PFM Asset Management | For Institutional Investor or Investment Professional Use Only June 30, 2024
*Returns for periods under one year are not annualized. Returns are gross of investment management fees and net of fund embeddedf e e s.
Please see important disclosures on the following page, and your U.S. Bank fee schedule for investment management fees applied to your specific portfolio, as net of fee performance will differ.
PARS OPEB and Pension Trust Program
Gross Calendar Year Returns
Strategy Portfolio 2023 2022 2021 2020 2019 2018 2017 2016 Conservative
Strategic Blend 8.99 -12.51 2.12 8.91 10.47 -1.52 7.06 N/A Index 7.77 -12.06 1.97 8.27 10.34 0.44 N/A N/A
Blended Benchmark 7.82 -10.59 2.24 7.81 10.12 -0.60 5.25 3.92 Moderately
Conservative
Strategic Blend 11.32 -13.32 5.27 10.64 13.64 -2.83 9.44 4.81 Index 9.84 -12.92 5.19 9.84 13.44 -2.58 7.96 5.25
Blended Benchmark 10.29 -12.35 5.50 9.89 13.55 -1.87 8.13 5.45 Moderate
Strategic Blend 14.07 -14.61 9.29 12.52 17.70 -4.01 13.38 N/A Index 12.72 -14.02 10.16 11.32 17.51 -4.04 11.31 N/A
Blended Benchmark 13.56 -13.74 10.21 12.02 17.66 -3.37 11.66 7.41 Balanced
Strategic Blend 15.14 -14.89 11.36 13.46 18.61 -4.50 15.22 6.58 Index 14.52 -14.95 12.53 12.12 19.62 -5.00 13.38 7.39
Blended Benchmark 15.19 -14.58 12.54 13.07 19.78 -4.18 13.54 8.39 Capital
Appreciation
Strategic Blend 17.63 -16.09 14.34 14.62 22.10 -7.94 N/A N/A Index 16.57 -14.70 16.05 12.17 20.68 -6.45 15.62 N/A
Blended Benchmark 17.60 -15.64 15.93 14.37 22.81 -5.53 16.57 9.59 Strategy Asset Class Strategic
Range Policy Tactical
Gross Annualized Total Rate of Return
Portfolio 2Q24* YTD 1-Yr 3-Yr 5-Yr ITD
Conservative
Equity
Fixed Income
Cash
5-20% 15% 15% Strategic Blend 0.75 1.76 6.43 -0.83 2.13 2.91 60-95% 80% 81% Benchmark 0.62 1.61 5.83 -0.39 2.17 2.77 0-20% 5% 4% Index 0.36 0.97 4.81 -1.20 1.73 2.77
Benchmark 0.62 1.61 5.83 -0.39 2.17 2.92
Moderately
Conservative
Equity
Fixed Income
Cash
20-40% 30% 30% Strategic Blend 0.91 3.25 8.76 0.29 3.82 4.18 50-80% 65% 67% Benchmark 0.77 2.94 7.86 0.49 3.76 4.26
0-20% 5% 3% Index 0.55 2.48 7.01 -0.12 3.37 3.84
Benchmark 0.77 2.94 7.86 0.49 3.76 4.22
Moderate
Equity
Fixed Income
Cash
40-60% 50% 50% Strategic Blend 1.24 5.26 11.70 1.50 5.86 6.82 40-60% 45% 47% Benchmark 1.08 5.00 10.93 2.05 6.06 7.07 0-20% 5% 3% Index 0.94 4.51 10.09 1.46 5.56 5.88
Benchmark 1.08 5.00 10.93 2.05 6.06 6.40
Balanced
Equity
Fixed Income
Cash
50-70% 60% 60% Strategic Blend 1.47 6.48 13.26 2.25 6.90 7.55 30-50% 35% 37% Benchmark 1.22 6.02 12.43 2.75 7.15 7.83 0-20% 5% 3% Index 1.13 5.59 11.91 2.21 6.66 7.00
Benchmark 1.22 6.02 12.43 2.75 7.15 7.42
Capital
Appreciation
Equity
Fixed Income
Cash
65-85% 75% 75% Strategic Blend 1.70 8.06 15.46 3.17 8.27 7.35 10-30% 20% 21% Benchmark 1.44 7.55 14.66 3.81 8.71 8.28 0-20% 5% 4% Index 1.23 6.89 13.78 3.65 8.08 8.43
Benchmark 1.44 7.55 14.66 3.81 8.71 9.21
PFM Asset Management | For Institutional Investor or Investment Professional Use Only
11.25 22.5
38.5 46.25
56.5 3
6 9
10.75 15
0.75 1.5
2.5 3
3.5 81.25
66.5 46.75
36.75 21
3.75 3.5
3.25 3.25
4 Conservative
Moderately Conservative
Moderate
Balanced
Capital Appreciation
Domestic Equity International Equity Other Growth (REITs) Fixed Income Cash Strategic Blend -
Holdings: Portfolios are
invested in a strategic mix
of actively managed and
passive index-based
investment vehicles.
