Executive Summary of Investment Performance Montgomery … · 2020. 11. 25. · Montgomery County...

Executive Summary of Investment Performance.

Montgomery County ERS.

September 30, 2020.

..

Montgomery County ERS

TOTAL FUND VERSUS PUBLIC DB>$1B

September 30, 2020

Returns are gross of investment manager fees. GQG, Directional HF and Diversifying HF returns are net of investment manager fees.

1 September 30, 2020


TOTAL FUND RISK/RETURN VERSUS PUBLIC DB>$1B

Statistics Summary5 Years Ending September 30, 2020

Anlzd Ret Rank Anlzd Std Dev Rank_

Total Fund Composite 9.3% 10 7.5% 29Total Fund Policy Index 8.1% 36 7.8% 40InvMetrics Public DB > $1B Gross Median 7.6% -- 8.1% --

XXXXX

Returns are gross of investment manager fees. GQG, Directional HF and Diversifying HF returns are net of investment manager fees.


PERFORMANCE BY QUARTILES

MCERS 6.0% 7.9% 8.2% 9.3% 9.0% MCERS Policy 4.3% 6.2% 6.8% 8.1% 7.6%–

5th Percentile 6.5% 11.3% 8.8% 10.2% 9.6%1st Quartile 5.7% 8.4% 7.3% 9.1% 8.8%Median 5.1% 7.2% 6.4% 8.4% 8.4%3rd Quartile 4.5% 4.8% 5.9% 7.7% 7.6%95th Percentile 0.5% 1.3% 4.6% 5.3% 5.4%

Number of Observations 64 62 53 53 53

Performance By Quartiles - Wilshire/TUCS Public Funds Greater Than $1B

-5%

0%

5%

10%

15%

Current Quarter 1 Year 3 Years 5 Years 10 Years

% R

etur

n


PERFORMANCE BY QUARTILES

MCERS 6.0% 7.9% 8.2% 9.3% 9.0% MCERS Policy 4.3% 6.2% 6.8% 8.1% 7.6%–

10th Percentile 7.7% 12.8% 9.8% 10.5% 9.9%1st Quartile 6.1% 10.7% 8.3% 9.6% 9.1%Median 5.1% 8.7% 7.2% 8.4% 8.4%3rd Quartile 3.9% 6.2% 5.9% 7.5% 7.6%90th Percentile 2.5% 4.4% 4.8% 6.4% 6.8%

Number of Observations 180 178 167 150 111

Performance By Quartiles - All Funds Greater Than $1 Billion - NTRS

-5%

0%

5%

10%

15%

Current Quarter 1 Year 3 Years 5 Years 10 Years

% R

etur

n


Type text here


GROWTH PERFORMANCE VERSUS BENCHMARKMarket Value

($) % of Portfolio 3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

_

Total Fund Composite 4,471,962,813 100.0 5.9 7.5 7.8 8.8Total Fund Policy Index 4.3 6.1 6.8 8.1

Market Value($) % of Portfolio 3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

_

Growth Composite 2,471,287,713 55.3 9.0 12.3 9.3 --Growth Composite Policy Index 5.4 7.6 -- --US Equity 642,497,909 14.4 9.0 16.8 11.6 13.5

Russell 3000 9.2 15.0 11.6 13.7Non-US Equity 549,700,235 12.3 10.4 8.8 2.3 6.7

Non-US Equity Composite Policy Index 6.8 3.5 1.2 6.3Global Equity 122,494,210 2.7 9.1 22.2 12.7 13.4

MSCI ACWI 8.1 10.4 7.1 10.3High Yield 428,471,780 9.6 5.4 4.2 3.7 6.4

ICE BofA US HY Master II Constnd TR 4.7 2.2 3.8 6.6Directional HF 106,446,170 2.4 4.5 -4.0 0.6 --

HFRI FOF: Strategic Index 5.9 8.2 3.1 --Private Equity Composite 516,390,071 11.5Private Debt Composite 105,287,339 2.4

Returns are net of investment manager fees. Total fund market value includes cash and cash pending in Private Equity and Private Debt composites.


BShallies

Rectangle

Returns are net of investment manager fees.

6 September 30, 20206 September 30, 2020


ATTRIBUTION TERMINOLOGYNote: Plan attribution is a static, return-based calculation and the results reflect the composites shown. As a result, thetotal returns shown may vary from the calculated returns shown on the performance summary. Calculations use endingweights of the prior month. Policy weights shown may not reflect those used in attribution if changes were madeintra-quarter or intra-year.

Asset Allocation Effect - Measures an investment manager's ability to effectively allocate their portfolio's assets tovarious sectors. The allocation effect determines whether the overweighting or underweighting of sectors relative to abenchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio isoverweighted in a sector that outperforms the benchmark. Negative allocation occurs when the portfolio is over weighted ina sector that underperforms the benchmark and underweighted in a sector that outperforms the benchmark.Effect = (Actual Manager Weight - Policy Taget Weight) x Policy Index Return

Selection Effect - Measures the investment manager's ability to select securities within a given sector relative to abenchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is notaffected by the manager's allocation to the sector. The weight of the security in the portfolio determines the size of theeffect -- the larger the security, the larger the effect is, positive or negative.Effect = (Actual Manager Return - Index Return) x Policy Target Weight

Interaction Effect - The interaction effect measures the combined impact of an investment manager's selection andallocation decisions within a sector. For example, if an investment manager had superior selection and over weighted thatparticular sector, the interaction effect is positive. If an investment manager had superior selection, but underweighted thatsector, the interaction effect is negative. In this case, the investment manager did not take advantage of the superiorselection by allocating more assets to that sector. Since many investment managers consider the interaction effect to bepart of the selection or the allocation, it is often combined with either effect.Effect = (Actual Manager Return x (Actual Manager Weight - Policy Target Weight)) - ((Manager Weight - Policy TargetWeight)) x Index Return)



