11/21/2028
AA-
784710AC9
SSM HEALTH CARE CORP 4.894% 6/01/28
04/26/2023
N/A
0.04894
100.004
245,000.0000
.00
245,009.80
245,009.80
06/01/2028
A+
80851302
SCHWAB CHARLES CORP 6.196% 11/17/29
11/17/2023
A2
0.06196
104.865
90,000.0000
.00
94,378.50
94,378.50
11/17/2029
A-
842400HX4
SOUTHERN CALIF 5.875% 12/01/53
05/22/2023
A2
0.05875
107.508
70,000.0000
.00
75,255.60
75,255.60
12/01/2053
A-
842434CX8
SOUTHERN CAGAS CO 6.350% 11/15/52
11/14/2022
AA3
0.0635
114.334
100,000.0000
.00
114,334.00
114,334.00
11/15/2052
A+
852060AT9
SPRINT CAPITAL CORP 8.750% 3/15/32
03/14/2002
BAA2
0.0875
123.426
95,000.0000
.00
117,254.70
117,254.70
03/15/2032
BBB-
860630AD4
STIFEL FINANCIAL 4.250% 7/18/24
07/18/2014
N/A
0.0425
98.998
125,000.0000
.00
123,747.50
123,747.50
07/18/2024
BBB-
862121AA8
STORE CAPITAL CORP 4.500% 3/15/28
03/15/2018
BAA3
0.045
91.898
115,000.0000
.00
105,682.70
105,682.70
03/15/2028
BBB-
867229AD8
SUNCOR ENERGY INC 5.950%12/01/34
12/01/2003
BAAI
0.0595
104.654
95,000.0000
.00
99,421.30
99,421.30
12/01/2034
BBB
871829BS5
SYSCO CORP 5.750% 1/17/29
11/17/2023
BAAI
0.0575
104.168
95,000.0000
.00
98,959.60
98,959.60
01/17/2029
BBB
88732JAN8
TIME WARNER CABL 7.300% 7/01/38
06/19/2008
BAl
0.073
103.118
105,000.0000
.00
108,273.90
108,273.90
07/01/2038
BBB-
89566EAD0
TRISTATE GENERAT 6.000% 6/15/40
06/08/2010
A3
0.06
95.315
115,000.0000
.00
109,612.25
109,612.25
06/15/2040
BBB
89832QAC3
TRUIST FINL CORP 5.125% 12/31/99
12/16/2019
BAA2
0.05125
84.27
64,000.0000
.00
53,932.80
53,932.80
12/31/2099
BBB-
95000U2S1
WELLS FARGO CO MTN 2.393% 6/02/28
06/02/2020
Al
0.02393
91.593
110,000.0000
.00
100,752.30
100,752.30
06/02/2028
BBB+
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 183 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 4 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
96216613114
WEYERHAEUSER CO 7.375% 3/15/32
09/15/2002
BAA2
0.07375
116.046
105,000.0000
.00
121,848.30
121,848.30
03/15/2032
BBB
064058AL4
BANK OF NY CORP 3.750% 3/20/70
11/18/2021
BAAI
0.0375
86.433
105,000.0000
.00
90,754.65
90,754.65
BON5070
03/20/2070
BBB
Total For Asset Type: CORPORATE BONDS AND NOTES
$150,000.00
$5,742,977.20 6.72%
$5,592,977.20
CORPORATE PAYDOWN
SECURITIES
009090AA9
AIR CANADA 2015 1 A 3.600% 3/15/27
03/25/2015
N/A
0.036
94.016
112,050.0600
.00
105,344.98
105,344.98
03/15/2027
A+
01166VAA7
ALASKA AIRLINES 4.800% 2/15/29
07/02/2020
N/A
0.048
97.17
99,428.5600
.00
96,614.73
96,614.73
02/15/2029
A+
11043XAAI
BRITISH AIR 19 1 AA 3.300% 6/15/34
07/25/2019
Al
0.033
88.862
92,029.9500
.00
81,779.65
81,779.65
