City of Miami General Employees' and Sanitation Employees' Retirement Trust
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1 City of Miami General Employees' and Sanitation Employees' Retirement Trust High Quality Growth Plus Fourth Quarter 2016 Portfolio Review Your Atlanta Capital Team Jim Skesavage Director of Marketing & Client Service, Principal (404) Cheryl Innerarity Portfolio Administrator (404) Peachtree Street NE Suite 2100 Atlanta GA 30309
2 Atlanta Capital Management Co., LLC As of December 31, 2016 Founded in 1969 in Atlanta, Georgia $17.6 Billion AUM Singular focus on High Quality stocks and bonds Owned by employees & Eaton Vance Corporation Employ 42 professionals (20 are equity partners) Growth Equity Management ($2.9 Billion) Growth Plus $531 mm 1992 Socially Responsible $2.2 bn 1998 Focused Growth $161 mm 2006 Assets under management inception date of strategy. Socially responsible criteria determined and screened by Calvert Investment Management.
3 Growth Equity Investment Team As of December 31, 2016 Education* Industry Experience PORTFOLIO MANAGERS Joe Hudepohl, CFA BA, Stanford University 20 Lance Garrison, CFA MBA, Northwestern University 17 Jeff Miller, CFA MBA, Loyola University Chicago 21 Rob Walton, Jr., CFA MBA, Emory University 23 TRADERS Dallas Lundy AA, Georgia State University 44 Joe Roman, CFA MBA, Ohio State University 18 Earl Brown BS, State University of New York 19 SPECIALIST Peggy Taylor, CFA BA, University of Virginia 22 *Most recent academic degree.
4 Investment Philosophy We believe companies with a demonstrated history of consistent growth & stability in earnings provide superior returns with less risk over the long-term. Five-Year Rolling CAGR of As Reported Earnings S&P 500 Index by Earnings Stability 21% 18% Recession 15% 12% 9% 6% 3% 0% (3%) (6%) Earnings Stability Avg. 5-Year CAGR Earnings Variability # Positive Periods # Negative Periods Above-Average 9.5% 2.7% 120 or 100% 0 or 0% Below-Average 6.0% 6.4% 98 or 82% 22 or 18% *Time period: January 1, 1987 December 31, The Above-Average Earnings Stability and Below-Average Earnings Stability portfolios are provided to compare the aggregate of all companies with High Quality S&P Rankings (B+ or Better) to those with Low Quality S&P Rankings (B or Below). The Earnings Stability portfolios are model portfolios formed and rebalanced monthly by Atlanta Capital. The universe includes all S&P 500 Index constituents with S&P Quality Rankings and prices greater than $1. Five-year historical earnings growth rates are calculated using a market capitalization-weighted methodology. The S&P 500 Index is a widely-accepted measure of the large cap U.S. stock market performance that includes approximately 80% of the U.S. market. Indexes are unmanaged and it is not possible to directly invest in an index. Sources: Standard & Poor s, Wilshire Atlas and Atlanta Capital. The material is based upon information that S&P, Wilshire and Atlanta Capital consider to be reliable, but neither S&P, Wilshire nor Atlanta Capital warrants its completeness, accuracy or adequacy and it should not be relied upon as such. This information is provided for illustrative purposes only and does not reflect historical results for any particular Atlanta Capital investment strategy. The material should not be considered investment advice or a recommendation to invest in any particular strategy. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Past performance does not predict future results. Reproduction or redistribution of this page in any form without express permission from Atlanta Capital is prohibited.
