Loading...
03/18/2019Monday, March 18, 2019 9:00 AM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Council Chambers - Main Library Pension Trustees Meeting Agenda March 18, 2019Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the February 19, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. 3. Citizens to be Heard Regarding Items Not on the Agenda 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 Approve the following request of employees David Huff, Public Utilities Department, Timothy Keene, Public Utilities Department, Christine Schlerf, Human Resources Department and Shawn Stafford, Public Communications Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 Approve the following request of employees Vincent Booker, Fire Department, James Jackson, Parks and Recreation Department, William Jaroszek, Information Technology, Thomas Jensen, Fire Department and Patricia Meri, Customer Service Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2018. 5. Director's Report 6. Adjourn Page 2 City of Clearwater Printed on 3/14/2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-5780 Agenda Date: 3/18/2019 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the February 19, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. SUMMARY: APPROPRIATION CODE AND AMOUNT: USE OF RESERVE FUNDS: Page 1 City of Clearwater Printed on 3/14/2019 Pension Trustees Meeting Minutes February 19, 2019 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Tuesday, February 19, 2019 9:00 AM Council Chambers - Main Library Pension Trustees Draft Pension Trustees Meeting Minutes February 19, 2019 Page 2 City of Clearwater Rollcall Present 4 - Chair George N. Cretekos, Trustee Bob Cundiff, Trustee Hoyt Hamilton, and Trustee David Allbritton Absent 1 - Trustee Jay Polglaze Also Present – Jill Silverboard Deputy City Manager, Micah Maxwell – Assistant City Manager, Pamela K. Akin – City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Official Records and Legislative Services Coordinator, and Joe Roseto – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Unapproved 1. Call to Order – Chair Cretekos The meeting was called to order at 9:14 a.m. at the Main Library, Council Chambers. 2. Approval of Minutes 2.1 Approve the January 14, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk Trustee Hamilton moved to approve the January 14, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. The motion was duly seconded and carried unanimously. 3. Citizens to be Heard Regarding Items Not on the Agenda – None. 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. Name/Job Classification/Department Pension Eligibility Date Scott Mattis,Beach Lifeguard,Parks and Recreation 12/08/2018 Dakota Ornduff, Solid Waste Worker, Solid Waste 12/10/2018 Breon Wilkins, Solid Waste Worker, Solid Waste 12/10/2018 Patricia DeMilo, Accounting Technician, Parks and Recreation 12/10/2018 Draft Pension Trustees Meeting Minutes February 19, 2019 Page 3 City of Clearwater Michael Conti, Customer Service Rep., Customer Service 12/10/2018 Arthur Goldberg Ayala, Utilities Chemist, Public Utilities 12/10/2018 Terence Jamison, Solid Waste Worker, Solid Waste 12/10/2018 Trustee Hamilton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. Ayes: 4 - Chair Cretekos, Trustee Cundiff, Trustee Hamilton and Trustee Allbritton 4.2 Approve the following request of employees William Andrews, Public Utilities Department and Robert Morig Jr, Gas Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. William Andrews, Electro-Mechanical Tech, Public Utilities Department, was employed by the City on February 7, 2006, and began participating in the Pension Plan on that date. Mr. Andrews terminated from City employment on December 4, 2018. Robert Morig Jr, Gas Operations Manager, Gas Department, was employed by the City on October 13, 2008, and began participating in the Pension Plan on that date. Mr. Morig will terminate from City employment on January 5, 2019. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Andrews will meet the non-hazardous duty criteria and begin collecting a pension in March 2024. Mr. Morig will meet the non-hazardous duty criteria and Draft Pension Trustees Meeting Minutes February 19, 2019 Page 4 City of Clearwater begin collecting a pension in November 2038. Trustee Allbritton moved to approve the following request of employees William Andrews, Public Utilities Department and Robert Morig Jr, Gas Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.3 Approve the following request of employees Lewis Anderson, Parks and Recreation Department, Keith Downs, Gas Department, Vern Erickson, Public Utilities Department, Sandra Harriger, City Manager Department, Patricia Howard, Library Department, Diane Hufford, Economic Development and Housing Department, Phillip Hughes, Solid Waste General Services Department and Charmatee Rodrigues, Public Utilities Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Lewis Anderson, Parks Service Technician II, Parks and Recreation Department, was employed by the City on June 16, 2003, and his pension service credit is effective on that date. His pension will be effective January 1, 2019. Based on an average salary of approximately $31,315.49 over the past five years, the formula for computing regular pensions and Mr. Anderson’s selection of the Life Annuity, this pension benefit will be approximately $13,348.20 annually. Keith Downs, Gas Program Coordinator, Gas Department, was employed by the City on February 20, 1998, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $79,111.58 over the past five years, the formula for computing regular pensions and Mr. Downs’ selection of the Life Annuity, this pension benefit will be approximately $45,680.88 annually. Vern Erickson, Water Plant Operator A, Public Utilities Department, was employed by the City on March 7, 2005, and his pension service credit is effective on that date. His pension will be effective April 1, 2019. Based on an average salary of approximately $44,978.91 over the past five years, the formula for computing regular pensions and Mr. Erickson’s selection of the Life Annuity, this pension benefit will be approximately $17,323.80 annually. Sandra Harriger, Assistant to City Manager, City Manager Department, was employed by the City on January 4, 1999, and her pension service credit is effective on that date. Her pension will be effective February 1, 2019. Based on an average salary of approximately $66,915.00 over the past five years, the Draft Pension Trustees Meeting Minutes February 19, 2019 Page 5 City of Clearwater formula for computing regular pensions and Ms. Harriger’s selection of the Life Annuity, this pension benefit will be approximately $36,941.28 annually. Patricia Howard, Librarian I, Library Department, was employed by the City on June 6, 1997, and her pension service credit is effective on November 17, 2003. Her pension will be effective February 1, 2019. Based on an average salary of approximately $41,616.02 over the past five years, the formula for computing regular pensions and Ms. Howard’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $15,989.40 annually. Diane Hufford, Economic Development Coordinator, Economic Development and Housing Department, was employed by the City on January 23, 1995, and her pension service credit is effective on that date. Her pension will be effective January 1, 2019. Based on an average salary of approximately $75,985.61 over the past five years, the formula for computing regular pensions and Ms. Hufford’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $33,630.00 annually. Phillip Hughes, Fleet Mechanic Supervisor, Solid Waste General Services Department, was employed by the City on October 19, 1992, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $63,829.58 over the past five years, the formula for computing regular pensions and Mr. Hughes’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $41,808.60 annually. Charmatee Rodrigues, Utilities Chemist, Public Utilities Department, was employed by the City on October 16, 2006, and her pension service credit is effective on that date. Her pension will be effective February 1, 2019. Based on an average salary of approximately $43,170.40 over the past five years, the formula for computing regular pensions and Ms. Rodrigues’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $12,111.16 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has Draft Pension Trustees Meeting Minutes February 19, 2019 Page 6 City of Clearwater reached the age of sixty-five years and completed ten years of credited service. Mr. Anderson, Mr. Downs, Mr. Erickson, Ms. Harriger, Ms. Howard, Ms. Hufford, Mr. Hughes and Ms. Rodrigues have met the non-hazardous duty criteria. Trustee Cundiff moved to approve the following request of employees Lewis Anderson, Parks and Recreation Department, Keith Downs, Gas Department, Vern Erickson, Public Utilities Department, Sandra Harriger, City Manager Department, Patricia Howard, Library Department, Diane Hufford, Economic Development and Housing Department, Phillip Hughes, Solid Waste General Services Department and Charmatee Rodrigues, Public Utilities Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 5. Director's Report 6. Adjourn The meeting adjourned at 9:16 a.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-5708 Agenda Date: 3/18/2019 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/ Job Classification/ Department Pension Eligibility Date Chelsea Schneiter, Customer Service Representative, Customer Service 01/07/2019 Michael Rivas, Survey Assistant I, Engineering 01/07/2019 David Koleszar, Police Officer, Police 01/07/2019 Corey Roberts, Police Officer, Police 01/07/2019 Paul Durrance, Police Officer, Police 01/07/2019 Alexis Hayward, Police Officer, Police 01/07/2019 Alex Krolick, Police Officer, Police 01/07/2019 Justus Mullin, Police Officer, Police 01/07/2019 Alexander Grant, Solid Waste Equipment Operator, Solid Waste 01/07/2019 Marvin Blythewood, Solid Waste Equipment Operator, Solid Waste 01/07/2019 Wayne Ferrell, Parks Service Supervisor I, Parks & Recreation 01/07/2019 Edward Moralobo, Recreation Leader, Parks & Recreation 01/19/2019 Janelle Vincenty, Staff Assistant, Fire 01/22/2019 Richard Droncheff, Gas Technician I, Gas 01/22/2019 William Bucceri, Tradesworker, Marine & Aviation 01/22/2019 Juliahna Green, Neighborhood Services Coordinator, Planning & Development 01/22/2019 Michael Ryder, Heavy Equipment Operator, Parks & Recreation 01/22/2019 Joseph Rotondo, Recreation Leader, Parks & Recreation 01/22/2019 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 3/14/2019 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Joseph Roseto, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Chelsea Schneiter Customer Service Representative Customer Service 01/07/2019 Michael Rivas Survey Assistant I Engineering 01/07/2019 David Koleszar Police Officer Police 01/07/2019 Corey Roberts Police Officer Police 01/07/2019 Paul Durrance Police Officer Police 01/07/2019 Alexis Hayward Police Officer Police 01/07/2019 Alex Krolick Police Officer Police 01/07/2019 Justus Mullin Police Officer Police 01/07/2019 Alexander Grant Solid Waste Equipment Operator Solid Waste 01/07/2019 Marvin Blythewood Solid Waste Equipment Operator Solid Waste 01/07/2019 Wayne Ferrell Parks Service Supervisor I Parks & Recreation 01/07/2019 Edward Moralobo Recreation Leader Parks & Recreation 01/19/2019 Janelle Vincenty Staff Assistant Fire 01/22/2019 Richard Droncheff Gas Technician I Gas 01/22/2019 William Bucceri Tradesworker Marine & Aviation 01/22/2019 Juliahna Green Neighborhood Services Coordinator Planning & Development 01/22/2019 Michael Ryder Heavy Equipment Operator Parks & Recreation 01/22/2019 Joseph Rotondo Recreation Leader Parks & Recreation 01/22/2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-5709 Agenda Date: 3/18/2019 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employees David Huff, Public Utilities Department, Timothy Keene, Public Utilities Department, Christine Schlerf, Human Resources Department and Shawn Stafford, Public Communications Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: David Huff, Wastewater Treatment Plant Oper B, Public Utilities Department, was employed by the City on December 10, 2007, and began participating in the Pension Plan on that date. Mr. Huff terminated from City employment on December 7, 2018. Timothy Keene, Public Utilities Tech III, Public Utilities Department, was employed by the City on August 4, 1997, and began participating in the Pension Plan on that date. Mr. Keene terminated from City employment on January 19, 2019. Christine Schlerf, Human Resources Manager, Human Resources Department, was employed by the City on May 22, 2000, and began participating in the Pension Plan on that date. Ms. Schlerf terminated from City employment on December 19, 2018. Shawn Stafford, Station Manager, Public Communications Department, was employed by the City on May 6, 1996, and began participating in the Pension Plan on that date. Mr. Stafford terminated from City employment on November 3, 2018. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Page 1 City of Clearwater Printed on 3/14/2019 File Number: ID#19-5709 Mr. Huff will meet the non-hazardous duty criteria and begin collecting a pension in December 2026. Mr. Keene will meet the non-hazardous duty criteria and begin collecting a pension in February 2024. Ms. Schlerf will meet the non-hazardous duty criteria and begin collecting a pension in January 2022. Mr. Stafford will meet the non-hazardous duty criteria and begin collecting a pension in June 2026. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 3/14/2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-5710 Agenda Date: 3/18/2019 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the following request of employees Vincent Booker, Fire Department, James Jackson, Parks and Recreation Department, William Jaroszek, Information Technology, Thomas Jensen, Fire Department and Patricia Meri, Customer Service Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Vincent Booker, Fire Lieutenant, Fire Department, was employed by the City on November 2, 1992, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $83,831.58 over the past five years, the formula for computing regular pensions and Mr. Booker’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $55,621.20 annually. James Jackson, Tradesworker, Parks and Recreation Department, was employed by the City on August 4, 1997, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $38,383.58 over the past five years, the formula for computing regular pensions and Mr. Jackson’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $22,078.80 annually. William Jaroszek, Senior Systems Programmer, Information Technology Department, was employed by the City on August 29, 1990, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $85,206.82 over the past five years, the formula for computing regular pensions and Mr. Jaroszek’s selection of the Joint and Survivor Annuity, this pension benefit will be approximately $66,520.44 annually. Thomas Jensen, Fire Lieutenant, Fire Department, was employed by the City on May 26, 1987, and his pension service credit is effective on that date. His pension will be effective February 1, 2019. Based on an average salary of approximately $106,223.63 over the past five years, the formula for computing regular pensions and Mr. Jensen’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $96,354.84 annually. Patricia Meri, Senior Customer Service Representative, Customer Service Department, was employed by the City on August 5, 1985, and her pension service credit is effective on that date. Her pension will be effective February 1, 2019. Based on an average salary of approximately $49,533.38 over the past five years, the formula for computing regular pensions and Ms. Meri’s selection of the Single Life Annuity, this pension benefit will be approximately $45,617.52 annually. Page 1 City of Clearwater Printed on 3/14/2019 File Number: ID#19-5710 Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Jackson, Mr. Jaroszek and Ms. Meri have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Booker and Mr. Jensen have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 3/14/2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-5860 Agenda Date: 3/18/2019 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2018. SUMMARY: Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2018, the Plan realized a negative investment return of (2.65%), versus a customized benchmark of negative (4.62%), placing the plan in the 29th percentile of public pension plans per the Wilshire Public Plan Sponsor Universe. For the last three calendar years, the plan had an average annualized return of 6.41%, versus a benchmark of 5.72%, placing the plan in the 38th percentile of public plans. Staff continues to seek diversification and decreased volatility in investment returns for the Plan via alternative investment categories. In recent years, new categories introduced have included timber investments, core plus real estate, and infrastructure. The investment committee, with the assistance of the Plan’s investment consultant, CapTrust Advisors, closely monitors underperforming money managers and will continue to recommend terminations and replacements when appropriate. Page 1 City of Clearwater Printed on 3/14/2019 City of ClearwaterCity of Clearwater Employees’PensionPlan Employees’PensionPlanMarch 18, 2019March 18, 2019 Calendar Year 2018Investment Performance Calendar Year 2018Investment Performance Total Fund -2.65% 29 th percentile Benchmark -4.62% 62 nd percentile Plus 1.97% Total Fund -2.65% 29 th percentile Benchmark -4.62% 62 nd percentile Plus 1.97% Calendar Year 2018Investment Performance Calendar Year 2018Investment Performance Domestic Equity -4.06% 18 th Benchmark -4.38% 20 th Plus 0.32% Domestic Equity -4.06% 18 th Benchmark -4.38% 20 th Plus 0.32% Calendar Year 2018Investment Performance Calendar Year 2018Investment Performance International Equity -11.88% 31 st Benchmark -14.20% 50 th Plus 2.32% International Equity -11.88% 31 st Benchmark -14.20% 50 th Plus 2.32% Calendar Year 2018Investment Performance Calendar Year 2018Investment Performance Domestic Fixed Income -0.38% 76 th Benchmark 0.01% 63 rd Minus 0.39% Domestic Fixed Income -0.38% 76 th Benchmark 0.01% 63 rd Minus 0.39% Calendar Year 2018Investment Performance Calendar Year 2018Investment Performance Real Estate 6.15% 44th Benchmark -0.39% 55 th Plus 6.54% Real Estate 6.15% 44th Benchmark -0.39% 55 th Plus 6.54% Calendar Year 2018 Total FundInvestment Performance Calendar Year 2018 Total FundInvestment Performance Three Year Return (total fund) Total Fund 6.41% 38 th Five Year Return Total Fund 5.77% 24 th Ten Year Return Total Fund 10.51% 1 st Three Year Return (total fund) Total Fund 6.41% 38 th Five Year Return Total Fund 5.77% 24 th Ten Year Return Total Fund 10.51% 1 st Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 VOYA LCG -1.43% 40 th NT Russell1000 LCV -8.32% 54 th Eagle Capital LCV -4.86% 33 rd Mann & Nap LCV -3.65% 22 nd VOYA LCG -1.43% 40 th NT Russell1000 LCV -8.32% 54 th Eagle Capital LCV -4.86% 33 rd Mann & Nap LCV -3.65% 22 nd Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 Artisan MCG -3.39% 38 th Wedge MCV -16.00% 91 st Riverbridge SCG 7.33% 1 st Atlanta SCV 0.48% 1 st Victory Cap SCV -8.23% 14 th Artisan MCG -3.39% 38 th Wedge MCV -16.00% 91 st Riverbridge SCG 7.33% 1 st Atlanta SCV 0.48% 1 st Victory Cap SCV -8.23% 14 th Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 International: TS&W EAFE -15.20% 63 rd WCM EAFE -6.56% 10 th DFA Emerg Mkts -15.25% 63 rd International: TS&W EAFE -15.20% 63 rd WCM EAFE -6.56% 10 th DFA Emerg Mkts -15.25% 63 rd Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 Fixed Income: Dodge Cox 0.02% 61 st WAMCO -0.73% 78 th Fixed Income: Dodge Cox 0.02% 61 st WAMCO -0.73% 78 th Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 Real Estate: MEPT Core 7.23% 40th USAA Core Plus 6.65% 42nd U.S. Real E.Core Plus 1.39% 37th Molpus Timber 2.68% 52nd Hancock Timber -14.00% 55th SEC CAP REITS -7.16% 83rd Real Estate: MEPT Core 7.23% 40th USAA Core Plus 6.65% 42nd U.S. Real E.Core Plus 1.39% 37th Molpus Timber 2.68% 52nd Hancock Timber -14.00% 55th SEC CAP REITS -7.16% 83rd Individual ManagerPerformanceCalendar 2018 Individual ManagerPerformanceCalendar 2018 Infrastructure: IFM Infrastructure 18.17% 5 th Infrastructure: IFM Infrastructure 18.17% 5 th City of Clearwater Employees’ Pension Plan City of Clearwater Employees’ Pension Plan Questions?Questions? 