Emerging Markets Systematic Equity · 23/05/2018 · Technical Analysis 3 Equities Portfolio...

A

A 2001303744/480059_0/480059/399861

Cover-Full Image-InsideWMCNONO

Emerging Markets Systematic Equity

Wellington Management Company LLP

Los Angeles Department of Water and Power

23 May 2018Michael P. McElroy, CFA Managing Director and Investment Director, Equity Product Management Charles C. Ruch, CFA Managing Director and Relationship Manager

Copyright © 2017 All Rights Reserved2001070596/451746_0/451746/451746A

A

Representing Wellington ManagementTitle Line 2

Michael P. McElroy, CFAManaging Director and Investment Director, Equity Product Management

Mike works closely with investors to help ensure the integrity of their investment approach. This includes meeting with the team on a regular basis and providing oversight of portfolio positioning, performance, and risk exposures, as well as managing business issues such as capacity, fees, and guidelines.

Prior to joining Wellington Management in 2013, Mike worked at Batterymarch Financial Management, where he was senior portfolio manager and head of global equities.

Mike received both an MS in management and an MS in transportation planning from the Massachusetts Institute of Technology (1992), and a BS in applied mathematics from the Massachusetts Institute of Technology (1987). In addition, he holds the Chartered Financial Analyst designation.

Charles C. Ruch, CFAManaging Director and Relationship Manager

Charlie works with clients in the western US, including endowments, foundations, public funds, and corporate pension plans. Charlie is responsible for assisting clients with long-term investment strategy and policy issues, evaluating portfolio risks and performance, and meeting with clients to discuss investment- and business-related issues on a regular basis.

Charlie joined Wellington Management in 2006 as a portfolio communications manager, covering specific investment products and assisting with investment-related communications to clients. Prior to joining Wellington Management, he was a research associate at Oppenheimer & Co.

Charlie graduated from Harvard Business School with an MBA (2005). He earned his BA in history and science from Harvard University (1997) and was a DAAD fellow at the Technische Universität München in Germany (1998). Additionally, Charlie holds the Chartered Financial Analyst designation.

A Los Angeles Department ofWater and Power A23 May 2018 A1 1

Copyright © 2018 All Rights Reserved2000635965/479845_1/G1039/G1039

A Los Angeles Department ofWater and Power A23 May 2018

Wellington Management todayTitle Line 2A trusted advisor and strategic partner to clients worldwide

BY THE NUMBERS

BusinessUS$1,078 billion of client assets under management

2,200+ clients

60+ countries in which clients are based

People and portfolios701 investment professionals

17 years of experience, on average

160 partners all active at the firm

Heritage: key dates1928 Wellington Fund – first

US balanced fund

1979 Establishment of private partnership

1994 First long – short strategy launched

2014 First dedicated private equity strategy

As of 31 March 2018

OWNERSHIP MODELLong-term perspective of a private partnership structure

Attract and retain investment talent

Independent: No public shareholders, no outside capital

Interests aligned with clients

BUSINESS MODELSingular focus on investment management

Diversification by asset class, geography, and client type

Research for client benefit only

Commitment to bringing the right resources to each client

INVESTMENT MODELComprehensive capabilities

Rigorous proprietary research

Career analysts

Global resources

Empowered portfolio teams

CULTUREOpen, collaborative

Performance driven

Professional/collegial

High standards, ethics, and integrity

Global diversity and inclusion

Contributors to firm

sustainability

A1 2

Copyright © 2018 All Rights Reserved


Depth, experience, and continuity create interpretation advantageTitle Line 2

As of 31 March 2018

2000003966/480059_0/G1039/G1039

Avg years of professional experience Total number of investment professionals: 701Avg years with Wellington Management

Research Credit Analysis 40Derivatives 4

ESG Research 6Global Industry Analysis 48

Macroanalysis 5Quantitative Analysis 20Research Associates 44

Technical Analysis 3

Equities Portfolio Management 58Research Analysis 64

Product Management 39Portfolio Analysis 13

Fixed Income Portfolio Management 61Strategy 10

Quantitative Analysis 10Product Management 44

Portfolio Analysis 31

Multi-Strategy Portfolio Management 24Research Analysis 23

Product Management 16Portfolio Analysis 8

Alternatives Commodities 3Currency 2

Product Management 15

Additional resources Investment Analytics 3

Trading 57

Management 50

0 5 10 15 20 25

Investors draw on rigorous, proprietary research

We conduct research through fundamental; environmental, social, and corporate governance (ESG); quantitative; macro; and technical lenses

A1 3

murphlt

Sticky Note

Marked set by murphlt

murphlt

Sticky Note


murphlt

Sticky Note


murphlt

Sticky Note


bruenmr

Sticky Note

Marked set by bruenmr

bruenmr

Sticky Note


bruenmr

Sticky Note


bruenmr

Sticky Note


bruenmr

Sticky Note


HagerSL

Sticky Note

Marked set by HagerSL

HagerSL

Sticky Note


HagerSL

Sticky Note


lennoka

Sticky Note

Marked set by lennoka

lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note


lennoka

Sticky Note




Representative client listTitle Line 2

As of 31 March 2018 | Clients included on the list above were selected based on client type, account size, and/or other nonperformance-based criteria to show a list of representative clients. This list does not represent an endorsement of the firm or its services.

Corporate Retirement Plans

AbbVie Inc.Afore BanamexAir CanadaAmerican Electric Power SystemCanadian PacificCanada Post Pension PlanCargill, Inc.CoINVEST LimitedDow ChemicalGaishoku-Sangyo JF Pension FundGeneral MillsGraymont, Inc.Hallmark Cards, Inc.International Paper CompanyITV Pension SchemeLaerernes PensionMedtronic, Inc.Merck & CompanyMKS InstrumentsMolson Coors Brewing CompanyNational Provident FundPG&E CorporationRoll GroupRoyal Bank of CanadaSiemens CorporationSPF BeheerTELUSTextron, Inc.TransCanada PipeLines

Insurance (general account assets)

Assured Guaranty Corp.HiscoxMortgage Guaranty Insurance CorporationSamsung Fire & Marine Insurance Co. Ltd

Endowments, Foundations, and Family Offices

Chicago Symphony OrchestraJewish Foundation of Greater TorontoMassachusetts Institute of TechnologyMercy HealthRenaissance Charitable FoundationStanhope CapitalUniversity of Kentucky

Public Sector, Sovereign, and Taft-Hartley

Alberta Teachers’ Retirement FundBritish Columbia Investment Management CorporationFlintshire County CouncilGovernment of BermudaHospital Authority Provident Fund SchemeMassachusetts Laborers’ Pension FundOhio Carpenters’ Pension FundOklahoma Teachers Retirement SystemOregon Laborers – Employers Pension Trust FundState of OregonTreasurer of the State of North Carolina

Subadvisory Relationships

GAMNikko Asset ManagementUOB Asset Management LtdVanguard

A1 4

bonomsl

Sticky Note

Marked set by bonomsl

bonomsl

Sticky Note

Marked set by bonomsl


A

Los Angeles Department of Water and PowerTitle Line 2Relationship review

Investment assignment Emerging Markets Systematic Equity

Portfolio inception 30 September 2016

Relationship team Charles Ruch, CFA; Stephen Crisan, CFA

31 March 2018 Market values

Employees’ Retirement Plan portfolio $357.4 million

Employees’ Health Plan portfolio 59.54 million

EMSE – total strategy AUM 2.5 billion

Wellington – total firm AUM 1,078 billion



-

Title Line 1Title Line 2Portfolio Management TeamEmerging Markets Systematic Equity

David J. Elliott, CFA, FRM Co-Director, Quantitative Investment Group Senior Managing Director BS, University of Massachusetts (Amherst) 29 years of professional experience 23 years with Wellington Management

Mark A. Yarger, CFA Quantitative AnalystManaging Director MBA, Babson College 29 years of professional experience 18 years with Wellington Management

Michael P. McElroy, CFA Investment DirectorManaging Director MS, Massachusetts Institute of Technology (Sloan) 31 years of professional experience 4 years with Wellington Management

- Los Angeles Department ofWater and Power _23 May 2018 A1 6


-

Title Line 1Title Line 2Specialized research evolves the processEmerging Markets Systematic Equity

“We seek to find investment opportunities in the gap between how markets should behave and how they do behave.” – CHRISTOPHER GROHE, CFA

“ Our research is ongoing. It is the ceaseless pursuit of truth in a changing world.”

– OWEN LAMONT, PhD

“We all write code. We have no silos between factor research and portfolio management. Self-sufficiency can eliminate bottlenecks and allows us to prototype and test ideas rapidly.” – TOM BOK, PhD

Mark A. Yarger, CFAMBA, Babson College29 years experience

Christopher R. Grohe, CFAMBA, Massachusetts Institute of Technology23 years experience

David J. Elliott, CFA, FRMBS, University of Massachusetts, Amherst

29 years experience

Donald S. TunnellMBA, University of Chicago30 years experience

Sharon Gu, CFAMS, Cornell University

8 years experience

Michael P. McElroy, CFAMS, Massachusetts Institute of Technology31 years experience

Yang Du, PhDPhD, Northeastern University

8 years experience

Owen Lamont, PhDPhD, Massachusetts Institute of Technology26 years of experience

David Goddeau, PhDPhD, Massachusetts Institute of Technology

36 years experience

Josh Graver, PhDPhD, Princeton University 10 years of experience

Cheryl D. DavisMA, Bentley University

21 years experience

Andrew T. Liu, CFABA, Williams College7 years of experience

Reza Shabani, PhDPhD, University of California, Berkeley 5 years of experience

Wei XuMS, Tsinghua University10 years of experience

PORTFOLIO OPERATIONAL MANAGEMENT

PORTFOLIO OPERATIONAL MANAGEMENT

RESEARCH INFRASTRUCTURE

MACHINE LEARNING

MULTI- ASSETS

BEHAVIORALFINANCE

PORTFOLIO ENGINEERING

PORTFOLIO MANAGEMENT

PORTFOLIO OVERSIGHT

FACTOR MODELS & SHORTING

FACTOR TIMING

OUR RESEARCH PASSION

SHORT TERM MODEL

ALTERNATIVE DATA

RESEARCH ANALYTICS



-

Title Line 1Title Line 2Emerging Markets Systematic Equity (EMSE)What role can EMSE play and what is our competitive advantage?