06/15/2034
AA-
14687GAC9
CARVANAAUTO RECS TR 0.660% 6/12/28
09/09/2021
N/A
0.0066
93.304
40,276.1300
.00
37,579.24
37,579.24
06/12/2028
AA+
22822RBDI
CROWN CASTLE TOWERS 3.663% 5/15/45
05/15/2015
A2
0.03663
97.022
175,000.0000
.00
169,788.50
169,788.50
05/15/2045
N/A
233046AF8
DB MASTER 4.030% 11/20/47
10/23/2017
N/A
0.0403
94.794
174,362.5000
.00
165,285.19
165,285.19
11/20/2047
BBB
247361ZW1
DELTA AIR LINES 5.000%12/10/29
03/12/2020
A3
0.05
88.186
82,049.2900
.00
72,355.99
72,355.99
12/10/2029
BBB+
26208QAG2
DRIVE AUTO 2.700% 5/17/27
01/22/2020
AAA
0.027
99.21
100,363.2600
.00
99,570.39
99,570.39
05/17/2027
AAA
30167LAG4
EXETER AUTOMOBILE 3.710% 3/17/25
04/24/2019
AAA
0.0371
99.90
13,470.5600
.00
13,457.09
13,457.09
03/17/2025
AAA
314353AAl
FEDEX 2020 1 CLASS 1.875% 2/20/34
08/13/2020
AA3
0.01875
83.085
172,114.3700
.00
143,001.22
143,001.22
02/20/2034
AA-
43284BAA0
HILTON GRAND 3.540% 2/25/32
09/19/2018
N/A
0.0354
97.296
117,035.6300
.00
113,870.99
113,870.99
02/25/2032
AAA
55317WAB7
MMAF EQUIP FIN LLC 5.790% 11/13/26
07/21/2023
AAA
0.0579
100.332
105,000.0000
.00
105,348.60
105,348.60
11/13/2026
N/A
55400EAA7
MVW 2020 1 LLC 1.740% 10/20/37
07/22/2020
N/A
0.0174
93.561
76,414.7800
.00
71,494.43
71,494.43
10/20/2037
AAA
78403DAT7
SBA TOWER TRUST 1.631% 5115151
05/14/2021
A2
0.01631
89.286
140,000.0000
.00
125,000.40
125,000.40
0511512051
N/A
78436TAB2
SBNA AUTO LEASE 6.270% 4/20/26
10/25/2023
AAA
0.0627
100.69
265,000.0000
.00
266,828.50
266,828.50
04/20/2026
N/A
909319AA3
UNITED AIRLINES 4.300% 2/15/27
08/15/2013
N/A
0.043
96.902
69,156.4500
.00
67,013.98
67,013.98
02/15/2027
A-
90932QAA4
UNITED AIR 20142 3.750% 3/03/28
08/11/2014
N/A
0.0375
95.27
83,000.2100
.00
79,074.30
79,074.30
03/03/2028
A
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 184 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker
Asset Description and SEDOL
11042AAA2
BRITISH AIRWAYS PL 3.95694% 6/20/24
BAP3924
22534GAC7
CREDIT ACCEPTANCE 2.390% 4/16/29
CA22329
17331KAB5
CTZNS AUTO RECV TR 6.130% 7/15/26
CAR6126
14161GBY5
CARDS H TR 0.602% 4/15/27
CIT0627
14043QAB8
CAPITAL ONE PRIME 2.710% 6/16/25
COP2725
30165JAD8
EXETER AUTOMOBILE 1.050% 5/15/26
EA00926
32113CBY5
FIRST NATIONAL 10.19367% 9/17/29
FN11029
32113CBV 1
FIRST NATL MSTR 8.24026% 4/16/29
FNM8229
380881FB3
GOLDEN CREDIT CARD 1.140% 8/15/28
GCC1628
362590AC5
GM FINCONS ATMB 0.45003% 4/16/25
GFC0425
361886CD4
GENERAL MOTORS 2.900% 4/15/26
GM22926
44933FAF3
HYUNDAI AUTO RECV 1.600% 12/15/26
HAR1626
63938PBU2
NAVISTAR FINL DL 6.180% 8/25/28
NFD7228
80286JAB1
