PARS/City of San Leandro 115P
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc.
1 California Street
Suite 1000
San Francisco, CA 94111
1735 Market Street
43rd Floor
Philadelphia, PA 19103
Investment Performance Review
For the Quarter Ended March 31, 2025
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager 43%
46%
12%
Assets by Investment Solution1
Fixed Income
LGIPs
OCIO
40+ years of experience in the
public sector
$174b in public sector assets
under management**
Our Investment Solutions
• Fixed Income: High-quality, short- and
intermediate-term portfolios for operating
funds, reserves, working capital, selfinsurance funds and bond proceeds • Local Government Investment Pools
(LGIPs): services for programs with
options ranging from fully liquid cash
management to a fixed-rate, fixed-term
investment
• Outsourced Chief Investment Officer
(OCIO): Multi-asset class portfolios for
institutional investors
• Specialized Solutions: Arbitrage rebate,
escrow restructuring, bond proceeds
investments, structured investments
About PFM Asset Management*
1Illustrates public sector assets under management by investment solution as of 12/31/2024. Total may not add up to 100% due to rounding. *A division of U.S. Bancorp Asset Management, Inc.
**As of 12/31/2024 . Public sector includes Government, Pool and TERM. Total assets under management for U.S. Bancorp Asset Management, Inc. was $393.9 billion. 1
Financial Markets & Investment Strategy Review
2 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
Index or Average Name QTD YTD One Year Three Year Five Year Seven Year Ten Year
DOMESTIC EQUITY
S&P 500 (TR) -4.27% -4.27% 8.25% 9.06% 18.58% 13.24% 12.49% Russell 3000 -4.72% -4.72% 7.22% 8.21% 18.17% 12.48% 11.79% Russell 1000 Growth -9.97% -9.97% 7.76% 10.09% 20.07% 16.07% 15.11% Russell 1000 -4.49% -4.49% 7.82% 8.65% 18.45% 12.94% 12.17% Russell 1000 Value 2.14% 2.14% 7.18% 6.64% 16.14% 9.18% 8.79% Russell Midcap -3.40% -3.40% 2.59% 4.61% 16.27% 9.17% 8.82% Russell Midcap Growth -7.12% -7.12% 3.57% 6.16% 14.86% 10.55% 10.13% Russell Midcap Value -2.11% -2.11% 2.27% 3.78% 16.69% 7.78% 7.61% Russell 2000 Growth -11.12% -11.12% -4.86% 0.78% 10.77% 5.03% 6.14% Russell 2000 -9.48% -9.48% -4.01% 0.52% 13.26% 5.41% 6.29% Russell 2000 Value -7.74% -7.74% -3.12% 0.05% 15.30% 5.31% 6.07%
INTERNATIONAL EQUITY
MSCI EAFE 6.86% 6.86% 4.88% 6.05% 11.76% 5.32% 5.39%
MSCI AC World -1.32% -1.32% 7.15% 6.91% 15.17% 9.14% 8.83% MSCI AC World ex USA 5.23% 5.23% 6.09% 4.48% 10.91% 4.46% 4.97% MSCI AC World ex USA Small Cap 0.64% 0.64% 1.87% 0.99% 11.83% 3.22% 5.32% MSCI EM (Emerging Markets) 2.93% 2.93% 8.09% 1.44% 7.94% 1.59% 3.70%
ALTERNATIVES
FTSE Nareit/Equity REITs - INV 0.91% 0.91% 9.94% -0.61% 11.33% 7.21% 5.33% MSCI U.S. REIT Index (Net) 0.76% 0.76% 8.98% -1.77% 10.04% 5.97% 4.01% S&P Global Infrastructure Index 4.60% 4.60% 18.80% 6.09% 13.81% 7.37% 6.48% Bloomberg Commodity Index 8.88% 8.88% 12.28% -0.77% 14.51% 5.44% 2.77%
FIXED INCOME
Bloomberg U.S. Aggregate 2.78% 2.78% 4.88% 0.52% -0.40% 1.58% 1.46% Bloomberg U.S. Government/Credit 2.70% 2.70% 4.66% 0.45% -0.34% 1.73% 1.58% Bloomberg U.S. Intermediate Government/Credit 2.42% 2.42% 5.65% 2.18% 0.86% 2.18% 1.81% Bloomberg U.S. Treasury (1-3 Y) 1.62% 1.62% 5.42% 2.84% 1.14% 1.96% 1.49% ICE BofA U.S. High Yield 0.94% 0.94% 7.60% 4.83% 7.21% 4.80% 4.91% Bloomberg Global Aggregate ex-USD 2.53% 2.53% 1.46% -3.47% -2.35% -2.17% -0.18%
CASH EQUIVALENT
Bloomberg 3 Month T-Bill 1.04% 1.04% 5.02% 4.31% 2.60% 2.49% 1.90% Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.1
QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
THE ECONOMY
► In the fourth quarter, U.S. real gross domestic product (GDP) grew at seasonally adjusted annualized rate of 2.4%, a deceleration from the 3.1% growth in Q3. While the headline figure came in below expectations due to weak gross private domestic investment, consumer spending continued to be robust. Outside the U.S., some developed countries saw similar strength in growth such as Japan, which grew 2.2%; while Europe continued to struggle with the Eurozone, growing 0.9% in the fourth quarter.
