PARS/City of San Leandro 115P
Client Management Team PFM Asset Management LLC
1 California Street
Suite 1000
San Francisco, CA 94111
1735 Market Street
43rd Floor
Philadelphia, PA 19103
Investment Performance Review
For the Quarter Ended June 30, 2024
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager Financial Markets & Investment Strategy Review
1 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2024
Multi-Asset Class Management
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years
DOMESTIC EQUITY
S&P 500 4.28% 15.29% 24.56% 10.01% 15.05% 14.28% 12.86% Russell 3000 Index 3.22% 13.56% 23.12% 8.05% 14.14% 13.48% 12.15% Russell 1000 Value Index -2.17% 6.62% 13.06% 5.52% 9.01% 8.61% 8.23% Russell 1000 Index 3.57% 14.24% 23.88% 8.74% 14.61% 13.93% 12.51% Russell 1000 Growth Index 8.33% 20.70% 33.48% 11.28% 19.34% 18.64% 16.33% Russell Midcap Index -3.35% 4.96% 12.88% 2.37% 9.46% 9.63% 9.04% Russell 2000 Value Index -3.64% -0.85% 10.90% -0.53% 7.07% 5.89% 6.23% Russell 2000 Index -3.28% 1.73% 10.06% -2.58% 6.94% 6.85% 7.00% Russell 2000 Growth Index -2.92% 4.44% 9.14% -4.86% 6.17% 7.28% 7.39%
INTERNATIONAL EQUITY
MSCI EAFE (Net) -0.42% 5.34% 11.54% 2.89% 6.46% 5.73% 4.33% MSCI AC World Index (Net) 2.87% 11.30% 19.38% 5.43% 10.76% 10.02% 8.43% MSCI AC World ex USA (Net) 0.96% 5.69% 11.62% 0.46% 5.55% 5.17% 3.84% MSCI AC World ex USA Small Cap (Net) 0.66% 2.78% 11.26% -1.45% 6.13% 4.92% 4.44% MSCI EM (Net) 5.00% 7.49% 12.55% -5.07% 3.10% 3.54% 2.79%
ALTERNATIVES
FTSE NAREIT Equity REIT Index 0.06% -0.13% 7.79% 0.30% 3.90% 4.86% 5.90% MSCI US REIT INDEX -0.22% -0.84% 6.25% -0.97% 2.68% 3.59% 4.55% FTSE Global Core Infrastructure 50/50 Index (Net) 0.73% 2.29% 4.34% 2.18% 3.07% 4.71% 4.79% Bloomberg Commodity Index Total Return 2.89% 5.14% 5.00% 5.65% 7.25% 5.14% -1.29%
FIXED INCOME
Blmbg. U.S. Aggregate 0.07% -0.71% 2.63% -3.02% -0.23% 0.86% 1.35% Blmbg. U.S. Government/Credit 0.05% -0.68% 2.74% -3.11% -0.07% 1.04% 1.51% Blmbg. Intermed. U.S. Government/Credit 0.64% 0.49% 4.19% -1.18% 0.71% 1.39% 1.55% Blmbg. U.S. Treasury: 1-3 Year 0.91% 1.19% 4.51% 0.33% 1.02% 1.30% 1.12% ICE BofA U.S. High Yield 1.09% 2.62% 10.45% 1.65% 3.73% 4.10% 4.21% Blmbg. Global Aggregate Ex USD -2.11% -5.26% -0.66% -7.48% -3.56% -1.61% -1.86% JPM EMBI Global Diversified 0.30% 2.34% 9.23% -2.60% -0.03% 1.44% 2.60%
CASH EQUIVALENT
90 Day U.S. Treasury Bill 1.32% 2.63% 5.40% 3.03% 2.16% 2.07% 1.50% Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.
1.1 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2024
Multi-Asset Class Management
Inflation (U.S.):
• The latest inflation reading has revived market
confidence that inflation is heading in the right
direction after experiencing broad disinflation across
both goods and services.
• Despite progress on inflation, policymakers would
like more data to confirm the downward trend.
Economic Growth (Global):
• U.S. economic growth remains resilient but some
softness as consumer spending tapers.
• Economic growth outside U.S. remain mixed with
slower but improved growth projected in Eurozone
and continued growth projected in emerging
markets.
Monetary Policy (Global):
• Fed remains data dependent. Recent Fed guidance
has been revised from three rate cuts to one rate
cut in 2024 with markets expecting two cuts.
• Globally, major central banks have begun easing
cycle with rate cuts leading to divergence from Fed
policy.
Labor Markets:
• The labor market normalization has begun. After the
pandemic led jolt, labor force participation rate and
non-farm payrolls have moved to be in line with long
term averages.
• With the quits rate and excess demand for workers
reaching a better balance, this should help cool
wage pressures and inflation.
Consumer Spending (U.S.):
• The consumer has begun to exercise caution and
limit spending shedding light on a notable downshift
over recent months.
• Moderation in the pace of overall spending is
expected to continue given persistent inflation,
reduced/lower savings, and a cooling job market.
Financial Conditions (U.S.):
• Market measures, such as narrow corporate yield
spreads, record equity index levels and low
volatility, reflect economic confidence.
• With interest rates elevated and the gradual
normalization of labor markets and the consumer,
we continue to focus on identifying potential
catalysts for a broader slow down.
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.
• Elections across the globe could also lead to shortterm volatility.
Valuations:
• U.S. equity and credit markets have experienced a
run up in valuations. Any negative shock relating to
economic growth could lead to sell-off.
• International equities look attractive but continued
economic and geopolitical uncertainty is leading to
increased volatility.
Corporate Fundamentals:
• Earnings growth expectations and profit margins are
improving across U.S. large caps while earnings
growth recovery has been slower for U.S. small-cap
and international equities.
• Higher cash levels especially across S&P 500
companies a positive.
Stance Unfavorable
to Risk Assets
Stance Favorable
to Risk Assets Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
Factors to Consider Over the Next 6-12 Months
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 (June 30, 2024) 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.
1.2 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2024
Multi-Asset Class Management
Asset Class Our Q3 2024 Investment Outlook Comments
• Recent earnings strength, fiscal support, and moderating inflation are positives, while rate cut uncertainty, election related volatility, higher valuations and geopolitical turbulence are negatives. The fed continues to be data dependent with recent guidance pointing to one rate cut. Given the rate cut uncertainty, we prefer to remain close to targets currently. • Rising valuations for large caps are supported by improving earnings growth expectations but market breadth (measured by performance difference between equal weight and market cap weighted S&P 500) has been lagging in the recent months.
• Small-cap valuations are attractive and would benefit as investor sentiment/earnings growth expectations improve. Exposure to interest rate sensitive sectors such as regional banks remains a concern.
U.S. Equities
Large-Caps
Small-Caps
• International equities continue to trade at a discount to U.S. equities but stronger dollar and slower growth in Eurozone warrants a neutral stance. • Recent ECB rate cuts, the recovery in manufacturing and services activity along with recent recovery in PEs are positive for developed market equities that continue to look attractive, but election related volatility needs to be watched.
• EM equities trade at attractive valuations relative to developed market equities but strong dollar and China’s uncertain growth weigh on outlook.
Non-U.S. Equities
Developed Markets
Emerging Markets
• The higher for longer narrative has led to increased volatility and uncertainty around rate cut path. Yields at the short-end of the curve look attractive even as long-term yields fell back from the recent highs. • Given the rate cut scenarios, we are maintaining duration close to the benchmark duration and consider ways to close any duration gap over the next few months.
• Credit markets remain attractive due to strong corporate fundamentals.
We remain positive on investment-grade but are scaling down our exposure within high yield given the tighter spreads. We continue to closely watch for signs for any distress in the corporate credit space.
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
• Lower office sector exposure, attractive valuations and possibility of rate cuts this year are positives for listed real estate while higher level of interest rates is a headwind.
• Transition to renewable energy and increase in AI led data center infrastructure spend are tailwinds for listed infrastructure while higher level of interest rates is a headwind.
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
Investment Strategy Overview
The view expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (June 30, 2024) and are subject to change.
