PARS City of San Leandro 115
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, 2026
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager Exhibit A1
*A division of U.S. Bancorp Asset Management, Inc.
**As of December 31, 2025. Public sector includes government, pool, and TERM. Total assets under management for U.S. Bancorp Asset Management, Inc. were $416.4 billion.
About PFM Asset Management*
40+ years of experience in the
public sector**
$177.2b in public sector assets
under management**
Our Investment Solutions
• Outsourced Chief Investment Officer
(OCIO): Multi-asset class portfolios for
institutional investors
• 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
• Specialized Solutions: Arbitrage rebate,
escrow restructuring, bond proceeds
investments, structured investments
42%
41%
17%
Assets by Investment Solution1
Fixed Income
LGIPs
OCIO
1Illustrates public sector assets under management by investment solution as of December 31, 2025. Total may not add up to 100% due to rounding. 1 Financial Markets & Investment Strategy Review
2 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
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) -4.33% -4.33% 17.80% 18.30% 12.06% 14.43% 14.15% Russell 3000 -3.96% -3.96% 18.09% 17.84% 10.86% 13.80% 13.71% Russell 1000 Growth -9.78% -9.78% 18.81% 21.16% 12.75% 16.95% 16.82% Russell 1000 -4.18% -4.18% 17.74% 18.12% 11.33% 14.15% 13.96% Russell 1000 Value 2.10% 2.10% 15.87% 14.29% 9.42% 10.63% 10.57% Russell Midcap 1.29% 1.29% 15.98% 13.32% 7.26% 10.51% 10.90% Russell Midcap Growth -6.35% -6.35% 9.56% 12.73% 5.37% 10.27% 11.68% Russell Midcap Value 3.68% 3.68% 17.62% 13.13% 7.94% 9.86% 9.75% Russell 2000 Growth -2.81% -2.81% 23.58% 12.25% 1.62% 7.67% 9.78% Russell 2000 0.89% 0.89% 25.72% 13.03% 3.77% 8.60% 9.88% Russell 2000 Value 4.96% 4.96% 28.09% 13.78% 5.79% 9.07% 9.60%
INTERNATIONAL EQUITY
MSCI EAFE -1.24% -1.24% 21.27% 13.60% 7.91% 8.85% 8.37% MSCI AC World -3.20% -3.20% 20.01% 16.56% 9.48% 11.61% 11.33% MSCI AC World ex USA -0.71% -0.71% 24.91% 14.48% 7.01% 8.50% 8.37% MSCI AC World ex USA Small Cap -0.48% -0.48% 27.82% 13.66% 5.66% 8.43% 8.00% MSCI EM (Emerging Markets) -0.17% -0.17% 29.55% 14.82% 3.69% 6.58% 7.79%
LISTED REAL ASSETS
FTSE Nareit/Equity REITs - INV 4.80% 4.80% 6.84% 9.09% 5.81% 5.34% 5.57% MSCI U.S. REIT INDEX 4.84% 4.84% 6.79% 9.12% 5.80% 5.37% 5.56% MSCI World Core Infrastructure 7.82% 7.82% 16.11% 10.94% 7.17% 7.03% 8.41%
FIXED INCOME
Bloomberg U.S. Aggregate -0.05% -0.05% 4.35% 3.63% 0.31% 1.56% 1.70% Bloomberg U.S. Government/Credit -0.20% -0.20% 3.86% 3.41% 0.24% 1.65% 1.79% Bloomberg U.S. Intermediate Government/Credit -0.02% -0.02% 4.41% 4.24% 1.33% 2.20% 2.04% Bloomberg U.S. Treasury (1-3 Y) 0.27% 0.27% 3.77% 4.04% 1.82% 2.11% 1.77% ICE BofA U.S. High Yield -0.55% -0.55% 6.90% 8.49% 4.19% 4.94% 6.05% Bloomberg Global Aggregate -1.07% -1.07% 4.26% 2.59% -1.46% 0.19% 0.58%
CASH EQUIVALENT
Bloomberg 3 Month T-Bill 0.87% 0.87% 4.05% 4.80% 3.40% 2.76% 2.29% 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 March 31, 2026
Multi-Asset Class Management
THE ECONOMY
• U.S. real gross domestic product (GDP) grew at a seasonally adjusted annualized rate of 0.7% in the fourth quarter. This modest growth rate largely reflects the temporary effects of the government shutdown in October-November 2025 rather than a material deterioration in underlying private demand, and consumers continue to support growth.
Real final sales to private domestic purchasers (the sum of consumer spending and gross private fixed investment) increased 1.9% during the quarter. • The U.S. labor market saw an uneven start to the year, with 178k jobs added in March following a sharp drop in February and a moderate gain in January. The overall unemployment rate remained relatively stable, edging down to 4.3%, though part of the decline reflects workers leaving the workforce rather than an acceleration in hiring. Initial jobless claims ended the quarter at 202k (week ending March 28), near a two-year low, with continuing claims declining to approximately 1.8 million. Overall, there has been no meaningful increase in layoffs, consistent with a “low-hire, low-fire” environment. • Inflation moderated in the first two months of the quarter. Headline inflation (CPI) increased 2.4% year-over-year (YoY) in February, the lowest level since May 2025. This moderating trend may encounter near-term pressure, as markets are pricing higher March inflation readings amid rising energy prices related to the conflict in the Middle East.
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. 1,600
1,650
1,700
1,750
1,800
1,850
1,900
1,950
2,000
0%
2%
4%
6%
8%
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Thousands
3.8%
4.4%
0.7%
2.4%
1.8%
1.9%
2.0%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2021 2022 2023 2024 2025 2026
QoQ% Change, SA, Annualized
Source: Bureau of Labor Statistics.