► The U.S. unemployment rate rose to 4.2% in March remaining in the remarkably stable range between 4.0% and 4.2% that we have seen for in the last six months. The latest initial jobless claims ticked higher to 2.2k in March as layoffs generally remain low, pointing to a relatively stable labor market despite a cooling outlook. The number of job openings slipped to 7.6M in February, while the number of unemployed persons per job opening remained at 0.9.
► Inflation remained sticky in the first quarter. Headline inflation (CPI) grew at a year-over-year (YoY) rate of 2.8% in February, down slightly from the 2.9% reading in December. Core CPI, which excludes volatile food and energy, slowed to 3.1% on an annual basis, the lowest rate since April 2021. This cooling rate does not capture the full impact of the new tariffs, which are expected to drive up prices in a transitory manner.
U.S. Unemployment and Monthly Average Continued Claims
Source: Bloomberg.
U.S. GDP Growth
Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate forecasted estimates.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
0 1000000
2000000
3000000
4000000
5000000
6000000
Monthly Average Continued Claims (Insured Unemployment) Unemployment Rate (Left)
2.40%
1.18%1.50%1.63%1.80%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2021 2022 2023 2024 2025
QoQ% Change, SA, Annualized
Source: Bureau of Labor Statistics.
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Mar-21 Mar-22 Mar-23 Mar-24
YoY% Change
Core CPI CPI
U.S. Inflation Rate
Seasonally Adjusted (SA)
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.2
QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
WHAT WE’RE WATCHING
► The Federal Reserve (Fed) held rates flat in the first quarter. The latest Fed projections continue to forecast two quarter-percentage-point rate reductions by the end of 2025. Outside of the U.S., the European Central Bank (ECB) cut rates twice in the first quarter and signaled further easing ahead, emphasizing it will be data dependent as the US trade policy and increased defense spending adds to uncertainty on the path of inflation. The Bank of Japan (BOJ) raised rates by 50 basis points at its January meeting as inflation continued to heat up. The BOJ also signaled that interest rates will continue to rise, with the goal of normalizing the country’s monetary policy after years of ultra-low rates.
► U.S. consumer sentiment, as measured by the University of Michigan survey of consumers, fell sharply in the first quarter, down to 57.0 in March, the lowest level since November 2022 as consumers worries over the potential impacts of tariffs weighed on outlook.
► On April 2, 2025, President Trump announced a 10% tariff on all imports into the United States effective April 5 and steeper tariffs on over 60 countries, effective April 9, in addition to the already announced tariffs. While these levies could be removed or lowered substantially as the administration negotiates with its trading partners, they could adversely impact economic growth prospects should they remain in place for an extended period.
Global Central Bank Rates
Source: Bloomberg.
U.S. ISM Manufacturing & Services PMI
Source: Bloomberg.
40 45
50 55
60 65
70 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Manufacturing Services
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Fed Target Rate BOJ Target Rate
ECB Target Rate Bank of England Target Rate
University of Michigan Consumer Sentiment
Source: Bloomberg.
0 20
40 60
80 100
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.3
QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
DOMESTIC EQUITY
► The S&P 500 Index (S&P) posted a -4.3% return for the first quarter of 2025.
During the quarter, S&P performance was negative for two out of three months, posting a quarter high of 2.9% in January, and a low of -5.6% in March. ► Within the S&P, performance was mixed across the 11 GICS sectors. In a reversal from the previous quarter the worst performing sector was Consumer Discretionary (-13.8%), followed by IT (-12.7%), and Communication Services (-6.2%). The best performing sectors were Energy (10.2%), Healthcare (6.5%), and Consumer Staples (5.2%).
► Negative returns were seen across all capitalizations with large-caps, as represented by the Russell 1000 Index, returning -4.5% during the quarter while the Russell Midcap and Russell 2000 indices returned -3.4% and -9.5%, respectively.
► According to FactSet Earnings Insight as of March 28, 2025, the expected YoY earnings growth rate for S&P 500 for Q1 2025 was 7.3%, after downward revisions from the beginning of the year. At the sector level, Materials (7.1% to -9.8%) and Consumer Discretionary (11.5% to 1.6%) saw the biggest downward revisions in YoY earnings growth estimates from December 31 to March 28th.
There were no sectors that saw upward revisions during this period though Utilities remained near flat with a downward revision of just -0.4%. ► As of the end of the quarter, forward 12-month P/E ratio for the S&P 500 is 22.4, which is below the 5-year average of 23.2. By comparison, the Russell 2000, which represents small-cap stocks, had a forward P/E ratio of 17.1, just slightly below its 5-year average of 17.8.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.
Source: Bloomberg.
S&P 500 Index Performance by Sector
Periods Ended March 31, 2025
Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.
P/E Ratios of Major Stock Indices*
Consumer
Disc.
Consumer
Staples Energy Financials H'lthcare Industrials Info. Tech Materials Real Estate Telecom Utilities QTD -13.80% 5.23% 10.21% 3.48% 6.54% -0.19% -12.65% 2.81% 3.58% -6.21% 4.94% YTD -13.80% 5.23% 10.21% 3.48% 6.54% -0.19% -12.65% 2.81% 3.58% -6.21% 4.94% 1 Year 6.86% 12.43% 2.49% 20.10% 0.40% 5.50% 5.89% -5.67% 9.60% 13.56% 23.87% -20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0 5
10 15
20 25
30 10
15 20
25 30
35 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Russell 2000
S&P 500
S&P 500 S&P 500 5-Year Average
Russell 2000 Russell 2000 5-Year Average
2.4 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
INTERNATIONAL EQUITY
► Markets outside of the United States, as measured by the MSCI ACWI exU.S. Index, outperformed their U.S. counterparts, returning 5.2% for the quarter. ► Ten of the 11 sectors posted positive returns for the quarter. The top performing sectors were Communication Services (11.5%) and Financials (10.2%) and Utilities (9.4%). The worst performers for the quarter were Healthcare (2.6%), Real Estate (1.0%), and IT (-6.3%), the only sector that saw negative returns.