1.3 Plan Performance Summary - Pension
2 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Total Portfolio 31,600,442 100.00 1.13 5.26 11.53 N/A N/A N/A N/A 1.30 09/01/2021 Domestic Equity 12,244,817 38.75 2.34 12.30 22.37 N/A N/A N/A N/A 5.25 09/01/2021 Russell 3000 Index 3.22 13.56 23.12 8.05 14.14 13.48 12.15 6.84 Dodge & Cox Stock 1,228,367 3.89 0.01 8.51 18.98 7.31 12.99 11.52 10.60 8.39 02/01/2024 iShares S&P 500 Value ETF 592,079 1.87 -2.14 5.69 15.08 9.39 11.70 10.62 9.71 5.40 02/01/2024 Columbia Contrarian Core Inst3 1,718,950 5.44 5.44 16.51 27.57 10.43 16.33 14.32 12.96 14.42 02/01/2024 Vanguard Growth & Income Adm 3,130,247 9.91 4.11 17.05 26.42 10.48 15.31 14.35 12.89 14.20 02/01/2024 Harbor Capital Appreciation Ret 1,023,620 3.24 6.52 21.17 36.14 7.01 18.00 18.07 N/A 16.24 02/01/2024 iShares S&P 500 Growth ETF 903,283 2.86 9.53 23.44 32.27 9.22 16.66 16.49 14.76 19.99 02/01/2024 S&P 500 4.28 15.29 24.56 10.01 15.05 14.28 12.86 13.39
iShares Russell Mid-Cap ETF 1,500,304 4.75 -3.39 4.87 12.69 2.22 9.29 9.47 8.88 6.40 02/01/2024 Russell Midcap Index -3.35 4.96 12.88 2.37 9.46 9.63 9.04 6.48 Undisc Managers Behavioral Val R6 1,045,932 3.31 -4.32 1.80 16.22 6.66 11.22 9.24 9.14 4.00 02/01/2024 Emerald Growth Institutional 1,102,036 3.49 3.77 9.82 15.45 -1.31 8.12 9.30 9.51 13.67 02/01/2024 Russell 2000 Index -3.28 1.73 10.06 -2.58 6.94 6.85 7.00 5.85 International Equity 2,782,874 8.81 2.18 6.76 11.48 N/A N/A N/A N/A -0.38 09/01/2021 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 0.41 MFS International Growth R6 376,720 1.19 1.45 6.36 8.73 1.87 7.29 7.89 6.73 7.19 02/01/2024 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 6.75 Fidelity International Index 1,015,653 3.21 -0.27 5.50 11.37 3.07 6.65 5.86 4.47 N/A 07/01/2024 MSCI EAFE (net) -0.42 5.34 11.54 2.89 6.46 5.73 4.33 N/A Goldman Sachs GQG Ptnrs Intl Opportunities 364,528 1.15 2.98 17.01 29.38 8.70 12.11 12.09 N/A N/A 07/01/2024 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 N/A Hartford Schroders Emerging Mkts Eq 1,025,973 3.25 5.57 9.22 11.11 -6.13 3.40 4.05 N/A 14.35 02/01/2024 MSCI EM (net) 5.00 7.49 12.55 -5.07 3.10 3.54 2.79 12.72 Other Growth 781,237 2.47 -2.08 N/A N/A N/A N/A N/A N/A 1.79 02/01/2024 Cohen & Steers Inst Realty Shares 542,010 1.72 0.66 0.17 6.89 -0.13 5.30 6.50 7.19 2.35 06/01/2024 MSCI US REIT Index 0.08 -0.24 7.60 0.20 3.89 4.84 5.83 2.88 MainStay CBRE Global Infrastructure 239,227 0.76 -0.44 -0.42 1.70 1.06 3.84 5.35 5.33 -4.03 06/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 0.73 2.29 4.34 2.18 3.07 4.71 4.79 -2.68 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of June 30, 2024
Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
2.1 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of June 30, 2024
Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Fixed Income 14,678,511 46.45 0.40 -0.01 3.97 N/A N/A N/A N/A -2.65 09/01/2021 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 -3.51 Baird Aggregate Bond Inst 3,834,405 12.13 0.24 -0.21 3.69 -2.73 0.24 1.25 1.75 1.20 03/01/2024 iShares Core US Aggregate Bond ETF 2,788,433 8.82 0.13 -0.62 2.61 -3.02 -0.26 0.83 1.31 0.97 03/01/2024 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 0.99 Dodge & Cox Income 3,645,155 11.54 0.51 0.18 4.54 -1.41 1.43 2.13 2.35 0.26 02/01/2024 PGIM Total Return Bond R6 3,671,101 11.62 0.47 0.61 5.10 -2.54 0.33 1.59 2.21 0.36 02/01/2024 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 -0.44 MainStay MacKay High Yield Corp Bond Fund 739,418 2.34 1.41 3.12 9.69 2.54 4.22 4.45 4.55 2.74 03/01/2024 ICE BofA US High Yield Index 1.09 2.62 10.45 1.65 3.73 4.10 4.21 2.29 Cash Equivalent 1,113,002 3.52 1.31 2.18 4.90 2.88 N/A N/A N/A 3.05 09/01/2021 ICE BofA 3 Month U.S. T-Bill 1.32 2.63 5.40 3.03 2.16 2.07 1.51 3.21 First American Government Obligation - X 1,113,002 3.52 1.31 2.63 5.37 3.05 2.10 1.98 N/A 2.18 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.32 2.63 5.40 3.03 2.16 2.07 1.51 2.19 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
2.2 Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Total Portfolio 14.07 -13.38 N/A N/A N/A N/A N/A N/A N/A N/A Domestic Equity 24.59 -18.86 N/A N/A N/A N/A N/A N/A N/A N/A Russell 3000 Index 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 0.48 12.56 Dodge & Cox Stock 17.48 -7.22 31.73 7.16 24.83 -7.07 18.33 21.28 -4.49 10.40 iShares S&P 500 Value ETF 22.02 -5.41 24.67 1.24 31.71 -9.09 15.19 17.17 -3.24 12.14 Columbia Contrarian Core Inst3 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 3.25 13.14 Vanguard Growth & Income Adm 24.76 -17.11 29.11 18.08 29.77 -4.61 20.80 12.12 2.03 14.16 Harbor Capital Appreciation Ret 53.86 -37.67 15.74 54.56 33.39 -0.96 36.68 N/A N/A N/A iShares S&P 500 Growth ETF 29.80 -29.51 31.76 33.21 30.91 -0.17 27.20 6.74 5.33 14.67 S&P 500 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 iShares Russell Mid-Cap ETF 17.07 -17.43 22.38 16.91 30.31 -9.13 18.32 13.58 -2.57 13.03 Russell Midcap Index 17.23 -17.32 22.58 17.10 30.54 -9.06 18.52 13.80 -2.44 13.22 Undisc Managers Behavioral Val R6 14.57 -1.10 34.50 3.62 23.34 -15.20 13.53 20.97 3.52 5.83 Emerald Growth Institutional 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 1.24 7.19 Russell 2000 Index 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 4.89 International Equity 14.12 -15.85 N/A N/A N/A N/A N/A N/A N/A N/A MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 MFS International Growth R6 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 0.40 -5.01 MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 Fidelity International Index 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 -0.73 -5.31 MSCI EAFE (net) 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 -4.90 Goldman Sachs GQG Ptnrs Intl Opportunities 22.15 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A N/A N/A MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 Hartford Schroders Emerging Mkts Eq 9.00 -22.14 -4.93 23.78 22.32 -15.42 N/A N/A N/A N/A MSCI EM (net) 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 -14.92 -2.19 Other Growth N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Cohen & Steers Inst Realty Shares 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 5.23 30.18 MSCI US REIT Index 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 2.52 30.38 MainStay CBRE Global Infrastructure 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 14.67 FTSE Global Core Infrastructure 50/50 Index (Net) 2.21 -4.87 14.88 -4.06 25.13 -3.99 18.39 10.87 -8.79 15.40 Calendar Year Comparative Performance
PARS/City of San Leandro 115P Pens As of June 30, 2024
Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
2.3 Calendar Year Comparative Performance
PARS/City of San Leandro 115P Pens As of June 30, 2024
Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Fixed Income 6.99 -12.31 N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 Baird Aggregate Bond Inst 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 0.55 6.89 iShares Core US Aggregate Bond ETF 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 0.48 6.04 Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 Dodge & Cox Income 7.70 -10.87 -0.91 9.45 9.73 -0.31 4.36 5.61 -0.59 5.48 PGIM Total Return Bond R6 7.78 -14.86 -1.15 8.10 11.14 -0.63 6.71 4.83 0.09 7.25 Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 MainStay MacKay High Yield Corp Bond Fund 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 -1.44 1.75 ICE BofA US High Yield Index 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 -4.64 2.50 Cash Equivalent 4.98 1.50 N/A N/A N/A N/A N/A N/A N/A N/A ICE BofA 3 Month U.S. T-Bill 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 0.04 First American Government Obligation - X 5.00 1.54 0.03 0.40 2.12 1.74 0.79 N/A N/A N/A ICE BofA 3 Month U.S. T-Bill 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 0.04 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
