Texas Municipal Retirement System. Period Ended: December 31, 2018
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1 Texas Municipal Retirement System Period Ended: December 3, 208
2 Capital Markets Update
3 Capital Markets Review Fourth Quarter Economic Environment Key Economic Indicators The fourth quarter of 208 was characterized by a heightened level of volatility and negative returns for the majority of risk assets. Though equity markets experienced an initial decline in October, the strongest risk-off environment emerged in December as global growth forecasts, inflation expectations, and corporate earnings expectations began to roll over in unison. During the quarter, the Federal Reserve, European Central Bank, and International Monetary Fund lowered 209 GDP growth forecasts across regions, and the Y/Y inflation expectation rate fell from nearly 2.3% at the start of the quarter to.9% at quarter-end. In a move that proved to be more controversial than many anticipated, the FOMC raised the target range for the federal funds rate by 0.2% for the fourth time in 208 during its December meeting, resulting in a target range of 2.2% to 2.%. US Economic data remained strong, with nonfarm payrolls up 32,000 in December on a 3.9% unemployment rate. While the odds of a recession occurring in 209 remain low, leading indicators such as falling oil prices, a flattening yield curve, declining consumer confidence and a subdued housing market contributed to negative investor sentiment at year-end. Economic Indicators Dec-8 Sep-8 Dec-7 Dec- 20 Yr Federal Funds Rate (%) Breakeven Infl. - Yr (%) N/A Breakeven Infl. - 0 Yr (%) N/A CPI YoY (Headline) (%) Unemployment Rate (%) Real GDP YoY (%) N/A PMI - Manufacturing USD Total Wtd Idx WTI Crude Oil per Barrel ($) Gold Spot per Oz ($),282,93,303, Market Performance (%) QTD CYTD Yr Yr 0 Yr S&P 00 (Cap Wtd) Russell MSCI EAFE (Net) MSCI EAFE SC (Net) MSCI Emg Mkts (Net) Bloomberg US Agg Bond ICE BofAML 3 Mo US T-Bill NCREIF ODCE (Gross) FTSE NAREIT Eq REIT (TR) HFRI FOF Comp Bloomberg Cmdty (TR) Unemployment Rate (%) Since CPI Year-over- Year (% change) Since 94 Key Economic Indicators US Govt Debt (% of GDP) Since 940 Treasury Yield Curve (%) VIX Index (Volatility) Since 990 Consumer Confidence Since 967 3M 6M Y 2Y Y 7Y 0Y 20Y 30Y Dec-8 Sep-8 Dec-7 Dec-6 Dec Treasury data courtesy of the US Department of the Treasury. Economic data courtesy of Bloomberg Professional Service. Breakeven Inflation does not have 20 years of history; therefore, its 20-year average is shown as N/A. Page 3
4 Annual Asset Class Performance Best Worst S&P 00 - US Large Cap R US Small Cap MSCI EAFE (Net) - Int'l Dev. MSCI EAFE SC (Net) - Int'l SC MSCI EM (Net) - Int'l Emg Mkts Bloombrg US Agg Bond - FI Bloombrg US Corp Hi Yield - FI Bloombrg US Trsy US TIPS - FI Bloombrg US Gov Credit Lng - FI NCREIF ODCE (Gross) - Real Estate FTSE NAREIT Eq REITs Index (TR) HFRI FOF Comp Index - ARS ICE Bloombrg BofAML 3 Cmdty (TR) Mo T-Bill - - Commod. Cash Equiv NCREIF ODCE (Gross) performance is reported quarterly; performance is shown N/A in interim-quarter months. Page 4
5 TMRS Total Fund
6 Percent Allocated Allocation Market Value ($) Quarter CYTD Year 3 Performance (%) 7 0 Since Incep. Inception Date Total Fund 27,89,22, /0/989 Actual Allocation Benchmark Policy Index Performance shown is net of fees and provided by State Street. Performance is annualized for periods greater than one year. Please see Supplemental Report Addendum for custom benchmark definitions. Page 6