► Developed ex-U.S. Markets, as represented by the MSCI EAFE Index, outperformed emerging markets (EM), represented by the MSCI Emerging Market Index, returning 6.9% versus 2.9% for the quarter. ► Of the five largest-weighted countries in the MSCI EAFE index MSCI France (10.3%), MSCI Germany (15.6%), MSCI Switzerland (11.4%), all saw double digit returns. The MSCI United Kingdom (9.7%) also outperformed the MSCI EAFE index while MSCI Japan (0.3%) was the only notable underperformer. ► Of the five largest-weighted countries in emerging markets, MSCI Taiwan (-12.6%) and MSCI India (-3.0%) dragged on performance, underperforming the MSCI Emerging Markets Index, while MSCI China (15.0%), MSCI Korea (4.9%), and MSCI Brazil (14.1%) all outperformed.
► Growth stocks underperformed value stocks for the quarter as represented by the broad benchmark. MSCI AC World ex-USA Growth returned 2.0% while MSCI AC World ex-USA Value returned 8.6%. Within EM, growth underperformed value as well, returning 1.7% versus 4.4%.
► Small-caps, as represented by MSCI ACWI ex-U.S. Small Cap Index, also saw positive returns during the quarter, posting a return of 0.6%. ► Non-U.S. equities valuations fell slightly but remain close to their long-term average across international equity markets. As of March 31, 2025, MSCI EAFE’s forward P/E stood at 15.1 versus a 5-year average of 16.1. MSCI EM ended the quarter with a forward P/E ratio of 12.4, which is slightly below its 5-year average of 13.3.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.
Source: Bloomberg.
MSCI ACWI ex-U.S. Sectors
Periods Ended March 31, 2025
Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.
P/E Ratios of MSCI Equity Indices*
Consumer
Disc.
Consumer
Staples Energy Financials Healthcare Industrials Info Tech Materials RealEstate Telecom Utilities QTD 4.19% 6.53% 8.27% 10.23% 2.58% 5.36% -6.33% 6.53% 1.00% 11.54% 9.36% YTD 4.19% 6.53% 8.27% 10.23% 2.58% 5.36% -6.33% 6.53% 1.00% 11.54% 9.36% 1 Year 1.69% 1.39% -0.76% 22.32% -2.43% 5.90% -4.70% -5.33% -0.44% 22.77% 10.48% -10%
-5%
0%
5%
10%
15%
20%
25%
8 10
12 14
16 18
20 22
24 26
Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
MSCI EAFE MSCI EAFE 5-Year Average
MSCI Emerging Markets MSCI Emerging Markets 5-Year Average
2.5 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
FIXED INCOME
► The U.S. bond market represented by the Bloomberg U.S. Aggregate (Aggregate) Index saw positive returns in the first quarter, returning 2.8%. ► The Bloomberg U.S. Treasury Index closed the quarter returning 2.9%.
During the period, the FOMC held rates steady, continuing to project two cuts for 2025. Rates fell across the curve in the first quarter. The 10-year fell to 4.2%, while the 2-year ended at 3.9%.
► Corporate credit had mixed results for the quarter on the rising rates. The investment-grade (IG) Bloomberg U.S. Corporate (IG Corp) Index returned a
2.4% while High Yield bonds, as represented by the Bloomberg U.S. Corporate High Yield (HY) Index, returned 1.0%. Spreads widened slightly across quality spectrum.
► The fixed-rate mortgage market, as measured by the Bloomberg U.S.
Mortgage-Backed Securities (MBS) Index returned 3.1%. On the commercial side, the Bloomberg U.S. Agency CMBS Index returned 2.9% while the nonagency CMBS index posted a return of 2.3%.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.
Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended March 31, 2025
Source: Bloomberg.
U.S. Treasury Yield Curve
3.89% 3.95%
4.21%
4.57%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/31/2024
12/31/2024
3/31/2025
3-mo 2-yr 5-yr 10-yr 30-yr
Blmbg U.S.
Aggregate
Blmbg U.S.
Treasury Blmbg U.S. MBS Blmbg U.S.
Corporate
Blmbg U.S. High
Yield
QTD 2.78% 2.92% 3.06% 2.31% 1.00%
YTD 2.78% 2.92% 3.06% 2.31% 1.00%
1 Year 4.88% 4.51% 5.39% 4.90% 7.69%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2.6 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
ALTERNATIVES
► REITs, as measured by the FTSE NAREIT Equity REITs Index, returned 0.9% in the quarter, compared to a -6.2% return in the prior quarter. Three of the nine major sectors saw negative returns. This performance comes as the Fed continued its a more cautious approach to monetary policy easing through the first quarter. Private real estate, as measured by the NCREIF Property Index, gained 0.9% in the fourth quarter of 2024, resulting in a 0.6% return for the year. Q4 marked the second quarter of positive total return in two years as property value declines leveled off across most sectors. Seniors Housing was the top performer, returning 2.1% while office properties continued to fare poorly, returned -0.6%.