400 N. Tampa Street, Suite 1800, Tampa, FL 33602-5140 ♦ Tel: 813/218-5000 Eric W. Bailey, CFA John J. Griffith, Jr., JD, CPC, AIF® Principal, Financial Advisor Senior Vice President, Financial Advisor CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN PERFORMANCE REVIEW DECEMBER 31, 2018 TABLE OF CONTENTS Important Disclosures 1 Market Commentary 2 Fund Overview 3 Performance Review Total Fund 4 Domestic Equity 5 International Equity 6 Fixed Income 7 Real Estate 8 Appendix 9 IMPORTANT DISCLOSURES This report has been compiled from sources believed to be reliable but are not guaranteed to be accurate or complete. This material has been prepared solely for information purposes and is not a solicitation. Performance reports contain returns that are net of fees. Any depiction of account value/performance is not warranted to be accurate or complete. Please refer to your official monthly/quarterly custodial statements for verification. Past performance does not guarantee future results. CAPTRUST Financial Advisors does not render legal, accounting, or tax advice. Please contact your CAPTRUST Financial Advisor if your Investment Objectives or your personal or financial situation has changed or if you want to place reasonable restrictions on the management of your investment account(s) or portfolio. You may call direct at 919.870.6822 or 800.216.0645 or email compliance@captrustadvisors.com. Prior to January 1st 2016, manager returns were reported both gross and net of fees depending on custody arrangements and past practices. Effective January 1st 2016, prospectively, all manager returns will be reported net of fees. 1 2 market commentary • • • • • 3 market commentary 4 market commentary 5 market commentary 6 • • • • • • • • • market commentary •• •• 7 market commentary • • • • 8 market commentary • • 9 market commentary • • • • • 10 market commentary 11 market commentary 12 market commentary 13 market commentary 14 market commentary 15 market commentary 16 asset class returns Source: Markov Processes, Inc., Bloomberg, Mobius 17 index performance 18 City of Clearwater Employees Pension Fund Asset Allocation vs Target & Policy Total Fund As of 12/31/18 Manager Market Value Actual % Policy % Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier Artisan Partners Wedge Capital Mgmt Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Total Domestic Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets Total International Equity Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Total Domestic Fixed Income Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Total Real Estate Total Fund 121,110,819.67 40,266,695.30 38,531,165.49 40,748,341.34 35,540,112.26 33,234,159.39 11,826,751.09 23,169,403.45 11,144,081.84 355,571,529.83 66,848,314.04 61,444,500.61 35,012,347.56 163,305,162.21 140,936,603.83 140,609,364.49 991,538.53 -1,828,542.64 280,708,964.21 49,863,650.35 28,485,238.26 7,163,794.00 8,102,306.00 11,757,490.37 12,996,272.00 37,781,685.93 4,549,418.00 160,699,854.91 960,285,511.16 12.61 4.19 4.01 4.24 3.70 3.46 1.23 2.41 1.16 37.03 6.96 6.40 3.65 17.01 14.68 14.64 0.10 -0.19 29.23 5.19 2.97 0.75 0.84 1.22 1.35 3.93 0.47 16.73 100.00 39.00 18.00 28.00 15.00 19 City of Clearwater Employees Pension Fund Sources of Fund Growth Total Fund 9/30/18 - 12/31/18 Manager Name Beginning Value Net Contrib Invest Fees Invest Gain/Loss Ending Value Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier Artisan Partners Wedge Capital Mgmt Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets International EQ Comp Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Fixed Income Comp Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Real Estate Comp Total Fund 141,380,955 45,600,850 44,654,315 45,204,184 43,385,378 40,366,163 13,749,980 27,802,919 13,045,145 415,189,889 76,596,732 71,222,152 37,403,244 185,222,128 140,138,078 138,957,613 600,832 3,364,127 283,060,650 49,089,733 30,854,367 7,464,129 8,180,032 11,677,527 12,818,019 36,724,132 4,549,418 161,357,357 1,044,830,025 126,293 4,560 75,026 -324 70,467 52,729 23,460 51,920 28,631 432,763 133,378 104,521 0 237,899 69,270 88,748 379,578 -5,192,670 -4,655,074 0 48,464 -300,335 -77,726 -141,675 0 0 0 -471,272 -4,455,684 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -20,396,429 -5,338,715 -6,198,176 -4,455,519 -7,915,733 -7,184,732 -1,946,688 -4,685,436 -1,929,694 -60,051,122 -9,881,797 -9,882,172 -2,390,897 -22,154,865 729,255 1,563,004 11,129 0 2,303,388 773,917 -2,417,593 0 0 221,638 178,253 1,057,554 0 -186,230 -80,088,829 121,110,820 40,266,695 38,531,165 40,748,341 35,540,112 33,234,159 11,826,751 23,169,403 11,144,082 355,571,530 66,848,314 61,444,501 35,012,348 163,305,162 140,936,604 140,609,364 991,539 -1,828,543 280,708,964 49,863,650 28,485,238 7,163,794 8,102,306 11,757,490 12,996,272 37,781,686 4,549,418 160,699,855 960,285,511 20 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2018 Net of Fee Return Name Value $(000) Periods Ending 12/31/18 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Total Fund Policy Index Secondary Benchmark Domestic Equity Comp S&P 500 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Wedge Capital Mgmt R Mid Cap V Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE (Net) WCM Investment Management MSCI ACWI ex US (Net) 960,286 355,572 240,657 38,531 40,748 40,267 121,111 68,774 35,540 33,234 46,140 11,827 23,169 11,144 163,305 35,012 61,445 66,848 -7.68 -7.70 -7.59 -14.46 -13.52 -13.14 -13.82 -13.88 -11.72 -9.86 -11.72 -11.71 -11.72 -14.43 -15.89 -18.03 -15.37 -18.25 -15.99 -17.80 -14.95 -15.68 -20.20 -14.16 -20.20 -16.85 -21.65 -14.79 -18.67 -11.96 -11.46 -6.39 -7.40 -13.88 -12.54 -12.90 -11.46 -2.65 -4.62 -4.29 -4.06 -4.38 -3.49 -4.78 -4.86 -8.27 -3.65 -8.27 -8.32 -8.27 -1.43 -1.51 -9.88 -9.06 -3.39 -4.75 -16.00 -12.29 1.67 -11.01 0.48 -11.01 7.33 -9.31 -8.23 -12.86 -11.88 -14.20 -15.25 -14.25 -15.20 -13.79 -6.56 -14.20 6.41 5.72 5.68 8.82 9.26 9.41 9.09 8.99 6.95 10.06 6.95 6.87 6.95 10.12 11.15 4.83 7.04 5.06 8.59 4.42 6.06 11.94 7.36 10.36 7.36 14.35 7.24 5.04 4.48 1.15 2.87 7.21 4.48 5.77 5.42 7.80 8.50 8.96 8.21 8.48 5.95 8.03 5.95 5.95 5.95 10.35 10.40 5.21 6.26 5.10 7.42 5.17 5.44 6.72 4.41 7.87 4.41 7.73 5.13 -0.28 0.84 8.56 7.77 12.84 12.70 13.16 12.63 11.15 11.02 14.38 14.14 11.63 11.49 11.61 12.27 11.46 10.88 12.78 10.44 12.92 10.56 13.68 11.25 3.57 6.12 10.51 9.46 14.17 13.12 13.11 13.28 11.23 11.18 14.41 15.29 14.91 14.02 15.84 15.12 13.79 13.03 15.12 11.97 15.21 11.10 7.34 6.73 7.06 6.91 8.65 7.77 8.12 7.92 9.65 8.68 8.88 8.88 10.24 8.98 9.25 7.50 11.71 7.37 4.71 5.16 8.87 8.89 10.90 10.18 10.28 10.15 11.72 8.96 10.20 8.96 4.83 4.79 11.55 10.03 11.72 11.09 9.10 7.80 7.31 5.99 9.67 8.15 11.86 8.18 14.14 11.18 -8.14 -12.71 4.18 4.60 -9.97 -9.45 -1.01 0.07 5.59 1.07 12/31/87 12/31/87 12/31/87 12/31/87 12/31/87 3/31/88 3/31/88 1/31/13 1/31/13 1/31/13 1/31/13 6/30/07 6/30/07 12/31/87 12/31/87 3/31/88 3/31/88 7/31/01 7/31/01 2/28/07 2/28/07 8/31/03 8/31/03 8/31/03 8/31/03 9/30/10 9/30/10 11/30/17 11/30/17 5/31/01 5/31/01 10/31/17 10/31/17 7/31/15 7/31/15 7/31/15 7/31/15 21 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2018 Net of Fee Return Name Value $(000) Periods Ending 12/31/18 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Fixed Income Comp BC Agg Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 280,709 140,937 -1,829 992 140,609 160,700 8,102 37,782 7,164 4,549 49,864 28,485 12,996 11,757 0.83 1.64 0.52 1.64 0.00 0.57 1.35 0.57 1.12 1.64 -0.12 -4.10 0.00 0.97 2.88 -13.42 0.00 0.97 0.00 0.97 1.58 1.76 -7.84 -6.98 1.39 1.76 1.92 1.76 -0.38 0.01 0.02 0.01 0.00 1.86 3.83 1.86 -0.73 0.01 6.15 -0.39 -0.14 3.43 18.17 -8.71 1.84 3.43 0.04 3.43 7.23 8.35 -7.16 -4.80 9.16 8.35 6.65 8.35 2.82 2.06 3.16 2.06 0.00 0.99 2.37 0.99 2.31 2.06 6.46 4.41 1.24 3.21 1.45 3.21 2.06 3.21 6.92 8.24 0.98 2.41 9.41 8.24 9.40 8.24 2.97 2.52 3.06 2.52 0.00 0.60 3.51 0.60 2.85 2.52 9.46 9.08 2.55 4.99 3.06 4.99 8.97 10.41 7.50 8.17 2.93 2.10 3.38 2.10 -0.00 0.45 3.85 0.45 2.38 2.10 9.32 9.52 4.37 6.04 8.75 10.98 7.83 8.57 4.58 3.48 5.03 3.48 -0.00 0.35 6.72 0.35 3.99 3.48 12.70 13.03 11.51 12.41 4.39 3.87 -0.00 1.26 5.58 1.26 6.03 6.15 4.55 3.78 0.59 3.13 5.43 1.25 4.13 3.83 6.03 6.22 4.43 6.37 20.26 -2.96 3.79 5.65 1.46 3.55 9.59 11.89 4.98 5.60 9.41 8.24 9.30 9.16 12/31/87 12/31/87 2/29/04 2/29/04 12/31/87 12/31/87 6/30/03 6/30/03 9/30/04 9/30/04 4/30/08 4/30/08 5/31/12 5/31/12 9/30/17 9/30/17 6/30/11 6/30/11 9/30/15 9/30/15 9/30/10 9/30/10 4/30/08 4/30/08 12/31/15 12/31/15 6/30/15 6/30/15 22 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2018 Net of Fee Return Name Value $(000) Calendar Years 2018 2017 2016 2015 2014 2013 Total Fund Policy Index Domestic Equity Comp S&P 500 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Wedge Capital Mgmt R Mid Cap V Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE (Net) WCM Investment Management MSCI ACWI ex US (Net) Fixed Income Comp BC Agg 960,286 355,572 240,657 38,531 40,748 40,267 121,111 68,774 35,540 33,234 46,140 11,827 23,169 11,144 163,305 35,012 61,445 66,848 280,709 -2.65 -4.62 -4.06 -4.38 -3.49 -4.78 -4.86 -8.27 -3.65 -8.27 -8.32 -8.27 -1.43 -1.51 -9.88 -9.06 -3.39 -4.75 -16.00 -12.29 1.67 -11.01 0.48 -11.01 7.33 -9.31 -8.23 -12.86 -11.88 -14.20 -15.25 -14.25 -15.20 -13.79 -6.56 -14.20 -0.38 0.01 15.98 15.44 22.53 21.83 24.63 21.69 23.52 13.66 21.55 13.66 13.77 13.66 29.94 30.21 19.76 18.52 20.81 25.27 18.44 13.34 16.66 14.65 13.34 14.65 22.97 22.17 27.97 27.19 22.27 25.03 33.22 27.19 3.91 3.54 6.71 7.32 9.61 11.96 8.88 12.05 10.16 17.34 13.85 17.34 17.03 17.34 4.26 7.08 6.73 13.80 -0.63 7.33 14.46 20.00 18.26 21.31 18.02 21.31 13.29 11.32 2.78 4.50 -0.19 1.00 -1.00 4.50 5.01 2.65 1.43 0.22 1.48 1.38 3.35 0.92 2.35 -3.83 -0.09 -3.83 -3.66 -3.83 7.07 5.67 -1.30 -2.44 3.38 -0.20 -5.72 -4.78 -1.70 -4.41 4.97 -4.41 -3.15 -1.38 -9.91 -4.29 0.30 0.55 8.32 9.91 11.31 13.69 13.45 13.25 13.39 13.45 10.46 13.45 13.54 13.45 14.42 13.05 13.38 13.21 6.96 11.91 19.82 14.74 0.39 4.89 3.50 4.89 0.20 5.60 -5.56 -4.48 6.18 5.97 17.83 14.62 35.15 32.41 32.23 33.11 32.94 32.54 31.57 33.49 37.36 34.76 39.21 35.76 34.92 33.45 42.51 38.82 42.43 37.88 43.50 43.29 10.23 23.29 -0.75 -2.02 23 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2018 Net of Fee Return Name Value $(000) Calendar Years 2018 2017 2016 2015 2014 2013 Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 140,937 -1,829 992 140,609 160,700 8,102 37,782 7,164 4,549 49,864 28,485 12,996 11,757 0.02 0.01 0.00 1.86 3.83 1.86 -0.73 0.01 6.15 -0.39 -0.14 3.43 18.17 -8.71 1.84 3.43 0.04 3.43 7.23 8.35 -7.16 -4.80 9.16 8.35 6.65 8.35 3.99 3.54 0.00 0.84 1.44 0.84 4.08 3.54 6.30 5.75 1.24 3.63 -0.75 3.63 2.83 3.63 5.53 7.62 4.91 4.84 8.36 7.62 9.30 7.62 5.55 2.65 0.00 0.27 1.84 0.27 3.66 2.65 6.94 8.06 2.64 2.59 3.30 2.59 3.34 2.59 8.02 8.76 5.71 7.62 10.72 8.76 12.34 8.76 -0.12 0.55 0.03 0.03 3.41 0.03 0.73 0.55 6.96 8.33 4.51 4.97 4.03 4.97 12.00 15.01 4.70 4.81 6.01 5.97 -0.02 0.03 7.12 0.03 6.65 5.97 21.77 25.22 4.58 10.50 7.02 10.50 12.21 12.49 33.13 31.53 0.65 -2.02 0.00 0.05 2.56 0.05 -2.46 -2.02 6.29 6.02 8.91 9.68 15.16 9.68 11.83 13.94 1.60 2.15 24 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Total Fund Public Sponsors Periods Ending 12/18 High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.36 -6.06 -8.30 -9.19 -10.41 -7.68 41 -7.70 41 2.42 -2.30 -4.18 -5.20 -7.53 -2.65 29 -4.62 62 9.01 6.07 4.84 4.07 2.22 6.26 21 4.93 48 8.90 6.76 6.03 5.49 3.67 6.41 38 5.72 69 7.01 5.36 4.59 3.90 2.57 5.14 32 4.32 67 7.09 5.70 5.04 4.50 2.93 5.77 24 5.42 32 8.88 7.78 6.95 6.19 3.71 7.69 27 6.90 52 9.62 8.38 7.71 7.06 4.56 8.56 20 7.77 47 8.11 7.38 6.87 6.18 4.42 7.40 24 7.01 38 8.69 7.89 7.48 6.88 4.85 8.51 6 7.76 27 9.87 9.12 8.65 7.99 5.40 10.51 1 9.46 10 -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% T1 T 1 T 1 T1 T1 T1 T1 T1 T1 T1 T 1 25 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Total Fund Public Sponsors Years Ending December High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2.42 -2.30 -4.18 -5.20 -7.53 -2.65 29 -4.62 62 18.78 16.35 15.13 13.33 7.48 15.98 35 15.44 43 10.97 8.97 7.87 6.82 4.06 6.71 75 7.32 63 3.68 1.38 0.27 -1.11 -2.93 1.43 23 0.22 51 9.25 7.30 6.50 5.32 3.49 8.32 11 9.91 2 22.01 19.38 16.47 13.29 5.12 17.83 39 14.62 67 14.88 13.29 12.33 10.76 6.28 13.93 14 13.17 26 5.39 2.17 1.04 -0.19 -2.84 -0.36 76 1.81 33 15.93 13.83 12.52 10.94 5.64 17.73 1 13.96 23 26.29 21.66 18.88 15.13 4.28 30.28 1 26.00 5 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% T 1 T1 T1 T1 T1 T 1 T1 T 1 T 1 T 1 26 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2018 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Qtr YTD 1 Year 3 Year 5 Year Incept 12/31/87 Total Fund Policy Index Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Total Fund Policy Index Rank Voya Investment Mgmt R1000G Rank NTGI-QM R1000V R1000V Rank Eagle Capital Management Russell 1000 Value Rank Manning and Napier Russell 1000 Value Rank Artisan Partners R Mid Cap G Rank Wedge Capital Mgmt R Mid Cap V Rank -7.68 -7.70 41 -14.43 -15.89 56 -11.71 -11.72 40 -13.88 -11.72 74 -9.86 -11.72 24 -18.25 -15.99 63 -17.80 -14.95 83 -2.65 -4.62 29 -1.43 -1.51 40 -8.32 -8.27 54 -4.86 -8.27 33 -3.65 -8.27 22 -3.39 -4.75 38 -16.00 -12.29 89 -2.65 -4.62 29 -1.43 -1.51 40 -8.32 -8.27 54 -4.86 -8.27 33 -3.65 -8.27 22 -3.39 -4.75 38 -16.00 -12.29 89 6.41 5.72 38 10.12 11.15 40 6.87 6.95 65 8.99 6.95 18 10.06 6.95 8 5.06 8.59 96 4.42 6.06 84 5.77 5.42 24 10.35 10.40 20 5.95 5.95 62 8.48 5.95 6 8.03 5.95 7 5.10 7.42 85 5.17 5.44 68 8.87 8.89 11.55 10.03 4.83 4.79 11.72 8.96 10.20 8.96 9.10 7.80 7.31 5.99 12/31/87 12/31/87 6/30/07 1/31/13 1/31/13 7/31/01 2/28/07 $960,285,511 $121,110,820 $40,266,695 $38,531,165 $40,748,341 $35,540,112 $33,234,159 27 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2018 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Atlanta Capital Mgmt Russell 2000 Rank Riverbridge Partners R2000G Rank Sycamore Small Cap Value Russell 2000 Value Rank WCM Investment Management MSCI ACWI ex US (Net) Rank Thompson, Siegel & Walmsley MSCI EAFE (Net) Rank DFA Emerging Markets MSCI Emg Mkts (Gross) Dodge & Cox BC Agg Rank Western Asset Management Co. BC Agg Rank Security Lending Income Account 3-month T-Bill In House Account 3-month T-Bill Multi Employer Property Trust NCREIF ODCE Rank DFA Emerging Markets -14.16 -20.20 2 -16.85 -21.65 7 -14.79 -18.67 14 -12.90 -11.46 55 -13.88 -12.54 66 -6.39 -7.40 0.52 1.64 75 1.12 1.64 48 1.35 0.57 0.00 0.57 1.58 1.76 34 -6.39 0.48 -11.01 1 7.33 -9.31 1 -8.23 -12.86 -6.56 -14.20 10 -15.20 -13.79 63 -15.25 -14.25 0.02 0.01 61 -0.73 0.01 78 3.83 1.86 0.00 1.86 7.23 8.35 40 -15.25 0.48 -11.01 1 7.33 -9.31 1 -8.23 -12.86 -6.56 -14.20 10 -15.20 -13.79 63 -15.25 -14.25 0.02 0.01 61 -0.73 0.01 78 3.83 1.86 0.00 1.86 7.23 8.35 40 -15.25 10.36 7.36 13 14.35 7.24 1 7.21 4.48 24 1.15 2.87 90 3.16 2.06 18 2.31 2.06 42 2.37 0.99 0.00 0.99 6.92 8.24 42 7.87 4.41 1 7.73 5.13 23 3.06 2.52 20 2.85 2.52 32 3.51 0.60 0.00 0.60 8.97 10.41 52 11.86 8.18 14.14 11.18 -8.14 -12.71 5.59 1.07 -1.01 0.07 -9.97 -9.45 4.55 3.78 4.13 3.83 5.43 1.25 0.59 3.13 9.59 11.89 -9.97 8/31/03 9/30/10 11/30/17 7/31/15 7/31/15 10/31/17 2/29/04 9/30/04 6/30/03 12/31/87 9/30/10 10/31/17 $11,826,751 $23,169,403 $11,144,082 $66,848,314 $61,444,501 $35,012,348 $140,936,604 $140,609,364 $991,539 $-1,828,543 $49,863,650 $35,012,348 28 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2018 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Security Capital Wilshire RESI Rank Molpus Woodlands Fund III NCREIF Timberland Index Rank Hancock NCREIF Timberland Index Rank USAA NCREIF ODCE Fund Index Rank U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Rank IFM Global Infrastructure (US) L.P. MSCI World (Net) Rank Molpus Woodlands Fund IV NCREIF Timberland Index Rank -7.84 -6.98 96 0.00 0.97 54 0.00 0.97 54 1.92 1.76 28 1.39 1.76 37 2.88 -13.42 11 0.00 0.97 54 -7.16 -4.80 83 1.84 3.43 50 -0.14 3.43 55 6.65 8.35 42 9.16 8.35 21 18.17 -8.71 5 0.04 3.43 54 -7.16 -4.80 83 1.84 3.43 50 -0.14 3.43 55 6.65 8.35 42 9.16 8.35 21 18.17 -8.71 5 0.04 3.43 54 0.98 2.41 85 1.45 3.21 85 1.24 3.21 85 9.40 8.24 20 9.41 8.24 20 2.06 3.21 83 7.50 8.17 66 3.06 4.99 86 2.55 4.99 87 4.98 5.60 3.79 5.65 4.43 6.37 9.30 9.16 9.41 8.24 20.26 -2.96 1.46 3.55 4/30/08 6/30/11 5/31/12 6/30/15 12/31/15 9/30/17 9/30/15 $28,485,238 $7,163,794 $8,102,306 $11,757,490 $12,996,272 $37,781,686 $4,549,418 29 30 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/18 Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Unitedhealth Group I Apple Inc Alphabet Inc Cl-C Facebook Inc Home Depot Inc Boeing Co Progressive Corp Ohi GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Health Care Information Technology Telecom Services Telecom Services Consumer Discretionary Industrials Financials 4.13 3.54 2.10 2.06 1.71 1.69 1.39 1.39 1.35 1.27 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.49 2.61 14.27 13.92 5.46 14.57 11.96 23.99 10.51 1.24 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -14.46 -13.52 415,190 433 -60,051 355,572 -4.06 -4.38 421,153 -53,809 -11,773 355,572 -4.06 -4.38 421,153 -53,809 -11,773 355,572 8.82 9.26 398,369 -144,667 101,870 355,572 7.80 8.50 428,843 -225,693 152,421 355,572 14.17 13.12 165,993 -254,544 444,123 355,572 10.90 10.18 32,236 -254,544 577,880 355,572 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 31 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/18 Cash & Equiv $8,805 2.48% Domestic Equity $346,767 97.52% Periods from 12/87 to 12/18 Alpha Beta R-Squared 0.08 1.08 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 E1 T Annualized Standard Deviation% E Domestic Equity Comp 1 S&P 500 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.90 10.18 3.24 16.77 15.00 1.29 0.46 0.46 0.00 0.19 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 32 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -9.00 -13.51 -14.33 -18.18 -20.15 -14.46 51 -13.52 25 1.49 -4.42 -7.65 -11.08 -14.95 -4.06 18 -4.38 20 13.20 7.91 4.58 1.62 -2.96 8.43 20 7.93 23 11.31 9.44 8.11 6.91 4.78 8.82 43 9.26 27 9.96 7.50 6.29 4.81 2.79 6.94 40 7.23 29 9.71 8.56 6.94 5.17 3.22 7.80 40 8.50 26 13.72 12.20 11.22 10.24 8.29 11.94 39 12.16 25 14.51 12.85 12.00 10.69 9.48 12.84 25 12.70 29 13.15 11.73 10.37 9.01 7.62 11.11 43 11.32 36 15.06 12.46 11.64 10.67 9.04 12.33 27 11.72 47 15.99 14.15 13.21 12.45 11.06 14.17 22 13.12 58 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% E1 E1 E1 E1 E1 E1 E1 E1 E1 E1 E1 33 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 1.49 -4.42 -7.65 -11.08 -14.95 -4.06 18 -4.38 20 34.30 23.37 20.43 14.96 6.23 22.53 28 21.83 33 27.98 17.35 11.95 6.75 -2.51 9.61 64 11.96 49 8.05 1.74 -0.85 -4.06 -12.83 1.48 27 1.38 29 16.00 12.86 9.04 4.22 -5.52 11.31 37 13.69 14 45.15 37.75 33.10 28.14 0.03 35.15 37 32.41 57 22.62 17.90 15.80 12.05 2.15 18.37 20 15.98 47 8.19 2.23 -0.10 -4.13 -11.69 -0.21 50 2.12 27 32.48 25.14 17.10 13.88 5.50 22.53 32 15.05 66 53.87 36.99 29.01 24.14 8.85 32.14 40 26.45 65 -20% -10% 0% 10% 20% 30% 40% 50% 60% E1 E1 E1 E1 E1 E1 E1 E1 E 1 E 1 34 City of Clearwater Employees Pension Fund Risk Measure Summary Domestic Equity Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.99 0.98 0.50 -14.46 7.52 -4.06 -4.06 19.23 1.04 0.17 0.99 -0.31 -5.69 2.03 0.23 2 2 -13.52 7.71 -4.38 -4.38 18.34 -0.34 2 10 0.96 0.98 0.50 -14.46 7.52 -4.06 22.53 11.58 1.03 -0.16 0.97 0.67 7.56 2.05 -0.18 2 10 -13.52 7.71 -4.38 21.83 11.02 0.75 4 16 0.95 1.01 0.40 -14.46 7.52 -4.06 22.53 10.19 1.01 -0.18 0.95 0.70 7.08 2.23 -0.29 3 17 -13.52 7.71 -4.38 21.83 9.80 0.80 36 88 1.07 1.04 0.52 -23.59 22.08 -37.76 55.86 16.77 1.08 0.08 0.94 0.46 7.08 4.40 0.19 32 92 -21.93 21.32 -38.07 49.75 15.00 0.46 35 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 E S MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 8.82 43 11.58 42 9.26 27 11.02 27 8.11 12.48 Annualized Rate of Return5.0 6.3 7.6 8.9 10.2 11.5 12.8 14.1 15.4 16.7 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 E S MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 7.80 40 10.19 37 8.50 26 9.80 26 6.94 11.22 36 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/18 Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Unitedhealth Group I Apple Inc Alphabet Inc Cl-C Facebook Inc Home Depot Inc Boeing Co Comcast Corp New GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Health Care Information Technology Telecom Services Telecom Services Consumer Discretionary Industrials Telecom Services 6.22 5.33 3.17 3.11 2.58 2.55 2.10 2.10 2.04 1.78 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.90 1.86 12.18 14.47 6.78 14.41 10.88 23.92 14.61 0.00 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -13.14 -13.82 276,840 206 -36,389 240,657 -3.49 -4.78 282,846 -34,867 -7,321 240,657 -3.49 -4.78 282,846 -34,867 -7,321 240,657 9.41 9.09 247,091 -76,342 69,907 240,657 8.96 8.21 253,931 -123,349 110,075 240,657 13.11 13.28 84,606 -88,175 244,227 240,657 10.28 10.15 18,032 -88,175 310,800 240,657 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 37 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/18 Cash & Equiv $4,246 1.76% Domestic Equity $236,411 98.24% Periods from 3/88 to 12/18 Alpha Beta R-Squared 0.07 0.98 0.97 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 L1 T Annualized Standard Deviation% L Large Cap Equity Comp 1 R1000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.28 10.15 3.22 15.42 15.41 1.29 0.46 0.45 0.00 0.03 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 38 City of Clearwater Employees Pension Fund Large Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -9.83 -12.01 -13.52 -13.93 -16.28 -13.14 33 -13.82 71 3.42 -3.01 -4.62 -6.17 -12.00 -3.49 27 -4.78 59 12.78 9.31 7.80 6.49 3.50 9.67 22 7.64 56 11.91 10.57 9.21 8.42 4.43 9.41 39 9.09 58 9.08 7.94 6.99 6.05 4.22 7.86 29 6.99 54 10.11 8.74 8.43 7.43 5.98 8.96 20 8.21 60 14.18 12.89 12.05 11.75 9.85 12.53 28 12.01 55 15.18 13.65 12.61 11.63 11.08 13.16 33 12.63 44 13.18 11.95 11.25 10.65 9.75 11.30 46 11.18 53 13.81 12.26 11.77 11.47 10.07 11.91 43 11.71 59 15.51 14.14 13.32 12.73 12.12 13.11 55 13.28 50 -20% -15% -10% -5% 0% 5% 10% 15% 20% L1 L1 L 1 L1 L1 L1 L1 L1 L1 L1 L1 39 City of Clearwater Employees Pension Fund Large Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 3.42 -3.01 -4.62 -6.17 -12.00 -3.49 27 -4.78 59 28.82 23.32 21.79 21.13 18.17 24.63 8 21.69 61 21.28 12.65 11.87 10.35 5.95 8.88 88 12.05 33 5.15 1.65 1.00 0.13 -3.23 3.35 10 0.92 56 19.43 13.91 13.48 11.84 10.39 13.45 50 13.25 53 40.60 35.24 33.01 32.27 28.06 32.23 76 33.11 46 22.74 16.87 16.03 14.62 10.26 17.02 20 16.42 34 7.43 2.91 1.99 0.42 -3.34 -0.90 83 1.51 58 19.86 16.07 14.98 13.84 10.77 16.87 11 16.10 22 38.30 30.45 27.19 25.75 21.24 24.59 81 28.42 42 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% L1 L 1 L 1 L 1 L1 L1 L1 L 1 L1 L 1 40 City of Clearwater Employees Pension Fund Risk Measure Summary Large Cap Equity Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.97 0.90 0.75 -13.14 7.79 -3.49 -3.49 17.91 0.97 0.27 1.00 -0.30 -5.55 1.35 0.93 2 2 -13.82 7.42 -4.78 -4.78 18.48 -0.36 2 10 0.98 0.90 0.58 -13.14 7.79 -3.49 24.63 11.15 0.99 0.10 0.98 0.75 8.49 1.76 0.16 2 10 -13.82 7.42 -4.78 21.69 11.13 0.73 3 17 1.02 0.91 0.65 -13.14 7.79 -3.49 24.63 9.87 0.99 0.20 0.98 0.84 8.44 1.58 0.43 3 17 -13.82 7.42 -4.78 21.69 9.88 0.77 35 88 0.99 0.98 0.53 -20.96 20.12 -37.57 49.31 15.42 0.98 0.07 0.97 0.46 7.20 2.88 0.03 31 92 -22.48 21.88 -38.26 51.57 15.41 0.45 41 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Neutral Portfolios Annualized Rate of Return5.0 6.2 7.4 8.6 9.8 11.0 12.2 13.4 14.6 15.8 17.0 5.0 5.9 6.8 7.7 8.6 9.5 10.4 11.2 12.1 13.0 13.9 L1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 9.41 39 11.15 59 9.09 58 11.13 57 9.21 11.11 Annualized Rate of Return6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 3.0 4.1 5.2 6.2 7.4 8.5 9.6 10.7 11.8 12.9 14.0 L 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 8.96 20 9.87 55 8.21 60 9.88 58 8.43 9.85 42 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 12/31/18 Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Apple Inc Unitedhealth Group I Facebook Inc Home Depot Inc Boeing Co Fidelity Natl Inform Thermo Fisher Scient GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Health Care Telecom Services Consumer Discretionary Industrials Information Technology Health Care 7.73 6.87 5.15 4.25 3.54 2.65 2.63 2.57 2.27 2.17 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.64 1.19 13.20 15.81 5.48 14.85 6.00 29.80 13.05 0.00 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Voya Investment Mgmt R1000G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Voya Investment Mgmt R1000G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -14.43 -15.89 141,381 126 -20,396 121,111 -1.43 -1.51 141,153 -19,457 -586 121,111 -1.43 -1.51 141,153 -19,457 -586 121,111 10.12 11.15 125,362 -42,462 38,211 121,111 10.35 10.40 126,821 -69,469 63,759 121,111 14.41 15.29 42,416 -59,090 137,785 121,111 11.55 10.03 17,469 -59,090 162,732 121,111 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 43 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 12/31/18 Cash & Equiv $2,117 1.75% Domestic Equity $118,994 98.25% Periods from 12/87 to 12/18 Alpha Beta R-Squared 0.56 0.85 0.93 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 i 1 T Annualized Standard Deviation% i Voya Investment Mgmt 1 R1000G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.55 10.03 3.24 15.57 17.55 1.29 0.53 0.39 0.00 0.19 Asset Allocation ($000) Risk/Return Analysis 44 City of Clearwater Employees Pension Fund Large Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -9.94 -11.68 -13.82 -16.09 -17.70 -14.43 56 -15.89 73 7.24 0.41 -1.78 -4.58 -11.69 -1.43 40 -1.51 42 20.41 14.68 12.48 8.89 3.39 13.17 37 13.24 36 12.23 11.03 9.82 8.47 5.25 10.12 40 11.15 21 11.82 9.42 8.44 6.32 3.71 9.35 26 9.75 20 11.79 10.15 9.10 7.88 4.95 10.35 20 10.40 16 15.29 14.13 13.23 12.02 9.46 13.63 39 13.95 32 15.86 14.54 13.95 12.42 10.13 14.38 27 14.14 41 14.22 12.76 11.67 10.47 7.92 12.89 18 12.63 26 15.36 13.25 12.25 11.57 8.82 13.35 23 13.08 26 19.12 15.34 14.51 13.49 9.76 14.41 52 15.29 25 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% i1 i1 i1 i1 i1 i1 i1 i1 i1 i1 i1 45 City of Clearwater Employees Pension Fund Large Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 7.24 0.41 -1.78 -4.58 -11.69 -1.43 40 -1.51 42 37.25 33.31 27.05 23.92 18.41 29.94 43 30.21 39 12.55 9.62 6.11 2.89 -6.47 4.26 63 7.08 38 11.91 7.20 3.94 0.79 -5.18 7.07 28 5.67 41 17.81 13.68 12.03 9.77 6.34 14.42 16 13.05 42 47.24 37.88 35.44 32.12 26.66 31.57 79 33.49 67 22.38 18.77 16.40 14.28 9.33 18.95 23 15.26 58 6.35 3.88 0.02 -4.62 -14.01 3.04 29 2.63 36 26.10 22.58 17.04 14.63 9.56 17.10 48 16.72 53 58.87 43.54 34.62 26.91 18.86 24.43 85 37.21 42 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% i1 i1 i1 i1 i1 i1 i 1 i1 i1 i 1 46 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Large Growth Portfolios High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 12.07 10.92 9.86 8.71 7.09 10.12 41 11.15 19 22.07 20.15 17.87 16.54 14.88 19.21 33 20.55 17 16.75 14.86 12.49 11.01 9.04 13.77 36 14.98 22 14.81 12.79 11.55 9.87 8.35 12.13 38 12.90 21 16.36 13.66 12.10 10.40 8.70 13.20 29 13.79 19 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% i 1 i 1 i 1 i 1 i 1 Voya Investment Mgmt Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% -1.1 0.8 1.0 0.6 0.5 -0.2 -0.1 1.2 -1.9 -0.2 0.5 -1.1 0.4 -0.1 -0.7 0.1 0.0 -1.3 -0.3 1.