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Mar-22 Mar-23 Mar-24 Mar-25
YoY% Change
Core CPI CPI
U.S. Inflation Rate
Seasonally Adjusted (SA)
2.2 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
Multi-Asset Class Management
-1.%
0.%
1.%
2.%
3.%
4.%
5.%
6.%
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Fed Target Rate ECB Target Rate
Bank of England Target Rate Bank of Canada Target Rate
30 40
50 60
70 80
90 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
WHAT WE’RE WATCHING
• The Federal Reserve (Fed) held rates steady in the first quarter amid persistent inflation pressures and muted net job creation. Looking ahead, the 2026 dot plot reflects expectations for one rate cut, though the outlook has become more uncertain, as geopolitical developments add complexity to the inflation path.
Outside the U.S., the European Central Bank (ECB) and Bank of England (BOE) also held rates steady during the quarter, while markets continue to assess the likelihood of additional policy action in the months ahead. • U.S. consumer sentiment, as measured by the University of Michigan Survey of Consumers, increased in the first two months of the quarter before retreating toward December levels, as higher gasoline prices and financial market volatility weighed on households’ outlook.
• The first quarter was marked by an escalation of geopolitical conflict involving Iran, which remains an important risk factor for the global economy. Rising energy and commodity prices have increased uncertainty around the duration and magnitude of inflationary pressures. If disruptions to energy and commodity supply chains persist or intensify, risks to global growth could increase, including a higher probability of recession in energy-importing regions.
Global Central Bank Rates
Source: Bloomberg.
U.S. ISM Manufacturing & Services PMI
Source: Bloomberg.
40 42
44 46
48 50
52 54
56 58
60 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Manufacturing Services
University of Michigan Consumer Sentiment
Source: Bloomberg.
2.3 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
Multi-Asset Class Management
DOMESTIC EQUITY
• Domestic equity markets, as represented by the S&P 500 Index (S&P) and the Russell 3000 Index, declined in the first quarter, returning -4.3% and -4.0%, respectively. This marked the weakest quarterly performance since 2022, as the geopolitical conflict involving Iran and continued volatility related to artificial intelligence exposure weighed on returns. Following the escalation of the conflict in late February, both indices declined -5.0% during the month of March.
• Within the S&P 500, performance varied widely across sectors, with six of the 11 posting positive returns for the quarter. Energy was the strongest performing sector, returning 38.2%, as supply disruptions contributed to higher prices. Materials (9.7%) and Utilities (8.3%) also posted solid gains.
Consumer Discretionary declined -9.2%, while Financials lagged all sectors, posting a return of -9.5%.
• Large-cap stocks, as represented by the Russell 1000 Index, returned -4.2% during the quarter, as the “Magnificent Seven” experienced double-digit declines (-12.0%). Mid- and small-cap stocks outperformed large caps, with the Russell Midcap and Russell 2000 indices, returning 1.3% and
0.9%, respectively. Value stocks outperformed growth stocks across all capitalizations.
• According to FactSet Earnings Insight as of April 2, 2026, analysts project earnings growth of 13.2% for the first quarter of 2026, up from an initial estimate of 12.8% in December. If realized, this would represent the sixth consecutive quarter of double-digit, YoY earnings growth. Revenue is also expected to grow, with YoY revenue growth currently estimated at 9.7%, the highest rate since 2022. For calendar year 2026, analysts project earnings growth of 17.4%.
• At quarter end, the S&P 500’s 12-month adjusted positive forward price-toearnings (P/E) ratio (includes only positive earnings results for consistency) stood at 21.6 — below its five-year average of 23.1 — as equity prices declined in March while earnings expectations remained elevated. The Russell 2000 Index, which represents small-cap stocks, posted an adjusted positive forward P/E ratio of 18.0, slightly above its five-year average of 17.5.
Source: Bloomberg.
S&P 500 Index Performance by Sector
Periods Ended March 31, 2026
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 -9.19% 7.68% 38.25% -9.47% -4.88% 4.61% -9.13% 9.73% 2.76% -6.94% 8.26% YTD -9.19% 7.68% 38.25% -9.47% -4.88% 4.61% -9.13% 9.73% 2.76% -6.94% 8.26% 1 Year 11.72% 6.31% 36.32% 0.58% 2.31% 25.01% 29.05% 17.97% 2.33% 32.51% 19.71% -20%
-10%
0%
10%
20%
30%
40%
50%
10 12
14 16
18 20
22 24
26 28
30 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25
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, 2026
Multi-Asset Class Management
INTERNATIONAL EQUITY
• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S.
Index, also saw the impacts of the conflict in the Middle East, with posted a return of -0.7% for the first quarter, as sharp declines in March offset gains recorded earlier in the year. During March alone, the index returned -10.8%. • Four of the 11 sectors posted positive returns for the quarter. As in the U.S., Energy (28.5%), Utilities (9.2%) and Materials (5.4%) led performance. The weakest sectors were Real Estate (-4.4%), Communication Services (-9.5%), and Consumer Discretionary (-13.3%).
• Developed ex-U.S. markets, as represented by the MSCI EAFE Index, and emerging markets (EM), as represented by the MSCI Emerging Markets Index, returned -1.2% and -0.2%.
• Among the five largest-weighted countries in the MSCI EAFE Index, the MSCI United Kingdom (2.0%) and MSCI Japan (1.4%), indices outperformed the broader index, while MSCI Switzerland (-4.2%), MSCI France (-5.4%), and MSCI Germany (-8.5%) indices underperformed.