► Listed infrastructure, as measured by the S&P Global Infrastructure Index, returned
4.6% in the quarter, compared to a -2.5% decrease in the prior quarter. Performance was mostly positive across the major sectors as interest rates fell. In 2024, 50 private infrastructure funds raised $77.8 billion, a subdued pace against the backdrop of high inflation, elevated interest rates, and uncertain economic and geopolitical environment.
Most of the capital went to funds larger than $1 billion seeking to capitalize on secular trends around digitalization, decarbonization, and deglobalization. Infrastructure dry powder has fallen from the previous year and stands at $366.5 billion as of Q2 2024. According to PitchBook, infrastructure funds posted a return of 4.1% in Q3 2024. The asset class has generated an annualized return of 10.8% for the five years ended Q3 2024. ► In 2024, 153 private debt funds raised $196.1 billion. Short of the previous year’s total after a slow start to the year and disappointing fourth quarter. Private debt dry powder remains above the long-term average at $566.8 billion as of Q2 2024; although over 50% has been outstanding for more than three years. According to PitchBook, private debt funds posted a return of 1.7% in Q3 2024. The asset class has generated an annualized return of
8.4% for the five years ended Q3 2024.
► In 2024, 551 private equity funds raised $492.3 billion – while slower than 2023 this is a solid pace considering a challenging environment. The bulk of the capital raised went to experienced managers raising capital for funds larger than $1 billion. Global private equity dry powder, which accounts for the bulk of private capital dry powder, remains high at $1.7 trillion as of Q2 2024. Recent private equity performance has been muted due to higher borrowing costs and a slowdown in deal activity. According to PitchBook, private equity funds posted a return of 2.8% in Q3 2024. The asset class has generated an annualized return of 17.0% for the five years ended Q3 2024.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.
Source: NCREIF, PitchBook.
As of September 30, 2024, the most recent period for which all index data is available.
Returns for Private Capital Assets
Sources: Pitchbook.
* Total capital raised in 2024 as of December 31, 2024 - most recent period for which ALL fundraising data is available.
** Cumulative dry powder and total AUM as of June 30, 2024. *** Excluding open-end, evergreen fund vehicles.
Private Capital Fundraising & Dry Powder
Private Real Estate Infrastructure Private Debt Private Equity QTD 0.82% 4.05% 1.66% 2.82%
YTD -0.32% 8.03% 5.41% 8.09%
1 Year -3.30% 11.50% 8.70% 3.60%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Private
Real
Estate***
Private
Infrastruc
ture***
Private
Debt
Private
Equity
Venture
Capital
YTD Fundraising ($B)* $65.30 $95.80 $196.10 $492.30 $160.60 Dry Powder ($B)** $382.10 $366.10 $566.80 $1,650.20 $677.00 Total AUM ($B)** $1,297.80 $1,450.50 $1,821.20 $5,746.50 $3,725.00 $0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$ Billions
2.7 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
Inflation (U.S.):
• While inflation has fallen since its peak in 2022,
progress towards 2% target remains slow.
• The Fed has acknowledged higher inflation and
slower growth in their recent projections. Proposed
tariff policies may put pressure on input costs and
goods while demand side pullback could ease some
pressure.
Economic Growth (Global):
• U.S. GDP is expected to grow slower than in 2024.
Recession probability is rising, and we are closely
watching economic activity indicators.
• Economic growth outside the U.S. remains modest
with some improvement in Eurozone expected due
to increased fiscal spending. Tariffs pose growth
and inflation risks.
Monetary Policy (Global):
• Recent uncertainty had led Fed to continue to pause
on rate cuts so far this year. Market expects first
rate cut in June. Path and magnitude of rate cuts for
2025 remains uncertain.
• European Central Bank has continued to ease this
year while the Bank of Japan has delivered rate
hikes – both diverging from the Fed.
Labor Markets (U.S.):
• The labor market remains well-positioned, but
continued tariff uncertainty could lead to an increase
in unemployment rate. Federal layoffs make up a
smaller proportion of overall labor force but
sustained slowdown in pace of hiring as negative
impact on economic growth expectations.
Consumer Spending (U.S.):
• Broad consumer metrics are supportive of economic
strength. A growing divergence among consumers
exists as lower-income cohorts continue to feel
more strain due to the higher overall level of prices.
• An unexpected material deterioration of labor
market conditions is the biggest risk to consumer
spending.
Financial Conditions (U.S.):
• Even after the recent bout of volatility, risk, and
credit conditions still point to the stability of financial conditions.
• While our base case is not for a dramatic shift in
conditions, the uncertainty associated with tariff
policies could lead to pullback in financial conditions in the near-term.
Political/Policy Risks:
• Geopolitical risks continue to remain elevated.
Prospects of peace deal in Middle East and
Russia/Ukraine are positives, while reciprocity in
global tariffs and strained relationships with major
trading partners for the U.S. due to ongoing tariffs
cause economic and political uncertainty.
Valuations:
• U.S. equity experienced increased volatility in Q1,
and credit markets widened from historical lows –
both still remain expensive relative to history and
are susceptible to increased economic uncertainty.
• International equities look attractive but continued
economic and geopolitical uncertainty is leading to
increased volatility.
Corporate Fundamentals:
• Earnings growth expectations are positive across
global equities, but tariff impact need to closely
monitored for any impact on profit margins.
