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 September 30, 2024
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager Financial Markets & Investment Strategy Review
1 QUARTERLY MARKET SUMMARY
For the Quarter Ended September 30, 2024
Multi-Asset Class Management
QTD YTD One Year Three
Year Five Year Seven
Year Ten Year
DOMESTIC EQUITY
S&P 500 (TR) 5.89% 22.08% 36.19% 11.88% 15.91% 14.44% 13.33% Russell 3000 6.23% 20.63% 35.04% 10.26% 15.20% 13.69% 12.78% Russell 1000 Growth 3.19% 24.55% 42.00% 11.99% 19.66% 18.14% 16.46% Russell 1000 6.08% 21.18% 35.52% 10.80% 15.58% 14.13% 13.06% Russell 1000 Value 9.43% 16.68% 27.64% 9.00% 10.65% 9.50% 9.20% Russell Midcap 9.21% 14.63% 29.20% 5.74% 11.25% 10.44% 10.16% Russell Midcap Growth 6.54% 12.91% 29.21% 2.31% 11.43% 11.84% 11.26% Russell Midcap Value 10.08% 15.08% 28.89% 7.37% 10.29% 8.79% 8.90% Russell 2000 Growth 8.41% 13.22% 27.54% -0.35% 8.78% 7.57% 8.92% Russell 2000 9.27% 11.17% 26.65% 1.84% 9.35% 7.34% 8.75% Russell 2000 Value 10.15% 9.22% 25.77% 3.76% 9.25% 6.58% 8.19%
INTERNATIONAL EQUITY
MSCI EAFE 7.26% 12.99% 24.66% 5.47% 8.17% 5.97% 5.69%
MSCI AC World 6.61% 18.66% 31.62% 8.07% 12.14% 10.20% 9.35% MSCI AC World ex-USA 8.06% 14.21% 25.24% 4.13% 7.56% 5.42% 5.20% MSCI AC World ex-USA Small Cap 8.90% 11.93% 23.15% 1.39% 8.18% 5.18% 6.05% MSCI EM (Emerging Markets) 8.72% 16.86% 25.94% 0.40% 5.73% 3.64% 4.01%
ALTERNATIVES
FTSE Nareit/Equity REITs - INV 16.09% 15.93% 34.58% 5.06% 5.43% 6.95% 7.80% MSCI US REIT INDEX 16.12% 15.84% 34.23% 4.97% 5.45% 6.94% 7.74% FTSE Global Core Infrastructure 50/50 Index 13.59% 16.20% 28.68% 6.69% 5.22% 6.16% 6.33% Bloomberg Commodity Index 0.68% 5.86% 0.95% 3.65% 7.76% 4.85% 0.03%
FIXED INCOME
Bloomberg U.S. Aggregate 5.20% 4.45% 11.52% -1.38% 0.33% 1.47% 1.84% Bloomberg U.S. Government/Credit 5.10% 4.39% 11.27% -1.50% 0.41% 1.63% 1.99% Bloomberg U.S. Intermediate Government/Credit 4.17% 4.68% 9.41% 0.17% 1.25% 1.89% 1.96% Bloomberg U.S. Treasury (1-3 Y) 2.91% 4.13% 6.76% 1.26% 1.48% 1.67% 1.40% ICE BofA U.S. High Yield 5.31% 8.05% 15.62% 3.07% 4.53% 4.55% 4.94% Bloomberg Global Aggregate ex-USD 8.52% 2.81% 12.23% -4.40% -1.85% -0.80% -0.50%
CASH EQUIVALENT
Bloomberg 3 Month T-Bill 1.38% 4.06% 5.48% 3.56% 2.36% 2.25% 1.67% 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 September 30, 2024
Multi-Asset Class Management
Inflation (U.S.):
• Inflation continues its trend lower but has been
buoyed by stubborn housing costs. We expect this
inflation to further trend lower.
• The broad-based inflation cooling helped fuel the
Fed’s decision to cut by 50 bps but policy makers
note they are not declaring victory on price stability.
Economic Growth (Global):
• U.S. economic growth remains strong reflecting a
consumer who continues to spend at elevated
levels.
• Economic growth outside the U.S. remains mixed.
China recent stimulus measures are aimed to boost
growth, which is conducive to global growth.
Monetary Policy (Global):
• The Fed has begun its easing cycle with a 50 basis
point (bp) cut with expectation of an additional 50
bps in rate cuts by year end.
• The global easing cycle is underway with nearly all
major central banks (excluding BoJ) completing
multiple rate cuts.
Labor Markets:
• The labor market continues to moderate from
extremely strong levels seen in prior quarters. The
recent downward revisions to nonfarm payrolls
further emphasized the cooling.
• Other labor metrics remain well positioned such as
the layoffs and discharge rate pointing towards
moderation rather than deterioration.
Consumer Spending (U.S.):
• The consumer continues to spend and support
economic strength. Upward revisions to the
personal savings rate paint the consumer in better
light.
• Moderation in the pace of overall spending is
expected given slowing wage growth and labor
market conditions.
Financial Conditions (U.S.):
• The continuation of stable market measures, such
as narrow corporate yield spreads, record equity
index levels and low volatility, reflect economic
confidence.
• We remain focused on the cooling labor market and
effects this might have on the consumer as potential
catalysts for a broader slow down.
Political Risks:
• Geopolitical risks continue to remain elevated.
Broadening of middle east conflict, U.S. and China
trade and tariff tensions, China’s moves in South
China Sea and Taiwan Strait further add to risks.
• Policy uncertainty related to US elections outcome
is also expected to increase short term 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:
• Fed rate cuts are a positive for economic growth
and corporate earnings, but any tax/tariff changes
need to be closely monitored for any impact on
profit margins.
• Higher cash levels especially across S&P 500
companies along with broad based earnings growth
are 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 at the time of distribution (September 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 cannot guarantee its accuracy, completeness, or suitability.
1.2 QUARTERLY MARKET SUMMARY
For the Quarter Ended September 30, 2024
Multi-Asset Class Management
Asset Class Our Q4 2024 Investment Outlook Comments
• Moderate economic growth coupled with Fed easing should result in continued positive performance for US equities. We are concerned about the high valuations, but believe that soft landing economic scenario and earnings growth strength will provide tailwinds.
• Equity markets experienced a period of volatility during Q3 which we expect to continue amidst slowing growth, geopolitical tensions and election related uncertainty.
• Small-caps have lagged large caps since the sell off in first week of August pointing to lack of fundamental support to rally in July, but we expect fundamentals to improve as rate cuts take hold. Worries from the Banking Crisis on regional banks seems to be in our rearview mirror.
U.S. Equities
Large-Caps
Small-Caps
• International equities continue to trade at a discount to U.S. and have been recently helped by ECB rate cuts and weakening dollar. BoJ continues to tighten while other central banks are embarking on rate cuts. • EM equity performance is reliant on Indian and Chinese equities, which constitute roughly 45% of the MSCI Emerging Market Index. Indian equities are trading at expensive valuations, and we don’t expect a sustained recovery in Chinese equities due to stimulus unless there are structural/geopolitical changes addressing debt overhang and geopolitical stability.
Non-U.S. Equities
Developed Markets
Emerging Markets
• Slowing inflation and softening labor markets led to Fed cutting by 50 bps at their September meeting. Further rate cuts are expected which is positive for fixed income investors.
• About $6.3 trillion is sitting in money market funds which could flow into fixed income as the rates becomes more attractive.
• Credit markets remain attractive due to strong corporate fundamentals.
We remain positive on investment grade but are staying closer to targets on high yield given tighter spreads. We continue to closely watch for signs for any distress in the corporate credit space.
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
• Continued economic growth, falling rates, strengthening fundamentals along with attractive valuations relative to equities are tailwinds to listed real estate performance leading us to overweight the exposure. • Transition to renewable energy and increase in AI led data center infrastructure spend are tailwinds for listed infrastructure. Utilities which make up about ~50% of the universe have been performing well recently due to lower rates.
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
Investment Strategy Overview
The view expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (September 30, 2024) and are subject to change.
