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 June 30, 2025
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager 43%
48%
9%
Assets by Investment Solution1
Fixed Income
LGIPs
OCIO
40+ years of experience in the
public sector
$172.9b in public sector assets
under management**
Our Investment Solutions
• Fixed Income: High-quality, short- and
intermediate-term portfolios for
operating funds, reserves, working
capital, self-insurance 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 3/31/2025. Total may not add up to 100% due to rounding. *A division of U.S. Bancorp Asset Management, Inc.
**As of 3/31/2025 . Public sector includes government, pool and TERM. Total assets under management for U.S. Bancorp Asset Management, Inc. were $399.7 billion. 1
Financial Markets & Investment Strategy Review
2 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 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) 10.94% 6.20% 15.16% 19.69% 16.63% 14.38% 13.63% Russell 3000 10.99% 5.75% 15.30% 19.06% 15.95% 13.54% 12.95% Russell 1000 Growth 17.84% 6.09% 17.22% 25.73% 18.13% 17.88% 17.00% Russell 1000 11.11% 6.12% 15.66% 19.57% 16.29% 14.08% 13.34% Russell 1000 Value 3.79% 6.00% 13.70% 12.75% 13.92% 9.58% 9.18% Russell Midcap 8.53% 4.84% 15.21% 14.32% 13.10% 10.02% 9.88% Russell Midcap Growth 18.20% 9.79% 26.49% 21.44% 12.65% 12.72% 12.11% Russell Midcap Value 5.35% 3.12% 11.53% 11.33% 13.70% 8.21% 8.39% Russell 2000 Growth 11.97% -0.48% 9.73% 12.37% 7.41% 5.68% 7.13% Russell 2000 8.50% -1.79% 7.68% 9.99% 10.03% 5.51% 7.12% Russell 2000 Value 4.97% -3.16% 5.54% 7.45% 12.46% 4.84% 6.71%
INTERNATIONAL EQUITY
MSCI EAFE 11.78% 19.45% 17.73% 15.95% 11.15% 7.20% 6.50% MSCI AC World 11.53% 10.05% 16.17% 17.33% 13.64% 10.77% 9.99% MSCI AC World ex USA 12.03% 17.90% 17.72% 13.98% 10.12% 6.57% 6.12% MSCI AC World ex USA Small Cap 16.93% 17.68% 18.34% 13.45% 10.74% 5.94% 6.54% MSCI EM (Emerging Markets) 11.99% 15.27% 15.29% 9.69% 6.80% 4.48% 4.81%
ALTERNATIVES
FTSE Nareit / Equity REITs - INV -1.16% -0.25% 8.60% 5.34% 8.62% 5.58% 6.32% MSCI US REIT Index -1.46% -0.71% 7.62% 4.08% 7.37% 4.35% 5.03% MSCI World Core Infrastructure 5.45% 13.44% 21.38% 6.78% 8.08% 7.25% 7.46% Bloomberg Commodity Index -3.08% 5.53% 5.77% 0.13% 12.67% 4.91% 1.98%
FIXED INCOME
Bloomberg US Aggregate 1.21% 4.02% 6.08% 2.55% -0.73% 1.77% 1.76% Bloomberg US Government/Credit 1.22% 3.95% 5.89% 2.60% -0.83% 1.96% 1.92% Bloomberg US Intermediate Government/Credit 1.67% 4.13% 6.74% 3.57% 0.63% 2.42% 2.04% Bloomberg US Treasury (1-3 Y) 1.20% 2.84% 5.72% 3.43% 1.33% 2.10% 1.59% ICE BofA US High Yield 3.57% 4.55% 10.24% 9.84% 6.00% 5.18% 5.29% Bloomberg Global Aggregate 4.52% 7.27% 8.91% 2.74% -1.16% 0.57% 1.17%
CASH EQUIVALENT
Bloomberg 3 Month T-Bill 1.05% 2.10% 4.73% 4.64% 2.81% 2.58% 2.01% Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.