7 Allocation Market Value ($) % Quarter CYTD Year 3 Performance (%) 7 0 Since Incep. Inception Date Total Fund 27,89,22, /0/989 Actual Allocation Benchmark Global Equity 9,36,76, N/A /0/2008 Global Equity Benchmark N/A 4.6 Domestic Equity,032,367, N/A /0/2008 Russell 3000 Index International Equity 4,324,207, N/A.09 02/0/2008 International Equity Benchmark Core Fixed Income 4,2,44, /0/989 Fixed Income Benchmark Non-Core Fixed Income,42,47, N/A N/A N/A N/A /0/204 Non-Core Fixed Income Benchmark N/A N/A N/A N/A 3.3 Real Return 2,960,42, N/A N/A /0/20 Real Return Benchmark Real Estate 2,6,660, N/A N/A.40 0/0/202 Real Estate Benchmark Absolute Return 2,,79, N/A N/A N/A N/A /0/204 Absolute Return Benchmark Private Equity 6,73, N/A N/A N/A N/A /0/206 Private Equity Benchmark N/A N/A N/A N/A 9.20 TMRS Unallocated Cash 27,909, N/A 0. 06/0/2008 FTSE 30 Day T-Bill Index Performance shown is net of fees and provided by State Street. Performance is annualized for periods greater than one year. Market value for the Global Equity Composite includes assets held in the Transition Account. Real Estate and Private Equity fund returns are calculated by Private Edge. Private Real Estate fund returns are lagged quarter. Inception dates shown for Real Estate and Private Equity composite represent the first full quarter following initial funding. Inception dates for all other composites represents the first full month following initial funding. Please see Supplemental Report Addendum for custom benchmark definitions. Page 7
8 While performance relative to other systems is not an objective of the TMRS fund given the wide range in investment objectives and different benefit plan structures, it is generally of interest to be aware of the performance of other public pension systems Quarter To Date Year To Date Year Total Fund -.2 (27) -2. (47) -2. (47) 6.3 (83).03 (76) 6.39 (84) 6.63 (00) 6.42 (86) Actual Allocation Benchmark -.6 (28) (49) (49).72 (90) 4.48 (89).9 (9).67 (00).62 (99) Policy Index (2) (7) (7) 6.97 (46).2 (64) 6.93 (80) 6. (00).99 (97) Median Population The Total Fund is ranked against a universe of Public Plans > $0B. Performance shown is gross of fees, as of 2/3/208. Please see Supplemental Report Addendum for custom benchmark definitions. Page 8
9 7.60 Peer Group Scattergram Up/Down Markets Risk (Standard Deviation %) Return Standard Deviation Total Fund Actual Allocation Benchmark Policy Index Median.46.3 Average Return (%) Up Months 7 Down Months Total Fund Actual Allocation Benchmark Plan Sponsor Peer Group Analysis - Multi-Statistics (Beta vs. S&P 00) Standard Deviation Total Fund 4.88 (8) 0.90 (44) 4.4 (76) 3.0 (76) 0.4 (68) Actual Allocation Benchmark 4.92 (76) 0.79 (72) 3.88 (89) 3.0 (72) 0.4 (68) Median Population Performance shown is gross of fees. Calculations based on monthly periodicity. Parenthesis contain percentile ranks. Please see Supplemental Report Addendum for custom benchmark definitions. Page 9
10 TMRS Asset Class Composites
11 Asset Allocation by Manager $,03,3,32 Market Value ($) Allocation (%) NT Collective Russell 3000 Index NL (CF) 3,67,936, UBS US Equity Min Volatility Index (CF) 894,0, State Street Russell Fndmtl US Index NL (CF) 38,64, Wellington US Small Cap Opp (SA) 307,407, Champlain Mid-Cap Core (SA) 303,774, Comparative Performance 3 0 Since Inception CYTD Quarter Year Incep. Date Domestic Equity /0/2008 Russell 3000 Index Difference Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Total Domestic Equity market value excludes Citigroup Global Markets, Inc. In December 208, Sasco U.S. Contrarian Value (SA), Epoch U.S. Choice (SA), The Boston Company Mid Cap Opp Value (SA), and The Boston Company Small Cap Opp Value (SA) were terminated. These accounts held negative balances at quarter end and are currently in the process of liquidation. Proceeds were re-invested in UBS US Equity Min Volatility Index (CF) and NT Collective Russell 3000 Index NL (CF). Page