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE. Based on the net performance of the Emerging Markets Systematic Equity Composite since inception on 30 September 2009. The inception date of the Wellington Emerging Markets Systematic Equity Fund is 23 November 2015. See performance pages enclosed for full details

Why should clients consider EMSE? Employs a systematic approach to investing in emerging markets equities

Systematic approaches have historically been effective in emerging markets

Low alpha correlation with other emerging markets approaches

Consistent historical performance across a range of market environments

What is our competitive advantage? Contextual alpha model

Uses a proprietary framework to weight factors at the stock level based on company-specific indicators

Risk management

A holistic approach based on EM-specific risk drivers, which considers both historical and forward-looking indicators; enables portfolio risk to be focused on stock-specific drivers and allows for more responsive risk adjustments

Transaction cost management

EM costs average about twice those of developed markets; model integrates cost considerations into every trading decision



-

Title Line 1Title Line 2Emerging Markets Systematic EquityInvestment philosophy, approach, and objective

Investment philosophy

We believe…

Certain stock-level factors are strongly associated with future relative performance

The use of multiple factors is important

Optimizing the opportunity set requires managing the returns, risks, and costs

Tools and techniques must constantly evolve to be successful

Approach and investment objective

We seek long-term results in excess of the MSCI Emerging Markets IMI Net Index. EMSE employs an integrated set of proprietary emerging markets alpha sources, a proprietary risk framework, and proprietary trading techniques which seek to minimize cost in pursuit of a consistent alpha orientation with attractive upside and downside capture.



-

Title Line 1Title Line 2Collaboration: Systematic process benefits from fundamental insightsEmerging Markets Systematic Equity

Outcomes/ Model enhancements

Quality factor signals reconfigured for REITs

Contextual model differentiates stocks based on issuer characteristics and importance of specific factors

New insight drives quant research

REITs tend to rely on issuing new shares to fund their growth

A tech company behaves more like a utility, with stable cash flow and dividends

“ Good ideas are the lifeblood of research. Having access to a deep team of experts at Wellington Management helps shape our research agenda and improve our systematic process.” – Don Tunnell

Conventional view

Companies that issue shares typically underperform those that buy them back

All companies in a sector generally respond to the same pricing and behavioral dynamics



-

Title Line 1Title Line 2Emerging Markets Systematic EquityInvestment process

The characteristics presented are sought during the portfolio management process. Actual experience may not reflect all of these characteristics, or may be outside of stated ranges. | QRM – proprietary quantitative risk model used in the process. | QE Model – proprietary quantitative equity model used in the process.

3 proprietary models inform the optimizer

Optimizer maximizes return/risk subject to costs

Portfolio reflects optimal expected risk adjusted return after costs

Proprietary Quantitative Equity (QE) Models

Proprietary Risk Model (QRM)

Proprietary Transaction Cost Model

Alpha forecast

Risk forecast

Transaction cost prediction

Portfolio Optimization

EMSEportfolio

> 150 names, Sector/Country weights

±5% of index,Tracking risk 2 – 4%



-

Title Line 1Title Line 2Emerging Markets Systematic EquityQuantitative Equity ModelSecurity evaluation – Diverse alpha sources

Fair value

Contextual Alpha ModelStocks classified along a spectrum of information uncertainty and assigned unique factor weights

Pure value

Management behavior

Earnings quality

Long-term momentum

Short-term momentum

Situations & events

QE Model forecasts

Short-Term ModelAims to predict relative performance of global equities, with a time horizon of 1 – 4 weeks



-

Title Line 1Title Line 2Emerging Markets Systematic Equity Proprietary Quantitative Risk Model (QRM) Specifically tuned to proprietary alpha engine

Sources: S&P, Wellington Management, third party risk model | Market data represents the S&P 500 Index. | Chart data: December 2000 – October 2017

Benefits

Improved risk prediction accuracy

Faster response to changes in risk regimes

Potential outcomes

More efficient alpha transfer from alignment with alpha model

Crowd avoidance via differentiated portfolio holdings

0

20

40

60

80

Total risk prediction: Market predicted vs realized risk comparison (3-month windows) Standard deviation of returns (%)

Realized risk

Predicted risk (3rd party generic model)

Predicted risk (QRM)



-

Title Line 1Title Line 2How we control transaction costsEmerging Markets Systematic Equity

For illustrative purposes only.

Proprietary transaction cost modelIntegrates cost considerations into every trading decision

Tuned to our trading style

Incorporates country-specific fees, taxes, commissions, and stamp duties

Minimal-impact execution processPatient trade horizon/low liquidity consumption

Efficient execution by our Global Program trading desk

Transaction cost monitoringProprietary cost reporting tool delivers comprehensive cost analytics T+1

Visualization tools summarize execution patterns and allow drill-down into individual orders

Sample report



-

Title Line 1Title Line 2Emerging Markets Systematic EquityPortfolio construction and risk controls

The characteristics presented are sought during the portfolio management process. Actual experience may not reflect all of these characteristics, or may be outside of stated ranges.

Benchmark: MSCI Emerging Markets Index

Position size Number of holdings

Relative weight ±3% Number of holdings Typically > 150

Sector weights Other

Typically within ±5% of the MSCI Emerging Markets Index sector weight

Cash Typically < 5%

Derivatives To equitize cash

Country weights

Typically within ±5% of the MSCI Emerging Markets Index country weight

Regular portfolio and risk reviews by Product Management and Investment Review Group

Market cap size limitations

Within the range of the benchmark



A

Los Angeles Dept of Water and PowerTitle Line 2Summary of guidelines

The portfolios have been in compliance with investment guidelines since the inception of the accounts (September 2016)• Benchmark:MSCIEmergingMarketsIMIND• Permittedinvestments:securitiesofnon-UScompaniesdoingbusinessinemergingmarkets,includingREITsanddepositaryreceipts;ETF’salsopermitted.

• Minimummarketcapitalizationforeligibleinvestments:$100million• 144Asecuritieswithoutregistrationrightslimitedto10%ofportfolio• Non-currencyderivativesarenotpermittedwithouttheconsentofthePlan• Currencyhedgingpermitted,upto25%ofportfoliovalue• Nogreaterthan7%investedinasingleissuer• Securitieswithgreaterthan10%ofoutstandingsharesheldbyWellingtonare

not permitted• Turnovernormallylessthan200%fortwelvemonthperiods• Trailingtwelvemonthprice-to-earningsnormallywithin±.5xrangeofbenchmark• Averagedividendyieldnormallywithin±.5xofbenchmark• Betanormallysimilartobenchmarkonarolling24-monthbasis



A

Market OverviewTitle Line 2Update and Outlook

We believe the environment well-suited for systematic techniques

Our Emerging Markets stock selection model was positive in Q1 2018

Momentum and value themes were strongest contributors

Quality theme was flat for the quarter



-

Title Line 1Title Line 2

% of months 51 40 27 52 30 40 43 51 44 46% time O/P 64 63 78 59 57 65 58 60 52 59

% of months 49 60 73 48 70 60 57 49 56 54% time O/P 61 63 57 67 65 61 66 65 71 66

Emerging Markets Systematic Equity CompositeGross performance in various market environments

Inception date: 30 September 2009 | Sources: Wellington Management, FactSet | The charts show the average monthly return of the Emerging Markets Systematic Equity Composite during positive and negative environments for each factor. The specific factors were selected because they were deemed to be relevant to this approach. Not all factors that exist are shown. | Please refer to the notes page for market environments for additional information | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE. Gross performance results are net of commissions and other direct expenses, but before (gross of) advisory fees, custody charges, withholding taxes, and other indirect expenses, and include reinvestment of dividends and other earnings. If all expenses were reflected, the performance shown would be lower. Actual fees will vary depending on, among other things, the applicable fee schedule and account size. Composite returns have the potential to be adjusted until reviewed and finalized 30 days following each calendar quarter end period. For use in one-on-one presentations only. This supplemental information complements the GIPS® compliant presentation provided in the attachment. Please refer to the Important Disclosures page for additional information.

