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 June 30, 2026
Andrew Brown, CFA, Sr. Investment Strategist/Portfolio Manager *A division of U.S. Bancorp Asset Management, Inc.
**As of March 31, 2026. Public sector includes government, pool, and TERM. Total assets under management for U.S. Bancorp Asset Management, Inc. were $435.8 billion.
About PFM Asset Management*
40+ years of experience in the
public sector**
$176.8b 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
44%
40%
16%
Assets by Investment Solution1
Fixed Income
LGIPs
OCIO
1Illustrates public sector assets under management by investment solution as of March 31, 2026. Total may not add up to 100% due to rounding. 1 Financial Markets & Investment Strategy Review
2 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
Index Name QTD YTD One Year Three Year Five Year Seven Year Ten Year
DOMESTIC EQUITY
S&P 500 15.20% 10.21% 22.32% 20.61% 13.41% 16.08% 15.51% Russell 3000 15.44% 10.88% 22.82% 20.36% 12.31% 15.51% 15.06% Russell 1000 Growth 16.74% 5.33% 17.71% 22.58% 13.71% 18.80% 18.58% Russell 1000 15.14% 10.33% 22.02% 20.47% 12.66% 15.79% 15.30% Russell 1000 Value 13.87% 16.26% 27.12% 17.79% 11.17% 12.10% 11.52% Russell Midcap Growth 14.55% 7.27% 6.17% 15.61% 6.03% 11.60% 13.04% Russell Midcap 13.83% 15.30% 21.63% 16.51% 8.50% 11.93% 12.00% Russell Midcap Value 13.40% 17.58% 26.62% 16.51% 9.48% 11.35% 10.63% Russell 2000 Growth 25.71% 22.18% 38.74% 18.44% 5.57% 10.82% 11.97% Russell 2000 21.49% 22.57% 40.78% 18.60% 6.98% 11.34% 11.62% Russell 2000 Value 17.19% 22.99% 43.01% 18.73% 8.23% 11.36% 10.89%
INTERNATIONAL EQUITY
MSCI EAFE 10.82% 9.44% 20.23% 16.44% 9.05% 9.90% 9.66%
MSCI AC World 14.93% 11.25% 23.67% 19.70% 10.98% 13.28% 12.78% MSCI AC World ex USA 14.49% 13.68% 27.66% 18.82% 8.79% 10.16% 9.93% MSCI AC World ex USA Small Cap 9.62% 9.10% 19.83% 16.42% 6.30% 9.68% 9.10% MSCI EM (Emerging Markets) 24.05% 23.85% 43.51% 23.03% 7.20% 9.82% 10.07%
LISTED REAL ASSETS
FTSE NAREIT All Equity REITs 10.73% 14.90% 15.43% 10.06% 3.71% 5.86% 5.88% FTSE Global Core Infrastructure 50/50 2.33% 10.66% 15.78% 12.24% 7.65% 6.71% 7.47% Bloomberg Commodity -8.08% 14.36% 25.46% 11.69% 9.37% 9.46% 5.83%
FIXED INCOME
Bloomberg U.S. Aggregate 0.67% 0.62% 3.79% 4.16% 0.08% 1.22% 1.54% Bloomberg U.S. Government/Credit 0.70% 0.49% 3.32% 3.97% -0.10% 1.25% 1.59% Bloomberg U.S. Intermediate Government/Credit 0.43% 0.40% 3.14% 4.68% 1.22% 1.89% 1.92% Bloomberg U.S. Treasury (1-3 Y) 0.37% 0.64% 2.92% 4.38% 1.90% 1.95% 1.75% ICE BofA U.S. High Yield 2.45% 1.89% 5.74% 8.79% 4.13% 4.92% 5.70% Bloomberg Global Aggregate 0.87% -0.21% 0.62% 3.41% -1.55% -0.15% 0.38%
CASH EQUIVALENT
Bloomberg 3 Month T-Bill 0.90% 1.77% 3.89% 4.69% 3.58% 2.80% 2.38% 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, 2026
Multi-Asset Class Management
THE ECONOMY
• U.S. real gross domestic product (GDP) grew at a seasonally adjusted annualized rate of
2.1% in the first quarter, up from 0.5% in Q4 2025. While personal consumption growth was 0.5%, its weakest pace since 2022, private domestic investment grew 7.9%. It was largely supported by business investment in information processing equipment and software IP, underscoring the impact of AI-related spending. Government spending was up also 4.4%, recovering from a 5.6% contraction, as activity resumed following the end of the government shutdown.