U.S. EQUITY ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

JP Morgan US Active Core Plus Equity Fund 22.40% 10.94% 8.93% 2.01% 0.45% 0.00% 0.01% 0.46%LACM Large Cap Alpha Fund LP 11.20% 9.48% 8.93% 0.55% 0.06% 0.00% 0.00% 0.06%Sands Capital Select Growth SMA 16.80% 12.59% 13.22% -0.63% -0.11% 0.09% -0.01% -0.04%BHMS SMA 16.80% 4.98% 5.59% -0.61% -0.08% 0.05% 0.03% -0.01%Eagle Small Cap Growth Equity SMA 11.20% 9.07% 7.16% 1.91% 0.20% 0.00% 0.01% 0.21%Wellington Small Cap Value SMA 11.20% -1.60% 2.56% -4.16% -0.49% 0.01% 0.01% -0.47%RhumbLine Russell 1000 Index 10.40% 9.31% 9.47% -0.16% -0.02% 0.00% 0.00% -0.02%Total 100.00% 8.41% 8.23% 0.19% 0.01% 0.14% 0.05% 0.19%

1 Year Ending September 30, 2020Policy

WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

JP Morgan US Active Core Plus Equity Fund 22.40% 24.80% 15.15% 9.65% 2.06% 0.00% 0.03% 2.09%LACM Large Cap Alpha Fund LP 11.20% 17.51% 15.15% 2.36% 0.24% 0.00% 0.01% 0.25%Sands Capital Select Growth SMA 16.80% 57.50% 37.53% 19.97% 2.63% 0.14% 0.04% 2.81%BHMS SMA 16.80% -7.88% -5.03% -2.86% -0.23% 0.20% -0.08% -0.10%Eagle Small Cap Growth Equity SMA 11.20% 28.39% 15.71% 12.68% 1.25% -0.01% 0.02% 1.26%Wellington Small Cap Value SMA 11.20% -23.75% -14.88% -8.86% -1.47% 0.07% 0.02% -1.38%RhumbLine Russell 1000 Index 10.40% 16.16% 16.01% 0.15% 0.01% 0.00% 0.00% 0.01%Total 100.00% 16.38% 11.46% 4.92% 4.48% 0.40% 0.05% 4.92%

Returns are gross of investment manager fees.Total Actual and Index returns are weighted average calculations.



NON-U.S. EQUITY ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Gryphon International SMA 22.50% 9.75% 4.80% 4.95% 1.12% 0.01% -0.02% 1.11%Marathon-London International Investment SMA 22.50% 8.03% 4.80% 3.24% 0.74% 0.02% -0.03% 0.73%Mondrian Emerging Markets Equity Fund, L.P. 12.00% 12.18% 9.56% 2.62% 0.33% -0.03% -0.02% 0.27%Highclere International Smaller Companies Fund 10.00% 10.25% 11.61% -1.36% -0.14% -0.01% 0.00% -0.15%Wellington IQG SMA 15.00% 11.84% 10.16% 1.68% 0.25% 0.03% 0.02% 0.30%TimesSquare Capital Management SMA 10.00% 9.30% 10.25% -0.96% -0.10% 0.00% 0.00% -0.10%GQG Partners Emerging Markets Equity Fund 8.00% 17.17% 9.56% 7.62% 0.61% -0.01% 0.03% 0.63%Total 100.00% 10.59% 7.80% 2.79% 2.81% 0.00% -0.02% 2.79%


WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Gryphon International SMA 22.50% 6.79% 0.49% 6.30% 1.55% 0.02% -0.04% 1.53%Marathon-London International Investment SMA 22.50% 2.70% 0.49% 2.21% 0.54% 0.01% -0.03% 0.52%Mondrian Emerging Markets Equity Fund, L.P. 18.50% 8.91% 10.54% -1.63% -0.07% -0.06% -0.03% -0.16%Highclere International Smaller Companies Fund 15.00% 7.20% 7.84% -0.64% -0.01% -0.09% -0.07% -0.17%Wellington IQG SMA 10.00% 19.73% 17.54% 2.19% 0.29% 0.05% -0.01% 0.33%TimesSquare Capital Management SMA 10.00% 7.14% 6.84% 0.30% 0.04% -0.01% 0.00% 0.03%GQG Partners Emerging Markets Equity Fund 1.50% 21.79% 10.54% 11.25% 1.08% -0.04% -0.05% 0.99%Total 100.00% 9.57% 6.50% 3.08% 3.41% -0.11% -0.22% 3.08%

Returns are gross of investment manager fees. GQG returns are net of investment manager fees.Total Actual and Index returns are weighted average calculations.



GLOBAL EQUITY ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Arrowstreet Global Equity ACWI CIT 50.00% 7.75% 8.11% -0.35% -0.20% 0.00% 0.00% -0.20%WCM Investment Management SMA 50.00% 10.41% 8.13% 2.28% 1.16% 0.00% 0.09% 1.25%Total 100.00% 9.17% 8.12% 1.05% 0.96% 0.00% 0.09% 1.05%


WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Arrowstreet Global Equity ACWI CIT 50.00% 12.32% 9.57% 2.75% 1.44% 0.00% -0.07% 1.37%WCM Investment Management SMA 50.00% 33.15% 10.44% 22.70% 10.96% 0.00% 0.36% 11.32%Total 100.00% 22.69% 10.01% 12.69% 12.40% 0.00% 0.29% 12.69%




HIGH YIELD ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Nomura High Yield SMA 50.00% 6.09% 4.70% 1.40% 0.69% 0.00% 0.00% 0.69%Loomis Sayles High Yield Full Discretion SMA 50.00% 4.90% 4.70% 0.20% 0.10% 0.00% 0.00% 0.11%Total 100.00% 5.49% 4.70% 0.79% 0.80% 0.00% 0.00% 0.79%


WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Nomura High Yield SMA 50.00% 3.90% 2.22% 1.68% 0.90% 0.00% -0.01% 0.89%Loomis Sayles High Yield Full Discretion SMA 50.00% 5.19% 2.22% 2.97% 1.43% 0.00% 0.00% 1.44%Total 100.00% 4.54% 2.22% 2.32% 2.33% 0.00% 0.00% 2.32%




LONG DURATION ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Jennison Associates LLC SMA 52.00% 1.17% 1.22% -0.04% -0.02% 0.00% -0.01% -0.03%Schroders Long Duration SMA 48.00% 0.81% 1.22% -0.41% -0.20% 0.00% 0.00% -0.20%Total 100.00% 0.99% 1.22% -0.22% -0.22% 0.00% -0.01% -0.22%


WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Jennison Associates LLC SMA 52.00% 15.97% 12.92% 3.05% 1.58% 0.00% -0.03% 1.55%Schroders Long Duration SMA 48.00% 15.10% 12.92% 2.18% 1.06% 0.00% 0.03% 1.09%Total 100.00% 15.56% 12.92% 2.64% 2.63% 0.00% 0.00% 2.64%




PUBLIC REAL ASSETS ATTRIBUTION ANALYSISOne Quarter Ending September 30, 2020

PolicyWeight

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

BlackRock Dow Jones-UBS Commodity IndexFund 5.67% 9.25% 9.07% 0.17% 0.01% -0.01% -0.01% -0.02%

CoreCommodity Management - Founders IFund, LLC 13.83% 11.33% 9.07% 2.26% 0.31% -0.09% -0.04% 0.19%

Wellington CTF Commodities Fund 13.83% 6.03% 6.64% -0.61% -0.08% 0.05% -0.01% -0.04%Principal Global REITS SMA 33.34% 4.58% 2.09% 2.50% 0.83% 0.00% 0.02% 0.84%MSIM Global Infrastructure SMA 33.33% -0.77% -1.67% 0.89% 0.31% 0.01% 0.00% 0.32%Total 100.00% 4.09% 2.79% 1.30% 1.38% -0.04% -0.04% 1.30%


WeightWtd. Actual

ReturnWtd. Index

ReturnExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

BlackRock Dow Jones-UBS Commodity IndexFund 6.67% -7.89% -8.20% 0.31% 0.02% -0.04% -0.01% -0.04%

CoreCommodity Management - Founders IFund, LLC 13.33% -9.75% -8.20% -1.55% -0.15% -0.11% 0.01% -0.26%

Wellington CTF Commodities Fund 13.33% 0.39% -6.61% 6.99% 0.82% 0.00% 0.01% 0.82%Principal Global REITS SMA 33.34% -10.74% -18.29% 7.55% 2.63% -0.16% 0.10% 2.57%Chickasaw MLP SMA 8.33% -- -- -- 0.15% 0.12% 0.00% 0.27%MSIM Global Infrastructure SMA 25.00% -8.60% -9.84% 1.25% 0.35% -0.05% -0.02% 0.28%Total 100.00% -8.52% -12.17% 3.65% 3.81% -0.24% 0.08% 3.65%




TOTAL FUND PERFORMANCE DETAIL NET OF FEEMarket Value

($)% of

Portfolio3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Total Fund Composite 4,471,962,813 100.0 5.9 7.5 7.8 8.8 8.5 8.1 Mar-87Total Fund Policy Index 4.3 6.1 6.8 8.1 7.6 -- Mar-87

Over/Under 1.6 1.4 1.0 0.7 0.9Total Fund Ex. Equitization 4,453,154,500 99.6 5.8 7.6 7.8 8.8 8.5 8.1 Mar-87

Total Fund Policy Index 4.3 6.1 6.8 8.1 7.6 -- Mar-87Over/Under 1.5 1.5 1.0 0.7 0.9

Growth Composite 2,471,287,713 55.3 9.0 12.3 9.3 -- -- 9.5 Aug-17Growth Composite Policy Index 5.4 7.6 -- -- -- -- Aug-17

Over/Under 3.6 4.7US Equity 642,497,909 14.4 9.0 16.8 11.6 13.5 13.5 9.4 Sep-87

Russell 3000 9.2 15.0 11.6 13.7 13.5 9.7 Sep-87Over/Under -0.2 1.8 0.0 -0.2 0.0 -0.3

JP Morgan US Active Core Plus Equity Fund 152,432,911 3.4 10.9 24.5 14.0 15.1 14.4 9.9 Nov-07S&P 500 8.9 15.1 12.3 14.1 13.7 8.5 Nov-07

Over/Under 2.0 9.4 1.7 1.0 0.7 1.4LACM Large Cap Alpha Fund LP 75,031,794 1.7 9.3 16.9 12.8 14.5 -- 14.7 Dec-11

S&P 500 8.9 15.1 12.3 14.1 -- 14.2 Dec-11Over/Under 0.4 1.8 0.5 0.4 0.5

RhumbLine Russell 1000 Index 270,969,984 6.1 9.3 16.1 12.3 14.1 -- 14.1 Dec-11Russell 1000 9.5 16.0 12.4 14.1 -- 14.2 Dec-11

Over/Under -0.2 0.1 -0.1 0.0 -0.1Sands Capital Select Growth SMA 120 0.0 12.6 57.2 28.0 22.9 -- 19.8 Dec-11

Russell 1000 Growth 13.2 37.5 21.7 20.1 -- 17.8 Dec-11Over/Under -0.6 19.7 6.3 2.8 2.0

BHMS SMA 87,274 0.0 4.9 -8.0 0.3 6.3 -- 5.1 Jul-14Russell 1000 Value 5.6 -5.0 2.6 7.7 -- 5.3 Jul-14

Over/Under -0.7 -3.0 -2.3 -1.4 -0.2Eagle Small Cap Growth Equity SMA 76,764,815 1.7 9.1 28.2 14.9 15.3 -- 13.6 May-12

Russell 2000 Growth 7.2 15.7 8.2 11.4 -- 11.6 May-12Over/Under 1.9 12.5 6.7 3.9 2.0

Returns are net of investment manager fees. Total fund market value includes cash and cash pending in Private Equity and Private Debt composites.