2.4 QTR
Market Value
As of
04/01/2024
Net Flows Return On
Investment
Market Value
As of
06/30/2024
Total Portfolio 26,633,656 4,604,292 362,494 31,600,442 YTD
Market Value
As of
01/01/2024
Net Flows Return On
Investment
Market Value
As of
06/30/2024
Total Portfolio 25,575,956 4,581,292 1,443,193 31,600,442 Account Reconciliation
PARS/City of San Leandro 115P Pens As of June 30, 2024
2.5 Plan Performance Summary - OPEB
3 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Total Portfolio 21,662,830 100.00 0.93 3.21 8.48 0.07 3.73 4.20 N/A 4.40 08/01/2015 Domestic Equity 5,009,710 23.13 2.35 12.24 22.27 6.27 12.62 12.18 N/A 12.02 08/01/2015 Russell 3000 Index 3.22 13.56 23.12 8.05 14.14 13.48 12.15 12.62 Dodge & Cox Stock 494,768 2.28 0.01 8.51 18.98 7.31 12.99 11.52 10.60 8.39 02/01/2024 iShares S&P 500 Value ETF 249,172 1.15 -2.14 5.69 15.08 9.39 11.70 10.62 9.71 5.40 02/01/2024 Columbia Contrarian Core Inst3 727,484 3.36 5.44 16.51 27.57 10.43 16.33 14.32 12.96 14.42 02/01/2024 Vanguard Growth & Income Adm 1,266,791 5.85 4.11 17.05 26.42 10.48 15.31 14.35 12.89 14.20 02/01/2024 Harbor Capital Appreciation Ret 405,046 1.87 6.52 21.17 36.14 7.01 18.00 18.07 N/A 16.24 02/01/2024 iShares S&P 500 Growth ETF 377,286 1.74 9.53 23.44 32.27 9.22 16.66 16.49 14.76 19.99 02/01/2024 S&P 500 4.28 15.29 24.56 10.01 15.05 14.28 12.86 13.39
iShares Russell Mid-Cap ETF 604,046 2.79 -3.39 4.87 12.69 2.22 9.29 9.47 8.88 6.40 02/01/2024 Russell Midcap Index -3.35 4.96 12.88 2.37 9.46 9.63 9.04 6.48 Undisc Managers Behavioral Val R6 425,784 1.97 -4.32 1.80 16.22 6.66 11.22 9.24 9.14 4.00 02/01/2024 Emerald Growth Institutional 459,333 2.12 3.77 9.82 15.45 -1.31 8.12 9.30 9.51 13.67 02/01/2024 Russell 2000 Index -3.28 1.73 10.06 -2.58 6.94 6.85 7.00 5.85 International Equity 1,285,188 5.93 2.16 6.74 11.47 0.25 6.21 5.52 N/A 6.27 08/01/2015 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 4.99 MFS International Growth R6 173,277 0.80 1.45 6.36 8.73 1.87 7.29 7.89 6.73 7.19 02/01/2024 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 6.75 Fidelity International Index 469,226 2.17 -0.27 5.50 11.37 3.07 6.65 5.86 4.47 N/A 07/01/2024 MSCI EAFE (net) -0.42 5.34 11.54 2.89 6.46 5.73 4.33 N/A Goldman Sachs GQG Ptnrs Intl Opportunities 175,773 0.81 2.98 17.01 29.38 8.70 12.11 12.09 N/A N/A 07/01/2024 MSCI AC World ex USA (Net) 0.96 5.69 11.62 0.46 5.55 5.17 3.84 N/A Hartford Schroders Emerging Mkts Eq 466,913 2.16 5.57 9.22 11.11 -6.13 3.40 4.05 N/A 14.35 02/01/2024 MSCI EM (net) 5.00 7.49 12.55 -5.07 3.10 3.54 2.79 12.72 Other Growth 324,231 1.50 -2.05 N/A N/A N/A N/A N/A N/A 1.82 02/01/2024 Cohen & Steers Inst Realty Shares 225,409 1.04 0.66 0.17 6.89 -0.13 5.30 6.50 7.19 2.35 06/01/2024 MSCI US REIT Index 0.08 -0.24 7.60 0.20 3.89 4.84 5.83 2.88 MainStay CBRE Global Infrastructure 98,822 0.46 -0.44 -0.42 1.70 1.06 3.84 5.35 5.33 -4.03 06/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 0.73 2.29 4.34 2.18 3.07 4.71 4.79 -2.68 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of June 30, 2024 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
3.1 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of June 30, 2024 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Fixed Income 14,221,026 65.65 0.40 -0.02 3.98 -2.21 0.37 1.25 N/A 1.59 08/01/2015 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 1.22 Baird Aggregate Bond Inst 3,726,174 17.20 0.24 -0.21 3.69 -2.73 0.24 1.25 1.75 1.20 03/01/2024 iShares Core US Aggregate Bond ETF 2,696,605 12.45 0.13 -0.62 2.61 -3.02 -0.26 0.83 1.31 0.97 03/01/2024 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 0.99 Dodge & Cox Income 3,549,780 16.39 0.51 0.18 4.54 -1.41 1.43 2.13 2.35 0.26 02/01/2024 PGIM Total Return Bond R6 3,544,285 16.36 0.47 0.61 5.10 -2.54 0.33 1.59 2.21 0.36 02/01/2024 Blmbg. U.S. Aggregate 0.07 -0.71 2.63 -3.02 -0.23 0.86 1.35 -0.44 MainStay MacKay High Yield Corp Bond Fund 704,182 3.25 1.41 3.12 9.69 2.54 4.22 4.45 4.55 2.74 03/01/2024 ICE BofA US High Yield Index 1.09 2.62 10.45 1.65 3.73 4.10 4.21 2.29 Cash Equivalent 822,675 3.80 1.31 2.18 4.89 2.87 1.98 1.89 N/A 1.54 08/01/2015 ICE BofA 3 Month U.S. T-Bill 1.32 2.63 5.40 3.03 2.16 2.07 1.51 1.70 First American Government Obligation - X 822,675 3.80 1.31 2.63 5.37 3.05 2.10 1.98 N/A 2.18 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.32 2.63 5.40 3.03 2.16 2.07 1.51 2.19 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
3.2 Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Total Portfolio 11.06 -13.53 5.22 10.79 13.68 -2.60 9.43 4.75 N/A N/A Domestic Equity 24.52 -19.00 23.48 18.94 29.26 -6.25 21.38 11.11 N/A N/A Russell 3000 Index 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 0.48 12.56 Dodge & Cox Stock 17.48 -7.22 31.73 7.16 24.83 -7.07 18.33 21.28 -4.49 10.40 iShares S&P 500 Value ETF 22.02 -5.41 24.67 1.24 31.71 -9.09 15.19 17.17 -3.24 12.14 Columbia Contrarian Core Inst3 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 3.25 13.14 Vanguard Growth & Income Adm 24.76 -17.11 29.11 18.08 29.77 -4.61 20.80 12.12 2.03 14.16 Harbor Capital Appreciation Ret 53.86 -37.67 15.74 54.56 33.39 -0.96 36.68 N/A N/A N/A iShares S&P 500 Growth ETF 29.80 -29.51 31.76 33.21 30.91 -0.17 27.20 6.74 5.33 14.67 S&P 500 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 iShares Russell Mid-Cap ETF 17.07 -17.43 22.38 16.91 30.31 -9.13 18.32 13.58 -2.57 13.03 Russell Midcap Index 17.23 -17.32 22.58 17.10 30.54 -9.06 18.52 13.80 -2.44 13.22 Undisc Managers Behavioral Val R6 14.57 -1.10 34.50 3.62 23.34 -15.20 13.53 20.97 3.52 5.83 Emerald Growth Institutional 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 1.24 7.19 Russell 2000 Index 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 4.89 International Equity 14.21 -15.69 6.22 14.28 23.77 -15.50 30.09 3.02 N/A N/A MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 MFS International Growth R6 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 0.40 -5.01 MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 Fidelity International Index 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 -0.73 -5.31 MSCI EAFE (net) 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 -4.90 Goldman Sachs GQG Ptnrs Intl Opportunities 22.15 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A N/A N/A MSCI AC World ex USA (Net) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 Hartford Schroders Emerging Mkts Eq 9.00 -22.14 -4.93 23.78 22.32 -15.42 N/A N/A N/A N/A MSCI EM (net) 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 -14.92 -2.19 Other Growth N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Cohen & Steers Inst Realty Shares 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 5.23 30.18 MSCI US REIT Index 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 2.52 30.38 MainStay CBRE Global Infrastructure 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 14.67 FTSE Global Core Infrastructure 50/50 Index (Net) 2.21 -4.87 14.88 -4.06 25.13 -3.99 18.39 10.87 -8.79 15.40 Calendar Year Comparative Performance