5 Investment Objective We seek to outperform over a full market cycle by participating in rising markets and minimizing our participation in declining markets. RISING MARKETS (85 Positive Quarters) DECLINING MARKETS (35 Negative Quarters) FULL MARKET CYCLE (120 Total Quarters 12/31/16) High Quality Russell 1000 Growth Index Low Quality Up Capture Down Capture Excess Return Beta Standard Deviation High Quality bps Russell 1000 Growth Index bps Low Quality bps Time Period: January 1, 1987 December 31, The High Quality and Low Quality Research Portfolios are provided to compare the aggregate of all companies in the index with High Quality S&P Rankings (B+ or Better) to those with Low Quality S&P Rankings (B or Below). The High and Low Quality Research Portfolios are model portfolios formed and rebalanced monthly by Atlanta Capital. The universe includes all Russell 1000 Growth Index constituents with S&P Quality Rankings and prices greater than $1. The table illustrates risk statistics relative to the Russell 1000 Growth Index over the last 30 years. The bar charts above illustrate the average (annualized) returns during both rising, declining & full market cycles. Rising (declining) markets are defined as quarters where the return of the Russell 1000 Growth Index was positive (negative). Full market cycles include both rising and declining periods. Returns of these positive and negative quarters are separated out from the intervening quarters, cumulated across the period, and annualized. Rates of return are calculated using a market capitalization weighted-methodology and do not include transaction costs, management fees or other expenses incurred by managed accounts. The Russell 1000 Growth Index is a measure of the large cap growth segment of the U.S. equity universe that includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Indexes are unmanaged and it is not possible to directly invest in an index. The High and Low Quality Research Portfolios were derived in part from the Russell Index Data. Frank Russell Company remains the source and owner of the Russell Index Data contained or reflected and all trademarks and copyrights related thereto. Sources: Standard & Poor s, Russell, Wilshire Atlas, evestment Alliance and Atlanta Capital. The material is based upon information that S&P, Russell, Wilshire, evestment and Atlanta Capital considers to be reliable, but neither S&P, Russell, Wilshire, evestment, nor Atlanta Capital warrants its completeness, accuracy or adequacy, and it should not be relied upon as such. This information is provided for illustrative purposes only and does not reflect historical results for any particular Atlanta Capital investment strategy. The material should not be considered investment advice or a recommendation to invest in any particular strategy. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Past performance does not predict or guarantee future results. Reproduction or redistribution of the material in any form without express permission from Atlanta Capital is prohibited.
6 High Quality Growth Plus Investment Process High Quality Growth Fundamental Research Portfolio Construction Manage Risk Large Cap Proprietary Research Securities High Quality s Downside Market Cap > $3 b High Quality Earnings Stability Dominant Franchises Pricing Power Business Model Competitive Advantages Onsite Company Visits Review 10-Ks & 10-Qs Valuation Max 5% Position Size Max 5% Cash Max 30% in One Sector 34% 3-Yr Avg Turnover* Protection Permanent Loss of Capital Sell Discipline Excessive Valuation Investment Thesis High Barriers to Entry Growth Secular Tailwinds Long Product Life Earnings & Cash Flow Multiples Private Market Value EV/EBITDA Deteriorating Fundamentals More Compelling Opportunity Cycles Strategy Highlights: A conservative large cap growth discipline that invests in companies with a demonstrated history of consistent growth and stability in earnings and whose equities are selling at attractive valuations. *Based on single representative client portfolio and subject to change; client results may vary.
7 Summary of Guidelines City of Miami General Employees and Sanitation Employees Retirements Trust Objective The objectives for the investment of the equity component of the total portfolio are: Achieve a return which exceeds the market index net of fees. Achieve a return that is greater than 90% of the median performance of comparable portfolios as determined jointly by the Board and the city manager. Achieve the above objectives within a time horizon of rolling three year periods. The investment manager will be placed on a watch list if performance falls below the minimum standards list above or if portfolio returns have not exceeded the benchmark return over a 6 month period. If a manager remains on the watch list for 6 months they are placed on probation and after one year on probation they are subject to termination. Guidelines Trading Equity securities shall be diversified by industry and in number so that no investment in the securities of a single issue shall exceed 7% (at cost) of the value of the portfolio. Cash holdings should be limited to 10%. The portfolio shall not hold more than 3% of the outstanding capital stock of any corporation. Single industry weightings shall not exceed the greater of 3 times the index holding or 10%. Prohibited Investments: short sales, margin purchases; lending or borrowing funds, investments used to leverage the portfolio, private or direct placements, including letter stock, commodities contracts, unattached warrants, derivatives, issues related to investment manager, restricted stock. Direct a minimum of 30% of trades to John Donaldson and Able Noser subject to the requirement to provide best execution of trades, per letter dated May Proxy Voting The investment manager is responsible for voting all proxies after careful consideration of the individual issues based solely on the best economic interest of the Trust. The manager shall vote in favor of the following social issues: Advancement and promotion of women and minorities including preparing and publishing reports on the status of company EEOC and affirmative action programs & make the report available to shareholders, nuclear decommissioning, eliminating toxic waste and refuse to purchase products involving forced. Investment Policy Date: March 2015
8 Annualized Performance As of 12/31/16 City of Miami General Employees' and Sanitation Employees' Retirement Trust QTD YTD 1 Yr 3 Yrs* 5 Yrs* 7 Yrs* 10 Yrs* Since Inception* (%) (%) (%) (%) (%) (%) (%) (%) High Quality Growth Plus Russell 1000 Growth Index S&P 500 Index n/a n/a Account Summary Performance Inception Date: October 31, 1986 Market Value (12/31/16): $110,056,718 *Time periods greater than one year are annualized. Performance reflects reinvestment of all income and capital gains (realized and unrealized). Results are based on the accrual method of accounting as well as trade date valuation. Returns are gross of fees unless otherwise noted. Gross of fee returns do not reflect the deduction of management and custodial fees. Net of fee returns reflect the deduction of the management fee accrued on a monthly basis. Returns are based on the total assets of the client s account, calculated on a daily basis, and geometrically linked to calculate returns for longer periods of time. The unmanaged indexes shown for comparative purposes do not reflect the subtraction of any fees or transaction costs. It is not possible to directly invest in an index. Past performance does not guarantee or predict future results.