BShallies

Rectangle

Market Value($)

% ofPortfolio

3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Wellington Small Cap Value SMA 67,211,011 1.5 -1.8 -24.4 -7.3 0.8 -- 0.7 Mar-14Russell 2000 Value 2.6 -14.9 -5.1 4.1 -- 2.0 Mar-14

Over/Under -4.4 -9.5 -2.2 -3.3 -1.3Non-US Equity 549,700,235 12.3 10.4 8.8 2.3 6.7 5.3 6.7 Jun-93

Non-US Equity Composite Policy Index 6.8 3.5 1.2 6.3 4.0 -- Jun-93Over/Under 3.6 5.3 1.1 0.4 1.3

Gryphon International SMA 121,375,702 2.7 9.6 6.3 0.4 5.9 4.8 5.2 Nov-05MSCI EAFE 4.8 0.5 0.6 5.3 4.6 4.0 Nov-05

Over/Under 4.8 5.8 -0.2 0.6 0.2 1.2Marathon-London International Investment SMA 117,661,882 2.6 7.9 2.1 0.9 4.9 5.9 9.5 Oct-02

MSCI EAFE 4.8 0.5 0.6 5.3 4.6 6.9 Oct-02Over/Under 3.1 1.6 0.3 -0.4 1.3 2.6

Mondrian Emerging Markets Equity Fund, L.P. 62,408,165 1.4 11.9 8.1 1.3 6.3 1.7 6.2 Apr-05MSCI Emerging Markets 9.6 10.5 2.4 9.0 2.5 7.0 Apr-05

Over/Under 2.3 -2.4 -1.1 -2.7 -0.8 -0.8Highclere International Smaller Companies Fund 55,462,986 1.2 9.9 5.9 -0.1 7.6 -- 7.6 Sep-15

S&P EPAC Under USD2 Billion PR 11.6 7.8 -0.3 5.7 -- 5.7 Sep-15Over/Under -1.7 -1.9 0.2 1.9 1.9

Wellington IQG SMA 90,306,731 2.0 11.7 19.0 -- -- -- 9.0 Sep-18MSCI ACWI ex USA Growth 10.2 17.5 -- -- -- 8.7 Sep-18

Over/Under 1.5 1.5 0.3TimesSquare Capital Management SMA 55,158,654 1.2 9.0 6.1 -- -- -- -0.1 Oct-18

MSCI EAFE Small Cap 10.3 6.8 -- -- -- 0.3 Oct-18Over/Under -1.3 -0.7 -0.4

GQG Partners Emerging Markets Equity Fund 47,326,114 1.1 17.2 21.7 -- -- -- 13.2 Jul-19MSCI Emerging Markets 9.6 10.5 -- -- -- 4.7 Jul-19

Over/Under 7.6 11.2 8.5


TOTAL FUND PERFORMANCE DETAIL NET OF FEE





($)% of

Portfolio3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Global Equity 122,494,210 2.7 9.1 22.2 12.7 13.4 -- 8.0 Jan-11MSCI ACWI 8.1 10.4 7.1 10.3 -- 7.8 Jan-11

Over/Under 1.0 11.8 5.6 3.1 0.2WCM Investment Management SMA 62,302,437 1.4 10.3 32.5 19.7 -- -- 20.7 Apr-17

MSCI ACWI 8.1 10.4 7.1 -- -- 8.9 Apr-17Over/Under 2.2 22.1 12.6 11.8

Arrowstreet Global Equity ACWI CIT 60,191,773 1.3 7.7 12.0 -- -- -- 6.5 Sep-18MSCI ACWI IMI Net USD 8.1 9.6 -- -- -- 4.8 Sep-18

Over/Under -0.4 2.4 1.7High Yield 428,471,780 9.6 5.4 4.2 3.7 6.4 6.9 7.4 Jan-06

ICE BofA US HY Master II Constnd TR 4.7 2.2 3.8 6.6 6.3 7.0 Jan-06Over/Under 0.7 2.0 -0.1 -0.2 0.6 0.4

Nomura High Yield SMA 213,419,819 4.8 6.0 3.4 3.6 6.8 7.7 7.9 Jan-06ICE BofA US HY Master II Constnd TR 4.7 2.2 3.8 6.6 6.3 7.0 Jan-06

Over/Under 1.3 1.2 -0.2 0.2 1.4 0.9Loomis Sayles High Yield Full Discretion SMA 215,051,961 4.8 4.8 4.9 3.7 5.9 6.1 7.2 Jan-06

ICE BofA US HY Master II Constnd TR 4.7 2.2 3.8 6.6 6.3 7.0 Jan-06Over/Under 0.1 2.7 -0.1 -0.7 -0.2 0.2





($)% of

Portfolio3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Directional HF 106,446,170 2.4 4.5 -4.0 0.6 -- -- 2.9 Dec-16HFRI FOF: Strategic Index 5.9 8.2 3.1 -- -- 4.8 Dec-16

Over/Under -1.4 -12.2 -2.5 -1.9Davidson Kempner 1 0.0 0.0 4.4 4.1 -- -- 5.0 Sep-16

HFRX Event Driven Index 2.9 10.3 0.5 -- -- 2.8 Sep-16Over/Under -2.9 -5.9 3.6 2.2

Luxor 444,095 0.0 -0.1 -31.8 -3.5 -0.3 -- -2.8 Apr-14HFRX Event Driven Index 2.9 10.3 0.5 3.6 -- 0.6 Apr-14

Over/Under -3.0 -42.1 -4.0 -3.9 -3.4Senator Global Opportunity Fund LP 289,658 0.0 0.0 4.9 -- -- -- 3.4 Jan-18