• U.S. labor-market conditions remained broadly stable in Q2. The three-month average gain in non-farm payrolls rose to 111k jobs, though hiring momentum slowed as the quarter progressed. The moderation appeared industry-specific rather than indicative of broad labor-market weakness. While the unemployment rate ticked down to 4.2%, laborforce participation also fell, suggesting slower labor-force growth, rather than stronger employment gains, was the primary driver of the decline. • Inflation accelerated in the second quarter, as headline Consumer Price Index inflation (CPI) rose 4.2% year-over-year (YoY) in May, up from 3.3% at the end of the first quarter.
Energy prices were the key driver, rising 23.5% YoY, while core CPI rose a more moderate
2.9%. Producer Price Index (PPI) inflation rose 6.5% YoY, the highest rate since late 2022.
Core PPI (ex. food, energy and trade services), increased 5.1%, suggesting that inflation pressures broadened across the economy rather than being confined to the energy sector.
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. 1,650
1,700
1,750
1,800
1,850
1,900
0%
2%
4%
6%
8%
Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
Thousands
Monthly Average Continued Claims (Insured Unemployment) (Right) Unemployment Rate (Left)
0.5%
2.1%
2.5%
1.9%
2.0% 2.0%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1
2021 2022 2023 2024 2025 2026 2027
QoQ% Change, SA, Annualized
Source: Bureau of Labor Statistics.
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Jun-22 Jun-23 Jun-24 Jun-25
YoY% Change
Core CPI CPI
U.S. Inflation Rate
Seasonally Adjusted (SA)
2.2 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
-1%
0%
1%
2%
3%
4%
5%
6%
Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
Fed Target Rate BOJ Target Rate
ECB Target Rate Bank of England Target Rate
30 40
50 60
70 80
90 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
Index Value (1996=100)
WHAT WE’RE WATCHING
• The Federal Reserve (Fed) held its target rate at 3.75% through Q2. The Federal Open Market Committee meeting delivered a more hawkish message, removing language suggesting an easing bias, while the updated dot plot shifted from implying a 2026 rate cut to a potential rate hike. Outside the U.S., the European Central Bank hiked rates for the first time since 2023, citing energy inflation across the Eurozone.
The Bank of Japan also raised interest rates, marking the highest rate in 31 years, citing concerns that energy related price pass-through could push consumer inflation above the 2% target.
• Consumer sentiment recovered from its May low but finished below its March level, with the University of Michigan Survey of Consumers, at 49.5 in June. Manufacturing and services indicators were also in expansionary territory at quarter-end, with the ISM U.S. PMI surveys reporting of 53.3 and 54.0, respectively. • The conflict with Iran and the disrupted Middle Eastern oil supplies have been major market drags since the effective closure of the Strait of Hormuz. Energy alone drove more than 60% of May’s headline inflation, however an interim peace deal brokered in June prompted a sharp pullback in oil prices. The Brent Crude spot price fell to near pre-conflict levels at quarter end. Shipping transit through the Strait has begun also to pick up, though it remains less than half the pre-war average. Any renewed disruption could have an impact on inflation and economic growth.
Global Central Bank Rates
Source: Bloomberg.
U.S. ISM Manufacturing & Services PMI
Source: Bloomberg.
46 48
50 52
54 56
58 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
Manufacturing Services
Expansionary
Contractionary
University of Michigan Consumer Sentiment
Source: Bloomberg.
2.3 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
DOMESTIC EQUITY
• Domestic equity markets advanced sharply in the second quarter of 2026.
The S&P 500 Index returned 15.2% for the quarter and 10.2% year to date, while the Russell 3000 Index returned 15.4% for the quarter and 10.9% year to date.
• Within the S&P 500, nine of the 11 sectors posted positive returns.
Information Technology led performance, returning 31.8%. Industrials also posted strong gains, returning 14.9%. The weakest sector was Energy, which declined 13.4%, followed by Utilities with a near-flat return of -0.5%. • Small-cap stocks outperformed mid-and-large caps during the quarter, with the Russell 2000 Index returning 21.5%, while Russell 1000 Index returned 15.4% and Russell Midcap Index returned 13.8%. Growth stocks outpaced value stocks across all capitalizations, with small caps in particular seeing wider dispersion, as the growth benchmark outperformed the value benchmark by more than 8% for the quarter. This trend reversed in the last month of the quarter, with leadership rotating toward value across all capitalizations, and large cap growth seeing negative returns for the month of June.