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000G 47 City of Clearwater Employees Pension Fund Risk Measure Summary Voya Investment Mgmt Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.89 0.91 0.50 -14.43 8.83 -1.43 -1.43 20.23 0.91 -0.10 1.00 -0.16 -3.64 2.37 -0.12 1 3 -15.89 9.17 -1.51 -1.51 22.26 -0.15 3 9 0.90 0.91 0.42 -14.43 9.39 -1.43 29.94 12.81 0.95 -0.12 0.98 0.71 9.60 1.82 -0.58 1 11 -15.89 9.17 -1.51 30.21 13.37 0.76 6 14 0.97 0.94 0.50 -14.43 9.39 -1.43 29.94 11.11 0.98 0.04 0.98 0.87 9.95 1.79 -0.05 2 18 -15.89 9.17 -1.51 30.21 11.23 0.87 36 88 0.96 0.80 0.52 -18.51 23.26 -33.74 44.38 15.57 0.85 0.56 0.93 0.53 9.74 4.87 0.19 35 89 -22.79 26.75 -45.64 49.75 17.55 0.39 48 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Growth Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 5.0 5.9 6.8 7.7 8.6 9.5 10.4 11.2 12.1 13.0 13.9 i 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 10.12 40 12.81 52 11.15 21 13.37 61 9.82 12.72 Annualized Rate of Return6.0 7.1 8.2 9.3 10.4 11.5 12.6 13.7 14.8 15.9 17.0 5.0 5.9 6.8 7.7 8.6 9.5 10.4 11.2 12.1 13.0 13.9 i1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 10.35 20 11.11 48 10.40 16 11.23 52 9.10 11.22 49 City of Clearwater Employees Pension Fund Equity Summary Statistics Voya Investment Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R1000G 53 118,994,237 259,649,231 33,898,142 1.25 23.93 22.22 1.04 5.86 65.10 14.03 546 282,937,990 11,233,217 1.46 24.36 21.00 1.08 6.27 71.68 13.07 Ten Largest Holdings Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Apple Inc Unitedhealth Group I Facebook Inc Home Depot Inc Boeing Co Fidelity Natl Inform Thermo Fisher Scient Market Value % of Portfolio Quarterly Ret 9,196,960 8,173,721 6,129,735 5,056,671 4,214,363 3,157,040 3,132,966 3,057,623 2,704,141 2,586,341 7.73 6.87 5.15 4.25 3.54 2.65 2.63 2.57 2.27 2.17 -10.80 -25.01 -13.43 -29.88 -6.06 -20.29 -16.57 -12.88 -5.69 -8.25 Ten Best Performers Church & Dwight Inc American Tower Reit Merck & Co Inc New Hershey Foods Corp Extra Space Storage Vmware Inc Burlington Stores In O Reilly Automotive Waste Mgmt Inc Del Comcast Corp New Quarterly Ret 11.13 9.45 8.49 5.79 5.35 5.05 -0.15 -0.86 -1.02 -2.79 Ten Worst Performers Xpo Logistics Inc Electronic Arts Concho Res Inc Aramark Hldgs Corp Apple Inc Amazon Com Inc Packaging Corp Amer Godaddy Inc Grainger W W Inc Facebook Inc Quarterly Ret -50.04 -34.51 -32.71 -32.46 -29.88 -25.01 -23.27 -21.31 -20.63 -20.29 50 City of Clearwater Employees Pension Fund Equity Contribution to Return Voya Investment Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R1000G 53 118,994,237 259,649,231 33,898,142 1.25 23.93 22.22 1.04 5.86 65.10 14.03 546 282,937,990 11,233,217 1.46 24.36 21.00 1.08 6.27 71.68 13.07 Ten Best Contributors Hershey Foods Corp Vmware Inc American Tower Reit Merck & Co Inc New Extra Space Storage Church & Dwight Inc Burlington Stores In O Reilly Automotive Waste Mgmt Inc Del Comcast Corp New Market Value % of Portfolio Quarterly Ret 2,081,972 2,296,928 1,207,622 1,235,244 1,515,178 661,348 1,586,846 1,693,415 2,577,328 1,156,236 1.75 1.93 1.02 1.04 1.27 0.56 1.33 1.42 2.17 0.97 5.79 5.05 9.45 8.49 5.35 11.13 -0.15 -0.86 -1.02 -2.79 Ten Worst Contributors Amazon Com Inc Apple Inc Microsoft Corp Alphabet Inc Cl-A Electronic Arts Facebook Inc Home Depot Inc Xpo Logistics Inc Boeing Co Mastercard Inc Market Value % of Portfolio Quarterly Ret 8,173,721 5,056,671 9,196,960 6,129,735 2,039,350 3,157,040 3,132,966 826,795 3,057,623 2,557,717 6.87 4.25 7.73 5.15 1.71 2.65 2.63 0.70 2.57 2.15 -25.01 -29.88 -10.80 -13.43 -34.51 -20.29 -16.57 -50.04 -12.88 -15.16 51 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Voya Investment Mgmt Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.82 1.19 12.47 16.59 5.03 13.95 4.78 33.96 11.22 0.00 100.00 0.90 1.65 11.99 15.38 5.45 13.79 4.18 32.63 12.04 0.00 100.00 -32.71 -23.24 -15.34 -16.07 -11.52 -10.51 -14.33 -14.57 -13.29 -14.29 -28.84 -13.92 -16.60 -17.13 -6.81 -12.22 -11.97 -18.83 -17.30 0.00 -15.90 -0.03 -0.11 0.16 0.18 -0.24 0.24 -0.11 1.45 0.45 0.00 1.98 0.01 -0.01 -0.00 -0.01 -0.04 0.01 0.02 -0.04 0.01 0.00 -0.05 -0.02 -0.12 0.15 0.16 -0.27 0.24 -0.09 1.41 0.46 0.00 1.92 Index - R1000G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.42% [ Actual Return -14.71% ] - [ Buy Hold Return -14.29% ] 52 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Voya Investment Mgmt Quarter Ending 12/18 % Allocation Energy 0.82 0.90 Materials 1.19 1.65 Industrials 12.47 11.99 Con. Discretionary 16.59 15.38 Consumer Staples 5.03 5.45 Health Care 13.95 13.79 Financials 4.78 4.18 Infomation Tech. 33.96 32.63 Telecom. Services 11.22 12.04 Utilities 0.00 0.00 Voya Investment Mgmt R1000G % Return -32.71 -28.84 -23.24 -13.92 -15.34 -16.60 -16.07 -17.13 -11.52 -6.81 -10.51 -12.22 -14.33 -11.97 -14.57 -18.83 -13.29 -17.30 % Variance -0.02 -0.12 0.15 0.16 -0.27 0.24 -0.09 1.41 0.46 0.00 53 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/18 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -11.71 -11.72 45,601 5 -5,339 40,267 -8.32 -8.27 48,014 -3,982 -3,766 40,267 -8.32 -8.27 48,014 -3,982 -3,766 40,267 6.87 6.95 39,670 -7,948 8,544 40,267 5.95 5.95 44,511 -16,943 12,699 40,267 11.23 11.18 30,751 -42,755 52,271 40,267 4.83 4.79 26,197 -42,755 56,824 40,267 Portfolio Performance (%) 54 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/18 Domestic Equity $40,267 100.00% Periods from 6/07 to 12/18 Alpha Beta R-Squared 0.01 1.00 1.00 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 n1 T Annualized Standard Deviation% n NTGI-QM R1000V 1 R1000V T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.83 4.79 0.71 16.95 17.00 0.59 0.24 0.24 0.00 0.07 Asset Allocation ($000) Risk/Return Analysis 55 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -6.52 -10.23 -12.21 -13.99 -16.85 -11.71 40 -11.72 40 -1.08 -3.72 -8.12 -10.78 -15.75 -8.32 54 -8.27 53 9.18 6.23 4.04 2.69 -1.19 2.13 81 2.11 81 10.31 8.55 7.54 6.31 4.36 6.87 65 6.95 63 7.75 5.93 5.12 3.91 1.44 4.14 68 4.15 68 8.92 7.25 6.52 5.21 1.20 5.95 62 5.95 62 12.19 11.43 10.06 9.24 6.89 10.04 50 9.98 54 12.90 12.25 11.13 10.30 9.44 11.15 48 11.02 52 11.52 10.81 10.17 8.94 7.99 9.59 60 9.63 60 12.30 11.11 10.46 9.83 8.91 10.26 58 10.27 58 13.72 12.75 11.98 11.37 9.91 11.23 77 11.18 77 -20% -15% -10% -5% 0% 5% 10% 15% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 56 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -1.08 -3.72 -8.12 -10.78 -15.75 -8.32 54 -8.27 53 22.62 19.88 17.05 15.78 13.21 13.77 90 13.66 91 20.29 16.65 14.98 11.95 9.65 17.03 22 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 -3.66 65 -3.83 68 15.29 13.70 12.11 10.57 1.48 13.54 27 13.45 30 40.93 37.77 34.91 27.67 23.99 32.94 56 32.54 58 21.48 18.64 16.78 14.83 11.72 18.09 29 17.50 37 14.68 3.44 1.11 -2.42 -5.92 -0.77 64 0.39 56 20.57 17.91 15.65 13.68 11.10 15.75 46 15.51 53 43.11 32.27 26.24 20.18 10.37 20.35 73 19.69 76 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 57 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 10.14 8.44 7.53 6.36 4.73 6.87 64 6.95 61 17.55 15.68 14.42 13.23 11.77 13.47 71 13.55 70 11.29 10.46 9.38 8.32 7.09 8.19 76 8.26 76 11.01 9.91 9.20 8.08 6.59 7.87 81 7.88 81 11.82 10.98 9.78 8.79 7.05 8.65 81 8.65 81 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% n 1 n 1 n 1 n 1 n 1 NTGI-QM R1000V Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -0.3% -0.2% -0.1% -0.0% 0.1% 0.2% 0.3% 0.4% 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000V 58 City of Clearwater Employees Pension Fund Risk Measure Summary NTGI-QM R1000V Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.99 1.00 0.75 -11.71 5.71 -8.32 -8.32 14.78 1.00 -0.02 1.00 -0.69 -10.22 0.09 -0.64 2 2 -11.72 5.70 -8.27 -8.27 14.82 -0.68 2 10 0.99 1.00 0.67 -11.71 6.66 -8.32 18.95 9.90 1.00 -0.02 1.00 0.59 5.87 0.13 -0.59 2 10 -11.72 6.68 -8.27 19.22 9.93 0.60 5 15 1.00 1.00 0.75 -11.71 6.66 -8.32 18.95 9.43 1.00 0.00 1.00 0.56 5.34 0.12 0.02 5 15 -11.72 6.68 -8.27 19.22 9.45 0.56 16 30 1.00 1.00 0.83 -22.13 18.29 -42.31 54.33 16.95 1.00 0.01 1.00 0.24 4.14 0.48 0.07 16 30 -22.17 18.24 -42.42 53.57 17.00 0.24 59 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Value Portfolios Annualized Rate of Return6.0 6.9 7.8 8.7 9.6 10.5 11.4 12.3 13.2 14.1 15.0 2.0 3.1 4.2 5.2 6.3 7.4 8.5 9.7 10.8 11.9 13.0 n1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 6.87 65 9.90 29 6.95 63 9.93 30 7.54 10.77 Annualized Rate of Return6.5 7.2 7.9 8.6 9.3 10.0 10.7 11.4 12.1 12.8 13.5 1.0 2.1 3.1 4.2 5.3 6.4 7.5 8.7 9.8 10.9 12.0 n1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 5.95 62 9.43 33 5.95 62 9.45 34 6.52 9.83 60 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/18 Alphabet Inc Cl-C Microsoft Corp Berkshire Hathaway I Amazon Com Inc Citigroup Inc Twenty First Centy F Unitedhealth Group I Comcast Corp New Wells Fargo & Co New Oracle Corp GICS Sector % Port Telecom Services Information Technology Financials Consumer Discretionary Financials Telecom Services Health Care Telecom Services Financials Information Technology 8.47 8.04 7.76 6.11 5.76 5.48 5.05 4.56 4.52 4.36 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.28 1.07 2.23 16.67 0.00 5.05 29.19 12.40 32.11 0.00 -16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.02.04.06.08.010.012.014.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -13.88 -11.72 44,654 75 -6,198 38,531 -4.86 -8.27 49,719 -9,647 -1,541 38,531 -4.86 -8.27 49,719 -9,647 -1,541 38,531 8.99 6.95 40,961 -13,988 11,558 38,531 8.48 5.95 42,630 -21,991 17,892 38,531 11.72 8.96 33,239 -21,992 27,284 38,531 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 61 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/18 Cash & Equiv $1,240 3.22% Domestic Equity $37,291 96.78% Periods from 1/13 to 12/18 Alpha Beta R-Squared 0.68 0.87 0.77 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 E 1 T Annualized Standard Deviation% E Eagle Capital Management 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.72 8.96 0.54 11.64 10.68 0.20 0.96 0.79 0.00 0.26 Asset Allocation ($000) Risk/Return Analysis 62 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years -6.52 -10.23 -12.21 -13.99 -16.85 -13.88 74 -11.72 40 -1.08 -3.72 -8.12 -10.78 -15.75 -4.86 33 -8.27 53 9.18 6.23 4.04 2.69 -1.19 8.41 9 2.11 81 10.31 8.55 7.54 6.31 4.36 8.99 18 6.95 63 8.92 7.25 6.52 5.21 1.20 8.48 6 5.95 62 -20% -15% -10% -5% 0% 5% 10% 15% E 1 E 1 E 1 E 1 E 1 63 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank 2018 2017 2016 2015 2014 -1.08 -3.72 -8.12 -10.78 -15.75 -4.86 33 -8.27 53 22.62 19.88 17.05 15.78 13.21 23.52 4 13.66 91 20.29 16.65 14.98 11.95 9.65 10.16 91 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 2.35 3 -3.83 68 15.29 13.70 12.11 10.57 1.48 13.39 31 13.45 30 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% E 1 E 1 E 1 E 1 E 1 64 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 10.14 8.44 7.53 6.36 4.73 8.99 15 6.95 61 17.55 15.68 14.42 13.23 11.77 17.09 8 13.55 70 11.29 10.46 9.38 8.32 7.09 12.01 1 8.26 76 11.01 9.91 9.20 8.08 6.59 11.48 1 7.88 81 11.82 10.98 9.78 8.79 7.05 11.67 6 8.65 81 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% E 1 E 1 E 1 E 1 E 1 Eagle Capital Management Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% -1.3 -1.2 2.0 0.5 2.0 1.6 1.6 1.1 -4.8 -2.5 1.1 0.1 3.1 2.4 0.5 2.4 3.7 2.0 0.6 -2.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 65 City of Clearwater Employees Pension Fund Risk Measure Summary Eagle Capital Management Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.40 0.93 0.75 -13.88 6.31 -4.86 -4.86 17.88 1.16 1.38 0.94 -0.38 -5.82 4.85 0.82 2 2 -11.72 5.70 -8.27 -8.27 14.82 -0.68 2 10 1.14 0.93 0.75 -13.88 7.82 -4.86 23.52 11.90 1.08 0.41 0.82 0.67 7.38 5.16 0.39 2 10 -11.72 6.68 -8.27 19.22 9.93 0.60 3 17 1.10 0.75 0.75 -13.88 7.82 -4.86 23.52 10.35 1.00 0.63 0.83 0.76 7.86 4.26 0.57 5 15 -11.72 6.68 -8.27 19.22 9.45 0.56 3 20 1.13 0.75 0.78 -13.88 10.17 -4.86 24.38 10.32 1.00 0.70 0.85 1.03 10.59 4.05 0.68 5 18 -11.72 10.01 -8.27 23.82 9.51 0.81 66 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 E 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 8.99 41 11.90 45 6.95 72 9.93 16 8.11 12.48 Annualized Rate of Return5.0 6.3 7.6 8.9 10.2 11.5 12.8 14.1 15.4 16.7 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 E 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 8.48 27 10.35 42 5.95 66 9.45 15 6.94 11.22 67 City of Clearwater Employees Pension Fund Equity Summary Statistics Eagle Capital Management Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 31 37,290,736 338,323,328 65,234,763 1.26 22.85 15.85 1.15 2.30 81.91 12.96 724 129,826,808 8,966,896 2.89 17.35 14.20 0.93 1.98 65.47 1.06 Ten Largest Holdings Alphabet Inc Cl-C Microsoft Corp Berkshire Hathaway I Amazon Com Inc Citigroup Inc Twenty First Centy F Unitedhealth Group I Comcast Corp New Wells Fargo & Co New Oracle Corp Market Value % of Portfolio Quarterly Ret 3,158,611 2,996,315 2,891,189 2,276,987 2,147,006 2,042,834 1,880,856 1,698,244 1,686,851 1,626,393 8.47 8.04 7.76 6.11 5.76 5.48 5.05 4.56 4.52 4.36 -13.23 -10.80 -4.64 -25.01 -26.94 4.28 -6.06 -2.79 -11.62 -12.08 Ten Best Performers Liberty Tripadvisor Tripadvisor Inc Twenty First Centy F General Motors Corp. Comcast Corp New Berkshire Hathaway I Aon Plc Ecolab Inc Unitedhealth Group I Microsoft Corp Quarterly Ret 7.00 5.62 4.28 0.40 -2.79 -4.64 -5.23 -5.73 -6.06 -10.80 Ten Worst Performers Noble Energy Inc Anadarko Pete Corp Mohawk Inds Inc General Elec Co Aercap Holdings Nv Dish Network Corp Citigroup Inc Liberty Global Plc Goldman Sachs Group Amazon Com Inc Quarterly Ret -39.60 -34.59 -33.30 -32.86 -31.15 -30.17 -26.94 -26.70 -25.20 -25.01 68 City of Clearwater Employees Pension Fund Equity Contribution to Return Eagle Capital Management Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 31 37,290,736 338,323,328 65,234,763 1.26 22.85 15.85 1.15 2.30 81.91 12.96 724 129,826,808 8,966,896 2.89 17.35 14.20 0.93 1.98 65.47 1.06 Ten Best Contributors Twenty First Centy F Tripadvisor Inc Liberty Tripadvisor General Motors Corp. Alphabet Inc Cl-A Ecolab Inc Comcast Corp New Hilton Worldwide Hld Aon Plc Charter Communicatio Market Value % of Portfolio Quarterly Ret 2,042,834 699,332 140,944 1,044,476 78,372 400,055 1,698,244 445,160 1,137,878 510,096 5.48 1.88 0.38 2.80 0.21 1.07 4.56 1.19 3.05 1.37 4.28 5.62 7.00 0.40 -13.43 -5.73 -2.79 -10.93 -5.23 -12.55 Ten Worst Contributors Citigroup Inc Amazon Com Inc Alphabet Inc Cl-C Goldman Sachs Group Liberty Global Plc Microsoft Corp Marriott Intl Inc Ne Mohawk Inds Inc Oracle Corp Wells Fargo & Co New Market Value % of Portfolio Quarterly Ret 2,147,006 2,276,987 3,158,611 1,550,391 1,245,108 2,996,315 1,615,916 832,755 1,626,393 1,686,851 5.76 6.11 8.47 4.16 3.34 8.04 4.33 2.23 4.36 4.52 -26.94 -25.01 -13.23 -25.20 -26.70 -10.80 -17.48 -33.30 -12.08 -11.62 69 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Eagle Capital Management Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 1.72 2.09 3.70 14.63 0.00 7.17 29.21 12.44 29.03 0.00 100.00 10.76 3.90 8.08 5.25 7.19 15.22 22.85 9.77 6.75 5.58 100.00 -37.35 -5.73 -22.76 -20.74 -6.87 -13.52 -11.23 -11.34 -13.77 -24.45 -14.27 -19.56 -12.80 -4.03 -7.12 -13.46 -12.19 -5.66 1.08 -11.40 -0.22 0.18 -0.12 -1.16 0.00 0.02 -0.02 0.12 -1.65 0.00 -2.85 1.18 0.05 0.36 -0.13 -0.53 -0.34 -0.13 -0.02 1.28 -0.70 1.01 0.96 0.23 0.24 -1.29 -0.53 -0.33 -0.15 0.10 -0.37 -0.70 -1.84 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.34% [ Actual Return -14.11% ] - [ Buy Hold Return -13.77% ] 70 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Eagle Capital Management Quarter Ending 12/18 % Allocation Energy 1.72 10.76 Materials 2.09 3.90 Industrials 3.70 8.08 Con. Discretionary 14.63 5.25 Consumer Staples 0.00 7.19 Health Care 7.17 15.22 Financials 29.21 22.85 Infomation Tech. 12.44 9.77 Telecom. Services 29.03 6.75 Utilities 0.00 5.58 Eagle Capital Management Russell 1000 Value % Return -37.35 -24.45 -5.73 -14.27 -22.76 -19.56 -20.74 -12.80 -4.03 -6.87 -7.12 -13.52 -13.46 -11.23 -12.19 -11.34 -5.66 1.08 % Variance 0.96 0.23 0.24 -1.29 -0.53 -0.33 -0.15 0.10 -0.37 -0.70 71 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/18 Johnson & Johnson J P Morgan Chase & C Wal Mart Stores Inc Pfizer Inc Intel Corp Wells Fargo & Co New Home Depot Inc Merck & Co Inc New Cisco Sys Inc Boeing Co GICS Sector % Port Health Care Financials Consumer Staples Health Care Information Technology Financials Consumer Discretionary Health Care Information Technology Industrials 3.73 3.41 3.05 2.73 2.65 2.60 2.46 2.43 2.34 2.34 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.34 4.58 18.48 8.39 17.04 21.85 8.32 17.15 2.86 0.00 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -9.86 -11.72 45,204 0 -4,456 40,748 -3.65 -8.27 43,959 -1,782 -1,429 40,748 -3.65 -8.27 43,959 -1,782 -1,429 40,748 10.06 6.95 41,098 -11,944 11,595 40,748 8.03 5.95 39,969 -14,946 15,725 40,748 10.20 8.96 33,104 -14,948 22,592 40,748 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 72 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/18 Cash & Equiv $889 2.18% Domestic Equity $39,859 97.82% Periods from 1/13 to 12/18 Alpha Beta R-Squared 0.60 0.74 0.81 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 M 1 T Annualized Standard Deviation% M Manning and Napier 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.20 8.96 0.54 10.10 10.68 0.20 0.96 0.79 0.00 -0.04 Asset Allocation ($000) Risk/Return Analysis 73 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years -6.52 -10.23 -12.21 -13.99 -16.85 -9.86 24 -11.72 40 -1.08 -3.72 -8.12 -10.78 -15.75 -3.65 22 -8.27 53 9.18 6.23 4.04 2.69 -1.19 8.22 9 2.11 81 10.31 8.55 7.54 6.31 4.36 10.06 8 6.95 63 8.92 7.25 6.52 5.21 1.20 8.03 7 5.95 62 -20% -15% -10% -5% 0% 5% 10% 15% M 1 M 1 M 1 M 1 M 1 74 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank 2018 2017 2016 2015 2014 -1.08 -3.72 -8.12 -10.78 -15.75 -3.65 22 -8.27 53 22.62 19.88 17.05 15.78 13.21 21.55 10 13.66 91 20.29 16.65 14.98 11.95 9.65 13.85 58 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 -0.09 24 -3.83 68 15.29 13.70 12.11 10.57 1.48 10.46 76 13.45 30 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 75 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 10.14 8.44 7.53 6.36 4.73 10.06 5 6.95 61 17.55 15.68 14.42 13.23 11.77 16.32 16 13.55 70 11.29 10.46 9.38 8.32 7.09 10.90 13 8.26 76 11.01 9.91 9.20 8.08 6.59 10.76 8 7.88 81 11.82 10.98 9.78 8.79 7.05 11.40 11 8.65 81 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% M 1 M 1 M 1 M 1 M 1 Manning and Napier Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% -1.0 0.5 1.2 -3.3 1.3 -0.4 2.3 0.7 1.3 -0.9 0.4 -3.7 2.2 1.6 1.2 1.8 1.7 -1.1 2.3 2.