0.0

10.0

20.0

30.0

40.0

50.0

Smallup

Lowgrowth

Valuedown

Lowvol

Contrarian Lowquality

EMdown

Fallingoil

Fallinggold

Fallingcommodities

0.0

10.0

20.0

30.0

40.0

50.0

Largeup

Highgrowth

Valueup

Highvol

Momentum Highquality

EMup

Risingoil

Risinggold

Risingcommodities

Average monthly active return (bps, USD), since inception as of 31 December 2017

Average monthly active return (bps, USD), since inception as of 31 December 2017



-

Title Line 1Title Line 2Notes page for market environments

Large up/Small up: evaluated by using the Size factor returns from MSCI Barra’s Global Equity Model (GEM2L)

High growth/Low growth: evaluated by using the Growth factor returns from MSCI Barra’s Global Equity Model (GEM2L)

Value up/Value down: evaluated by using the Value factor returns from MSCI Barra’s Global Equity Model (GEM2L)

High vol/Low vol: evaluated by using the Volatility factor returns from Barra’s Global Equity Model (GEM2L)

Momentum/Contrarian: evaluated using the Momentum factor returns from Barra’s Global Equity Model (GEM2L)

High quality/Low quality: evaluated by comparing the returns of top quintile “quality” (i.e., several aggregated valuation metrics including debt-to-equity ratio, ROIC, earnings stability, dividend yield, dividend growth, and accruals over time) versus companies with bottom quintile “quality” within the MSCI Emerging Markets Index

EM up/EM down: evaluated using 1-month % total return of the MSCI Emerging Markets Index

Rising oil/Falling oil: evaluated using 1-month % change in NYMEX West Texas Intermediate spot price

Rising gold/Falling gold: evaluated using 1-month % change in COMEX spot price

Rising commodities/Falling commodities: evaluated using 1-month % change of the Goldman Sachs Commodity Index (GSCI)



-

Title Line 1Title Line 2Emerging Markets Systematic Equity CompositeGross performance in various sector environments

Inception date: 30 September 2009| Sources: Wellington Management, FactSet | Benchmark: MSCI Emerging Markets Index | The charts show the average monthly active return of the Emerging Markets Systematic Equity Composite during leading and lagging environments for each sector. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE. Gross performance results are net of commissions and other direct expenses, but before (gross of) advisory fees, custody charges, withholding taxes, and other indirect expenses, and include reinvestment of dividends and other earnings. If all expenses were reflected, the performance shown would be lower. Actual fees will vary depending on, among other things, the applicable fee schedule and account size. Composite returns have the potential to be adjusted until reviewed and finalized 30 days following each calendar quarter end period. For use in one-on-one presentations only. This supplemental information complements the GIPS® compliant presentation provided in the attachment. Please refer to the Important Disclosures page for additional information.

% of months 43 45 59 52 40 60 41 59 53 59% time O/P 56 56 66 65 55 61 61 60 71 62

% of months 57 55 41 48 60 40 59 41 47 41% time O/P 68 69 59 60 68 65 64 66 53 63

0.0

10.0

20.0

30.0

40.0

Consdiscretionary

Consstaples

Energy Financials Healthcare

Industrials Infotechnology

Materials Telecomsvcs

Utilities

0.0

10.0

20.0

30.0

40.0

Consdiscretionary

Consstaples

Energy Financials Healthcare

Industrials Infotechnology

Materials Telecomsvcs

Utilities

Sectors leading the broad marketAverage monthly active return (bps, USD), since inception as of 31 December 2017

Sectors lagging the broad marketAverage monthly active return (bps, USD), since inception as of 31 December 2017



-

Title Line 1Title Line 2Emerging Markets Systematic EquityInvestment returns

Inception date: 30 September 2016 | Sums may not total due to rounding. | Performance returns for periods one year or less are not annualized. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

As of 31 March 2018 (%, USD)

1Q18 1 yrSince inception

LA Water & Power Employees' Retirement Plan (gross)

1.5 25.9 23.8

LA Water & Power Employees' Retirement Plan (net)

1.4 25.2 23.1

MSCI Emerging Markets IMI Net 1.3 24.1 20.6

Active return (net vs benchmark) 0.1 1.1 2.5

YTD 201730 Sep 2016 –31 Dec 2016

LA Water & Power Employees' Retirement Plan (gross)

1.5 41.6 -4.1

LA Water & Power Employees' Retirement Plan (net)

1.4 40.8 -4.3

MSCI Emerging Markets IMI Net 1.3 36.8 -4.4




-

Title Line 1Title Line 2Emerging Markets Systematic EquityInvestment returns

Inception date: 30 September 2016 | Sums may not total due to rounding. | Performance returns for periods one year or less are not annualized. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

As of 31 March 2018 (%, USD)

1Q18 1 yrSince inception

LA Water & Power Employees' Health Plan (gross)

1.7 25.9 23.9

LA Water & Power Employees' Health Plan (net)

1.5 25.2 23.2

MSCI Emerging Markets IMI Net 1.3 24.1 20.6


YTD 201730 Sep 2016 –31 Dec 2016

LA Water & Power Employees' Health Plan (gross)

1.7 41.4 -4.2

LA Water & Power Employees' Health Plan (net)

1.5 40.7 -4.3

MSCI Emerging Markets IMI Net 1.3 36.8 -4.4




-

Title Line 1Title Line 2LA Water & Power Employees' Retirement Plan

†MSCI Emerging Markets IMI Net. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

Performance review (USD): One year as of 31 March 2018Portfolio: 25.9%; Benchmark†: 24.1%

Sector allocation Security selectionSector attribution (bps)

Country allocation Security selectionCountry attribution (bps)

-200

-100

0

100

200

300

Consdiscretionary

Industrials Realestate

Materials Energy Utilities Telecomsvcs

Consstaples

Healthcare

Financials Infotechnology

-100

-80

-60

-40

-20

0

20

40

60

Russia Mexico Malaysia Thailand Colombia Peru S Korea Poland China S Africa



-

Title Line 1Title Line 2LA Water & Power Employees’ Retirement PlanPerformance review (USD): One year as of 31 March 2018Portfolio: 25.9%; Benchmark: 24.1%

Benchmark: MSCI Emerging Markets IMI Net. | *Represents securities not held in the portfolio during the period. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

Company Sector Country End weight (%)

Period return (%)

Relative impact (bps)

Geely Automobile Cons discretionary China 0.1 88.5 79

LG Electronics Cons discretionary S Korea 1.5 69.4 51

China Mobile Telecom svcs China 1.3 -7.0 37

Steinhoff Intl* Cons discretionary S Africa 0.0 -94.2 34

Anhui Conch Cement Materials China 0.9 63.6 33

KWG Property Real estate China 0.1 110.6 32

Sberbank Russia Financials Russia 1.4 67.3 30

General Interface Solutions Info technology Taiwan 0.0 73.9 27

Shimao Property Real estate China 0.0 77.9 27

Agile Group Real estate China 0.0 132.8 27

Company Sector Country End weight (%)

Period return (%)

Relative impact (bps)

Tencent Info technology China 3.3 82.3 -67

Alibaba Info technology China 1.9 70.2 -52

Ping An Insurance* Financials China 0.0 85.5 -35

Celltrion* Health care S Korea 0.0 267.6 -31

NetEase Info technology China 0.0 -3.9 -28

Dr Reddy's Laboratories Health care India 0.0 -21.4 -25

Telekomunikasi Indonesia Telecom svcs Indonesia 0.3 -13.8 -25

Polski Koncern Nafto Energy Poland 0.9 -0.1 -25

Telkom SA SOC Telecom svcs S Africa 0.0 -31.3 -24

Itau Unibanco Financials Brazil 0.0 -1.1 -23

Top relative contributors

Top relative detractors



-

Title Line 1Title Line 2LA Water & Power Employees’ Retirement PlanPerformance review (USD): One year as of 31 March 2018Portfolio: 25.9%; Benchmark: 24.1%

Benchmark: MSCI Emerging Markets IMI Net | Source: Wellington Management Quantitative Investment Group | Data calculating cumulative allocation impact of exposures to proprietary Quantitative Risk Model (QRM) factors | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

-200 -100 0 100 200 300 400 500

Specific

Industry

Other (trading & costs)

Region

Currency

Style

Country

QE model

Quantitative Risk Model factor attribution, cumulative gross active return (bps)



-

Title Line 1Title Line 2LA Water & Power Employees' Retirement PlanSector weights

†MSCI Emerging Markets IMI.

0

5

10

15

20

25

30

35

Financials Utilities Telecomsvcs

Energy Materials Consdiscretionary

Realestate

Consstaples

Infotechnology

Industrials Healthcare

% of equity as of 31 March 2018

Overweight Underweight

Portfolio Benchmark†



-

Title Line 1Title Line 2LA Water & Power Employees' Retirement PlanCountry weights

†MSCI Emerging Markets IMI. | Other represents additional countries held by the portfolio or benchmark.| The country/region data includes ETF holdings which are classified based upon their country of domicile and do not reflect classifications of underlying holdings. ETFs may be held for a variety of reasons, including but not limited to providing exposure to a specific country or to equitize cash.

0

10

20

30

40

% of equity as of 31 March 2018

Overweight Underweight

Portfolio Benchmark†


Copyright © 2018 All Rights Reserved2001300746/479845_1/479845/452344


Los Angeles Department of Water and PowerTitle Line 2Change in market value through 31 March 2018

Employees’ Retirement Plan portfolio ($ mil)

Employees’ Health Plan portfolio ($ mil)

Initial funding (cash and in-kind transfers) – September 2016

265.35 44.19

Contributions – September 2016 to March 2018

0.61 0.10

Withdrawls – September 2016 to March 2018

-0.16 -0.05

Capital appreciation and income 91.30 15.20

Ending market value 357.42 59.54

A1 28


-

Title Line 1Title Line 2LA Water & Power Employees' Retirement PlanTop ten active positions

Benchmark: MSCI Emerging Markets IMI | Sums may not total due to rounding.