12 Peer Group Scattergram Up/Down Markets Average Return (%) Return Standard Deviation Domestic Equity Russell 3000 Index Median Up Months 7 Down Months Domestic Equity Russell 3000 Index Sharpe Ratio Peer Group Analysis - Multi Statistics Domestic Equity 0.6 (32) 0.76 (99) (74) 7.62 (68) 99.7 (4) 0.66 (3) Russell 3000 Index 0.69 (28) 0.00 (00) N/A 7.40 (7) (38) (8) Median Population 2,093 2,093 2,093 2,093 2,093 2,093 Performance shown is gross of fees. Calculations based on monthly periodicity. Parenthesis contain percentile ranks. Page 2
13 Asset Allocation by Manager Allocation ($) (%) NT Daily Collective ACW Ex US IMI Non-Lending (CF) 2,44,62, UBS World Ex US Min Volatility NL (CF) 296,98, Wasatch International Small Cap Growth (SA) 2,764, State Street Russell RAFI Gbl Ex US Index NL (CF) 248,836,020.7 Wellington International Small Cap Opp (SA) 240,030,6. Acadian Emerging Markets (SA) 29,82,87.07 Wellington International Horizons (SA) 23,088, William Blair Emerging Markets (SA) 209,422, Lazard International Equity Plus (SA) 204,06, $4,324,207,302 Market Value Quarter CYTD Year 3 Comparative Performance Since Incep. Inception Date International Equity /0/2008 International Equity Benchmark Difference Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. Page 3
14 Peer Group Scattergram Up/Down Markets Average Return (%) Return Standard Deviation International Equity.4.6 International Equity Benchmark Median Up Months 27 Down Months International Equity International Equity Benchmark Peer Group Analysis - Multi Statistics Tracking Error Info Ratio Downside Risk Up Mkt Capture Down Mkt Capture International Equity 0.3 (64).04 (00) 0.6 (8) 8.0 (7) (46) 9.39 (39) International Equity Benchmark 0.08 (78) 0.00 (00) N/A 8.22 (69) (44) (29) Median Population Performance shown is gross of fees. Calculations based on monthly periodicity. Parenthesis contain percentile ranks. Please see Supplemental Report Addendum for custom benchmark definitions. Page 4
15 Asset Allocation by Manager $4,2,44,96 Market Value ($) Allocation (%) BlackRock, Inc. Core (SA) 2,876,397, PIMCO Core Plus Fixed Income (SA),236,048, Quarter CYTD Year 3 Comparative Performance Since Incep. Inception Date Core Fixed Income /0/989 Fixed Income Benchmark Difference Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. Page
16 Core Fixed Income vs. IM U.S. Broad Market Core Fixed Income Peer Group Scattergram -.20 Up/Down Markets Average Return (%) Return Standard Deviation Core Fixed Income Fixed Income Benchmark Median Up Months 24 Down Months Core Fixed Income Fixed Income Benchmark Peer Group Analysis - Multi Statistics Core Fixed Income 0.76 (63) 0.27 (83) 0.64 (8).8 (43) (70) (40) Fixed Income Benchmark 0.68 (89) 0.00 (00) N/A.63 (2) (74) (7) Median Population Performance shown is gross of fees. Calculations based on monthly periodicity. Parenthesis contain percentile ranks. Please see Supplemental Report Addendum for custom benchmark definitions. Page 6