• According to FactSet Earnings Insight (as of July 2, 2026), the expected Q2 2026 earnings growth is 23.3% YoY, up from 18.8% at the start of the quarter.
If this estimate holds, it would mark the second consecutive quarter of earnings growth above 20% and the seventh straight quarter of double-digit earnings growth. Revenue growth is projected to be 12.2%, the strongest pace since Q2 2022, while S&P 500 net profit margins are expected to remain robust at 14.2%, near record levels. Looking ahead, analysts forecast earnings growth of 24.1% for full-year 2026, supported by continued strength in technology and energy-related earnings.
• At quarter end, the S&P 500’s adjusted positive forward price-to-earnings ratio stood at 23.1, roughly in line with its five-year average of 23.1. The Russell 2000 Index, which represents small-cap stocks, posted an adjusted positive forward price-to-earnings ratio was 21.0, above its five-year average of 17.5.
Source: Bloomberg.
S&P 500 Index Performance by Sector
Periods Ended June 30, 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 U.S. Stock Indices*
Consumer
Disc.
Consumer
Staples Energy Financials H'lthcare Industrials Info. Tech Materials Real Estate Telecom Utilities QTD 9.3% 0.3% -13.4% 9.0% 8.8% 14.9% 31.8% 2.0% 8.5% 8.3% -0.5% YTD -0.8% 8.0% 19.7% -1.3% 3.5% 20.2% 19.8% 12.0% 11.5% 0.8% 7.7% 1 Year 9.5% 5.5% 29.0% 3.9% 19.9% 27.1% 37.5% 16.7% 11.1% 21.1% 14.2% -20%
-10%
0%
10%
20%
30%
40%
50%
10 12
14 16
18 20
22 24
26 28
30 Jul-21 Jul-22 Jul-23 Jul-24 Jul-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 June 30, 2026
Multi-Asset Class Management
INTERNATIONAL EQUITY
• International equity markets also posted strong gains in the second quarter.
The MSCI AC World ex USA Index returned 14.5% for the quarter and 13.7% year to date. Developed ex-U.S. markets, represented by the MSCI EAFE Index, returned 10.8% for the quarter and 9.4% year to date. Emerging markets, represented by the MSCI Emerging Markets Index, returned 24.1% for the quarter and 23.8% year-to-date.
• Among the five largest-weighted countries in the MSCI EAFE Index, the MSCI Japan (+14.2%) and MSCI Switzerland (+12.2%) indices outperformed the broader index, while MSCI France (+8.7%), and MSCI Germany (+8.1%), and MSCI United Kingdom (+4.1%) indices underperformed.
• Within emerging markets (EM), MSCI Korea (+87.6%) and MSCI Taiwan (+48.9%) outperformed the MSCI Emerging Markets index, while MSCI China (-6.6%) and MSCI Brazil (-8.23%) returned negative for the quarter. • International sector level performance was uneven, with three of the 11 sectors posting negative returns. The leading sector, Information Technology, returned 64.1% for the quarter. Financials returned 13.2% for the quarter, while Energy declined 12.3%, reversing strong gains earlier in the year. • Value and growth stocks both posted positive returns outside the U.S. The MSCI ACWI ex U.S. Growth Index returned 17.0% for the quarter, while the MSCI ACWI ex U.S. Value Index returned 12.2%. Within emerging markets, growth (MSCI EM Growth) returned 26.0%, ahead of value (MSCI EM Value) at 20.7%.
• International equity valuations finished the quarter above recent averages for developed markets and near longer-term averages for emerging markets.
The MSCI EAFE adjusted positive forward P/E ratio stood at 17.1 versus a five-year average of 15.3, while the MSCI Emerging Markets adjusted positive forward P/E ratio was 12.8 versus a five-year average of 12.9.
Source: Bloomberg.
MSCI ACWI ex-U.S. Sectors
Periods Ended June 30, 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 1.4% 3.8% -12.3% 13.2% 2.4% 10.2% 64.1% -1.1% 2.7% -2.8% 0.9% YTD -12.1% 0.8% 12.7% 9.1% -0.8% 10.0% 71.6% 4.2% -1.8% -12.0% 10.2% 1 Year -5.0% 3.0% 24.6% 24.8% 8.6% 19.2% 111.4% 31.2% 1.1% -9.7% 20.9% -20%
0%
20%
40%
60%
80%
100%
120%
8 10
12 14
16 18
20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
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, 2026
Multi-Asset Class Management
FIXED INCOME
• The U.S. bond market, as represented by the Bloomberg U.S.
