Endowment Trustees Report
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1 ET # EBD #13.3 (2017 Sprig Meetig) Edowmet Trustees Report (Log-Term Ivestmet/Edowmet Fud) Rod Hersberger Seior Trustee Thursday April 6, 2017 Saturday April 8,
2 Issues Impactig the Market Exhibit #1 Global ecoomic outlook projected at 2.9%, slightly higher tha 2016 fourth quarter projectio The Federal Reserve has sigaled their itetio to accelerate icreases i the Federal Fuds rate (Latest icrease of.25 basis poits to their target rage of 0.75 to 1.00 o 3/15/17) Busiess cofidece i tax reductio less strog after House failure to pass a replacemet for Obamacare. Possible disruptive forces from trade ad immigratio policies create substatial dowside risk aroud the medium-term growth outlook. Ivestors have bee pilig ito equities i aticipatio of tax cuts, ifrastructure spedig, regulatory relaxatio, ad other policies that could boost corporate earigs The market s advace sice the Presidetial electio has caused may market experts to view the market as overvalued pullback expected ad desired UK triggered Article 50 o that begis the Brexit process 2
3 Market Value ad $41,153,883 Exhibit #2 $45,000,000 $40,000, % 7.7% -2.9% 6.8% 3.8%* $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000, *Caledar year to date through
4 Maager Allocatio ad Style Exhibit #3 Maager Value % Clearbridge ESG - Large Cap Core $ 8,532, % Merrill Lych Persoal Advisor* - (MLPA) $ 19,718, % The Edowmet Fud/KKR/Blackstoe/ JLL - Alteratives $ 2,579, % Capital Group - Iteratioal $ 1,717, % Equity Icome & Growth - ETF $ 8,596, % Loomis Sayles - Fixed Icome $ 9, % Total $ 41,153, % *MLPA is a platform uder which ALA ca access differet maagers of various ivestig styles i the form of mutual fuds ad ETF s - 9 maagers. 4
5 World Market Performace - Caledar Year Market Exhibit #4 ALA Edowmet S&P 500 Shaghai Comp Nikkei 225 DAX ML US Broad Market Bods NASDAQ Euro Stoxx Hag Seg Dow Joes Citi World Big Bod FTSE % 1.4% 2.0% 1.7% 3.1% 2.6% 3.8% 4.4% 5.6% 5.3% 8.2% 7.9% -0.1% CAC % 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 5
6 Time Weighted Rate of Retur Exhibit #5 Opeig Cotribu.os Iterest Apprecia.o Closig ROR* ROR* Balace (Withdrawals) Divideds (Deprecia.o) Balace Period Cumula.ve February 2017 $ 40,347,834 $ 0 $ 46,492 $ 759,556 $ 41,153, % 3.83% Jauary 2017 $ 40,016,349 $ (379,787) $ 24,100 $ 687,173 $ 40,347, % 1.78% Total $ 38,723,216 $ (379,787) $ 70,592 $ 1,446,729 $ 41,153,883 NA 3.83% *Rate of Retur 6
7 Maager , 3 ad 5 Years - Exhibit #6 Ivestmet Maager Bechmark Structure 1 Year Idex 3 Years Idex 5 Years Idex Equity Icome & Growth ETF S&P 500 ETF 12.5% 12.0% 8.3% 8.9% 14.1% 14.7% Clearbridge Large Cap ESG Russell 1000 Growth SMA** 9.4% 7.1% 11.6% 8.6% 18.1% 14.5% Pricipal Mid Cap* Russell Mid Cap Mutual Fud 10.2% 13.8% 8.0% 7.9% 14.9% 14.7% Capital Group Iteratioal MSCI EAFE SMA** -2.6% 1.0% -2.1% -1.6% 6.3% 6.3% Lazard Iteratioal Strategic* MSCI EAFE Mutual Fud -5.2% 1.0% -2.8% -1.6% 7.5% 6.3% Oakmark Iteratioal* MSCI EAFE Mutual Fud 7.9% 1.0% -0.6% -1.6% 10.4% 6.3% Ivesco US REIT FTSE NAREIT Mutual Fud 6.1% 8.6% 11.6% 12.7% 10.6% 12.0% Vaguard US REIT ETF* MSCI US REIT Mutual Fud 8.6% 8.6% 13.2% 13.2% 11.8% 11.9% Nuvee Real Asset Icome* Nuvee Real Asset Bled Mutual Fud 9.8% 8.8% 7.3% 5.5% 9.1% 8.1% Loomis Sayles ML US Broad Market SMA** 3.9% 2.7% 3.2% 3.1% 2.9% 2.3% Double Lie Total Retur* Barclays US Agg Mutual Fud 2.2% 2.6% 3.7% 3.0% 4.0% 2.2% Lord Abbett Floatig Rate* CS Leveraged Loa Mutual Fud 9.9% 9.9% 3.7% 3.8% 5.5% 5.3% Guggeheim Total Retur* Barclays US Agg Mutual Fud 6.2% 2.6% 4.6% 3.0% 4.2% 2.2% Wester Asset Maagemet* Barclays US Agg Mutual Fud 4.8% 2.6% 4.6% 3.0% 4.2% 2.2% JLL Icome Property Trust 4.7% The Edowmet Fud HFRI Fud of Fuds -2.6% *MLPA **Separately Maaged Accouts 7
8 Work of the Edowmet Trustees Recet Trustee Actios Exhibit #7 No recommeded chages to the portfolio s asset allocatio betwee equites (66%), bods (28%) ad real assets (6%) After cosultig with our Ivestmet Advisor (Merrill Lych) the Trustees modified the portfolio s asset allocatio with the followig chages: - Reduce the overweight i US REITs by 3% - Allocate 3% to Schwab US Small Cap equity ETF Maager Chages: - Replace US REIT with Schwab US Cap Equity EFT - Replace fixed icome maagers Loomis Sayles ad Wester with PIMCO Icome Fud ad Lord Abbett Met with ad had a extesive dialogue with TIAA maagers for aother perspective o impact ivestig (SRI). Will ivite back for a future meetig for further discussio Aother excellet educatio meetig i NYC i February Plaed meetig with Director of Developmet Office i May o fudraisig Short Duratio Fud Re-balace fixed icome allocatio so all five* maagers have a equal allocatio of 5.7% *Double Lie Total Retur, Guggeheim Total Retur, PIMCO Icome Fud, Lord Abbett Short Duratio Fud ad Lord Abbett Floatig & Cash. 8
9 Thak you 9
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