HFRX Event Driven Index 2.9 10.3 -- -- -- 0.6 Jan-18Over/Under -2.9 -5.4 2.8

Blackstone MC Custom Fund L.P. - Growth 105,712,416 2.4 4.5 -4.7 -- -- -- -2.0 Mar-19HFRI FOF: Strategic Index 5.9 8.2 -- -- -- 5.7 Mar-19

Over/Under -1.4 -12.9 -7.7Private Equity Composite 516,390,071 11.5Private Debt Composite 105,287,339 2.4





($)% of

Portfolio3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Risk Mitigation Composite 605,541,196 13.5 1.7 17.1 10.3 -- -- 10.1 Aug-17Risk Mitigation Composite Policy Index 1.4 10.6 -- -- -- -- Aug-17

Over/Under 0.3 6.5Long Duration 432,221,368 9.7 0.9 15.3 10.9 9.3 7.9 9.0 Jun-08

BBgBarc US Govt/Credit Long TR 1.2 12.9 10.2 8.8 7.4 8.2 Jun-08Over/Under -0.3 2.4 0.7 0.5 0.5 0.8

Jennison Associates LLC SMA 234,549,598 5.2 1.1 15.7 10.9 9.3 7.7 8.4 Oct-09BBgBarc US Govt/Credit Long TR 1.2 12.9 10.2 8.8 7.4 7.9 Oct-09

Over/Under -0.1 2.8 0.7 0.5 0.3 0.5Schroders Long Duration SMA 197,671,769 4.4 0.8 14.9 10.9 9.3 8.2 9.2 Jun-08

BBgBarc US Govt/Credit Long TR 1.2 12.9 10.2 8.8 7.4 8.2 Jun-08Over/Under -0.4 2.0 0.7 0.5 0.8 1.0

Diversifying HF 111,538,933 2.5 1.9 6.7 4.8 -- -- 4.9 Dec-16HFRI FOF: Conservative Index 2.6 2.1 2.3 -- -- 2.8 Dec-16

Over/Under -0.7 4.6 2.5 2.1Hudson Bay Fund LP 383,495 0.0 0.0 5.7 7.6 5.9 -- 4.1 Aug-14

HFRI Relative Value (Total) Index 2.9 0.0 2.0 3.5 -- 2.7 Aug-14Over/Under -2.9 5.7 5.6 2.4 1.4

Holocene Advisors Master Fund Ltd. 3,143,306 0.1 2.8 11.8 -- -- -- 11.0 Jul-18HFRX Equity Market Neutral Index 2.9 0.0 -- -- -- 1.5 Jul-18

Over/Under -0.1 11.8 9.5Blackstone MC Custom Fund L.P. - Risk 108,012,132 2.4 1.9 6.3 -- -- -- 5.2 Mar-19

HFRI FOF: Conservative Index 2.6 2.1 -- -- -- 2.5 Mar-19Over/Under -0.7 4.2 2.7

Cash 51,773,176 1.2 0.0 0.9 1.6 1.2 0.6 9.1 Mar-9591 Day T-Bills 0.0 0.8 1.6 1.1 0.6 2.2 Mar-95

Over/Under 0.0 0.1 0.0 0.1 0.0 6.9Total Currency Overlay Aggregates 10,007,719 0.2 1.1 10.0 1.8 1.8 1.3 1.4 Jan-07

First Quadrant Tactical Currency -1,006,829 0.0CIBC 11,014,548 0.2 -- -- -- -- -- 0.0 Sep-20



BShallies

Rectangle



($)% of

Portfolio3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Real Assets Composite 1,376,325,590 30.8 2.1 -4.7 4.0 -- -- 3.4 Sep-17Real Assets Composite Policy Index 3.2 0.1 -- -- -- -- Sep-17

Over/Under -1.1 -4.8Global IL Bonds 627,897,081 14.0 3.2 2.7 9.1 8.3 9.4 8.7 Nov-01

Custom Global I/L Index 3.3 10.9 10.5 9.0 8.0 -- Nov-01Over/Under -0.1 -8.2 -1.4 -0.7 1.4

BC Global Inflation-Linked Hedged 1.0 4.6 6.2 5.7 5.0 5.5 Nov-01Bridgewater Global Inflation-Linked Bonds Fund 627,897,081 14.0 3.2 2.7 9.1 8.3 9.5 8.6 May-03

Custom Global I/L Index 3.3 10.9 10.5 9.0 8.0 7.3 May-03Over/Under -0.1 -8.2 -1.4 -0.7 1.5 1.3

BC Global Inflation-Linked Hedged 1.0 4.6 6.2 5.7 5.0 5.3 May-03Public Real Assets 488,999,916 10.9 4.0 -8.8 0.2 1.8 -- 0.0 Jul-15

Public Real Assets Composite Policy Index 3.1 -12.9 -1.7 0.8 -- -1.0 Jul-15Over/Under 0.9 4.1 1.9 1.0 1.0

BlackRock Dow Jones-UBS Commodity Index Fund 6,506,653 0.1 9.2 -8.1 -4.3 -3.2 -- -9.2 May-14Bloomberg Commodity Index 9.1 -8.2 -4.2 -3.1 -- -9.0 May-14

Over/Under 0.1 0.1 -0.1 -0.1 -0.2CoreCommodity Management - Founders I Fund, LLC 67,246,980 1.5 11.2 -10.1 -4.6 -3.1 -- -8.3 Sep-12

Bloomberg Commodity Index 9.1 -8.2 -4.2 -3.1 -- -7.9 Sep-12Over/Under 2.1 -1.9 -0.4 0.0 -0.4

Wellington CTF Commodities Fund 78,470,613 1.8 5.8 -0.4 0.0 0.6 -- -3.8 Jun-13Wellington Custom Index 6.6 -6.6 -1.8 -0.4 -- -5.3 Jun-13