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 76 City of Clearwater Employees Pension Fund Risk Measure Summary Manning and Napier Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.18 0.77 0.75 -9.86 8.10 -3.65 -3.65 14.70 0.95 1.09 0.95 -0.38 -5.80 3.13 1.55 2 2 -11.72 5.70 -8.27 -8.27 14.82 -0.68 2 10 1.15 0.77 0.75 -9.86 8.10 -3.65 21.55 9.38 0.88 0.90 0.86 0.96 10.26 3.72 0.76 2 10 -11.72 6.68 -8.27 19.22 9.93 0.60 4 16 1.03 0.68 0.70 -9.86 8.10 -4.66 21.55 8.65 0.85 0.69 0.86 0.86 8.73 3.59 0.52 5 15 -11.72 6.68 -8.27 19.22 9.45 0.56 4 19 0.98 0.68 0.65 -9.86 8.57 -4.66 21.56 8.52 0.84 0.62 0.87 1.06 10.80 3.51 0.32 5 18 -11.72 10.01 -8.27 23.82 9.51 0.81 77 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 10.06 22 9.38 8 6.95 72 9.93 16 8.11 12.48 Annualized Rate of Return5.0 6.3 7.6 8.9 10.2 11.5 12.8 14.1 15.4 16.7 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 8.03 38 8.65 8 5.95 66 9.45 15 6.94 11.22 78 City of Clearwater Employees Pension Fund Equity Summary Statistics Manning and Napier Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 95 39,858,985 131,679,232 40,767,293 3.18 18.09 18.78 0.96 3.54 63.43 2.64 724 129,826,808 8,966,896 2.89 17.35 14.20 0.93 1.98 65.47 1.06 Ten Largest Holdings Johnson & Johnson J P Morgan Chase & C Wal Mart Stores Inc Pfizer Inc Intel Corp Wells Fargo & Co New Home Depot Inc Merck & Co Inc New Cisco Sys Inc Boeing Co Market Value % of Portfolio Quarterly Ret 1,484,204 1,357,601 1,214,769 1,084,790 1,056,629 1,035,694 980,233 968,420 932,462 932,348 3.73 3.41 3.05 2.73 2.65 2.60 2.46 2.43 2.34 2.34 -6.01 -12.89 -0.27 -0.19 -0.13 -11.62 -16.57 8.49 -10.33 -12.88 Ten Best Performers Hormel Geo A & Co Merck & Co Inc New Eli Lilly & Co Telekomunikasi Ind McDonalds Corp Hershey Foods Corp Nokia Corp Broadcom Inc Clorox Co Coca Cola European P Quarterly Ret 8.81 8.49 8.39 7.07 6.80 5.79 4.30 4.15 3.12 1.52 Ten Worst Performers Western Digital Corp Valero Energy Corp N Best Buy Inc Westrock Co Marathon Pete Corp Keycorp Target Corp Suntrust Bks Inc Intl Business McHn Lockheed Martin Corp Quarterly Ret -35.99 -33.44 -32.75 -28.65 -25.66 -25.00 -24.38 -23.88 -23.87 -23.76 79 City of Clearwater Employees Pension Fund Equity Contribution to Return Manning and Napier Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 95 39,858,985 131,679,232 40,767,293 3.18 18.09 18.78 0.96 3.54 63.43 2.64 724 129,826,808 8,966,896 2.89 17.35 14.20 0.93 1.98 65.47 1.06 Ten Best Contributors Merck & Co Inc New McDonalds Corp Eli Lilly & Co Broadcom Inc Hormel Geo A & Co Hershey Foods Corp Telekomunikasi Ind Nokia Corp Clorox Co Kimberly Clark Corp Market Value % of Portfolio Quarterly Ret 968,420 836,355 527,336 535,514 183,908 246,407 192,958 223,185 248,165 361,760 2.43 2.10 1.32 1.35 0.46 0.62 0.48 0.56 0.62 0.91 8.49 6.80 8.39 4.15 8.81 5.79 7.07 4.30 3.12 1.15 Ten Worst Contributors J P Morgan Chase & C Home Depot Inc Taiwan Semiconductor Intl Business McHn United Technologies Wells Fargo & Co New Boeing Co Lockheed Martin Corp Honeywell Intl Inc Gilead Sciences Inc Market Value % of Portfolio Quarterly Ret 1,357,601 980,233 907,174 599,837 542,942 1,035,694 932,348 449,841 599,428 528,610 3.41 2.46 2.28 1.51 1.36 2.60 2.34 1.13 1.51 1.33 -12.89 -16.57 -16.42 -23.87 -23.41 -11.62 -12.88 -23.76 -16.81 -18.30 80 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Manning and Napier Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 1.76 4.68 19.63 8.61 16.00 20.71 8.67 17.25 2.68 0.00 100.00 10.76 3.90 8.08 5.25 7.19 15.22 22.85 9.77 6.75 5.58 100.00 -29.98 -12.24 -15.34 -12.53 -4.23 -5.16 -13.64 -10.65 -4.16 -10.07 -24.45 -14.27 -19.56 -12.80 -4.03 -7.12 -13.46 -12.19 -5.66 1.08 -11.40 -0.10 0.09 0.83 0.02 -0.03 0.41 -0.02 0.27 0.04 0.00 1.51 1.18 -0.02 -0.94 -0.05 0.65 0.23 0.29 -0.06 -0.23 -0.70 0.35 1.08 0.07 -0.11 -0.02 0.62 0.64 0.28 0.21 -0.19 -0.70 1.86 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.03% [ Actual Return -10.04% ] - [ Buy Hold Return -10.07% ] 81 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Manning and Napier Quarter Ending 12/18 % Allocation Energy 1.76 10.76 Materials 4.68 3.90 Industrials 19.63 8.08 Con. Discretionary 8.61 5.25 Consumer Staples 16.00 7.19 Health Care 20.71 15.22 Financials 8.67 22.85 Infomation Tech. 17.25 9.77 Telecom. Services 2.68 6.75 Utilities 0.00 5.58 Manning and Napier Russell 1000 Value % Return -29.98 -24.45 -12.24 -14.27 -15.34 -19.56 -12.53 -12.80 -4.23 -4.03 -5.16 -7.12 -13.64 -13.46 -10.65 -12.19 -4.16 -5.66 1.08 % Variance 1.08 0.07 -0.11 -0.02 0.62 0.64 0.28 0.21 -0.19 -0.70 82 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/18 Atlassian Corp Plc Global Pmts Inc Universal Health Svc Transdigm Group Inc Pg&E Corp Ihs Markit Ltd Progressive Corp Ohi Ally Finl Inc Boston Scientific Co Tableau Software Inc GICS Sector % Port Information Technology Information Technology Health Care Industrials Utilities Industrials Financials Financials Health Care Information Technology 2.65 2.58 2.22 2.21 2.17 2.14 2.09 1.99 1.99 1.94 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 3.87 5.19 17.03 11.66 1.15 14.81 17.35 19.63 3.72 5.58 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -18.03 -15.37 83,752 123 -15,100 68,774 -9.88 -9.06 81,209 -5,432 -7,003 68,774 -9.88 -9.06 81,209 -5,432 -7,003 68,774 4.83 7.04 100,689 -44,745 12,830 68,774 5.21 6.26 105,014 -60,757 24,517 68,774 14.91 14.02 34,302 -83,773 118,245 68,774 11.72 11.09 15,585 -83,773 136,962 68,774 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 83 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/18 Cash & Equiv $3,177 4.62% Domestic Equity $65,597 95.38% Periods from 3/88 to 12/18 Alpha Beta R-Squared 0.02 1.14 0.83 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 M1 T Annualized Standard Deviation% M Mid Cap Equity Comp 1 R Mid Cap T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.72 11.09 3.22 21.60 17.23 1.29 0.39 0.46 0.00 0.10 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 84 City of Clearwater Employees Pension Fund Midcap Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -9.33 -13.60 -16.39 -17.23 -18.64 -18.03 91 -15.37 45 -2.29 -4.59 -8.02 -11.06 -13.75 -9.88 62 -9.06 55 8.77 6.70 5.87 1.72 0.15 3.89 61 3.82 63 11.85 10.87 9.03 7.47 6.11 4.83 96 7.04 84 11.68 7.82 6.02 4.97 3.09 3.26 93 4.59 81 11.45 7.56 6.65 5.49 4.29 5.21 81 6.26 53 16.05 11.28 10.83 9.40 7.59 9.99 71 10.55 50 16.43 12.42 11.37 10.49 7.27 11.63 41 11.49 45 13.80 10.62 9.57 9.46 6.48 10.09 36 9.77 39 15.15 12.42 11.38 10.92 7.38 11.95 42 11.41 47 17.17 15.24 13.69 12.62 11.13 14.91 42 14.02 45 -20% -15% -10% -5% 0% 5% 10% 15% 20% M 1 M1 M1 M 1 M1 M1 M1 M1 M1 M1 M1 85 City of Clearwater Employees Pension Fund Midcap Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -2.29 -4.59 -8.02 -11.06 -13.75 -9.88 62 -9.06 55 26.37 19.63 18.24 16.21 13.67 19.76 22 18.52 47 21.49 20.72 19.52 16.20 10.18 6.73 99 13.80 79 4.48 0.56 -1.29 -2.19 -5.96 -1.30 50 -2.44 75 13.76 10.62 9.71 5.41 4.34 13.38 5 13.21 5 42.04 33.72 32.35 30.97 18.50 37.36 17 34.76 22 24.40 18.56 17.54 15.92 10.49 22.00 5 17.26 50 6.80 0.68 -1.67 -3.22 -5.92 -0.10 25 -1.56 42 32.94 26.91 26.49 23.18 15.82 28.03 9 25.49 58 61.43 44.53 37.33 30.29 28.44 45.33 15 40.47 37 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% M1 M1 M 1 M1 M1 M1 M 1 M1 M1 M 1 86 City of Clearwater Employees Pension Fund Risk Measure Summary Mid Cap Equity Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.25 1.14 0.75 -18.03 6.33 -9.88 -9.88 21.89 1.19 0.39 1.00 -0.54 -9.91 3.53 -0.09 2 2 -15.37 5.00 -9.06 -9.06 18.38 -0.60 2 10 0.90 1.14 0.58 -18.03 6.92 -9.88 19.76 13.38 1.12 -0.66 0.91 0.28 3.41 4.17 -0.46 2 10 -15.37 6.07 -9.06 18.52 11.37 0.53 4 16 0.91 0.99 0.55 -18.03 8.26 -9.88 19.76 11.59 1.06 -0.30 0.90 0.40 4.34 3.72 -0.25 5 15 -15.37 6.07 -9.06 18.52 10.39 0.54 35 88 1.13 1.15 0.56 -26.78 49.24 -41.79 77.74 21.60 1.14 0.02 0.83 0.39 7.47 9.21 0.10 37 86 -27.28 20.80 -41.46 67.72 17.23 0.46 87 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Neutral Portfolios Annualized Rate of Return7.0 8.1 9.2 10.3 11.4 12.5 13.6 14.7 15.8 16.9 18.0 0.0 1.8 3.6 5.3 7.2 9.0 10.8 12.6 14.4 16.2 18.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 4.83 96 13.38 91 7.04 84 11.37 38 9.03 12.36 Annualized Rate of Return6.0 7.1 8.2 9.3 10.4 11.5 12.6 13.7 14.8 15.9 17.0 2.0 2.9 3.8 4.7 5.6 6.5 7.4 8.3 9.2 10.0 10.9 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 5.21 81 11.59 71 6.26 53 10.39 8 6.65 11.31 88 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/18 Atlassian Corp Plc Global Pmts Inc Ihs Markit Ltd Progressive Corp Ohi Boston Scientific Co Tableau Software Inc Veeva Sys Inc Roper Inds Inc New Worldpay Inc Harris Corp Del GICS Sector % Port Information Technology Information Technology Industrials Financials Health Care Information Technology Health Care Industrials Information Technology Industrials 5.12 4.98 4.14 4.03 3.84 3.75 3.49 2.79 2.70 2.53 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.71 1.15 18.86 10.80 0.00 19.89 9.45 33.58 5.56 0.00 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -18.25 -15.99 43,385 70 -7,916 35,540 -3.39 -4.75 39,456 -3,172 -744 35,540 -3.39 -4.75 39,456 -3,172 -744 35,540 5.06 8.59 50,563 -21,504 6,481 35,540 5.10 7.42 51,471 -27,511 11,581 35,540 15.84 15.12 15,064 -40,521 60,997 35,540 9.10 7.80 29,914 -40,521 46,148 35,540 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 89 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/18 Cash & Equiv $1,582 4.45% Domestic Equity $33,958 95.55% Periods from 7/01 to 12/18 Alpha Beta R-Squared 0.34 0.95 0.92 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 r 1 T Annualized Standard Deviation% r Artisan Partners 1 R Mid Cap G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.10 7.80 1.39 18.05 17.64 0.47 0.43 0.36 0.00 0.14 Asset Allocation ($000) Risk/Return Analysis 90 City of Clearwater Employees Pension Fund Midcap Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -11.33 -15.04 -16.64 -18.53 -19.18 -18.25 63 -15.99 32 3.83 -1.35 -4.43 -7.23 -8.14 -3.39 38 -4.75 51 16.80 11.88 9.34 8.34 4.26 8.03 79 9.23 56 17.45 10.85 10.24 7.43 5.89 5.06 96 8.59 62 13.48 10.42 7.85 4.99 2.33 4.64 81 6.33 62 12.31 9.53 8.45 5.83 2.76 5.10 85 7.42 54 15.24 13.82 13.24 11.11 7.53 10.14 83 11.69 61 15.00 14.11 13.69 12.07 8.15 11.61 81 12.27 68 14.29 13.37 11.12 10.60 6.20 10.10 75 10.43 75 15.28 15.06 13.13 11.87 8.22 12.45 68 12.10 70 16.92 16.43 15.37 14.17 9.67 15.84 38 15.12 57 -20% -15% -10% -5% 0% 5% 10% 15% 20% r 1 r1 r1 r 1 r 1 r 1 r1 r1 r1 r1 r1 91 City of Clearwater Employees Pension Fund Midcap Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 3.83 -1.35 -4.43 -7.23 -8.14 -3.39 38 -4.75 51 35.72 31.61 26.80 23.72 14.14 20.81 83 25.27 58 19.39 13.11 8.13 4.36 0.84 -0.63 99 7.33 54 9.79 3.39 1.66 -2.09 -5.68 3.38 26 -0.20 59 13.74 9.29 7.43 5.57 0.54 6.96 56 11.91 7 44.96 39.58 37.99 34.92 30.72 39.21 26 35.76 66 21.84 19.33 16.08 14.02 10.84 20.82 9 15.80 51 11.21 8.30 0.64 -5.27 -8.65 0.07 56 -1.66 72 35.21 32.22 27.97 24.52 19.30 33.15 15 26.39 63 52.68 46.25 39.66 32.22 22.13 51.38 12 46.30 21 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% r1 r 1 r 1 r 1 r 1 r 1 r 1 r1 r 1 r 1 92 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Midcap Growth Portfolios High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 12.60 10.64 9.10 7.26 5.48 5.06 96 8.59 56 25.67 20.41 16.79 15.37 11.00 14.14 87 16.65 50 14.79 13.42 11.00 8.69 6.06 8.01 90 10.73 56 14.36 12.50 9.77 8.53 5.11 7.30 85 9.17 64 16.10 13.20 10.81 8.66 6.47 7.47 92 10.30 54 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% r 1 r 1 r 1 r 1 r 1 Artisan Partners Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 0.7 -4.1 -1.1 0.0 -1.2 3.1 1.0 0.7 -6.1 1.9 1.2 -4.4 1.0 2.5 -3.6 -3.3 1.4 0.8 2.0 -2.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap G 93 City of Clearwater Employees Pension Fund Risk Measure Summary Artisan Partners Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.36 1.14 0.75 -18.25 9.70 -3.39 -3.39 24.64 1.18 0.75 1.00 -0.21 -4.47 3.87 0.54 1 3 -15.99 7.57 -4.75 -4.75 20.83 -0.32 3 9 0.82 1.14 0.58 -18.25 9.70 -3.39 21.98 15.29 1.12 -0.99 0.85 0.26 3.62 6.12 -0.51 1 11 -15.99 7.57 -4.75 25.27 12.50 0.61 5 15 0.81 0.99 0.60 -18.25 9.70 -6.20 21.98 12.71 1.04 -0.57 0.82 0.35 4.31 5.37 -0.40 4 16 -15.99 7.57 -4.75 25.27 11.08 0.61 19 50 0.99 0.91 0.49 -27.54 26.70 -42.87 58.59 19.12 0.95 0.34 0.92 0.48 9.63 5.43 0.14 19 50 -27.36 27.06 -44.32 62.98 19.31 0.42 94 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Growth Portfolios Annualized Rate of Return7.0 8.4 9.8 11.2 12.6 14.0 15.4 16.8 18.2 19.6 21.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 5.06 96 15.29 90 8.59 62 12.50 20 10.24 14.26 Annualized Rate of Return8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 1.0 2.5 4.0 5.5 7.0 8.5 10.0 11.5 13.0 14.5 16.0 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 5.10 85 12.71 56 7.42 54 11.08 13 8.45 12.56 95 City of Clearwater Employees Pension Fund Equity Summary Statistics Artisan Partners Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 62 33,957,988 17,210,503 14,058,161 0.74 40.46 28.25 1.16 4.64 55.97 6.08 418 14,158,553 7,433,797 1.14 24.82 19.91 1.10 5.43 61.91 10.87 Ten Largest Holdings Atlassian Corp Plc Global Pmts Inc Ihs Markit Ltd Progressive Corp Ohi Boston Scientific Co Tableau Software Inc Veeva Sys Inc Roper Inds Inc New Worldpay Inc Harris Corp Del Market Value % of Portfolio Quarterly Ret 1,738,135 1,691,538 1,404,274 1,367,621 1,303,905 1,272,120 1,184,026 945,879 917,848 857,451 5.12 4.98 4.14 4.03 3.84 3.75 3.49 2.79 2.70 2.53 -7.45 -19.04 -11.10 -15.08 -8.21 7.39 -17.96 -9.90 -24.53 -20.05 Ten Best Performers Marketaxess Hldgs In Cree Inc Tableau Software Inc Twitter Inc Zynga Inc New York Times Co Agilent Technologies Chipotle Mexican Gri Td Ameritrade Hldg C Atlassian Corp Plc Quarterly Ret 18.63 12.95 7.39 0.98 -2.00 -3.55 -3.93 -5.00 -6.79 -7.45 Ten Worst Performers Roku Inc Align Technology Inc Neurocrine Bioscienc Advanced Micro Devic Wayfair Inc Svb Finl Group Wabtec Corp Concho Res Inc Pagseguro Digital Lt Canada Goose Holding Quarterly Ret -58.04 -46.47 -41.92 -40.24 -39.00 -38.90 -32.93 -32.71 -32.31 -32.26 96 City of Clearwater Employees Pension Fund Equity Contribution to Return Artisan Partners Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 62 33,957,988 17,210,503 14,058,161 0.74 40.46 28.25 1.16 4.64 55.97 6.08 418 14,158,553 7,433,797 1.14 24.82 19.91 1.10 5.43 61.91 10.87 Ten Best Contributors Tableau Software Inc Cree Inc Marketaxess Hldgs In Twitter Inc Chipotle Mexican Gri Zynga Inc New York Times Co Servicemaster Global Agilent Technologies Sage Therapeutics In Market Value % of Portfolio Quarterly Ret 1,272,120 630,332 195,462 221,959 187,397 613,662 373,670 176,058 546,561 73,854 3.75 1.86 0.58 0.65 0.55 1.81 1.10 0.52 1.61 0.22 7.39 12.95 18.63 0.98 -5.00 -2.00 -3.55 -10.25 -3.93 -32.18 Ten Worst Contributors Global Pmts Inc Worldpay Inc Veeva Sys Inc Progressive Corp Ohi Gardner Denver Hldgs Align Technology Inc Guidewire Software I Take-Two Interactive Canada Goose Holding Harris Corp Del Market Value % of Portfolio Quarterly Ret 1,691,538 917,848 1,184,026 1,367,621 637,099 377,393 838,965 678,375 533,253 857,451 4.98 2.70 3.49 4.03 1.88 1.11 2.47 2.00 1.57 2.53 -19.04 -24.53 -17.96 -15.08 -27.84 -46.47 -20.57 -25.40 -32.26 -20.05 97 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Artisan Partners Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 2.40 2.20 18.57 11.57 0.53 16.69 10.35 33.47 4.22 0.00 100.00 1.69 3.55 16.44 16.37 2.90 15.28 6.67 31.25 3.82 0.00 100.00 -32.71 -17.26 -19.49 -27.93 -17.86 -20.74 -15.03 -15.41 -11.07 -18.75 -25.02 -14.54 -17.91 -15.01 -2.04 -19.78 -16.37 -15.69 -12.68 0.00 -15.90 -0.18 -0.06 -0.29 -1.50 -0.08 -0.16 0.14 0.09 0.07 0.00 -1.98 -0.06 -0.02 -0.04 -0.04 -0.33 -0.05 -0.02 0.00 0.01 0.00 -0.55 -0.25 -0.08 -0.34 -1.54 -0.41 -0.21 0.12 0.10 0.08 0.00 -2.53 Index - R Mid Cap G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.12% [ Actual Return -18.87% ] - [ Buy Hold Return -18.75% ] 98 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Artisan Partners Quarter Ending 12/18 % Allocation Energy 2.40 1.69 Materials 2.20 3.55 Industrials 18.57 16.44 Con. Discretionary 11.57 16.37 Consumer Staples 0.53 2.90 Health Care 16.69 15.28 Financials 10.35 6.67 Infomation Tech. 33.47 31.25 Telecom. Services 4.22 3.82 Utilities 0.00 0.00 Artisan Partners R Mid Cap G % Return -32.71 -25.02 -17.26 -14.54 -19.49 -17.91 -27.93 -15.01 -17.86 -2.04 -20.74 -19.78 -15.03 -16.37 -15.41 -15.69 -11.07 -12.68 % Variance -0.25 -0.08 -0.34 -1.54 -0.41 -0.21 0.12 0.10 0.08 0.00 99 City of Clearwater Employees Pension Fund Wedge Capital Mgmt as of 12/31/18 Universal Health Svc Transdigm Group Inc Pg&E Corp Ally Finl Inc Zimmer Hldgs Inc Republic Svcs Inc Lamar Advertising Co Epr Pptys Ashland Global Hldgs Fidelity National Fi GICS Sector % Port Health Care Industrials Utilities Financials Health Care Industrials Financials Financials Materials Financials 4.62 4.59 4.51 4.13 3.68 3.58 3.17 3.11 3.05 3.00 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 7.27 9.53 15.07 12.59 2.40 9.35 25.85 4.64 1.73 11.57 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/28/07 Wedge Capital Mgmt R Mid Cap V Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/28/07 Wedge Capital Mgmt R Mid Cap V Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -17.80 -14.95 40,366 53 -7,185 33,234 -16.00 -12.29 41,753 -2,261 -6,258 33,234 -16.00 -12.29 41,753 -2,261 -6,258 33,234 4.42 6.06 50,126 -23,242 6,350 33,234 5.17 5.44 53,544 -33,246 12,937 33,234 13.79 13.03 19,238 -43,252 57,248 33,234 7.31 5.99 30,365 -43,252 46,121 33,234 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 100 City of Clearwater Employees Pension Fund Wedge Capital Mgmt as of 12/31/18 Cash & Equiv $1,595 4.80% Domestic Equity $31,639 95.20% Periods from 2/07 to 12/18 Alpha Beta R-Squared 0.33 1.00 0.96 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 w 1 T Annualized Standard Deviation% w Wedge Capital Mgmt 1 R Mid Cap V T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 7.31 5.99 0.84 17.61 17.35 0.41 0.37 0.30 0.00 0.32 Asset Allocation ($000) Risk/Return Analysis 101 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Midcap Value Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -11.82 -13.52 -15.59 -16.37 -18.67 -17.80 84 -14.95 33 -2.95 -6.21 -12.43 -14.70 -16.95 -16.00 91 -12.29 45 5.11 4.15 0.43 -0.88 -3.21 -0.26 54 -0.29 54 9.03 8.55 6.55 5.18 3.62 4.42 89 6.06 58 6.27 5.93 5.58 3.16 1.81 1.79 99 3.24 66 7.69 7.07 6.26 5.52 3.58 5.17 78 5.44 76 11.61 10.76 10.20 9.69 8.90 9.62 77 9.66 76 12.55 11.86 10.69 10.31 9.93 11.46 30 10.88 42 11.63 10.45 9.11 8.81 8.56 9.92 39 9.27 43 12.78 11.78 10.47 10.12 9.74 11.33 35 10.89 46 13.79 13.03 -20% -15% -10% -5% 0% 5% 10% 15% w 1 w 1 w1 w 1 w 1 w1 w1 w1 w1 w1 w1 102 City of Clearwater Employees Pension Fund Midcap Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -2.54 -6.21 -12.79 -14.99 -17.15 -16.00 89 -12.29 41 19.59 16.16 13.12 11.69 5.41 18.44 12 13.34 39 37.97 30.74 17.48 14.46 10.50 14.46 75 20.00 39 3.75 0.91 -2.91 -5.62 -11.29 -5.72 83 -4.78 67 20.03 15.24 12.03 9.92 7.79 19.82 9 14.74 25 44.14 37.28 35.14 30.85 25.46 34.92 56 33.45 62 24.19 21.83 17.91 15.11 12.08 23.16 16 18.48 44 11.64 3.55 -0.48 -1.92 -5.17 -0.33 46 -1.38 71 34.93 23.30 20.94 18.79 16.95 23.30 26 24.76 17 61.66 48.01 40.47 25.84 12.76 38.51 59 34.20 62 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% w1 w 1 w 1 w1 w 1 w1 w 1 w1 w1 w 1 103 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Midcap Value Portfolios High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 9.03 8.55 6.55 5.18 3.62 4.42 89 6.06 58 17.59 16.34 13.87 13.43 10.95 12.00 94 13.09 75 13.02 11.87 9.56 8.59 7.87 7.87 95 8.80 66 10.46 10.20 7.79 6.97 4.93 6.28 91 7.23 66 12.76 12.31 9.39 8.97 7.19 8.52 83 9.00 70 2% 4% 6% 8% 10% 12% 14% 16% 18% w 1 w 1 w 1 w 1 w 1 Wedge Capital Mgmt Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% -1.5 -1.1 2.7 4.3 0.4 0.3 -0.1 -1.6 -2.5 -1.5 0.0 -0.7 2.1 1.9 0.6 -0.1 -0.9 0.4 -0.4 -3.3 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap V 104 City of Clearwater Employees Pension Fund Risk Measure Summary Wedge Capital Mgmt Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.00 1.21 0.25 -17.80 2.87 -16.00 -16.00 19.48 1.16 -0.38 1.00 -0.92 -15.38 2.77 -1.34 2 2 -14.95 3.30 -12.29 -12.29 16.81 -0.84 2 10 0.99 1.21 0.42 -17.80 5.93 -16.00 19.68 12.95 1.11 -0.49 0.95 0.26 3.07 3.08 -0.45 2 10 -14.95 5.52 -12.29 20.00 11.34 0.44 5 15 1.00 1.04 0.45 -17.80 10.66 -16.00 19.82 11.84 1.07 -0.12 0.91 0.38 4.24 3.62 -0.05 5 15 -14.95 6.05 -12.29 20.00 10.55 0.46 16 31 1.03 0.95 0.60 -26.40 25.65 -39.75 73.15 19.43 1.00 0.33 0.96 0.33 6.42 3.91 0.32 15 32 -27.19 23.62 -42.51 72.41 18.95 0.27 105 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Value Portfolios Annualized Rate of Return2.0 4.2 6.4 8.6 10.8 13.0 15.2 17.4 19.6 21.8 24.0 2.0 2.9 3.8 4.7 5.6 6.5 7.4 8.3 9.2 10.0 10.9 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Wedge Capital Mgmt 1 R Mid Cap V Median 4.42 84 12.95 51 6.06 54 11.34 35 6.55 12.95 Annualized Rate of Return7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 w1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Wedge Capital Mgmt 1 R Mid Cap V Median 5.17 68 11.84 40 5.44 66 10.55 19 6.10 12.10 106 City of Clearwater Employees Pension Fund Equity Summary Statistics Wedge Capital Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap V 40 31,639,374 7,581,667 6,216,933 3.04 15.37 9.84 0.97 1.17 64.04 3.06 591 12,605,393 6,423,065 2.70 16.53 14.01 0.93 1.65 75.33 2.52 Ten Largest Holdings Universal Health Svc Transdigm Group Inc Pg&E Corp Ally Finl Inc Zimmer Hldgs Inc Republic Svcs Inc Lamar Advertising Co Epr Pptys Ashland Global Hldgs Fidelity National Fi Market Value % of Portfolio Quarterly Ret 1,457,117 1,448,996 1,423,670 1,304,785 1,161,249 1,130,083 1,000,550 981,644 962,147 948,105 4.62 4.59 4.51 4.13 3.68 3.58 3.17 3.11 3.05 3.00 -8.76 -8.66 -48.38 -13.82 -20.92 -0.27 -9.92 -4.91 -15.12 -19.35 Ten Best Performers Evergy Inc First Energy Corp Republic Svcs Inc Adtalem Global Ed In Avalonbay Cmntys Inc UGI Corp New Epr Pptys Mfa Mtg Invts Inc Owens Ill Inc Transdigm Group Inc Quarterly Ret 4.20 1.99 -0.27 -1.83 -3.10 -3.41 -4.91 -6.41 -8.25 -8.66 Ten Worst Performers Pg&E Corp Spectrum Brands Hldg Alliance Data System Aercap Holdings Nv Mednax Inc Murphy Oil Corp Dana Holding Corp Packaging Corp Amer Pinnacle Finl Partne Eastman Chem Co Quarterly Ret -48.38 -42.99 -36.27 -31.15 -29.28 -29.27 -26.51 -23.27 -23.13 -22.96 107 City of Clearwater Employees Pension Fund Equity Contribution to Return Wedge Capital Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap V 40 31,639,374 7,581,667 6,216,933 3.04 15.37 9.84 0.97 1.17 64.04 3.06 591 12,605,393 6,423,065 2.70 16.53 14.01 0.93 1.65 75.33 2.52 Ten Best Contributors Evergy Inc First Energy Corp Equitrans Midstream Republic Svcs Inc Adtalem Global Ed In Avalonbay Cmntys Inc Mfa Mtg Invts Inc UGI Corp New Qurate Retail Inc Epr Pptys Market Value % of Portfolio Quarterly Ret 547,092 881,599 650,129 1,130,083 841,444 841,880 417,948 800,837 354,620 981,644 1.73 2.79 2.06 3.58 2.67 2.67 1.32 2.54 1.12 3.11 4.20 1.99 -0.27 -1.83 -3.10 -6.41 -3.41 -12.11 -4.91 Ten Worst Contributors Pg&E Corp Spectrum Brands Hldg Murphy Oil Corp Aercap Holdings Nv Zimmer Hldgs Inc Alliance Data System Dana Holding Corp Fidelity National Fi Ally Finl Inc Packaging Corp Amer Market Value % of Portfolio Quarterly Ret 1,423,670 756,275 878,669 791,960 1,161,249 537,286 721,886 948,105 1,304,785 714,668 4.51 2.40 2.78 2.51 3.68 1.70 2.29 3.00 4.13 2.26 -48.38 -42.99 -29.27 -31.15 -20.92 -36.27 -26.51 -19.35 -13.82 -23.27 108 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Wedge Capital Mgmt Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 9.62 8.89 14.31 12.85 2.62 9.55 24.29 6.02 1.53 10.32 100.00 7.46 6.14 12.63 9.00 4.93 6.87 17.62 9.11 3.30 10.16 100.00 -35.55 -16.87 -13.84 -19.97 -42.99 -16.12 -11.67 -21.33 -8.93 -18.87 -18.34 -35.39 -15.79 -18.08 -17.72 -9.96 -16.20 -15.95 -16.69 -17.22 -1.42 -14.13 -0.02 -0.10 0.61 -0.29 -0.87 0.01 1.04 -0.28 0.13 -1.80 -1.57 -0.46 -0.05 -0.07 -0.14 -0.10 -0.06 -0.12 0.08 0.05 0.02 -0.83 -0.47 -0.14 0.54 -0.43 -0.96 -0.05 0.92 -0.20 0.18 -1.78 -2.40 Index - R Mid Cap V Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.08% [ Actual Return -18.25% ] - [ Buy Hold Return -18.34% ] 109 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Wedge Capital Mgmt Quarter Ending 12/18 % Allocation Energy 9.62 7.46 Materials 8.89 6.14 Industrials 14.31 12.63 Con. Discretionary 12.85 9.00 Consumer Staples 2.62 4.93 Health Care 9.55 6.87 Financials 24.29 17.62 Infomation Tech. 6.02 9.11 Telecom. Services 1.53 3.30 Utilities 10.32 10.16 Wedge Capital Mgmt R Mid Cap V % Return -35.55 -35.39 -16.87 -15.79 -13.84 -18.08 -19.97 -17.72 -42.99 -9.95 -16.12 -16.20 -11.67 -15.95 -21.33 -16.69 -8.93 -17.22 -18.87 -1.42 % Variance -0.47 -0.14 0.54 -0.43 -0.96 -0.05 0.92 -0.20 0.18 -1.78 110 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/18 Proto Labs Inc Dorman Products Inc National Instrs Corp Chemed Corp New Ritchie Bros Auction Exponet Inc Alarm Com Hldgs Inc Five Below Inc Paylocity Hldg Corp Health Care Group In GICS Sector % Port Industrials Consumer Discretionary Information Technology Health Care Industrials Industrials Information Technology Consumer Discretionary Information Technology Industrials 2.98 2.70 2.65 2.49 2.20 2.12 2.11 2.10 1.99 1.93 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.27 1.98 20.95 15.09 6.10 15.02 7.79 32.80 0.00 0.00 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -15.68 -20.20 54,598 104 -8,562 46,140 1.67 -11.01 57,098 -13,509 2,551 46,140 1.67 -11.01 57,098 -13,509 2,551 46,140 11.94 7.36 50,588 -23,580 19,132 46,140 6.72 4.41 69,898 -41,586 17,828 46,140 15.12 11.97 47,086 -82,596 81,650 46,140 9.67 8.15 29,988 -82,596 98,748 46,140 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 111 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/18 Cash & Equiv $1,382 2.99% Domestic Equity $44,759 97.01% Periods from 8/03 to 12/18 Alpha Beta R-Squared 0.54 0.89 0.95 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 S 1 T Annualized Standard Deviation% S Small Cap Equity Comp 1 R2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.67 8.15 1.32 17.26 18.28 0.49 0.48 0.37 0.00 0.26 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 112 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -15.04 -17.84 -18.90 -20.28 -22.67 -15.68 17 -20.20 73 -4.75 -10.59 -13.38 -15.16 -19.01 1.67 1 -11.01 33 3.96 2.46 1.06 -3.07 -4.61 8.90 1 1.00 51 11.28 9.94 8.08 5.65 3.17 11.94 1 7.36 57 8.06 6.90 4.65 3.46 0.31 8.36 1 4.29 55 7.09 5.58 4.92 4.25 1.98 6.72 6 4.41 67 12.61 10.96 9.90 9.58 7.98 11.99 5 9.49 82 13.25 11.49 10.81 10.34 9.62 12.78 5 10.44 67 10.71 9.85 9.30 8.74 7.50 11.38 1 8.50 90 12.82 11.75 11.00 10.51 9.55 13.24 1 10.40 81 15.84 14.32 13.01 12.35 11.53 15.12 17 11.97 84 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 113 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -4.75 -10.59 -13.38 -15.16 -19.01 1.67 1 -11.01 33 25.65 16.39 13.41 10.24 4.77 16.66 22 14.65 39 30.15 27.62 24.68 22.43 17.26 18.26 91 21.31 78 2.41 -0.35 -2.79 -4.42 -13.39 -1.70 32 -4.41 73 9.98 8.10 5.72 2.45 -3.52 0.39 82 4.89 65 46.84 42.38 39.10 36.01 32.62 42.51 23 38.82 54 23.40 18.85 16.36 14.46 11.11 17.61 32 16.34 50 3.41 -0.06 -2.35 -4.56 -9.52 2.07 10 -4.17 70 33.14 29.98 26.60 24.44 20.47 29.27 28 26.85 42 63.51 42.13 33.58 25.90 22.14 33.51 50 27.19 67 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% S 1 S1 S1 S1 S 1 S1 S1 S 1 S1 S 1 114 City of Clearwater Employees Pension Fund Risk Measure Summary Small Cap Equity Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.32 0.59 0.75 -15.68 7.92 1.67 1.67 22.31 0.87 2.79 0.94 -0.01 -0.24 5.36 2.45 2 2 -20.20 7.75 -11.01 -11.01 24.79 -0.52 1 11 1.01 0.53 0.67 -15.68 7.92 1.67 25.45 12.44 0.76 1.39 0.90 0.88 14.28 5.48 0.68 3 9 -20.20 9.05 -11.01 26.22 15.50 0.41 4 16 0.92 0.69 0.55 -15.68 9.12 -5.01 25.45 12.24 0.80 0.71 0.90 0.50 7.63 4.82 0.37 5 15 -20.20 9.73 -11.01 26.22 14.54 0.26 16 45 0.97 0.83 0.61 -25.65 20.74 -38.63 57.55 17.14 0.89 0.54 0.95 0.50 9.70 4.47 0.26 18 43 -26.12 20.68 -37.50 62.77 18.73 0.37 115 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 11.94 1 12.44 4 7.36 57 15.50 68 8.08 14.73 Annualized Rate of Return9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3 16.2 17.1 18.