1.3 Plan Performance Summary - Pension
2 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Total Portfolio 33,318,316 100.00 5.53 11.08 21.26 4.14 N/A N/A N/A 2.97 09/01/2021 Domestic Equity 12,374,759 37.14 5.61 18.61 33.87 8.79 N/A N/A N/A 6.69 09/01/2021 Russell 3000 Index 6.23 20.63 35.19 10.29 15.26 13.74 12.83 8.37 Dodge & Cox Stock 1,267,187 3.80 7.16 16.29 27.71 10.29 14.52 11.88 11.26 16.16 02/01/2024 iShares S&P 500 Value ETF 614,973 1.85 9.00 15.21 30.85 12.92 13.02 11.45 10.64 14.89 02/01/2024 Columbia Contrarian Core Inst3 1,696,258 5.09 3.54 20.63 36.11 12.11 16.70 14.21 13.18 18.47 02/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 20.06
Putnam Core Equity Fund Y 778,584 2.34 5.90 23.46 37.92 13.21 17.86 15.09 13.47 N/A 10/01/2024 Schwab US Large-Cap ETF 1,980,338 5.94 5.93 21.50 36.02 10.92 15.71 14.27 13.17 N/A 10/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 N/A
Harbor Capital Appreciation Ret 989,287 2.97 1.43 22.90 42.95 7.37 18.84 16.92 N/A 17.91 02/01/2024 iShares S&P 500 Growth ETF 869,506 2.61 3.67 27.97 40.83 9.88 17.34 16.24 14.96 24.40 02/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 20.06
Natixis Vaughan Nelson Select N 366,497 1.10 3.29 10.44 22.51 8.39 14.67 13.33 N/A N/A 10/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 N/A
iShares Russell Mid-Cap ETF 1,582,289 4.75 9.17 14.49 29.12 5.60 11.13 10.31 10.03 16.16 02/01/2024 Russell Midcap Index 9.21 14.63 29.33 5.75 11.30 10.48 10.19 16.29 Undisc Managers Behavioral Val R6 1,110,152 3.33 8.75 10.71 27.71 10.41 13.41 9.85 10.49 13.10 02/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 15.66 Columbia Small Cap Growth Inst3 248,372 0.75 8.70 19.66 31.73 -3.70 11.89 12.82 13.91 N/A 10/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 N/A Emerald Growth Institutional 871,316 2.62 5.97 16.38 33.77 1.47 11.11 9.25 10.66 20.45 02/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 15.66 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of September 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 September 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
International Equity 2,952,667 8.86 6.10 13.27 24.02 3.37 N/A N/A N/A 1.59 09/01/2021 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 2.93 MFS International Growth R6 418,538 1.26 11.10 18.17 31.02 6.61 9.84 8.78 8.59 19.09 02/01/2024 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 15.36 Fidelity International Index 1,089,730 3.27 7.29 13.19 25.36 5.82 8.36 6.15 5.87 7.29 07/01/2024 MSCI EAFE (net) 7.26 12.99 24.77 5.48 8.20 6.00 5.71 7.26 Goldman Sachs GQG Ptnrs Intl Opportunities 365,472 1.10 0.26 17.31 32.01 9.20 12.20 11.01 N/A 0.26 07/01/2024 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 8.06 Hartford Schroders Emerging Mkts Eq 1,078,926 3.24 5.16 14.86 24.35 -1.82 5.01 3.47 N/A 20.25 02/01/2024 MSCI EM (net) 8.72 16.86 26.05 0.40 5.75 3.65 4.02 22.55 Other Growth 1,636,393 4.91 15.04 N/A N/A N/A N/A N/A N/A 17.10 02/01/2024 Cohen & Steers Inst Realty Shares 816,848 2.45 16.03 16.22 35.99 4.57 6.56 8.77 9.14 18.76 06/01/2024 MSCI US REIT Index 16.12 15.84 34.38 4.98 5.47 6.96 7.77 19.47 Lazard Global Listed Infrastructure Inst 404,869 1.22 9.82 8.88 20.22 9.40 7.20 7.03 9.21 N/A 10/01/2024 MSCI World Core Infrastructure Index (Net) 14.19 12.84 28.08 5.58 5.41 6.93 6.48 N/A NYLI CBRE Global Infrastructure 414,676 1.24 14.33 13.84 28.32 6.19 5.94 6.98 7.00 9.72 06/01/2024 MSCI World Core Infrastructure Index (Net) 14.19 12.84 28.08 5.58 5.41 6.93 6.48 12.02 Fixed Income 15,337,974 46.03 5.24 5.22 12.48 -0.55 N/A N/A N/A -0.81 09/01/2021 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 -1.63 Baird Aggregate Bond Inst 4,035,255 12.11 5.24 5.02 12.58 -1.10 0.78 1.85 2.25 6.50 03/01/2024 iShares Core US Aggregate Bond ETF 2,909,082 8.73 5.21 4.56 11.55 -1.39 0.31 1.44 1.81 6.24 03/01/2024 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 6.24 Dodge & Cox Income 3,810,041 11.44 5.59 5.78 13.53 0.37 2.12 2.77 2.91 5.87 02/01/2024 PGIM Total Return Bond R6 3,816,829 11.46 5.21 5.85 13.43 -0.87 0.82 2.13 2.72 5.59 02/01/2024 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 4.74 NYLI MacKay High Yield Corp Bond Fund 766,768 2.30 3.70 6.94 13.16 3.45 4.67 4.67 5.13 6.54 03/01/2024 ICE BofA US High Yield Index 5.28 8.03 15.66 3.08 4.55 4.56 4.95 7.69 Cash Equivalent 1,016,522 3.05 1.31 3.51 4.90 3.32 N/A N/A N/A 3.23 09/01/2021 ICE BofA 3 Month U.S. T-Bill 1.37 4.03 5.46 3.49 2.32 2.22 1.65 3.40 First American Government Obligation - X 1,016,522 3.05 1.31 3.98 5.36 3.50 2.25 2.14 N/A 3.51 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.37 4.03 5.46 3.49 2.32 2.22 1.65 3.59 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 Putnam Core Equity Fund Y 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 -2.89 13.82 Schwab US Large-Cap ETF 26.87 -19.45 26.75 20.90 31.40 -4.53 21.92 11.77 1.02 13.35 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 Natixis Vaughan Nelson Select N 22.35 -16.68 39.59 18.64 27.85 -4.62 N/A N/A N/A N/A 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 Columbia Small Cap Growth Inst3 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 4.19 -5.18 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 Calendar Year Comparative Performance
PARS/City of San Leandro 115P Pens As of September 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 September 30, 2024 Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
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 Lazard Global Listed Infrastructure Inst 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 9.30 17.95 NYLI CBRE Global Infrastructure 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 14.67 MSCI World Core Infrastructure Index (Net) 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 -9.89 15.72 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 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 NYLI 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
07/01/2024
Net Flows Return On
Investment
Market Value
As of
09/30/2024
Total Portfolio 31,600,442 (27,711) 1,745,585 33,318,316 YTD
Market Value
As of
01/01/2024
Net Flows Return On
Investment
Market Value