• Within EM, MSCI Korea (16.5%), MSCI Taiwan (9.1%), and MSCI Brazil (19.1%) outperformed the MSCI Emerging Markets index, while MSCI China (-8.9%) and MSCI India (-18.1%) underperformed with notable negative returns. While Korea and Taiwan’s posted positive quarterly returns, this is due to extremely strong gains earlier in the quarter which offset pronounced losses in March (-25.5% and -13.0%, respectively)
• Value stocks outperformed growth stocks for the quarter as represented by the broad benchmarks. The MSCI AC World ex-USA Growth Index returned -3.6%, while the MSCI AC World ex-USA Value Index returned 2.1%. Within EM, value stocks (MSCI EM Value) returned 0.7% versus -1.7% for growth. Small-cap stocks, as represented by the MSCI ACWI ex-U.S. Small Cap Index, declined -0.5%. • Equity valuations increased across both emerging and developed markets and now sit modestly above long-term averages. At quarter end, the MSCI EAFE’s adjusted positive forward P/E ratio stood at 15.9, above its five-year average of 15.3. The MSCI Emerging Markets Index ended the quarter at an adjusted positive forward P/E ratio of 11.7, below its five-year average of 13.0.
Source: Bloomberg.
MSCI ACWI ex-U.S. Sectors
Periods Ended March 31, 2026
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 Real Estate Telecom Utilities QTD -13.28% -2.92% 28.55% -3.64% -3.10% -0.20% 4.58% 5.41% -4.37% -9.46% 9.22% YTD -13.28% -2.92% 28.55% -3.64% -3.10% -0.20% 4.58% 5.41% -4.37% -9.46% 9.22% 1 Year -3.84% 6.58% 45.66% 25.71% 9.72% 27.68% 56.95% 43.99% 11.77% 6.77% 36.33% -20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
8 10
12 14
16 18
20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25
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, 2026
Multi-Asset Class Management
FIXED INCOME
• The U.S. bond market, as represented by the Bloomberg U.S.
Aggregate Index, returned -0.1% in the first quarter of 2026.
Performance was weighed down by declines in March (-1.8%), as bonds failed to provide diversification benefits during the sell-off amid near-term inflation concerns. Interest-rate volatility increased over the quarter, with the ICE BofA Move Index rising to a nine-month high, reflecting uncertainty surrounding the duration of the geopolitical conflict involving Iran.
• The Bloomberg U.S. Treasury Index also finished the quarter little changed, declining -4 basis points (bps). While the Fed held rates steady, Treasury yields moved higher as investors reassessed the expected timing and pace of future rate cuts. The 30-year Treasury yield rose 7 bps to 4.9%, while the 2-year Treasury rose 32 bps to 3.8%. • Corporate credit generated negative returns across the quality spectrum. The Bloomberg U.S. Corporate Investment Grade Index declined -0.5%, while the ICE BofA High Yield Index returned -0.6%.
Credit spreads widened for both investment-grade and high-yield corporates and now sit above their respective 10-year averages.
Despite near-term pressure, corporate fundamentals remain supported by elevated profit margins, ongoing share repurchases, and continued merger and acquisitions activity. AI-related corporate debt issuance across corporate bonds and bank loans space has drawn increased investor attention during the quarter, reflecting continuing financing demand among technology-oriented issuers.
Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended March 31, 2026
Source: Bloomberg.
U.S. Treasury Yield Curve
3.80%
3.94%
4.32%
4.91%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/31/2025
12/31/2025
3/31/2026
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
Investment
Grade
ICE BofA U.S. HY
QTD -0.05% -0.04% 0.40% -0.54% -0.55%
YTD -0.05% -0.04% 0.40% -0.54% -0.55%
1 Year 4.35% 3.25% 5.79% 4.78% 6.90%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2.6 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
Multi-Asset Class Management
ALTERNATIVES
• Real estate investment trusts (REITs), as measured by the MSCI U.S. REITs Index, returned 4.8% in the first quarter of 2026. Private real estate, as measured by the NCREIF Property Index, gained 1.2% in the third quarter of 2025, marking the fourth consecutive quarter of positive total returns, driven primarily by income, with modest property appreciation also contributing.
Senior Housing was the strongest-performing property type, returning 2.9%, while Office posted a modest gain of 0.9%.
• Listed infrastructure, as represented by the MSCI World Core Infrastructure Index, returned 7.8% in the first quarter of 2026. According to PitchBook, private infrastructure funds posted returns of 2.6% in the third quarter of 2025, generating an annualized return of 10.9% over the five years ended Q3 2025. By the end of the fourth quarter of 2025, 60 private infrastructure funds had raised $193.8 billion, with the majority of the capital flowing to larger-scale strategies focused on long-term demand themes, including artificial intelligence. • By the end of 2025, 200 private debt funds had raised $234.1 billion, with capital increasingly concentrated among fewer, larger funds. Private debt dry powder remained elevated at $618.2 billion as of June 30, 2025. According to Cliffwater, while performance remains positive, returns have moderated, with private debt funds posting a return of 2.5% in the third quarter of 2025. The asset class has generated an annualized return of 10.5% over the past five years. • Private equity fundraising slowed further in 2025, with 578 private equity funds having raised $414.2 billion, marking the weakest annual fundraising environment since 2020. Despite this slowdown, global private equity dry powder — which accounts for the bulk of private capital dry powder — remains elevated at $1.9 trillion as of June 30, 2025. Lower borrowing costs could support exit activity and fundraising in 2026, although sustained geopolitical uncertainty poses an ongoing risk. According to PitchBook, private equity funds returned 1.2% in the third quarter of 2025 and have generated an annualized return of 14.2% for the five years.