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 6.72 6 12.24 18 4.41 67 14.54 76 4.92 13.44 116 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/18 Choice Hotels Intl I Caseys Gen Stores Manhattan Assocs Inc J & J Snack Foods Co Inter Parfums Inc Aptargroup Inc Corelogic Inc Dorman Products Inc Kirby Expl Co. Columbia Sportswear GICS Sector % Port Consumer Discretionary Consumer Staples Information Technology Consumer Staples Consumer Staples Materials Information Technology Consumer Discretionary Industrials Consumer Discretionary 3.35 3.31 3.16 2.98 2.83 2.82 2.80 2.69 2.67 2.64 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.80 5.97 22.34 16.11 11.31 5.30 19.19 18.99 0.00 0.00 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -14.16 -20.20 13,750 23 -1,947 11,827 0.48 -11.01 14,218 -2,885 493 11,827 0.48 -11.01 14,218 -2,885 493 11,827 10.36 7.36 16,621 -9,644 4,850 11,827 7.87 4.41 17,404 -11,646 6,069 11,827 15.21 11.10 14,689 -23,649 20,787 11,827 11.86 8.18 14,990 -23,649 20,486 11,827 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 117 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/18 Cash & Equiv $519 4.39% Domestic Equity $11,308 95.61% Periods from 8/03 to 12/18 Alpha Beta R-Squared 1.28 0.73 0.91 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 t 1 T Annualized Standard Deviation% t Atlanta Capital Mgmt 1 Russell 2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.86 8.18 1.32 15.30 18.26 0.49 0.69 0.38 0.00 0.39 Asset Allocation ($000) Risk/Return Analysis 118 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -15.04 -17.84 -18.90 -20.28 -22.67 -14.16 2 -20.20 73 -4.75 -10.59 -13.38 -15.16 -19.01 0.48 1 -11.01 33 3.96 2.46 1.06 -3.07 -4.61 6.72 1 1.00 51 11.28 9.94 8.08 5.65 3.17 10.36 13 7.36 57 8.06 6.90 4.65 3.46 0.31 8.99 1 4.29 55 7.09 5.58 4.92 4.25 1.98 7.87 1 4.41 67 12.61 10.96 9.90 9.58 7.98 12.98 1 9.36 84 13.25 11.49 10.81 10.34 9.62 12.92 5 10.56 55 10.71 9.85 9.30 8.74 7.50 12.57 1 8.41 93 12.82 11.75 11.00 10.51 9.55 13.99 1 10.10 88 15.84 14.32 13.01 12.35 11.53 15.21 17 11.10 100 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 119 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -4.75 -10.59 -13.38 -15.16 -19.01 0.48 1 -11.01 33 25.65 16.39 13.41 10.24 4.77 13.34 50 14.65 39 30.15 27.62 24.68 22.43 17.26 18.02 92 21.31 78 2.41 -0.35 -2.79 -4.42 -13.39 4.97 1 -4.41 73 9.98 8.10 5.72 2.45 -3.52 3.50 71 4.89 65 46.84 42.38 39.10 36.01 32.62 42.43 23 37.88 60 23.40 18.85 16.36 14.46 11.11 12.53 93 18.05 32 3.41 -0.06 -2.35 -4.56 -9.52 10.20 1 -5.50 78 33.14 29.98 26.60 24.44 20.47 25.98 55 24.51 73 63.51 42.13 33.58 25.90 22.14 26.83 70 20.57 100 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% t 1 t1 t1 t 1 t1 t 1 t 1 t 1 t1 t 1 120 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Small Cap Neutral Portfolios High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 10.88 9.85 7.96 5.79 4.27 10.36 10 7.36 54 19.97 18.15 15.82 14.22 11.00 17.92 32 17.12 36 16.43 12.77 11.19 10.32 7.35 12.06 44 10.96 56 14.04 10.86 9.39 8.06 6.61 10.15 30 8.39 68 16.24 12.95 11.12 10.02 9.07 11.98 34 9.96 83 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% t 1 t 1 t 1 t 1 t 1 Atlanta Capital Mgmt Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% -2.1 -1.8 2.3 0.3 2.3 1.0 5.2 1.1 5.4 0.1 -6.2 -1.7 -1.4 0.7 -2.1 1.6 1.7 -0.9 4.2 7.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 2000 121 City of Clearwater Employees Pension Fund Risk Measure Summary Atlanta Capital Mgmt Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.31 0.63 0.75 -14.16 7.94 0.48 0.48 20.34 0.79 2.21 0.95 -0.07 -1.76 6.19 1.84 2 2 -20.20 7.75 -11.01 -11.01 24.79 -0.52 1 11 0.86 0.44 0.58 -14.16 7.94 0.48 22.94 11.43 0.67 1.17 0.81 0.82 13.96 7.23 0.28 3 9 -20.20 9.05 -11.01 26.22 15.50 0.41 4 16 0.91 0.56 0.65 -14.16 10.08 0.48 22.94 11.35 0.72 1.05 0.84 0.64 10.09 6.13 0.44 5 15 -20.20 9.73 -11.01 26.22 14.54 0.26 15 46 0.91 0.59 0.62 -16.60 18.00 -24.55 52.53 14.50 0.73 1.28 0.91 0.75 14.82 6.78 0.39 17 44 -24.89 22.70 -38.89 65.05 18.88 0.37 122 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 10.36 13 11.43 1 7.36 57 15.50 68 8.08 14.73 Annualized Rate of Return9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3 16.2 17.1 18.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 7.87 1 11.35 1 4.41 67 14.54 76 4.92 13.44 123 City of Clearwater Employees Pension Fund Equity Summary Statistics Atlanta Capital Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 59 11,307,850 3,268,094 2,714,243 0.93 26.28 26.29 0.96 3.26 43.84 5.61 2,026 2,049,505 700,757 1.54 32.40 11.97 1.09 1.92 48.26 5.75 Ten Largest Holdings Choice Hotels Intl I Caseys Gen Stores Manhattan Assocs Inc J & J Snack Foods Co Inter Parfums Inc Aptargroup Inc Corelogic Inc Dorman Products Inc Kirby Expl Co. Columbia Sportswear Market Value % of Portfolio Quarterly Ret 378,801 374,041 357,603 336,750 319,457 318,803 316,287 303,457 301,908 298,351 3.35 3.31 3.16 2.98 2.83 2.82 2.80 2.69 2.67 2.64 -13.58 -0.52 -22.40 -3.86 2.17 -12.40 -32.36 17.03 -18.10 -9.41 Ten Best Performers Lancaster Colony Cor Dorman Products Inc Mesa Labs Inc Huron Consulting Gro Inter Parfums Inc Navigators Group Inc Caseys Gen Stores Monro Muffler Brake Cass Information Sys Power Integrations I Quarterly Ret 18.96 17.03 12.35 3.87 2.17 0.67 -0.52 -0.97 -2.02 -3.26 Ten Worst Performers Dril-Quip Inc Blackbaud Inc Frontdoor Inc Corelogic Inc Integra Lifesciences Artisan Partners Ass Balchem Corp State Bk Finl Corp Sensient Technologie South St Corp Quarterly Ret -42.53 -37.91 -35.10 -32.36 -31.53 -30.20 -29.65 -27.87 -26.60 -26.52 124 City of Clearwater Employees Pension Fund Equity Contribution to Return Atlanta Capital Mgmt Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 59 11,307,850 3,268,094 2,714,243 0.93 26.28 26.29 0.96 3.26 43.84 5.61 2,026 2,049,505 700,757 1.54 32.40 11.97 1.09 1.92 48.26 5.75 Ten Best Contributors Dorman Products Inc Lancaster Colony Cor Mesa Labs Inc Huron Consulting Gro Inter Parfums Inc Navigators Group Inc Monro Muffler Brake Caseys Gen Stores Cass Information Sys Central Garden & Pet Market Value % of Portfolio Quarterly Ret 303,457 149,977 152,958 183,382 319,457 241,269 167,613 374,041 134,364 97,149 2.69 1.33 1.35 1.62 2.83 2.14 1.48 3.31 1.19 0.86 17.03 18.96 12.35 3.87 2.17 0.67 -0.97 -0.52 -2.02 -4.41 Ten Worst Contributors Blackbaud Inc Corelogic Inc Manhattan Assocs Inc Integra Lifesciences South St Corp Kirby Expl Co. Frontdoor Inc Choice Hotels Intl I Forward Air Corp ICU Med Inc Market Value % of Portfolio Quarterly Ret 278,584 316,287 357,603 190,999 216,060 301,908 149,681 378,801 200,312 241,571 2.47 2.80 3.16 1.69 1.91 2.67 1.32 3.35 1.77 2.14 -37.91 -32.36 -22.40 -31.53 -26.52 -18.10 -35.10 -13.58 -23.28 -18.79 125 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Atlanta Capital Mgmt Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 1.19 6.31 21.49 16.41 9.01 5.89 19.74 19.97 0.00 0.00 100.00 4.82 4.19 15.06 12.27 2.65 16.48 17.43 13.84 3.26 3.10 100.00 -42.53 -18.13 -14.02 -6.35 2.51 -26.01 -16.55 -22.11 -14.69 -41.02 -27.05 -21.47 -20.14 -13.28 -25.88 -16.47 -16.87 -18.69 -2.00 -19.31 -0.02 0.56 1.60 2.26 1.42 -0.01 -0.02 -1.05 0.00 0.00 4.76 0.79 -0.16 -0.14 -0.03 0.38 0.70 0.07 0.15 -0.02 -0.54 1.19 0.77 0.40 1.46 2.23 1.81 0.69 0.05 -0.90 -0.02 -0.54 5.95 Index - Russell 2000 Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.15% [ Actual Return -14.54% ] - [ Buy Hold Return -14.69% ] 126 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Atlanta Capital Mgmt Quarter Ending 12/18 % Allocation Energy 1.19 4.82 Materials 6.31 4.19 Industrials 21.49 15.06 Con. Discretionary 16.41 12.27 Consumer Staples 9.01 2.65 Health Care 5.89 16.48 Financials 19.74 17.43 Infomation Tech. 19.97 13.84 Telecom. Services 0.00 3.26 Utilities 0.00 3.10 Atlanta Capital Mgmt Russell 2000 % Return -42.53 -41.02 -18.13 -27.05 -14.02 -21.47 -6.35 -20.14 2.51 -13.28 -26.01 -25.88 -16.55 -16.47 -22.11 -16.87 -18.69 -2.00 % Variance 0.77 0.40 1.46 2.23 1.81 0.69 0.05 -0.90 -0.02 -0.54 127 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/18 Proto Labs Inc Chemed Corp New Ritchie Bros Auction Alarm Com Hldgs Inc Five Below Inc National Instrs Corp Paylocity Hldg Corp Health Care Group In Grand Canyon Ed Inc 2u Inc GICS Sector % Port Industrials Health Care Industrials Information Technology Consumer Discretionary Information Technology Information Technology Industrials Consumer Discretionary Information Technology 4.46 3.73 3.29 3.17 3.15 3.11 2.99 2.89 2.76 2.75 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 20.25 14.59 3.51 19.86 2.12 39.67 0.00 0.00 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -16.85 -21.65 27,803 52 -4,685 23,169 7.33 -9.31 29,033 -8,750 2,887 23,169 7.33 -9.31 29,033 -8,750 2,887 23,169 14.35 7.24 20,470 -8,309 11,008 23,169 7.73 5.13 34,624 -21,311 9,856 23,169 14.14 11.18 16,876 -21,314 27,607 23,169 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 128 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/18 Cash & Equiv $461 1.99% Domestic Equity $22,709 98.01% Periods from 9/10 to 12/18 Alpha Beta R-Squared 1.14 0.80 0.89 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 R 1 T Annualized Standard Deviation% R Riverbridge Partners 1 R2000G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 14.14 11.18 0.42 14.95 16.73 0.18 0.92 0.64 0.00 0.32 Asset Allocation ($000) Risk/Return Analysis 129 City of Clearwater Employees Pension Fund Small Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Last Qtr Last 2 Qtrs Last 3 Qtrs 12/18 YTD Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years -13.72 -18.99 -21.18 -22.01 -24.14 -16.85 7 -21.65 66 -6.71 -14.01 -15.05 -16.97 -17.93 -8.55 7 -17.33 83 -0.24 -7.15 -8.88 -11.19 -14.23 -1.17 9 -11.35 76 1.85 -2.23 -5.10 -10.68 -16.01 7.33 1 -9.31 65 1.85 -2.23 -5.10 -10.68 -16.01 7.33 1 -9.31 65 16.49 8.03 6.56 2.81 -3.82 14.89 6 5.26 62 13.55 9.84 7.77 6.00 2.50 14.35 1 7.24 57 10.13 7.61 5.40 3.89 2.81 9.70 13 5.02 57 8.66 7.57 5.23 4.32 3.18 7.73 23 5.13 53 13.72 13.54 10.91 9.51 8.52 13.00 36 10.70 59 15.04 13.37 11.81 9.81 9.11 13.68 16 11.25 55 13.00 12.23 10.28 8.78 8.04 12.46 18 9.37 57 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 130 City of Clearwater Employees Pension Fund Small Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 1.85 -2.23 -5.10 -10.68 -16.01 7.33 1 -9.31 65 30.73 22.46 19.77 14.88 10.14 22.97 21 22.17 27 26.47 18.40 12.42 7.85 3.29 13.29 47 11.32 53 5.06 2.25 -1.61 -3.07 -6.45 -3.15 77 -1.38 46 9.75 5.66 4.13 2.77 -2.07 0.20 86 5.60 27 52.64 45.80 42.43 39.57 32.56 43.50 45 43.29 45 21.81 16.20 14.25 11.56 10.19 17.83 19 14.59 46 10.20 4.36 1.68 -1.39 -5.98 4.27 26 -2.92 82 40.87 32.38 30.33 26.35 20.16 -20% -10% 0% 10% 20% 30% 40% 50% 60% R 1 R 1 R1 R1 R 1 R1 R 1 R 1 131 City of Clearwater Employees Pension Fund December 31, 2018 Performance Comparison Total Returns of Small Growth Portfolios High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Mar 16 Dec 18 Dec 15 Sep 18 Sep 15 Jun 18 Jun 15 Mar 18 Mar 15 Dec 17 11.78 9.96 7.81 5.97 2.56 14.35 1 7.24 57 22.63 19.09 17.19 15.64 11.73 22.63 5 17.98 42 13.75 12.72 10.13 7.95 7.14 15.26 1 10.60 47 12.74 10.50 8.89 6.59 5.28 12.74 5 8.77 51 14.00 12.52 10.35 7.82 6.17 10.50 45 10.28 52 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% R 1 R 1 R 1 R 1 R 1 Riverbridge Partners Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% -1.4 -4.0 -0.4 0.7 -4.1 -0.8 5.0 -1.7 1.9 3.3 -1.6 -1.8 2.4 4.2 -4.8 -0.9 6.2 0.8 4.2 6.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R2000G 132 City of Clearwater Employees Pension Fund Risk Measure Summary Riverbridge Partners Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.85 0.78 1.00 -16.85 9.99 7.33 7.33 25.79 0.93 3.95 0.94 0.21 5.88 4.64 3.74 1 3 -21.65 7.23 -9.31 -9.31 26.98 -0.41 2 10 1.26 0.76 0.67 -16.85 9.99 7.33 33.73 15.07 0.84 1.88 0.83 0.88 15.89 6.83 0.91 2 10 -21.65 9.22 -9.31 24.40 16.42 0.38 6 14 1.00 0.79 0.50 -16.85 10.78 -7.97 33.73 14.14 0.83 0.81 0.81 0.50 8.61 6.70 0.30 4 16 -21.65 10.06 -11.84 24.40 15.39 0.29 7 26 0.96 0.70 0.48 -16.85 16.39 -7.97 43.50 15.39 0.80 1.14 0.89 0.89 17.05 6.32 0.32 7 26 -22.26 17.11 -11.84 43.29 17.99 0.60 133 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Growth Portfolios Annualized Rate of Return11.0 12.1 13.2 14.3 15.4 16.5 17.6 18.7 19.8 20.9 22.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 14.35 1 15.07 26 7.24 57 16.42 59 7.77 16.18 Annualized Rate of Return10.0 10.9 11.8 12.7 13.6 14.5 15.4 16.3 17.2 18.1 19.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 7.73 23 14.14 30 5.13 53 15.39 67 5.23 14.79 134 City of Clearwater Employees Pension Fund Equity Summary Statistics Riverbridge Partners Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R2000G 50 22,708,853 3,012,593 2,520,795 0.58 40.52 24.73 1.06 3.80 14.15 10.16 1,254 2,261,055 783,512 0.78 68.67 11.61 1.17 3.59 40.76 8.69 Ten Largest Holdings Proto Labs Inc Chemed Corp New Ritchie Bros Auction Alarm Com Hldgs Inc Five Below Inc National Instrs Corp Paylocity Hldg Corp Health Care Group In Grand Canyon Ed Inc 2u Inc Market Value % of Portfolio Quarterly Ret 1,013,418 847,007 746,638 718,763 715,421 705,296 678,085 655,778 627,217 624,732 4.46 3.73 3.29 3.17 3.15 3.11 2.99 2.89 2.76 2.75 -30.27 -11.28 -8.96 -9.63 -21.33 -5.67 -25.04 -0.65 -14.77 -33.87 Ten Best Performers Inovalon Hldgs Inc Dorman Products Inc Amn Healthcare Servi Maximus Inc Chegg Inc Health Care Group In Cass Information Sys Power Integrations I Globant S A Orthopediatrics Corp Quarterly Ret 41.09 17.03 3.58 0.43 -0.04 -0.65 -2.02 -3.26 -4.53 -4.80 Ten Worst Performers Teladoc Inc Wageworks Inc 2u Inc Ellie Mae Inc Pra Group Inc Proto Labs Inc Evolent Health Inc Bio Techne Corp Trupanion Inc Blackline Inc Quarterly Ret -42.59 -36.47 -33.87 -33.70 -32.31 -30.27 -29.75 -28.97 -28.74 -27.48 135 City of Clearwater Employees Pension Fund Equity Contribution to Return Riverbridge Partners Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Growth 50 22,708,853 3,012,593 2,520,795 0.58 40.52 24.73 1.06 3.80 14.15 10.16 1,254 2,261,055 783,512 0.78 68.67 11.61 1.17 3.59 40.76 8.69 Ten Best Contributors Dorman Products Inc Inovalon Hldgs Inc Amn Healthcare Servi Maximus Inc Chegg Inc Health Care Group In Cass Information Sys Orthopediatrics Corp Power Integrations I Cabot Microelectroni Market Value % of Portfolio Quarterly Ret 615,197 165,693 317,239 478,086 397,170 655,778 281,111 190,445 308,254 266,885 2.71 0.73 1.40 2.11 1.75 2.89 1.24 0.84 1.36 1.18 17.03 41.09 3.58 0.43 -0.04 -0.65 -2.02 -4.80 -3.26 -6.79 Ten Worst Contributors Proto Labs Inc Teladoc Inc 2u Inc Paylocity Hldg Corp Blackline Inc Five Below Inc Ultimate Software Gr Mobile Mini Bio Techne Corp Pegasystems Inc Market Value % of Portfolio Quarterly Ret 1,013,418 514,289 624,732 678,085 588,779 715,421 597,728 519,779 468,169 569,225 4.46 2.26 2.75 2.99 2.59 3.15 2.63 2.29 2.06 2.51 -30.27 -42.59 -33.87 -25.04 -27.48 -21.33 -24.00 -27.15 -28.97 -23.55 136 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Riverbridge Partners Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 0.00 20.76 13.35 3.58 22.07 2.56 37.68 0.00 0.00 100.00 2.30 3.95 17.91 14.85 2.76 27.23 7.27 17.31 3.47 0.41 100.00 -18.83 -9.17 -18.20 -19.57 -31.20 -16.40 -17.08 -41.34 -26.74 -22.53 -20.81 -12.43 -25.17 -19.02 -18.03 -18.64 1.74 -21.47 0.00 0.00 0.77 1.55 -0.21 1.24 -0.31 0.61 0.00 0.00 3.65 0.46 0.21 -0.03 -0.01 0.07 0.19 -0.12 0.70 -0.10 -0.09 1.28 0.46 0.21 0.74 1.54 -0.13 1.43 -0.43 1.32 -0.10 -0.09 4.94 Index - R2000G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.15% [ Actual Return -16.94% ] - [ Buy Hold Return -17.08% ] 137 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Riverbridge Partners Quarter Ending 12/18 % Allocation Energy 0.00 2.30 Materials 0.00 3.95 Industrials 20.76 17.91 Con. Discretionary 13.35 14.85 Consumer Staples 3.58 2.76 Health Care 22.07 27.23 Financials 2.56 7.27 Infomation Tech. 37.68 17.31 Telecom. Services 0.00 3.47 Utilities 0.00 0.41 Riverbridge Partners R2000G % Return -41.34 -26.74 -18.83 -22.53 -9.17 -20.81 -18.20 -12.43 -19.57 -25.17 -31.20 -19.02 -16.40 -18.03 -18.64 1.74 % Variance 0.46 0.21 0.74 1.54 -0.13 1.43 -0.43 1.32 -0.10 -0.09 138 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/18 -20.0 -18.0 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -14.79 -18.67 13,045 29 -1,930 11,144 -8.23 -12.86 13,846 -1,869 -832 11,144 -8.23 -12.86 13,846 -1,869 -832 11,144 -8.14 -12.71 13,915 -1,854 -917 11,144 Portfolio Performance (%) 139 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/18 Cash & Equiv $402 3.61% Domestic Equity $10,742 96.39% Periods from 9/17 to 12/18 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 S 1 T Annualized Standard Deviation% S Sycamore Small Cap Value 1 Russell 2000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio -8.14 -12.71 1.83 15.59 17.23 0.11 -0.64 -0.84 0.00 0.49 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 140 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank Last Qtr Last Year -15.04 -17.84 -18.90 -20.28 -22.67 -14.79 4 -18.67 46 -4.75 -10.59 -13.38 -15.16 -19.01 -8.23 14 -12.86 41 -24% -22% -20% -18% -16% -14% -12% -10% -8% -6% -4% S 1 S 1 141 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank 2018 -4.75 -10.59 -13.38 -15.16 -19.01 -8.23 14 -12.86 41 -20% -18% -16% -14% -12% -10% -8% -6% -4% S 1 142 City of Clearwater Employees Pension Fund Risk Measure Summary Sycamore Small Cap Value Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.88 0.75 0.75 -14.79 4.82 -8.23 -8.23 18.07 0.77 0.29 0.96 -0.56 -13.11 6.35 0.65 2 2 -18.67 8.30 -12.86 -12.86 22.93 -0.64 3 2 0.88 0.75 0.75 -14.79 4.82 -8.23 7.05 15.68 0.77 0.29 0.96 -0.56 -11.44 5.69 0.49 2 2 -18.67 8.30 -12.86 -12.86 143 144 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/18 Csl Ltd Aia Group Ltd Experian Plc Tencent Hldgs Ltd Accenture Plc Irelan Essilor Intl S A Canadian Pac Railway Hdfc Bank Ltd Taiwan Semiconductor Chubb Limited GICS Sector % Port Health Care Financials Industrials Telecom Services Information Technology Consumer Discretionary Industrials Financials Information Technology Financials 2.56 2.53 2.47 2.12 2.10 2.10 2.10 2.09 2.07 2.05 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.44 5.11 16.88 12.18 10.06 13.92 17.90 13.28 7.09 1.14 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -11.96 -11.46 185,222 238 -22,155 163,305 -11.88 -14.20 192,136 -6,935 -21,896 163,305 -11.88 -14.20 192,136 -6,935 -21,896 163,305 5.04 4.48 117,155 20,244 25,906 163,305 -0.28 0.84 119,913 35,364 8,027 163,305 7.34 6.73 51,823 25,624 85,858 163,305 4.18 4.60 20,000 25,624 117,681 163,305 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 145 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/18 Cash & Equiv $3,300 2.02% Intl Equity $124,993 76.54% Domestic Equity $35,012 21.44% Periods from 5/01 to 12/18 Alpha Beta R-Squared -0.09 1.02 0.95 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 I 1 T Annualized Standard Deviation% I International EQ Comp 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.18 4.60 1.41 16.90 16.52 0.48 0.16 0.19 0.00 -0.08 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 146 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years -3.83 -9.63 -12.47 -14.73 -18.04 -11.96 44 -11.46 39 -4.42 -10.22 -14.10 -16.80 -21.05 -11.88 31 -14.20 50 11.44 7.56 4.86 2.87 -0.33 6.19 35 4.47 55 10.57 7.20 4.72 2.87 0.38 5.04 47 4.48 52 7.34 4.97 3.14 2.03 -0.10 1.09 88 2.21 71 6.97 4.26 2.29 1.01 -0.73 -0.28 89 0.84 78 10.39 7.52 5.24 3.59 0.94 1.40 92 4.27 65 11.71 9.05 7.13 5.74 3.35 3.57 94 6.12 67 9.66 6.65 4.70 3.35 0.56 1.04 92 3.70 69 10.54 7.57 5.70 4.40 2.53 2.83 93 4.19 77 13.62 10.66 8.88 7.47 5.93 7.34 76 6.73 85 -25% -20% -15% -10% -5% 0% 5% 10% 15% I1 I 1 I 1 I1 I1 I1 I 1 I 1 I 1 I1 I1 147 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 -4.42 -10.22 -14.10 -16.80 -21.05 -11.88 31 -14.20 50 43.11 32.47 27.50 23.28 12.96 27.97 45 27.19 52 18.50 8.16 4.00 0.66 -4.31 2.78 58 4.50 47 10.93 2.40 -1.15 -6.13 -16.62 -9.91 82 -4.29 67 10.57 1.93 -2.36 -4.96 -9.67 -5.56 79 -4.48 70 34.26 26.10 19.84 11.88 -5.07 10.23 76 23.29 35 26.74 21.29 18.57 15.31 5.77 17.61 58 17.90 55 0.63 -8.41 -12.34 -15.60 -22.34 -15.04 71 -11.73 44 26.84 18.76 13.30 8.96 3.35 18.37 26 8.21 78 78.63 45.58 35.60 27.29 11.30 57.93 14 32.46 60 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% I1 I1 I1 I 1 I1 I 1 I1 I1 I 1 I 1 148 City of Clearwater Employees Pension Fund Risk Measure Summary International EQ Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 2.29 0.90 0.75 -11.96 1.62 -11.88 -11.88 12.50 1.10 1.10 0.98 -1.10 -12.50 2.19 1.26 3 1 -11.46 0.71 -14.20 -14.20 10.78 -1.49 4 8 1.01 0.93 0.58 -11.96 9.11 -11.88 27.97 11.34 1.00 0.15 0.94 0.36 4.02 2.82 0.20 6 6 -11.46 7.86 -14.20 27.19 10.95 0.32 7 13 0.91 1.04 0.50 -12.78 9.11 -18.63 27.97 11.69 0.99 -0.26 0.91 -0.08 -0.91 3.58 -0.31 9 11 -12.17 7.86 -14.20 27.19 11.20 0.02 24 46 0.99 1.02 0.47 -26.42 31.05 -47.94 71.81 19.71 1.02 -0.09 0.94 0.15 2.92 4.66 -0.08 26 44 -20.50 25.85 -46.20 58.14 18.73 0.19 149 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return5.0 6.5 8.0 9.5 11.0 12.5 14.0 15.5 17.0 18.5 20.0 -4.0 -2.2 -0.4 1.3 3.1 5.0 6.8 8.6 10.4 12.2 14.0 I1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 5.04 47 11.34 30 4.48 52 10.95 24 4.72 12.53 Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -2.0 -1.1 -0.2 0.6 1.5 2.5 3.4 4.3 5.2 6.1 7.0 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median -0.28 89 11.69 50 0.84 78 11.20 40 2.29 11.75 150 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/18 Csl Ltd Aia Group Ltd Experian Plc Tencent Hldgs Ltd Accenture Plc Irelan Essilor Intl S A Canadian Pac Railway Hdfc Bank Ltd Taiwan Semiconductor Chubb Limited GICS Sector % Port Health Care Financials Industrials Telecom Services Information Technology Consumer Discretionary Industrials Financials Information Technology Financials 4.87 4.83 4.71 4.04 4.00 3.99 3.99 3.98 3.95 3.91 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.45 3.07 18.22 15.56 9.81 15.95 12.72 19.18 4.04 0.00 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -12.90 -11.46 76,597 133 -9,882 66,848 -6.56 -14.20 75,913 -4,452 -4,612 66,848 -6.56 -14.20 75,913 -4,452 -4,612 66,848 7.21 4.48 38,270 14,380 14,199 66,848 5.59 1.07 16,316 36,373 14,159 66,848 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 151 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/18 Cash & Equiv $1,267 1.90% Intl Equity $65,581 98.10% Periods from 7/15 to 12/18 Alpha Beta R-Squared 1.14 0.99 0.79 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 w 1T Annualized Standard Deviation% w WCM Investment Managemen 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.59 1.07 0.91 12.32 12.69 0.21 0.38 0.01 0.00 0.70 Asset Allocation ($000) Risk/Return Analysis 152 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years -3.83 -9.63 -12.47 -14.73 -18.04 -12.90 55 -11.46 39 -4.42 -10.22 -14.10 -16.80 -21.05 -6.56 10 -14.20 50 11.44 7.56 4.86 2.87 -0.33 11.57 4 4.47 55 10.57 7.20 4.72 2.87 0.38 7.21 24 4.48 52 -25% -20% -15% -10% -5% 0% 5% 10% 15% w 1 w 1 w 1 w 1 153 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 2018 2017 2016 -4.42 -10.22 -14.10 -16.80 -21.05 -6.56 10 -14.20 50 43.11 32.47 27.50 23.28 12.96 33.22 23 27.19 52 18.50 8.16 4.00 0.66 -4.31 -1.00 83 4.50 47 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% w 1 w 1 w 1 154 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 12/18 9/18 6/18 3/18 12/17 10.57 7.20 4.72 2.87 0.38 7.21 24 4.48 52 16.90 13.41 11.01 9.10 5.99 14.92 13 9.97 63 12.26 8.93 6.66 5.12 2.06 10.06 16 5.07 75 13.78 9.85 7.93 6.11 3.50 15.25 11.31 9.45 8.01 5.08 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% w 1 w 1 w 1 WCM Investment Management Value Added Analysis - Net of Fee 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 3.7 3.9 0.4 3.3 -2.5 -6.3 3.0 3.4 -1.3 -0.3 3.0 4.3 3.0 -1.