As of
09/30/2024
Total Portfolio 25,575,956 4,553,582 3,188,777 33,318,316 Account Reconciliation
PARS/City of San Leandro 115P Pens As of September 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 22,801,421 100.00 5.34 8.72 17.63 2.01 4.58 4.64 N/A 4.87 08/01/2015 Domestic Equity 4,987,412 21.87 5.61 18.54 33.82 8.68 13.83 12.29 N/A 12.34 08/01/2015 Russell 3000 Index 6.23 20.63 35.19 10.29 15.26 13.74 12.83 13.00 Dodge & Cox Stock 511,904 2.25 7.16 16.29 27.71 10.29 14.52 11.88 11.26 16.16 02/01/2024 iShares S&P 500 Value ETF 247,448 1.09 9.00 15.21 30.85 12.92 13.02 11.45 10.64 14.89 02/01/2024 Columbia Contrarian Core Inst3 682,966 3.00 3.54 20.63 36.11 12.11 16.70 14.21 13.18 18.47 02/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 20.06
Putnam Core Equity Fund Y 307,336 1.35 5.90 23.46 37.92 13.21 17.86 15.09 13.47 N/A 10/01/2024 Schwab US Large-Cap ETF 796,898 3.49 5.93 21.50 36.02 10.92 15.71 14.27 13.17 N/A 10/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 N/A
Harbor Capital Appreciation Ret 398,600 1.75 1.43 22.90 42.95 7.37 18.84 16.92 N/A 17.91 02/01/2024 iShares S&P 500 Growth ETF 349,966 1.53 3.67 27.97 40.83 9.88 17.34 16.24 14.96 24.40 02/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 20.06
Natixis Vaughan Nelson Select N 152,707 0.67 3.29 10.44 22.51 8.39 14.67 13.33 N/A N/A 10/01/2024 S&P 500 5.89 22.08 36.35 11.91 15.98 14.50 13.38 N/A
iShares Russell Mid-Cap ETF 636,723 2.79 9.17 14.49 29.12 5.60 11.13 10.31 10.03 16.16 02/01/2024 Russell Midcap Index 9.21 14.63 29.33 5.75 11.30 10.48 10.19 16.29 Undisc Managers Behavioral Val R6 446,861 1.96 8.75 10.71 27.71 10.41 13.41 9.85 10.49 13.10 02/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 15.66 Columbia Small Cap Growth Inst3 101,419 0.44 8.70 19.66 31.73 -3.70 11.89 12.82 13.91 N/A 10/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 N/A Emerald Growth Institutional 354,584 1.56 5.97 16.38 33.77 1.47 11.11 9.25 10.66 20.45 02/01/2024 Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 7.36 8.78 15.66 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of September 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 September 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
International Equity 1,363,200 5.98 6.07 13.21 23.94 3.48 7.77 5.41 N/A 6.78 08/01/2015 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 5.74 MFS International Growth R6 192,512 0.84 11.10 18.17 31.02 6.61 9.84 8.78 8.59 19.09 02/01/2024 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 15.36 Fidelity International Index 503,449 2.21 7.29 13.19 25.36 5.82 8.36 6.15 5.87 7.29 07/01/2024 MSCI EAFE (net) 7.26 12.99 24.77 5.48 8.20 6.00 5.71 7.26 Goldman Sachs GQG Ptnrs Intl Opportunities 176,227 0.77 0.26 17.31 32.01 9.20 12.20 11.01 N/A 0.26 07/01/2024 MSCI AC World ex USA (Net) 8.06 14.21 25.35 4.14 7.59 5.44 5.22 8.06 Hartford Schroders Emerging Mkts Eq 491,011 2.15 5.16 14.86 24.35 -1.82 5.01 3.47 N/A 20.25 02/01/2024 MSCI EM (net) 8.72 16.86 26.05 0.40 5.75 3.65 4.02 22.55 Other Growth 678,060 2.97 15.04 N/A N/A N/A N/A N/A N/A 17.14 02/01/2024 Cohen & Steers Inst Realty Shares 337,713 1.48 16.03 16.22 35.99 4.57 6.56 8.77 9.14 18.76 06/01/2024 MSCI US REIT Index 16.12 15.84 34.38 4.98 5.47 6.96 7.77 19.47 Lazard Global Listed Infrastructure Inst 167,873 0.74 9.82 8.88 20.22 9.40 7.20 7.03 9.21 N/A 10/01/2024 MSCI World Core Infrastructure Index (Net) 14.19 12.84 28.08 5.58 5.41 6.93 6.48 N/A NYLI CBRE Global Infrastructure 172,475 0.76 14.33 13.84 28.32 6.19 5.94 6.98 7.00 9.72 06/01/2024 MSCI World Core Infrastructure Index (Net) 14.19 12.84 28.08 5.58 5.41 6.93 6.48 12.02 Fixed Income 14,860,195 65.17 5.24 5.22 12.51 -0.51 1.02 1.84 N/A 2.11 08/01/2015 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 1.75 Baird Aggregate Bond Inst 3,921,355 17.20 5.24 5.02 12.58 -1.10 0.78 1.85 2.25 6.50 03/01/2024 iShares Core US Aggregate Bond ETF 2,813,281 12.34 5.21 4.56 11.55 -1.39 0.31 1.44 1.81 6.24 03/01/2024 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 6.24 Dodge & Cox Income 3,710,352 16.27 5.59 5.78 13.53 0.37 2.12 2.77 2.91 5.87 02/01/2024 PGIM Total Return Bond R6 3,684,979 16.16 5.21 5.85 13.43 -0.87 0.82 2.13 2.72 5.59 02/01/2024 Blmbg. U.S. Aggregate 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 4.74 NYLI MacKay High Yield Corp Bond Fund 730,228 3.20 3.70 6.94 13.16 3.45 4.67 4.67 5.13 6.54 03/01/2024 ICE BofA US High Yield Index 5.28 8.03 15.66 3.08 4.55 4.56 4.95 7.69 Cash Equivalent 912,554 4.00 1.31 3.51 4.89 3.32 2.14 2.04 N/A 1.64 08/01/2015 ICE BofA 3 Month U.S. T-Bill 1.37 4.03 5.46 3.49 2.32 2.22 1.65 1.80 First American Government Obligation - X 912,554 4.00 1.31 3.98 5.36 3.50 2.25 2.14 N/A 3.51 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.37 4.03 5.46 3.49 2.32 2.22 1.65 3.59 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 Putnam Core Equity Fund Y 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 -2.89 13.82 Schwab US Large-Cap ETF 26.87 -19.45 26.75 20.90 31.40 -4.53 21.92 11.77 1.02 13.35 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 Natixis Vaughan Nelson Select N 22.35 -16.68 39.59 18.64 27.85 -4.62 N/A N/A N/A N/A 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 Columbia Small Cap Growth Inst3 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 4.19 -5.18 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 Calendar Year Comparative Performance
PARS/City of San Leandro 115P - OPEB As of September 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 September 30, 2024 Performance(%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
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 Lazard Global Listed Infrastructure Inst 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 9.30 17.95 NYLI CBRE Global Infrastructure 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 14.67 MSCI World Core Infrastructure Index (Net) 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 -9.89 15.72 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 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 NYLI 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
07/01/2024
Net Flows Return On
Investment