SANTANDER REVOLVING 2.800% 1/26/32
SR22832
85208NAD2
SPRINT SPECTRUM 4.79064% 3/20/25
SS44725
90945CAAO
UTD AUTO CR SEC TR 5.570% 7/10/25
UAC 1825
98163CAG5
WORLD OMNI AUTO 0.870% 10/15/26
WOA0726
FOREIGN OBLIGATIONS
OTHER FOREIGN CORPORATE BONDS
064159VJ2 BANK OF NOVA SCOTIA 4.900% 9/04/68
Page: 5 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
07/03/2013
AA3
0.039569
99.613
31,955.1200
.00
31,831.45
31,831.45
06/20/2024
A+
02/20/2020
AAA
0.0239
0.00
.0100
.00
.00
.00
04/16/2029
N/R
06/29/2023
AAA
0.0613
100.196
143,881.6900
.00
144,163.70
144,163.70
07/15/2026
AAA
05/12/2021
AAA
0.00602
98.526
165,000.0000
.00
162,567.90
162,567.90
04/15/2027
N/A
05/04/2022
N/A
0.0271
99.645
18,432.2700
.00
18,366.84
18,366.84
06/16/2025
AAA
11/17/2021
AAA
0.0105
99.871
1,825.3200
.00
1,822.97
1,822.97
05/15/2026
AAA
09/22/2023
AAA
0.101937
102.21
175,000.0000
.00
178,867.50
178,867.50
09/17/2029
N/A
04/26/2023
AAA
0.082403
100.322
190,000.0000
.00
190,611.80
190,611.80
04/16/2029
N/A
09/01/2021
AAA
0.0114
91.175
250,000.0000
.00
227,937.50
227,937.50
08/15/2028
N/A
08/19/2020
AAA
0.0045
99.665
7,466.3700
.00
7,441.36
7,441.36
04/16/2025
N/A
05/22/2019
AAA
0.029
99.165
330,000.0000
.00
327,244.50
327,244.50
04/15/2026
AAA
07/22/2020
N/A
0.016
97.545
145,000.0000
.00
141,440.25
141,440.25
12/15/2026
AAA
09/20/2023
AAA
0.0618
100.965
115,000.0000
.00
116,109.75
116,109.75
08/25/2028
N/A
11/26/2019
AAA
0.028
96.855
230,000.0000
.00
222,766.50
222,766.50
01/26/2032
AA
03/21/2018
Al
0.047906
99.134
62,500.0000
.00
61,958.75
61,958.75
03/20/2025
N/A
01/31/2023
N/A
0.0557
99.943
17,812.0700
.00
17,801.92
17,801.92
07/10/2025
AAA
08/19/2020
N/A
0.0087
96.06
115,000.0000
.00
110,469.00
110,469.00
10/15/2026
AAA
Total For Asset Type:
CORPORATE
PAYDOWN
SECURITIES
$0.00
$3,774,809.87 4.42 %
$3,774,809.87
06/04/2020
BAA3
0.049
95.515
90,000.0000
.00
85,963.50
85,963.50
09/04/2068
BBB -
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 185 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
286181AK8 ELEMENT FLEET 6.319% 12/04/28
55608JBQO MACQUARIE GROUP 6.255% 12/07/34
MUNICIPAL OBLIGATIONS
MUNI BDS - SINKING FUNDS
6789084F8 OKLAHOMA DEV FIN 4.135% 12/01/33
MUNI BDS-FIXED NON TAXABLE
913366KVI UNIVCAREGTS 4.132% 5/15/32
MUNI BDS-FIXED TAXABLE
13032UD96 CALIFORNIA HEALTH 4.353% 6/01/41
23503CAN7 DALLAS FT WORTH TX 4.507% 11/01/51
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287408
ISHARES S P 500 VALUE ETF
IVE
464287200
ISHARES CORE S P 500 ETF
IVV
464287309
ISHARES S P 500 GROWTH ETF
IVW
464287499
ISHARES RUSSELL MID CAP ETF