PARS/City of San Leandro 115P - OPEB As of June 30, 2024 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
3.3 Calendar Year Comparative Performance
PARS/City of San Leandro 115P - OPEB As of June 30, 2024 Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Fixed Income 6.97 -12.27 -0.82 7.19 8.18 -0.37 4.24 3.13 N/A N/A Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 Baird Aggregate Bond Inst 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 0.55 6.89 iShares Core US Aggregate Bond ETF 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 0.48 6.04 Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 Dodge & Cox Income 7.70 -10.87 -0.91 9.45 9.73 -0.31 4.36 5.61 -0.59 5.48 PGIM Total Return Bond R6 7.78 -14.86 -1.15 8.10 11.14 -0.63 6.71 4.83 0.09 7.25 Blmbg. U.S. Aggregate 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 5.97 MainStay MacKay High Yield Corp Bond Fund 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 -1.44 1.75 ICE BofA US High Yield Index 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 -4.64 2.50 Cash Equivalent 4.98 1.48 0.02 0.36 2.08 1.70 0.75 0.23 N/A N/A ICE BofA 3 Month U.S. T-Bill 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 0.04 First American Government Obligation - X 5.00 1.54 0.03 0.40 2.12 1.74 0.79 N/A N/A N/A ICE BofA 3 Month U.S. T-Bill 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 0.04 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
3.4 QTR
Market Value
As of
04/01/2024
Net Flows Return On
Investment
Market Value
As of
06/30/2024
Total Portfolio 21,481,416 (18,803) 200,217 21,662,830
YTD
Market Value
As of
01/01/2024
Net Flows Return On
Investment
Market Value
As of
06/30/2024
Total Portfolio 20,987,330 (37,567) 713,067 21,662,830
Account Reconciliation
PARS/City of San Leandro 115P - OPEB As of June 30, 2024
3.5 Manager Overview
4 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 315,624 160,114
Median Mkt. Cap ($M) 47,376 12,595
Price/Earnings ratio 19.55 19.03
Price/Book ratio 2.47 2.56
5 Yr. EPS Growth Rate (%) 6.36 8.50
Current Yield (%) 2.05 2.24
Number of Stocks 81 846
Sector Weights (%)
Dodge & Cox Stock Russell 1000 Value Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
2.4 1.3
0.6 2.7
7.7 12.2
22.0 25.4
6.2 2.7
4.8 12.0
0.0 5.0
4.6 4.7
9.5 14.3
13.9 22.9
8.0 7.9
4.7 4.5
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Schwab (Charles) Corp 3.93 0.51 3.42 2.20
Wells Fargo & Co 3.58 1.01 2.57 3.05
Fiserv Inc. 3.19 0.30 2.89 -6.75
Occidental Petroleum Corp 3.15 0.20 2.95 -2.66
Alphabet Inc 2.97 0.00 2.97 20.60
RTX Corp 2.82 0.68 2.14 3.56
MetLife Inc 2.63 0.21 2.42 -4.56
Sanofi 2.60 0.00 2.60 4.01
Johnson Controls International Plc 2.56 0.21 2.35 2.31
Microsoft Corp 2.54 0.00 2.54 6.42
% of Portfolio 29.97 3.12 26.85
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Alnylam Pharmaceuticals Inc 0.53 0.03 0.50 62.60
EchoStar Corp 0.15 0.00 0.15 24.98
Alphabet Inc 1.61 0.00 1.61 20.82
Alphabet Inc 2.97 0.00 2.97 20.60
Coherent Corp 0.59 0.04 0.55 19.53
HP Inc 0.85 0.11 0.74 16.76
GE Aerospace 1.57 0.81 0.76 14.47
Fox Corp 0.25 0.02 0.23 11.88
International Flavors & Fragrances Inc 1.22 0.11 1.11 11.18 Williams Cos Inc. (The) 1.05 0.24 0.81 10.33
% of Portfolio 10.79 1.36 9.43
Dodge & Cox Stock vs. Russell 1000 Value Index
Portfolio Characteristics As of June 30, 2024
4.1 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 187,839 188,343
Median Mkt. Cap ($M) 31,338 31,338
Price/Earnings ratio 19.90 19.90
Price/Book ratio 2.81 2.81
5 Yr. EPS Growth Rate (%) 8.26 8.27
Current Yield (%) 2.34 2.34
Number of Stocks 439 438
Sector Weights (%)
iShares S&P 500 Value (IVE) S&P 500 Value
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.3 5.0
4.2 3.5
8.3 11.4
18.1 22.8
6.7 10.2
5.2 4.5
0.0 5.0
4.2 3.5
8.3 11.4
18.1 22.8
6.8 10.2
5.2 4.5
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Berkshire Hathaway Inc 3.78 3.79 -0.01 -3.26
JPMorgan Chase & Co 2.98 2.99 -0.01 1.57
Exxon Mobil Corp 2.65 2.66 -0.01 -0.16
Johnson & Johnson 1.81 1.81 0.00 -6.85
UnitedHealth Group Incorporated 1.49 1.50 -0.01 3.38
Walmart Inc 1.48 1.49 -0.01 12.92
Bank of America Corp 1.39 1.39 0.00 5.51
Chevron Corp 1.38 1.38 0.00 0.17
Procter & Gamble Co (The) 1.22 1.22 0.00 2.30
Costco Wholesale Corp 1.12 1.13 -0.01 16.20
% of Portfolio 19.30 19.36 -0.06
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
First Solar Inc 0.12 0.12 0.00 33.57
Teradyne Inc 0.12 0.12 0.00 31.54
GE Vernova Inc 0.14 0.14 0.00 25.42
NetApp Inc 0.09 0.09 0.00 23.29
Hewlett Packard Enterprise Co 0.14 0.14 0.00 20.11
Corning Inc 0.15 0.15 0.00 18.76
QUALCOMM Inc. 0.55 0.55 0.00 18.14
Insulet Corporation 0.05 0.05 0.00 17.74
Ventas Inc. 0.11 0.11 0.00 17.73
Newmont Corporation 0.25 0.25 0.00 17.55
% of Portfolio 1.72 1.72 0.00
iShares S&P 500 Value (IVE) vs. S&P 500 Value
Portfolio Characteristics As of June 30, 2024
4.2 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 1,065,414 921,416
Median Mkt. Cap ($M) 125,938 13,577
Price/Earnings ratio 27.24 26.44
Price/Book ratio 5.04 4.75
5 Yr. EPS Growth Rate (%) 18.22 17.62
Current Yield (%) 1.17 1.36
Number of Stocks 77 1,004
Sector Weights (%)
Columbia Contrarian Core Russell 1000 Index
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.9 1.6
1.2 2.3
32.8 6.2
12.7 12.9
3.8 4.8
8.0 11.8
0.0 2.2
2.4 2.3
30.8 9.0
11.7 13.0
3.7 5.6
10.1 9.2
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 7.60 6.70 0.90 6.42
Apple Inc 7.29 6.19 1.10 22.99
NVIDIA Corporation 7.28 5.91 1.37 36.74
Amazon.com Inc 4.91 3.51 1.40 7.13
Meta Platforms Inc 3.52 2.25 1.27 3.94
Alphabet Inc 2.62 2.18 0.44 20.82
Alphabet Inc 2.26 1.85 0.41 20.60
CASH 1.95 0.00 1.95 N/A
Elevance Health Inc 1.88 0.26 1.62 4.82
JPMorgan Chase & Co 1.79 1.18 0.61 1.57
% of Portfolio 41.10 30.03 11.07
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 7.28 5.91 1.37 36.74
Pinterest Inc 0.93 0.05 0.88 27.11
GE Vernova Inc 0.16 0.09 0.07 25.42
Apple Inc 7.29 6.19 1.10 22.99
Alphabet Inc 2.62 2.18 0.44 20.82
Alphabet Inc 2.26 1.85 0.41 20.60
Palo Alto Networks Inc 0.63 0.21 0.42 19.32
QUALCOMM Inc. 0.80 0.45 0.35 18.14
Newmont Corporation 1.15 0.10 1.05 17.55
Eli Lilly and Co 1.48 1.54 -0.06 16.57
% of Portfolio 24.60 18.57 6.03
Columbia Contrarian Core vs. Russell 1000 Index
Portfolio Characteristics As of June 30, 2024
4.3 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 919,467 999,085
Median Mkt. Cap ($M) 9,669 34,742
Price/Earnings ratio 26.91 27.08
Price/Book ratio 5.25 4.96
5 Yr. EPS Growth Rate (%) 18.79 17.79
Current Yield (%) 1.20 1.37
Number of Stocks 816 503
Sector Weights (%)
Vanguard Growth & Income Fund S&P 500
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
2.9 2.1
1.3 1.9
31.4 7.6
10.6 11.6
3.9 3.9
14.1 8.7
0.0 2.3
2.2 2.2
32.4 8.1
11.7 12.4
3.6 5.8
10.0 9.3
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 6.67 7.25 -0.58 6.42
NVIDIA Corporation 6.61 6.63 -0.02 36.74
Amazon.com Inc 5.21 3.86 1.35 7.13
Apple Inc 4.89 6.62 -1.73 22.99
Alphabet Inc 3.14 2.33 0.81 20.82
CASH 2.88 0.00 2.88 N/A
Meta Platforms Inc 1.68 2.41 -0.73 3.94
Eli Lilly and Co 1.68 1.58 0.10 16.57
Exxon Mobil Corp 1.47 1.13 0.34 -0.16
Merck & Co Inc 1.45 0.68 0.77 -5.61
% of Portfolio 35.68 32.49 3.19
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Gannett Co Inc 0.01 0.00 0.01 88.93