Market Value
As of
09/30/2024
Total Portfolio 21,662,830 (18,955) 1,157,546 22,801,421 YTD
Market Value
As of
01/01/2024
Net Flows Return On
Investment
Market Value
As of
09/30/2024
Total Portfolio 20,987,330 (56,522) 1,870,613 22,801,421 Account Reconciliation
PARS/City of San Leandro 115P - OPEB As of September 30, 2024
3.5 Manager Overview
4 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 277,686 172,125
Median Mkt. Cap ($M) 53,813 14,225
Price/Earnings ratio 20.91 20.80
Price/Book ratio 2.47 2.85
5 Yr. EPS Growth Rate (%) 7.92 9.02
Current Yield (%) 1.95 2.06
Number of Stocks 82 872
Sector Weights (%)
Dodge & Cox Stock Russell 1000 Value Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
2.1 1.5
1.0 3.8
6.8 13.1
23.3 24.1
5.3 3.1
4.7 11.4
0.0 4.8
4.9 4.6
9.1 14.7
15.5 21.2
6.7 7.9
6.3 4.2
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Fiserv Inc. 3.43 0.28 3.15 20.54
Schwab (Charles) Corp 3.41 0.34 3.07 -11.70
RTX Corp 3.22 0.64 2.58 21.34
Wells Fargo & Co 3.08 0.78 2.30 -4.16
Sanofi 2.92 0.00 2.92 18.78
MetLife Inc 2.86 0.19 2.67 18.44
Johnson Controls International Plc 2.82 0.21 2.61 17.33 Occidental Petroleum Corp 2.44 0.14 2.30 -17.88
CVS Health Corp 2.31 0.31 2.00 7.68
Microsoft Corp 2.24 0.00 2.24 -3.55
% of Portfolio 28.73 2.89 25.84
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
V.F. Corp 0.48 0.03 0.45 48.53
EchoStar Corp 0.20 0.00 0.20 39.36
Haleon plc 1.20 0.00 1.20 28.77
Carrier Global Corp 0.75 0.27 0.48 27.60
Bristol-Myers Squibb Co 0.51 0.42 0.09 26.47
Fox Corp 0.83 0.04 0.79 23.97
Gilead Sciences Inc 1.78 0.41 1.37 23.33
SBA Communications Corp 0.21 0.10 0.11 23.17
Coherent Corp 0.51 0.05 0.46 22.70
Fox Corp 0.29 0.02 0.27 22.03
% of Portfolio 6.76 1.34 5.42
Dodge & Cox Stock vs. Russell 1000 Value Index
Portfolio Characteristics As of September 30, 2024
4.1 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 204,773 205,260
Median Mkt. Cap ($M) 34,857 34,832
Price/Earnings ratio 21.56 21.54
Price/Book ratio 2.98 2.98
5 Yr. EPS Growth Rate (%) 7.67 7.67
Current Yield (%) 2.19 2.19
Number of Stocks 438 438
Sector Weights (%)
iShares S&P 500 Value (IVE) S&P 500 Value
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.3 5.5
4.5 3.6
7.9 11.6
17.8 23.0
6.0 10.2
5.3 4.4
0.0 5.5
4.5 3.6
8.0 11.7
17.8 23.0
6.0 10.2
5.3 4.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Berkshire Hathaway Inc 3.99 4.00 -0.01 13.14
JPMorgan Chase & Co 2.84 2.85 -0.01 4.84
Exxon Mobil Corp 2.47 2.47 0.00 2.64
Johnson & Johnson 1.85 1.85 0.00 11.72
Walmart Inc 1.66 1.67 -0.01 19.60
UnitedHealth Group Incorporated 1.59 1.59 0.00 15.22
Bank of America Corp 1.27 1.27 0.00 0.44
Home Depot Inc. (The) 1.20 1.20 0.00 18.43
Chevron Corp 1.19 1.19 0.00 -4.81
Procter & Gamble Co (The) 1.18 1.18 0.00 5.65
% of Portfolio 19.24 19.27 -0.03
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Erie Indemnity Co 0.03 0.03 0.00 49.49
GE Vernova Inc 0.19 0.19 0.00 48.67
Mohawk Industries Inc. 0.04 0.04 0.00 41.46
Kellanova 0.10 0.10 0.00 40.92
CBRE Group Inc 0.18 0.18 0.00 39.69
Stanley Black & Decker Inc 0.08 0.08 0.00 38.98
3M Co 0.36 0.36 0.00 34.48
PayPal Holdings Inc 0.38 0.38 0.00 34.46
Iron Mountain Inc 0.08 0.08 0.00 33.40
BXP Inc 0.06 0.06 0.00 32.29
% of Portfolio 1.50 1.50 0.00
iShares S&P 500 Value (IVE) vs. S&P 500 Value
Portfolio Characteristics As of September 30, 2024
4.2 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 988,512 894,449
Median Mkt. Cap ($M) 120,581 15,165
Price/Earnings ratio 28.90 27.37
Price/Book ratio 5.40 4.90
5 Yr. EPS Growth Rate (%) 18.67 18.62
Current Yield (%) 1.18 1.31
Number of Stocks 78 1,010
Sector Weights (%)
Columbia Contrarian Core Russell 1000 Index
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.8 2.0
1.3 3.0
30.4 8.0
12.5 13.0
3.2 6.1
8.3 11.5
0.0 2.4
2.7 2.6
29.8 9.4
11.5 13.4
3.4 5.7
10.4 8.7
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 7.07 6.06 1.01 -3.55
NVIDIA Corporation 6.65 5.38 1.27 -1.69
Apple Inc 6.37 6.42 -0.05 10.75
Amazon.com Inc 4.58 3.28 1.30 -3.58
Meta Platforms Inc 3.14 2.38 0.76 13.64
Alphabet Inc 2.05 1.85 0.20 -8.83
Alphabet Inc 1.96 1.56 0.40 -8.73
JPMorgan Chase & Co 1.80 1.14 0.66 4.84
AbbVie Inc 1.74 0.66 1.08 16.20
Elevance Health Inc 1.72 0.23 1.49 -3.75
% of Portfolio 37.08 28.96 8.12
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
GE Vernova Inc 0.18 0.13 0.05 48.67
Tesla Inc 1.27 1.38 -0.11 32.22
International Business Machines Corp 0.99 0.38 0.61 28.94 Newmont Corporation 1.58 0.12 1.46 28.27
Sherwin-Williams Co (The) 1.12 0.17 0.95 28.15
Parker-Hannifin Corp 0.29 0.15 0.14 25.26
Illumina Inc 0.67 0.04 0.63 24.94
Public Service Enterprise Group Inc 1.05 0.08 0.97 21.95 eBay Inc. 1.64 0.06 1.58 21.76
RTX Corp 1.61 0.31 1.30 21.34
% of Portfolio 10.40 2.82 7.58
Columbia Contrarian Core vs. Russell 1000 Index
Portfolio Characteristics As of September 30, 2024
4.3 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 946,589 851,765
Median Mkt. Cap ($M) 51,713 2,253
Price/Earnings ratio 23.47 26.86
Price/Book ratio 4.54 4.70
5 Yr. EPS Growth Rate (%) 19.72 18.41
Current Yield (%) 1.28 1.31
Number of Stocks 122 2,987
Sector Weights (%)
Putnam US Core Equity Fund Russell 3000 Index
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Other
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.0 0.9
3.1 2.8
2.4 28.0
6.3 11.5
15.9 2.3
6.3 10.6
8.9 0.0
0.0 2.4
2.8 2.7
29.0 9.8
11.8 13.6
3.5 5.6
10.4 8.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 6.80 5.77 1.03 -3.55
Apple Inc 6.61 6.11 0.50 10.75
NVIDIA Corporation 5.46 5.12 0.34 -1.69
Alphabet Inc 3.56 1.49 2.07 -8.73
Amazon.com Inc 3.34 3.12 0.22 -3.58
Meta Platforms Inc 2.99 2.26 0.73 13.64
Berkshire Hathaway Inc 2.12 1.52 0.60 13.14
Mastercard Inc 1.95 0.74 1.21 12.10
Eli Lilly and Co 1.85 1.28 0.57 -2.01
Oracle Corp 1.63 0.48 1.15 21.02
% of Portfolio 36.31 27.89 8.42
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Chuy's Holdings Inc 0.25 0.00 0.25 44.29
TPG Inc 0.26 0.01 0.25 40.06
CBRE Group Inc 1.31 0.07 1.24 39.69
Nyxoah S A 0.06 0.00 0.06 37.02
Tesla Inc 0.90 1.31 -0.41 32.22
Fair Isaac Corporation 0.36 0.08 0.28 30.56
PulteGroup Inc 1.31 0.05 1.26 30.55
Constellation Energy Corp 0.64 0.15 0.49 30.08