Source: NCREIF, PitchBook, Cliffwater.
As of September 30, 2025, the most recent period for which all index data is available.
Returns for Private Capital Assets
Sources: Pitchbook.
* Total capital raised in 2025 as of December 31, 2025 - most recent period for which ALL fundraising data is available.
** Cumulative dry powder as of June 30, 2025 except Infrastructure dry powder which is as of March 31, 2025.
Private Capital Fundraising & Dry Powder
Private Real Estate Infrastructure Private Debt Private Equity QTD 1.22% 2.57% 2.50% 1.19%
YTD 3.76% 6.94% 7.05% 5.08%
1 Year 4.70% 6.98% 10.67% 6.16%
0%
2%
4%
6%
8%
10%
12%
Closed-End
Real Estate Infrastructure Private Debt Private Equity Venture Capital YTD Fundraising ($B)* $93.96 $193.81 $234.06 $414.23 $122.08 Dry Powder ($B)** $400.24 $377.00 $618.16 $1,888.43 $696.35 $0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$ Billions
2.7 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
Multi-Asset Class Management
Inflation (U.S.):
• The inflation outlook depends on the duration of the
Middle East conflict and degree to which higher
energy and commodity costs raise core goods and
services prices.
• Near-term inflation expectations have increased
due to the higher energy prices while long-run
expectations remain anchored.
Economic Growth (Global):
• Stable consumer and business spending support
growth, offsetting the weakness seen from the U.S.
government shutdown in Q4 GDP.
• Risks to global growth prospects have increased
amid the escalating conflict due to higher energy
prices, supply-chain disruptions, and increased
uncertainty.
Monetary Policy (Global):
• The Fed held rates steady in Q1 amid persistent
inflation pressures and limited net job creation.
• The “dot plot” projects 25 bps of rate cuts in both
2026 and 2027; however, this is predicated on
inflation progress.
• Global central banks remained on pause in Q1, but
energy inflation pressures may necessitate hikes.
Labor Markets (U.S.):
• Labor market conditions continued to cool with net
new job creation close to zero.
• The Fed has framed the combination of limited job
growth and a stable unemployment rate as an
uncomfortable balance.
• Initial jobless claims and layoff rates remain low,
consistent with a continued “low-hire/low-fire”
environment.
Consumer Spending (U.S.):
• Wage growth continues to exceed inflation, but this
gap has narrowed. Energy shocks may compress
real incomes and reduce discretionary spending.
• Lower-income cohorts remained more exposed to
higher energy prices as a larger share of household
budgets are allocated to essentials.
• Higher-income cohorts benefit from strong equity
markets and home prices.
Financial Conditions (U.S.):
• The conflict in the Middle East has tightened
financial conditions. The duration of the conflict and
its impact on the economy will be a key driver of
corporate fundamentals.
• Geopolitical conflict, higher energy prices, and the
evolution of the economy are key risks to watch. At
this time, we view volatility in private credit as
contained and not a systemic risk.
Political/Policy Risks:
• Conflict with Iran and the ongoing geopolitical
uncertainty are impacting risk assets negatively. We
expect geopolitical uncertainty to remain elevated
in the near-term.
• Tariff-related uncertainty and upcoming mid-term
elections in the U.S. also warrant attention.
Valuations:
• Recent sell-off has led to improvement in valuations
across U.S. equities and credit markets.
• Resilient growth, strong earnings growth and profit
margins are supportive of the current valuations.
• Any prolonged disruption to energy or elevated
geopolitical uncertainty warrant caution.
Corporate Fundamentals:
• Earnings growth expectations are positive across
global equities with double digit growth expected
across U.S. and international equity benchmarks.
• In the U.S., M&A and capital spending pickup, tax
changes and rate cuts are positives while any
energy and commodity related cost pressure impact
needs to be monitored.
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, 2026) 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 Positive Slightly Positive Neutral Slightly Negative Negative
2.8 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
Multi-Asset Class Management
Asset Class Our Q2 2026 Investment Outlook Comments
• The duration of U.S.-Iran conflict and its impact on energy supply will impact inflation and growth, rates, and market returns near-term but we expect impact to be more muted in the U.S.
• Underlying fundamentals still supportive of positive equity returns, with economic growth still intact and corporate earnings expected to grow at a high double-digit pace.
• Resilient economic growth, ongoing consumer strength, expected rate cuts, equity market broadening and strong earnings growth led us to modestly overweight domestic small caps in Q1, prior to the U.S.-Iran conflict. The recent pullback has improved attractiveness of valuations relative to historical averages. We maintain the overweight despite elevated uncertainty.
U.S. Equities
Large-Caps
Small-Caps
• International equities are at a higher risk of pullback if energy prices remain elevated. Major central banks outside the U.S. are now expected to hike two to three times this year as near-term inflation pressures rise, reversing earlier expectations for rate cuts.
• Energy-importing developed and emerging market economies are more vulnerable to higher energy prices, leading us to remain neutral. Tariffrelated uncertainty also remains a headwind as alternative tariff mechanisms are considered.
Non-U.S. Equities
Developed Markets
Emerging Markets
• The Fed held rates steady at its March meeting, while the conflict-driven inflation outlook has increased uncertainty around rate cuts. Our base case is that Fed’s next move is a cut rather than a hike. • We continue to monitor increased volatility across fixed income yields.
Absolute yield levels look attractive. Credit spreads have widened slightly. Strong profit margins, continued issuance, continued buybacks and ongoing M&A activity points to healthy corporate sentiment. • We remain neutral across duration and credit sectors.