• In the U.S., any tax cuts/deregulation initiatives are positives while near team headwinds from tariff
uncertainty could impact both earnings growth
expectations and profit margins negatively.
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, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution (March 31, 2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness, or suitability.
Stance Unfavorable
to Risk Assets
Stance Favorable
to Risk Assets Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.8
QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
Asset Class Our Q2 2025 Investment Outlook Comments
• Risks to growth narrative has unnerved the markets leading to pick up to volatility. Tariffs and their possible impact on business and consumer confidence, corporate profit margins, inflation and economic growth has led to increased uncertainty leading us to remain neutral across U.S. equities. We also expect rate cut related volatility to remain as Fed remains data dependent amidst this increased uncertainty. • Market performance has broadened beyond the Mag-7 names in Q1.
Earnings growth for large caps are also expected to broaden outside of Mag-7, but current macro environment leads to increased uncertainty. • Small-caps continued to lag large-caps during the recent sell-off reversing the gains since election. Macro uncertainty and high level of rates are headwinds while attractive valuations and improving earnings expectations are tailwinds.
U.S. Equities
Large-Caps
Small-Caps
• International equities have outperformed U.S. equities in Q1 and continue to trade at a discount to U.S. equities. Improved sentiment is driven by increased fiscal spending efforts in Europe and continued stimulus in China, but tariff overhang remains for these export-oriented economies. • Across Europe and China, we believe that there are structural/geopolitical issues that need to be addressed for long-term sustained outperformance.
Non-U.S. Equities
Developed Markets
Emerging Markets
• The Fed continues to be in pause mode as they assess uncertainty amidst widened range of outcomes combined with lower growth and higher unemployment rate as seen in the recent Fed projections. Yields look attractive across the fixed income sectors which leads us to closer to neutral. We maintain duration close to the benchmark duration across the portfolios.
• 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 and rising uncertainty. 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
• During the recent risk-asset sell-off in Q1 in the U.S., listed REITs and listed infrastructure held up well pointing to their characteristics of lower correlation. While the underlying fundamentals within listed real estate and listed infrastructure are healthy, we remain neutral due to ongoing uncertainty regarding economic growth.
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Investment Strategy Overview
The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution (March 31, 2025) and are subject to change.
Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.9
QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2025
Multi-Asset Class Management
SOURCES
Factset
https://www.bea.gov/sites/default/files/2024-12/gdp3q24-3rd-fax.pdf https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.bls.gov/news.release/pdf/cpi.pdf
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/ http://www.sca.isr.umich.edu/
NCREIF
PitchBook
DISCLOSURES
Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. 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 U.S. Bancorp Asset Management, Inc. 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 current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.
Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
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Further distribution is not permitted without prior written consent.
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. 2.10 Plan Performance Summary - Pension
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 32,845,489 100.00 0.22 0.22 5.38 4.44 N/A N/A N/A 2.19 09/01/2021 Domestic Equity 11,764,106 35.82 -4.74 -4.74 5.55 7.10 N/A N/A N/A 5.03 09/01/2021 Russell 3000 Index -4.72 -4.72 7.22 8.22 18.18 12.49 11.80 6.50 Columbia Contrarian Core Inst3 2,478,157 7.54 -4.71 -4.71 6.50 9.35 18.77 13.36 12.24 13.21 02/01/2024 S&P 500 -4.27 -4.27 8.25 9.06 18.59 13.25 12.50 14.99
Putnam Core Equity Fund Y 1,056,733 3.22 -4.79 -4.79 7.96 10.32 20.91 13.67 12.59 -2.47 10/01/2024 Schwab US Large-Cap ETF 7,689,581 23.41 -4.54 -4.54 7.90 8.73 18.43 13.03 12.26 -1.86 10/01/2024 S&P 500 -4.27 -4.27 8.25 9.06 18.59 13.25 12.50 -1.97