Highwoods Properties Inc. 0.19 0.01 0.18 29.60
International Business Machines Corp 0.39 0.37 0.02 28.94 % of Portfolio 5.67 2.05 3.62
Putnam US Core Equity Fund vs. Russell 3000 Index
Portfolio Characteristics As of September 30, 2024
4.4 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 926,263 894,449
Median Mkt. Cap ($M) 22,112 15,165
Price/Earnings ratio 27.65 27.37
Price/Book ratio 5.02 4.90
5 Yr. EPS Growth Rate (%) 19.02 18.62
Current Yield (%) 1.29 1.31
Number of Stocks 752 1,010
Sector Weights (%)
Schwab US Large-Cap ETF Russell 1000 Index
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.1 2.4
2.5 2.4
30.9 9.2
11.5 13.2
3.4 5.7
10.2 8.6
0.0 2.4
2.7 2.6
29.8 9.4
11.5 13.4
3.4 5.7
10.4 8.7
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Apple Inc 6.81 6.42 0.39 10.75
Microsoft Corp 6.15 6.06 0.09 -3.55
NVIDIA Corporation 5.74 5.38 0.36 -1.69
Amazon.com Inc 3.35 3.28 0.07 -3.58
Meta Platforms Inc 2.40 2.38 0.02 13.64
Alphabet Inc 1.87 1.85 0.02 -8.83
Berkshire Hathaway Inc 1.62 1.60 0.02 13.14
Alphabet Inc 1.54 1.56 -0.02 -8.73
Broadcom Inc 1.54 1.49 0.05 7.78
Tesla Inc 1.40 1.38 0.02 32.22
% of Portfolio 32.42 31.40 1.02
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Exact Sciences Corporation 0.02 0.02 0.00 61.23
AppLovin Corporation 0.05 0.06 -0.01 56.87
Ubiquiti Inc 0.00 0.00 0.00 52.68
Erie Indemnity Co 0.03 0.00 0.03 49.49
GE Vernova Inc 0.13 0.13 0.00 48.67
V.F. Corp 0.01 0.01 0.00 48.53
Palantir Technologies Inc 0.14 0.14 0.00 46.86
Mohawk Industries Inc. 0.02 0.02 0.00 41.46
TransUnion 0.04 0.04 0.00 41.33
Liberty Broadband Corp 0.02 0.02 0.00 40.99
% of Portfolio 0.46 0.44 0.02
Schwab US Large-Cap ETF vs. Russell 1000 Index
Portfolio Characteristics As of September 30, 2024
4.5 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 1,202,167 1,520,756
Median Mkt. Cap ($M) 165,954 18,511
Price/Earnings ratio 42.75 37.14
Price/Book ratio 11.03 12.57
5 Yr. EPS Growth Rate (%) 28.64 26.03
Current Yield (%) 0.43 0.63
Number of Stocks 53 395
Sector Weights (%)
Harbor Capital Appreciation Fund Russell 1000 Growth Index
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.3 0.0
0.0 0.0
39.8 4.5
11.1 7.5
0.0 2.8
19.2 14.9
0.0 0.2
0.6 0.7
49.2 4.5
7.9 6.3
0.4 3.6
14.1 12.6
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 8.88 10.55 -1.67 35.45
Amazon.com Inc 8.63 6.59 2.04 6.85
Microsoft Corp 8.25 11.80 -3.55 7.64
Apple Inc 5.80 12.24 -6.44 30.56
Meta Platforms Inc 4.94 3.95 0.99 10.49
Broadcom Inc 4.91 2.77 2.14 23.98
Eli Lilly and Co 4.12 2.59 1.53 3.14
Netflix Inc 3.08 1.02 2.06 14.11
Mastercard Inc 2.67 1.45 1.22 2.93
Visa Inc 2.54 1.59 0.95 -0.91
% of Portfolio 53.82 54.55 -0.73
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
NVIDIA Corporation 8.88 10.55 -1.67 35.45
Apple Inc 5.80 12.24 -6.44 30.56
Tesla Inc 2.54 2.45 0.09 26.62
Vertex Pharmaceuticals Inc 1.84 0.24 1.60 26.20
Broadcom Inc 4.91 2.77 2.14 23.98
Moody's Corp. 0.79 0.27 0.52 23.52
TJX Companies Inc (The) 0.82 0.29 0.53 20.58
Goldman Sachs Group Inc (The) 0.64 0.16 0.48 20.02
Intuitive Surgical Inc 1.52 0.60 0.92 19.96
Adobe Inc 1.22 0.94 0.28 19.19
% of Portfolio 28.96 30.51 -1.55
Harbor Capital Appreciation Fund vs. Russell 1000 Growth Index Portfolio Characteristics As of July 31, 2024
4.6 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 1,581,606 1,583,787
Median Mkt. Cap ($M) 51,004 51,004
Price/Earnings ratio 35.85 35.85
Price/Book ratio 10.94 10.94
5 Yr. EPS Growth Rate (%) 27.35 27.35
Current Yield (%) 0.64 0.64
Number of Stocks 234 233
Sector Weights (%)
iShares S&P 500 Growth ETF (IVW) S&P 500 Growth
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.1 0.3
0.7 1.2
49.7 6.1
6.8 5.2
1.2 2.6
13.7 12.2
0.0 0.3
0.7 1.2
49.8 6.1
6.9 5.2
1.3 2.6
13.8 12.3
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Apple Inc 12.80 12.81 -0.01 10.75
Microsoft Corp 11.55 11.57 -0.02 -3.55
NVIDIA Corporation 10.79 10.81 -0.02 -1.69
Amazon.com Inc 6.29 6.30 -0.01 -3.58
Meta Platforms Inc 4.52 4.52 0.00 13.64
Alphabet Inc 3.51 3.51 0.00 -8.83
Alphabet Inc 2.90 2.90 0.00 -8.73
Broadcom Inc 2.90 2.90 0.00 7.78
Tesla Inc 2.62 2.63 -0.01 32.22
Eli Lilly and Co 2.52 2.53 -0.01 -2.01
% of Portfolio 60.40 60.48 -0.08
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Erie Indemnity Co 0.03 0.03 0.00 49.49
GE Vernova Inc 0.11 0.11 0.00 48.67
Palantir Technologies Inc 0.27 0.27 0.00 46.86
Builders FirstSource Inc 0.08 0.08 0.00 40.06
Vistra Corp 0.15 0.15 0.00 38.15
Axon Enterprise Inc 0.10 0.10 0.00 35.81
D.R. Horton Inc 0.20 0.20 0.00 35.59
Iron Mountain Inc 0.06 0.06 0.00 33.40
Tesla Inc 2.62 2.63 -0.01 32.22
Fair Isaac Corporation 0.17 0.17 0.00 30.56
% of Portfolio 3.79 3.80 -0.01
iShares S&P 500 Growth ETF (IVW) vs. S&P 500 Growth
Portfolio Characteristics As of September 30, 2024
4.7 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 748,270 830,898
Median Mkt. Cap ($M) 87,941 2,285
Price/Earnings ratio 30.38 26.27
Price/Book ratio 4.33 4.63
5 Yr. EPS Growth Rate (%) 32.91 18.68
Current Yield (%) 0.75 1.32
Number of Stocks 27 2,981
Sector Weights (%)
Natixis Vaughan Nelson Select Russell 3000 Index
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.0 0.0
0.0 6.7
31.0 8.1
8.0 18.9
3.6 1.2
12.3 9.3
0.0 2.3
2.8 2.6
28.8 9.7
12.3 14.0
3.7 5.6
9.9 8.2
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Microsoft Corp 6.98 5.69 1.29 0.66
NVIDIA Corporation 6.65 5.21 1.44 8.89
Monolithic Power Systems Inc 6.46 0.08 6.38 27.25
Amazon.com Inc 5.66 3.04 2.62 1.17
Alphabet Inc 5.58 1.76 3.82 -5.18
Zoetis Inc 4.74 0.15 4.59 8.48
JPMorgan Chase & Co 4.73 1.18 3.55 11.56
Intercontinental Exchange Inc 4.71 0.17 4.54 21.05
Berkshire Hathaway Inc 4.34 1.60 2.74 14.85
ON Semiconductor Corp 4.23 0.06 4.17 6.61
% of Portfolio 54.08 18.94 35.14
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Coca Cola Consolidated Inc 1.17 0.01 1.16 36.90
ServiceNow Inc 3.35 0.32 3.03 30.15
Kinsale Capital Group Inc 3.57 0.02 3.55 28.05
Monolithic Power Systems Inc 6.46 0.08 6.38 27.25
Sherwin-Williams Co (The) 3.40 0.16 3.24 21.83
Intercontinental Exchange Inc 4.71 0.17 4.54 21.05
O'Reilly Automotive Inc 4.11 0.12 3.99 17.31
DoorDash Inc 2.50 0.08 2.42 16.89
Berkshire Hathaway Inc 4.34 1.60 2.74 14.85