2.1 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2025
Multi-Asset Class Management
THE ECONOMY
• In the first quarter, U.S. real gross domestic product (GDP) contracted at a seasonally adjusted annualized rate of -0.5%, marking the first quarterly contraction since 2022. This figure was due in large part to a surge in imports as companies hoped to get ahead of tariffs, however other areas including consumption also saw some softening over the quarter. Outside the U.S., some developed countries saw similar contraction such as Japan, which saw (annualized) GDP decline by -0.2% over the quarter; while the Eurozone grew at annualized rate of 2.5%. • The U.S. unemployment rate held relatively steady over the quarter with a reading of 4.1% in June. The latest initial jobless claims for the week ending June 28 ticked slightly higher to 233,000 in June, while the outstanding claims rose to approximately 2 million as unemployed workers struggled to find suitable employment. Businesses appear to be in a relative “low hire, low fire” mode. • Inflation remained relatively flat in the second quarter. Headline inflation (CPI) grew at a year-over-year rate of 2.4% in May after a slight dip in April. Core CPI, which excludes volatile food and energy, grew at 2.8% on an annual basis, the lowest rate since March 2021, however it has been growing at this pace since March.
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. -
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
0%
1%
2%
3%
4%
5%
6%
7%
8%
Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Monthly Average Continued Claims (Insured Unemployment) Unemployment Rate (Left) -0.5%
2.1%
0.8%
1.2%
1.5%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1
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%
Jun-21 Jun-22 Jun-23 Jun-24
YoY% Change
Core CPI CPI
U.S. Inflation Rate
Seasonally Adjusted (SA)
2.2 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2025
Multi-Asset Class Management
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Jun '21 Jun '22 Jun '23 Jun '24 Jun '25
Fed Target Rate BOJ Target Rate
ECB Target Rate Bank of England Target Rate
0 20
40 60
80 100
Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
WHAT WE’RE WATCHING
• The Federal Reserve (Fed) held rates flat again in the second quarter and it continues to maintain a ‘wait-and-see’ approach until more supportive data points to a clearer path regarding the impacts of tariffs. 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 second quarter, bringing rates near neutral as inflation fell within targets.
• U.S. consumer sentiment, as measured by the University of Michigan survey of consumers, recovered after a precipitous drop in March and April, but still remains relatively gloomy, and down significantly from December 2024 levels, as consumers remain cautious about the risks of both an economic slowdown and further increases in inflation. Consumer spending, which drives more than two-thirds of the economy, has seen a slight pullback, falling 0.1% month-over-month, in May. • Continued geopolitical risk and trade relations remain areas of concern for the markets.
Conflict in the Middle East has the potential to impact energy prices, a consequence that we briefly saw before the ceasefire between Israel and Iran. Trade deals have not been finalized with a variety of important partners, and while continued trade negotiations may clear up some of the tariff uncertainty in the third quarter, many questions have not yet been resolved and their possible effects on inflation remain unclear.
Global Central Bank Rates
Source: Bloomberg.
U.S. ISM Manufacturing & Services PMI
Source: Bloomberg.
40 45
50 55
60 65
70 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
Manufacturing Services
University of Michigan Consumer Sentiment
Source: Bloomberg.
2.3 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2025
Multi-Asset Class Management
DOMESTIC EQUITY
• The S&P 500 Index (S&P) posted a 10.9% return for the second quarter of 2025, recovering from a steep drop at the start of the quarter as markets reacted to the tariff announcements.
• Within the S&P 500, performance was mixed across the 11 GICS sectors.
Only three sectors saw declines in the quarter: Energy (-8.6%), Healthcare (-7.2%) and Real Estate (-0.1%). The best performing sectors were Information Technology (23.7%), Communication Services (18.5%), and Industrials (12.9%). • Positive returns were seen across all capitalizations with large caps, as represented by the Russell 1000 Index, returning 11.1% during the quarter while mid and small caps, as represented by the Russell Midcap and Russell 2000 indices both returned approximately 8.5%.
• According to FactSet Earnings Insight (as of June 27, 2025), analysts are projecting moderate earnings growth of 5.0% for Q2 2025, and for calendar year 2025, analysts are projecting year-over-year earnings growth of 9.1%.
If the projected earnings growth for Q2 is correct, this will mark the lowest earnings growth since Q4 2023.
• As of the end of the quarter, the forward 12-month adjusted positive price-toearnings (P/E) ratio (includes only positive earnings results for consistency) for the S&P 500 is 25.7, which is above the 5-year average of 23.3. The Russell 2000, which represents small cap stocks, had an adjusted positive forward P/E ratio of 19.6, also above its 5-year average of 17.7.
Source: Bloomberg.