Over/Under -0.8 6.2 1.8 1.0 1.5MSIM Global Infrastructure SMA 162,767,763 3.6 -0.8 -8.8 -- -- -- 1.3 Nov-17

DJ Brookfield Global Infrastructure Net TR USD -1.7 -9.8 -- -- -- 1.2 Nov-17Over/Under 0.9 1.0 0.1

Principal Global REITS SMA 174,007,907 3.9 4.5 -10.9 -- -- -- -8.1 Aug-19FTSE NAREIT Developed 2.1 -18.3 -- -- -- -12.8 Aug-19

Over/Under 2.4 7.4 4.7



BShallies

Rectangle

Market Value($)

% ofPortfolio

3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Private Real Assets Composite 259,428,594 5.8MCERS Equitization 18,808,313 0.4 24.4 -- -- -- -- -34.5 Feb-20

NISA Manger Cash 14,367,744 0.3 26.6 -- -- -- -- -44.3 Feb-20NISA Manager Cash Benchmark 7.0 -- -- -- -- 0.2 Feb-20

Over/Under 19.6 -44.5NISA Portfolio Cash 4,440,569 0.1

NISA Portfolio Cash Benchmark -2.2 -- -- -- -- -6.2 Feb-20Over/Under

XXXXX


TOTAL FUND PERFORMANCE DETAIL NET OF FEE



Emerging market equities-boosted by China and India-led performance for the three months ended September 30, with the MSCI Emerging Market Index returning 9.6%. Domestic stocks followed with gains of 8.9%, according to the S&P 500 Index; outside of North America, international developed equities were up 4.8%, according to the MSCI EAFE Index.

In the US, growth stocks maintained their lead over value, despite coming under pressure in September; the Russell 1000 Growth Index returned 13.2% in the quarter, compared to 5.6% for the Russell 1000 Value Index.

Global Equity

After months of steady gains since March, segments of the market saw their first month of negative returns in September. IG and HY spreads tightened during the quarter but widened towards the end; the widening was most noticeable in lower-quality securities. US HY mutual funds have seen record net inflows this year, while bank-loan mutual funds reported outflows for 24 straight months. The Bloomberg Barclays US Aggregate was up 0.6% in the third quarter and the US High Yield gained 4.6% for the three months ended September 30. During this period, the S&P/LSTA Leveraged Loan Index increased 3.5%, but it is in the red for the year.

Global Fixed Income

MARKET COMMENTARY – Q3 2020


2020 ASSET CLASS ASSUMPTIONS

Global Equity

Private Equity

High Yield Bond

Hedge Funds ‐Directional

Private Credit

Core BondLong Term

BondLong

TreasuryLong Credit

Hedge Funds ‐Diversifying

Cash 2x Global ILPublic Real

AssetsPrivate Real

Assets

Geometric Return 6.21 8.53 4.15 4.88 6.72 2.51 2.63 1.68 3.42 5.08 1.81 6.44 5.39 7.77Arithmetic Return 7.51 10.28 4.81 5.20 7.27 2.67 3.17 2.31 4.04 5.36 1.81 7.17 6.42 8.85Risk 17.79 20.97 12.50 8.70 11.54 6.01 11.23 12.00 12.00 8.06 1.00 13.23 15.68 16.31CorrelationGlobal Equity 1.00Private Equity 0.95 1.00High Yield Bond 0.66 0.66 1.00Hedge Funds ‐ Directional 0.78 0.77 0.91 1.00Private Credit 0.63 0.63 0.93 0.85 1.00Core Bond 0.06 0.05 0.20 0.18 0.09 1.00Long Term Bond 0.06 0.06 0.22 0.18 0.11 0.91 1.00Long Treasury ‐0.15 ‐0.15 ‐0.06 ‐0.08 ‐0.16 0.86 0.94 1.00Long Credit 0.27 0.26 0.46 0.42 0.36 0.85 0.94 0.75 1.00Hedge Fund ‐ Diversifying 0.82 0.78 0.68 0.81 0.63 0.19 0.16 ‐0.05 0.36 1.00Cash ‐0.02 ‐0.01 ‐0.05 0.02 ‐0.03 0.17 0.03 0.05 0.01 0.06 1.002x Global IL 0.12 0.09 0.16 0.17 0.07 0.85 0.77 0.75 0.70 0.34 0.31 1.00Public Real Assets 0.61 0.60 0.57 0.59 0.56 0.11 0.12 ‐0.07 0.29 0.65 0.02 0.21 1.00Private Real Assets 0.59 0.58 0.66 0.65 0.63 0.12 0.12 ‐0.08 0.31 0.64 0.01 0.19 0.83 1.00

REAL ASSETSGROWTH RISK MITIGATION


‐35%

‐30%

‐25%

‐20%

‐15%

‐10%

‐5%

0%

5%

10%

2006 2008 2010 2012 2014 2016 2018 2020

US Quarterly Real GDP Growth

‐10%

‐5%

0%

5%

10%

15%

20%

25%

1982 1987 1992 1997 2002 2007 2012 2017

EM vs EM Asia GDP GrowthEmerging AsiaBroad Emerging Markets

GROSS DOMESTIC PRODUCT

Source: IMF, FactSet

Source: Bureau of Economic Analysis, FactSet


TREASURIES

Source: FactSet

Source: FactSet

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y

US Treasury Curves

9/30/20207/31/20209/30/2019

Current 1 Month Ago 12 Months Ago 1 Month 12 Months

3M Treasury 0.10% 0.11% 1.82% 0.01% 1.10%

6M Treasury 0.11% 0.13% 1.82% 0.02% 1.54%

2Y Treasury 0.13% 0.13% 1.62% 0.02% 3.43%

5Y Treasury 0.28% 0.26% 1.55% 0.01% 7.19%

10Y Treasury 0.68% 0.70% 1.68% 0.22% 10.74%

30Y Treasury 1.45% 1.46% 2.12% 0.13% 17.75%

Yield (%) Total Return (%)


