F U N D E V A L U A T I O N R E P O R T

Transcription

1 F U N D E V A L U A T I O N R E P O R T Santa Barbara Foundation Performance Update M E K E T A I N V E S T M E N T G R O U P BOSTON MASSACHUSETTS CHICAGO ILLINOIS MIAMI FLORIDA PORTLAND OREGON SAN DIEGO CALIFORNIA LONDON UNITED KINGDOM

2 Santa Barbara Foundation Santa Barbara Foundation Performance Summary Market Value ($) Santa Barbara Foundation Endowment 160,230, Dec-02 Long Term Endowment Policy Benchmark Dec-02 Santa Barbara Foundation Focus Growth Blend 16,478, Jun-11 Focus Growth Policy Benchmark Jun-11 Santa Barbara Foundation Focus Income Blend 3,549, Jun-11 Focus Income Policy Benchmark Jun-11 Santa Barbara Foundation Socially Responsible Blend 2,771, Sep-17 SRI Policy Benchmark Sep-17 XXXXX 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date Page 2 of 35

3 Long Term Endowment Page 3 of 35

4 Santa Barbara Foundation Endowment Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $165,320,791 $166,555,438 Net Cash Flow -$5,285,597 -$9,355,075 Net Investment Change $195,247 $3,030,079 Ending Market Value $160,230,442 $160,230,442 Page 4 of 35

5 Santa Barbara Foundation Endowment Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $73,256, % 43.0% 2.7% 33.0% % Yes Global Equity $61,102, % 31.0% 7.1% 21.0% % Yes Private Equity $12,153, % 12.0% -4.4% 7.0% % Yes Income $19,413, % 12.0% 0.1% 7.0% % Yes High Yield Bonds $9,700, % 6.0% 0.1% 2.0% % Yes Bank Loans $5,085, % 3.0% 0.2% 0.0% - 6.0% Yes Emerging Market Bonds $4,627, % 3.0% -0.1% 0.0% - 6.0% Yes Inflation Hedges $27,409, % 22.0% -4.9% 17.0% % Yes TIPS $10,037, % 6.0% 0.3% 2.0% % Yes Real Estate $13,038, % 8.0% 0.1% 4.0% % Yes Infrastructure $164, % 4.0% -3.9% 0.0% - 8.0% Yes Natural Resources $4,168, % 4.0% -1.4% 0.0% - 8.0% Yes Risk Mitigating $36,754, % 21.0% 1.9% 16.0% % Yes Investment Grade Bonds $33,295, % 17.0% 3.8% 12.0% % Yes Long Term Government Bonds $3,215, % 4.0% -2.0% 0.0% - 8.0% Yes Hedge Funds $243, % 0.0% 0.2% 0.0% - 5.0% Yes Cash Equivalents $3,395, % 2.0% 0.1% 0.0% - 4.0% Yes Cash Equivalents $3,395, % 2.0% 0.1% 0.0% - 4.0% Yes Total $160,230, % 100.0% XXXXX Page 5 of 35

6 Santa Barbara Foundation Endowment Asset Class Performance Summary Market Value ($) Portfolio 160,230, Dec-02 Long Term Endowment Policy Benchmark Dec-02 Growth 73,256, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Global Equity 61,102, Dec-02 MSCI ACWI Dec-02 Private Equity 12,153, Dec-03 Cambridge Associates Fund of Funds Composite 1-Quarter Lag Dec-03 Income 19,413, Sep-17 High Yield Bonds 9,700, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 Bank Loans 5,085, Sep-17 Credit Suisse Leveraged Loans Sep-17 Emerging Market Bonds 4,627, Jan-18 EMD Custom Benchmark Jan-18 Inflation Hedges 27,409, Sep-17 TIPS 10,037, Oct-17 BBgBarc US TIPS TR Oct-17 Real Estate 13,038, Sep-17 NCREIF ODCE Sep-17 REITS 6,438, Oct-13 Private Real Estate 6,599, Dec-03 Natural Resources 4,168, Dec-13 CPI Seasonally Adjusted + 4% (1q Lagged) Dec-13 Infrastructure 164, Date Policy Benchmark formula is shown at the end of this report. Page 6 of 35