Aggregate Index, returned 0.7% in the second quarter of 2026 and
0.6% year to date. Intermediate government/credit bonds returned
0.4% for the quarter, while short-term Treasury bonds, represented by the Bloomberg U.S. Treasury 1-3 Year Index, returned 0.4%. • The Bloomberg U.S. Treasury Index returned 0.3% in the second quarter as treasury yields moved modestly upwards. While the Fed held rates steady, treasury yields moved higher as investors reassessed the potential rate path. The 2-year Treasury yield rose from 3.8% at the end of March to 4.2% at quarter end, while the 10- year Treasury yield rose from 4.3% to 4.5%. The 30-year Treasury yield stayed near flat, rising 4 basis points to 5.0%. As of the quarter end, the market has priced in a 50% probability of a rate-hike at the September meeting.
• Credit markets generated positive returns during the quarter. The Bloomberg U.S. Corporate Index returned 1.4%, while the ICE BofA U.S. High Yield Index returned 2.5%. Investment-grade spreads narrowed to 74 basis points (bps) from 89 bps at the end of March, nearing the year-to-date tights of 71 bps set in January. High-yield spreads also narrowed to 270bps from 317bps. Both sit well below their long-term averages.
Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended June 30, 2026
Source: Bloomberg.
U.S. Treasury Yield Curve
4.2% 4.2%
4.5%
5.0%
0%
1%
2%
3%
4%
5%
6%
6/30/2025
3/31/2026
6/30/2026
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
ICE BofA U.S.
HY
QTD 0.7% 0.3% 0.6% 1.4% 2.5%
YTD 0.6% 0.3% 1.0% 0.9% 1.9%
1 Year 3.8% 2.7% 5.2% 4.3% 5.7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2.6 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
LISTED REAL ASSETS
• Real estate investment trusts (REITs), as measured by the FTSE NAREIT All Equity REITs Index, returned 10.7% for the quarter and 14.9% year-to-date. Within listed real estate, Office and Lodging/Resorts were the strongest subsectors, returning 34.7% and 36.3%, respectively. The weakest sectors were Data Centers (+7.5%) and Industrial (+5.7%).
• Performance of listed infrastructure lagged broader global equities as represented by the FTSE Global Core Infrastructure 50/50 Index, returning 2.3% in the second quarter and 10.7% year to date. The exposure to U.S. midstream energy was a drag for the quarter as energy prices fell in anticipation of a resolution in Iran, while listed infrastructure benefited from global exposure to utilities and transport.
ALTERNATIVES
• Within private real assets, private real estate, as measured by the NCREIF Property Index, gained 1.2% in the fourth quarter of 2025. This was primarily driven by income return as capital return (price change less any capital expenditures) was flat for the quarter. Eight of the property sectors produced positive total returns. Senior housing continued to lead with a return of 3.3%, up from 2.9% during the third quarter.
• According to PitchBook, private infrastructure funds posted returns of 0.5% in the fourth quarter of 2025. Within infrastructure, datacenter demand continued to drive fundraising in Q1 2026. Infrastructure and real estate funds investing exclusively in datacenters and telecom infrastructure collectively raised $26 billion in 2025. • Private debt, as measured by the Cliffwater Direct Lending Index, continued to see steady performance, reporting a 2.1% return for the fourth quarter. Income remained high, delivering a 2.4% return in the fourth quarter. Realized losses remain substantially below their long-term historical average, while unrealized losses increased slightly, signaling a modest pickup in future credit losses. • According to PitchBook, private equity funds returned 3.8% in the fourth quarter of 2025 and have generated an annualized return of 14.2% for the five years.
The slowing of private equity fundraising activity extended into Q1 2026, with the strategy’s rolling 12-month fundraising figure falling for an eighth consecutive quarter.
Source: Bloomberg.
Listed Real Estate Returns by Sector
Source: NCREIF, PitchBook, Cliffwater.
*The most recent period for which all performance data is available.