Fixed Income
Core Bonds
Investment-Grade Credit
High-Yield Credit
• Listed REITs and listed global infrastructure outperformed domestic and global equities respectively during the March pullback, highlighting their diversification benefits.
• In addition to diversified sources of return, improving AI sentiment continues to support data center and utilities buildout as a tailwind for listed real assets.
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, 2026) and are subject to change.
Current outlook Outlook one quarter ago Positive Slightly Positive Neutral Slightly Negative Negative
2.9 QUARTERLY MARKET SUMMARY
For the Quarter Ended March 31, 2026
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
Cliffwater
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 37,053,387 100.00 -0.80 -0.80 11.71 10.20 N/A N/A N/A 4.20 09/01/2021 Blended Benchmark - Pension -0.91 -0.91 11.74 10.05 N/A N/A N/A 4.36 Domestic Equity 11,352,077 30.64 -4.45 -4.45 17.52 16.85 N/A N/A N/A 7.64 09/01/2021 Russell 3000 Index -3.96 -3.96 18.09 17.85 10.87 13.81 13.72 8.92 Columbia Contrarian Core Inst3 2,074,105 5.60 -5.61 -5.61 16.41 18.55 11.40 14.77 13.66 14.68 02/01/2024 S&P 500 -4.33 -4.33 17.80 18.32 12.06 14.44 14.16 16.28 Putnam Core Equity Fund Y 986,520 2.66 -5.13 -5.13 16.89 19.14 12.13 15.60 15.05 9.13 10/01/2024 Schwab US Large-Cap ETF 7,157,637 19.32 -4.38 -4.38 17.63 18.25 11.41 14.20 14.03 10.03 10/01/2024 S&P 500 -4.33 -4.33 17.80 18.32 12.06 14.44 14.16 10.08 PIMCO RAE US Small Cap Fund 584,096 1.58 1.03 1.03 17.26 16.09 10.76 13.53 12.52 1.03 01/01/2026 Russell 2000 Value Index 4.96 4.96 28.09 13.80 5.79 9.08 9.61 4.96 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 0.89 Columbia Small Cap Growth Inst3 269,464 0.73 -3.80 -3.80 33.65 18.47 2.19 12.20 14.98 14.12 10/01/2024 Russell 2000 Growth Index -2.81 -2.81 23.58 12.27 1.62 7.68 9.79 7.66 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 9.25 Emerald Growth Institutional 280,255 0.76 -0.63 -0.63 49.64 21.43 7.20 11.66 13.36 24.96 02/01/2024 Russell 2000 Growth Index -2.81 -2.81 23.58 12.27 1.62 7.68 9.79 13.14 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 13.70 International Equity 5,439,402 14.68 1.72 1.72 23.77 13.60 N/A N/A N/A 5.39 09/01/2021 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 6.38 MFS International Growth R6 773,728 2.09 -3.48 -3.48 12.22 10.40 6.34 8.70 9.47 12.40 02/01/2024 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 16.85 Fidelity International Index 2,175,719 5.87 0.95 0.95 23.40 14.60 8.59 9.39 8.82 16.66 07/01/2024 MSCI EAFE (net) -1.24 -1.24 21.27 13.62 7.91 8.86 8.38 15.01 Goldman Sachs GQG Ptnrs Intl Opportunities 892,821 2.41 4.76 4.76 16.97 16.14 9.70 11.68 N/A 8.18 07/01/2024 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 16.82 Fidelity Emerging Markets Index Fund 1,597,134 4.31 3.44 3.44 33.31 15.83 4.08 6.89 8.00 18.10 08/01/2025 MSCI EM (net) -0.17 -0.17 29.55 14.84 3.69 6.59 7.80 13.47 Asset Allocation & Performance
PARS/City of San Leandro 115 Pens As of March 31, 2026
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 115 Pens As of March 31, 2026
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 1,931,519 5.21 5.84 5.84 12.52 N/A N/A N/A N/A 12.33 02/01/2024 Cohen & Steers Inst Realty Shares 912,005 2.46 3.65 3.65 3.58 7.70 4.80 6.14 6.46 8.43 06/01/2024 MSCI US REIT Index 4.84 4.84 6.79 9.13 5.80 5.37 5.56 10.98 Lazard Global Listed Infrastructure Inst 525,638 1.42 6.96 6.96 24.41 14.47 12.36 10.24 10.11 19.01 10/01/2024 MSCI World Core Infrastructure Index (Net) 7.82 7.82 16.11 10.95 7.17 7.03 8.41 11.07 NYLI CBRE Global Infrastructure 493,876 1.33 8.88 8.88 18.61 11.12 7.96 8.04 8.64 15.67 06/01/2024 MSCI World Core Infrastructure Index (Net) 7.82 7.82 16.11 10.95 7.17 7.03 8.41 15.93 Fixed Income 17,323,349 46.75 -0.01 -0.01 4.69 4.53 N/A N/A N/A 0.41 09/01/2021 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 -0.26 Baird Aggregate Bond Inst 4,974,735 13.43 -0.06 -0.06 4.35 4.12 0.55 1.93 2.12 5.06 03/01/2024 iShares Core US Aggregate Bond ETF 4,149,089 11.20 0.04 0.04 4.35 3.63 0.31 1.54 1.67 4.89 03/01/2024 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 4.89 Dodge & Cox Income 2,649,056 7.15 0.04 0.04 5.34 4.99 1.58 2.89 3.11 4.89 02/01/2024 PGIM Total Return Bond R6 2,660,631 7.18 0.02 0.02 4.89 5.08 1.06 2.19 2.69 4.85 02/01/2024 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 4.01 Voya Intermediate Bond 1,670,253 4.51 0.02 0.02 4.78 4.74 0.79 2.14 2.43 4.40 05/01/2025 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 