S&P 500 Index Performance by Sector
Periods Ended June 30, 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 RealEstate Telecom Utilities QTD 11.52% 1.11% -8.56% 5.51% -7.18% 12.94% 23.71% 3.13% -0.06% 18.49% 4.26% YTD -3.87% 6.40% 0.77% 9.19% -1.11% 12.72% 8.05% 6.03% 3.52% 11.14% 9.41% 1 Year 18.40% 12.16% -3.96% 29.35% -5.90% 22.71% 15.10% 1.86% 11.66% 23.02% 23.40% -15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
0 5
10 15
20 25
30 10
15 20
25 30
35 Jul-20 Jul-21 Jul-22 Jul-23 Jul-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 June 30, 2025
Multi-Asset Class Management
INTERNATIONAL EQUITY
• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S.
Index, outperformed their U.S. counterparts, returning 12.0% for the quarter. • All 11 sectors posted positive returns for the quarter. The top performing sectors were Information Technology (21.8%), Industrials (18.0%) and Communication Services (15.0%). The worst performers for the quarter were Energy (2.5%), Consumer Discretionary (2.6%), and Healthcare (3.5%).
• Developed ex-U.S. Markets, as represented by the MSCI EAFE Index, underperformed emerging markets (EM), as represented by the MSCI Emerging Market Index, returning 11.8% versus 12.0% for the quarter. Returns from all international indices are in USD, which positively impacted performance due to the weakening dollar.
• Of the five largest-weighted countries in the MSCI EAFE Index the MSCI Germany Index (16.3%) outperformed while MSCI Japan (11.4%) performed in line with EAFE. The MSCI France (9.3%), MSCI United Kingdom (8.7%), and MSCI Switzerland (7.5%) indices all underperformed, though they still saw solid returns. • Of the five largest-weighted countries in Emerging Markets, MSCI China (2.0%) and MSCI India (9.2%) underperformed the MSCI Emerging Markets index, while MSCI Taiwan (26.1%), MSCI Korea (32.7%), and MSCI Brazil (13.3%) all outperformed. Taiwan and Korea were both boosted to their double digit returns by the continued demand for semiconductors.
• Growth stocks outperformed value stocks for the quarter as represented by the broad benchmarks. MSCI AC World ex-USA Growth returned 13.7%, while MSCI AC World ex-USA Value returned 10.4%. Within EM, growth outperformed value as well, returning 13.4% versus 8.5%.
• Small-caps, as represented by the MSCI ACWI ex-U.S. Small Cap Index, also saw strong positive returns during the quarter, posting a return of 16.9%. • Non-U.S. equity valuations rose over the second quarter but remain close to their long-term averages. As of quarter-end, the MSCI EAFE’s Adjusted Positive Forward P/E stood at 16.6 versus a 5-year average of 16.0. MSCI EM ended the quarter with an Adjusted Positive Forward P/E ratio of 13.6, slightly above its 5-year average of 13.3.
Source: Bloomberg.
MSCI ACWI ex-U.S. Sectors
Periods Ended June 30, 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 2.64% 7.45% 2.48% 14.09% 3.45% 18.05% 21.80% 8.50% 13.55% 14.96% 13.68% YTD 6.94% 14.46% 10.95% 25.77% 6.12% 24.37% 14.09% 15.58% 14.68% 28.23% 24.32% 1 Year 9.59% 10.84% 0.39% 36.08% -2.74% 25.61% 10.32% 4.67% 18.59% 35.73% 22.88% -5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
8 13
18 23
28 Jul-20 Jul-21 Jul-22 Jul-23 Jul-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 June 30, 2025
Multi-Asset Class Management
FIXED INCOME
• The U.S. bond market, represented by the Bloomberg U.S. Aggregate Index, saw positive returns in the first quarter, returning 1.2%. • The Bloomberg U.S. Treasury Index closed the quarter returning 0.8%. During the period, the Federal Open Market Committee (FOMC) held rates steady, marking the second quarter with no changes as policy makers continue their cautious stance as uncertainty remains over the final impact of tariffs on inflation and economic activity. The official dot plot continues to project two cuts for the remainder of the year. The yield curve steepened over the quarter as rates rose on the very long end and fell in the intermediate-term. The 30- year rose to 4.8%, while the 2-year ended at 3.7%. Cash markets currently provide higher yields than the 2-year Treasuries.