17 Asset Allocation by Manager Allocation ($) (%) GSO Capital Advisors 49,669, Ellington RMBS/CMBS (SA) 43,26, Voya RMBS/CMBS (SA) 40,99, Octagon Credit Advisors 436,690, BlueBay Emerging Mkt Debt (SA) 3,669, Alliance Bernstein Emerging Mkt Debt (SA) 3,63, Neuberger Berman Investment Advisors, LLC (SA) 307,800, Columbia Management Investment Advisers, LLC 30,8,980.9 TCW Brazos Fund, LLC 269,974,9.2 Waterfall Eden Fund, LP 22,97, Beach Point Total Ret Fd II, LP 220,37, GoldenTree Asset Management, LP 207,479, White Oak Summit Fund, LP 200,34, Marathon SPS Fund, LP 69,7, H.I.G. Whitehorse Capital, LLC 3,482, Bain Capital Credit, LP 0,40, PIMCO Corp Op Fd II Onshore, LP 0,307,66.97 AG Direct Lending Fund III (Unlevered), LP 0,20,08.97 BlackRock Global Credit Opportunities, LP 89,8,39.74 Adams Street Private Credit Fund-A, LP 73,426, Marathon ECO Fund III, LP 72,232,87.40 Golub Capital Pearls DLP, LP 37,708, Marathon CLO Equity Fund, LP 22,98, Varde Private Debt Opportunities Fund, LP 9,84, $,42,47,000 Market Value Quarter CYTD Year Comparative Performance Since Incep. Inception Date Non-Core Fixed Income N/A N/A N/A N/A /0/204 Non-Core Fixed Income Benchmark N/A N/A N/A N/A 3.3 Difference N/A N/A N/A N/A 0.79 Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. Page 7
18 Non-Core Fixed Income Portfolio Characteristics Portfolio Effective Duration 2.48 Spread Duration 2.7 Avg. Maturity 8.32 Avg. Quality B Yield To Maturity (%) 7. Coupon Rate (%).30 Current Yield (%) 6.6 Sector Distribution (%) Bond characteristics exclude Private and Opportunistic Credit. Allocation to "Other" consists of interest rate derivatives, derivative offsets, accrued interest, and accrued fees. Page 8
19 Asset Allocation by Manager $2,960,42,72 Market Value ($) Allocation (%) Cohen & Steers Real Asset 786,342, Nuveen Real Asset Income 78,948, Colchester Global Inflation Linked Bond (SA) 680,3, Chickasaw Capital Management, LLC 23,38, Brookfield Infrastructure Partner Fund III 90,487, Orion Mine Finance Fund II 69,66, Amerra Agriculture Fund III 62,4,0 2. MTP Energy Opportunities Fund II 4,96, Sprott Resource Lending Fund, LP 42,707, Blue Sky Strategic Australian Agriculture Fund 4,476, NGP Natural Resources XII 4,097,33.39 I Squared Global Infrastructure Fund II 37,96,6.27 Actis Energy IV, LP 34,9,30.7 Stonepeak Infrastructure Fund III, LP 3,66, Orion Mine Finance Co-Fund II,868, *MTP Energy Opportunities Fund III *Orion Mineral Royalty Fund, LP *InstarAGF Essential Infrastructure Fund II *InstarAGF Essential Infrastructure Co-Fund II *GIP Capital Solutions *GIP Capital Solutions Co-Invest *GIP Spectrum Fund *Sprott Resource Lending II Quarter CYTD Year 3 Comparative Performance Since Incep. Inception Date Real Return N/A /0/20 Real Return Benchmark Difference N/A Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. *Represents approved investments that have not been funded and/or are pending legal documents. Page 9
20 Portfolio Exposure by Geography Portfolio Exposure by Sector Portfolio Exposure by Asset Type Allocations may not sum up to 00% exactly due to rounding. Allocation information is provided by TMRS and is as of 06/30/208. Page 20