Industrial Office Retail Residential Diversified Lodging/ Resorts Healthcare SelfStorage
Data
Centers
QTD 5.7% 34.7% 12.3% 14.7% 9.5% 36.3% 14.1% 15.4% 7.5%
YTD 8.4% 12.4% 19.5% 7.5% 16.4% 42.8% 20.2% 20.8% 33.2% 1 Year 27.6% 4.6% 26.9% 1.2% 22.9% 57.9% 39.9% 8.7% 25.6% 0%
10%
20%
30%
40%
50%
60%
70%
Private Real Estate Private
Infrastructure Private Debt Private Equity
QTD 1.2% 0.5% 2.1% 3.8%
YTD 4.9% 7.5% 9.3% 9.2%
1 Year 4.9% 7.5% 9.3% 9.2%
0%
2%
4%
6%
8%
10%
12%
Returns for Private Capital Assets
Periods Ended December 31, 2025*
2.7 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
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, 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 June 30, 2026
Multi-Asset Class Management
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, 2026) and are subject to change.
Current outlook Outlook one quarter ago Positive Slightly Positive Neutral Slightly Negative Negative
Asset Class Our Q3 2026 Investment Outlook Comments
• The U.S.-Iran conflict has largely been resolved following the signing of an MoU, though some uncertainty remains and could affect energy prices and the inflation outlook, thereby impacting risk assets. • Underlying fundamentals remain supportive of positive equity returns, with corporate earnings expected to grow at a high double-digit pace. • 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 subsequent recovery in valuations led us to close the overweight position and realign portfolios with strategic targets.
U.S. Equities
Large-Caps
Small-Caps
• Several major central banks outside the U.S. have begun raising rates in response to near-term inflation pressures. At the same time, relatively attractive valuations and strong earnings growth provide a cushion against rising inflation expectations.
• Emerging markets have been strong performers this year, driven by a rally in semiconductor-related companies, particularly in Korea and Taiwan.
Earnings and profit margin estimates for EM equities continue to improve, while valuations remain attractive. However, a concentrated return profile, potential Fed rate hikes, and geopolitical uncertainty lead us to maintain an equal-weight allocation.
Non-U.S. Equities
Developed Markets
Emerging Markets
• The Fed remains on hold, with its June projections signaling a more hawkish stance. Future rate decisions will be dependent on inflation moving closer to 2%, as energy-related pressures ease. Increased uncertainty around the rate path is expected to weigh on risk assets. • Absolute yield levels remain attractive, while credit spreads are near historical lows. Returns are expected to be driven primarily by yield/carry rather than price appreciation. Strong profit margins, continued issuance, ongoing share buybacks, and active M&A activity point to a healthy corporate environment that remains supportive of credit spreads. • We remain neutral across both duration and credit sectors.
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
• Listed REITs recovered more strongly than listed infrastructure in Q2 as the economic resilience narrative gained traction. However, the longduration and rate-sensitive nature of both asset classes leads us to maintain a neutral stance.
• In addition to providing diversified sources of return, improving sentiment around AI continues to support data center and utility buildout, creating a favorable tailwind for listed real assets.
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
2.9 QUARTERLY MARKET SUMMARY
For the Quarter Ended June 30, 2026
Multi-Asset Class Management
Sources
FactSet
Bloomberg
NCREIF
PitchBook
Cliffwater
U.S. Bureau of Economic Analysis (BEA)
University of Michigan
WTO in partnership with AXSMarine
Disclosures
Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.
The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Further distribution is not permitted without prior written consent.