• Corporate credit saw positive returns across the quality spectrum for the quarter. The Investment Grade Bloomberg U.S. Corporate (IG Corp) Index returned 1.8% while High Yield bonds, as represented by the ICE BofA High Yield (HY) Index, returned 3.6%. After a spike in April, spreads returned to levels below the 10-year average for both investment-grade and high yield, in line with a broad “risk on” sentiment.
• The fixed-rate mortgage market, as measured by the Bloomberg U.S.
Mortgage-Backed Securities (MBS) Index returned 1.1%. On the commercial side, the Bloomberg U.S. Agency CMBS Index returned 1.8% while the nonagency CMBS Index posted a return of 2.0%.
Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended June 30, 2025
Source: Bloomberg.
U.S. Treasury Yield Curve
3.72%
3.80%
4.23%
4.78%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
6/30/2024
3/31/2025
6/30/2025
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
ICE BofA US
High Yield
QTD 1.21% 0.85% 1.14% 1.82% 3.57%
YTD 4.02% 3.79% 4.23% 4.17% 4.55%
1 Year 6.08% 5.30% 6.52% 6.91% 10.24%
0%
2%
4%
6%
8%
10%
12%
2.6 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2025
Multi-Asset Class Management
ALTERNATIVES
• Real estate investment trusts (REITs), as measured by the FTSE NAREIT Equity REITs Index, returned -1.5% in the second quarter, down from the 0.9% return in the prior quarter. Three of the nine major sectors saw positive returns. 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 returns in two years as property value declines leveled off across most sectors.
Senior Housing was the top performer, returning 2.1%, while Office Properties continued to fare poorly, returning -0.6%.
• Listed infrastructure, as measured by the MSCI World Infrastructure Index, performed strongly in the second quarter, growing 5.4%. This compares to a 7.6% return in the prior quarter. In Q1 2025, 13 private infrastructure funds raised $49.7 billion, a strong quarter following a year of subdued fundraising. Most of the capital went to funds larger than $5 billion which seek to capitalize on secular trends around the adoption of artificial intelligence (AI) and decarbonization. Infrastructure dry powder has fallen from the previous year and stands at $394.4 billion as of Q3 2024. According to PitchBook, infrastructure funds posted a return of 1.7% in Q4 2024. The asset class has generated an annualized return of 10.7% for the five years ended Q4 2024.
• In Q1 2025, 42 private debt funds raised $68.7 billion. Private debt dry powder remains above the long-term average at $556.7 billion as of Q3 2024; although over 50% has been outstanding for more than two years. According to PitchBook, private debt funds posted a return of -0.2% in Q4 2024. The asset class has generated an annualized return of 8.1% for the five years ended Q4 2024. • In Q1 2025, 131 private equity funds raised $115.5 billion – a slower pace compared to the prior year as constrained distributions hindered fundraising efforts.
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 $1.6 trillion as of Q3 2024.
Recent private equity performance has been muted due to higher borrowing costs and a slowdown in deal activity. According to PitchBook, private equity funds posted a return of 0.7% in Q4 2024. The asset class has generated an annualized return of 15.8% for the five years ended Q4 2024.
Source: NCREIF, PitchBook.
As of December 31, 2024, the most recent period for which all index data is available.
Returns for Private Capital Assets
Sources: Pitchbook.
* Total capital raised in 2025 as of March 31, 2025 - most recent period for which ALL fundraising data is available. ** Cumulative dry powder and total AUM as of September 30, 2024. *** Excluding open-end, evergreen fund vehicles.
Private Capital Fundraising & Dry Powder
Private Real
Estate Infrastructure Private Debt Private Equity
QTD 0.92% 1.73% -0.24% 0.66%
YTD 0.60% 9.67% 5.89% 8.87%
1 Year 0.60% 9.67% 5.89% 8.87%
-2%
0%
2%
4%
6%
8%
10%
12%
ClosedEnd Real
Estate***
Infrastruct
ure***
Private
Debt
Private
Equity
Venture
Capital
YTD Fundraising ($B)* $19.01 $49.30 $68.71 $115.48 $18.70 Dry Powder ($B)** $390.28 $386.40 $556.68 $1,646.43 $701.16 Total AUM ($B)** $1,325.45 $1,549.50 $1,866.50 $5,974.94 $3,389.30 $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 June 30, 2025
Multi-Asset Class Management
Inflation (U.S.):
• Progress has been made towards the Fed’s 2%
inflation target over recent months. However, future
price pressures from tariffs are expected in coming
months.