As of 31 March 2018

Company Industry Country % of equities

% of benchmark

Active position (%)

Wal-Mart de Mexico Food & stpls retailing Mexico 1.7 0.2 1.5

Taiwan Semiconductor Semiconductors & semi equip Taiwan 1.8 3.3 -1.5

Alibaba Internet software & svcs China 1.9 3.3 -1.4

LG Electronics Househld durables S Korea 1.6 0.2 1.4

China Construction Bank Banks China 0.0 1.4 -1.4

Tencent Internet software & svcs China 3.4 4.7 -1.3

Mobile Telesystems Wireless telecom svcs Russia 1.4 0.1 1.3

YY Internet software & svcs China 1.2 0.1 1.2

TIM Participacoes Wireless telecom svcs Brazil 1.1 0.1 1.1

Infosys Limited IT svcs India 1.5 0.5 1.1

Total 15.7 13.8

Number of equity names: 212



-

Title Line 1Title Line 2LA Water & Power Employees’ Retirement PlanPortfolio characteristics

†MSCI Emerging Markets IMI | Sums may not total due to rounding. | If access products are held by the portfolio they may not be included in the calculation of characteristic data. Access products are instruments used to gain access to equity markets not otherwise available and may include (but are not limited to) instruments such as warrants, total return swaps, p-notes, or zero strike options. Please refer to the Important Disclosures page for additional information.

As of 31 March 2018Portfolio Benchmark†

Size

Asset-weighted market cap (USD, bil) 65.1 90.0

Over USD 50 bil (%) 22 34

USD 20 – 50 bil (%) 17 17

USD 10 – 20 bil (%) 23 16

USD 2 – 10 bil (%) 29 24

Under USD 2 bil (%) 9 10

Valuation

Projected EPS growth – median (5-yr, %) 10.0 14.0

Projected P/E – median (x) 9.5 11.9

P/E trailing ex negatives – median (x) 9.6 12.0

Price/book (x) 1.3 1.7

Price to cash flow ratio 5.3 7.2

Yield (%) 3.1 2.4

ROE (1-yr, %) 17.0 16.9

Debt % of equity (%) 92.7 96.1

Risk

Projected beta – equity 0.94

Projected tracking risk (%) 2.27

Projected R² 0.97



A

Los Angeles Dept of Water and PowerTitle Line 2Investment management fee schedule

On all assets• 57basispointsperannum



-

Title Line 1Title Line 2Emerging Markets Systematic EquityKey considerations

Wellington Management uses quantitative investment models in the management of this investment strategy. All quantitative investment models have risks related to mistakes in coding software (e.g., software bugs) and inaccurate or stale data inputs. Because our quantitative investment models are complex, some of these issues may not be detected for a prolonged period before being corrected. In addition, quantitative investment models are susceptible to temporary disruptions due to technological failures (e.g., systems, communications or power outages). These risks may have a negative impact on the investment performance of this investment approach.

Wellington Management has adopted controls that we believe are reasonably designed to mitigate (but not eliminate) these risks. These controls include monitoring the quantitative investment model’s data inputs and results, the review and testing of systems changes made to the model, and the implementation of business continuity procedures.



-

Title Line 1Title Line 2Important disclosures

Additional performance informationPast results are not necessarily indicative of future results. There can be no assurance nor should it be assumed that future investment performance of any strategy will conform to any performance examples set forth in this material or that the portfolio’s underlying investments will be able to avoid losses. The investment results and any portfolio compositions set forth in this material are provided for illustrative purposes only and may not be indicative of the future investment results or future portfolio composition. The composition, size of, and risks associated with an investment in the strategy may differ substantially from the examples set forth in this material. An investment can lose value.

Impact of feesIllustration of impact of fees: If USD100,000 was invested and experienced a 10% annual return compounded monthly for ten years, its ending value, without giving effect to the deduction of advisory fees, would be USD270,704 with an annualized compounded return of 10.47%. If an advisory fee of 0.95% of average net assets per year were deducted monthly for the ten-year period, the annualized compounded return would be 9.43% and the ending USD value would be USD246,355. Information regarding the firm's advisory fees is available upon request.

Selection of representative accountThe current representative account became effective on 1 October 2009 because it was the only account at the time of selection. For data shown prior to the current representative account effective date, data of the representative account(s) deemed appropriate for the time period was used. Further information regarding former representative accounts can be provided upon request. Each client account is individually managed; individual holdings will vary for each account and there is no guarantee that a particular account will have the same characteristics as described. Actual results may vary for each client due to specific client guidelines, holdings, and other factors. In limited circumstances, the designated representative account may have changed over time, for reasons including, but not limited to, account termination, imposition of significant investment restrictions, or material asset size fluctuations.

Access productsIf access products are held by the portfolio they may not be included in the calculation of characteristic data. Access products are instruments used to gain access to equity markets not otherwise available and may include (but are not limited to) instruments such as warrants, total return swaps, p-notes, or zero strike options.



Wellington Management Composite: Emerging Markets Systematic Equity Schedule of Performance Returns from 01 October 2009 to 31 December 2017

Page 1 of 2 EMEQUANTTOT ©2018 Wellington Management Company LLP. All rights reserved. Generated on: 09 April 2018

Period Gross Return (%)

Net Return (%)

Benchmark Return (%)

Number of Portfolios

Internal Dispersion (%)

Composite Mkt.Value (USD Mil)

Total Firm Assets (USD Mil)

2009 1 9.30 9.07 8.58 < 6 N/M 12 537,384 2010 22.09 21.08 19.20 < 6 N/M 26 633,922 2011 -14.96 -15.69 -18.17 < 6 N/M 21 651,496 2012 24.08 23.04 18.64 < 6 N/M 35 757,903 2013 1.16 0.31 -2.27 < 6 N/M 193 834,441 2014 -0.40 -1.24 -1.82 6 N/M 466 914,109 2015 -13.25 -14.00 -14.60 7 1.1 498 926,949 2016 11.88 10.98 11.60 9 0.7 886 979,210 2017 42.04 41.08 37.75 13 1.2 2,021 1,080,307

Benchmark: MSCI Emerging Markets 1 Returns reflect performance beginning 01 October 2009. Partial year returns are not annualized. N/M: For years where there are less than six portfolios throughout the performance period, Internal Dispersion is not meaningful. Composite Description: Portfolios included in the Emerging Markets Systematic Equity Composite seek to achieve consistent, long-term total returns in excess of the MSCI Emerging Markets Index by using quantitative stock selection within a risk-managed portfolio construction approach. Composite Creation Date: The composite creation date is August 2009. Composite Membership: All fully discretionary, fee paying portfolios are eligible for inclusion in the composite. Fee Schedule: Effective October 2016 the institutional separate account fee schedule for this product is: Market Value Annual Fee On the first US$50 million 0.70% On the next US$50 million 0.65 Over US$100 million 0.60 Benchmark Definition: MSCI Emerging Markets is a free float-adjusted market capitalization index that captures large and mid cap representation across Emerging Markets countries. Firm: For purposes of GIPS® compliance, the Firm is defined as all portfolios managed by Wellington Management Company LLP, an independently owned, SEC-registered investment adviser, as well as its affiliates (collectively, Wellington Management). Wellington Management provides investment advisory services to institutions around the world. GIPS®: Wellington Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Wellington Management has been independently verified for the periods 1 January 1993 to 31 December 2016. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Performance Calculation: Gross performance results are net of trading expenses. Returns are gross of withholding taxes on dividends, interest and capital gains. Returns, market values, and assets are reported in USD except when otherwise noted. Returns, market values and assets reported in currencies other than USD are calculated by converting the USD monthly return and assets using the appropriate exchange rate (official 4:00 p.m. London closing spot rates). Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Net of fees performance reflects the deduction of the highest tier investment management fee ("model fee") that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints and is calculated by subtracting 1/12th of the model fee from monthly gross composite returns. Please be advised that the composite may include members that are effectively subject to higher management fees that are inapplicable to you. Performance net of model fees is intended to provide the most appropriate example of the impact management fees would have for you. Pool investors will experience costs in excess of investment management fees, such as operating expenses and custodial fees. These indirect costs are not reflected in the model fee, or net of fees performance. Internal Dispersion: The dispersion measure presented is the asset-weighted standard deviation. The asset-weighted standard deviation measures the dispersion of individual portfolio returns relative to the asset-weighted composite return. Only portfolios that have been included in the composite for the full period are included in the standard deviation calculation. Limitations imposed by client guidelines or by law on a portfolio's ability to invest in certain securities or instruments, such as IPO securities, and/or implementation of the firm's Trade Allocation Policies and Procedures, may cause the portfolio's performance to differ from that of the composite.

-

_23 May 2018 A1 34


Wellington Management Composite: Emerging Markets Systematic Equity Schedule of Performance Returns from 01 October 2009 to 31 December 2017

Page 2 of 2 EMEQUANTTOT ©2018 Wellington Management Company LLP. All rights reserved. Generated on: 09 April 2018

External Dispersion: The dispersion measure presented is the three-year annualized ex-post standard deviation. It measures the variability of the composite and the benchmark(s) over the preceding 36-month period. For periods prior to 1 January 2011, the Firm was not required to present the three-year annualized ex-post standard deviation.

3-Year Standard Deviation (%) Year Composite Benchmark 2011 N/A* N/A* 2012 21.51 21.49 2013 19.29 19.03 2014 15.38 14.99 2015 14.39 14.04 2016 16.38 16.07 2017 15.89 15.36

*N/A for performance periods with less than 36 months of data based on composite inception date. Composite Listing: Wellington Management's list of composite descriptions is available upon request. Other Matters: This material contains summary information regarding the investment approach described herein and is not a complete description of the investment objectives, policies, guidelines, or portfolio management and research that supports this investment approach. Any decision to engage Wellington Management should be based upon a review of the terms of the investment management agreement and the specific investment objectives, policies, and guidelines that apply under the terms of such agreement. Past Performance: Past results are not necessarily indicative of future results and an investment can lose value.