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 39,701,204 100.00 7.24 6.39 13.44 11.67 N/A N/A N/A 5.49 09/01/2021 Blended Benchmark - Pension 7.38 6.40 13.58 11.60 N/A N/A N/A 5.67 Domestic Equity 12,109,135 30.50 15.94 10.78 22.71 19.81 N/A N/A N/A 10.56 09/01/2021 Russell 3000 Index 15.43 10.86 22.81 20.35 12.30 15.51 15.06 11.71 Columbia Contrarian Core Inst3 2,389,729 6.02 15.22 8.76 20.20 20.01 12.78 16.35 15.09 19.89 02/01/2024 S&P 500 15.20 10.21 22.33 20.61 13.41 16.08 15.51 21.38 Putnam Core Equity Fund Y 1,114,103 2.81 12.93 7.14 20.17 20.05 13.12 16.90 16.38 15.53 10/01/2024 Schwab US Large-Cap ETF 7,754,246 19.53 15.08 10.04 21.67 20.52 12.70 15.83 15.36 17.61 10/01/2024 S&P 500 15.20 10.21 22.33 20.61 13.41 16.08 15.51 17.72 PIMCO RAE US Small Cap Fund 317,647 0.80 19.74 20.98 36.87 21.52 11.92 16.39 14.25 20.98 01/01/2026 Russell 2000 Value Index 17.19 22.99 43.01 18.73 8.23 11.36 10.89 22.99 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 22.57 Columbia Small Cap Growth Inst3 365,301 0.92 35.57 30.41 55.45 27.35 7.39 15.75 18.05 33.26 10/01/2024 Russell 2000 Growth Index 25.71 22.18 38.74 18.44 5.57 10.82 11.97 21.41 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 20.57 Emerald Growth Institutional 168,109 0.42 39.16 38.29 73.13 31.82 13.78 16.61 16.89 40.00 02/01/2024 Russell 2000 Growth Index 25.71 22.18 38.74 18.44 5.57 10.82 11.97 22.80 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 21.61 International Equity 6,064,915 15.28 11.40 13.32 24.48 16.88 N/A N/A N/A 7.48 09/01/2021 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 9.05 MFS International Growth R6 1,120,183 2.82 5.67 2.00 7.09 11.36 6.07 8.81 10.00 13.61 02/01/2024 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 21.60 Fidelity International Index 2,372,448 5.98 9.04 10.08 20.46 16.73 9.35 10.18 9.83 19.50 07/01/2024 MSCI EAFE (net) 10.82 9.44 20.23 16.44 9.05 9.90 9.66 18.97 Hartford Schroders Intl Multi-Cap Value Fund 1,180,893 2.97 11.26 16.93 36.61 24.30 12.84 12.39 10.76 3.73 05/01/2026 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 4.42 Fidelity Emerging Markets Index Fund 1,391,391 3.50 21.98 26.17 45.96 23.35 7.36 9.83 9.99 44.06 08/01/2025 MSCI EM (net) 24.05 23.85 43.51 23.03 7.20 9.82 10.07 40.76 Asset Allocation & Performance
PARS/City of San Leandro 115 Pens As of June 30, 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 June 30, 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 2,031,823 5.12 5.17 11.32 13.79 N/A N/A N/A N/A 13.33 02/01/2024 Cohen & Steers Inst Realty Shares 1,003,113 2.53 9.99 14.00 12.45 10.04 4.42 7.08 6.89 12.40 06/01/2024 FTSE NAREIT All Equity REITS 10.73 14.90 15.43 10.06 3.72 5.87 5.89 12.93 Lazard Global Listed Infrastructure Inst 531,498 1.34 1.11 8.15 15.57 14.14 11.55 9.73 10.41 16.82 10/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 2.33 10.66 15.78 12.24 7.65 6.71 7.47 10.60 NYLI CBRE Global Infrastructure 497,212 1.25 0.60 9.54 14.46 11.66 7.16 7.44 8.02 13.99 06/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 2.33 10.66 15.78 12.24 7.65 6.71 7.47 14.20 Fixed Income 18,770,622 47.28 0.93 0.92 4.26 4.88 N/A N/A N/A 0.58 09/01/2021 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 -0.11 Baird Aggregate Bond Inst 5,655,401 14.24 0.81 0.76 3.96 4.61 0.32 1.60 1.94 4.87 03/01/2024 iShares Core US Aggregate Bond ETF 1,869,237 4.71 0.67 0.71 3.80 4.16 0.09 1.20 1.52 4.65 03/01/2024 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 4.65 Dodge & Cox Income 3,539,058 8.91 0.77 0.81 4.67 5.23 1.33 2.60 2.93 4.71 02/01/2024 PGIM Total Return Bond R6 3,557,966 8.96 1.02 1.05 4.62 5.44 