• Fed Chair Powell said that he expects tariffs to
impact inflation and that the size, duration, and time
of tariff effects are highly uncertain.
Economic Growth (Global):
• U.S. GDP is expected to grow at a slower pace for
rest of the year but uncertainty over economic
growth outcomes remains elevated even as higher
tariff rates have been paused.
• Escalating trade and geopolitical tensions create the potential for slower global growth while fiscal
stimulus within Eurozone a positive for growth.
Monetary Policy (Global):
• The Fed continued to hold the rates unchanged
through the second quarter amid healthy labor
markets and tariff-induced inflation concerns. Latest
dot plot points to two rate cuts before year end.
• While inflation continues to cool globally, tariffs add to future inflation pressures and complicate the
outlook.
Labor Markets (U.S.):
• The labor market remains healthy, but signs of labor
market cooling have begun to show on the margin
particularly through initial and continuing jobless
claims.
• With hiring and quits rates low, any acceleration in
layoffs may result in job seekers remaining
unemployed for longer.
Consumer Spending (U.S.):
• Sentiment has remained subdued as consumers
continue to expect higher prices and weaker labor
market conditions. Tax extension support is a
positive while higher prices are a negative.
• A material deterioration of labor market conditions
remains the biggest risk factor 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.
• The evolving fiscal landscape and persistent
uncertainty may lead to tightening financial
conditions over the next 6-12 months especially if
inflation and growth concerns take hold.
Political/Policy Risks:
• Geopolitical conflict in the Middle East and other
regions remains a source of concern.
• Deglobalization and global trade and tariff policy
risks continue to create market uncertainty and
strained relationships with major trading partners for
the U.S.
Valuations:
• U.S. equities and credit markets sold off due to
reciprocal tariffs in April but have recovered most of
the losses over the quarter, bringing them back into
expensive valuations relative to history.
• We believe that economic and policy risks are not
fully reflected in the current valuations.
Corporate Fundamentals:
• Earnings growth expectations are positive across
global equities, but expectations within U.S. have
seen a pullback over the course of this year.
• In the U.S., any deregulation initiatives are positives while tariff/cost pressure impact on both earnings
growth expectations and profit margins needs
attention.
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 (June 30, 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
2.8 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2025
Multi-Asset Class Management
Asset Class Our Q3 2025 Investment Outlook Comments
• Tariffs and their possible impact on business and consumer confidence, corporate profit margins, inflation and economic growth has led to increased uncertainty in 2025.
• We maintain defensive stance due to expensive valuations amidst uncertainty around economic and policy outcomes. Reciprocal tariffs are being quickly renegotiated but any negative news can lead to swift pullback in equities.
• Small cap have lagged large caps on YTD basis while recent performance has been positive. Small caps are more attractively valued but vulnerable to higher level of rates and growth slowdown leading us to stay neutral.
U.S. Equities
Large-Caps
Small-Caps
• International equities have outperformed U.S. equities on YTD basis, helped by a weaker USD.
• Improved sentiment is driven by increased fiscal spending efforts in Europe and continued stimulus in China but we remain defensive due to worry about global slowdown from tariff and trade tensions. • 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
• Latest Fed projections call for higher inflation, higher unemployment and lower growth by year-end while rate cut path still remains uncertain. • We maintain an overweight to fixed income due to attractive yields and ability to preserve capital during risk-off periods. We maintain duration close to the benchmark duration across the portfolios.
• We remain positive on investment grade credit due to underlying corporate fundamentals but are neutral to high yield given the tighter spreads pointing to higher downside than upside in case of stress.
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
• During the S&P 500 sell-off of close to 20%, listed REITs and listed infrastructure held up well pointing to their characteristics of lower correlation.
• While the long-term fundamentals within listed real estate and listed infrastructure are healthy, we remain neutral due to ongoing interest rate uncertainty.
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 (June 30, 2025) and are subject to change.
Current outlook Outlook one quarter ago Slightly Positive Positive
Slightly Neutral
Negative
Negative
2.9 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 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
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.