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI ACWI ex US (Net) 155 City of Clearwater Employees Pension Fund Global Equity Summary Statistics WCM Investment Management Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI ACWI ex US (Net) 31 65,580,870 70,913,625 33,145,288 1.39 28.27 28.92 0.00 4.62 51.90 10.60 8.85 2,134 56,334,471 6,900,400 3.49 14.84 15.31 1.00 1.50 68.48 9.93 9.54 Ten Largest Holdings Csl Ltd Aia Group Ltd Experian Plc Tencent Hldgs Ltd Accenture Plc Irelan Essilor Intl S A Canadian Pac Railway Hdfc Bank Ltd Taiwan Semiconductor Chubb Limited Market Value % of Portfolio Quarterly Ret 3,193,439 3,164,733 3,086,792 2,649,187 2,619,120 2,618,677 2,618,296 2,611,193 2,588,055 2,562,802 4.87 4.83 4.71 4.04 4.00 3.99 3.99 3.98 3.95 3.91 -10.70 -7.64 -5.92 -3.35 -16.39 -14.68 -15.96 10.08 -16.42 -2.77 Ten Best Performers Hdfc Bank Ltd Pernod Ricard S A Resmed Inc Nestle S A Chubb Limited Tencent Hldgs Ltd Experian Plc Steris Plc Mettler Toledo Inter Compass Group Plc Quarterly Ret 10.08 0.72 -0.94 -2.69 -2.77 -3.35 -5.92 -6.32 -7.13 -7.58 Ten Worst Performers Core Laboratories N Dsv As Ryanair Hldgs Plc Amadeus It Hldg S A Hexagon Ab Asml Holding N V Atlas Copco Ab Lvmh Moet Hennessy L Taiwan Semiconductor Accenture Plc Irelan Quarterly Ret -48.22 -27.29 -25.72 -24.46 -19.97 -17.23 -16.71 -16.59 -16.42 -16.39 156 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Brazil Canada Cayman Islands Chile China Colombia Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Isle of Man Israel Italy Japan Luxembourg Macau Malaysia Mauritius 4.57 0.16 0.70 0.49 1.53 6.65 4.22 0.27 2.68 0.12 0.05 1.15 0.03 0.73 7.13 6.45 0.07 2.62 0.07 2.10 0.48 0.43 0.07 0.37 1.27 16.88 0.24 0.09 0.60 0.01 4.57 0.16 0.70 0.49 1.53 6.65 4.22 0.27 2.68 0.12 0.05 1.15 0.03 0.73 7.13 6.45 0.07 2.62 0.07 2.10 0.48 0.43 0.07 0.37 1.27 16.88 0.24 0.09 0.60 0.01 -6.81 -20.73 -16.87 -5.96 10.19 -10.08 -8.04 -3.88 -8.73 -11.31 -7.25 -8.22 -9.28 -13.25 -12.80 -13.92 -13.73 -5.85 6.68 -1.24 6.07 -17.72 -12.88 -8.30 -7.18 -17.15 -9.27 -0.74 -5.94 -2.00 -9.33 -21.98 -18.18 -2.58 13.54 -14.90 -12.22 -8.64 -8.77 -18.90 -8.55 -9.73 -9.28 -14.62 -14.18 -15.29 -15.09 -5.90 5.86 2.55 9.92 -18.68 -18.32 -14.16 -8.64 -14.23 -26.15 -0.79 -5.81 -1.76 4.58 0.00 0.00 0.00 0.00 8.26 2.78 0.00 0.00 0.00 0.00 7.52 0.00 0.00 9.45 3.46 0.00 4.78 0.00 3.26 0.00 9.20 0.00 0.00 1.99 4.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -10.70 -15.89 -3.35 -20.81 -10.58 -14.58 -7.64 10.09 -17.89 -13.23 -30.65 -10.70 -15.89 -3.35 -20.81 -10.58 -14.58 -7.64 10.09 -17.89 -13.23 -30.65 0.00 0.02 0.04 -0.02 -0.31 0.01 -0.03 -0.02 -0.05 0.00 -0.00 0.14 -0.00 0.02 -0.05 0.10 0.00 0.10 -0.01 0.11 -0.08 -0.64 0.00 -0.01 0.02 0.86 -0.00 -0.01 -0.03 -0.00 0.07 0.00 0.00 -0.02 -0.06 0.26 0.14 0.01 -0.02 0.01 0.00 0.01 -0.00 0.00 0.03 0.03 0.00 -0.02 -0.00 -0.10 -0.02 0.00 0.00 0.02 0.01 -0.65 0.04 -0.00 -0.01 -0.00 -0.18 -0.48 0.13 -0.95 0.21 -0.02 -0.09 0.37 -0.02 -0.12 -0.55 -0.10 0.02 0.05 -0.04 -0.38 -0.21 0.23 -0.01 -0.07 0.01 -0.00 -0.80 -0.00 0.02 0.19 0.11 0.00 -0.01 -0.01 0.38 -0.10 -0.65 0.00 0.01 -0.09 -0.34 0.04 -0.01 -0.03 -0.00 Benchmark : MSCI ACWI ex US (Net) 157 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Mexico Netherlands New Zealand Norway Pakistan Papua-New Guinea Peru Philippines Poland Portugal Qatar Russia Scotland Singapore South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States 0.78 2.96 0.15 0.54 0.02 0.04 0.01 0.24 0.30 0.11 0.23 0.88 0.03 0.85 1.42 3.67 2.03 1.86 5.70 2.96 0.61 0.15 0.16 11.95 0.15 100.00 0.78 2.96 0.15 0.54 0.02 0.04 0.01 0.24 0.30 0.11 0.23 0.88 0.03 0.85 1.42 3.67 2.03 1.86 5.70 2.96 0.61 0.15 0.16 11.95 0.15 100.00 -14.33 -12.64 -7.40 -12.71 -13.78 -20.71 21.44 2.44 -0.91 -12.93 8.39 -3.36 -25.65 -6.82 -1.98 -12.31 -7.07 -14.65 -8.08 -13.14 -9.71 -7.11 -5.84 -8.63 -6.96 -10.45 -18.65 -13.90 -6.34 -17.91 -22.87 -22.85 21.44 5.25 -2.77 -14.30 8.40 -8.66 -27.39 -6.70 -3.57 -12.82 -8.54 -14.39 -8.93 -13.71 -10.32 4.89 -6.15 -11.47 -12.03 -11.36 2.85 2.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.55 6.68 7.17 4.25 0.00 0.00 0.00 10.29 3.35 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 100.00 -15.31 -48.22 -21.71 -18.69 -2.73 -16.42 -6.58 -7.13 -13.64 -15.31 -48.22 -21.71 -18.69 -2.73 -16.42 -6.58 -7.13 -13.64 -0.08 0.01 -0.00 0.01 0.00 0.00 -0.00 -0.03 -0.03 0.00 -0.04 -0.06 0.00 -0.03 -0.12 0.07 0.05 -0.20 0.03 -0.03 -0.00 -0.00 -0.01 -0.03 0.11 -0.23 0.03 0.01 -0.00 0.02 0.00 0.00 -0.00 -0.01 0.00 0.00 -0.00 0.04 0.00 -0.01 0.01 -0.01 0.01 -0.02 -0.00 -0.01 -0.00 -0.02 -0.00 0.23 -4.16 -4.17 -0.03 -0.90 -0.52 -0.27 0.38 -0.14 0.21 -0.01 -2.96 -0.08 -0.88 -0.01 0.04 0.00 0.00 -0.00 -0.04 -0.03 0.00 -0.05 -0.02 0.00 -0.04 -0.11 0.05 -0.46 -0.49 0.41 -0.18 -0.01 -0.02 -0.01 0.41 -4.06 -7.36 Benchmark : MSCI ACWI ex US (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 158 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis WCM Investment Management Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 2.53 3.16 19.96 14.01 9.39 17.51 11.67 19.00 2.78 0.00 100.00 7.64 8.12 11.91 10.45 9.54 8.45 22.00 8.41 7.46 2.97 100.00 -48.22 -11.87 -17.48 -13.43 -5.43 -14.37 -1.18 -18.11 -3.35 -13.66 -16.11 -13.26 -13.54 -13.82 -7.21 -10.73 -10.60 -15.91 -8.16 0.53 -11.22 -0.81 0.04 -0.79 0.05 0.17 -0.64 1.10 -0.42 0.13 0.00 -1.16 0.25 0.10 -0.19 -0.09 -0.01 0.04 -0.06 -0.50 -0.14 -0.35 -0.94 -0.56 0.15 -0.97 -0.04 0.16 -0.59 1.04 -0.92 -0.01 -0.35 -2.10 Index - MSCI ACWI ex US (Net) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.40% [ Actual Return -13.27% ] - [ Buy Hold Return -13.66% ] 159 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/18 Novartis Ag Nestle Sa Eni Spa Vivendi Sa Seven & I Holdings C Toshiba Corp Orix Corporation Koninklijke Philips Sumitomo Mitsui Fina Sanofi GICS Sector % Port Health Care Consumer Staples Energy Telecom Services Consumer Staples Industrials Financials Health Care Financials Health Care 2.46 2.44 2.11 1.88 1.84 1.76 1.75 1.72 1.71 1.69 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 3.54 7.37 15.40 8.44 10.33 11.67 23.63 6.76 10.46 2.40 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -13.88 -12.54 71,222 105 -9,882 61,445 -15.20 -13.79 74,908 -2,479 -10,984 61,445 -15.20 -13.79 74,908 -2,479 -10,984 61,445 1.15 2.87 37,259 19,481 4,705 61,445 -1.01 0.07 16,165 41,480 3,799 61,445 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 160 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/18 Cash & Equiv $2,032 3.31% Intl Equity $59,412 96.69% Periods from 7/15 to 12/18 Alpha Beta R-Squared -0.40 1.03 0.98 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 t 1 T Annualized Standard Deviation% t Thompson, Siegel & Walms 1 MSCI EAFE (Net) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio -1.01 0.07 0.91 12.70 12.57 0.21 -0.15 -0.07 0.00 -0.85 Asset Allocation ($000) Risk/Return Analysis 161 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years -3.83 -9.63 -12.47 -14.73 -18.04 -13.88 66 -12.54 51 -4.42 -10.22 -14.10 -16.80 -21.05 -15.20 63 -13.79 47 11.44 7.56 4.86 2.87 -0.33 1.83 84 3.82 66 10.57 7.20 4.72 2.87 0.38 1.15 90 2.87 75 -25% -20% -15% -10% -5% 0% 5% 10% 15% t 1 t 1 t 1 t 1 162 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank 2018 2017 2016 -4.42 -10.22 -14.10 -16.80 -21.05 -15.20 63 -13.79 47 43.11 32.47 27.50 23.28 12.96 22.27 79 25.03 66 18.50 8.16 4.00 0.66 -4.31 -0.19 80 1.00 73 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% t 1 t 1 t 1 163 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank 12/18 9/18 6/18 3/18 12/17 10.57 7.20 4.72 2.87 0.38 1.15 90 2.87 75 16.90 13.41 11.01 9.10 5.99 7.89 85 9.23 74 12.26 8.93 6.66 5.12 2.06 3.58 90 4.90 77 13.78 9.85 7.93 6.11 3.50 15.25 11.31 9.45 8.01 5.08 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% t 1 t 1 t 1 Thompson, Siegel & Walmsley Value Added Analysis - Net of Fee 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% -0.5 -0.2 0.7 -2.4 0.9 -0.3 -0.4 -0.2 -1.4 -0.3 1.1 -0.8 -0.4 -1.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI EAFE (Net) 164 City of Clearwater Employees Pension Fund Global Equity Summary Statistics Thompson, Siegel & Walmsley Period Ending 12/18 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI EAFE (Net) 99 59,412,027 46,664,041 19,285,534 3.60 13.97 13.53 0.99 1.26 65.62 9.70 5.32 920 52,805,640 9,124,008 3.66 14.90 15.70 1.00 1.47 72.81 9.27 7.93 Ten Largest Holdings Novartis Ag Nestle Sa Eni Spa Vivendi Sa Seven & I Holdings C Toshiba Corp Orix Corporation Koninklijke Philips Sumitomo Mitsui Fina Sanofi Market Value % of Portfolio Quarterly Ret 1,457,785 1,448,996 1,250,995 1,114,141 1,094,229 1,042,328 1,040,432 1,021,835 1,016,607 1,003,292 2.46 2.44 2.11 1.88 1.84 1.76 1.75 1.72 1.71 1.69 -1.34 -3.36 -16.90 -5.53 -2.14 -1.63 -9.76 -22.41 -17.72 -2.74 Ten Best Performers Embraer S A Guangdong Investment Bridgestone Corp Veolia Environnement Merck Kgaa Novartis Ag Japan Airlines Co Lt Toshiba Corp Seven & I Holdings C China Mobile Ltd Quarterly Ret 13.02 10.09 4.16 2.80 -0.50 -1.34 -1.37 -1.63 -2.14 -2.39 Ten Worst Performers Flextronics Intl Ltd Lanxess Ag Technipfmc Ltd Square Enix Holdings Softbank Group Corp Fresenius Se&Co Kgaa Arcelormittal Smurfit Kappa Group Arkema Baidu Com Inc Quarterly Ret -42.00 -37.28 -37.01 -34.21 -34.07 -34.04 -33.38 -33.07 -30.86 -30.65 165 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Brazil Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Mauritius Netherlands New Zealand Norway Papua-New Guinea Portugal Scotland Singapore South Korea Spain Sweden Switzerland 6.65 0.24 1.01 0.34 0.00 0.61 1.68 1.06 10.37 9.39 2.45 0.62 0.08 0.55 1.85 24.56 0.34 0.13 0.01 4.30 0.21 0.78 0.06 0.16 0.04 1.23 0.00 2.95 2.70 8.30 6.65 0.24 1.01 0.34 0.00 0.61 1.68 1.06 10.37 9.39 2.45 0.62 0.08 0.55 1.85 24.56 0.34 0.13 0.01 4.30 0.21 0.78 0.06 0.16 0.04 1.23 0.00 2.95 2.70 8.30 -6.81 -20.73 -16.87 0.33 -8.16 -8.22 -13.25 -12.80 -13.92 -4.53 -17.72 -16.21 -8.30 -7.18 -17.15 -9.67 -0.74 -2.00 -12.64 -7.40 -12.71 -20.71 -12.93 -25.65 -6.94 -7.07 -14.65 -8.08 -9.33 -21.98 -18.18 2.35 -8.61 -9.73 -14.62 -14.18 -15.29 -4.58 -18.68 -19.78 -14.16 -8.64 -14.23 -26.50 -0.79 -1.76 -13.90 -6.34 -17.91 -22.85 -14.30 -27.39 -6.71 -8.54 -14.39 -8.93 2.47 0.00 2.11 0.20 1.10 3.03 0.83 0.00 7.10 11.75 2.10 5.00 0.00 0.00 4.13 23.70 1.42 0.00 0.00 4.52 0.00 0.59 0.00 0.00 0.00 2.13 0.62 1.23 0.73 8.07 2.47 0.00 2.11 0.00 0.00 0.00 0.83 0.00 7.10 11.75 6.23 0.77 0.00 0.00 4.13 23.70 1.42 0.00 0.00 3.82 0.00 0.59 0.00 0.00 0.00 1.43 0.62 1.23 0.73 8.07 -8.78 -12.75 -21.76 13.02 -11.69 -9.27 -7.30 -14.41 3.07 -24.96 -15.76 -17.57 -32.31 -15.02 -1.86 -17.80 -15.91 -6.14 -7.62 -8.57 -11.24 -14.13 -21.81 13.02 -14.48 -10.76 -8.77 -15.76 3.01 -25.71 -17.09 -14.66 -33.38 -16.18 -7.71 -19.77 -16.41 -7.62 -7.33 -9.40 -0.22 0.02 -0.05 -0.02 0.13 0.09 -0.03 0.01 0.03 -0.05 -0.03 -0.25 0.00 -0.02 0.11 0.04 0.03 -0.01 -0.00 -0.00 -0.01 0.00 0.01 0.00 0.01 0.05 0.07 -0.08 0.05 -0.01 0.09 0.00 -0.01 -0.01 -0.00 0.01 0.01 0.03 -0.02 0.02 -0.00 0.00 0.03 -0.02 -0.03 -0.18 -0.00 -0.00 0.00 -0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.02 -0.01 0.00 -0.05 0.09 -0.04 0.14 -0.11 -0.01 0.39 -0.06 0.16 -0.36 -0.35 -0.10 -0.32 -0.11 0.06 -0.23 -0.10 0.01 0.05 -0.04 -0.18 0.02 0.02 -0.07 0.28 -0.01 -0.03 0.02 0.45 -0.12 0.15 -0.61 0.01 0.01 -0.27 -0.08 -0.47 -0.02 -0.00 -0.11 -0.01 0.07 0.01 0.00 0.01 -0.18 -0.02 -0.06 0.09 -0.05 Benchmark : MSCI EAFE (Net) 166 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total United Kingdom United States 17.32 0.00 100.00 17.32 0.00 100.00 -9.40 -11.99 -11.52 -12.45 17.19 0.00 100.00 15.65 7.37 100.00 -10.57 -13.29 -15.59 -14.24 -0.00 -0.13 0.03 0.03 -0.00 -0.20 -1.17 -0.18 0.03 -1.31 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 167 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/18 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 3.66 9.14 14.23 7.83 9.50 11.70 24.54 5.83 10.16 3.41 100.00 6.16 8.09 14.51 11.02 11.17 11.11 19.66 6.14 5.52 3.24 100.00 -24.85 -23.48 -10.49 -15.34 -7.37 -14.05 -14.58 -19.86 -14.73 2.57 -14.24 -17.36 -14.97 -14.63 -14.64 -8.14 -9.97 -13.58 -16.48 -9.65 -0.02 -12.25 -0.27 -0.78 0.59 -0.05 0.07 -0.48 -0.25 -0.20 -0.52 0.09 -1.79 0.13 -0.03 0.01 0.08 -0.07 0.01 -0.07 0.01 0.12 0.02 0.22 -0.15 -0.81 0.60 0.02 0.00 -0.46 -0.31 -0.18 -0.40 0.11 -1.58 Index - MSCI EAFE (Net) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.02% [ Actual Return -14.26% ] - [ Buy Hold Return -14.24% ] 168 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/18 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -6.39 -7.40 37,403 0 -2,391 35,012 -15.25 -14.25 41,313 -1 -6,300 35,012 -15.25 -14.25 41,313 -1 -6,300 35,012 -9.97 -9.45 39,577 -1 -4,564 35,012 Portfolio Performance (%) 169 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/18 Domestic Equity $35,012 100.00% Periods from 9/17 to 12/18 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -11.0 -10.0 -9.0 -8.0 -7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 D1 T Annualized Standard Deviation% D DFA Emerging Markets 1 MSCI Emg Mkts (Gross) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio -9.97 -9.45 1.77 14.82 14.92 0.12 -0.79 -0.75 0.00 -0.44 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 170 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank Last Qtr Last Year -3.83 -9.63 -12.47 -14.73 -18.04 -6.39 10 -7.40 13 -4.42 -10.22 -14.10 -16.80 -21.05 -15.25 63 -14.25 51 -22% -20% -18% -16% -14% -12% -10% -8% -6% -4% -2% D 1 D 1 171 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank 2018 -4.42 -10.22 -14.10 -16.80 -21.05 -15.25 63 -14.25 51 -22% -20% -18% -16% -14% -12% -10% -8% -6% -4% D 1 172 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Mauritius Netherlands New Zealand Norway Papua-New Guinea Portugal Scotland Singapore Spain Sweden Switzerland United Kingdom 6.65 0.24 1.01 0.34 0.61 1.68 1.06 10.37 9.39 2.45 0.62 0.08 0.55 1.85 24.56 0.34 0.13 0.01 4.30 0.21 0.78 0.06 0.16 0.04 1.23 2.95 2.70 8.30 17.32 6.65 0.24 1.01 0.34 0.61 1.68 1.06 10.37 9.39 2.45 0.62 0.08 0.55 1.85 24.56 0.34 0.13 0.01 4.30 0.21 0.78 0.06 0.16 0.04 1.23 2.95 2.70 8.30 17.32 -6.81 -20.73 -16.87 0.33 -8.16 -8.22 -13.25 -12.80 -13.92 -4.53 -17.72 -16.21 -8.30 -7.18 -17.15 -9.67 -0.74 -2.00 -12.64 -7.40 -12.71 -20.71 -12.93 -25.65 -6.94 -7.07 -14.65 -8.08 -9.40 -9.33 -21.98 -18.18 2.35 -8.61 -9.73 -14.62 -14.18 -15.29 -4.58 -18.68 -19.78 -14.16 -8.64 -14.23 -26.50 -0.79 -1.76 -13.90 -6.34 -17.91 -22.85 -14.30 -27.39 -6.71 -8.54 -14.39 -8.93 -11.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.34 0.02 0.05 -0.04 -0.02 -0.06 0.01 0.08 0.18 -0.18 0.04 0.00 -0.02 -0.09 1.27 -0.01 -0.01 -0.00 0.03 -0.01 0.01 0.01 0.00 0.01 -0.06 -0.15 0.07 -0.32 -0.45 0.14 0.00 0.01 -0.01 -0.00 0.02 0.01 0.09 0.08 -0.01 0.00 0.00 0.03 0.02 -0.83 0.06 -0.00 -0.00 0.03 -0.00 0.04 0.00 0.00 0.00 -0.01 0.03 -0.02 0.03 0.29 -0.21 0.02 0.06 -0.05 -0.02 -0.05 0.02 0.18 0.27 -0.19 0.04 0.01 0.01 -0.07 0.44 0.05 -0.02 -0.00 0.06 -0.01 0.04 0.01 0.00 0.01 -0.07 -0.12 0.05 -0.29 -0.16 Benchmark : MSCI EAFE (Net) 173 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 12/18 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total 100.00 100.00 -11.99 -12.45 0.00 0.00 0.00 0.00 0.00 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 174 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/18 United States Treas United States Treas United States Treas United States Treas Navient Student Loan FNMA Cl 30 - Tba Jan GNMA Ii Sf 30 - Tba United States Treas United States Treas United States Treas Sector % Port Government Government Government Government Finance Mortgage Mortgage Government Government Government 3.40 2.67 2.56 2.49 1.55 1.51 1.46 1.45 1.42 1.42 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 16.35 26.02 12.23 34.22 0.64 3.66 1.16 3.69 2.03 -0.50.00.51.01.52.02.53.03.54.04.55.05.56.06.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.83 1.64 283,061 -4,655 2,303 280,709 -0.38 0.01 259,530 21,817 -637 280,709 -0.38 0.01 259,530 21,817 -637 280,709 2.82 2.06 235,709 24,196 20,803 280,709 2.97 2.52 209,340 36,155 35,214 280,709 4.58 3.48 198,649 29,533 52,527 280,709 6.03 6.15 59,224 29,533 191,952 280,709 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 175 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/18 Domestic Fixed $299,290 106.62% Other $2 0.00% Domestic Equity $2 0.00% Cash & Equiv $-18,585 -6.62% Periods from 12/87 to 12/18 Alpha Beta R-Squared 0.24 0.62 0.61 Annualized Return% 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 F 1 T Annualized Standard Deviation% F Fixed Income Comp 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.03 6.15 3.24 3.13 4.00 1.29 0.89 0.73 0.00 -0.07 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 176 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.78 1.42 1.07 0.54 -4.57 0.83 60 1.64 9 2.10 1.00 0.31 -0.29 -3.67 -0.38 76 0.01 63 3.16 2.11 1.76 1.55 1.05 1.74 52 1.76 51 5.48 2.83 2.04 1.80 1.10 2.82 25 2.06 48 3.34 2.29 1.80 1.56 1.04 2.18 29 1.68 62 5.49 3.03 2.29 1.86 1.03 2.97 27 2.52 38 4.10 2.45 1.76 1.48 0.70 2.34 26 1.75 51 5.86 3.17 2.09 1.95 0.88 2.93 28 2.10 48 6.32 3.63 2.67 2.28 1.17 3.30 28 2.80 40 7.04 4.05 3.15 2.84 0.82 3.75 29 3.21 40 6.93 4.64 3.68 3.40 1.68 4.58 25 3.48 59 -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% F 1 F1 F1 F 1 F1 F1 F 1 F 1 F1 F 1 F 1 177 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2.10 1.00 0.31 -0.29 -3.67 -0.38 76 0.01 63 12.37 6.84 3.88 2.42 0.84 3.91 49 3.54 62 15.17 6.68 3.15 2.06 0.16 5.01 31 2.65 57 3.87 1.33 0.64 -0.94 -5.12 0.30 60 0.55 53 16.69 6.27 4.35 2.00 0.12 6.18 26 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 -0.75 51 -2.02 75 16.32 10.35 6.57 4.05 0.70 6.53 50 4.22 71 15.31 7.86 6.14 3.75 0.02 5.94 52 7.84 25 16.44 10.04 7.33 5.75 1.03 7.37 49 6.54 63 43.88 16.47 9.95 5.66 -1.54 12.37 39 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% F1 F1 F1 F1 F1 F1 F1 F1 F1 F 1 178 City of Clearwater Employees Pension Fund Risk Measure Summary Fixed Income Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.74 0.98 0.50 -1.29 0.83 -0.38 -0.38 1.84 0.68 -0.25 0.85 -1.22 -3.31 1.03 -0.39 2 2 -1.46 1.64 0.01 0.01 2.54 -0.74 3 9 1.12 0.80 0.67 -2.09 3.03 -0.67 5.01 2.90 0.89 0.21 0.92 0.62 2.02 0.93 0.80 3 9 -2.98 3.03 -1.22 3.54 3.21 0.32 5 15 1.02 0.75 0.70 -2.09 3.03 -0.67 7.15 2.70 0.88 0.17 0.89 0.87 2.68 0.99 0.44 5 15 -2.98 3.03 -1.22 6.00 2.96 0.64 22 102 0.91 0.44 0.53 -2.54 5.72 -0.75 15.87 3.13 0.62 0.24 0.61 0.89 4.49 2.38 -0.07 27 97 -2.98 7.96 -3.23 18.48 4.00 0.73 179 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 F 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 2.82 25 2.90 54 2.06 48 3.21 69 2.04 2.85 Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.4 0.9 1.3 1.8 2.2 2.7 3.1 3.6 4.0 4.5 F 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 2.97 27 2.70 63 2.52 38 2.96 68 2.29 2.15 180 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/18 United States Treas Navient Student Loan FNMA Pool Ma3334 United States Treas Federal Home Ln Mtg United States Treas FNMA Pool #bm3713 FHLMC Pool #q55948 Fhlm Pool C91769 Pvtpl Slm Student Ln Sector % Port Government Finance Mortgage Government Mortgage Government Mortgage Mortgage Mortgage Miscellaneous 6.77 3.09 2.62 2.36 1.98 1.94 1.88 1.74 1.30 1.18 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 20.89 16.05 12.87 34.89 0.80 5.45 2.48 2.87 3.71 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.52 1.64 140,138 69 729 140,937 0.02 0.01 129,520 11,272 145 140,937 0.02 0.01 129,520 11,272 145 140,937 3.16 2.06 128,358 294 12,284 140,937 3.06 2.52 115,334 6,283 19,319 140,937 5.03 3.48 98,118 -1,143 43,962 140,937 4.55 3.78 75,656 -1,143 66,424 140,937 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 181 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/18 Cash & Equiv $1,186 0.84% Domestic Fixed $139,751 99.16% Periods from 2/04 to 12/18 Alpha Beta R-Squared 0.31 0.80 0.60 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 d 1 T Annualized Standard Deviation% d Dodge & Cox 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.55 3.78 1.33 3.13 3.20 0.50 1.03 0.77 0.00 0.31 Asset Allocation ($000) Risk/Return Analysis 182 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.78 1.42 1.07 0.54 -4.57 0.52 75 1.64 9 2.10 1.00 0.31 -0.29 -3.67 0.02 61 0.01 63 3.16 2.11 1.76 1.55 1.05 1.99 30 1.76 51 5.48 2.83 2.04 1.80 1.10 3.16 18 2.06 48 3.34 2.29 1.80 1.56 1.04 2.33 23 1.68 62 5.49 3.03 2.29 1.86 1.03 3.06 20 2.52 38 4.10 2.45 1.76 1.48 0.70 2.65 19 1.75 51 5.86 3.17 2.09 1.95 0.88 3.38 17 2.10 48 6.32 3.63 2.67 2.28 1.17 3.59 25 2.80 40 7.04 4.05 3.15 2.84 0.82 4.02 25 3.21 40 6.93 4.64 3.68 3.40 1.68 5.03 19 3.48 59 -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% d 1 d1 d1 d 1 d 1 d 1 d 1 d 1 d 1 d 1 d 1 183 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2.10 1.00 0.31 -0.29 -3.67 0.02 61 0.01 63 12.37 6.84 3.88 2.42 0.84 3.99 48 3.54 62 15.17 6.68 3.15 2.06 0.16 5.55 29 2.65 57 3.87 1.33 0.64 -0.94 -5.12 -0.12 68 0.55 53 16.69 6.27 4.35 2.00 0.12 6.01 29 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 0.65 29 -2.02 75 16.32 10.35 6.57 4.05 0.70 7.85 39 4.22 71 15.31 7.86 6.14 3.75 0.02 5.10 62 7.84 25 16.44 10.04 7.33 5.75 1.03 7.53 47 6.54 63 43.88 16.47 9.95 5.66 -1.54 14.53 29 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% d1 d1 d 1 d1 d1 d 1 d 1 d 1 d1 d 1 184 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low d Dodge & Cox Return Rank 1 BC Agg Return Rank 12/18 9/18 6/18 3/18 12/17 5.48 2.83 2.04 1.80 1.10 3.16 18 2.06 48 7.77 4.16 2.10 1.30 0.51 3.01 33 1.31 74 5.88 3.81 2.32 1.54 0.66 2.61 41 1.72 68 5.71 3.25 1.76 1.17 0.49 2.35 34 1.20 73 6.80 4.44 2.63 1.95 0.66 3.12 38 2.24 63 0% 1% 2% 3% 4% 5% 6% 7% 8% d 1 d 1 d 1 d 1 d 1 Dodge & Cox Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 0.5 0.1 0.1 -0.7 -0.2 0.7 -1.8 0.7 -0.5 0.6 1.2 1.6 0.3 -0.1 0.2 0.1 0.6 -0.1 0.6 -1.