IWR
921943858
VANGUARD FTSE DEVELOPED ETF
VEA
922908553
VANGUARD REAL ESTATE ETF
VNQ
MUTUAL FUNDS - EQUITY
256206103 DODGE COX INTERNATIONAL STOCK FD I
DODFX
Page: 6 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
12/04/2023
N/A
0.06319
103.277
105,000.0000
105,000.00
108,440.85
3,440.85
12/04/2028
BBB
12/07/2023
A2
0.06255
104.42
125,000.0000
125,000.00
130,525.00
5,525.00
12/07/2034
BBB+
Total For Asset Type: OTHER FOREIGN CORPORATE BONDS
$230,000.00
$324,929.35
.38%
$94,929.35
09/07/2022
N/A
0.04135
97.716
65,239.7500
.00
63,749.67
63,749.67
12/01/2033
AAA
Total For Asset Type: MUNI BDS - SINKING FUNDS
$0.00
$63,749.67
.07%
$63,749.67
05/11/2022
AA3
0.04132
95.944
140,000.0000
.00
134,321.60
134,321.60
05/15/2032
AA -
Total For Asset Type: MUNI BDS-FIXED NON
TAXABLE
$0.00
$134,321.60
.16%
$134,321.60
04/07/2022
AA3
0.04353
90.605
135,000.0000
.00
122,316.75
122,316.75
06/01/2041
AA-
04/01/2022
Al
0.04507
93.35
150,000.0000
.00
140,025.00
140,025.00
11/01/2051
A+
Total For Asset Type: MUNI
BDS-FIXED
TAXABLE
$0.00
$262,341.75
.31%
$262,341.75
2.874
173.89
25,661.0000
.00
4,462,191.29
4,462,191.29
N/A
6.899
477.63
16,409.0000
.00
7,837,430.67
7,837,430.67
N/A
0.771
75.10
53,462.0000
.00
4,014,996.20
4,014,996.20
N/A
1.108
77.73
57,541.0000
.00
4,472,661.93
4,472,661.93
N/A
1.511
47.90
81,482.0000
.00
3,902,987.80
3,902,987.80
N/A
3.493
88.36
12,259.0000
.00
1,083,205.24
1,083,205.24
N/A
Total For Asset Type: CLOSED END MUTUAL FUND
EQUITY
$0.00
$25,773,473.13
30.15%
$25,773,473.13
1.125
49.16
17,622.3440
.00
866,314.43
866,314.43
NiA
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 186 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker
Asset Description and SEDOL
317609253
EMERALD GROWTH INSTITUTIONAL
FGROX
41665X859
HARTFORD SCHRODERS EMERGING MARKETS
HHHFX
552746356
MFS INTERNATIONAL GROWTH R6
MGRDX
904504479
UNDISCOVERED MGRS BEHAVIORAL VALUE
UBVFX
921913208
VANGUARD GROWTH & INCOME ADM SHS#593
VGIAX
MUTUAL FUNDS -FIXED TAXABLE
256210105 DODGE COX INCOME
DODIX
74440B884 PGIM TOTAL RETURN BOND CL R6
PTRQX
US TREAS & AGENCY OBLIGATIONS
GNMA/FNMA/FHLMC POOLS
3138WHSTO
F N M A #AS7729
3.000% 8/01/46
AS7729A
3138WMKF7
F N M A #AT0293
3.000% 3/01/43
AT0293A
3140EVUL9
F N M A #BC1486
3.000% 8/01/46
BC1486A
3140J9N72
F N M A #BM4913
3.000% 5/01 /46
BM4913A
3140QEBSO
F N M A #CA6348
2.500% 7/01/50
CA6348A
3140QELU4
FNMA #CA6638
2.500% 8/01/50
CA6638A
3140QERX2
FNMA #CA6801
2.500% 8/01/50
CA6801A
3140QFA90
F N M A #CA7231
2.500% 10/01/50
CA7231A
3140QLTCO
FNMA #CB1446
2.000% 8/01/36