3.94 NYLI MacKay High Yield Corp Bond Fund 1,219,585 3.29 -0.21 -0.21 5.62 7.25 4.24 4.88 5.85 6.52 03/01/2024 ICE BofA US High Yield Index -0.55 -0.55 6.90 8.50 4.19 4.94 6.05 7.56 Cash Equivalent 1,007,039 2.72 0.89 0.89 4.05 4.59 N/A N/A N/A 3.55 09/01/2021 ICE BofA 3 Month U.S. T-Bill 0.85 0.85 4.00 4.74 3.34 2.72 2.26 3.65 First American Government Obligation - X 1,007,039 2.72 0.89 0.89 4.05 4.75 3.36 2.67 N/A 4.55 02/01/2024 ICE BofA 3 Month U.S. T-Bill 0.85 0.85 4.00 4.74 3.34 2.72 2.26 4.55 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(%)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Portfolio 12.86 9.45 14.07 -13.38 N/A N/A N/A N/A N/A N/A Blended Benchmark - Pension 12.39 10.03 13.56 -13.74 N/A N/A N/A N/A N/A N/A Domestic Equity 17.17 21.59 24.59 -18.86 N/A N/A N/A N/A N/A N/A Russell 3000 Index 17.15 23.81 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 Columbia Contrarian Core Inst3 17.51 23.51 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 Putnam Core Equity Fund Y 17.31 26.47 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 Schwab US Large-Cap ETF 17.42 24.90 26.86 -19.44 26.74 20.90 31.40 -4.52 21.91 11.78 S&P 500 17.88 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 PIMCO RAE US Small Cap Fund 6.29 22.08 20.06 -4.64 40.37 6.88 20.22 -11.66 9.27 27.14 Russell 2000 Value Index 12.59 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 Columbia Small Cap Growth Inst3 21.86 24.45 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 Emerald Growth Institutional 31.95 19.41 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 Russell 2000 Growth Index 13.01 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 11.32 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 International Equity 29.43 4.26 14.12 -15.85 N/A N/A N/A N/A N/A N/A MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 MFS International Growth R6 21.23 9.24 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 Fidelity International Index 31.96 3.71 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 MSCI EAFE (net) 31.22 3.82 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 Goldman Sachs GQG Ptnrs Intl Opportunities 20.84 5.99 21.25 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 Fidelity Emerging Markets Index Fund 33.94 6.80 9.50 -20.07 -3.04 17.82 18.26 -14.63 37.65 11.26 MSCI EM (net) 33.57 7.50 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 Calendar Year Comparative Performance
PARS/City of San Leandro 115 Pens As of March 31, 2026
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 115 Pens As of March 31, 2026
Performance(%)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Other Growth 11.33 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Cohen & Steers Inst Realty Shares 3.09 6.24 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 MSCI US REIT Index 2.95 8.75 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 Lazard Global Listed Infrastructure Inst 23.86 6.71 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 NYLI CBRE Global Infrastructure 15.55 7.68 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 MSCI World Core Infrastructure Index (Net) 15.85 5.73 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 Fixed Income 7.56 2.22 6.99 -12.31 N/A N/A N/A N/A N/A N/A Blmbg. U.S. Aggregate 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 Baird Aggregate Bond Inst 7.36 1.85 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 iShares Core US Aggregate Bond ETF 7.19 1.37 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 Dodge & Cox Income 8.32 2.26 7.70 -10.86 -0.91 9.45 9.73 -0.31 4.36 5.61 PGIM Total Return Bond R6 7.79 3.03 7.78 -14.86 -1.15 8.10 11.13 -0.63 6.71 4.83 Voya Intermediate Bond 7.62 2.93 7.07 -14.16 -0.99 8.22 10.06 -0.25 4.84 4.05 Blmbg. U.S. Aggregate 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 NYLI MacKay High Yield Corp Bond Fund 7.10 7.14 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 ICE BofA US High Yield Index 8.50 8.20 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 Cash Equivalent 4.23 4.73 4.98 1.50 N/A N/A N/A N/A N/A N/A ICE BofA 3 Month U.S. T-Bill 4.18 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 First American Government Obligation - X 4.23 5.19 5.02 1.52 0.03 0.40 2.12 1.74 0.79 N/A ICE BofA 3 Month U.S. T-Bill 4.18 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 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
01/01/2026
Net Flows Return On
Investment
Market Value
As of
03/31/2026