7 Santa Barbara Foundation Endowment Market Value ($) Portfolio Risk Mitigating 36,754, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Investment Grade Bonds 33,295, Sep-13 BBgBarc US Aggregate TR Sep-13 Long-Term Government Bonds 3,215, Apr-18 BBgBarc US Treasury Long TR Apr-18 Hedge Funds 243, May-04 HFRI FOF: Diversified Index May-04 Cash 3,395, XXXXX Date Page 7 of 35

8 Santa Barbara Foundation Endowment Market Value ($) Trailing Net Performance Portfolio Sector 160,230, Dec-02 Long Term Endowment Policy Benchmark Dec-02 Growth 73,256, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Global Equity 61,102, Dec-02 MSCI ACWI Dec-02 Vanguard Total World Stock Market Index 32,452, Oct-17 FTSE Global All Cap TR USD Oct-17 GQG Partners Global Equity 7,517, Oct-17 MSCI ACWI Oct-17 WCM Focused Growth 7,530, Oct-17 MSCI ACWI Oct-17 Artisan Global Value 6,820, Oct-17 MSCI ACWI Oct-17 First Eagle Global Value 6,782, Oct-17 MSCI ACWI Oct-17 Private Equity 12,153, Dec-03 Cambridge Associates Fund of Funds Composite 1- Quarter Lag Date Dec-03 Policy Benchmark formula is shown at the end of this report. Page 8 of 35

9 Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector Income 19,413, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs High Yield Bonds 9,700, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 SKY Harbor Broad High Yield 9,700, BBgBarc US High Yield TR Bank Loans 5,085, Sep-17 Credit Suisse Leveraged Loans Sep-17 THL Credit Bank Loan Select 5,085, Jan-18 Credit Suisse Leveraged Loans Jan-18 Emerging Market Bonds 4,627, Jan-18 EMD Custom Benchmark Jan-18 Logan Circle Emerging Markets Debt 4,627, Jan-18 Logan Circle Custom Benchmark Jan-18 Inflation Hedges 27,409, Sep-17 TIPS 10,037, Oct-17 BBgBarc US TIPS TR Oct-17 BlackRock TIPS 10,037, Oct-17 BBgBarc US TIPS TR Oct-17 Date Page 9 of 35

10 Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date Real Estate 13,038, Sep-17 NCREIF ODCE Sep-17 REITS 6,438, Oct-13 Vanguard Real Estate Index 3,371, Jun-18 MSCI US Inv Mkt Real Estate Transition GR USD Jun-18 Vanguard Global ex-u.s. Real Estate 3,067, Jun-18 S&P Global Ex-U.S. Property Net TR USD Jun-18 Private Real Estate 6,599, Dec-03 Natural Resources 4,168, Dec-13 CPI Seasonally Adjusted + 4% (1q Lagged) Dec-13 Infrastructure 164, Risk Mitigating 36,754, Sep-17 Investment Grade Bonds 33,295, Sep-13 BBgBarc US Aggregate TR Sep-13 Baird Aggregate Bond Fund 16,657, BBgBarc US Aggregate TR BlackRock U.S. Debt Index Fund 16,638, BBgBarc US Aggregate TR Long-Term Government Bonds 3,215, Apr-18 BBgBarc US Treasury Long TR Apr-18 Page 10 of 35

11 Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date BlackRock Long Term Government Index 3,215, Apr-18 BBgBarc US Govt Long TR Apr-18 Hedge Funds 243, May-04 HFRI FOF: Diversified Index May-04 Silver Creek Low Volume Strategies II Fund 218, Apr-07 AG Super Fund, LP 25, Aug-13 Cash 3,395, Cash, Deposits & Money Market Funds 3,395, XXXXX Page 11 of 35

12 Santa Barbara Foundation Endowment Benchmark History 10/1/2017 Present 2/1/2017 9/30/ % MSCI ACWI / 12% Cambridge Associates Fund of Funds Composite 1-Quarter Lag / 6% BBgBarc US High Yield 2% Issuer Cap TR / 3% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 6% BBgBarc US TIPS TR / 8% NCREIF ODCE / 4% CPI Seasonally Adjusted + 4% (1q Lagged) / 4% CPI Seasonally Adjusted+3% (1q Lagged) / 17% BBgBarc US Aggregate TR / 4% BBgBarc US Treasury Long TR / 2% 91 Day T-Bills 34.5% BBgBarc US Aggregate TR / 6.9% BBgBarc US High Yield TR / 2.3% DJ Global ex US Real Estate Securities Index / 2.3% DJ US Select REIT TR USD / 12.7% MSCI EAFE / 2.3% MSCI Emerging Markets / 30.9% Russell 3000 / 5.8% HFRI FOF: Diversified Index / 2.3% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD Page 12 of 35