-

_23 May 2018 A1 35


A

GlossaryTitle Line 2Investment Terms

Contextual alpha model – The model incorporates risk information, sentiment information and trading information to rank stocks on a “difficult-to-value” (DTV) spectrum, which then translates into the recipe that we use to form the alpha forecast at the stock level

Pure value – cyclical value factors such as P/E, P/B, etc.

Fair value – absolute value factors such as dividend discount models

Earnings quality – accrual growth compared to cashflows, operating cashflows compared to assets, etc

Management behavior – capital stewardship factors – changes in external financing, share issuance/repurchase, etc.

Short-term momentum – price momentum, sentiment, and momentum of other financial statement items (sales, earnings, dividends) – typically over 1-3 month period

Long-term momentum – price momentum – typically over 3-12 month period


Wellington Management Company LLP Page 1 of

Data last updated on: APR-05-2018

RMHLDETSCEQ 13

Cash and Cash Equivalents

Equities

Cash

Short-Term Cash Equivalents

Energy

Energy

-5,014

*

24,100

1,609,756

10,273

112,728

6,375,529

10,950,700

743,043

1,312,489

33,002

95,914

158,125

76,800

Security Shares orPar Value Unit Cost Unit Price Cost

Pct Asset Class YieldMarket Value

LA Water & Power Employees' Retirement Pla68H2USDQEM Emerging Markets QE

Holdings Detail by Sector-EquityMarch 31, 2018

0.304

0.020

0.084

0.034

0.252

100.000

0.095

0.746

1.905

7.331

9.097

7.109

4.797

100.000

0.155

0.878

2.485

10.390

19.330

9.198

4.866

-1,524

472

135,856

352

28,457

6,375,529

1,043,722

554,405

2,499,869

241,951

872,500

1,124,181

368,427

-1,509

462

135,859

352

28,456

6,381,495

1,694,207

652,315

3,261,029

342,891

1,854,018

1,454,503

373,709

-0.02

0.01

2.08

0.01

0.43

97.50

0.48

0.19

0.93

0.10

0.53

0.42

0.11

6.25

4.40

3.29

6.63

0.25

12.72

1.50

2.77

9.05

5.82

0.73

3.13

6.42

4.27

Total Cash and Cash Equivalents 6,539,141

Total Cash

Total Short-Term Cash Equivalents

163,612

6,375,529

6,545,116

163,621

6,381,495

2.50

97.50

1.66

7.67

1.50

Pct Total

*

*

0.04

*

0.01

1.79

0.48

0.18

0.92

0.10

0.52

0.41

0.10

1.84

0.05

1.79

Account ID: Reporting Currency Code:

Portfolio Manager:

********

********

********

********

********

********

********

Brazilian Real

Indonesian Rupiah

Philippine Peso

South African Rand

Taiwan Dollar (New)

Turkish Lira (New)

COLTV STIF 1.5026%

Adaro Energy Tbk PT

China Petro&Chem-H

China Shenhua Energy

Cosan Ltd -Cl A Shrs

Ecopetrol SA ADR

Exxaro Resources Ltd

Gazprom Oao GDR

********

************

************

************

************

************

100.00

Brazil

Indonesia

Philippines

South Africa

Taiwan

Turkey

United States

Indonesia

China

China

Brazil

Colombia

South Africa

Russia

Country



RMHLDETSCEQ 13

Materials

Materials

43,216

107,400

134,254

224,537

311,400

123,433

12,005

2,719,300

356,433

622,400

743,542

12,345

595,387

23,600

467,484

745,633

317,971

17,767

167,044

335,537

122,390

3,986

65,947





9.618

5.941

17.064

1.392

2.277

11.618

135.864

0.308

4.754

1.975

2.472

30.514

3.199

14.071

2.231

3.462

0.764

14.657

3.366

2.216

3.729

42.492

29.591

10.920

6.442

24.558

1.649

3.662

17.653

197.955

0.512

4.890

2.934

2.324

27.345

5.447

14.442

2.646

3.721

1.051

16.200

3.317

2.390

3.290

47.847

23.889

415,642

638,019

2,290,932

312,455

709,155

1,434,072

1,631,052

838,758

1,694,462

1,229,011

1,837,680

376,690

1,904,644

332,076

1,043,045

2,581,588

242,897

260,404

562,244

743,495

456,374

169,374

1,951,451

471,938

691,850

3,297,068

370,372

1,140,240

2,178,926

2,376,447

1,391,391

1,742,957

1,826,198

1,728,225

337,570

3,243,097

340,835

1,236,743

2,774,674

334,253

287,825

554,114

801,933

402,663

190,718

1,575,381

0.14

0.20

0.94

0.11

0.33

0.62

0.68

0.40

0.50

0.52

0.49

0.10

0.93

0.10

0.35

0.79

0.10

0.08

0.16

0.23

0.12

0.05

0.45

3.07

0.00

3.57

3.54

3.71

3.62

3.79

7.14

1.08

5.72

2.11

0.00

3.50

0.00

8.02

6.45

3.26

0.52

0.00

2.29

0.52

1.47

10.94

Total Energy 19,736,293

Total Energy 19,736,293

26,848,284

26,848,284

7.68

7.68

4.03

4.03

Pct Total

0.13

0.19

0.93

0.10

0.32

0.61

0.67

0.39

0.49

0.51

0.49

0.09

0.91

0.10

0.35

0.78

0.09

0.08

0.16

0.23

0.11

0.05

0.44

7.54

7.54


Portfolio Manager:

********

********

********

********

********

MOL Hunga O&G NYRT

Petrobras Pref

Polski Koncern Nafto

Polskie Gornictwo

PTT Explor & Prodtn

PTT PCL FGN

SK Innovation Co Ltd

Star Petroleum Refin

Surgutneftegas ADR

Thai Oil PCL Frgn

United Tractors Tbk

Anglo Amer Platinum

Anhui Conch Cement

Braskem Sa-Pref A

Eregli Demir Celik

Formosa Chem & Fiber

Grand Pacific Petro

Grasim Ind GDR RgSS

Grupo Mexico SAB-B

Harmony Gld Mng ADR

Hindalco Indu SRg144

Hyundai Steel Co

Kumba Iron Ore Ltd

************

************

Hungary

Brazil

Poland

Poland

Thailand

Thailand

South Korea

Thailand

Russia

Thailand

Indonesia

South Africa

China

Brazil

Turkey

Taiwan

Taiwan

India

Mexico

South Africa

India

South Korea

South Africa

Country



RMHLDETSCEQ 13

Industrials

Capital Goods

1,218,302

409,600

406,953

11,872

1,234,239

35,686

1,756,739

7,153

127,700

6,445

157,248

159,693

123,943

465,034

2,007,156

34,105

11,376

1,374,235

414,495

721,109

1,318,588





0.824

1.094

2.060

218.125

2.020

15.015

0.565

54.089

6.254

10.898

11.383

10.953

4.983

0.816

1.490

32.217

55.552

0.678

2.512

0.685

0.846

1.496

1.032

2.135

305.376

3.022

15.090

0.608

49.150

10.037

8.680

17.570

14.015

5.224

0.693

1.399

36.730

80.777

0.683

4.304

1.298

1.121

1,003,655

448,023

838,511

2,589,582

2,493,216

535,817

992,833

386,900

798,602

70,235

1,789,928

1,749,081

617,580

379,668

2,989,895

1,098,774

631,955

931,607

1,041,329

494,204

1,115,096

1,822,416

422,847

869,036

3,625,421

3,729,952

538,502

1,067,702

351,570

1,281,764

55,943

2,762,847

2,238,094

647,486

322,335

2,808,070

1,252,660

918,917

937,947

1,784,001

935,654

1,478,483

0.52

0.12

0.25

1.04

1.07

0.15

0.31

0.10

0.37

0.02

0.79

0.64

0.19

0.09

0.80

0.36

0.26

0.27

0.51

0.27

0.42

3.57

5.81

3.27

2.46

3.76

10.45

7.85

2.38

1.13

1.57

13.45

2.35

2.39

1.85

3.28

1.53

1.51

7.20

3.69

2.93

3.54

Total Materials 22,571,585

Total Materials

Total Capital Goods

22,571,585

11,049,189

28,607,805

28,607,805

13,323,647

8.19

8.19

3.81

5.18

5.18

3.09

Pct Total

0.51

0.12

0.24

1.02

1.05

0.15

0.30

0.10

0.36

0.02

0.78

0.63

0.18

0.09

0.79

0.35

0.26

0.26

0.50

0.26

0.42

8.04

8.04

3.74


Portfolio Manager:

********

********

********

********

********

********

Nine Dragons Paper H

Oriental Union Chem

Petronas Chem Group

POSCO

PTT Global Chemical

Severstal -GDR RgSS

Sinopec Shanghai Pet

Soc Quimca Y Min ADR

Suzano Papel e Cel

Tata Steel GDR RgSS

Vedanta Ltd -ADR

Barloworld Ltd

Beijing Enterprises

China Railway Grp -H

Citic Ltd

Han Wha Corporation

LG Corp

Sime Darby Bhd

Tekfen Holding AS

Trakya Cam Sanayii

Weichai Power Co Ltd

************

************

************

China

Taiwan

Malaysia

South Korea

Thailand

Russia

China

Chile

Brazil

India

India

South Africa

China

China

China

South Korea

South Korea

Malaysia

Turkey

Turkey

China

Country



RMHLDETSCEQ 13

Consumer Discretionary

Transportation

Automobiles & Components

Consumer Durables & Apparel

2,419,129

297,276

662,912

118,520

2,794,690

76,975

1,010,000

7,515

58,992

18,823

766,299

373,023

80,113

15,880

560,206

52,924





0.769

2.147

0.505

5.370

1.104

0.903

1.435

69.559

31.810

33.915

0.891

0.770

3.937

15.651

2.394

60.633

1.016

2.288

0.549

6.028

1.161

2.880

1.842

46.252

29.083

25.700

1.184

0.477

5.046

15.209

3.561

102.730

1,859,475

638,156

334,694

636,441

3,086,092

69,526

1,449,511

522,735

1,876,547

638,383

683,046

287,344

315,381

248,532

1,340,959

3,208,956

2,457,905

680,169

364,047

714,459

3,243,967

221,658

1,860,862

347,584

1,715,688

483,751

907,065

177,831

404,224

241,525

1,995,051

5,436,887

0.70

0.19

0.10

0.20

0.93

0.06

0.53

0.10

0.49

0.14

0.26

0.05

0.12

0.07

0.57

1.56

3.05

1.47

3.39

4.68

0.00

1.28

0.00

2.74

2.58

0.05

3.98

0.00

2.48

0.00

1.04

0.37

Total Industrials 14,517,956

Total Transportation

Total Automobiles & Components

3,468,766

8,325,839

17,540,227

4,216,580

8,780,574

5.02

1.21

2.51

3.10

3.10

1.06

Pct Total

0.69

0.19

0.10

0.20

0.91

0.06

0.52

0.10

0.48

0.14

0.25

0.05

0.11

0.07

0.56

1.53

4.93

1.18

2.47


Portfolio Manager:

********

********

********

********

********

********

********

********

AirAsia BHD

Malaysia Airports

Sinotrans Co LTD

TAV Havalimanlari Ho

Dongfeng Motor Grp H

Geely Automobile Hol

Guangzhou Automobile

Halla Holding Corp

Kia Motors Corp

Tata Motors Ltd-ADR

Tianneng Power Inter

Amtran Technology Co

Anta Sports Products

Arezzo Industria

Haier Electronics Gr

LG Electronics

************

************

************

************

************

************

Malaysia

Malaysia

China

Turkey

China

China

China

South Korea

South Korea

India

China

Taiwan

China

Brazil

China

South Korea

Country



RMHLDETSCEQ 13

Consumer Staples

Consumer Services

Media

Retailing

188,802

175,452

36,227

18,333

361,950

3,779,521

139,497

1,911

5,815

8,181

158,901

144,338





10.437

2.215

17.381

191.583

0.972

0.658

8.307

203.881

89.546

113.948

6.298

2.173

10.522

2.257

21.719

244.063

0.935

0.681

6.210

209.588

86.875

99.916

9.123

2.733

1,970,555

388,704

629,662

3,512,297

351,834

2,485,213

1,158,749

389,617

520,709

932,212

1,000,785

313,708

1,986,522

395,992

786,805

4,474,405

338,569

2,574,474

866,295

400,523

505,178

817,409

1,449,596

394,487

0.57

0.11

0.23

1.28

0.10

0.74

0.25

0.11

0.14

0.23

0.41

0.11

0.93

2.46

0.00

0.20

0.00

1.92

0.00

1.34

0.86

1.60

0.39

1.68

Total Consumer Discretionary 27,381,058

Total Consumer Durables & Apparel

Total Consumer Services

Total Media

Total Retailing

5,401,173

2,359,259

4,493,793

6,800,994

32,026,347

8,255,519

2,382,514

5,599,778

7,007,962

9.16

2.36

0.68

1.60

2.01

0.83

0.61

1.19

0.16

1.20

Pct Total

0.56

0.11

0.22

1.26

0.10

0.72

0.24

0.11

0.14

0.23

0.41

0.11

9.00

2.32

0.67

1.57

1.97


Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

********

Estacio Participacoe

Genting Bhd

JYP Entertainment Co

Naspers Limited

RS PCL

Beauty Community PCL

Cia Hering

CJ O Shopping Co Ltd

Hyundai Dept Store

Hyundai Home Shoppin

Via Varejo SA

Zhongsheng Group Hld

************

************

************

************

************

************

Brazil

Malaysia

South Korea

South Africa

Thailand

Thailand

Brazil

South Korea

South Korea

South Korea

Brazil

China

Country



RMHLDETSCEQ 13

Health Care

Food & Staples Retailing

Food Beverage & Tobacco

Household & Personal Products

Health Care Equipment & Services

18,588

110,794

2,325,080

64,911

111,010

936,444

211,908

15,207

77,704

1,489

277,115

957,704

138,182

140,237





20.576

12.916

2.289

2.771

6.530

0.427

5.455

99.869

6.509

277.176

0.037

2.153

10.777

9.841

18.150

15.370

2.534

3.427

6.577

0.419

5.264

93.817

6.613

287.081

0.029

2.349

9.263

14.319

382,468

1,431,003

5,322,811

179,880

724,895

399,521

1,155,924

1,518,713

505,801

412,715

10,370

2,061,710

1,489,136

1,380,059

337,375

1,702,854

5,892,470

222,482

730,069

392,306

1,115,528

1,426,682

513,875

427,464

8,153

2,249,982

1,280,001

2,008,058

0.10

0.49

1.69

0.06

0.21

0.11

0.32

0.41

0.15

0.12

*

0.64

0.37

0.57

2.64

1.77

1.64

0.56

0.71

2.29

3.59

4.00

1.96

1.31

8.03

3.49

0.42

Total Consumer Staples 16,975,004

Total Food & Staples Retailing

Total Food Beverage & Tobacco

Total Household & Personal Products

7,136,283

6,969,527

2,869,194

18,307,299

7,932,699

7,086,541

3,288,059

5.24

2.27

2.03

0.94

2.72

1.71

4.36

1.61

Pct Total

0.09

0.48

1.66

0.06

0.21

0.11

0.31

0.40

0.14

0.12

*

0.63

0.36

0.56

5.14

2.23

1.99

0.92


Portfolio Manager:

********

********

********

********

********

********

********

********

********

BIM Birlesik Magazal

Clicks Group Ltd

Wal-Mart de Mexico

China Mengniu Dairy

Easy Bio Inc

GFPT Pcl

Gudang Garam Tbk Pt

KT&G Corp

Kuala Lumpur Kp MALD

NongShim Co Ltd

Thaifoods Group PCL Wts 05-18-20 9.50

Uni-President Enterp

Hengan Intl Group

TCI Co Ltd

************

************

************

************

************

************

Turkey

South Africa

Mexico

China

South Korea

Thailand

Indonesia

South Korea

Malaysia

South Korea

Thailand

Taiwan

China

Taiwan

Country



RMHLDETSCEQ 13

Financials

Pharma, Biotech & Life Sciences

Banks

54,081

383,857

135,896

12,318

120,959

31,263

2,827,562

94,632

6,594,000

4,174,469

6,589,893

8,886,401

20,507

2,131,290

243,476

106,013

10,988,900

5,195,131





31.331

2.380

2.919

79.556

11.258

25.981

0.407

5.714

0.438

0.463

0.477

0.269

17.402

0.807

8.546

8.632

0.044

0.673

29.221

2.492

3.083

100.385

10.880

20.899

0.296

4.606

0.568

0.630

0.538

0.261

16.010

0.784

12.008

9.757

0.046

0.683

1,694,398

913,657

396,746

979,968

1,361,790

812,242

1,149,408

540,745

2,890,390

1,933,959

3,143,465

2,387,506

356,854

1,720,787

2,080,704

915,151

479,516

3,497,772

1,580,307

956,665

419,031

1,236,538

1,316,006

653,376

835,843

435,884

3,747,212

2,630,363

3,543,360

2,323,664

328,320

1,670,098

2,923,675

1,034,370

502,851

3,548,017

0.45

0.27

0.12

0.35

0.38

0.19

0.24

0.12

1.07

0.75

1.01

0.66

0.09

0.48

0.84

0.30

0.14

1.02

2.93

1.50

1.96

0.51

3.07

2.00

1.60

2.42

4.99

2.95

5.20

2.97

5.64

5.79

0.00

2.21

7.00

6.07

Total Health Care 7,848,954

Total Health Care Equipment & Services

Total Pharma, Biotech & Life Sciences

2,608,054

5,240,900

7,433,650

2,536,972

4,896,678

2.13

0.73

1.40

2.05

2.39

1.88

Pct Total

0.44

0.27

0.12

0.35

0.37

0.18

0.23

0.12

1.05

0.74

1.00

0.65

0.09

0.47

0.82

0.29

0.14

1.00

2.09

0.71

1.38


Portfolio Manager:

********

********

********

********

********

********

********

St Shine Optical Co

Top Glove Corp Bhd

Guangzhou Baiyunshan

Huons Co Ltd

Hypermarcas SA

Richter Gedeon Nyrt.