JPMorgan Chase & Co 4.73 1.18 3.55 11.56
% of Portfolio 38.34 3.74 34.60
Natixis Vaughan Nelson Select vs. Russell 3000 Index
Portfolio Characteristics As of August 31, 2024
4.8 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 26,109 26,176
Median Mkt. Cap ($M) 11,202 11,205
Price/Earnings ratio 21.79 21.76
Price/Book ratio 3.13 3.13
5 Yr. EPS Growth Rate (%) 12.81 12.81
Current Yield (%) 1.60 1.60
Number of Stocks 813 811
Sector Weights (%)
iShares Russell Mid-Cap Russell Midcap Index
0.0 4.0 8.0 12.0 16.0 20.0 24.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.2 5.8
8.2 5.9
12.5 17.4
10.2 15.5
4.9 5.0
10.9 3.4
0.0 5.8
8.2 5.9
12.5 17.4
10.2 15.7
5.0 5.0
10.9 3.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Palantir Technologies Inc 0.64 0.64 0.00 46.86
Aflac Incorporated 0.53 0.53 0.00 25.78
Arthur J. Gallagher & Co. 0.52 0.52 0.00 8.73
Hilton Worldwide Holdings Inc 0.48 0.48 0.00 5.71
D.R. Horton Inc 0.48 0.48 0.00 35.59
Williams Cos Inc. (The) 0.47 0.47 0.00 8.55
Realty Income Corp 0.47 0.47 0.00 21.73
Simon Property Group Inc 0.46 0.47 -0.01 12.75
United Rentals Inc. 0.46 0.46 0.00 25.49
ONEOK Inc 0.45 0.45 0.00 13.10
% of Portfolio 4.96 4.97 -0.01
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Exact Sciences Corporation 0.11 0.11 0.00 61.23
Inspire Medical Systems Inc 0.05 0.05 0.00 57.70
AppLovin Corporation 0.29 0.29 0.00 56.87
Doximity Inc 0.05 0.05 0.00 55.77
Ubiquiti Inc 0.01 0.01 0.00 52.68
Vornado Realty Trust 0.06 0.06 0.00 49.87
V.F. Corp 0.06 0.06 0.00 48.53
Palantir Technologies Inc 0.64 0.64 0.00 46.86
SharkNinja Inc 0.06 0.06 0.00 44.66
Mohawk Industries Inc. 0.07 0.07 0.00 41.46
% of Portfolio 1.40 1.40 0.00
iShares Russell Mid-Cap vs. Russell Midcap Index
Portfolio Characteristics As of September 30, 2024
4.9 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 6,902 2,842
Median Mkt. Cap ($M) 4,133 782
Price/Earnings ratio 15.54 14.21
Price/Book ratio 1.78 1.65
5 Yr. EPS Growth Rate (%) 4.23 6.67
Current Yield (%) 2.44 2.13
Number of Stocks 102 1,438
Sector Weights (%)
Undiscovered Managers Behavioral Value
Russell 2000 Value Index
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.0 9.2
6.4 11.6
0.8 19.1
9.0 30.9
4.4 3.6
4.6 0.4
0.0 5.3
11.5 5.1
5.8 12.2
9.3 28.0
7.2 2.3
10.0 3.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
KeyCorp 4.10 0.00 4.10 19.32
Healthpeak Properties Inc 3.32 0.00 3.32 18.37
Old National Bancorp 3.20 0.44 2.76 9.35
Citizens Financial Group Inc 3.02 0.00 3.02 15.11
Berry Global Group Inc 2.92 0.00 2.92 15.98
Graphic Packaging Holding Co 2.88 0.00 2.88 13.27
F.N.B. Corp 2.84 0.00 2.84 4.01
DENTSPLY SIRONA Inc 2.80 0.00 2.80 9.27
Devon Energy Corp 2.66 0.00 2.66 -16.55
ICU Medical Inc 2.50 0.30 2.20 53.45
% of Portfolio 30.24 0.74 29.50
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
ICU Medical Inc 2.50 0.30 2.20 53.45
Hanesbrands Inc 0.90 0.00 0.90 49.09
Frontdoor Inc 0.39 0.00 0.39 42.02
Mercury Systems Inc 0.43 0.15 0.28 37.09
Valley National Bancorp 0.76 0.30 0.46 31.47
Cushman & Wakefield Ltd 0.28 0.24 0.04 31.06
Crown Holdings Inc 0.86 0.00 0.86 29.25
Granite Construction Inc 1.81 0.05 1.76 28.14
Dun & Bradstreet Corp (The) 0.90 0.00 0.90 24.82
Silgan Holdings Inc 0.63 0.00 0.63 24.48
% of Portfolio 9.46 1.04 8.42
Undiscovered Managers Behavioral Value vs. Russell 2000 Value Index Portfolio Characteristics As of September 30, 2024
4.10 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 7,277 4,131
Median Mkt. Cap ($M) 4,826 1,176
Price/Earnings ratio 35.11 24.08
Price/Book ratio 5.07 4.27
5 Yr. EPS Growth Rate (%) 13.52 17.81
Current Yield (%) 0.33 0.59
Number of Stocks 97 1,120
Sector Weights (%)
Columbia Small Cap Growth Russell 2000 Growth Index
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.0 0.0
0.9 4.7
17.4 23.9
26.7 5.4
2.8 2.6
12.3 2.2
0.0 0.5
1.6 3.9
19.6 21.8
25.6 8.2
3.4 3.2
10.1 2.0
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
FTAI Aviation Ltd 3.56 1.00 2.56 29.11
Carpenter Technology Corp 2.98 0.56 2.42 45.83
ICU Medical Inc 2.84 0.00 2.84 53.45
Bio-Techne Corp 2.80 0.00 2.80 11.68
Onto Innovation Inc 2.78 0.00 2.78 -5.47
Chemed Corp 2.64 0.00 2.64 10.86
XPO Inc 2.64 0.00 2.64 1.28
Glaukos Corp 2.61 0.47 2.14 10.08
RBC Bearings Inc 2.60 0.00 2.60 10.97
AZEK Company Inc (The) 2.33 0.00 2.33 11.08
% of Portfolio 27.78 2.03 25.75
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Zeta Global Holdings Corp 0.91 0.39 0.52 69.01
ICU Medical Inc 2.84 0.00 2.84 53.45
Vaxcyte Inc 1.11 1.01 0.10 51.33
Carpenter Technology Corp 2.98 0.56 2.42 45.83
Biohaven Ltd 0.58 0.28 0.30 43.96
Impinj Inc 0.53 0.37 0.16 38.11
Zillow Group Inc 0.93 0.00 0.93 37.50
Hamilton Lane Inc 1.69 0.48 1.21 36.70
Lantheus Holdings Inc 0.66 0.56 0.10 36.69
Cogent Communications Holdings Inc 1.26 0.25 1.01 36.35 % of Portfolio 13.49 3.90 9.59
Columbia Small Cap Growth vs. Russell 2000 Growth Index Portfolio Characteristics As of September 30, 2024
4.11 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 4,561 4,131
Median Mkt. Cap ($M) 2,978 1,176
Price/Earnings ratio 29.35 24.08
Price/Book ratio 4.14 4.27
5 Yr. EPS Growth Rate (%) 12.25 17.81
Current Yield (%) 0.46 0.59
Number of Stocks 122 1,120
Sector Weights (%)
Emerald Growth Fund Russell 2000 Growth Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.0 1.3
5.4 23.5
15.7 24.7
14.0 2.8
4.0 7.2
1.4 0.5
1.6 3.9
19.6 21.8
25.6 8.2
3.4 3.2
10.1 2.0
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
FTAI Aviation Ltd 3.12 1.00 2.12 29.11
Freshpet Inc 2.75 0.00 2.75 5.70
Carpenter Technology Corp 2.47 0.56 1.91 45.83
Credo Technology Group Holding Ltd 1.99 0.29 1.70 -3.57 Q2 Holdings Inc 1.96 0.35 1.61 32.22
RadNet Inc 1.92 0.34 1.58 17.77
Palomar Holdings Inc 1.88 0.17 1.71 16.66
Varonis Systems Inc 1.87 0.46 1.41 17.78
Insmed Inc 1.81 0.85 0.96 8.95
AeroVironment Inc 1.78 0.39 1.39 10.07
% of Portfolio 21.55 4.41 17.14
Ten Best Performers
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Clear Secure Inc 0.14 0.21 -0.07 77.71
Applied Optoelectronics Inc 0.31 0.00 0.31 72.62
Travere Therapeutics Inc 0.76 0.00 0.76 70.19
Wave Life Sciences Ltd 0.90 0.04 0.86 64.33
Avid Bioservices Inc 0.64 0.05 0.59 59.38