21 Asset Allocation by Manager Allocation ($) (%) Abacus Core Income Fund, LP 76,886, BlackStone Property Partners 33,3, H/2 CP Core RE Debt Fund, LP 8,992, H/2 CP, LP 7,63, Harrison St. Real Estate 264,86, INVESCO Advisers, Inc. 233,678, Stockbridge Smart Markets Fund, LP 37,026, USAA Eagle Real Estate Fund, LP 279,239, Walton St Real Estate Debt Fund 62,62, Abacus IV 9,778, Abacus Multi-Family Partners III, LP 38,86, $2,6,660,893 Market Value Alcion RE Part Fund III-B, LP 37,499,73.4 DivcoWest V 37,84, Greenfield Acquisition Partners VI, LP 2,340, Greenfield Acquisition Partners VII, LP 9,280, IC Berkeley Partners IV, LP 20,29, Madison Realty Capital Debt Fund IV, LP 98,62, Miller Global Fund VII 4,7, Rubenstein Properties Fund II 9,902, Rubenstein Properties Fund III 43,94, Stockbridge Value Fund, LLC 26, Stockbridge Value Fund II, LP 42,696,428.6 Stockbridge Value Fund III, LP 4,72, Torchlight Debt Opp Fund V, LP 3,7, Torchlight Debt Opp Fund VI, LP 4,302, European Property Inv Special 23,822, Kildare European Partners II 4,247, Lubert-Adler Fund VII 83,022, Moorfield Real Estate III 49,496, TPG Real Estate Part II, LP 7,96, *TPG Real Estate Partners III, LP *Tristan European Property Inv Sp Opp SCSP Walton St Real Estate Fund VII 39,32,24.48 Transwestern Strategic Relationship 8,632, Quarter CYTD Year 3 Comparative Performance Since Incep. Inception Date Real Estate N/A /0/202 Real Estate Benchmark Difference N/A Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. Abacus Multi-Family Partners II, LP was liquidated in December 208. The market value for Stockbridge Value Fund, LLC represents residual assets in liquidation. *Represents approved investments that have not been funded and/or are pending legal documents. Green = Core, Orange = Value, Blue = Opportunistic, Purple = Multi-Strat Page 2
22 Portfolio Exposure by Geography Portfolio Exposure by Sector Portfolio Exposure by Property Type Allocations may not sum up to 00% exactly due to rounding. Allocation information is provided by TMRS on a 3 month lag and is as of 09/30/208. Page 22
23 Asset Allocation by Manager $2,,79,669 Market Value ($) Comparative Performance Allocation (%) Blackstone Treaty Oak Fund, LP 27,3, L/S Equity Manager 2,478, L/S Equity Manager 2 06,40, L/S Equity Manager 3 6,282, Credit Manager 3,223, Credit Manager 2 29,989,040.0 Credit Manager 3 49,7,4.86 Credit Manager 4 4,73, Credit Manager 46,40,9.82 Credit Manager 6 22,698, Relative Value Manager,304, Relative Value Manager 2 99,73, Relative Value Manager 3 63,627, Relative Value Manager 4 89,723, Relative Value Manager 9,80, Relative Value Manager 6 3,000, Event Driven Manager 64,62, Global Macro Manager 33,27,00.23 Global Macro Manager 2,49, Global Macro Manager 3 32,868,800.2 Global Macro Manager 4 9,400, Global Macro Manager 23,683, Multi-Strat Manager,08, Multi-Strat Manager 2 98,63, Multi-Strat Manager 3 4,864,4 2. *Multi-Strat Manager Since Inception CYTD Quarter Year Incep. Date Absolute Return N/A N/A N/A N/A /0/204 Absolute Return Benchmark Difference N/A N/A N/A N/A 2.4 Blackstone Treaty Oak Fund, LP N/A N/A N/A N/A /0/204 Absolute Return Benchmark Difference N/A N/A N/A N/A 2.3 Absolute Return Direct Composite N/A N/A N/A N/A N/A 4.0 0/0/206 Absolute Return Benchmark Difference N/A N/A N/A N/A N/A 2.97 Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. Please see Supplemental Report Addendum for custom benchmark definitions. *Represents approved investments that have not been funded and/or are pending legal documents. Page 23
24 Direct Portfolio Manager Exposures Allocations shown may not sum up to 00% exactly due to rounding. Allocation information is provided by TMRS on a 3 month lag and is as of 09/30/208. The BlackStone Treaty Oak Fund is in the process of winding down the portfolio. Page 24