CB1446A
3140QPA80
F N M A #CB3630
4.000% 5/01/52
CB3630A
Page: 7 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
0.00
24.54
123,023.7240
.00
3,019,002.19
3,019,002.19
N/A
0.237
15.61
166,292.3380
.00
2,595,823.40
2,595,823.40
N/A
0.618
40.23
22,090.0280
.00
888,681.83
888,681.83
N/A
1.45
79.92
37,528.3840
.00
2,999,268.45
2,999,268.45
N/A
N/A
1.168
90.22
68,557.4160
.00
6,185,250.07
6,185,250.07
N/A
Total For Asset Type: MUTUAL FUNDS
- EQUITY
$0.00
$16,554,340.36
19.37%
$16,554,340.36
0.487
12.62
579,643.8050
.00
7,315,104.82
7,315,104.82
N/A
0.566
12.06
598,827.8980
.00
7,221,864.45
7,221,864.45
N/A
Total For Asset Type: MUTUAL
FUNDS -FIXED
TAXABLE
$0.00
$14,536,969.27
17.01%
$14,536,969.27
07/01/2016
N/A
0.03
91.136
89,306.1700
.00
81,390.07
81,390.07
08/01/2046
N/A
03/01/2013
N/A
0.03
92.57
59,299.5700
.00
54,893.61
54,893.61
03/01/2043
N/A
08/01/2016
N/A
0.03
91.105
81,247.1400
.00
74,020.21
74,020.21
08/01/2046
N/A
11/01/2018
N/A
0.03
91.916
49,244.7700
.00
45,263.82
45,263.82
05/01/2046
N/A
06/01/2020
N/A
0.025
85.743
171,387.8300
.00
146,953.07
146,953.07
07/01/2050
N/A
07/01/2020
N/A
0.025
85.618
206,749.6800
.00
177,014.94
177,014.94
08/01/2050
N/A
08/01/2020
N/A
0.025
85.733
228,083.0200
.00
195,542.42
195,542.42
08/01/2050
N/A
09/01/2020
N/A
0.025
85.647
215,230.8300
.00
184,338.75
184,338.75
10/01/2050
N/A
08/01/2021
N/A
0.02
90.21
162,420.4500
.00
146,519.49
146,519.49
08/01/2036
N/A
04/01/2022
N/A
0.04
94.592
605,992.9200
.00
573,220.82
573,220.82
05/01/2052
N/A
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 187 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 8 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
3140X63C3
FNMA#FM3494
2.500% 4/01/48
06/01/2020
N/A
0.025
87.05
93,252.2900
.00
81,176.12
81,176.12
FM3494A
04/01/2048
N/A
3140XJT94
FNMA#FS3275
3.000% 4/01/52
11/01/2022
N/A
0.03
88.44
430,570.3400
.00
380,796.41
380,796.41
FS3275A
04/01/2052
N/A
3140XJXY4
FNMA#FS3394
4.000%10/01/52
12/01/2022
N/A
0.04
94.548
340,328.4800
.00
321,773.77
321,773.77
FS3394A
10/01/2052
N/A
31335AQE1
F H L M C GD G60453
3.000% 1/01/46
02/01/2016
N/A
0.03
91.538
90,726.6600
.00
83,049.37
83,049.37
G60453F
01/01/2046
N/A
31418CA87
FNMA#MA2730
2.500% 7/01/46
07/01/2016
N/A
0.025
86.877
196,877.7100
.00
171,041.45
171,041.45
MA2730A
07/01/2046
N/A
31418CCR3
FNMA#MA2779
2.000% 9/01/26
09/01/2016
N/A
0.02
96.441
21,196.2200
.00
20,441.85
20,441.85
MA2779A
09/01/2026
N/A
31418CGDO
F N M A #MA2895
3.000% 2/01/47
01/01/2017
N/A
0.03
90.612
54,403.0800
.00
49,295.72
49,295.72
MA2895A