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 185 City of Clearwater Employees Pension Fund Risk Measure Summary Dodge & Cox Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.68 0.67 0.50 -0.84 0.60 0.02 0.02 1.37 0.42 -0.26 0.61 -1.36 -4.37 1.62 -0.01 2 2 -1.46 1.64 0.01 0.01 2.54 -0.74 3 9 1.11 0.56 0.67 -1.45 2.78 -0.02 5.55 2.49 0.74 0.34 0.81 0.86 2.91 1.44 0.74 3 9 -2.98 3.03 -1.22 3.54 3.21 0.32 5 15 0.96 0.51 0.65 -1.45 2.78 -0.12 7.19 2.41 0.72 0.26 0.75 1.01 3.38 1.53 0.33 5 15 -2.98 3.03 -1.22 6.00 2.96 0.64 13 46 1.04 0.54 0.61 -2.88 6.98 -0.26 17.78 3.35 0.80 0.31 0.60 0.96 4.01 2.34 0.31 17 42 -2.98 4.57 -2.02 10.56 3.35 0.72 186 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 d 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 3.16 18 2.49 49 2.06 48 3.21 69 2.04 2.85 Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.4 0.9 1.3 1.8 2.2 2.7 3.1 3.6 4.0 4.5 d 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 3.06 20 2.41 56 2.52 38 2.96 68 2.29 2.15 187 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Dodge & Cox Quarter Ending 12/18 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 244 139,750,757 3.57 16.61 4.02 6.60 0.57 6.11 9.76 10,252 20,835,530,178,560 3.28 8.22 3.20 6.19 0.23 5.87 8.22 Yield to Maturity 5+ 15.7% 4 - 5 19.8% 3 - 4 35.3% 2 - 3 22.3% 1 - 2 1.0% 0 - 1 5.9% Time to Maturity 10+ 51.6% 7 - 10 7.2% 5 - 7 10.9% 3 - 5 21.8% 1 - 3 5.8% 0 - 1 2.6% Coupon 11+ 0.0% 9 - 11 0.9% 7 - 9 4.4% 5 - 7 15.1% 3 - 5 52.3% 0 - 3 27.4% Quality NR 16.5% B 0.6% BA 2.1% BAA 29.1% A 6.3% AA 2.5% AAA 27.2% GOVT 15.7% Duration 8+ 23.3% 6 - 8 8.7% 4 - 6 35.3% 3 - 4 20.1% 1 - 3 9.9% 0 - 1 2.6% Effective Duration 8+ 21.9% 6 - 8 8.8% 4 - 6 17.3% 3 - 4 22.2% 1 - 3 24.4% 0 - 1 5.4% 188 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Dodge & Cox As of 12/31/18 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 15.02 14.88 0.14 4.05 --- --- 4.05 --- --- 23.79 --- 8.93 14.53 0.33 --- --- --- 42.86 --- --- --- 1.47 --- --- 1.47 --- 0.17 --- --- --- --- --- 0.90 --- --- 2.54 --- --- --- 5.17 0.51 --- 4.13 0.54 0.63 --- --- --- --- --- 0.47 --- --- 6.27 1.03 --- 1.03 27.19 10.44 4.58 10.31 1.86 --- --- --- --- --- --- 0.91 --- --- 29.14 --- --- --- 2.11 1.68 0.43 --- --- --- --- --- --- --- --- --- --- --- 2.11 --- --- --- 0.62 --- --- 0.62 --- --- --- --- --- --- --- --- --- --- 0.62 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 1.45 0.24 0.43 0.31 0.47 --- 11.10 3.54 3.60 3.96 --- 0.20 --- 3.71 16.47 16.05 14.88 1.17 42.06 12.87 5.44 20.89 2.87 0.80 34.89 3.54 12.53 18.49 0.33 2.48 --- 3.71 100.00 189 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Dodge & Cox Quarter Ending 12/18 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 21.10 15.91 12.82 35.51 0.80 5.70 2.54 2.62 3.01 100.00 11.65 43.54 11.37 22.91 0.71 3.17 0.07 6.56 0.01 100.00 0.18 1.39 -0.44 1.46 1.88 -1.70 0.19 -1.23 0.61 0.58 2.54 -0.12 2.05 0.04 -0.13 -1.97 0.71 1.62 1.67 -0.09 -0.18 -0.04 -0.21 0.01 -0.09 0.05 -0.05 0.00 -0.59 -0.10 -0.24 -0.03 0.05 -0.00 -0.05 -0.09 0.04 -0.00 -0.42 -0.19 -0.42 -0.07 -0.16 0.01 -0.14 -0.04 -0.01 -0.00 -1.01 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.18% [ Actual Return 0.43% ] - [ Buy Hold Return 0.61% ] 190 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/18 United States Treas United States Treas United States Treas FNMA Cl 30 - Tba Jan GNMA Ii Sf 30 - Tba United States Treas United States Treas United States Treas FNMA Cl 30 - Tba Jan FNMA Ci 15 - Tba Jan Sector % Port Government Government Government Mortgage Mortgage Government Government Government Mortgage Mortgage 5.33 5.12 4.98 3.01 2.91 2.89 2.84 2.84 2.73 2.59 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 12.38 34.74 11.68 33.64 0.50 2.09 0.00 4.41 0.57 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co.BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co. BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.12 1.64 138,958 89 1,563 140,609 -0.73 0.01 130,070 11,348 -808 140,609 -0.73 0.01 130,070 11,348 -808 140,609 2.31 2.06 115,573 16,568 8,468 140,609 2.85 2.52 89,472 35,308 15,829 140,609 3.99 3.48 99,655 35,243 5,712 140,609 4.13 3.83 74,568 35,243 30,798 140,609 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 191 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/18 Domestic Fixed $159,539 113.46% Other $2 0.00% Cash & Equiv $-18,931 -13.46% Periods from 9/04 to 12/18 Alpha Beta R-Squared 0.03 1.06 0.93 Annualized Return% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 w 1 T Annualized Standard Deviation% w Western Asset Management 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.13 3.83 1.33 3.51 3.23 0.87 0.80 0.77 0.00 0.31 Asset Allocation ($000) Risk/Return Analysis 192 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.78 1.42 1.07 0.54 -4.57 1.12 48 1.64 9 2.10 1.00 0.31 -0.29 -3.67 -0.73 78 0.01 63 3.16 2.11 1.76 1.55 1.05 1.65 64 1.76 51 5.48 2.83 2.04 1.80 1.10 2.31 42 2.06 48 3.34 2.29 1.80 1.56 1.04 1.92 40 1.68 62 5.49 3.03 2.29 1.86 1.03 2.85 32 2.52 38 4.10 2.45 1.76 1.48 0.70 1.94 39 1.75 51 5.86 3.17 2.09 1.95 0.88 2.38 35 2.10 48 6.32 3.63 2.67 2.28 1.17 2.98 34 2.80 40 7.04 4.05 3.15 2.84 0.82 3.43 36 3.21 40 6.93 4.64 3.68 3.40 1.68 3.99 43 3.48 59 -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% w1 w 1 w1 w1 w1 w1 w1 w1 w1 w1 w 1 193 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2.10 1.00 0.31 -0.29 -3.67 -0.73 78 0.01 63 12.37 6.84 3.88 2.42 0.84 4.08 47 3.54 62 15.17 6.68 3.15 2.06 0.16 3.66 44 2.65 57 3.87 1.33 0.64 -0.94 -5.12 0.73 46 0.55 53 16.69 6.27 4.35 2.00 0.12 6.65 19 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 -2.46 83 -2.02 75 16.32 10.35 6.57 4.05 0.70 5.07 61 4.22 71 15.31 7.86 6.14 3.75 0.02 7.23 37 7.84 25 16.44 10.04 7.33 5.75 1.03 7.09 52 6.54 63 43.88 16.47 9.95 5.66 -1.54 9.24 53 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% w1 w1 w1 w1 w1 w1 w1 w1 w1 w 1 194 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Return Rank 1 BC Agg Return Rank 12/18 9/18 6/18 3/18 12/17 5.48 2.83 2.04 1.80 1.10 2.31 42 2.06 48 7.77 4.16 2.10 1.30 0.51 1.85 56 1.31 74 5.88 3.81 2.32 1.54 0.66 2.07 58 1.72 68 5.71 3.25 1.76 1.17 0.49 1.57 57 1.20 73 6.80 4.44 2.63 1.95 0.66 2.81 45 2.24 63 0% 1% 2% 3% 4% 5% 6% 7% 8% w 1 w 1 w 1 w 1 w 1 Western Asset Management Co. Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.4 0.3 0.1 -0.1 0.3 -0.1 -0.4 0.3 0.3 0.1 0.5 0.1 0.1 0.0 0.2 0.2 -0.2 -0.1 0.1 -0.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 195 City of Clearwater Employees Pension Fund Risk Measure Summary Western Asset Management Co. Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.78 1.23 0.25 -1.70 1.12 -0.73 -0.73 2.35 0.92 -0.22 0.94 -1.11 -2.84 0.54 -1.38 2 2 -1.46 1.64 0.01 0.01 2.54 -0.74 3 9 1.10 1.06 0.67 -2.90 3.36 -1.24 4.08 3.33 1.04 0.05 0.98 0.39 1.25 0.53 0.49 3 9 -2.98 3.03 -1.22 3.54 3.21 0.32 5 15 1.09 1.01 0.65 -2.90 3.36 -1.24 6.65 3.09 1.04 0.06 0.97 0.72 2.14 0.53 0.61 5 15 -2.98 3.03 -1.22 6.00 2.96 0.64 17 40 1.09 1.11 0.60 -2.90 5.22 -2.46 14.60 3.51 1.06 0.03 0.93 0.80 2.63 0.95 0.31 16 41 -2.98 4.57 -2.02 10.56 3.23 0.77 196 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 w 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 2.31 42 3.33 78 2.06 48 3.21 69 2.04 2.85 Annualized Rate of Return0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 0.0 0.4 0.9 1.3 1.8 2.2 2.7 3.1 3.6 4.0 4.5 w 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 2.85 32 3.09 76 2.52 38 2.96 68 2.29 2.15 197 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Western Asset Management Co. Quarter Ending 12/18 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 566 159,539,144 3.41 15.26 3.29 6.05 0.11 5.49 8.05 10,252 20,835,530,000,000 3.28 8.22 3.20 6.19 0.23 5.87 8.22 Yield to Maturity 5+ 7.0% 4 - 5 15.3% 3 - 4 47.3% 2 - 3 29.1% 1 - 2 0.3% 0 - 1 1.0% Time to Maturity 10+ 50.7% 7 - 10 8.4% 5 - 7 15.2% 3 - 5 3.9% 1 - 3 7.1% 0 - 1 14.6% Coupon 11+ 0.0% 9 - 11 0.0% 7 - 9 0.9% 5 - 7 7.7% 3 - 5 57.8% 0 - 3 33.6% Quality NR 2.5% BA 0.8% BAA 15.2% A 12.2% AA 2.2% AAA 35.4% GOVT 31.7% Duration 8+ 20.8% 6 - 8 13.0% 4 - 6 31.7% 3 - 4 11.6% 1 - 3 8.2% 0 - 1 14.6% Effective Duration 8+ 18.1% 6 - 8 10.0% 4 - 6 24.9% 3 - 4 18.4% 1 - 3 12.7% 0 - 1 15.9% 198 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Western Asset Management Co. As of 12/31/18 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 33.63 31.43 2.20 1.15 0.91 --- 0.24 --- --- 32.32 10.14 4.73 16.73 0.72 --- --- --- 67.10 0.99 --- 0.99 1.19 0.76 --- 0.33 0.11 --- --- --- --- --- --- --- --- 0.07 2.24 --- --- --- 12.12 4.00 0.06 6.51 1.55 0.04 --- --- --- --- --- --- --- --- 12.17 0.12 --- 0.12 14.60 5.59 2.02 4.86 2.14 0.46 --- --- --- --- --- --- --- --- 15.18 --- --- --- 0.77 0.42 --- 0.35 --- --- --- --- --- --- --- --- --- --- 0.77 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 0.72 --- --- 0.11 0.61 --- 1.32 0.58 0.74 --- --- --- --- 0.50 2.54 34.74 31.43 3.31 30.55 11.68 2.08 12.40 4.41 0.50 33.64 10.72 5.47 16.73 0.72 --- --- 0.57 100.00 199 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Western Asset Management Co. Quarter Ending 12/18 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 11.10 38.34 10.52 32.90 0.35 1.91 0.00 4.19 0.67 100.00 11.65 43.54 11.37 22.91 0.71 3.17 0.07 6.56 0.01 100.00 -0.19 1.99 -1.14 2.20 -0.82 0.17 0.00 -0.39 1.33 0.58 2.54 -0.12 2.05 0.04 -0.13 -1.97 0.71 1.62 1.67 -0.09 -0.21 -0.11 0.05 -0.00 0.01 0.00 -0.05 0.00 -0.40 0.01 -0.04 0.02 0.04 0.01 0.02 0.00 0.02 -0.00 0.07 -0.08 -0.26 -0.09 0.09 0.00 0.03 0.00 -0.02 -0.00 -0.33 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.24% [ Actual Return 1.09% ] - [ Buy Hold Return 1.33% ] 200 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/18 Public Storage Inc Prologis Inc Avalonbay Cmntys Inc Alexandria Real Esta Equinix Inc American Homes 4 Ren Equity Residential P Liberty Ppty Tr Hcp Inc Simon Ppty Group Inc GICS Sector % Port Financials Financials Financials Financials Telecom Services Financials Financials Financials Financials Financials 6.55 5.76 5.75 5.13 4.63 4.59 4.44 4.39 4.32 4.06 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 4.17 0.98 0.00 0.00 90.22 0.00 4.63 0.00 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.12 -4.10 161,357 -471 -186 160,700 6.15 -0.39 142,639 9,254 8,806 160,700 6.15 -0.39 142,639 9,254 8,806 160,700 6.46 4.41 117,842 18,026 24,831 160,700 9.46 9.08 81,344 29,595 49,761 160,700 12.70 13.03 27,416 27,657 105,627 160,700 6.03 6.22 19,347 27,657 113,696 160,700 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 201 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/18 Cash & Equiv $352 0.22% Domestic Equity $28,133 17.51% Real Estate $132,215 82.27% Periods from 4/08 to 12/18 Alpha Beta R-Squared 0.04 0.97 0.98 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 R1 T Annualized Standard Deviation% R Real Estate Comp 1 Policy Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.03 6.22 0.45 22.51 23.28 0.20 0.25 0.25 0.00 -0.06 Asset Allocation ($000) Risk/Return Analysis 202 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 7.02 1.95 0.61 -6.09 -7.69 -0.12 56 -4.10 65 18.75 8.73 1.84 -5.93 -21.63 6.15 44 -0.39 55 16.61 8.41 5.88 0.26 -9.31 6.23 47 2.63 59 15.82 8.76 5.13 2.97 -9.07 6.46 44 4.41 55 16.44 10.43 5.78 2.99 -11.74 6.59 47 5.38 51 17.68 10.98 9.21 5.82 -9.45 9.46 45 9.08 51 24.03 11.68 10.11 5.84 -11.16 8.93 55 8.56 56 22.45 11.91 9.71 8.24 -8.26 9.32 56 9.52 53 22.19 12.18 10.24 7.74 0.68 9.26 58 9.78 54 22.58 12.44 10.27 6.87 -1.50 11.44 35 11.37 35 14.35 10.77 6.97 3.42 -10.45 12.70 7 13.03 6 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% R 1 R 1 R 1 R1 R1 R1 R1 R1 R1 R1 R1 203 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 18.75 8.73 1.84 -5.93 -21.63 6.15 44 -0.39 55 25.03 9.97 7.21 3.92 -11.49 6.30 58 5.75 61 21.35 10.24 8.30 3.54 -14.98 6.94 61 8.06 50 32.10 15.70 11.41 2.82 -16.05 6.96 60 8.33 56 34.44 20.70 13.21 8.84 -9.64 21.77 23 25.22 20 29.82 14.80 10.43 3.59 -3.83 6.29 64 6.02 65 37.33 17.60 11.68 5.97 -6.46 11.69 49 15.41 31 34.55 17.73 12.62 4.08 -15.08 8.85 62 11.62 53 30.87 18.55 13.91 2.37 -25.08 30.51 5 24.96 12 37.81 -3.07 -28.24 -34.24 -59.76 24.68 14 29.20 11 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% R 1 R1 R1 R1 R1 R1 R1 R1 R 1 R1 204 City of Clearwater Employees Pension Fund Risk Measure Summary Real Estate Comp Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.57 -0.15 0.75 -0.12 2.46 6.15 6.15 2.37 0.16 1.11 0.39 1.80 27.33 9.24 0.63 2 2 -4.25 7.21 -0.39 -0.39 10.84 -0.21 1 11 0.68 -0.36 0.58 -0.12 2.89 3.85 9.34 1.82 0.20 1.15 0.46 2.99 26.74 5.61 0.29 4 8 -4.25 7.21 -0.39 8.06 6.67 0.51 3 17 0.77 0.08 0.45 -4.20 9.53 3.85 21.77 5.59 0.58 0.93 0.77 1.58 15.12 4.54 0.02 6 14 -5.18 11.15 -0.39 25.22 8.50 0.99 8 34 0.90 0.89 0.45 -37.93 33.98 -45.85 118.01 23.76 0.97 0.04 0.98 0.29 7.15 3.76 -0.06 11 31 -40.40 35.93 -45.65 115.40 24.23 0.29 205 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 R 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 6.46 44 1.82 22 4.41 55 6.67 50 5.13 7.03 Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 R 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 9.46 45 5.59 39 9.08 51 8.50 55 9.21 8.29 206 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/18 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.58 1.76 49,090 0 774 49,864 7.23 8.35 46,500 0 3,363 49,864 7.23 8.35 46,500 0 3,363 49,864 6.92 8.24 40,792 0 9,071 49,864 8.97 10.41 27,710 5,000 17,154 49,864 9.59 11.89 0 25,000 24,864 49,864 Portfolio Performance (%) 207 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/18 Cash & Equiv $0 0.00% Real Estate $49,864 100.00% Periods from 9/10 to 12/18 Alpha Beta R-Squared -0.20 0.88 0.72 Annualized Return% 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 M 1 T Annualized Standard Deviation% M Multi Employer Property 1 NCREIF ODCE T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.59 11.89 0.42 1.91 1.70 0.31 4.79 6.75 0.00 -1.81 Asset Allocation ($000) Risk/Return Analysis 208 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years 7.02 1.95 0.61 -6.09 -7.69 1.58 34 1.76 33 18.75 8.73 1.84 -5.93 -21.63 7.23 40 8.35 28 16.61 8.41 5.88 0.26 -9.31 6.38 45 7.98 31 15.82 8.76 5.13 2.97 -9.07 6.92 42 8.24 28 16.44 10.43 5.78 2.99 -11.74 8.17 43 9.90 26 17.68 10.98 9.21 5.82 -9.45 8.97 52 10.41 28 24.03 11.68 10.11 5.84 -11.16 9.44 53 10.99 31 22.45 11.91 9.71 8.24 -8.26 8.75 69 10.98 34 22.19 12.18 10.24 7.74 0.68 9.27 57 11.60 30 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% MO M O MO MO MO MO M O MO M O 209 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 18.75 8.73 1.84 -5.93 -21.63 7.23 40 8.35 28 25.03 9.97 7.21 3.92 -11.49 5.53 62 7.62 46 21.35 10.24 8.30 3.54 -14.98 8.02 52 8.76 42 32.10 15.70 11.41 2.82 -16.05 12.00 47 15.01 31 34.44 20.70 13.21 8.84 -9.64 12.21 57 12.49 55 29.82 14.80 10.43 3.59 -3.83 11.83 42 13.94 30 37.33 17.60 11.68 5.97 -6.46 4.70 80 10.94 55 34.55 17.73 12.62 4.08 -15.08 12.99 48 15.99 29 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M O M O M O M O M O M O M O M O 210 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank 1 NCREIF ODCE Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 6.92 42 8.24 28 20.31 9.25 7.92 4.53 -11.08 7.33 56 8.80 30 20.53 9.85 8.20 4.49 -9.82 7.65 56 9.36 31 21.60 10.49 6.35 1.78 -8.64 8.06 45 9.99 28 19.97 10.85 7.92 5.17 -10.24 8.49 43 10.42 27 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Multi Employer Property Trust Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 0.3 -0.6 0.1 -0.1 -0.5 -1.1 -0.5 -0.6 0.6 -0.4 -0.2 -0.7 -0.5 -0.3 -0.6 -0.7 -0.5 -0.5 0.1 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE 211 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 6.92 42 0.86 11 8.24 28 0.35 2 5.13 7.03 Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 8.97 52 1.43 2 10.41 28 1.40 2 9.21 8.29 212 City of Clearwater Employees Pension Fund Risk Measure Summary Multi Employer Property Trust Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.87 0.25 1.56 2.23 7.23 7.23 0.63 0.81 0.03 0.87 8.49 6.61 0.61 -1.71 0 4 1.76 2.20 8.35 8.35 0.38 17.24 0 12 0.84 0.17 1.29 2.74 5.53 8.02 0.86 0.89 -0.11 0.67 6.89 6.66 0.73 -1.70 0 12 1.70 2.20 7.62 8.76 0.35 20.57 0 20 0.86 0.20 1.29 3.31 5.53 12.62 1.43 0.89 -0.07 0.84 5.83 9.42 0.79 -1.70 0 20 1.70 3.82 7.62 15.01 1.40 7.00 1 32 0.81 0.12 -0.12 4.72 4.70 15.44 1.91 0.88 -0.20 0.72 4.79 10.43 1.17 -1.81 0 33 1.70 4.99 7.62 18.27 1.70 6.75 213 City of Clearwater Employees Pension Fund Security Capital as of 12/31/18 Public Storage Inc Prologis Inc Avalonbay Cmntys Inc Alexandria Real Esta Equinix Inc American Homes 4 Ren Equity Residential P Liberty Ppty Tr Hcp Inc Simon Ppty Group Inc GICS Sector % Port Financials Financials Financials Financials Telecom Services Financials Financials Financials Financials Financials 6.55 5.76 5.75 5.13 4.63 4.59 4.44 4.39 4.32 4.06 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 4.17 0.98 0.00 0.00 90.22 0.00 4.63 0.00 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -7.84 -6.98 30,854 48 -2,418 28,485 -7.16 -4.80 20,663 10,295 -2,472 28,485 -7.16 -4.80 20,663 10,295 -2,472 28,485 0.98 2.41 49,962 -22,275 799 28,485 7.50 8.17 42,289 -29,977 16,174 28,485 11.51 12.41 27,416 -61,733 62,802 28,485 4.98 5.60 19,347 -61,733 70,872 28,485 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 214 City of Clearwater Employees Pension Fund Security Capital as of 12/31/18 Cash & Equiv $352 1.24% Domestic Equity $28,133 98.76% Periods from 4/08 to 12/18 Alpha Beta R-Squared -0.13 1.00 0.99 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 s 1 T Annualized Standard Deviation% s Security Capital 1 Wilshire RESI T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.98 5.60 0.45 25.16 25.30 0.20 0.18 0.20 0.00 -0.27 Asset Allocation ($000) Risk/Return Analysis 215 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 7.02 1.95 0.61 -6.09 -7.69 -7.84 96 -6.98 87 18.75 8.73 1.84 -5.93 -21.63 -7.16 83 -4.80 71 16.61 8.41 5.88 0.26 -9.31 -1.31 85 -0.10 79 15.82 8.76 5.13 2.97 -9.07 0.98 85 2.41 77 16.44 10.43 5.78 2.99 -11.74 1.90 86 3.01 74 17.68 10.98 9.21 5.82 -9.45 7.50 66 8.17 60 24.03 11.68 10.11 5.84 -11.16 6.49 72 7.14 67 22.45 11.91 9.71 8.24 -8.26 7.83 80 8.57 71 22.19 12.18 10.24 7.74 0.68 7.70 75 8.57 68 22.58 12.44 10.27 6.87 -1.50 10.13 51 10.68 44 14.35 10.77 6.97 3.42 -10.45 11.51 16 12.41 12 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% s1 s 1 s1 s1 s1 s1 s1 s1 s1 s1 s1 216 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 18.75 8.73 1.84 -5.93 -21.63 -7.16 83 -4.80 71 25.03 9.97 7.21 3.92 -11.49 4.91 70 4.84 71 21.35 10.24 8.30 3.54 -14.98 5.71 67 7.62 55 32.10 15.70 11.41 2.82 -16.05 4.70 69 4.81 68 34.44 20.70 13.21 8.84 -9.64 33.13 8 31.53 10 29.82 14.80 10.43 3.59 -3.83 1.60 86 2.15 83 37.33 17.60 11.68 5.97 -6.46 16.22 29 17.55 25 34.55 17.73 12.62 4.08 -15.08 6.86 68 8.56 64 30.87 18.55 13.91 2.37 -25.08 31.62 4 29.12 7 37.81 -3.07 -28.24 -34.24 -59.76 24.68 14 29.20 11 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 217 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 s1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 0.98 85 9.73 72 2.41 77 9.93 79 5.13 7.03 Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 s1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 7.50 66 12.95 86 8.17 60 12.58 82 9.21 8.29 218 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 0.98 85 2.41 77 20.31 9.25 7.92 4.53 -11.08 6.40 67 7.52 53 20.53 9.85 8.20 4.49 -9.82 7.28 62 8.27 49 21.60 10.49 6.35 1.78 -8.64 0.67 83 1.49 75 19.97 10.85 7.92 5.17 -10.24 5.11 75 5.75 65 -15% -10% -5% 0% 5% 10% 15% 20% 25% s 1 s 1 s 1 s 1 s 1 Security Capital Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 0.6 -0.2 0.2 0.7 0.1 -0.6 0.2 0.2 -1.3 -0.9 0.7 -0.3 -0.6 -1.1 0.2 1.6 -0.5 -0.9 -0.2 -0.9 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Wilshire RESI 219 City of Clearwater Employees Pension Fund Risk Measure Summary Security Capital Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.89 1.09 0.00 -7.92 8.78 -7.16 -7.16 15.97 0.99 -0.63 1.00 -0.57 -9.10 0.73 -3.39 2 2 -7.42 9.74 -4.80 -4.80 16.14 -0.41 5 7 0.87 1.05 0.25 -7.92 8.78 -7.16 5.71 9.73 0.97 -0.34 0.97 -0.00 -0.04 1.67 -0.86 4 8 -7.42 9.74 -4.80 7.62 9.93 0.14 7 13 0.98 1.04 0.45 -10.12 15.81 -7.16 33.13 12.95 1.02 -0.19 0.99 0.53 6.71 1.46 -0.41 6 14 -9.61 15.03 -4.80 31.53 12.58 0.60 15 27 0.97 1.00 0.36 -37.93 33.98 -45.85 118.01 25.87 1.00 -0.13 0.99 0.23 5.86 2.07 -0.27 14 28 -40.40 35.93 -45.65 115.40 25.85 0.25 220 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/18 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.97 7,464 -300 0 7,164 1.84 3.43 7,528 -501 136 7,164 1.84 3.43 7,528 -501 136 7,164 1.45 3.21 7,619 -783 327 7,164 3.06 4.99 7,579 -1,538 1,123 7,164 3.79 5.65 111 4,982 2,071 7,164 Portfolio Performance (%) 221 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/18 Real Estate $7,164 100.00% Periods from 6/11 to 12/18 Alpha Beta R-Squared 0.18 0.51 0.17 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund II 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 3.79 5.65 0.44 4.35 3.95 0.19 0.77 1.32 0.00 -0.44 Asset Allocation ($000) Risk/Return Analysis 222 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.02 1.95 0.61 -6.09 -7.69 0.00 54 0.97 45 18.75 8.73 1.84 -5.93 -21.63 1.84 50 3.43 48 16.61 8.41 5.88 0.26 -9.31 0.54 71 3.53 54 15.82 8.76 5.13 2.97 -9.07 1.45 85 3.21 70 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% M 1 M 1 M 1 M 1 223 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2018 2017 2016 2015 2014 2013 2012 18.75 8.73 1.84 -5.93 -21.63 1.84 50 3.43 48 25.03 9.97 7.21 3.92 -11.49 -0.75 87 3.63 76 21.35 10.24 8.30 3.54 -14.98 3.30 76 2.59 78 32.10 15.70 11.41 2.82 -16.05 4.03 71 4.97 67 34.44 20.70 13.21 8.84 -9.64 7.02 80 10.50 69 29.82 14.80 10.43 3.59 -3.83 15.16 24 9.68 54 37.33 17.60 11.68 5.97 -6.46 0.77 87 7.75 70 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M 1 M 1 M 1 M 1 M 1 M 1 M 1 224 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 1.45 85 3.21 70 20.31 9.25 7.92 4.53 -11.08 2.36 79 3.52 77 20.53 9.85 8.20 4.49 -9.82 2.31 80 3.43 77 21.60 10.49 6.35 1.78 -8.64 2.13 71 3.44 60 19.97 10.85 7.92 5.17 -10.24 2.17 81 3.72 79 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Molpus Woodlands Fund III Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% -0.6 -0.9 -1.8 0.1 -1.4 -0.3 0.0 0.8 -0.3 -0.5 0.2 1.3 -0.6 -0.3 0.4 -3.6 -0.8 0.3 -0.1 -1.