American Superconductor Corp 0.00 0.00 0.00 73.13
Alnylam Pharmaceuticals Inc 0.03 0.00 0.03 62.60
Zeta Global Holdings Corp 0.00 0.00 0.00 61.48
United States Cellular Corp 0.00 0.00 0.00 52.93
Credo Technology Group Holding Ltd 0.00 0.00 0.00 50.73 WideOpenWest Inc 0.00 0.00 0.00 49.45
Silk Road Medical Inc 0.00 0.00 0.00 47.60
CareDx Inc 0.00 0.00 0.00 46.65
Carvana Co 0.05 0.00 0.05 46.42
% of Portfolio 0.09 0.00 0.09
Vanguard Growth & Income Fund vs. S&P 500
Portfolio Characteristics As of June 30, 2024
4.4 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 1,136,180 1,169,754
Median Mkt. Cap ($M) 138,561 18,320
Price/Earnings ratio 53.58 32.58
Price/Book ratio 15.57 10.92
5 Yr. EPS Growth Rate (%) 33.57 20.58
Current Yield (%) 0.42 0.78
Number of Stocks 53 440
Sector Weights (%)
Harbor Capital Appreciation Fund Russell 1000 Growth Index
0.0 15.0 30.0 45.0 60.0 75.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.1 0.0
0.2 0.0
61.1 1.1
4.0 2.8
0.0 1.2
24.6 4.9
0.0 0.1
0.8 0.7
43.6 5.7
10.6 6.4
0.5 4.1
15.0 12.5
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 34.13 8.16 25.97 40.44
Chipotle Mexican Grill Inc 16.98 0.35 16.63 31.17
Broadcom Inc 16.22 2.23 13.99 10.65
Amazon.com Inc 3.25 6.27 -3.02 12.76
Microsoft Corp 3.09 11.52 -8.43 -1.90
Meta Platforms Inc 1.81 3.78 -1.97 10.38
Eli Lilly and Co 1.63 2.63 -1.00 21.20
Apple Inc 1.45 9.88 -8.43 -7.51
Advanced Micro Devices Inc 1.32 0.57 0.75 -5.55
Visa Inc 1.07 1.70 -0.63 -1.52
% of Portfolio 80.95 47.09 33.86
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 34.13 8.16 25.97 40.44
Chipotle Mexican Grill Inc 16.98 0.35 16.63 31.17
Eaton Corporation plc 0.32 0.00 0.32 29.74
Eli Lilly and Co 1.63 2.63 -1.00 21.20
Trade Desk Inc (The) 0.31 0.15 0.16 21.07
Progressive Corp (The) 0.19 0.36 -0.17 16.89
Alphabet Inc 0.72 3.85 -3.13 16.19
Alphabet Inc 0.72 3.29 -2.57 16.11
Walt Disney Co (The) 0.38 0.00 0.38 15.67
Astrazeneca PLC 0.46 0.00 0.46 15.61
% of Portfolio 55.84 18.79 37.05
Harbor Capital Appreciation Fund vs. Russell 1000 Growth Index Portfolio Characteristics As of April 30, 2024
4.5 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 1,558,091 1,595,738
Median Mkt. Cap ($M) 47,596 47,596
Price/Earnings ratio 35.94 36.28
Price/Book ratio 10.80 10.84
5 Yr. EPS Growth Rate (%) 24.42 24.58
Current Yield (%) 0.67 0.65
Number of Stocks 232 231
Sector Weights (%)
iShares S&P 500 Growth ETF (IVW) S&P 500 Growth
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.1 0.2
0.7 1.2
50.8 6.0
7.3 5.0
1.4 2.6
11.6 13.2
0.0 0.2
0.6 1.2
50.2 5.7
7.0 4.7
1.4 2.5
13.5 12.9
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 12.57 12.58 -0.01 6.42
NVIDIA Corporation 11.50 11.51 -0.01 36.74
Apple Inc 11.49 11.50 -0.01 22.99
Amazon.com Inc 4.51 6.70 -2.19 7.13
Meta Platforms Inc 4.36 4.18 0.18 3.94
Alphabet Inc 4.05 4.05 0.00 20.82
Alphabet Inc 3.39 3.39 0.00 20.60
Eli Lilly and Co 2.85 2.74 0.11 16.57
Broadcom Inc 2.76 2.65 0.11 21.53
Tesla Inc 2.17 2.08 0.09 12.57
% of Portfolio 59.65 61.38 -1.73
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 11.50 11.51 -0.01 36.74
GE Vernova Inc 0.08 0.08 0.00 25.42
Vistra Corp 0.11 0.11 0.00 23.75
NetApp Inc 0.04 0.04 0.00 23.29
Apple Inc 11.49 11.50 -0.01 22.99
Broadcom Inc 2.76 2.65 0.11 21.53
Monolithic Power Systems Inc 0.16 0.15 0.01 21.48
Arista Networks Inc 0.35 0.34 0.01 20.86
Alphabet Inc 4.05 4.05 0.00 20.82
Alphabet Inc 3.39 3.39 0.00 20.60
% of Portfolio 33.93 33.82 0.11
iShares S&P 500 Growth ETF (IVW) vs. S&P 500 Growth
Portfolio Characteristics As of June 30, 2024
4.6 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 23,668 27,498
Median Mkt. Cap ($M) 10,424 10,318
Price/Earnings ratio 20.30 20.72
Price/Book ratio 2.93 3.04
5 Yr. EPS Growth Rate (%) 13.16 13.21
Current Yield (%) 1.71 1.61
Number of Stocks 813 807
Sector Weights (%)
iShares Russell Mid-Cap Russell Midcap Index
0.0 4.0 8.0 12.0 16.0 20.0 24.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.2 5.3
7.7 6.0
13.0 17.0
10.4 15.4
5.5 5.3
10.8 3.5
0.0 5.4
7.6 5.5
13.7 20.0
9.3 16.1
5.1 3.2
10.4 3.5
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Arthur J. Gallagher & Co. 0.52 0.51 0.01 3.95
Hilton Worldwide Holdings Inc 0.50 0.49 0.01 2.37
Williams Cos Inc. (The) 0.48 0.47 0.01 10.33
Aflac Incorporated 0.48 0.47 0.01 4.61
Palantir Technologies Inc 0.47 0.44 0.03 10.08
Simon Property Group Inc 0.46 0.45 0.01 -1.72
Digital Realty Trust Inc 0.45 0.43 0.02 6.42
Microchip Technology Inc 0.45 0.44 0.01 2.48
Ross Stores Inc 0.44 0.44 0.00 -0.73
ONEOK Inc 0.44 0.43 0.01 2.99
% of Portfolio 4.69 4.57 0.12
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
GameStop Corp. 0.06 0.06 0.00 97.20
Alnylam Pharmaceuticals Inc 0.28 0.28 0.00 62.60
Carvana Co 0.13 0.00 0.13 46.42
United Therapeutics Corp 0.13 0.13 0.00 38.67
Cirrus Logic Inc. 0.06 0.06 0.00 37.92
First Solar Inc 0.22 0.22 0.00 33.57
CAVA Group Inc 0.06 0.04 0.02 32.41
Teradyne Inc 0.21 0.21 0.00 31.54
Coca Cola Consolidated Inc 0.06 0.00 0.06 28.27
Globus Medical Inc 0.07 0.07 0.00 27.68
% of Portfolio 1.28 1.07 0.21
iShares Russell Mid-Cap vs. Russell Midcap Index
Portfolio Characteristics As of June 30, 2024
4.7 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 6,609 2,980
Median Mkt. Cap ($M) 3,718 766
Price/Earnings ratio 13.67 12.76
Price/Book ratio 1.66 1.67
5 Yr. EPS Growth Rate (%) 9.23 8.91
Current Yield (%) 2.66 2.31
Number of Stocks 103 1,402
Sector Weights (%)
Undiscovered Managers Behavioral Value
Russell 2000 Value Index
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.0 9.0
6.6 10.1
0.9 17.2
9.1 34.0
5.2 2.9
4.6 0.3
0.0 3.9
9.9 5.0
6.4 14.4
8.7 26.3
10.4 2.2
10.5 2.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Citizens Financial Group Inc 3.92 0.00 3.92 0.51
KeyCorp 3.51 0.00 3.51 -8.85
Old National Bancorp 3.25 0.43 2.82 -0.43
Devon Energy Corp 3.18 0.00 3.18 -4.81
F.N.B. Corp 3.02 0.00 3.02 -2.10
Healthpeak Properties Inc 2.81 0.00 2.81 6.19
Ensign Group Inc (The) 2.67 0.00 2.67 -0.54
Graphic Packaging Holding Co 2.52 0.00 2.52 -9.85
Berry Global Group Inc 2.49 0.00 2.49 -2.26
Kemper Corp 2.49 0.00 2.49 -3.69
% of Portfolio 29.86 0.43 29.43
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NCR Atleos Corp 0.61 0.00 0.61 36.81
Veradigm Inc 0.22 0.00 0.22 23.38
Primo Water Corp 1.59 0.23 1.36 20.52
Matson Inc 1.29 0.36 0.93 16.86
ABM Industries Inc 0.59 0.25 0.34 13.91
ModivCare Inc 0.22 0.00 0.22 11.90
Brink's Co (The) 1.86 0.00 1.86 11.12
ICU Medical Inc 1.70 0.00 1.70 10.65
AXIS Capital Holdings Ltd 0.82 0.00 0.82 9.34
Hyster Yale Inc 0.14 0.00 0.14 9.19
% of Portfolio 9.04 0.84 8.20
Undiscovered Managers Behavioral Value vs. Russell 2000 Value Index Portfolio Characteristics As of June 30, 2024
4.8 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 5,409 5,603
Median Mkt. Cap ($M) 2,643 1,157
Price/Earnings ratio 22.04 21.31
Price/Book ratio 4.14 3.93
5 Yr. EPS Growth Rate (%) 18.86 20.29
Current Yield (%) 0.48 0.66
Number of Stocks 124 1,064
Sector Weights (%)
Emerald Growth Fund Russell 2000 Growth Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.0 0.0
1.3 4.9
23.9 15.9
23.2 10.6
4.2 3.6
10.9 1.5
0.0 1.3
1.5 4.4
23.4 20.4
21.1 6.1
4.8 4.4
10.6 2.0
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Super Micro Computer Inc 3.44 3.54 -0.10 62.16
Freshpet Inc 2.78 0.00 2.78 23.19
FTAI Aviation Ltd 2.64 0.57 2.07 30.80
TransMedics Group Inc 2.27 0.24 2.03 9.75