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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 34,662,876 100.00 5.62 5.85 10.06 10.21 N/A N/A N/A 3.51 09/01/2021 Domestic Equity 12,708,813 36.66 11.04 5.78 14.52 17.90 N/A N/A N/A 7.60 09/01/2021 Russell 3000 Index 10.99 5.75 15.30 19.08 15.96 13.55 12.96 8.98 Columbia Contrarian Core Inst3 2,693,804 7.77 11.59 6.33 12.72 20.34 16.95 14.85 13.27 19.67 02/01/2024 S&P 500 10.94 6.20 15.16 19.71 16.64 14.39 13.65 20.72
Putnam Core Equity Fund Y 1,160,788 3.35 9.85 4.58 13.45 20.74 18.51 14.85 13.55 7.13 10/01/2024 Schwab US Large-Cap ETF 8,271,498 23.86 11.24 6.19 15.64 19.76 16.34 14.20 13.46 9.17 10/01/2024 S&P 500 10.94 6.20 15.16 19.71 16.64 14.39 13.65 8.76
Undisc Managers Behavioral Val R6 331,721 0.96 1.28 -2.57 5.61 9.77 18.82 7.99 9.05 6.84 02/01/2024 Russell 2000 Value Index 4.97 -3.16 5.54 7.45 12.47 4.85 6.72 6.70 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 9.68 Columbia Small Cap Growth Inst3 129,226 0.37 16.55 2.23 15.57 19.02 7.15 11.55 12.18 6.32 10/01/2024 Russell 2000 Growth Index 11.97 -0.48 9.73 12.38 7.42 5.69 7.14 1.22 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 -1.46 Emerald Growth Institutional 121,775 0.35 20.28 5.39 14.60 16.76 10.28 8.26 8.78 20.51 02/01/2024 Russell 2000 Growth Index 11.97 -0.48 9.73 12.38 7.42 5.69 7.14 12.66 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 9.68 International Equity 2,856,254 8.24 10.77 17.83 15.07 12.76 N/A N/A N/A 3.44 09/01/2021 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 4.66 MFS International Growth R6 420,739 1.21 10.73 15.46 18.59 15.19 10.45 8.73 8.94 18.45 02/01/2024 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 17.50 Fidelity International Index 1,137,513 3.28 11.71 20.59 18.55 16.23 11.41 7.47 6.71 18.55 07/01/2024 MSCI EAFE (net) 11.78 19.45 17.73 15.97 11.16 7.21 6.51 17.73 Goldman Sachs GQG Ptnrs Intl Opportunities 422,873 1.22 7.04 15.85 5.00 14.77 11.17 10.62 N/A 5.00 07/01/2024 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 17.72 Hartford Schroders Emerging Mkts Eq 875,130 2.52 11.50 14.52 12.97 9.29 6.10 4.47 N/A 19.81 02/01/2024 MSCI EM (net) 11.99 15.27 15.29 9.70 6.81 4.48 4.81 20.31 Asset Allocation & Performance
PARS/City of San Leandro 115P Pens As of June 30, 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 June 30, 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 1,707,884 4.93 4.00 8.91 16.81 N/A N/A N/A N/A 13.00 02/01/2024 Cohen & Steers Inst Realty Shares 814,170 2.35 1.31 4.51 10.85 4.98 8.46 7.38 7.73 12.36 06/01/2024 MSCI US REIT Index -1.14 -0.09 8.92 5.40 8.63 5.60 6.33 11.08 Lazard Global Listed Infrastructure Inst 459,883 1.33 8.85 15.90 24.75 10.77 10.89 8.91 9.80 13.59 10/01/2024 MSCI World Core Infrastructure Index (Net) 5.45 13.44 21.38 6.78 8.09 7.26 7.46 6.30 NYLI CBRE Global Infrastructure 433,832 1.25 4.25 10.58 19.58 7.27 8.24 7.50 7.53 13.56 06/01/2024 MSCI World Core Infrastructure Index (Net) 5.45 13.44 21.38 6.78 8.09 7.26 7.46 17.49 Fixed Income 16,490,242 47.57 1.33 4.09 6.42 3.63 N/A N/A N/A -0.36 09/01/2021 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 -1.10 Baird Aggregate Bond Inst 4,501,669 12.99 1.19 4.05 6.20 3.18 -0.33 2.17 2.15 5.56 03/01/2024 iShares Core US Aggregate Bond ETF 3,808,982 10.99 1.21 4.00 6.09 2.55 -0.73 1.75 1.72 5.30 03/01/2024 