02/01/2047
N/A
31418CS47
FNMA#MA3238
3.500% 1/01/48
12/01/2017
N/A
0.035
93.326
34,760.7500
.00
32,440.82
32,440.82
MA3238A
01/01/2048
N/A
31418CV27
FNMA#MA3332
3.500% 4/01/48
03/01/2018
N/A
0.035
93.326
43,887.1000
.00
40,958.07
40,958.07
MA3332A
04/01/2048
N/A
31418DSM5
F N M A #MA4123
2.000% 8/01/35
08/01/2020
N/A
0.02
90.271
148,804.6400
.00
134,327.44
134,327.44
MA4123A
08/01/2035
N/A
31418137E6
F N M A #MA4492
2.000% 11/01/51
11/01/2021
N/A
0.02
81.845
953,052.1300
.00
780,025.52
780,025.52
MA4492A
11/01/2051
N/A
31418ED80
FNMA#MA4626
4.000% 5/01/52
05/01/2022
N/A
0.04
94.592
431,953.3600
.00
408,593.32
408,593.32
MA4626A
05/01/2052
N/A
31418ES137
FNMA#MA5013
4.500% 4/01/38
04/01/2023
N/A
0.045
99.445
213,069.7500
.00
211,887.21
211,887.21
MA5013A
04/01/2038
N/A
3132HPRZ9
F H L M C GD Q13204 3.000% 11/01/42
11/01/2012
N/A
0.03
92.787
65,911.7100
.00
61,157.50
61,157.50
Q13204F
11/01/2042
N/A
3132QVJT9
F H L M C GD Q38373
3.500% 1/01/46
01/01/2016
N/A
0.035
93.455
48,146.5200
.00
44,995.33
44,995.33
Q38373F
01/01/2046
N/A
3133KYUQO
F H L M C #R135091
2.500% 11/01/40
11/01/2020
N/A
0.025
89.03
249,540.8300
.00
222,166.20
222,166.20
RB5091F
11/01/2040
N/A
3132CWM50
F H L M C #S130380
3.500% 2/01/34
06/01/2020
N/A
0.035
98.175
60,441.3000
.00
59,338.25
59,338.25
SB038OF
02/01/2034
N/A
3132DPJZ2
F H L M C #SD2080
4.000% 12/01/52
12/01/2022
N/A
0.04
94.578
737,260.1700
.00
697,285.92
697,285.92
SD208OF
12/01/2052
N/A
3132DWD26
F H L M C #SD8221
3.500% 5/01/52
05/01/2022
N/A
0.035
91.721
560,179.5800
.00
513,802.31
513,802.31
SD8221F
05/01/2052
N/A
3132DWD34
F H L M C #SD8222
4.000% 5/01/52
05/01/2022
N/A
0.04
94.588
451,299.8600
.00
426,875.51
426,875.51
SD8222F
05/01/2052
N/A
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 188 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker
Asset Description and SEDOL
3132DWEB5
F H L M C #SD8230
4.500% 5/01/52
SD8230F
3132DWEJ8
F H L M C #SD8237
4.000% 7/01/52
SD8237F
3132DWERO
F H L M C #SD8244
4.000% 9/01/52
SD8244F
3132DWE74
F H L M C #SD8258
5.000% 9/01/52
SD8258F
3132DWF57
F H L M C #SD8288
5.000% 12/01/52
SD8288F
3132DWGG2
F H L M C #SD8299
5.000% 2/01/53
SD8299F
3132DWHT3
F H L M C #SD8342
5.500% 6/01/53
SD8342F
US TREASURY BONDS & NOTES
912810TR9
U S TREASURY BD
3.625% 5/15/53
912810TS7
U S TREASURY BD
3.875% 5/15/43
912810TT5
U S TREASURY BD
4.000% 8/15/53
91282CHC8
U S TREASURY NT
3.375% 5/15/33
91282CJJ1
U S TREASURY NT
4.750% 11/15/33
91282CJK8
U S TREASURY NT
4.625% 11/15/26
91282CJL6
U S TREASURY NT
4.875% 11/30/25
91282CHT1
U S TREASURY NT