Carpenter Technology Corp 2.20 0.00 2.20 39.50
Varonis Systems Inc 1.99 0.39 1.60 -2.52
Churchill Downs Inc 1.88 0.00 1.88 6.64
ATI Inc 1.75 0.62 1.13 46.07
LivaNova PLC 1.74 0.02 1.72 14.52
Palomar Holdings Inc 1.74 0.16 1.58 31.40
% of Portfolio 22.43 5.54 16.89
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Viking Therapeutics Inc 1.04 0.66 0.38 229.66
Impinj Inc 1.19 0.30 0.89 64.34
Super Micro Computer Inc 3.44 3.54 -0.10 62.16
MediaAlpha Inc 0.56 0.03 0.53 58.82
LendingTree Inc 0.58 0.01 0.57 49.26
Montrose Environmental Group Inc 1.49 0.10 1.39 48.65
ATI Inc 1.75 0.62 1.13 46.07
Celsius Holdings Inc 0.18 0.00 0.18 42.83
Carpenter Technology Corp 2.20 0.00 2.20 39.50
Arlo Technologies Inc 0.06 0.08 -0.02 39.42
% of Portfolio 12.49 5.34 7.15
Emerald Growth Fund vs. Russell 2000 Growth Index
Portfolio Characteristics As of April 30, 2024
4.9 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 142,277 152,711
Median Mkt. Cap ($M) 31,027 8,853
Price/Earnings ratio 20.68 23.43
Price/Book ratio 3.34 3.76
5 Yr. EPS Growth Rate (%) 10.94 13.82
Current Yield (%) 2.06 1.67
Number of Stocks 87 1,227
Sector Weights (%)
MFS International Growth MSCI AC World ex USA Growth (Net)
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.6 0.4
0.0 11.8
18.5 18.9
11.3 9.5
1.3 13.1
11.1 2.6
0.0 1.0
0.8 6.0
21.0 17.7
13.0 10.6
2.2 8.2
14.0 5.5
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
SAP SE 5.05 1.60 3.45 5.51
Schneider Electric S E 4.36 0.99 3.37 7.77
Hitachi Ltd 3.98 0.78 3.20 21.83
Nestle SA, Cham Und Vevey 3.77 1.33 2.44 -0.92
Taiwan Semicon Manu Co ADR 3.34 5.53 -2.19 28.16
Roche Holding AG 3.25 0.07 3.18 8.87
Heineken NV 3.02 0.21 2.81 1.45
LVMH Moet Hennessy Louis Vui 2.96 1.59 1.37 -14.26
Linde Plc 2.57 0.00 2.57 -5.19
Amadeus IT Group SA 2.15 0.23 1.92 3.74
% of Portfolio 34.45 12.33 22.12
Region Weights (%)
MFS International Growth MSCI AC World ex USA Growth (Net)
0.0 15.0 30.0 45.0 60.0
Cash
Other
Pacific
North America
Middle East
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
1.6 0.5
15.6 6.5
0.0 20.6
38.3 1.9
0.0 15.0
0.0 0.0
21.7 7.4
0.5 20.4
21.7 2.1
3.3 22.9
MFS International Growth vs. MSCI AC World ex USA Growth (Net) Portfolio Characteristics As of June 30, 2024
4.10 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 98,356 100,942
Median Mkt. Cap ($M) 13,547 13,989
Price/Earnings ratio 16.71 16.74
Price/Book ratio 2.66 2.67
5 Yr. EPS Growth Rate (%) 9.03 9.12
Current Yield (%) 3.13 3.13
Number of Stocks 768 742
Sector Weights (%)
Fidelity International Index Fund MSCI EAFE (net)
0.0 4.0 8.0 12.0 16.0 20.0 24.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
2.2 3.0
2.1 6.8
9.4 16.5
13.2 19.5
4.1 8.2
11.2 3.9
0.0 3.1
2.0 6.7
9.5 16.9
13.5 20.0
4.1 8.5
11.5 4.1
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Novo Nordisk A/S 2.78 2.85 -0.07 13.26
ASML Holding NV 2.45 2.50 -0.05 7.46
CASH 2.23 0.00 2.23 N/A
Nestle SA, Cham Und Vevey 1.60 1.65 -0.05 -0.92
Astrazeneca PLC 1.43 1.46 -0.03 15.79
Shell Plc 1.37 1.39 -0.02 9.07
Novartis AG 1.29 1.28 0.01 10.33
Toyota Motor Corp 1.28 1.31 -0.03 -18.37
SAP SE 1.25 1.28 -0.03 5.51
LVMH Moet Hennessy Louis Vui 1.24 1.27 -0.03 -14.26
% of Portfolio 16.92 14.99 1.93
Region Weights (%)
Fidelity International Index Fund MSCI EAFE (net)
0.0 8.0 16.0 24.0 32.0 40.0 48.0
Cash
Other
Pacific
Middle East
Europe ex EMU
EMU
2.2 0.1
32.8 0.7
31.5 32.7
0.0 0.1
33.3 0.7
32.3 33.5
Fidelity International Index Fund vs. MSCI EAFE (net)
Portfolio Characteristics As of June 30, 2024
4.11 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 332,297 112,367
Median Mkt. Cap ($M) 80,043 9,176
Price/Earnings ratio 19.78 16.27
Price/Book ratio 3.86 2.57
5 Yr. EPS Growth Rate (%) 19.35 10.28
Current Yield (%) 2.85 3.02
Number of Stocks 71 2,159
Sector Weights (%)
Goldman Sachs GQG Ptnrs Intl Opportunities
MSCI AC World ex USA (Net)
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
5.0 6.6
0.0 3.0
17.2 9.8
15.3 12.7
11.8 9.2
2.7 6.6
0.0 3.1
1.8 7.1
14.0 13.7
9.5 21.7
5.5 7.2
11.1 5.3
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Novo Nordisk A/S 7.93 1.81 6.12 13.26
CASH 5.00 0.00 5.00 N/A
Astrazeneca PLC 4.78 0.93 3.85 15.79
TotalEnergies SE 4.09 0.55 3.54 -1.30
NVIDIA Corporation 3.59 0.00 3.59 36.74
ASML Holding NV 3.25 1.59 1.66 7.46
SAP SE 2.69 0.81 1.88 5.51
Taiwan Semicon Manu Co 2.61 2.82 -0.21 22.80
Glencore Plc 2.59 0.23 2.36 4.88
Adani Power Ltd 2.52 0.03 2.49 34.64
% of Portfolio 39.05 8.77 30.28
Region Weights (%)
Goldman Sachs GQG Ptnrs Intl Opportunities
MSCI AC World ex USA (Net)
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Other
Pacific
North America
Middle East
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
5.0 0.0
2.0 15.8
0.0 24.3
24.6 5.1
1.0 22.3
0.0 0.1
21.8 7.5
0.5 20.5
21.7 2.1
3.4 22.4
Goldman Sachs GQG Ptnrs Intl Opportunities vs. MSCI AC World ex USA (Net) Portfolio Characteristics As of June 30, 2024
4.12 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 183,776 152,426
Median Mkt. Cap ($M) 18,908 7,008
Price/Earnings ratio 15.28 15.38
Price/Book ratio 2.55 2.62
5 Yr. EPS Growth Rate (%) 15.55 13.55
Current Yield (%) 2.61 2.75
Number of Stocks 115 1,330
Sector Weights (%)
Hartford Schroders Emerging Markets Equity
MSCI EM (net)
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.7 1.7
0.6 2.4
33.2 5.5
1.7 23.0
5.1 5.1
11.7 8.3
0.0 3.0
1.5 6.9
25.1 6.9
3.2 21.9
5.2 5.2
12.3 8.9
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Taiwan Semicon Manu Co 11.87 9.72 2.15 22.80
Samsung Electronics Co Ltd 6.58 3.75 2.83 -3.27
Tencent Holdings LTD 5.74 4.18 1.56 23.94
Hon Hai Precision Industry Co Ltd 2.26 1.09 1.17 40.74
Axis Bank Ltd 2.18 0.46 1.72 20.84
SK Hynix Inc 2.03 1.24 0.79 26.39
Mediatek Incorporation 1.93 0.87 1.06 15.57
Icici Bank Ltd 1.91 0.99 0.92 9.74
Reliance Industries Ltd 1.87 1.51 0.36 5.37
Meituan 1.79 0.96 0.83 15.05
% of Portfolio 38.16 24.77 13.39
Region Weights (%)
Hartford Schroders Emerging Markets Equity
MSCI EM (net)
0.0 25.0 50.0 75.0 100.0 125.0
Cash
Other
Pacific
North America
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
1.7 0.3
4.1 0.0
0.4 0.9
11.9 8.8
72.0 0.0
0.0 2.1
0.3 0.0
1.2 7.2
11.8 77.4
Hartford Schroders Emerging Markets Equity vs. MSCI EM (net) Portfolio Characteristics As of June 30, 2024
4.13 Portfolio Characteristics As of June 30, 2024
Cohen & Steers Institututional Realty Shares
Portfolio Characteristics Top 10 Holdings Portfolio Benchmark1 Active Weight Net Assets ($ millions) 6,710 American Tower Corporation Telecommunications 9.73% 7.26% 2.47% Inception Date 2/14/2000 Welltower, Inc. Health Care 8.91% 4.93% 3.98% Gross Expense Ratio 0.76% Prologis, Inc. Industrial 8.33% 8.30% 0.03% Net Expense Ratio 0.75% Digital Realty Trust, Inc. Data Centers 7.63% 3.92% 3.71% Number of Holdings 32 Simon Property Group, Inc. Regional Mall 6.36% 3.93% 2.43% Turnover Rate 32% Crown Castle International Corp. Telecommunications 5.62% 3.39% 2.23% Wgt. Avg. Market Cap. ($ millions) 46,340 Iron Mountain Incorporated Specialty 4.80% 2.09% 2.71% 12-Month Distribution Yield 3.14% Invitation Homes, Inc. Single Family Homes 4.67% 1.76% 2.91% 30-Day SEC Yield 2.39% Equinix, Inc. Data Centers 4.06% 5.73% -1.67% Sun Communities, Inc. Manufcatured Homes 3.24% 1.19% 2.05% Geographic Exposure Sector Exposure vs. Benchmark1
(1) Cohen & Steers uses the FTSE Nareit All Equity REIT Index as its preferred benchmark for this strategy.