Total Portfolio 37,382,752 (30,789) (298,575) 37,053,387 YTD
Market Value
As of
01/01/2026
Net Flows Return On
Investment
Market Value
As of
03/31/2026
Total Portfolio 37,382,752 (30,789) (298,575) 37,053,387 Account Reconciliation
PARS/City of San Leandro 115 Pens As of March 31, 2026
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 24,503,177 100.00 -0.46 -0.46 8.86 7.91 3.42 5.02 5.13 4.92 08/01/2015 Blended Benchmark - OPEB -0.55 -0.55 8.81 7.61 N/A N/A N/A N/A Domestic Equity 4,594,649 18.75 -4.47 -4.47 17.51 16.81 9.47 12.47 12.81 11.95 08/01/2015 Russell 3000 Index -3.96 -3.96 18.09 17.85 10.87 13.81 13.72 12.58 Columbia Contrarian Core Inst3 888,994 3.63 -5.61 -5.61 16.41 18.55 11.40 14.77 13.66 14.68 02/01/2024 S&P 500 -4.33 -4.33 17.80 18.32 12.06 14.44 14.16 16.28 Putnam Core Equity Fund Y 396,997 1.62 -5.13 -5.13 16.89 19.14 12.13 15.60 15.05 9.13 10/01/2024 Schwab US Large-Cap ETF 2,861,014 11.68 -4.38 -4.38 17.63 18.25 11.41 14.20 14.03 10.03 10/01/2024 S&P 500 -4.33 -4.33 17.80 18.32 12.06 14.44 14.16 10.08 PIMCO RAE US Small Cap Fund 230,724 0.94 1.03 1.03 17.26 16.09 10.76 13.53 12.52 1.03 01/01/2026 Russell 2000 Value Index 4.96 4.96 28.09 13.80 5.79 9.08 9.61 4.96 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 0.89 Columbia Small Cap Growth Inst3 106,684 0.44 -3.80 -3.80 33.65 18.47 2.19 12.20 14.98 14.12 10/01/2024 Russell 2000 Growth Index -2.81 -2.81 23.58 12.27 1.62 7.68 9.79 7.66 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 9.25 Emerald Growth Institutional 110,237 0.45 -0.63 -0.63 49.64 21.43 7.20 11.66 13.36 24.96 02/01/2024 Russell 2000 Growth Index -2.81 -2.81 23.58 12.27 1.62 7.68 9.79 13.14 Russell 2000 Index 0.89 0.89 25.72 13.05 3.77 8.60 9.88 13.70 International Equity 2,157,785 8.81 1.69 1.69 23.65 13.54 6.17 8.68 8.57 7.71 08/01/2015 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 6.84 MFS International Growth R6 322,106 1.31 -3.48 -3.48 12.22 10.40 6.34 8.70 9.47 12.40 02/01/2024 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 16.85 Fidelity International Index 854,693 3.49 0.95 0.95 23.40 14.60 8.59 9.39 8.82 16.66 07/01/2024 MSCI EAFE (net) -1.24 -1.24 21.27 13.62 7.91 8.86 8.38 15.01 Goldman Sachs GQG Ptnrs Intl Opportunities 353,889 1.44 4.76 4.76 16.97 16.14 9.70 11.68 N/A 8.18 07/01/2024 MSCI AC World ex USA (Net) -0.71 -0.71 24.91 14.49 7.02 8.50 8.38 16.82 Fidelity Emerging Markets Index Fund 627,097 2.56 3.44 3.44 33.31 15.83 4.08 6.89 8.00 18.10 08/01/2025 MSCI EM (net) -0.17 -0.17 29.55 14.84 3.69 6.59 7.80 13.47 Asset Allocation & Performance
PARS/City of San Leandro 115 - OPEB As of March 31, 2026 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 115 - OPEB As of March 31, 2026 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 768,427 3.14 5.94 5.94 12.75 N/A N/A N/A N/A 12.45 02/01/2024 Cohen & Steers Inst Realty Shares 345,063 1.41 3.65 3.65 3.58 7.70 4.80 6.14 6.46 8.43 06/01/2024 MSCI US REIT Index 4.84 4.84 6.79 9.13 5.80 5.37 5.56 10.98 Lazard Global Listed Infrastructure Inst 217,947 0.89 6.96 6.96 24.41 14.47 12.36 10.24 10.11 19.01 10/01/2024 MSCI World Core Infrastructure Index (Net) 7.82 7.82 16.11 10.95 7.17 7.03 8.41 11.07 NYLI CBRE Global Infrastructure 205,416 0.84 8.88 8.88 18.61 11.12 7.96 8.04 8.64 15.67 06/01/2024 MSCI World Core Infrastructure Index (Net) 7.82 7.82 16.11 10.95 7.17 7.03 8.41 15.93 Fixed Income 16,481,087 67.26 0.00 0.00 4.70 4.54 1.00 2.06 2.18 2.23 08/01/2015 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 1.87 Baird Aggregate Bond Inst 4,708,167 19.21 -0.06 -0.06 4.35 4.12 0.55 1.93 2.12 5.06 03/01/2024 iShares Core US Aggregate Bond ETF 3,926,129 16.02 0.04 0.04 4.35 3.63 0.31 1.54 1.67 4.89 03/01/2024 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 4.89 Dodge & Cox Income 2,507,474 10.23 0.04 0.04 5.34 4.99 1.58 2.89 3.11 4.89 02/01/2024 PGIM Total Return Bond R6 2,516,564 10.27 0.02 0.02 4.89 5.08 1.06 2.19 2.69 4.85 02/01/2024 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 4.01 Voya Intermediate Bond 1,671,054 6.82 0.02 0.02 4.78 4.74 0.79 2.14 2.43 4.40 05/01/2025 Blmbg. U.S. Aggregate -0.05 -0.05 4.35 3.63 0.31 1.56 1.70 3.94 NYLI MacKay High Yield Corp Bond Fund 1,151,699 4.70 -0.21 -0.21 5.62 7.25 4.24 4.88 5.85 6.52 03/01/2024 ICE BofA US High Yield Index -0.55 -0.55 6.90 8.50 4.19 4.94 6.05 7.56 Cash Equivalent 501,230 2.05 0.89 0.89 4.05 4.59 3.25 2.58 2.13 2.00 08/01/2015 ICE BofA 3 Month U.S. T-Bill 0.85 0.85 4.00 4.74 3.34 2.72 2.26 2.13 First American Government Obligation - X 501,230 2.05 0.89 0.89 4.05 4.75 3.36 2.67 N/A 4.55 