0.64 1.81 2.46 4.78 02/01/2024 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 3.87 Voya Intermediate Bond 2,733,504 6.89 0.97 0.99 4.23 5.27 0.57 1.81 2.27 4.62 05/01/2025 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 3.96 NYLI MacKay High Yield Corp Bond Fund 1,415,457 3.57 2.11 1.89 5.09 7.54 4.10 4.86 5.50 6.76 03/01/2024 ICE BofA US High Yield Index 2.45 1.89 5.74 8.79 4.13 4.92 5.70 7.84 Cash Equivalent 724,709 1.83 0.89 1.79 3.88 4.48 3.43 N/A N/A 3.55 09/01/2021 ICE BofA 3 Month U.S. T-Bill 0.88 1.74 3.84 4.64 3.52 2.75 2.34 3.64 First American Government Obligation - X 724,709 1.83 0.89 1.79 3.88 4.64 3.54 2.72 2.28 4.46 02/01/2024 ICE BofA 3 Month U.S. T-Bill 0.88 1.74 3.84 4.64 3.52 2.75 2.34 4.45 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 Hartford Schroders Intl Multi-Cap Value Fund 46.09 6.97 13.85 -11.58 13.91 1.14 18.56 -15.23 23.27 8.94 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 June 30, 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 June 30, 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 FTSE NAREIT All Equity REITS 2.27 4.92 11.36 -24.93 41.30 -5.12 28.66 -4.04 8.67 8.63 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 FTSE Global Core Infrastructure 50/50 Index (Net) 14.36 9.53 2.21 -4.87 14.88 -4.06 25.13 -3.99 18.39 10.87 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
04/01/2026
Net Flows Return On
Investment
Market Value
As of
06/30/2026
Total Portfolio 37,053,387 (31,133) 2,678,950 39,701,204 YTD
Market Value
As of
01/01/2026
Net Flows Return On
Investment
Market Value
As of
06/30/2026
Total Portfolio 37,382,752 (61,922) 2,380,375 39,701,204 Account Reconciliation
PARS/City of San Leandro 115 Pens As of June 30, 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 25,637,782 100.00 4.72 4.24 9.69 8.93 3.61 5.25 5.40 5.25 08/01/2015 Blended Benchmark - OPEB 4.68 4.10 9.64 8.72 3.86 N/A N/A N/A Domestic Equity 4,743,534 18.50 15.76 10.59 22.51 19.71 10.99 14.26 14.21 13.17 08/01/2015 Russell 3000 Index 15.43 10.86 22.81 20.35 12.30 15.51 15.06 13.76 Columbia Contrarian Core Inst3 1,024,275 4.00 15.22 8.76 20.20 20.01 12.78 16.35 15.09 19.89 02/01/2024 S&P 500 15.20 10.21 22.33 20.61 13.41 16.08 15.51 21.38 Putnam Core Equity Fund Y 448,339 1.75 12.93 7.14 20.17 20.05 13.12 16.90 16.38 15.53 10/01/2024 Schwab US Large-Cap ETF 3,018,341 11.77 15.08 10.04 21.67 20.52 12.70 15.83 15.36 17.61 10/01/2024 S&P 500 15.20 10.21 22.33 20.61 13.41 16.08 15.51 17.72 PIMCO RAE US Small Cap Fund 123,998 0.48 19.74 20.98 36.87 21.52 11.92 16.39 14.25 20.98 01/01/2026 Russell 2000 Value Index 17.19 22.99 43.01 18.73 8.23 11.36 10.89 22.99 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 22.57 Columbia Small Cap Growth Inst3 61,404 0.24 35.57 30.41 55.45 27.35 7.39 15.75 18.05 33.26 10/01/2024 Russell 2000 Growth Index 25.71 22.18 38.74 18.44 5.57 10.82 11.97 21.41 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 20.57 Emerald Growth Institutional 67,177 0.26 39.16 38.29 73.13 31.82 13.78 16.61 16.89 40.00 02/01/2024 Russell 2000 Growth Index 25.71 22.18 38.74 18.44 5.57 10.82 11.97 22.80 Russell 2000 Index 21.49 22.57 40.78 18.60 6.98 11.34 11.62 21.61 International Equity 2,370,445 9.25 11.37 13.25 24.38 16.80 7.57 9.86 9.77 8.59 08/01/2015 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 8.01 MFS International Growth R6 436,140 1.70 5.67 2.00 7.09 11.36 6.07 8.81 10.00 13.61 02/01/2024 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 21.60 Fidelity International Index 931,974 3.64 9.04 10.08 20.46 16.73 9.35 10.18 9.83 19.50 07/01/2024 MSCI EAFE (net) 10.82 9.44 20.23 16.44 9.05 9.90 9.66 18.97 Hartford Schroders Intl Multi-Cap Value Fund 460,116 1.79 11.26 16.93 36.61 24.30 12.84 12.39 10.76 3.73 05/01/2026 MSCI AC World ex USA (Net) 14.49 13.68 27.66 18.82 8.79 10.16 9.93 4.42 Fidelity Emerging Markets Index Fund 542,215 2.11 21.98 26.17 45.96 23.35 7.36 9.83 9.99 44.06 08/01/2025 MSCI EM (net) 24.05 23.85 43.51 23.03 7.20 9.82 10.07 40.76 Asset Allocation & Performance