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 5.30 Dodge & Cox Income 2,758,574 7.96 1.42 4.32 6.49 4.26 1.08 3.00 2.89 4.73 02/01/2024 PGIM Total Return Bond R6 3,075,823 8.87 1.29 4.11 6.62 4.11 0.27 2.44 2.65 4.89 02/01/2024 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 3.93 Voya Intermediate Bond 1,517,074 4.38 1.50 4.27 6.71 3.72 0.23 2.40 2.44 1.13 05/01/2025 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 0.81 NYLI MacKay High Yield Corp Bond Fund 797,779 2.30 2.63 3.84 7.89 8.82 5.86 5.12 5.30 8.03 03/01/2024 ICE BofA US High Yield Index 3.58 4.55 10.24 9.85 6.01 5.18 5.29 9.43 Cash Equivalent 899,683 2.60 1.06 2.13 4.68 4.40 N/A N/A N/A 3.47 09/01/2021 ICE BofA 3 Month U.S. T-Bill 1.04 2.07 4.68 4.56 2.76 2.54 1.97 3.59 First American Government Obligation - X 899,683 2.60 1.06 2.13 4.68 4.57 2.76 2.47 N/A 4.86 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.04 2.07 4.68 4.56 2.76 2.54 1.97 4.88 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 June 30, 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 June 30, 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 Voya Intermediate Bond 2.93 7.07 -14.16 -0.99 8.22 10.06 -0.25 4.84 4.04 0.73 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
04/01/2025
Net Flows Return On
Investment
Market Value
As of
06/30/2025
Total Portfolio 32,845,489 (28,198) 1,845,585 34,662,876 YTD
Market Value
As of
01/01/2025
Net Flows Return On
Investment
Market Value
As of
06/30/2025
Total Portfolio 32,801,584 (56,399) 1,917,692 34,662,876 Account Reconciliation
PARS/City of San Leandro 115P Pens As of June 30, 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 23,450,718 100.00 3.93 5.23 8.62 7.30 4.50 4.87 N/A 4.82 08/01/2015 Domestic Equity 5,103,481 21.76 11.04 5.79 14.54 17.81 15.17 12.08 N/A 12.27 08/01/2015 Russell 3000 Index 10.99 5.75 15.30 19.08 15.96 13.55 12.96 12.89 Columbia Contrarian Core Inst3 1,097,486 4.68 11.59 6.33 12.72 20.34 16.95 14.85 13.27 19.67 02/01/2024 S&P 500 10.94 6.20 15.16 19.71 16.64 14.39 13.65 20.72
Putnam Core Equity Fund Y 462,582 1.97 9.85 4.58 13.45 20.74 18.51 14.85 13.55 7.13 10/01/2024 Schwab US Large-Cap ETF 3,311,205 14.12 11.24 6.19 15.64 19.76 16.34 14.20 13.46 9.17 10/01/2024 S&P 500 10.94 6.20 15.16 19.71 16.64 14.39 13.65 8.76
Undisc Managers Behavioral Val R6 132,156 0.56 1.28 -2.57 5.61 9.77 18.82 7.99 9.05 6.84 02/01/2024 Russell 2000 Value Index 4.97 -3.16 5.54 7.45 12.47 4.85 6.72 6.70 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 9.68 Columbia Small Cap Growth Inst3 51,513 0.22 16.55 2.23 15.57 19.02 7.15 11.55 12.18 6.32 10/01/2024 Russell 2000 Growth Index 11.97 -0.48 9.73 12.38 7.42 5.69 7.14 1.22 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 -1.46 Emerald Growth Institutional 48,538 0.21 20.28 5.39 14.60 16.76 10.28 8.26 8.78 20.51 02/01/2024 Russell 2000 Growth Index 11.97 -0.48 9.73 12.38 7.42 5.69 7.14 12.66 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 9.68 International Equity 1,357,144 5.79 10.72 17.76 14.94 12.80 9.88 6.70 N/A 7.11 08/01/2015 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 6.20 MFS International Growth R6 205,481 0.88 10.73 15.46 18.59 15.19 10.45 8.73 8.94 18.45 02/01/2024 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 17.50 Fidelity International Index 525,417 2.24 11.71 20.59 18.55 16.23 11.41 7.47 6.71 18.55 07/01/2024 MSCI EAFE (net) 11.78 19.45 17.73 15.97 11.16 7.21 6.51 17.73 Goldman Sachs GQG Ptnrs Intl Opportunities 220,099 0.94 7.04 15.85 5.00 14.77 11.17 10.62 N/A 5.00 07/01/2024 MSCI AC World ex USA (Net) 12.03 17.90 17.72 13.99 10.13 6.58 6.12 17.72 Hartford Schroders Emerging Mkts Eq 406,148 1.73 11.50 14.52 12.97 9.29 6.10 4.47 N/A 19.81 02/01/2024 MSCI EM (net) 11.99 15.27 15.29 9.70 6.81 4.48 4.81 20.31 Asset Allocation & Performance