13 Focus Growth Blend Page 13 of 35

14 Santa Barbara Foundation Focus Growth Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $15,457,099 $13,522,980 Net Cash Flow $1,013,307 $2,677,961 Net Investment Change $7,809 $277,274 Ending Market Value $16,478,215 $16,478,215 Page 14 of 35

15 Santa Barbara Foundation Focus Growth Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $7,534, % 46.0% -0.3% 36.0% % Yes Global Equity $7,534, % 46.0% -0.3% 36.0% % Yes Income $1,821, % 13.0% -1.9% 8.0% % Yes High Yield Bonds $925, % 6.0% -0.4% 2.0% % Yes Bank Loans $518, % 4.0% -0.9% 0.0% - 8.0% Yes Emerging Market Bonds $377, % 3.0% -0.7% 0.0% - 6.0% Yes Inflation Hedges $2,553, % 20.0% -4.5% 15.0% % Yes TIPS $1,003, % 7.0% -0.9% 3.0% % Yes Real Estate $630, % 5.0% -1.2% 0.0% % Yes Infrastructure $303, % 4.0% -2.2% 0.0% - 8.0% Yes Natural Resources $615, % 4.0% -0.3% 0.0% - 8.0% Yes Risk Mitigating $3,063, % 18.0% 0.6% 13.0% % Yes Investment Grade Bonds $2,607, % 12.0% 3.8% 7.0% % Yes Long Term Government Bonds $456, % 6.0% -3.2% 2.0% % Yes Cash Equivalents $1,504, % 3.0% 6.1% 1.0% - 5.0% No Cash Equivalents $1,504, % 3.0% 6.1% 1.0% - 5.0% No Total $16,478, % 100.0% XXXXX Page 15 of 35

16 Santa Barbara Foundation Focus Growth Blend Asset Class Performance Summary Market Value ($) Portfolio 16,478, Jun-11 Focus Growth Policy Benchmark Jun-11 Growth 7,534, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 7,534, Jun-11 MSCI ACWI Jun-11 Income 1,821, Sep-17 High Yield Bonds 925, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 Bank Loans 518, Sep-17 Credit Suisse Leveraged Loans Sep-17 Emerging Market Bonds 377, Jan-18 EMD Custom Benchmark Jan-18 Inflation Hedges 2,553, Sep-17 Real Estate 630, Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR Sep-17 TIPS 1,003, Oct-17 BBgBarc US TIPS TR Oct-17 Infrastructure 303, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 Natural Resources 615, Jul-18 S&P Global Natural Resources Index TR USD Jul-18 Risk Mitigating 3,063, Sep-17 Investment Grade Bonds 2,607, Aug-13 BBgBarc US Aggregate TR Aug-13 Long-Term Government Bonds 456, Apr-18 BBgBarc US Treasury Long TR Apr-18 Date Policy Benchmark formula is shown at the end of this report. Page 16 of 35

17 Santa Barbara Foundation Focus Growth Blend Trailing Net Performance Market Value ($) Portfolio 16,478, Jun-11 Focus Growth Policy Benchmark Jun-11 Growth 7,534, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 7,534, Jun-11 MSCI ACWI Jun-11 Vanguard Total World Stock Market Index 4,449, Oct-17 FTSE Global All Cap TR USD Oct-17 GQG Partners Global Equity 809, Oct-17 MSCI ACWI Oct-17 WCM Focused Growth 810, Oct-17 MSCI ACWI Oct-17 Artisan Global Value 734, Oct-17 MSCI ACWI Oct-17 First Eagle Global Value 729, Oct-17 MSCI ACWI Oct-17 Income 1,821, Sep-17 High Yield Bonds 925, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 SKY Harbor Broad High Yield 925, BBgBarc US High Yield TR Date Policy Benchmark formula is shown at the end of this report. Page 17 of 35