PARS/City of San Leandro 115 - OPEB As of June 30, 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 June 30, 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 806,715 3.15 4.96 11.20 13.80 N/A N/A N/A N/A 13.34 02/01/2024 Cohen & Steers Inst Realty Shares 379,534 1.48 9.99 14.00 12.45 10.04 4.42 7.08 6.89 12.40 06/01/2024 FTSE NAREIT All Equity REITS 10.73 14.90 15.43 10.06 3.72 5.87 5.89 12.93 Lazard Global Listed Infrastructure Inst 220,377 0.86 1.11 8.15 15.57 14.14 11.55 9.73 10.41 16.82 10/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 2.33 10.66 15.78 12.24 7.65 6.71 7.47 10.60 NYLI CBRE Global Infrastructure 206,804 0.81 0.60 9.54 14.46 11.66 7.16 7.44 8.02 13.99 06/01/2024 FTSE Global Core Infrastructure 50/50 Index (Net) 2.33 10.66 15.78 12.24 7.65 6.71 7.47 14.20 Fixed Income 17,252,149 67.29 0.93 0.92 4.27 4.89 0.74 1.77 2.04 2.27 08/01/2015 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 1.89 Baird Aggregate Bond Inst 5,197,735 20.27 0.81 0.76 3.96 4.61 0.32 1.60 1.94 4.87 03/01/2024 iShares Core US Aggregate Bond ETF 1,717,996 6.70 0.67 0.71 3.80 4.16 0.09 1.20 1.52 4.65 03/01/2024 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 4.65 Dodge & Cox Income 3,252,837 12.69 0.77 0.81 4.67 5.23 1.33 2.60 2.93 4.71 02/01/2024 PGIM Total Return Bond R6 3,269,499 12.75 1.02 1.05 4.62 5.44 0.64 1.81 2.46 4.78 02/01/2024 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 3.87 Voya Intermediate Bond 2,513,241 9.80 0.97 0.99 4.23 5.27 0.57 1.81 2.27 4.62 05/01/2025 Blmbg. U.S. Aggregate 0.67 0.62 3.79 4.16 0.08 1.22 1.54 3.96 NYLI MacKay High Yield Corp Bond Fund 1,300,842 5.07 2.11 1.89 5.09 7.54 4.10 4.86 5.50 6.76 03/01/2024 ICE BofA US High Yield Index 2.45 1.89 5.74 8.79 4.13 4.92 5.70 7.84 Cash Equivalent 464,938 1.81 0.89 1.79 3.88 4.48 3.43 2.63 2.21 2.04 08/01/2015 ICE BofA 3 Month U.S. T-Bill 0.88 1.74 3.84 4.64 3.52 2.75 2.34 2.16 First American Government Obligation - X 464,938 1.81 0.89 1.79 3.88 4.64 3.54 2.72 2.28 4.46 02/01/2024 ICE BofA 3 Month U.S. T-Bill 0.88 1.74 3.84 4.64 3.52 2.75 2.34 4.45 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 10.31 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 Hartford Schroders Intl Multi-Cap Value Fund 46.09 6.97 13.85 -11.58 13.91 1.14 18.56 -15.23 23.27 8.94 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 June 30, 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 June 30, 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 FTSE NAREIT All Equity REITS 2.27 4.92 11.36 -24.93 41.30 -5.12 28.66 -4.04 8.67 8.63 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 FTSE Global Core Infrastructure 50/50 Index (Net) 14.36 9.53 2.21 -4.87 14.88 -4.06 25.13 -3.99 18.39 10.87 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
04/01/2026
Net Flows Return On
Investment
Market Value
As of
06/30/2026
Total Portfolio 24,503,177 (20,342) 1,154,946 25,637,782 YTD
Market Value
As of
01/01/2026
Net Flows Return On
Investment
Market Value
As of
06/30/2026
Total Portfolio 24,636,419 (40,589) 1,041,952 25,637,782 Account Reconciliation
PARS/City of San Leandro 115 - OPEB As of June 30, 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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