Carpenter Technology Corp 2.47 0.56 1.91 45.83
Baldwin Insurance Group Inc (The) 1.76 0.24 1.52 40.40
LendingTree Inc 0.76 0.04 0.72 39.53
Portillos Inc 0.69 0.04 0.65 38.58
Impinj Inc 1.67 0.37 1.30 38.11
% of Portfolio 10.10 1.55 8.55
Emerald Growth Fund vs. Russell 2000 Growth Index
Portfolio Characteristics As of September 30, 2024
4.12 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 145,744 145,294
Median Mkt. Cap ($M) 35,379 10,270
Price/Earnings ratio 21.84 22.35
Price/Book ratio 3.47 3.87
5 Yr. EPS Growth Rate (%) 10.40 13.85
Current Yield (%) 1.92 1.64
Number of Stocks 85 1,188
Sector Weights (%)
MFS International Growth MSCI AC World ex USA Growth (Net)
0.0 4.0 8.0 12.0 16.0 20.0 24.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
0.9 0.4
0.0 11.5
18.7 18.4
11.6 10.2
1.1 12.3
12.0 2.8
0.0 1.0
0.8 6.2
19.4 18.0
12.5 11.5
2.0 8.2
14.4 5.9
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
SAP SE 5.16 1.68 3.48 12.31
Schneider Electric S E 4.34 1.02 3.32 9.66
Hitachi Ltd 4.27 0.86 3.41 18.08
Taiwan Semicon Manu Co 3.49 5.25 -1.76 1.99
Roche Holding AG 3.41 0.08 3.33 15.53
Nestle SA, Cham Und Vevey 3.38 1.21 2.17 -1.33
LVMH Moet Hennessy Louis Vui 2.70 1.49 1.21 0.47
Linde Plc 2.54 0.00 2.54 8.99
Heineken NV 2.52 0.18 2.34 -7.39
AIA Group Ltd 2.33 0.46 1.87 33.18
% of Portfolio 34.14 12.23 21.91
Region Weights (%)
MFS International Growth MSCI AC World ex USA Growth (Net)
0.0 15.0 30.0 45.0 60.0
Cash
Other
Pacific
North America
Middle East
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
0.9 0.5
17.4 6.6
0.0 20.4
37.6 1.8
0.0 14.8
0.0 0.0
22.0 7.4
0.5 19.5
21.0 2.5
3.4 23.6
MFS International Growth vs. MSCI AC World ex USA Growth (Net) Portfolio Characteristics As of September 30, 2024
4.13 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 93,847 95,567
Median Mkt. Cap ($M) 15,789 15,784
Price/Earnings ratio 15.16 15.17
Price/Book ratio 2.64 2.64
5 Yr. EPS Growth Rate (%) 9.40 9.43
Current Yield (%) 3.04 3.04
Number of Stocks 733 732
Sector Weights (%)
Fidelity International Index Fund MSCI EAFE (net)
0.0 5.0 10.0 15.0 20.0 25.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
1.7 3.3
2.1 6.6
8.6 17.1
13.1 20.3
3.6 8.5
10.8 4.2
0.0 3.4
2.2 6.8
8.7 17.3
13.3 20.6
3.6 8.7
11.0 4.3
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Novo Nordisk A/S 2.13 2.16 -0.03 -18.19
ASML Holding NV 1.87 1.90 -0.03 -19.32
CASH 1.65 0.00 1.65 N/A
Nestle SA, Cham Und Vevey 1.48 1.50 -0.02 -1.33
Astrazeneca PLC 1.36 1.37 -0.01 0.13
SAP SE 1.34 1.36 -0.02 12.31
Novartis AG 1.28 1.29 -0.01 7.61
Roche Holding AG 1.27 1.28 -0.01 15.53
LVMH Moet Hennessy Louis Vui 1.19 1.21 -0.02 0.47
Shell Plc 1.15 1.17 -0.02 -8.34
% of Portfolio 14.72 13.24 1.48
Region Weights (%)
Fidelity International Index Fund MSCI EAFE (net)
0.0 8.0 16.0 24.0 32.0 40.0 48.0
Cash
Other
Pacific
Middle East
Europe ex EMU
EMU
1.7 0.1
33.1 0.8
31.5 32.9
0.0 0.1
33.6 0.8
31.9 33.6
Fidelity International Index Fund vs. MSCI EAFE (net)
Portfolio Characteristics As of September 30, 2024
4.14 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 373,895 110,144
Median Mkt. Cap ($M) 91,185 10,377
Price/Earnings ratio 24.21 15.60
Price/Book ratio 3.89 2.66
5 Yr. EPS Growth Rate (%) 19.21 10.67
Current Yield (%) 2.85 2.90
Number of Stocks 61 2,094
Sector Weights (%)
Goldman Sachs GQG Ptnrs Intl Opportunities
MSCI AC World ex USA (Net)
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
2.6 6.7
0.0 2.6
20.6 8.6
14.1 9.1
12.5 15.3
1.7 6.2
0.0 3.2
1.9 7.1
12.8 13.8
9.4 22.5
5.0 7.4
11.3 5.6
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Novo Nordisk A/S 6.40 1.36 5.04 -18.19
SAP SE 4.73 0.85 3.88 12.31
Astrazeneca PLC 4.70 0.86 3.84 0.13
Philip Morris International Inc 4.67 0.00 4.67 21.14
NVIDIA Corporation 4.57 0.00 4.57 -1.69
TotalEnergies SE 3.85 0.50 3.35 -0.99
Taiwan Semicon Manu Co 3.65 2.66 0.99 1.99
Nestle SA, Cham Und Vevey 3.08 0.94 2.14 -1.33
Novartis AG 3.03 0.81 2.22 7.61
CASH 2.60 0.00 2.60 N/A
% of Portfolio 41.28 7.98 33.30
Region Weights (%)
Goldman Sachs GQG Ptnrs Intl Opportunities
MSCI AC World ex USA (Net)
0.0 8.0 16.0 24.0 32.0 40.0
Cash
Other
Pacific
North America
Middle East
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
2.6 0.0
2.1 21.9
0.0 24.7
22.4 5.1
1.1 20.1
0.0 0.1
21.7 7.8
0.5 20.0
21.5 2.2
3.4 22.8
Goldman Sachs GQG Ptnrs Intl Opportunities vs. MSCI AC World ex USA (Net) Portfolio Characteristics As of September 30, 2024
4.15 Portfolio Characteristics
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($M) 178,371 153,637
Median Mkt. Cap ($M) 19,740 8,155
Price/Earnings ratio 16.66 15.68
Price/Book ratio 3.02 2.93
5 Yr. EPS Growth Rate (%) 18.76 14.67
Current Yield (%) 2.58 2.59
Number of Stocks 113 1,277
Sector Weights (%)
Hartford Schroders Emerging Markets Equity
MSCI EM (net)
0.0 6.0 12.0 18.0 24.0 30.0 36.0
Cash
Utilities
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
Communication Services
3.5 1.8
0.6 2.4
26.9 6.4
2.4 23.5
4.7 5.1
13.6 9.0
0.0 2.9
1.6 6.6
22.2 6.8
3.6 22.8
4.8 5.2
14.0 9.4
Top Ten Holdings
Portfolio
Weight
(%)
Benchmark
Weight
(%)
Active
Weight
(%)
Quarterly
Return
(%)
Taiwan Semicon Manu Co 10.77 9.00 1.77 1.99
Tencent Holdings LTD 6.34 4.53 1.81 20.00
Samsung Electronics Co Ltd 4.24 2.71 1.53 -20.57
CASH 3.45 0.00 3.45 N/A
Meituan 2.80 1.33 1.47 55.61
Icici Bank Ltd 2.35 0.96 1.39 6.49
Alibaba Group Holding Ltd 2.29 2.60 -0.31 56.83
Axis Bank Ltd 1.91 0.41 1.50 -3.02
Tata Consultancy Services Ltd 1.67 0.56 1.11 9.05
Reliance Industries Ltd 1.62 1.30 0.32 -5.82
% of Portfolio 37.44 23.40 14.04
Region Weights (%)
Hartford Schroders Emerging Markets Equity
MSCI EM (net)
0.0 25.0 50.0 75.0 100.0 125.0
Cash
Other
Pacific
North America
Europe ex EMU
EMU
EM Latin America
EM Europe + Middle East + Africa
EM Asia
3.5 0.5
3.8 0.0
0.5 1.2
11.1 9.0
70.6 0.0
0.0 2.1
0.3 0.0
1.3 7.5
11.6 77.1
Hartford Schroders Emerging Markets Equity vs. MSCI EM (net) Portfolio Characteristics As of September 30, 2024
4.16 Portfolio Characteristics As of September 30, 2024 Cohen & Steers Institutional Realty Shares
Portfolio Characteristics Top 10 Holdings Portfolio