3.875% 8/15/33
UST3833
Page: 9 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As O£ 12/31/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
05/01/2022
N/A
0.045
96.966
372,657.5100
.00
361,351.08
361,351.08
05/01/2052
N/A
07/01/2022
N/A
0.04
94.586
200,599.6000
.00
189,739.14
189,739.14
07/01/2052
N/A
08/01/2022
N/A
0.04
94.583
1,003,127.2600
.00
948,787.86
948,787.86
09/01/2052
N/A
09/01/2022
N/A
0.05
98.931
325,610.7800
.00
322,130.00
322,130.00
09/01/2052
N/A
12/01/2022
N/A
0.05
98.968
755,482.1800
.00
747,685.60
747,685.60
12/01/2052
N/A
01/01/2023
N/A
0.05
98.931
858,243.9000
.00
849,069.27
849,069.27
02/01/2053
N/A
06/01/2023
N/A
0.055
100.404
383,409.7800
.00
384,958.76
384,958.76
06/01/2053
N/A
Total For Asset Type: GNMA/FNMA/FHLMC
POOLS
$0.00
$10,224,306.99
11.96%
$10,224,306.99
05/15/2023
AAA
0.03625
92.453
144,000.0000
.00
133,132.32
133,132.32
05/15/2053
N/A
05/15/2023
AAA
0.03875
95.328
1,415,000.0000
.00
1,348,891.20
1,348,891.20
05/15/2043
N/A
08/15/2023
AAA
0.04
101.078
261,000.0000
.00
263,813.58
263,813.58
08/15/2053
N/A
05/15/2023
AAA
0.03375
95.969
1,484,000.0000
.00
1,424,179.96
1,424,179.96
05/15/2033
N/A
11/15/2023
AAA
0.0475
104.984
1,203,000.0000
.00
1,262,957.52
1,262,957.52
11/15/2033
N/A
11/15/2023
AAA
0.04625
101.578
51,000.0000
.00
51,804.78
51,804.78
11/15/2026
N/A
11/30/2023
AAA
0.04875
101.035
870,000.0000
.00
879,004.50
879,004.50
11/30/2025
N/A
08/15/2023
AAA
0.03875
99.875
750,000.0000
.00
749,062.50
749,062.50
08/15/2033
N/A
Total For Asset
Type: US
TREASURY BONDS &
NOTES
$0.00
$6,112,846.36
7.15%
$6,112,846.36
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 189 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
Page: 10 of 10
Print Date: 01/23/2024 at 9:39:14 pm
Trade Dated As Of: 12/31 /2023
Issue Date Moody Annual % Total Unrealized
Maturitv Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss
Total Account Value for: $2,356,805.92 $85,481,871.47 100.00 % $83,125,065.55
***** End Of Report *****
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 190 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, CUSIP
Account # CUSIP #
Issue Date Moody
Annual
and Name Ticker
Asset Description and SEDOL
Maturity Date S&P
Inc/Unit
Price
6746055901 : PARS/CCCSD
115P - PENSION
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336
FIRST AM GOVT OB FD CL X
0.052514
100.00
FGXXX
Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM)
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287200
ISHARES CORE S P 500 ETF
6.899
477.63
IV V
N/A
464287309