9 Post Election Euphoria Could be Short Lived Absolute Price Chart Relative Price Chart Relative Price Chart Markets Sectors Stocks Growth stocks lagged as highly cyclical Energy, Materials and Financials rallied sharply. Defensive sectors lagged cyclical sectors. Within Financials, the much maligned banks led, while steady growers like Visa lagged. The portfolio outperformed the Russell 1000 Growth heading into the election; the reason was our continued focus on companies with steady, consistent earnings growth. In the socalled Trump rally, the highly cyclical companies performed best. Recent increases in interest rates and inflation expectations suggest euphoria could be short lived. Sources: Russell, Baseline, Atlanta Capital. Growth stocks are represented by the Russell 1000 Growth Index. The S&P 500 Index represents the broad large cap market. The Russell 1000 Growth Index includes Russell 1000 Index stocks with higher price/book ratios and forecasted growth values. The S&P 500 Index includes the largest 500 US stocks representing approximately 80% of the investable US equity market. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Indexes are unmanaged and it is not possible to directly invest in an index. The material is based upon information that Atlanta Capital considers to be reliable, but Atlanta Capital does not warrant its completeness, accuracy or adequacy, and it should not be relied upon as such. This information is provided for information purposes only and is not intended to be and should not be considered investment advice. The opinions expressed herein may change at any time without prior notice, and there is no guarantee that any forecasts or opinions expressed in this material will be realized. Reproduction or redistribution of the material in any form without express permission from Atlanta Capital is prohibited. Past performance does not predict future results.
10 Performance Drivers & Detractors City of Miami General Employees' and Sanitation Employees' Retirement Trust as of 12/31/16 Last 3-Mos. Attribution (%) Last 12-Mos. Attribution (%) Total Portfolio vs. Russell 1000 Growth Index Sector Allocation Stock Selection Excess Return Sector Allocation Stock Selection Excess Return Top Contributors to Relative Results + Financials selection benefited from the rally in Charles Schwab + Lack of exposure to Real Estate, the worst performing sector in the Index + Positive Energy selection + Energy was the best sector overall due to positive stock selection and overweight + Positive Industrials selection + Lack of exposure to Real Estate Top Detractors from Relative Results Stock selection in Health Care was weak due to Thermo Fisher and Cerner Non-cyclical focus within Industrials CVS led to negative stock selection in Consumer Staples Pharmaceutical company Perrigo was largely responsible for negative Health Care selection Stock selection in Consumer Staples was weak due to CVS and Estee Lauder Lack of exposure to Telecom, the best performing sector in the Index Source: Factset Stock Selection + Sector Allocation = Excess Return
11 Portfolio Transactions Last 3-Months Ending 12/31/16 City of Miami General Employees' and Sanitation Employees' Retirement Trust High Quality Growth Plus Purchases Consumer Discretionary TJX Companies Discount retailer with square footage growth that is gaining share in apparel and exposure to Europe. Post a meeting with management, we feel confident TJX will be successful long-term.
12 Portfolio Transactions Last 3-Months Ending 12/31/16 City of Miami General Employees' and Sanitation Employees' Retirement Trust High Quality Growth Plus Sales Financials Wells Fargo American Express Post the revelation of sales incentives gone awry, the multiple for Wells Fargo may be pressured for some time. Earnings visibility over the next 2 years is low. The business model is changing from spending centric to lending driven. The post-election financial stock rally provided a good exit opportunity. Health Care Perrigo Co. PLC Prompted by news of alleged generic pricing collusion. In addition, Valeant (a competitor in dermatology) cited weakness in dermatology.