‐5%

0%

5%

10%

15%

20%

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

US CPIRolling 1‐YearRolling 3‐Year

‐2%

‐1%

0%

1%

2%

3%

4%

5%

6%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual CPIUnited StatesEurozoneJapanChina

INFLATION

Source: FactSet

Source: Bureau of Labor Statistics, FactSet


0%2%4%6%8%

10%12%14%16%18%20%22%24%

1995 2000 2005 2010 2015 2020

US UnemploymentUS Unemployment RateU‐6 Unemployment Rate

0%

2%

4%

6%

8%

10%

12%

14%

16%

2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Global Unemployment RatesUnited StatesEurozoneJapanChina

UNEMPLOYMENT

Source: FactSet

Source: FactSet


EQUITY INDEX PERFORMANCE

Source: MSCI, FactSetRepresents returns in USD

Source: MSCI, FactSetSource: Russell, FactSet

‐20%

‐10%

0%

10%

20%

30%

40%

50%

Russell1000

Russell1000

Growth

Russell1000Value

Russell2000

Russell2000

Growth

Russell2000Value

US Style Returns

Monthly ReturnTrailing 12M Return

‐20%

‐10%

0%

10%

20%

30%

MSCIEAFE

MSCIEAFE

Growth

MSCIEAFEValue

MSCI EM MSCI EMGrowth

MSCI EMValue

International Style Returns


‐40%

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

US China Japan Germany UK France India Italy Brazil Canada

Country‐Specific Index Performance



Averages Total Returns (%)

Yield to Worst

Spread(bps)

Duration (Years) 1-Month YTD 1-Year

Barclays Aggregate 1.18% 60 6.1 -0.1% 6.8% 6.9%

Barclays Treasury 0.48% - 7.2 0.1% 8.9% 8.0%

Barclays Agency 0.49% 16 3.7 0.2% 5.4% 5.3%

Barclays MBS 1.29% 61 2.1 -0.1% 3.6% 4.3%

Barclays ABS 0.54% 41 2.1 0.1% 4.1% 4.5%

Barclays CMBS 1.08% 68 5.7 0.0% 8.3% 7.8%

Barclays Corp IG 2.01% 136 8.7 -0.3% 6.6% 7.8%

Barclays Muni 1.32% - 5.4 0.0% 3.3% 4.1%

Barclays HY Muni 4.54% - 9.0 0.1% 0.4% 1.3%

Barclays TIPS 0.68% - 5.2 -0.4% 9.2% 10.0%

Barclays HY 5.77% 517 3.8 -1.0% 0.6% 3.2%

Barclays Global Agg 0.90% 50 7.4 -0.4% 5.7% 6.2%

JPM EMBI Glob Div - 432 7.9 -1.9% -0.5% 1.3%

JPM GBI - EM 4.48% - 5.5 -2.0% -6.3% -1.4%

FIXED INCOME CHARACTERISTICS

Source: Barclays, JP Morgan, FactSet


RETURNS FOR KEY INDICES RANKED IN ORDER OF PERFORMANCE - Q3 2020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 QTD 1 Year 3 year 5 Year 10 YearMSCI