18 Santa Barbara Foundation Focus Growth Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Bank Loans 518, Sep-17 Credit Suisse Leveraged Loans Sep-17 THL Credit Bank Loan Select 518, Jan-18 Credit Suisse Leveraged Loans Jan-18 Emerging Market Bonds 377, Jan-18 EMD Custom Benchmark Jan-18 Logan Circle Emerging Markets Debt 377, Jan-18 Logan Circle Custom Benchmark Jan-18 Inflation Hedges 2,553, Sep-17 Real Estate 630, Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR Sep-17 Vanguard Real Estate Index 334, Jun-18 MSCI US Inv Mkt Real Estate Transition GR USD Jun-18 Vanguard Global ex-u.s. Real Estate 296, Jun-18 S&P Global Ex-U.S. Property Net TR USD Jun-18 TIPS 1,003, Oct-17 BBgBarc US TIPS TR Oct-17 BlackRock TIPS 1,003, Oct-17 BBgBarc US TIPS TR Oct-17 Page 18 of 35

19 Santa Barbara Foundation Focus Growth Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Infrastructure 303, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 ishares Global Infrastructure 303, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 Natural Resources 615, Jul-18 S&P Global Natural Resources Index TR USD Jul-18 SSgA S&P Global LargeMidCap Natural Resources Index 615, Jul-18 S&P Global Large MidCap Commodity and Resources GR Jul-18 Risk Mitigating 3,063, Sep-17 Investment Grade Bonds 2,607, Aug-13 BBgBarc US Aggregate TR Aug-13 Baird Aggregate Bond Fund 1,304, BBgBarc US Aggregate TR BlackRock U.S. Debt Index Fund 1,302, BBgBarc US Aggregate TR Long-Term Government Bonds 456, Apr-18 BBgBarc US Treasury Long TR Apr-18 BlackRock Long Term Government Index 456, Apr-18 BBgBarc US Govt Long TR Apr-18 Page 19 of 35

20 Santa Barbara Foundation Focus Growth Blend Benchmark History 10/1/2017 Present 2/1/2017 9/30/ % MSCI ACWI / 6% BBgBarc US High Yield 2% Issuer Cap TR / 4% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 7% BBgBarc US TIPS TR / 5% FTSE EPRA/NAREIT Developed Liquid Index USD TR / 4% S&P Global Natural Resources Index TR USD / 4% S&P Global Infrastructure Net TR USD / 12% BBgBarc US Aggregate TR / 6% BBgBarc US Treasury Long TR / 3% 91 Day T-Bills 29.5% BBgBarc US Aggregate TR / 9.5% BBgBarc US High Yield TR / 3% DJ Global ex US Real Estate Securities Index / 3% DJ US Select REIT TR USD / 17% MSCI EAFE / 2.5% MSCI Emerging Markets / 33.3% Russell 3000 / 2.3% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD. Page 20 of 35

21 Focus Income Blend Page 21 of 35

22 Santa Barbara Foundation Focus Income Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $3,571,412 $2,873,079 Net Cash Flow -$10,358 $672,282 Net Investment Change -$11,307 $4,385 Ending Market Value $3,549,747 $3,549,747 Page 22 of 35

23 Santa Barbara Foundation Focus Income Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $848, % 22.0% 1.9% 17.0% % Yes Global Equity $848, % 22.0% 1.9% 17.0% % Yes Income $317, % 9.0% -0.1% 4.0% % Yes High Yield Bonds $108, % 3.0% 0.0% 0.0% - 6.0% Yes Bank Loans $103, % 3.0% -0.1% 0.0% - 6.0% Yes Emerging Market Bonds $105, % 3.0% 0.0% 0.0% - 6.0% Yes Inflation Hedges $602, % 20.0% -3.0% 15.0% % Yes TIPS $427, % 12.0% 0.0% 7.0% % Yes Real Estate $104, % 4.0% -1.1% 0.0% - 8.0% Yes Infrastructure $70, % 4.0% -2.0% 0.0% - 8.0% Yes Risk Mitigating $1,432, % 39.0% 1.3% 29.0% % Yes Investment Grade Bonds $1,273, % 30.0% 5.9% 20.0% % Yes Long Term Government Bonds $158, % 9.0% -4.5% 4.0% % Yes Cash Equivalents $349, % 10.0% -0.2% 0.0% % Yes Cash Equivalents $349, % 10.0% -0.2% 0.0% % Yes Total $3,549, % 100.0% XXXXX Page 23 of 35