Sihuan Pharmaceutica

YiChang HEC ChangJia

Agricult Bk China-H

Bank Negara Indonesi

Bank Of China Ltd -H

Bank Rakyat Indonesi

Barclays Africa Grou

Bk of Communications

Bk Santander Brasil

BNK Financial Group

BPD Jawa Timur TBK P

China Citic Bank -H

************

************

************

************

************

Taiwan

Malaysia

China

South Korea

Brazil

Hungary

China

China

China

Indonesia

China

Indonesia

South Africa

China

Brazil

South Korea

Indonesia

China

Country



RMHLDETSCEQ 13

Diversified Financials

1,617,878

1,197,500

1,234,000

2,143,084

3,671,559

1,143,140

649,882

58,231

2,129,735

163,062

584,300

60,537

257,882

406,469

10,670

266,945

17,818

750,732

230,865

504,361

325,024

578,735

99,025

503,707

6,566,326

472,000

1,415,766





0.469

1.111

0.628

1.448

0.661

1.650

5.907

27.000

0.645

11.421

4.227

36.518

1.398

2.164

37.667

10.291

47.250

0.479

1.769

1.743

2.660

1.242

10.388

2.494

0.366

2.129

0.439

0.480

0.972

0.766

1.859

0.727

1.368

6.088

42.921

0.858

14.401

4.149

56.947

2.343

2.740

44.990

18.630

42.875

0.490

1.719

2.870

2.762

1.643

13.744

3.533

0.363

2.095

0.420

758,994

1,330,796

774,770

3,102,127

2,425,367

1,885,612

3,839,143

1,572,226

1,373,080

1,862,292

2,469,965

2,210,714

360,544

879,604

401,906

2,747,240

841,896

359,802

408,457

879,166

864,621

718,925

1,028,678

1,256,206

2,404,414

1,004,915

621,499

777,162

1,164,192

944,961

3,983,654

2,669,584

1,563,816

3,956,577

2,499,360

1,826,270

2,348,252

2,424,328

3,447,411

604,089

1,113,902

480,040

4,973,185

763,939

368,195

396,834

1,447,598

897,603

951,069

1,361,025

1,779,395

2,384,469

988,708

595,292

0.22

0.33

0.27

1.14

0.76

0.45

1.13

0.72

0.52

0.67

0.69

0.99

0.17

0.32

0.14

1.42

0.22

0.11

0.11

0.41

0.26

0.27

0.39

0.51

0.68

0.28

0.17

5.99

4.34

3.76

3.48

4.01

0.88

0.00

3.39

4.46

4.02

0.00

3.16

6.83

5.19

80.54

1.71

3.17

3.52

3.91

5.57

3.81

0.74

4.10

3.69

6.22

5.17

6.38

Total Banks 52,502,030 63,214,976 18.09 3.91

Pct Total

0.22

0.33

0.27

1.12

0.75

0.44

1.11

0.70

0.51

0.66

0.68

0.97

0.17

0.31

0.13

1.40

0.21

0.10

0.11

0.41

0.25

0.27

0.38

0.50

0.67

0.28

0.17

17.76


Portfolio Manager:

********

****************

China Everbright Ban

China Minsheng Bank

Chongqing Rural Co-H

CIMB Group Holdings

CTBC Financial Hldg

Federal Bank Lt RgSS

Grupo Fin Banorte SA

Hana Financial Group

Ind&Comm Bk China-H

Industrial Bk Korea

Itausa-Invest Pref

KB Financial Group

Kiatnakin Fin Frgn

Malayan Banking MALD

OTP Bank Plc

Sberbank-Sponsor ADR

Shinhan Financial

Taishin Finl Holding

Thanachart Capital P

Tisco Fin Group-NVDR

Turkiye Garanti Bk

Turkiye Vakiflar Ban

Woori Bank

Chailease Holding Co

China Cinda Asset-H

China Everbright Ltd

China Huarong Asset

************

************

China

China

China

Malaysia

Taiwan

India

Mexico

South Korea

China

South Korea

Brazil

South Korea

Thailand

Malaysia

Hungary

Russia

South Korea

Taiwan

Thailand

Thailand

Turkey

Turkey

South Korea

Taiwan

China

China

China

Country



RMHLDETSCEQ 13

Information Technology

Insurance

Software & Services

1,150,000

160,224

5,331,400

2,480,581

1,202,962

355,677

7,084

131,668

10,560

43,255

4,651,694

288,816

3,957,373

36,482

5,607

8,812

6,734

302,791

224,502





1.522

7.705

0.147

0.449

1.584

1.023

63.418

5.573

35.712

12.793

0.414

1.783

0.274

109.872

85.074

239.505

56.064

15.872

29.392

1.718

9.818

0.100

0.458

1.780

1.029

60.981

5.807

36.495

12.595

0.468

1.751

0.394

183.540

85.940

223.190

54.320

17.850

52.190

1,750,551

1,234,455

784,489

1,113,514

1,905,946

363,794

449,250

733,849

377,121

553,365

1,925,496

514,845

1,083,269

4,008,348

477,009

2,110,516

377,533

4,806,025

6,598,532

1,976,026

1,573,034

535,413

1,135,774

2,141,295

365,961

431,992

764,635

385,387

544,787

2,175,212

505,629

1,560,853

6,695,906

481,866

1,966,750

365,793

5,404,819

11,716,680

0.57

0.45

0.15

0.33

0.61

0.10

0.12

0.22

0.11

0.16

0.62

0.14

0.45

1.92

0.14

0.56

0.10

1.55

3.35

3.99

1.73

2.11

4.12

3.85

2.45

3.54

2.26

3.86

1.88

1.34

3.07

3.04

0.00

0.00

0.00

0.69

2.18

0.22

Total Financials 70,579,009

Total Diversified Financials

Total Insurance

10,170,044

7,906,935

83,058,839

10,968,112

8,875,751

23.77

3.14

2.54

3.83

4.26

2.72

Pct Total

0.56

0.44

0.15

0.32

0.60

0.10

0.12

0.21

0.11

0.15

0.61

0.14

0.44

1.88

0.14

0.55

0.10

1.52

3.29

23.33

3.08

2.49


Portfolio Manager:

********

********

********

********

********

********

********

Fubon Financial Hldg

Krungthai Card FRG

Metro Pacific Invest

Yuanta Financial Hld

Cathay Fin Hldg Co

China Life Insurance

Dongbu Insurance Co

Hanwha Life Insuranc

Hyundai Marine & Fir

IRB Brasil Resseguro

People's Insurance-H

PICC Property & C-H

Shin Kong Financial

Alibaba Group Holdin

Autohome Inc-Adr

Baidu Inc - Spon ADR

DuzonBIzon Co Ltd

Infosys Tech Ltd ADR

Tencent Holdings Ltd

************

************

************

************

Taiwan

Thailand

Philippines

Taiwan

Taiwan

Taiwan

South Korea

South Korea

South Korea

Brazil

China

China

Taiwan

China

China

China

South Korea

India

China

Country



RMHLDETSCEQ 13

Technology Hardware & Equipment

Semiconductors,Semiconductor Eqpmt

186,399

746,531

14,501

41,109

313,046

2,680,632

254,438

1,563,113

924,304

699,888

3,003,675

365,500

2,814,058

486,414

5,447

57,908

1,635,018

46,316

75,521

992,468

30,724

2,690,355





2.665

5.025

30.459

81.105

3.566

0.850

8.993

0.399

0.806

2.753

0.394

2.817

0.595

2.753

1,562.201

6.271

0.722

9.522

4.889

2.112

50.823

0.156

2.899

5.160

45.330

105.200

3.382

0.852

9.415

0.468

1.715

2.744

0.348

4.568

0.511

2.511

2,308.847

6.276

0.859

17.903

4.625

2.308

48.950

0.124

496,680

3,751,013

441,686

3,334,134

1,116,434

2,277,429

2,288,103

623,048

744,772

1,926,889

1,184,661

1,029,597

1,674,757

1,339,018

8,509,309

363,136

1,180,113

441,007

369,233

2,095,978

1,561,471

418,974

540,318

3,852,100

657,330

4,324,667

1,058,625

2,284,656

2,395,419

731,779

1,585,046

1,920,329

1,045,625

1,669,556

1,437,811

1,221,165

12,576,290

363,452

1,404,712

829,199

349,300

2,290,808

1,503,940

332,511

0.15

1.10

0.19

1.24

0.30

0.65

0.69

0.21

0.45

0.55

0.30

0.48

0.41

0.35

3.60

0.10

0.40

0.24

0.10

0.66

0.43

0.10

1.39

0.30

0.00

0.00

4.19

2.82

5.46

10.99

3.30

4.75

4.93

4.46

6.61

5.46

3.50

5.46

4.79

2.87

0.00

3.12

0.00

0.00

Total Software & Services

Total Technology Hardware & Equipment

26,401,476

25,067,506

36,006,229

30,872,965

10.30

8.83

0.46

4.22

Pct Total

0.15

1.08

0.18

1.21

0.30

0.64

0.67

0.21

0.45

0.54

0.29

0.47

0.40

0.34

3.53

0.10

0.39

0.23

0.10

0.64

0.42

0.09

10.11

8.67


Portfolio Manager:

********

********

********

********

********

Travelsky Technology

Wipro Ltd-ADR

WNS Hldgs Ltd ADR

YY Inc ADR

Accton Tech Corp

Acer Inc

Asustek Computer Inc

AU Optronics Corp

E Ink Holdings Inc

Foxconn Technology

Hannstar Display Co

Kingboard Chemical

Lenovo Group Ltd

Pegatron Corp

Samsung Electronics

Simplo Technology Co

Wistron Corp

Yageo Corporation

Yangtze Optical Fibr

Chipbond Technology

Daqo New Energy ADR

GCL Poly Energy Hldg

************

************

************

************

China

India

India

China

Taiwan

Taiwan

Taiwan

Taiwan

Taiwan

Taiwan

Taiwan

China

China

Taiwan

South Korea

Taiwan

Taiwan

Taiwan

China

Taiwan

China

China

Country



RMHLDETSCEQ 13

Telecommunication Services

Utilities

Telecommunication Services

Utilities

556,249

36,638

96,176

1,175,542

48,481

755,892

516,113

4,484,686

439,329

17,146

4,307,184

184,067

555,700

255,142

175,711





2.810

11.358

5.506

2.528

38.551

5.905

9.555

0.499

9.467

222.396

0.325

17.292

2.270

1.842

4.301

3.148

10.632

4.236

2.452

76.274

8.437

9.168

0.441

11.390

219.064

0.261

21.670

2.576

1.825

4.005

1,562,802

416,145

529,537

2,972,345

1,868,997

4,463,893

4,931,597

2,237,913

4,159,255

3,813,204

1,401,417

3,182,884

1,261,290

469,978

755,723

1,751,334

389,539

407,372

2,882,713

3,697,819

6,377,523

4,731,513

1,977,118

5,003,957

3,756,066

1,126,266

3,988,732

1,431,217

465,532

703,669

0.50

0.11

0.12

0.82

1.06

1.82

1.35

0.57

1.43

1.07

0.32

1.14

0.41

0.13

0.20

3.95

4.52

1.62

6.29

1.23

3.25

4.45

3.32

6.18

4.28

3.80

0.72

0.00

6.11

4.55

Total Information Technology

Total Telecommunication Services

67,359,124

19,726,270

Total Semiconductors,Semiconductor Eqpmt

Total Telecommunication Services

15,890,142

19,726,270

86,512,752

20,583,652

19,633,558

20,583,652

24.76

5.89

5.62

5.89

2.39

3.98

3.05

3.98

Pct Total

0.49

0.11

0.11

0.81

1.04

1.79

1.33

0.56

1.41

1.06

0.32

1.12

0.40

0.13

0.20

24.30

5.78

5.52

5.78


Portfolio Manager:

********

********

********

********

********

********

********

********

********

Nanya Technology

Phison Electronics C

Pixart Imaging Inc

Radiant Opto-Electro

SK Hynix Inc

Taiwan Semiconductor

China Mobile HK Ltd

China Telecom Corp

Mobile Telesys ADR

SK Telecom Co Ltd

Telekomunikasi Indon

Tim Participacoes SA

CEMIG Pref

China Resources Pow

EDP - Energias do Br

************

************

************

************

Taiwan

Taiwan

Taiwan

Taiwan

South Korea

Taiwan

China

China

Russia

South Korea

Indonesia

Brazil

Brazil

China

Brazil

Country



RMHLDETSCEQ 13

Pooled Vehicle

Real Estate

Real Estate

61,600

146,465

113,814

132,835

31,604

88,230

58,034

937,275

169,755

128,473

224,652

286,707

1,587,425

318,228

312,907

5,130,000

369,256

5,190,941





4.490

3.565

9.735

6.128

6.643

26.925

21.943

3.660

7.219

31.038

1.694

2.125

1.947

0.685

1.055

0.097

6.269

0.156

5.374

2.811

11.620

6.400

8.932

40.600

19.664

4.199

6.538

34.130

1.499

1.004

2.398

1.363

1.521

0.090

4.220

0.236

276,612

522,118

1,108,015

814,033

209,934

2,375,611

1,273,430

3,430,545

1,225,458

3,987,499

380,468

609,365

3,090,882

217,905

330,069

499,954

2,314,783

809,767

331,019

411,776

1,322,519

850,144

282,283

3,582,138

1,141,181

3,935,198

1,109,874

4,384,783

336,729

287,947

3,806,203

433,857

476,041

461,113

1,558,207

1,223,608

0.09

0.12

0.38

0.24

0.08

1.03

0.33

1.13

0.32

1.25

0.10

0.08

1.09

0.12

0.14

0.13

0.45

0.35

0.00

1.97

1.71

2.61

1.54

2.29

2.01

1.32

0.00

1.15

0.00

15.42

7.11

0.00

3.43

1.15

12.07

4.97

Total Utilities

Total Pooled Vehicle

13,722,745

3,987,499

Total Utilities 13,722,745

15,566,549

4,384,783

15,566,549

4.45

1.25

4.45

1.76

1.15

1.76

Pct Total

0.09

0.12

0.37

0.24

0.08

1.01

0.32

1.11

0.31

1.23

0.09

0.08

1.07

0.12

0.13

0.13

0.44

0.34

4.37

1.23

4.37


Portfolio Manager:

********

********

********

********

********

********

********

Eletropaulo Metropol

Energa SA

Enersis Americas ADR

Enersis Chile ADR

ENN Energy Holdings

Gail India Limi RgSS

Reliance Infras RgSS

Tenaga Nasional Bhd

Transmissora Alianca

iShares MSCI India I

Fibra Uno Administra

Fortress REIT Ltd-B

Growthpoint Properti

KWG Property Holding

Logan Property Hldgs

Megaworld Corp

Resilient Property I

Yuexiu Property Co

************

************

************

************

************

Brazil

Poland

Chile

Chile

China

India

India

Malaysia

Brazil

India

Mexico

South Africa

South Africa

China

China

Philippines

South Africa

China

Country

Wellington Management Company LLP Page 13 13of


RMHLDETSCEQ





Total Equities 292,658,691

Total Real Estate 8,253,194

Total Real Estate 8,253,194

349,453,890

8,583,703

8,583,703

2.46

2.46

3.15

6.82

6.82

Total Assets 299,197,832 355,999,006

Pct Total

98.16

2.41

2.41

100.00 3.12


Portfolio Manager:

********

********

********

********

Market Value for Fixed Income and Cash Equivalents includes estimated Accrued Interest.Yield number represents Dividend Yield for Equity Securities and Yield to Maturity for Fixed Income Securities.Yield totals are market value weighted averages.* Indicates a non-zero value that rounds to zero.The prices that are provided are indicative prices based on best available market information. All prices are provided in accordance with our Pricing Policy and should not be considered transaction prices to which a security could necessarily be entered into or liquidated. Clients and Custodian banks should independently price these securities and use WMC's recommended prices for informational and/or reconciliation purposes only.This information is confidential and the recipient agrees to use this information solely for the lawful and appropriate purpose(s) intended by the parties.

100.00

Country



Important noticeTitle Line 2

©2018 Wellington Management. All rights reserved. | As of April 2018

Wellington Management Company llp (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission (SEC). WMC is also a commodity trading advisor (CTA) registered with the US Commodity Futures Trading Commission. In certain circumstances, WMC provides commodity trading advice to clients in reliance on exemptions from CTA registration. In the US for ERISA clients, WMC is providing this material solely for sales and marketing purposes and not as an investment advice fiduciary under ERISA or the Internal Revenue Code. WMC has a financial interest in offering its products and services and is not committing to provide impartial investment advice or give advice in a fiduciary capacity in connection with those sales and marketing activities. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington Management also has offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Beijing; Frankfurt; Hong Kong; London; Luxembourg; Singapore; Sydney; Tokyo; Toronto; and Zurich. This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients.

In Canada, this material is provided by Wellington Management Canada ulc, a British Columbia unlimited liability company registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan in the categories of Portfolio Manager and Exempt Market Dealer. In the UK, this material is provided by Wellington Management International Limited (WMIL), a firm authorized and regulated by the Financial Conduct Authority (FCA). This material is directed only at persons (Relevant Persons) who are classified as eligible counterparties or professional clients under the rules of the FCA. This material must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment service to which this material relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. In Germany, this material is provided by Wellington Management International Limited, Niederlassung Deutschland, the German branch of WMIL, which is authorized and regulated by the FCA and in respect of certain aspects of its activities by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). This material is directed only at persons (Relevant Persons) who are classified as eligible counterparties or professional clients under the German Securities Trading Act. This material does not constitute investment advice, a solicitation to invest in financial instruments or financial analysis within the meaning of Section 34b of the German Securities Trading Act. It does not meet all legal requirements designed to guarantee the independence of financial analyses and is not subject to any prohibition on dealing ahead of the publication of financial analyses. This material does not constitute a prospectus for the purposes of the German Capital Investment Code, the German Securities Sales Prospectus Act or the German Securities Prospectus Act. In Hong Kong, this material is provided to you by Wellington Management Hong Kong Limited (WM Hong Kong), a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), and Type 9 (asset management) regulated activities, on the basis that you are a Professional Investor as defined in the Securities and Futures Ordinance. By accepting this material you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person. In Singapore, this material is provided for your use only by Wellington Management Singapore Pte Ltd (WM Singapore) (Registration Number 201415544E). WM Singapore is regulated by the Monetary Authority of Singapore under a Capital Markets Services Licence to conduct fund management activities and is an exempt financial adviser. By accepting this material you represent that you are a non-retail investor and that you will not copy, distribute or otherwise make this material available to any person. In Australia, Wellington Management Australia Pty Ltd (WM Australia) (ABN19 167 091 090) has authorized the issue of this material for use solely by wholesale clients (as defined in the Corporations Act 2001). By accepting this material, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person. Wellington Management Company llp is exempt from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 in respect of financial services. A registered investment adviser regulated by the SEC, among others, is exempt from the need to hold an AFSL for financial services provided to Australian wholesale clients on certain conditions. Financial services provided by Wellington Management Company llp are regulated by the SEC under the laws and regulatory requirements of the United States, which are different from the laws applying in Australia. In Japan, Wellington Management Japan Pte Ltd (WM Japan) (Registration Number 199504987R) has been registered as a Financial Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin-Sho) Number 428. WM Japan is a member of the Japan Investment Advisers Association (JIAA) and the Investment Trusts Association, Japan (ITA). WMIL, WM Hong Kong, WM Japan, and WM Singapore are also registered as investment advisers with the SEC; however, they will comply with the substantive provisions of the US Investment Advisers Act only with respect to their US clients.

A1 A14

Emerging Markets Systematic Equity · 23/05/2018 · Technical Analysis 3 Equities Portfolio...

Documents

Transcript of Emerging Markets Systematic Equity · 23/05/2018 · Technical Analysis 3 Equities Portfolio...