EMERGING MARKETS

32.17

MSCI EMERGING MARKETS

39.39

BC AGGREGATE

5.24


78.51

RUSSELL 2000

GROWTH 29.09

BC AGGREGATE

7.84


18.22

RUSSELL 2000

GROWTH 43.30

S&P 500 13.69

RUSSELL 1000

GROWTH 5.67

RUSSELL 2000 VALUE

31.74


37.28

BC AGGREGATE

0.01

RUSSELL 1000

GROWTH 36.39

RUSSELL 1000

GROWTH 13.22

RUSSELL 1000

GROWTH 37.53

RUSSELL 1000

GROWTH 21.67

RUSSELL 1000

GROWTH 20.10

RUSSELL 1000

GROWTH 17.25

MSCI EAFE 26.34

RUSSELL 1000

GROWTH 11.81

RUSSELL 2000 VALUE

-28.92

RUSSELL 1000

GROWTH 37.21

RUSSELL 2000 26.85

RUSSELL 1000

GROWTH 2.64

RUSSELL 2000 VALUE

18.05

RUSSELL 2000 38.82

RUSSELL 1000 VALUE

13.45

S&P 500 1.38

RUSSELL 2000 21.31

RUSSELL 1000

GROWTH 30.21

RUSSELL 1000

GROWTH -1.51

S&P 500 31.49


9.56

RUSSELL 1000 16.01

RUSSELL 1000 12.38

S&P 500 14.15

RUSSELL 1000 13.76

RUSSELL 1000 VALUE

22.25

MSCI EAFE 11.17

RUSSELL 2000

-33.79

RUSSELL 2000

GROWTH 34.47

RUSSELL 2000 VALUE

24.5

S&P 500 2.11

RUSSELL 1000 VALUE

17.51

RUSSELL 2000 VALUE

34.52

RUSSELL 1000 13.24

RUSSELL 1000 0.92

RUSSELL 1000 VALUE

17.34

MSCI EAFE 25.03

S&P 500 -4.38

RUSSELL 1000 31.43

RUSSELL 1000 9.47

RUSSELL 2000

GROWTH 15.71

S&P 500 12.28

RUSSELL 1000 14.09

S&P 500 13.74

RUSSELL 2000 VALUE

23.48

RUSSELL 2000

GROWTH 7.06

RUSSELL 1000 VALUE

-36.85

MSCI EAFE 31.78


18.88

RUSSELL 1000 1.50

MSCI EAFE 17.32

RUSSELL 1000

GROWTH 33.48

RUSSELL 1000

GROWTH 13.05

BC AGGREGATE

0.55

RUSSELL 1000 12.05

RUSSELL 2000

GROWTH 22.17

RUSSELL 1000 -4.78

RUSSELL 2000

GROWTH 28.48

S&P 500 8.93

S&P 500 15.50

RUSSELL 2000

GROWTH 8.18

RUSSELL 2000

GROWTH 11.42

RUSSELL 2000

GROWTH 12.34

RUSSELL 2000 18.37

BC AGGREGATE

6.97

S&P 500 -37.0

RUSSELL 1000 28.43

RUSSELL 1000

GROWTH 16.71

RUSSELL 1000 VALUE

0.39

RUSSELL 1000 16.42

RUSSELL 1000 33.11

BC AGGREGATE

5.97

MSCI EAFE -0.81

S&P 500 11.96

S&P 500 21.83

RUSSELL 1000 VALUE

-8.27

RUSSELL 1000 VALUE

26.54

RUSSELL 2000

GROWTH 7.16


10.54

BC AGGREGATE

5.24

RUSSELL 2000 8.00

RUSSELL 1000 VALUE

9.95

S&P 500 15.8

RUSSELL 1000 5.77

RUSSELL 1000 -37.6

RUSSELL 2000 27.16

RUSSELL 1000 16.10

RUSSELL 2000

GROWTH -2.91

RUSSELL 2000 16.35

RUSSELL 1000 VALUE

32.53

RUSSELL 2000

GROWTH 5.60

RUSSELL 2000

GROWTH -1.38

RUSSELL 2000

GROWTH 11.32

RUSSELL 1000 21.69

RUSSELL 2000

GROWTH -9.31

RUSSELL 2000 25.52

RUSSELL 1000 VALUE

5.59

BC AGGREGATE

6.98

RUSSELL 1000 VALUE

2.63


8.97

RUSSELL 2000 9.85

RUSSELL 1000 15.46

S&P 500 5.49

RUSSELL 1000

GROWTH -38.44

S&P 500 26.46

RUSSELL 1000 VALUE

15.51

RUSSELL 2000 -4.18

S&P 500 16.00

S&P 500 32.39

RUSSELL 2000 4.89

RUSSELL 1000 VALUE

-3.83


11.19

RUSSELL 2000 14.65

RUSSELL 2000

-11.01

RUSSELL 2000 VALUE

22.39

RUSSELL 2000 4.93

MSCI EAFE 0.49


2.42

RUSSELL 1000 VALUE

7.66

RUSSELL 2000 VALUE

7.09

RUSSELL 2000

GROWTH 13.35

RUSSELL 1000 VALUE

-0.17

RUSSELL 2000

GROWTH -38.54

RUSSELL 2000 VALUE

20.58

S&P 500 15.06

RUSSELL 2000 VALUE

-5.50

RUSSELL 1000

GROWTH 15.26

MSCI EAFE 22.78

RUSSELL 2000 VALUE

4.22

RUSSELL 2000 -4.41

RUSSELL 1000

GROWTH 7.08

RUSSELL 1000 VALUE

13.66

RUSSELL 2000 VALUE

-12.86

MSCI EAFE 22.01

MSCI EAFE 4.80

RUSSELL 2000 0.39

RUSSELL 2000 1.77

MSCI EAFE 5.26

MSCI EAFE 4.62

RUSSELL 1000

GROWTH 9.07

RUSSELL 2000 -1.56

MSCI EAFE -43.38

RUSSELL 1000 VALUE

19.69

MSCI EAFE 7.75

MSCI EAFE -12.14

RUSSELL 2000

GROWTH 14.59

BC AGGREGATE

-2.02


-2.19

RUSSELL 2000 VALUE

-7.46

BC AGGREGATE

2.65

RUSSELL 2000 VALUE

7.84

MSCI EAFE -13.79


18.44

RUSSELL 2000 VALUE

2.56

RUSSELL 1000 VALUE

-5.03

MSCI EAFE 0.62

BC AGGREGATE

4.18

BC AGGREGATE

3.64

BC AGGREGATE

4.33

RUSSELL 2000 VALUE

-9.78

MSCI EMERGING MARKETS -53.33

BC AGGREGATE

5.93

BC AGGREGATE

6.54


BC AGGREGATE

4.21


-2.60

MSCI EAFE -4.90


MSCI EAFE 1.00

BC AGGREGATE

3.54


BC AGGREGATE

8.72

BC AGGREGATE

0.62

RUSSELL 2000 VALUE

-14.88

RUSSELL 2000 VALUE

-5.13

RUSSELL 2000 VALUE

4.11


2.51


Information Disclaimer

• Past performance is no guarantee of future results.

• All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensureprofit or protect against losses.

• NEPC’s source for portfolio pricing, calculation of accruals, and transaction information is the plan’s custodian bank.Information on market indices and security characteristics is received from other sources external to NEPC. While NEPC hasexercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source informationcontained within.

• Some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may bepreliminary and subject to change.

• This report is provided as a management aid for the client’s internal use only. Information contained in this report does notconstitute a recommendation by NEPC.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party notlegally entitled to receive it.

Reporting Methodology

• The client’s custodian bank is NEPC’s preferred data source unless otherwise directed. NEPC generally reconciles custodiandata to manager data. If the custodian cannot provide accurate data, manager data may be used.

• Trailing time period returns are determined by geometrically linking the holding period returns, from the first full monthafter inception to the report date. Rates of return are annualized when the time period is longer than a year. Performance ispresented gross and/or net of manager fees as indicated on each page.

• For managers funded in the middle of a month, the “since inception” return will start with the first full month, althoughactual inception dates and cash flows are taken into account in all Composite calculations.

• This report may contain forward-looking statements that are based on NEPC’s estimates, opinions and beliefs, but NEPCcannot guarantee that any plan will achieve its targeted return or meet other goals.

Executive Summary of Investment Performance Montgomery … · 2020. 11. 25. · Montgomery County...

Documents

Transcript of Executive Summary of Investment Performance Montgomery … · 2020. 11. 25. · Montgomery County...