13 City of Miami General Employees' and Sanitation Employees' Retirement Trust High Quality Growth Plus as of 12/31/16 Top Ten Holdings % Alphabet CL C 4.7 Visa 4.5 Dollar General 3.7 Thermo Fisher Scientific 3.5 CVS Health Corp. 3.4 Amphenol Corp. 3.2 Ecolab 3.1 Microsoft 3.0 Lowe's Companies 3.0 Mastercard 3.0 Portfolio Metrics Metrics Russell 1000 Growth Index Total Portfolio S&P 500 Index # of Holdings Wtd. Avg. Mkt. Cap (billions) $152.1 $122.1 $150.1 Historical Earnings Growth 13% 14% 9% Forecasted Earnings Growth 13% 11% 10% Return on Equity 23% 23% 17% Price/Earnings (NTM) 18.3x 18.9x 17.1x Dividend Yield 1.6% 1.3% 2.1% Sector Exposure Information Technology Consumer Discretionary Total Portfolio Russell 1000 Growth Index S&P 500 Index Health Care Consumer Staples Total Portfolio S&P 500 Index Russell 1000 Growth Index Industrials Materials Financials Energy Real Estate Telecomm Services Utilities Cash Source: FactSet. Sector weight percentages shown are percentages of total equities.
14 Current Portfolio Holdings As of 12/31/16 City of Miami General Employees' and Sanitation Employees' Retirement Trust High Quality Growth Plus Total Portfolio Russell 1000 Growth Index Sector Ending Weight Consumer Discretionary 19.9% vs. 20.8% Biogen Inc. (BIIB) 0.5% Texas Instruments (TXN) 1.8% Comcast Corp. (CMCSA) 1.9% Bristol-Myers Squibb (BMY) 2.2% Visa (V) 4.5% Dollar General (DG) 3.7% Cerner Corp. (CERN) 1.2% Materials 5.3% vs. 3.6% Dollar Tree (DLTR) 0.7% Danaher Corp. (DHR) 2.5% Ecolab (ECL) 3.1% Low e's Companies (LOW) 3.0% Gilead Sciences (GILD) 1.5% Praxair (PX) 2.2% NIKE (NKE) 1.4% Henry Schein (HSIC) 1.3% Real Estate 0.0% vs. 2.7% Priceline Group (PCLN) 2.2% Lab Corp. of America (LH) 1.0% Ross Stores (ROST) 1.9% Medtronic plc (MDT) 1.4% Telecommunication Services 0.0% vs. 1.3% Starbucks Corp. (SBUX) 1.7% Novartis AG (ADR) (NVS) 0.7% TJX Companies (TJX) 1.5% Thermo Fisher Scientific (TMO) 3.5% Utilities 0.0% vs. 0.0% Walt Disney Co. (DIS) 1.9% Zoetis (ZTS) 2.7% Consumer Staples 13.6% vs. 9.5% Industrials 7.3% vs. 11.1% Cash 3.1% vs. 0.0% Coca-Cola Co. (KO) 1.3% 3M Company (MMM) 2.5% Costco Wholesale (COST) 2.0% Fortive Corporation (FTV) 1.7% CVS Health Corp. (CVS) 3.4% IDEX Corp. (IEX) 1.9% Estee Lauder (EL) 1.5% Verisk Analytics (VRSK) 1.1% Mondelez Int'l (MDLZ) 2.6% Information Technology 28.4% vs. 31.4% PepsiCo (PEP) 1.5% Accenture plc (ACN) 1.5% Whole Foods Market (WFM) 1.4% Alphabet CL C (GOOG) 4.7% Energy 1.3% vs. 0.6% Amphenol Corp. (APH) 3.2% EOG Resources (EOG) 1.3% Apple (AAPL) 2.4% Financials 2.7% vs. 2.9% Check Point Softw are (CHKP) 2.6% Charles Schw ab Corp. (SCHW) 1.1% Facebook (FB) 1.8% Marsh & McLennan (MMC) 1.6% Mastercard (MA) 3.0% Health Care 18.5% vs. 16.1% Microsoft (MSFT) 3.0% Source: FactSet.
15 Investment Outlook & Strategy High Quality Growth Plus as of 12/31/16 Outlook Election Day served as the rallying point for markets in the most recent quarter. Expectations that President-elect Trump will pursue more aggressive fiscal stimulus underpin higher optimism for future GDP and earnings growth. Signs of inflation in the US will likely lead the Federal Reserve to become much less accommodative. We remain focused on our discipline of buying high-quality growth stocks at a discount to intrinsic value. We believe our style of high-quality investing is a good strategy over market cycles, including the later stages of the current bull market. Portfolio Positioning Over the past year and a half the market has recorded two double-digit declines, followed by rapid recoveries. Our outperformance during these down markets suggests our emphasis on quality should benefit investors as the market transitions to a more risk averse environment. At quarter end, the portfolio contained 47 stocks in eight of the eleven economic sectors comprising the Russell 1000 Growth Index. Relative to the sector weights in the Russell 1000 Growth Index, the portfolio was overweight in Consumer Staples, Energy, Health Care and Materials. The portfolio was underweight Consumer Discretionary, Financials, Industrials and Information Technology. There were no positions in Real Estate, Telecom or Utilities.
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