Net Assets ($ millions) 7,940 American Tower Corporation Telecommunications United States 9.30% Inception Date 2/14/2000 Welltower, Inc. Health Care United States 8.70% Gross Expense Ratio 0.76% Digital Realty Trust, Inc. Data Centers United States 7.10% Net Expense Ratio 0.75% Prologis, Inc. Industrial United States 6.80% Number of Holdings 33 Crown Castle International Corp. Telecommunications United States 6.10% Turnover Rate 32% Simon Property Group, Inc. Regional Mall United States 5.80% Wgt. Avg. Market Cap. ($ millions) 38,610 Equinix, Inc. Data Centers United States 4.60% 12-Month Distribution Yield 2.75% Iron Mountain Incorporated Specialty United States 4.30% 30-Day SEC Yield 1.97% Invitation Homes, Inc. Single Family Homes United States 3.60% Sun Communities, Inc. Manufactured Homes United States 3.40% 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%
13%
12%
9%
6% 6% 6%
5% 5% 4%
4% 3% 3% 3%
2% 2% 1%
13% 12% 9% 12% 9% 8% 4% 2% 2% 4% 2% 2% 3% 6% 5% 3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Cohen & Steers Institutional Realty Shares Benchmark: FTSE Nareit All Equity REIT Index
4.17 Portfolio Characteristics As of September 30, 2024 Lazard Global Listed Infrastructure Portfolio
Portfolio Characteristics Top 10 Holdings Portfolio
Net Assets ($ millions) 9,100 National Grid Diversified Utilities United Kingdom 9.17% Inception Date 12/31/2009 Ferrovial Toll Roads Spain 8.77% Gross Expense Ratio 0.97% Snam Gas Utilities Italy 6.81% Net Expense Ratio 0.97% United Utilities Water Utilities United Kingdom 4.88% Number of Holdings 27 Severn Trent Water Utilities United Kingdom 4.86% Turnover Rate 28% Terna Electricity Utilities Italy 4.85% Wgt. Avg. Market Cap. ($ millions) 30,200 Exelon Diversified Utilities United States 4.83% Dividend Yield 4.50% Norfolk Southern Railroads United States 4.68% VINCI Toll Roads France 4.59%
CSX Railroads United States 4.51%
Geographic Exposure Sector Exposure vs. Benchmark1
(1) Lazard uses the MSCI World Core Infrastructure Index as its preferred benchmark for this strategy.
UK, 20%
USA, 19%
Italy,
18%
Spain,
10%
Cash,
8%
Austr.,
7%
France,
6%
Hong Kong, 5% RoW, 6% 25%
21%
11% 11%
10% 9%
3%
2%
8%
15% 6% 16% 6% 15% 8% 14% 5% 15%
0%
5%
10%
15%
20%
25%
30%
Lazard Global Listed Infrastructure Benchmark: MSCI World Core Infrastructure Index
4.18 Portfolio Characteristics As of September 30, 2024 NYLI CBRE Global Infrastructure Fund
Portfolio Characteristics Top 10 Holdings Portfolio
Net Assets ($ millions) 896 WEC Energy Group, Inc. Regulated Electric United States 4.40% Inception Date 6/28/2013 CSX Corporation Rail United States 4.30% Gross Expense Ratio (Class I) 1.03% Targa Resources Corp. Midstream / Pipelines United States 4.30% Net Expense Ratio (Class I) 0.97% Atmos Energy Corp. Gas Distribution United States 4.00% Number of Holdings 49 Pembina Pipeline Corp. Midstream / Pipelines Canada 3.70% Turnover Rate 47% American Tower Corp. Communications United States 3.70% Wgt. Avg. Market Cap. ($ millions) 38,400 PG&E Corp. Regulated Electric United States 3.60% 12-Month Distribution Yield 2.07% Equinix, Inc. Communications United States 3.30% 30-Day SEC Yield 2.08% Vinci S.A. Toll Roads France 3.30% PPL Corp. Regulated Electric United States 3.20%
Geographic Exposure Sector Exposure
USA, 63%
Canada, 8%
Spain, 6%
UK, 4%
France, 4%
Italy, 3%
China, 2%
Japan, 2%
Hong Kong, 2% Switzerland, 1%
RoW, 5%
30%
11% 10% 10% 9%
7% 7% 6% 5% 5%
0%
5%
10%
15%
20%
25%
30%
35%
NYLI CBRE Global Infrastructure Fund
4.19 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.20 6.20
Yield To Maturity (%) 4.49 4.23
Avg. Maturity 8.15 8.36
Avg. Quality AA AA
Coupon Rate (%) 3.58 3.37
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
3.4 72.7
11.5 12.5
0.0 0.0
12.6 52.6
12.6 21.3
0.2 0.7
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
47.4 0.8 0.5
26.9 24.6
0.0 0.0
28.4 0.0 3.0
30.7 37.0
0.2 0.7
Baird Aggregate vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of September 30, 2024
4.20 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.19 6.20
Yield To Maturity (%) 4.25 4.23
Avg. Maturity 8.37 8.36
Avg. Quality AA AA
Coupon Rate (%) 3.41 3.37
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
3.4 72.7
11.5 12.5
0.0 3.2
70.7 11.9 12.8
1.3 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
47.4 0.8 0.5
26.9 24.6
0.0 46.3
0.6 0.5
26.7 25.5
0.5 iShares Core U.S. Aggregate Bond ETF vs. Blmbg. U.S. Aggregate Portfolio Characteristics As of September 30, 2024
4.21 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.30 6.20
Yield To Maturity (%) 4.70 4.23
Avg. Maturity 9.60 8.36
Avg. Quality A AA
Coupon Rate (%) N/A 3.37
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
3.4 72.7
11.5 12.5
0.0 0.0 0.0 1.8
64.6 7.1
21.0 2.8 2.1 0.6
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
Cash/Other
47.4 0.8 0.5
26.9 24.6
0.0 0.0
21.1 0.0 4.0
44.4 24.9
4.9 0.7
Dodge & Cox Income vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of September 30, 2024
4.22 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 6.35 6.20
Yield To Maturity (%) 5.69 4.23
Avg. Maturity 7.35 8.36
Avg. Quality AA AA
Coupon Rate (%) 4.39 3.37
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
3.4 72.7
11.5 12.5
0.0 0.0 0.0 0.0
31.5 31.8
9.9 15.3
5.7 2.4 1.0 2.5
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
Non-U.S. Dev
Cash/Other
47.4 0.8 0.5 0.0
26.9 24.6
0.0 0.0 0.0 0.0
11.0 1.2 2.1
20.6 30.2
24.2 7.6 2.3 0.8
0.0 PGIM Total Return Bond vs. Blmbg. U.S. Aggregate
Portfolio Characteristics As of September 30, 2024
4.23 Portfolio Characteristics
Portfolio Benchmark
Effective Duration 2.83 2.97
Yield To Maturity (%) 6.81 7.22
Avg. Maturity 4.48 4.73
Avg. Quality BB B
Coupon Rate (%) 6.09 6.37
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
A
BBB/Baa
BB/Ba
B
Below B
Cash or NR
0.0 0.0 0.0
53.6 34.0
12.5 0.1 0.3 0.0
7.9 45.9
32.1 6.7 7.3
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 7.5
88.1 4.4
NYLI MacKay High Yield Corp Bond Fund vs. ICE BofA US High Yield Index Portfolio Characteristics As of September 30, 2024
4.24 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.
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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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