United States,
100%
16%
12%
12%
11%
7% 6% 6%
5% 5%
4% 3% 3% 3%
2% 2% 2% 0% 1%
12% 12% 10% 12% 10% 4% 3% 7% 3% 2% 3% 3% 6% 5% 2% 3% 2% 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Cohen & Steers Institutional Realty Shares Benchmark: FTSE Nareit All Equity REIT Index
4.14 Portfolio Characteristics As of June 30, 2024
MainStay CBRE Global Infrastructure Fund
Portfolio Characteristics Top 10 Holdings Portfolio
Net Assets ($ millions) 815 Targa Resources Corp. Midstream / Pipelines United States 4.60% Inception Date 6/28/2013 WEC Energy Group, Inc. Regulated Electric United States 4.40% Gross Expense Ratio 1.02% CSX Corporation Rail United States 4.00% Net Expense Ratio 0.97% Atmos Energy Corp. Gas Distribution United States 3.90% Number of Holdings 53 Canadian National Railway Rail Canada 3.80% Turnover Rate 47% American Tower Corp. Communications United States 3.60% Wgt. Avg. Market Cap. ($ millions) 37,300 Nextera Energy Inc. Integrated Electric United States 3.60% 12-Month Distribution Yield 2.25% Pembina Pipeline Corp. Midstream / Pipelines Canada 3.40% 30-Day SEC Yield 2.41% Sempra Energy Integrated Electric United States 3.40% AENA SME SA Airports Spain 3.40%
Geographic Exposure Sector Exposure
United States, 61%
Canada, 9%
Spain, 6%
Japan, 5%
France, 5%
UK, 3%
Italy
, 2%
Mexico, 2%
China, 2% Switzerland, 2%
RoW, 3%
25%
14%
12% 11% 10%
8% 7% 7%
2%
4%
0%
5%
10%
15%
20%
25%
30%
MainStay CBRE Global Infrastructure Fund
4.15 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.13 6.13
Yield To Maturity (%) 5.23 5.00
Avg. Maturity 8.23 8.43
Avg. Quality AA AA
Coupon Rate (%) 3.55 3.30
Credit Quality Distribution (%)
Baird Aggregate Blmbg. U.S. Aggregate
0.0 25.0
50.0 75.0
100.0
AAA/Aaa
AA/Aa
A
BBB/Baa
BB/Ba
Cash or NR
3.5 72.6
11.7 12.3
0.0 0.0
11.8 53.8
12.2 21.5
0.2 0.5
Sector Distribution (%)
Baird Aggregate Blmbg. U.S. Aggregate
0.0 20.0
40.0 60.0
80.0 Gov't & Related
Muni/Local Authority
ABS
Mortgages
Inv Grade Corp
High Yield Corps
Cash/Other
47.1 0.8 0.5
27.2 24.5
0.0 0.0
28.1 0.5 3.0
31.6 36.2
0.1 0.5
Baird Aggregate vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of June 30, 2024
4.16 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.09 6.13
Yield To Maturity (%) 5.01 5.00
Avg. Maturity 8.50 8.43
Avg. Quality AA AA
Coupon Rate (%) 3.36 3.30
Credit Quality Distribution (%)
iShares Core U.S. Aggregate Bond ETF
Blmbg. U.S. Aggregate
0.0 25.0
50.0 75.0
100.0
AAA/Aaa
AA/Aa
A
BBB/Baa
Cash or NR
3.5 72.6
11.7 12.3
0.0 5.0
68.8 12.0 12.6
1.6 Sector Distribution (%)
iShares Core U.S. Aggregate Bond ETF Blmbg. U.S. Aggregate
0.0 20.0
40.0 60.0
80.0 Gov't & Related
Muni/Local Authority
ABS
Mortgages
Inv Grade Corp
Cash/Other
47.1 0.8 0.5
27.2 24.5
0.0 45.9
0.6 0.5
27.0 25.3
0.7 iShares Core U.S. Aggregate Bond ETF vs. Blmbg. U.S. Aggregate Portfolio Characteristics As of June 30, 2024
4.17 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.20 6.13
Yield To Maturity (%) 5.50 5.00
Avg. Maturity 9.90 8.43
Avg. Quality A AA
Coupon Rate (%) 4.28 3.30
Credit Quality Distribution (%)
Dodge & Cox Income Blmbg. U.S. Aggregate
0.0 25.0
50.0 75.0
100.0
AAA/Aaa
AA/Aa
A
BBB/Baa
BB/Ba
B
Cash or NR
3.5 72.6
11.7 12.3
0.0 0.0 0.0 1.7
62.1 7.7
22.5 3.2 2.0 0.8
Sector Distribution (%)
Dodge & Cox Income Blmbg. U.S. Aggregate
0.0 20.0
40.0 60.0
80.0 Gov't & Related
Muni/Local Authority
ABS
Mortgages
Inv Grade Corp
High Yield Corps
Emg Markets
Cash/Other
47.1 0.8 0.5
27.2 24.5
0.0 0.0 0.0
14.9 1.1 5.2
43.5 27.1
5.0 2.4 0.8
Dodge & Cox Income vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of June 30, 2024
4.18 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.05 6.13
Yield To Maturity (%) 6.52 5.00
Avg. Maturity 8.02 8.43
Avg. Quality AA AA
Coupon Rate (%) 4.33 3.30
Credit Quality Distribution (%)
PGIM Total Return Bond Blmbg. U.S. Aggregate
0.0 25.0
50.0 75.0
100.0
AAA/Aaa
AA/Aa
A
BBB/Baa
BB/Ba
B
Below B
Cash or NR
3.5 72.6
11.7 12.3
0.0 0.0 0.0 0.0
31.9 30.2
10.0 15.9
5.7 2.4 1.1 2.7
Sector Distribution (%)
PGIM Total Return Bond Blmbg. U.S. Aggregate
0.0 25.0
50.0 75.0
-25.0
Gov't & Related
Muni/Local Authority
ABS
CLO
Mortgages
Inv Grade Corp
High Yield Corps
Emg Markets
Cash/Other
47.1 0.8 0.5 0.0
27.2 24.5
0.0 0.0 0.0
10.0 1.3 2.3
21.7 31.6
24.5 7.6
1.5 -0.4
PGIM Total Return Bond vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of June 30, 2024
4.19 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 3.60 3.18
Yield To Maturity (%) 7.37 8.00
Avg. Maturity 4.29 4.87
Avg. Quality BB B
Coupon Rate (%) 6.12 6.32
Credit Quality Distribution (%)
NYLI MacKay High Yield Corp Bond Fund
ICE BofA US High Yield Index
0.0 20.0
40.0 60.0
80.0 AA/Aa
BBB/Baa
BB/Ba
B
Below B
Cash or NR
0.0 0.0
52.9 34.7
12.4 0.1 0.0
8.1 44.0
32.9 7.0 8.0
Sector Distribution (%)
NYLI MacKay High Yield Corp Bond Fund ICE BofA US High Yield Index
0.0 50.0
100.0
150.0
Inv Grade Corp
High Yield Corps
Cash/Other
0.0 100.0
0.0 7.6
86.8 5.7
NYLI MacKay High Yield Corp Bond Fund vs. ICE BofA US High Yield Index Portfolio Characteristics As of June 30, 2024
4.20 Performance - Restated as of 3/31/24
5 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Total Portfolio 26,633,656 100.00 4.09 4.09 13.68 N/A N/A N/A N/A 0.98 09/01/2021 Domestic Equity 10,685,460 40.12 9.74 9.74 28.63 N/A N/A N/A N/A 4.83 09/01/2021 Russell 3000 Index 10.02 10.02 29.29 9.78 14.34 13.45 12.33 6.22 Dodge & Cox Stock 1,166,097 4.38 8.50 8.50 25.59 10.37 13.57 11.80 11.08 8.38 02/01/2024 iShares S&P 500 Value ETF 521,760 1.96 8.01 8.01 25.36 11.98 13.06 11.19 10.44 7.70 02/01/2024 Columbia Contrarian Core Inst3 1,416,655 5.32 10.50 10.50 34.37 11.44 16.16 14.07 12.94 8.52 02/01/2024 Vanguard Growth & Income Adm 2,751,218 10.33 12.44 12.44 31.75 11.98 15.21 14.10 13.03 9.70 02/01/2024 Harbor Capital Appreciation Ret 784,306 2.94 13.75 13.75 47.91 9.32 17.22 17.99 N/A 9.12 02/01/2024 iShares S&P 500 Growth ETF 775,159 2.91 12.69 12.69 33.49 9.99 15.57 15.68 14.36 9.55 02/01/2024 S&P 500 10.56 10.56 29.88 11.49 15.05 14.09 12.96 8.73
iShares Russell Mid-Cap ETF 1,500,166 5.63 8.55 8.55 22.16 5.90 10.93 10.42 9.78 10.13 02/01/2024 Russell Midcap Index 8.60 8.60 22.35 6.07 11.10 10.58 9.95 10.17 Undisc Managers Behavioral Val R6 891,564 3.35 6.39 6.39 21.25 9.73 12.70 10.04 9.96 8.69 02/01/2024 Emerald Growth Institutional 878,535 3.30 5.83 5.83 21.02 -1.45 7.91 9.71 8.79 9.53 02/01/2024 Russell 2000 Index 5.18 5.18 19.71 -0.10 8.10 7.73 7.58 9.44 International Equity 2,511,605 9.43 4.48 4.48 11.58 N/A N/A N/A N/A -1.24 09/01/2021 MSCI AC World ex USA (Net) 4.69 4.69 13.26 1.94 5.97 5.88 4.25 0.08 Dodge & Cox International Stock 322,455 1.21 3.13 3.13 13.38 5.14 7.30 5.47 4.02 6.22 02/01/2024 MFS International Growth R6 327,769 1.23 4.85 4.85 10.36 3.70 8.02 9.21 7.08 5.66 02/01/2024 DFA Large Cap International I 983,162 3.69 5.73 5.73 15.46 5.34 7.86 7.10 5.04 6.49 02/01/2024 MSCI AC World ex USA (Net) 4.69 4.69 13.26 1.94 5.97 5.88 4.25 5.74 Hartford Schroders Emerging Mkts Eq 878,219 3.30 3.46 3.46 7.24 -6.93 2.72 4.27 N/A 8.32 02/01/2024 MSCI EM (net) 2.37 2.37 8.15 -5.05 2.22 3.72 2.95 7.35