Undisc Managers Behavioral Val R6 327,519 1.00 -3.81 -3.81 -0.23 5.12 23.15 8.85 9.15 7.19 02/01/2024 Russell 2000 Value Index -7.74 -7.74 -3.12 0.05 15.31 5.32 6.07 3.79 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 4.31 Columbia Small Cap Growth Inst3 110,875 0.34 -12.29 -12.29 -3.85 2.09 12.35 10.09 10.96 -8.78 10/01/2024 Russell 2000 Growth Index -11.12 -11.12 -4.86 0.78 10.78 5.04 6.14 -9.60 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 -9.18 Emerald Growth Institutional 101,240 0.31 -12.38 -12.38 -1.13 1.84 12.38 6.73 7.42 7.07 02/01/2024 Russell 2000 Growth Index -11.12 -11.12 -4.86 0.78 10.78 5.04 6.14 4.90 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 4.31 International Equity 2,904,259 8.84 6.37 6.37 6.15 4.27 N/A N/A N/A 0.77 09/01/2021 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 1.72 MFS International Growth R6 379,977 1.16 4.28 4.28 8.65 6.60 11.68 7.52 7.88 12.56 02/01/2024 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 10.35 Fidelity International Index 1,174,498 3.58 7.95 7.95 5.83 6.78 12.21 5.54 5.63 6.12 07/01/2024 MSCI EAFE (net) 6.86 6.86 4.88 6.05 11.77 5.33 5.40 5.32 Goldman Sachs GQG Ptnrs Intl Opportunities 453,541 1.38 8.23 8.23 0.82 8.64 13.27 9.68 N/A -1.90 07/01/2024 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 5.08 Hartford Schroders Emerging Mkts Eq 896,244 2.73 2.71 2.71 6.97 0.97 7.56 1.58 N/A 13.45 02/01/2024 MSCI EM (net) 2.93 2.93 8.09 1.44 7.94 1.59 3.71 13.60
Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of March 31, 2025 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 Pens As of March 31, 2025 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Other Growth 1,642,179 5.00 4.72 4.72 9.99 N/A N/A N/A N/A 12.17 02/01/2024 Cohen & Steers Inst Realty Shares 803,611 2.45 3.16 3.16 10.13 -0.38 10.83 8.45 6.50 11.99 06/01/2024 MSCI US REIT Index 1.07 1.07 10.26 -0.55 11.32 7.23 5.28 13.35 Lazard Global Listed Infrastructure Inst 422,488 1.29 6.48 6.48 9.95 6.97 11.15 8.56 8.37 4.35 10/01/2024 MSCI World Core Infrastructure Index (Net) 7.58 7.58 13.92 1.96 9.32 7.12 6.55 0.80 NYLI CBRE Global Infrastructure 416,080 1.27 6.08 6.08 14.20 2.70 9.63 7.41 6.95 10.10 06/01/2024 MSCI World Core Infrastructure Index (Net) 7.58 7.58 13.92 1.96 9.32 7.12 6.55 12.92 Fixed Income 15,510,850 47.22 2.73 2.73 5.45 1.41 N/A N/A N/A -0.75 09/01/2021 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 -1.50 Baird Aggregate Bond Inst 4,089,650 12.45 2.84 2.84 5.22 1.03 0.37 1.97 1.86 5.72 03/01/2024 iShares Core US Aggregate Bond ETF 2,937,726 8.94 2.76 2.76 4.96 0.53 -0.40 1.55 1.42 5.38 03/01/2024 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 5.39 Dodge & Cox Income 3,845,496 11.71 2.87 2.87 5.53 2.13 1.98 2.75 2.63 4.51 02/01/2024 PGIM Total Return Bond R6 3,860,650 11.75 2.78 2.78 5.75 1.29 1.34 2.17 2.31 4.81 02/01/2024 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 3.72 NYLI MacKay High Yield Corp Bond Fund 777,328 2.37 1.18 1.18 6.61 4.95 7.25 4.79 5.14 7.37 03/01/2024 ICE BofA US High Yield Index 0.94 0.94 7.60 4.84 7.21 4.80 4.92 8.17 Cash Equivalent 1,024,095 3.12 1.06 1.06 4.93 4.08 N/A N/A N/A 3.41 09/01/2021 ICE BofA 3 Month U.S. T-Bill 1.02 1.02 4.97 4.23 2.56 2.45 1.87 3.55 First American Government Obligation - X 1,024,095 3.12 1.06 1.06 4.93 4.26 2.56 2.38 N/A 4.98 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.02 1.02 4.97 4.23 2.56 2.45 1.87 5.02 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(%)
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Portfolio 9.45 14.07 -13.38 N/A N/A N/A N/A N/A N/A N/A Domestic Equity 21.59 24.59 -18.86 N/A N/A N/A N/A N/A N/A N/A Russell 3000 Index 23.81 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 0.48 Columbia Contrarian Core Inst3 23.51 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 3.25 Putnam Core Equity Fund Y 26.47 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 -2.89 Schwab US Large-Cap ETF 24.91 26.87 -19.45 26.75 20.90 31.40 -4.53 21.92 11.77 1.02 S&P 500 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 Undisc Managers Behavioral Val R6 10.35 14.57 -1.10 34.50 3.62 23.34 -15.20 13.53 20.97 3.52 Russell 2000 Value Index 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 Columbia Small Cap Growth Inst3 24.45 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 4.19 Emerald Growth Institutional 19.41 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 1.24 Russell 2000 Growth Index 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 11.32 -1.38 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 International Equity 4.26 14.12 -15.85 N/A N/A N/A N/A N/A N/A N/A MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 MFS International Growth R6 9.24 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 0.40 MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 Fidelity International Index 3.71 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 -0.73 MSCI EAFE (net) 3.82 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 Goldman Sachs GQG Ptnrs Intl Opportunities 5.99 21.25 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A N/A MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 Hartford Schroders Emerging Mkts Eq 7.75 9.00 -22.14 -4.93 23.78 22.32 -15.42 N/A N/A N/A MSCI EM (net) 7.50 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 -14.92 Calendar Year Comparative Performance