02/01/2024 ICE BofA 3 Month U.S. T-Bill 0.85 0.85 4.00 4.74 3.34 2.72 2.26 4.55 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(%)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Portfolio 10.73 6.53 11.06 -13.53 5.22 10.79 13.68 -2.60 9.43 4.75 Blended Benchmark - OPEB 10.30 6.79 10.29 -12.35 N/A N/A N/A N/A N/A N/A Domestic Equity 17.19 21.53 24.52 -19.00 23.48 18.94 29.26 -6.25 21.38 11.11 Russell 3000 Index 17.15 23.81 25.96 -19.21 25.66 20.89 31.02 -5.24 21.13 12.74 Columbia Contrarian Core Inst3 17.51 23.51 32.21 -18.45 24.45 22.44 33.08 -8.81 21.89 8.77 Putnam Core Equity Fund Y 17.31 26.47 27.99 -15.87 30.75 17.66 32.50 -7.91 24.01 13.58 Schwab US Large-Cap ETF 17.42 24.90 26.86 -19.44 26.74 20.90 31.40 -4.52 21.91 11.78 S&P 500 17.88 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 PIMCO RAE US Small Cap Fund 6.29 22.08 20.06 -4.64 40.37 6.88 20.22 -11.66 9.27 27.14 Russell 2000 Value Index 12.59 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 Columbia Small Cap Growth Inst3 21.86 24.45 26.39 -36.51 -2.54 70.41 41.18 -1.92 28.94 13.00 Emerald Growth Institutional 31.95 19.41 19.06 -24.50 4.04 38.85 28.70 -11.57 28.11 10.89 Russell 2000 Growth Index 13.01 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 11.32 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 21.31 International Equity 29.32 4.18 14.21 -15.69 6.22 14.28 23.77 -15.50 30.09 3.02 MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 MFS International Growth R6 21.23 9.24 14.96 -15.02 9.65 15.82 27.31 -8.79 32.58 2.79 MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 Fidelity International Index 31.96 3.71 18.31 -14.24 11.45 8.17 22.00 -13.52 25.38 1.34 MSCI EAFE (net) 31.22 3.82 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 Goldman Sachs GQG Ptnrs Intl Opportunities 20.84 5.99 21.25 -11.10 12.49 15.77 27.64 -6.04 31.76 N/A MSCI AC World ex USA (Net) 32.39 5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 Fidelity Emerging Markets Index Fund 33.94 6.80 9.50 -20.07 -3.04 17.82 18.26 -14.63 37.65 11.26 MSCI EM (net) 33.57 7.50 9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 Calendar Year Comparative Performance
PARS/City of San Leandro 115 - OPEB As of March 31, 2026 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 115 - OPEB As of March 31, 2026 Performance(%)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Other Growth 11.46 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Cohen & Steers Inst Realty Shares 3.09 6.24 12.72 -24.73 42.47 -2.57 33.01 -3.99 7.45 5.91 MSCI US REIT Index 2.95 8.75 13.74 -24.51 43.06 -7.57 25.84 -4.57 5.07 8.60 Lazard Global Listed Infrastructure Inst 23.86 6.71 10.89 -1.30 19.87 -4.48 22.26 -3.73 20.80 9.30 NYLI CBRE Global Infrastructure 15.55 7.68 3.96 -6.08 15.22 1.17 28.46 -6.56 20.48 10.13 MSCI World Core Infrastructure Index (Net) 15.85 5.73 4.01 -7.93 17.13 -0.80 26.64 -2.66 19.25 10.96 Fixed Income 7.57 2.22 6.97 -12.27 -0.82 7.19 8.18 -0.37 4.24 3.13 Blmbg. U.S. Aggregate 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 Baird Aggregate Bond Inst 7.36 1.85 6.43 -13.35 -1.46 8.63 9.48 -0.30 4.20 3.52 iShares Core US Aggregate Bond ETF 7.19 1.37 5.59 -13.06 -1.67 7.42 8.68 -0.05 3.53 2.56 Dodge & Cox Income 8.32 2.26 7.70 -10.86 -0.91 9.45 9.73 -0.31 4.36 5.61 PGIM Total Return Bond R6 7.79 3.03 7.78 -14.86 -1.15 8.10 11.13 -0.63 6.71 4.83 Voya Intermediate Bond 7.62 2.93 7.07 -14.16 -0.99 8.22 10.06 -0.25 4.84 4.05 Blmbg. U.S. Aggregate 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 2.65 NYLI MacKay High Yield Corp Bond Fund 7.10 7.14 11.97 -7.81 5.35 5.28 13.03 -1.34 6.79 15.99 ICE BofA US High Yield Index 8.50 8.20 13.46 -11.22 5.36 6.17 14.41 -2.27 7.48 17.49 Cash Equivalent 4.23 4.73 4.98 1.48 0.02 0.36 2.08 1.70 0.75 0.23 ICE BofA 3 Month U.S. T-Bill 4.18 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 First American Government Obligation - X 4.23 5.19 5.02 1.52 0.03 0.40 2.12 1.74 0.79 N/A ICE BofA 3 Month U.S. T-Bill 4.18 5.25 5.02 1.46 0.05 0.67 2.28 1.87 0.86 0.33 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
01/01/2026
Net Flows Return On
Investment
Market Value
As of
03/31/2026
Total Portfolio 24,636,419 (20,248) (112,994) 24,503,177 YTD
Market Value
As of
01/01/2026
Net Flows Return On
Investment
Market Value
As of
03/31/2026
Total Portfolio 24,636,419 (20,248) (112,994) 24,503,177 Account Reconciliation
PARS/City of San Leandro 115 - OPEB As of March 31, 2026
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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