Baird Aggregate Bond Fund
Cohen & Steers Institutional Realty Fund
Columbia Contrarian Core Fund
Dodge Cox Income Fund
Dodge Cox Stock Fund
Emerald Growth Institutional Fund
Fidelity International Index Fund
First American Government Obligations Fund
GQG Partners International Opportunities Fund
Harbor Capital Appreciation Fund
Hartford Schroders Emerging Markets Fund
iShares Core U.S. Aggregate Bond ETF
iShares Global Infrastructure ETF
iShares Russell Mid Cap ETF
iShares S&P 500 Growth ETF
iShares S&P 500 Value ETF
Mainstay MacKay High Yield Core Bond Fund
MFS International Growth Fund
PGIM Total Return Bond Fund
Undiscovered Mgrs Behavioral Value Fund
Vanguard Growth & Income Fund
iShares Russell 2000 Value ETF
iShares Russell Mid Cap ETF
iShares S&P 500 Growth ETF
iShares S&P 500 Value ETF
SPDR High Yield Bond ETF
Vanguard FTSE Emerging Markets ETF
Vanguard Real Estate ETF
Index - Holdings:
Portfolios are invested
in passive index-based
investment vehicles.
Benchmark Definitions
Conservative Moderately
Conservative Moderate Balanced Capital
Appreciation
10/1/2012 -
Current:
S&P 500 7.50% 15.50% 26.50% 32.00%
Since
Inception:
39.50%
Russell Mid Cap 1.50% 3.00% 5.00% 6.00% 16.00%
Russell 2000 2.50% 4.50% 7.50% 9.00% 10.50%
Wilshire REIT 0.50% 1.00% 1.75% 2.00% 10.25%
MSCI EM Free (Net USD) 1.00% 2.00% 3.25% 4.00% 7.50%
MSCI EAFE (Net USD) 2.00% 4.00% 6.00% 7.00% 5.25%
Bloomberg US Aggregate Bond 52.25% 49.25% 33.50% 27.00% 5.00% ICE BofA 1-3 Yr US Corp/Govt 25.75% 14.00% 10.00% 6.75% 3.00% ICE BofA US High Yield Master II 2.00% 1.75% 1.50% 1.25% 2.00% FTSE 1 Month T-Bill 5.00% 5.00% 5.00% 5.00% 1.00%
For illustrative purposes only and subject to change at PFMAM’s discretion. Individual portfolio allocations and holdings will vary based on many factors, including each portfolio’s specific investment policy and market conditions.
First American Government Obligations Fund
iShares Core MSCI EAFE ETF
iShares Core S&P 500 ETF
iShares Core US Aggregate Bond ETF
iShares Global Infrastructure ETF
iShares 5-10 Year Investment Grade Corporate ETF
iShares Russell 2000 Growth ETF
PFM Asset Management | For Institutional Investor or Investment Professional Use Only Gross returns are time weighted and are calculated based on trade-date accounting. Actual returns for each agency’s participation within the portfolio may vary from returns shown based on each agency’s own cash flows as well as the specific portfolio in which they are invested. U.S. Bank National Association has retained its affiliate, PFM Asset Management LLC (“PFMAM”), as its sub-advisor to provide investment management services. Prior to January 1, 2024, HighMark Capital Management (“HighMark”) acted as sub-advisor to the portfolios. HighMark, including clients and investment personnel, was consolidated into PFMAM on January 1, 2024.
PFM Asset 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.
U.S. Bank pays PFMAM up to 67% of the annual management fee for assets sub-advised by PFMAM under its sub-advisory agreement with U.S. Bank. Refer to your U.S. Bank fee schedule for investment management fees applied to your specific portfolio.
U.S. Bank compensates PFMAM for these services from its own fees.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
About the Adviser: PFM Asset Management (PFMAM)
At PFM Asset Management we partner with public sector, non-profit and other institutions to build tailored, flexible investment solutions using fixed income and Multi-Asset class investments. With more than 40 years of experience managing public sector clients, we offer Liquidity Management, investment grade fixed income, Outsourced Chief Investment Officer (OCIO) and other specialized investment solutions.
Inception Date Information
Conservative Strategic Blend 07/01/2016
Conservative Index 02/01/2017
Moderately Conservative Strategic Blend 07/01/2015
Moderately Conservative Index 08/01/2015
Moderate Strategic Blend 02/01/2016
Moderate Index 09/01/2016
Balanced Strategic Blend 10/01/2015
Balanced Index 12/01/2015
Capital Appreciation Strategic Blend 10/1/2017
Capital Appreciation Index 04/01/2016