PARS/City of San Leandro 115P Pens As of March 31, 2025 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 Pens As of March 31, 2025 Performance(%)
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
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 6.24 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 5.23 MSCI US REIT Index 8.75 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 2.52 Lazard Global Listed Infrastructure Inst 6.71 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 9.30 NYLI CBRE Global Infrastructure 7.68 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 MSCI World Core Infrastructure Index (Net) 5.73 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 -9.89 Fixed Income 2.22 6.99 -12.31 N/A N/A N/A N/A N/A N/A N/A Blmbg. U.S. Aggregate 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 Baird Aggregate Bond Inst 1.85 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 0.55 iShares Core US Aggregate Bond ETF 1.37 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 0.48 Dodge & Cox Income 2.26 7.70 -10.87 -0.91 9.45 9.73 -0.31 4.36 5.61 -0.59 PGIM Total Return Bond R6 3.03 7.78 -14.86 -1.15 8.10 11.14 -0.63 6.71 4.83 0.09 Blmbg. U.S. Aggregate 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 NYLI MacKay High Yield Corp Bond Fund 7.14 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 -1.44 ICE BofA US High Yield Index 8.20 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 -4.64 Cash Equivalent 4.73 4.98 1.50 N/A N/A N/A N/A N/A N/A N/A ICE BofA 3 Month U.S. T-Bill 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 First American Government Obligation - X 5.19 5.00 1.54 0.03 0.40 2.12 1.74 0.79 N/A N/A ICE BofA 3 Month U.S. T-Bill 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 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
01/01/2025
Net Flows Return On
Investment
Market Value
As of
03/31/2025
Total Portfolio 32,801,584 (28,201) 72,107 32,845,489
YTD
Market Value
As of
01/01/2025
Net Flows Return On
Investment
Market Value
As of
03/31/2025
Total Portfolio 32,801,584 (28,201) 72,107 32,845,489
Account Reconciliation
PARS/City of San Leandro 115P Pens As of March 31, 2025
3.5 Plan Performance Summary - OPEB
4 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 22,582,546 100.00 1.25 1.25 5.49 3.01 5.63 4.36 N/A 4.53 08/01/2015 Domestic Equity 4,698,258 20.80 -4.73 -4.73 5.57 7.03 17.58 11.11 N/A 11.39 08/01/2015 Russell 3000 Index -4.72 -4.72 7.22 8.22 18.18 12.49 11.80 12.02 Columbia Contrarian Core Inst3 983,495 4.36 -4.71 -4.71 6.50 9.35 18.77 13.36 12.24 13.21 02/01/2024 S&P 500 -4.27 -4.27 8.25 9.06 18.59 13.25 12.50 14.99
Putnam Core Equity Fund Y 421,116 1.86 -4.79 -4.79 7.96 10.32 20.91 13.67 12.59 -2.47 10/01/2024 Schwab US Large-Cap ETF 3,078,614 13.63 -4.54 -4.54 7.90 8.73 18.43 13.03 12.26 -1.86 10/01/2024 S&P 500 -4.27 -4.27 8.25 9.06 18.59 13.25 12.50 -1.97
Undisc Managers Behavioral Val R6 130,482 0.58 -3.81 -3.81 -0.23 5.12 23.15 8.85 9.15 7.19 02/01/2024 Russell 2000 Value Index -7.74 -7.74 -3.12 0.05 15.31 5.32 6.07 3.79 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 4.31 Columbia Small Cap Growth Inst3 44,198 0.20 -12.29 -12.29 -3.85 2.09 12.35 10.09 10.96 -8.78 10/01/2024 Russell 2000 Growth Index -11.12 -11.12 -4.86 0.78 10.78 5.04 6.14 -9.60 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 -9.18 Emerald Growth Institutional 40,353 0.18 -12.38 -12.38 -1.13 1.84 12.38 6.73 7.42 7.07 02/01/2024 Russell 2000 Growth Index -11.12 -11.12 -4.86 0.78 10.78 5.04 6.14 4.90 Russell 2000 Index -9.48 -9.48 -4.01 0.52 13.27 5.41 6.30 4.31 International Equity 1,340,496 5.94 6.36 6.36 6.06 4.33 11.28 4.42 N/A 6.18 08/01/2015 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 5.13 MFS International Growth R6 185,573 0.82 4.28 4.28 8.65 6.60 11.68 7.52 7.88 12.56 02/01/2024 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 10.35 Fidelity International Index 536,617 2.38 7.95 7.95 5.83 6.78 12.21 5.54 5.63 6.12 07/01/2024 MSCI EAFE (net) 6.86 6.86 4.88 6.05 11.77 5.33 5.40 5.32 Goldman Sachs GQG Ptnrs Intl Opportunities 205,623 0.91 8.23 8.23 0.82 8.64 13.27 9.68 N/A -1.90 07/01/2024 MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.47 4.98 5.08 Hartford Schroders Emerging Mkts Eq 412,682 1.83 2.71 2.71 6.97 0.97 7.56 1.58 N/A 13.45 02/01/2024 MSCI EM (net) 2.93 2.93 8.09 1.44 7.94 1.59 3.71 13.60
Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2025 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.