Other Growth 393,657 1.48 N/A N/A N/A N/A N/A N/A N/A 3.95 02/01/2024 Vanguard Real Estate ETF 393,657 1.48 -1.19 -1.19 8.50 1.72 3.68 4.64 6.20 3.95 02/01/2024 MSCI US REIT Index -0.32 -0.32 10.37 4.03 4.14 5.07 6.54 3.99 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of March 31, 2024 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
5.1 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of March 31, 2024 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Fixed Income 12,057,527 45.27 -0.41 -0.41 3.47 N/A N/A N/A N/A -3.05 09/01/2021 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 -3.87 Baird Aggregate Bond Inst 3,156,091 11.85 -0.45 -0.45 2.80 -2.17 0.81 1.45 1.97 0.95 03/01/2024 iShares Core US Aggregate Bond ETF 2,289,152 8.59 -0.75 -0.75 1.61 -2.48 0.32 1.02 1.50 0.84 03/01/2024 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 0.92 Dodge & Cox Income 2,992,638 11.24 -0.32 -0.32 4.09 -0.92 1.89 2.28 2.52 -0.24 02/01/2024 PGIM Total Return Bond R6 3,012,809 11.31 0.14 0.14 4.61 -1.68 0.96 1.84 2.43 -0.11 02/01/2024 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 -0.50 MainStay MacKay High Yield Corp Bond Fund 606,837 2.28 1.68 1.68 9.56 3.00 4.40 4.48 4.61 1.31 03/01/2024 ICE BofA US High Yield Index 1.51 1.51 11.04 2.21 4.03 4.25 4.36 1.19 Cash Equivalent 985,407 3.70 0.86 0.86 4.79 N/A N/A N/A N/A 2.83 09/01/2021 ICE BofA 3 Month U.S. T-Bill 1.29 1.29 5.24 2.58 2.02 1.90 1.38 3.00 First American Government Obligation - X 985,407 3.70 1.31 1.31 5.28 2.61 1.95 1.82 N/A 0.86 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.29 1.29 5.24 2.58 2.02 1.90 1.38 0.86 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
5.2 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Total Portfolio 21,481,416 100.00 2.25 2.25 9.42 1.00 4.18 4.40 N/A 4.42 08/01/2015 Domestic Equity 5,120,985 23.84 9.66 9.66 28.46 8.21 12.91 12.35 N/A 12.08 08/01/2015 Russell 3000 Index 10.02 10.02 29.29 9.78 14.34 13.45 12.33 12.59 Dodge & Cox Stock 573,350 2.67 8.50 8.50 25.59 10.37 13.57 11.80 11.08 8.38 02/01/2024 iShares S&P 500 Value ETF 255,743 1.19 8.01 8.01 25.36 11.98 13.06 11.19 10.44 7.70 02/01/2024 Columbia Contrarian Core Inst3 689,959 3.21 10.50 10.50 34.37 11.44 16.16 14.07 12.94 8.52 02/01/2024 Vanguard Growth & Income Adm 1,222,793 5.69 12.44 12.44 31.75 11.98 15.21 14.10 13.03 9.70 02/01/2024 Harbor Capital Appreciation Ret 380,241 1.77 13.75 13.75 47.91 9.32 17.22 17.99 N/A 9.12 02/01/2024 iShares S&P 500 Growth ETF 372,296 1.73 12.69 12.69 33.49 9.99 15.57 15.68 14.36 9.55 02/01/2024 S&P 500 10.56 10.56 29.88 11.49 15.05 14.09 12.96 8.73
iShares Russell Mid-Cap ETF 738,983 3.44 8.55 8.55 22.16 5.90 10.93 10.42 9.78 10.13 02/01/2024 Russell Midcap Index 8.60 8.60 22.35 6.07 11.10 10.58 9.95 10.17 Undisc Managers Behavioral Val R6 444,990 2.07 6.39 6.39 21.25 9.73 12.70 10.04 9.96 8.69 02/01/2024 Emerald Growth Institutional 442,630 2.06 5.83 5.83 21.02 -1.45 7.91 9.71 8.79 9.53 02/01/2024 Russell 2000 Index 5.18 5.18 19.71 -0.10 8.10 7.73 7.58 9.44 International Equity 1,313,233 6.11 4.48 4.48 11.62 0.94 6.43 6.18 N/A 6.19 08/01/2015 MSCI AC World ex USA (Net) 4.69 4.69 13.26 1.94 5.97 5.88 4.25 5.02 Dodge & Cox International Stock 177,196 0.82 3.13 3.13 13.38 5.14 7.30 5.47 4.02 6.22 02/01/2024 MFS International Growth R6 180,025 0.84 4.85 4.85 10.36 3.70 8.02 9.21 7.08 5.66 02/01/2024 DFA Large Cap International I 513,746 2.39 5.73 5.73 15.46 5.34 7.86 7.10 5.04 6.49 02/01/2024 MSCI AC World ex USA (Net) 4.69 4.69 13.26 1.94 5.97 5.88 4.25 5.74 Hartford Schroders Emerging Mkts Eq 442,266 2.06 3.46 3.46 7.24 -6.93 2.72 4.27 N/A 8.32 02/01/2024 MSCI EM (net) 2.37 2.37 8.15 -5.05 2.22 3.72 2.95 7.35
Other Growth 187,575 0.87 N/A N/A N/A N/A N/A N/A N/A 3.95 02/01/2024 Vanguard Real Estate ETF 187,575 0.87 -1.19 -1.19 8.50 1.72 3.68 4.64 6.20 3.95 02/01/2024 MSCI US REIT Index -0.32 -0.32 10.37 4.03 4.14 5.07 6.54 3.99 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2024 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
5.3 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2024 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Fixed Income 13,796,840 64.23 -0.41 -0.41 3.48 -1.63 0.88 1.42 N/A 1.59 08/01/2015 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 1.25 Baird Aggregate Bond Inst 3,611,338 16.81 -0.45 -0.45 2.80 -2.17 0.81 1.45 1.97 0.95 03/01/2024 iShares Core US Aggregate Bond ETF 2,619,405 12.19 -0.75 -0.75 1.61 -2.48 0.32 1.02 1.50 0.84 03/01/2024 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 0.92 Dodge & Cox Income 3,424,349 15.94 -0.32 -0.32 4.09 -0.92 1.89 2.28 2.52 -0.24 02/01/2024 PGIM Total Return Bond R6 3,447,377 16.05 0.14 0.14 4.61 -1.68 0.96 1.84 2.43 -0.11 02/01/2024 Blmbg. U.S. Aggregate -0.78 -0.78 1.70 -2.46 0.36 1.06 1.54 -0.50 MainStay MacKay High Yield Corp Bond Fund 694,371 3.23 1.68 1.68 9.56 3.00 4.40 4.48 4.61 1.31 03/01/2024 ICE BofA US High Yield Index 1.51 1.51 11.04 2.21 4.03 4.25 4.36 1.19 Cash Equivalent 1,062,783 4.95 0.86 0.86 4.78 2.43 1.83 1.72 N/A 1.43 08/01/2015 ICE BofA 3 Month U.S. T-Bill 1.29 1.29 5.24 2.58 2.02 1.90 1.38 1.59 First American Government Obligation - X 1,062,783 4.95 1.31 1.31 5.28 2.61 1.95 1.82 N/A 0.86 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.29 1.29 5.24 2.58 2.02 1.90 1.38 0.86 Returns are gross of investment advisory fees and net of mutual fund fees. Returns are expressed as percentages and for periods over one year are annualized. Asset class level returns may vary from individual underlying manager returns due to cash flows. Total Portfolio returns prior to 1/1/2024 were provided by previous Advisor and believed to be accurate and reliable. Returns for January 2024 were calculated by the legacy performance system of previous Advisor and believed to be accurate and reliable.
5.4 This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.
Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), 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 information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.
It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets. Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.
The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change.
Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report.
Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.
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