PARS/City of San Leandro 115P - OPEB As of June 30, 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 June 30, 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 708,646 3.02 4.00 8.91 16.80 N/A N/A N/A N/A 13.02 02/01/2024 Cohen & Steers Inst Realty Shares 337,521 1.44 1.31 4.51 10.85 4.98 8.46 7.38 7.73 12.36 06/01/2024 MSCI US REIT Index -1.14 -0.09 8.92 5.40 8.63 5.60 6.33 11.08 Lazard Global Listed Infrastructure Inst 190,683 0.81 8.85 15.90 24.75 10.77 10.89 8.91 9.80 13.59 10/01/2024 MSCI World Core Infrastructure Index (Net) 5.45 13.44 21.38 6.78 8.09 7.26 7.46 6.30 NYLI CBRE Global Infrastructure 180,442 0.77 4.25 10.58 19.58 7.27 8.24 7.50 7.53 13.56 06/01/2024 MSCI World Core Infrastructure Index (Net) 5.45 13.44 21.38 6.78 8.09 7.26 7.46 17.49 Fixed Income 15,586,200 66.46 1.33 4.10 6.42 3.64 0.43 2.18 N/A 2.07 08/01/2015 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 1.70 Baird Aggregate Bond Inst 4,413,537 18.82 1.19 4.05 6.20 3.18 -0.33 2.17 2.15 5.56 03/01/2024 iShares Core US Aggregate Bond ETF 3,311,395 14.12 1.21 4.00 6.09 2.55 -0.73 1.75 1.72 5.30 03/01/2024 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 5.30 Dodge & Cox Income 2,538,809 10.83 1.42 4.32 6.49 4.26 1.08 3.00 2.89 4.73 02/01/2024 PGIM Total Return Bond R6 3,045,623 12.99 1.29 4.11 6.62 4.11 0.27 2.44 2.65 4.89 02/01/2024 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 3.93 Voya Intermediate Bond 1,517,074 6.47 1.50 4.27 6.71 3.72 0.23 2.40 2.44 1.13 05/01/2025 Blmbg. U.S. Aggregate 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 0.81 NYLI MacKay High Yield Corp Bond Fund 759,762 3.24 2.63 3.84 7.89 8.82 5.86 5.12 5.30 8.03 03/01/2024 ICE BofA US High Yield Index 3.58 4.55 10.24 9.85 6.01 5.18 5.29 9.43 Cash Equivalent 695,246 2.96 1.06 2.13 4.68 4.40 2.65 2.38 N/A 1.85 08/01/2015 ICE BofA 3 Month U.S. T-Bill 1.04 2.07 4.68 4.56 2.76 2.54 1.97 1.99 First American Government Obligation - X 695,246 2.96 1.06 2.13 4.68 4.57 2.76 2.47 N/A 4.86 02/01/2024 ICE BofA 3 Month U.S. T-Bill 1.04 2.07 4.68 4.56 2.76 2.54 1.97 4.88 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 June 30, 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 June 30, 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 Voya Intermediate Bond 2.93 7.07 -14.16 -0.99 8.22 10.06 -0.25 4.84 4.04 0.73 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
04/01/2025
Net Flows Return On
Investment
Market Value
As of
06/30/2025
Total Portfolio 22,582,546 (19,270) 887,442 23,450,718
YTD
Market Value
As of
01/01/2025
Net Flows Return On
Investment
Market Value
As of
06/30/2025
Total Portfolio 22,322,588 (38,466) 1,166,595 23,450,718 Account Reconciliation
PARS/City of San Leandro 115P - OPEB As of June 30, 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.
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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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