4.1 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2025 Allocation
Market
Value
($)
%
Performance(%)
1 Quarter
Year
To
Date
1 Year
3 Years
5 Years
7 Years
10 Years
Since
Inception
Inception
Date
Other Growth 681,380 3.02 4.72 4.72 10.01 N/A N/A N/A N/A 12.19 02/01/2024 Cohen & Steers Inst Realty Shares 333,143 1.48 3.16 3.16 10.13 -0.38 10.83 8.45 6.50 11.99 06/01/2024 MSCI US REIT Index 1.07 1.07 10.26 -0.55 11.32 7.23 5.28 13.35 Lazard Global Listed Infrastructure Inst 175,178 0.78 6.48 6.48 9.95 6.97 11.15 8.56 8.37 4.35 10/01/2024 MSCI World Core Infrastructure Index (Net) 7.58 7.58 13.92 1.96 9.32 7.12 6.55 0.80 NYLI CBRE Global Infrastructure 173,059 0.77 6.08 6.08 14.20 2.70 9.63 7.41 6.95 10.10 06/01/2024 MSCI World Core Infrastructure Index (Net) 7.58 7.58 13.92 1.96 9.32 7.12 6.55 12.92 Fixed Income 15,016,246 66.49 2.73 2.73 5.45 1.41 1.19 1.93 N/A 1.98 08/01/2015 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 1.62 Baird Aggregate Bond Inst 3,962,632 17.55 2.84 2.84 5.22 1.03 0.37 1.97 1.86 5.72 03/01/2024 iShares Core US Aggregate Bond ETF 2,846,522 12.60 2.76 2.76 4.96 0.53 -0.40 1.55 1.42 5.38 03/01/2024 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 5.39 Dodge & Cox Income 3,726,032 16.50 2.87 2.87 5.53 2.13 1.98 2.75 2.63 4.51 02/01/2024 PGIM Total Return Bond R6 3,740,773 16.56 2.78 2.78 5.75 1.29 1.34 2.17 2.31 4.81 02/01/2024 Blmbg. U.S. Aggregate 2.78 2.78 4.88 0.52 -0.40 1.58 1.46 3.72 NYLI MacKay High Yield Corp Bond Fund 740,286 3.28 1.18 1.18 6.61 4.95 7.25 4.79 5.14 7.37 03/01/2024 ICE BofA US High Yield Index 0.94 0.94 7.60 4.84 7.21 4.80 4.92 8.17 Cash Equivalent 846,166 3.75 1.06 1.06 4.93 4.08 2.45 2.29 N/A 1.79 08/01/2015 ICE BofA 3 Month U.S. T-Bill 1.02 1.02 4.97 4.23 2.56 2.45 1.87 1.94 First American Government Obligation - X 846,166 3.75 1.06 1.06 4.93 4.26 2.56 2.38 N/A 4.98 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.02 1.02 4.97 4.23 2.56 2.45 1.87 5.02 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.
4.2 Performance(%)
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Portfolio 6.53 11.06 -13.53 5.22 10.79 13.68 -2.60 9.43 4.75 N/A Domestic Equity 21.53 24.52 -19.00 23.48 18.94 29.26 -6.25 21.38 11.11 N/A Russell 3000 Index 23.81 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 0.48 Columbia Contrarian Core Inst3 23.51 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 3.25 Putnam Core Equity Fund Y 26.47 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 -2.89 Schwab US Large-Cap ETF 24.91 26.87 -19.45 26.75 20.90 31.40 -4.53 21.92 11.77 1.02 S&P 500 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 Undisc Managers Behavioral Val R6 10.35 14.57 -1.10 34.50 3.62 23.34 -15.20 13.53 20.97 3.52 Russell 2000 Value Index 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 Columbia Small Cap Growth Inst3 24.45 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 4.19 Emerald Growth Institutional 19.41 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 1.24 Russell 2000 Growth Index 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 11.32 -1.38 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 -4.41 International Equity 4.18 14.21 -15.69 6.22 14.28 23.77 -15.50 30.09 3.02 N/A MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 MFS International Growth R6 9.24 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 0.40 MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 Fidelity International Index 3.71 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 -0.73 MSCI EAFE (net) 3.82 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 Goldman Sachs GQG Ptnrs Intl Opportunities 5.99 21.25 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A N/A MSCI AC World ex USA (Net) 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 Hartford Schroders Emerging Mkts Eq 7.75 9.00 -22.14 -4.93 23.78 22.32 -15.42 N/A N/A N/A MSCI EM (net) 7.50 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 -14.92 Calendar Year Comparative Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2025 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.
4.3 Calendar Year Comparative Performance
PARS/City of San Leandro 115P - OPEB As of March 31, 2025 Performance(%)
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
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 6.24 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 5.23 MSCI US REIT Index 8.75 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 2.52 Lazard Global Listed Infrastructure Inst 6.71 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 9.30 NYLI CBRE Global Infrastructure 7.68 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 -4.89 MSCI World Core Infrastructure Index (Net) 5.73 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 -9.89 Fixed Income 2.22 6.97 -12.27 -0.82 7.19 8.18 -0.37 4.24 3.13 N/A Blmbg. U.S. Aggregate 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 Baird Aggregate Bond Inst 1.85 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 0.55 iShares Core US Aggregate Bond ETF 1.37 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 0.48 Dodge & Cox Income 2.26 7.70 -10.87 -0.91 9.45 9.73 -0.31 4.36 5.61 -0.59 PGIM Total Return Bond R6 3.03 7.78 -14.86 -1.15 8.10 11.14 -0.63 6.71 4.83 0.09 Blmbg. U.S. Aggregate 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 0.55 NYLI MacKay High Yield Corp Bond Fund 7.14 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 -1.44 ICE BofA US High Yield Index 8.20 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 -4.64 Cash Equivalent 4.73 4.98 1.48 0.02 0.36 2.08 1.70 0.75 0.23 N/A ICE BofA 3 Month U.S. T-Bill 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 First American Government Obligation - X 5.19 5.00 1.54 0.03 0.40 2.12 1.74 0.79 N/A N/A ICE BofA 3 Month U.S. T-Bill 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 0.05 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.
4.4 QTR
Market Value
As of
01/01/2025
Net Flows Return On
Investment
Market Value
As of
03/31/2025
Total Portfolio 22,322,588 (19,196) 279,153 22,582,546
YTD
Market Value
As of
01/01/2025
Net Flows Return On
Investment
Market Value
As of
03/31/2025
Total Portfolio 22,322,588 (19,196) 279,153 22,582,546
Account Reconciliation
PARS/City of San Leandro 115P - OPEB As of March 31, 2025
4.5 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.
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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