24 Santa Barbara Foundation Focus Income Blend Asset Class Performance Summary Market Value ($) Portfolio 3,549, Jun-11 Focus Income Policy Benchmark Jun-11 Growth 848, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 848, Jun-11 MSCI ACWI Jun-11 Income 317, Sep-17 High Yield Bonds 108, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 Bank Loans 103, Sep-17 Credit Suisse Leveraged Loans Sep-17 Emerging Market Bonds 105, Jan-18 EMD Custom Benchmark Jan-18 Inflation Hedges 602, Sep-17 TIPS 427, Oct-17 BBgBarc US TIPS TR Oct-17 Real Estate 104, Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR Sep-17 Infrastructure 70, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 Risk Mitigating 1,432, Sep-17 Investment Grade Bonds 1,273, Aug-13 BBgBarc US Aggregate TR Aug-13 Long-Term Government Bonds 158, Apr-18 BBgBarc US Treasury Long TR Apr-18 Cash 349, XXXXX Date Policy Benchmark formula is shown at the end of this report. Page 24 of 35

25 Santa Barbara Foundation Focus Income Blend Trailing Net Performance Market Value ($) Portfolio 3,549, Jun-11 Focus Income Policy Benchmark Jun-11 Growth 848, Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 848, Jun-11 MSCI ACWI Jun-11 Vanguard Total World Stock Market Index 518, Oct-17 FTSE Global All Cap TR USD Oct-17 GQG Partners Global Equity 86, Oct-17 MSCI ACWI Oct-17 WCM Focused Global Growth 86, Oct-17 MSCI ACWI Oct-17 Artisan Global Value 78, Oct-17 MSCI ACWI Oct-17 First Eagle Global Value 78, Oct-17 MSCI ACWI Oct-17 Income 317, Sep-17 High Yield Bonds 108, Sep-17 BBgBarc US High Yield 2% Issuer Cap TR Sep-17 SKY Harbor Broad High Yield 108, BBgBarc US High Yield TR Date Policy Benchmark formula is shown at the end of this report. Page 25 of 35

26 Santa Barbara Foundation Focus Income Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Bank Loans 103, Sep-17 Credit Suisse Leveraged Loans Sep-17 THL Credit Bank Loan Select 103, Jan-18 Credit Suisse Leveraged Loans Jan-18 Emerging Market Bonds 105, Jan-18 EMD Custom Benchmark Jan-18 Logan Circle Emerging Markets Debt 105, Jan-18 Logan Circle Custom Benchmark Jan-18 Inflation Hedges 602, Sep-17 TIPS 427, Oct-17 BBgBarc US TIPS TR Oct-17 BlackRock TIPS 427, Oct-17 BBgBarc US TIPS TR Oct-17 Real Estate 104, Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR Sep-17 Vanguard Real Estate Index 55, Jun-18 MSCI US Inv Mkt Real Estate Transition GR USD Jun-18 Vanguard Global ex-u.s. Real Estate 49, Jun-18 S&P Global Ex-U.S. Property Net TR USD Jun-18 Page 26 of 35

27 Santa Barbara Foundation Focus Income Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Infrastructure 70, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 ishares Global Infrastructure 70, Mar-18 S&P Global Infrastructure Net TR USD Mar-18 Risk Mitigating 1,432, Sep-17 Investment Grade Bonds 1,273, Aug-13 BBgBarc US Aggregate TR Aug-13 Baird Aggregate Bond Fund 637, BBgBarc US Aggregate TR BlackRock U.S. Debt Index 636, BBgBarc US Aggregate TR Long-Term Government Bonds 158, Apr-18 BBgBarc US Treasury Long TR Apr-18 BlackRock Long Term Government Index 158, Apr-18 BBgBarc US Govt Long TR Apr-18 Cash 349, Deposits & Money Market Funds 349, XXXXX Page 27 of 35