ISHARES S P 500 GROWTH ETF
0.771
75.10
IV W
N/A
464287408
ISHARES S P 500 VALUE ETF
2.874
173.89
IVE
N/A
464287499
ISHARES RUSSELL MID CAP ETF
1.108
77.73
IWR
N/A
921943858
VANGUARD FTSE DEVELOPED ETF
1.511
47.90
VEA
N/A
922908553
VANGUARD REAL ESTATE ETF
3.493
88.36
VNQ
N/A
Total For Asset Type: CLOSED END MUTUAL FUND EQUITY
CLOSED END MUTUAL FUND FIXED
464287226
ISHARES CORE U.S. AGGREGATE BOND ETF
3.108
99.25
AGG
N/A
464288588
ISHARES MBS ETF
3.198
94.08
MBB
N/A
Total For Asset Type: CLOSED END MUTUAL FUND FIXED
MUTUAL FUNDS -EQUITY
256206103
DODGE COX INTERNATIONAL STOCK FD I
1.125
49.16
DODFX
N/A
317609253
EMERALD GROWTH INSTITUTIONAL
0.00
24.54
FGROX
N/A
41665X859
HARTFORD SCHRODERS EMERGING MARKETS
0.237
15.61
HHHFX
N/A
552746356
MFS INTERNATIONAL GROWTH R6
0.618
40.23
MGRDX
N/A
904504479
UNDISCOVERED MGRS BEHAVIORAL VALUE
1.45
79.92
UBVFX
N/A
Page: 1 of 2
Print Date: 01/23/2024 at 9:44:25 pra
Trade Dated As O£ 12/31/2023
% Total Unrealized
Units Fed Cost Market Value Market Gain / Loss
4,152.8300
4,152.83
4,152.83
.00
$4,152.83
$4,152.83 2.38%
$0.00
18.0000
.00
8,597.34
8,597.34
70.0000
.00
5,257.00
5,257.00
33.0000
.00
5,738.37
5,738.37
68.0000
.00
5,285.64
5,285.64
92.0000
.00
4,406.80
4,406.80
14.0000
.00
1,237.04
1,237.04
$0.00
$30,522.19 17.49%
$30,522.19
386.0000
.00
38,310.50
38,310.50
74.0000
.00
6,961.92
6,961.92
$0.00
$45,272.42 25.94%
$45,272.42
35.9860
.00
1,769.07
1,769.07
143.8480
.00
3,530.03
3,530.03
199.6080
.00
3,115.88
3,115.88
44.0220
.00
1,771.01
1,771.01
43.8770
.00
3,506.65
3,506.65
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 191 of 196
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, CUSIP
Page: 2 of 2
Print Date: 01/23/2024 at 9:44:25 pm
Trade Dated As O£ 12/31/2023
Account # CUSIP #
Issue Date Moody Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date S&P Inc/Unit Price
Units
Fed Cost
Market Value
Market
Gain / Loss
921913208
VANGUARD GROWTH & INCOME ADM SHS#593
N/A 1.168 90.22
82.0960
.00
7,406.70
7,406.70
VGIAX
N/A
Total For Asset Type: MUTUAL FUNDS - EQUITY
$0.00
$21,099.34
12.09%
$21,099.34
MUTUAL FUNDS -FIXED TAXABLE
256210105
DODGE COX INCOME
0.487 12.62
2,928.0080
.00
36,951.46
36,951.46
DODIX
N/A
74440B884
PGIM TOTAL RETURN BOND CL R6
0.566 12.06
3,026.7080
.00
36,502.10
36,502.10
PTRQX
N/A
Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE
$0.00
$73,453.56
42.09 %
$73,453.56
Total Account Value for:
$4,152.83
$174,500.34
100.00%
$170,347.51
***** End Of Report *****
February 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 192 of 196