25 Asset Allocation by Manager $6,73,99 Market Value Quarter CYTD Year 3 Comparative Performance Allocation ($) (%) Altaris Constellation Partners IV, LP 4,40, Altaris Health Partners IV, LP,87, *Arcline Capital Partners Capital Partners Private Equity Income Fund III, LP 2,37, *CapVest Equity Partners IV SCSp *Dunes Point Capital Fund II, LP GTCR Fund XII, LP 4,98, Harvest Partners VII,72, H.I.G. Capella 3,236, H.I.G. Strategic Partners Fund,490, Incline Equity IV,6, Kainos Capital Partners II 9,39,88 3. Marlin Equity V, LP 9,466,8.70 Marlin Heritage II, LP,20, One Rock Capital Partners II, LP 3,80, *Providence Equity Partners VIII, LP Searchlight Capital II 33,44, *Reverence Capital Partners II Tritium I, LP 8,988, *Tritium II, LP *FGN 208 Partner Fund Foundry Group Next Fund, LP 26,440, Foundry Group Next 208, LP 4,394, FTV V 3,248,97.6 *Main Post Growth Capital II, LP Mercato Partners Growth III, LP 23,833, Providence Strategic Growth II 66,62,38.97 Providence Strategic Growth III, LP,473, *Providence Strategic Growth IV Updata Partners V, LP 46,209, *Updata Partners VI Carlyle Energy Mezzanine Fund II 24,236, GSO COF III Co-investment Fund, LP 4,806, GSO Capital Opportunities Fund III, LP 32,28,2.80 H.I.G. Bayside Fund IV 7,374, *LightBay Investment Partners, LP *TPG Opportunities Partners IV, LP TSSP Adjacent Opportunities Fund III 49,206, *TSSP Adjacent Opportunities (D), LP Private Equity N/A N/A N/A N/A N/A /0/206 Private Equity - Buy Out N/A N/A N/A N/A N/A /0/206 Private Equity - Venture/Growth N/A N/A N/A 34.7 N/A N/A N/A N/A /0/206 Private Equity - Special Situations N/A N/A N/A 2.2 N/A N/A N/A N/A /0/206 Performance shown is net of fees. Allocations shown may not sum up to 00% exactly due to rounding. *Represents approved investments that have not been funded and/or are pending legal documents. Green = Buy-Out, Blue = Growth, Yellow = Special Situations. Since Incep. Inception Date Page 2
26 Private Equity Strategy Diversification by Commitment Private Equity Geographic Diversification by Commitment Special Situations 20% International 22% Buy-Out 2% Growth 28% USA 78% Policy Strategy Ranges Control/Buy-out 40% to 7% Venture/Growth/Minority 0% to 40% Special Situations/Opportunistic % to 3% Policy Geography Ranges No less than 7% in USA No more than 2% in International Allocations may not sum up to 00% exactly due to rounding. Allocation information is provided by TMRS on a 3 month lag and is as of 09/30/208. Page 26
27 Private Equity Strategic Allocation Private Equity Manager Diversification by Commitment Altaris Const, % TPG, % TSSP (D), 2% Altaris Health, 2% TSSP III, 4% Arcline, 2% Lightbay, 2% Cap Partners, 3% H.I.G. Bayside, 3% GSO Cap Opp, 4% GSO Co-Inv, % CapVest, 2% Dunes Point, 2% GTCR, 2% Harvest, % Carlyle, 3% Updata VI, 2% Updata V, 2% H.I.G. SPF, 4% Prov IV, 2% Prov III, 3% Prov II, 3% Mercato, 2% Main Post, 2% FTV, 2% Foundry 208, 2% Foundry, % FGN, % Tritium II, 3% Incline, 2% Kainos, 2% Marlin V, 3% Marlin II, % One Rock, 2% Prov VIII, 3% Reverence, 2% Searchlight, 2% Tritium I, 2% Policy Guidelines No more than 3% with any one investment manager No more than 2% in any one investment vehicle Allocations may not sum up to 00% exactly due to rounding. Allocation information is provided by TMRS on a 3 month lag and is as of 09/30/208. Page 27
28 Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staff; custodian banks; investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data provided or methodologies employed by any external source. This document is provided for the client s internal use only and does not constitute a recommendation by RVK or an offer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets.
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