28 Santa Barbara Foundation Focus Income Blend Benchmark History 10/1/2017 Present 2/1/2017 9/30/ % MSCI ACWI / 3% BBgBarc US High Yield 2% Issuer Cap TR / 3% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 12% BBgBarc US TIPS TR / 4% FTSE EPRA/NAREIT Developed Liquid Index USD TR / 4% S&P Global Infrastructure Net TR USD / 30% BBgBarc US Aggregate TR / 9% BBgBarc US Treasury Long TR / 10% 91 Day T-Bills 49% BBgBarc US Aggregate TR / 8.5% BBgBarc US High Yield TR / 1.8% DJ Global ex US Real Estate Securities Index / 1.8% DJ US Select REIT TR USD / 9.5% MSCI EAFE / 1% MSCI Emerging Markets / 18.5% Russell 3000 / 10% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD Page 28 of 35

29 Socially Responsible Blend Page 29 of 35

30 Santa Barbara Foundation Socially Responsible Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $2,784,017 $2,624,633 Net Cash Flow $2,972 $75,725 Net Investment Change -$15,835 $70,796 Ending Market Value $2,771,154 $2,771,154 Page 30 of 35

31 Santa Barbara Foundation Socially Responsible Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $1,905, % 70.0% -1.3% 60.0% % Yes Global Equity $1,905, % 70.0% -1.3% 60.0% % Yes Risk Mitigating $746, % 27.0% -0.1% 17.0% % Yes Investment Grade Bonds $746, % 27.0% -0.1% 17.0% % Yes Cash Equivalents $119, % 3.0% 1.3% 1.0% - 5.0% Yes Cash Equivalents $119, % 3.0% 1.3% 1.0% - 5.0% Yes Total $2,771, % 100.0% XXXXX Page 31 of 35

32 Santa Barbara Foundation Socially Responsible Blend Summary Asset Class Performance Summary Market Value ($) Portfolio 1 Mo QTD YTD Date 2,771, Sep-17 SRI Policy Benchmark Sep-17 Growth 1,905, Sep-17 Global Equity 1,905, Sep-17 Russell Sep-17 Risk Mitigating 746, Sep-17 Investment Grade Bonds 746, Sep-17 BBgBarc US Aggregate TR Sep-17 Cash Equivalents 119, XXXXX Policy Benchmark formula is shown at the end of this report. Page 32 of 35

33 Santa Barbara Foundation Socially Responsible Blend Trailing Net Performance Market Value ($) Portfolio 1 Mo QTD YTD Date 2,771, Sep-17 SRI Policy Benchmark Sep-17 Growth 1,905, Sep-17 Global Equity 1,905, Sep-17 Russell Sep-17 Parnassus Endeavor Equity 1,905, Sep-17 S&P Sep-17 Risk Mitigating 746, Sep-17 Investment Grade Bonds 746, Sep-17 BBgBarc US Aggregate TR Sep-17 Breckinridge Intermediate Sustainable Gov Credit 746, Sep-17 BBgBarc US Govt/Credit Int TR Sep-17 Cash Equivalents 119, Cash, Deposits & Money Market Funds 119, XXXXX Policy Benchmark formula is shown at the end of this report. Page 33 of 35

34 Santa Barbara Foundation Socially Responsible Blend Benchmark History 9/1/2017 Present 70% Russell 3000 / 27% BBgBarc US Aggregate TR / 3% 91 Day T-Bills XXXXX Page 34 of 35

35 Santa Barbara Foundation Socially Responsible Blend Disclaimer WE HAVE PREPARED THIS REPORT (THIS REPORT ) FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE RECIPIENT ). SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT AND THAT IT IS NOT OUR FUNCTION OR RESPONSIBILITY TO UPDATE THIS REPORT. ANY OPINIONS OR RECOMMENDATIONS PRESENTED HEREIN REPRESENT OUR GOOD FAITH VIEWS AS OF THE DATE OF THIS REPORT AND ARE SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK. THERE CAN BE NO GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL. INFORMATION USED TO PREPARE THIS REPORT WAS OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL SOURCES. WHILE WE HAVE EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT GUARANTEE THE ACCURACY OF ALL SOURCE INFORMATION CONTAINED HEREIN. CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE FORWARD - LOOKING STATEMENTS, WHICH CAN BE IDENTIFIED BY THE USE OF TERMINOLOGY SUCH AS MAY, WILL, SHOULD, EXPECT, AIM, ANTICIPATE, TARGET, PROJECT, ESTIMATE, INTEND, CONTINUE OR BELIEVE, OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD - LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION ARE BASED UPON CURRENT ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON FORWARD LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION. PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Page 35 of 35