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 225 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 1.45 85 2.16 27 3.21 70 0.87 13 5.13 7.03 Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 3.06 86 3.23 29 4.99 80 2.47 25 9.21 8.29 226 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund III Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.54 0.25 0.00 0.93 1.84 1.84 0.89 -0.26 0.09 0.04 -0.04 0.15 1.15 -1.36 0 4 0.48 1.02 3.43 3.43 0.50 3.13 2 10 0.49 2.10 0.33 -2.15 2.45 -0.75 3.98 2.16 0.07 0.07 0.00 0.20 6.19 2.38 -0.73 1 11 -0.26 1.52 2.59 4.00 0.87 2.53 3 17 0.63 2.10 0.35 -2.15 6.14 -0.75 7.51 3.23 0.99 -0.45 0.61 0.75 2.45 2.10 -0.89 1 19 -0.26 6.02 2.59 10.64 2.47 1.77 8 22 0.69 2.02 0.33 -2.15 7.86 -2.71 16.17 4.11 0.51 0.18 0.17 0.81 6.50 4.15 -0.44 2 28 -0.35 6.02 1.13 10.64 3.25 1.60 227 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/18 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.97 4,549 0 0 4,549 0.04 3.43 4,275 271 3 4,549 0.04 3.43 4,275 271 3 4,549 2.06 3.21 2,163 2,143 243 4,549 1.46 3.55 118 4,218 213 4,549 Portfolio Performance (%) 228 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/18 Real Estate $4,549 100.00% Periods from 9/15 to 12/18 Alpha Beta R-Squared -0.16 0.46 0.04 Annualized Return% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund IV 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 1.46 3.55 0.95 2.59 1.76 0.21 0.20 1.48 0.00 -0.77 Asset Allocation ($000) Risk/Return Analysis 229 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Return Rank 1 NCREIF Timberland Index Return Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.02 1.95 0.61 -6.09 -7.69 0.00 54 0.97 45 18.75 8.73 1.84 -5.93 -21.63 0.04 54 3.43 48 16.61 8.41 5.88 0.26 -9.31 1.43 66 3.53 54 15.82 8.76 5.13 2.97 -9.07 2.06 83 3.21 70 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% M 1 M 1 M 1 M 1 230 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2018 2017 2016 18.75 8.73 1.84 -5.93 -21.63 0.04 54 3.43 48 25.03 9.97 7.21 3.92 -11.49 2.83 78 3.63 76 21.35 10.24 8.30 3.54 -14.98 3.34 76 2.59 78 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% M 1 M 1 M 1 231 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 2.06 83 3.21 70 20.31 9.25 7.92 4.53 -11.08 1.58 82 3.52 77 20.53 9.85 8.20 4.49 -9.82 3.43 77 21.60 10.49 6.35 1.78 -8.64 19.97 10.85 7.92 5.17 -10.24 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 1 Molpus Woodlands Fund IV Value Added Analysis - Net of Fee 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% -3.2 -0.3 -1.0 -0.7 2.7 -0.1 -0.5 -0.4 0.2 -1.3 0.1 -1.2 -1.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 232 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund IV Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.01 0.25 -0.36 0.55 0.04 0.04 0.78 -1.36 0.06 0.97 -2.36 1.36 1.24 -2.68 0 4 0.48 1.02 3.43 3.43 0.50 3.13 4 8 0.68 2.09 0.25 -0.54 3.95 0.04 5.09 2.46 1.66 -0.63 0.35 0.42 0.63 2.15 -0.52 1 11 -0.26 1.52 2.59 4.00 0.87 2.53 5 8 0.45 2.09 0.23 -1.39 3.95 -1.97 5.09 2.58 0.46 -0.16 0.04 0.20 1.13 2.64 -0.77 1 12 -0.26 1.86 2.59 4.00 1.02 2.55 233 City of Clearwater Employees Pension Fund Hancock as of 12/31/18 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.97 8,180 -78 0 8,102 -0.14 3.43 8,338 -223 -12 8,102 -0.14 3.43 8,338 -223 -12 8,102 1.24 3.21 6,462 1,324 317 8,102 2.55 4.99 3,766 3,524 812 8,102 4.43 6.37 1,263 5,463 1,377 8,102 Portfolio Performance (%) 234 City of Clearwater Employees Pension Fund Hancock as of 12/31/18 Real Estate $8,102 100.00% Periods from 5/12 to 12/18 Alpha Beta R-Squared -1.22 1.56 0.71 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 H 1 T Annualized Standard Deviation% H Hancock 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.43 6.37 0.50 6.56 4.17 0.19 0.60 1.41 0.00 -0.43 Asset Allocation ($000) Risk/Return Analysis 235 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.02 1.95 0.61 -6.09 -7.69 0.00 54 0.97 45 18.75 8.73 1.84 -5.93 -21.63 -0.14 55 3.43 48 16.61 8.41 5.88 0.26 -9.31 0.55 71 3.53 54 15.82 8.76 5.13 2.97 -9.07 1.24 85 3.21 70 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% H 1 H 1 H 1 H 1 236 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2018 2017 2016 2015 2014 2013 18.75 8.73 1.84 -5.93 -21.63 -0.14 55 3.43 48 25.03 9.97 7.21 3.92 -11.49 1.24 83 3.63 76 21.35 10.24 8.30 3.54 -14.98 2.64 78 2.59 78 32.10 15.70 11.41 2.82 -16.05 4.51 69 4.97 67 34.44 20.70 13.21 8.84 -9.64 4.58 84 10.50 69 29.82 14.80 10.43 3.59 -3.83 8.91 57 9.68 54 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% H 1 H 1 H 1 H 1 H 1 H 1 237 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 1.24 85 3.21 70 20.31 9.25 7.92 4.53 -11.08 3.12 78 3.52 77 20.53 9.85 8.20 4.49 -9.82 3.07 78 3.43 77 21.60 10.49 6.35 1.78 -8.64 2.97 66 3.44 60 19.97 10.85 7.92 5.17 -10.24 2.79 81 3.72 79 -15% -10% -5% 0% 5% 10% 15% 20% 25% H 1 H 1 H 1 H 1 H 1 Hancock Value Added Analysis - Net of Fee 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% -1.2 -1.6 -1.6 -1.1 -2.3 -0.9 -0.9 3.7 -0.2 -1.2 -1.2 2.7 -0.9 -0.9 -0.6 0.1 -0.9 -0.6 -1.0 -1.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 238 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 H 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 1.24 85 2.54 29 3.21 70 0.87 13 5.13 7.03 Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/18 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 2.55 87 3.78 32 4.99 80 2.47 25 9.21 8.29 239 City of Clearwater Employees Pension Fund Risk Measure Summary Hancock Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 3 1 -0.04 0.00 -0.12 0.00 -0.14 -0.14 0.11 -0.43 -0.34 0.22 -18.64 4.69 0.39 -8.87 0 4 0.48 1.02 3.43 3.43 0.50 3.13 9 3 0.42 1.89 0.17 -0.52 3.96 -0.14 3.57 2.54 1.66 -0.84 0.34 0.09 0.13 2.20 -0.88 1 11 -0.26 1.52 2.59 4.00 0.87 2.53 14 6 0.53 1.89 0.15 -0.54 5.67 -0.14 4.72 3.78 0.99 -0.57 0.45 0.51 1.95 2.86 -0.82 1 19 -0.26 6.02 2.59 10.64 2.47 1.77 17 9 0.73 1.89 0.19 -1.83 11.90 -0.14 12.16 6.37 1.55 -1.19 0.71 0.64 2.63 3.97 -0.41 1 25 -0.26 6.02 2.59 10.64 3.36 1.74 240 City of Clearwater Employees Pension Fund USAA as of 12/31/18 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.92 1.76 11,678 -142 222 11,757 6.65 8.35 11,456 -588 889 11,757 6.65 8.35 11,456 -588 889 11,757 9.40 8.24 5,136 3,413 3,208 11,757 9.30 9.16 5,000 3,338 3,419 11,757 Portfolio Performance (%) 241 City of Clearwater Employees Pension Fund USAA as of 12/31/18 Real Estate $11,757 100.00% Periods from 6/15 to 12/18 Alpha Beta R-Squared 0.74 0.65 0.14 Annualized Return% 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 u1 T Annualized Standard Deviation% u USAA 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.30 9.16 0.88 2.75 1.15 0.37 3.05 7.19 0.00 0.04 Asset Allocation ($000) Risk/Return Analysis 242 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.02 1.95 0.61 -6.09 -7.69 1.92 28 1.76 33 18.75 8.73 1.84 -5.93 -21.63 6.65 42 8.35 28 16.61 8.41 5.88 0.26 -9.31 7.96 31 7.98 31 15.82 8.76 5.13 2.97 -9.07 9.40 20 8.24 28 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% u 1 u 1 u 1 u 1 243 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 2018 2017 2016 18.75 8.73 1.84 -5.93 -21.63 6.65 42 8.35 28 25.03 9.97 7.21 3.92 -11.49 9.30 30 7.62 46 21.35 10.24 8.30 3.54 -14.98 12.34 17 8.76 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% u 1 u 1 u 1 244 City of Clearwater Employees Pension Fund Risk Measure Summary USAA Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.80 0.25 0.67 2.19 6.65 6.65 1.33 0.71 0.05 0.48 3.59 6.69 1.42 -1.13 0 4 1.76 2.20 8.35 8.35 0.38 17.24 0 12 1.14 0.58 0.54 5.59 6.65 14.21 2.91 1.45 -0.50 0.27 2.88 5.80 2.85 0.38 0 12 1.70 2.20 7.62 8.76 0.35 20.57 0 14 1.02 0.50 0.54 5.59 6.65 14.21 2.75 0.65 0.74 0.14 3.05 12.94 2.94 0.04 0 14 1.70 3.68 7.62 11.81 1.15 7.19 245 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/18 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.39 1.76 12,818 0 178 12,996 9.16 8.35 11,906 0 1,090 12,996 9.16 8.35 11,906 0 1,090 12,996 9.41 8.24 5,708 4,204 3,084 12,996 9.41 8.24 5,708 4,204 3,084 12,996 Portfolio Performance (%) 246 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/18 Real Estate $12,996 100.00% Periods from 12/15 to 12/18 Alpha Beta R-Squared -0.15 1.25 0.35 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 u 1 T Annualized Standard Deviation% u U.S. Real Estate Investm 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.41 8.24 1.02 4.29 3.33 0.20 1.95 2.17 0.00 0.54 Asset Allocation ($000) Risk/Return Analysis 247 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last 2 Qtrs Last 3 Qtrs Last 4 Qtrs 7.02 1.95 0.61 -6.09 -7.69 1.39 37 1.76 33 8.75 4.18 0.90 -5.94 -11.88 3.70 32 3.89 28 14.24 6.36 2.77 0.07 -11.39 6.45 22 6.02 32 18.75 8.73 1.84 -5.93 -21.63 9.16 21 8.35 28 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% u 1 u 1 u 1 u 1 248 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 2018 2017 2016 18.75 8.73 1.84 -5.93 -21.63 9.16 21 8.35 28 25.03 9.97 7.21 3.92 -11.49 8.36 38 7.62 46 21.35 10.24 8.30 3.54 -14.98 10.72 22 8.76 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% u 1 u 1 u 1 249 City of Clearwater Employees Pension Fund December 31, 2018 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 12/18 9/18 6/18 3/18 12/17 15.82 8.76 5.13 2.97 -9.07 9.41 20 8.24 28 20.31 9.25 7.92 4.53 -11.08 20.53 9.85 8.20 4.49 -9.82 21.60 10.49 6.35 1.78 -8.64 19.97 10.85 7.92 5.17 -10.24 -15% -10% -5% 0% 5% 10% 15% 20% 25% u 1 U.S. Real Estate Investment Fund Value Added Analysis - Net of Fee 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% -1.5 -0.5 1.5 2.4 0.5 -0.5 0.4 0.3 0.3 0.6 0.2 -0.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE Fund Index 250 City of Clearwater Employees Pension Fund Risk Measure Summary U.S. Real Estate Investment Fund Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 1.10 0.75 1.39 2.65 9.16 9.16 1.14 1.21 -0.14 0.90 6.37 6.00 0.82 0.93 0 4 1.76 2.20 8.35 8.35 0.38 17.24 0 12 1.14 0.67 0.64 4.53 8.36 12.57 2.11 1.25 -0.15 0.35 3.98 6.74 2.04 0.54 0 12 1.70 2.20 7.62 8.76 0.35 20.57 0 12 1.14 0.67 0.64 4.53 8.36 12.57 2.11 1.25 -0.15 0.35 3.98 6.74 2.04 0.54 0 12 1.70 2.20 7.62 8.76 0.35 20.57 251 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/18 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P.MSCI World (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P. MSCI World (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.88 -13.42 36,724 0 1,058 37,782 18.17 -8.71 31,973 0 5,809 37,782 18.17 -8.71 31,973 0 5,809 37,782 20.26 -2.96 30,000 0 7,782 37,782 Portfolio Performance (%) 252 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/18 Real Estate $37,782 100.00% Periods from 9/17 to 12/18 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 I 1 T Annualized Standard Deviation% I IFM Global Infrastructur 1 MSCI World (Net) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 20.26 -2.96 1.73 8.21 12.62 0.13 2.26 -0.37 0.00 1.54 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 253 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/18 High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank Last Qtr Last Year 7.02 1.95 0.61 -6.09 -7.69 2.88 11 -13.42 98 18.75 8.73 1.84 -5.93 -21.63 18.17 5 -8.71 90 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% I 1 I 1 254 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank 2018 18.75 8.73 1.84 -5.93 -21.63 18.17 5 -8.71 90 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% I 1 255 City of Clearwater Employees Pension Fund Risk Measure Summary IFM Global Infrastructure (US) L.P. Quarterly Periods Ending 12/31/18 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 1.06 -0.70 0.75 1.00 7.11 18.17 18.17 5.70 0.06 3.96 0.02 2.86 294.80 15.49 1.72 2 2 -13.42 4.98 -8.71 -8.71 16.06 -0.66 0 5 1.13 -0.70 0.80 1.00 7.11 18.17 22.41 5.34 0.13 4.44 0.08 3.47 142.28 14.20 1.54 2 3 -13.42 5.50 -8.71 11.24 15.44 -0.30 256 REPORT EXPLANATIONS Executive Summary The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, and relative to the investment policy. These statistics are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Time Weighted Return: This statistic demonstrates a measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by the size and timing of cash flows, it is used to compare the returns of investment managers. Dollar Weighted Return: This demonstrates the rate of return for an asset or portfolio of assets. It is calculated by finding the rate of return that will set the present values of all cash flows and terminal values equal to the value of the initial investment. The dollar weighted rate of return incorporates the size and timing of cash flows and is equivalent to the internal rate of return (IRR). Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The methodology utilized segregates the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to that of the policy is the up market capture ratio. The ratio of the fund's return in down markets to that of the policy is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio and a smaller down market capture ratio. 257 Risk Measures The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages illustrate the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. # Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero. The number of positive quarters is the number of quarterly returns which were greater or equal to zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten the policy and the percent of the quarters the policy has outperformed the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusted for beta. A higher alpha indicates a higher risk adjusted return. R-squared measures the relationship between the policy and the fund. A high r squared means the returns of the fund can largely be explained by movements of the policy. A higher r-squared indicates a more reliable alpha and beta. R-squared may range from 0 to 100. Beta, alpha and r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha. Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more return for the level of risk that was experienced. Tracking Error/Information Ratio: Tracking error is a measure of how closely a portfolio follows the index to which it is benchmarked, or a measure of the deviation from the benchmark. Dividing portfolio return by portfolio tracking error gives the information ratio, which is a risk adjusted performance metric. 258 Quarterly Comparison Analysis ($) This report shows the performance, in dollars, of the fund relative to the objectives. The purpose is to show a hypothetical value that reflects what the account would be worth if it had instead invested in each objective. The column titled "Portfolio" shows the actual values in the portfolio at the end of the quarter. The amount shown for the first date is the same for each objective as that of the fund. This is the amount assumed to be invested in each objective. All other values for the objectives are based on reinvesting the preceding amount, earning the return of the objective, and adjusting for contributions or withdrawals to the fund. A positive difference between the fund and an objective represents the additional dollars that are in the fund that would not be available if the fund had actually experienced the return of the objective. A negative difference may be thought of as the cost incurred in experiencing the actual performance instead of the objective performance. The report will show results since the inception of the fund, or quarterly results over the last five years, whichever is less. Quarterly Comparison Analysis (%) This page compares the returns of the portfolio to the returns of the investment policy and to the other investment objectives quarter by quarter for the last five years. The last row shows the returns since inception. The purpose of this page is to indicate how closely the portfolio has tracked its objectives, particularly the investment policy. If the quarterly differences are small, then the portfolio has tracked the objectives closely. Wide discrepancies suggest that the portfolio is being invested in a fashion which does not resemble the underlying objective. It is not likely a portfolio invested in stocks and/or bonds will track a fixed (e.g. 10%) rate of return, or inflation very closely. However, a portfolio invested in securities should be able to track an index comprised of similar securities. This page also provides a measure of the portfolio's ability to meet its objectives frequently. If the portfolio often outperforms the objective, then the difference column will have a preponderance of positive values. If the investment policy or the objectives have changed over time, the heading at the top of each column will only reflect the current policy and objectives, even though the quarterly returns include the alterations. Market Values and Cash Flows This page summarizes the market values, cash flows, unrealized net gain or loss and returns for the fund. Net flows refer to the contributions less the withdrawals from the fund. This page illustrates the change in market value through time, and suggests whether changes were due to contributions, withdrawals, or unrealized investment profits. 259 EQUITY INVESTMENT STYLES In an attempt to achieve diversification, investors may invest in a variety of asset classes. Different asset classes, such as small, mid, large and all capitalization, offer vastly different levels of risk and potential rewards, but so does investment style diversification. Growth and Value investments tend to go in and out of favor in a cyclical pattern. Dividing your portfolio among asset classes that do not respond to the same market environments the same way at the same time has the potential to help minimize the effects of market volatility, as well as help to maximize the chances of increased returns over time. Ideally, when investments in one class are performing poorly, the assets in another class are doing well. The gains in the latter would potentially offset the losses in the former, minimizing the overall effect on your portfolio. Note that one can diversify away much of the risks of holding a single investment, but one cannot diversify away the risks of simply being invested in the market. Equity investment managers will typically fall into a particular "Style" category, purchasing stocks with either growth or value characteristics. Understanding the intricacies of the particular equity styles allows you to combine investment managers with complementary styles more efficiently. Or, if you select a single investment style, knowledge of the style categories may help you plan for the ups and downs associated with a particular style. Below are descriptions of the different investment styles. The Core Style The philosophy behind a core investment style is to have no bias towards growth or value, only the quality of the position. Typically a core portfolio searches to buy shares in companies that an investment manager believes would perform well in all market environments. As a result, they tend to contain a mixture of both growth and value shares. The Value Style A simple way to describe value investing is that it is an approach that seeks to buy companies that offer the best value for the money. Value managers look for companies with prices that are believed to be undervalued relative to the market. Undiscovered companies or stocks that have price movements that do not correspond to the company's long-term fundamentals are generally considered to be value investments. Relative value: investment will employ a value-oriented strategy that is "diluted” in nature in comparison with the true value style. Relative value managers tend to outperform their deeper value peers during periods when growth is outperforming value, however tend to trail during market conditions that favor a deeper value posture. Relative value managers have a definite value emphasis, but often have some growth overlays in security selection. True value: investment style exhibits characteristics similar to those of the Russell 1000 Value Index. We often times refer to true value as a "plain vanilla" value investment approach. This type of portfolio will hold many of the same positions as the Russell 1000 Value Index, or positions whose characteristics in aggregate are similar to the overall characteristics of the Index. Deep value: investing is the extreme of the value-oriented styles. A deep value strategy will avoid stocks that are the latest market fad. A deep value manager will typically invest in companies or industries that are out of favor, with the anticipation that the tides will turn and the investment will pay off. Deep value managers tend to demonstrate performance volatility, as they usually outperform their less value -biased peers during periods when value is outperforming growth. The reverse takes place when growth is outperforming, the deeper value styles will generally underperform their relative and true value peers. Core GARP (Growth at a Reasonable Price) True Growth Aggressive Growth Relative Value True Value Deep Value 260 The Growth Style Investment managers who chose to implement a growth style search for companies that are growing their earnings at a rapid pace. The companies are expected to grow faster than the stock market average. A growth investor tends to aim for big gains over the long term and must be willing to withstand the ups and downs of the growth oriented market. Growth at a Reasonable Price ("GARP") investing combines the search for sustainable earnings growth with an emphasis on valuation. GARP investing reflects the desire to find companies that could be undervalued, but have solid sustainable growth potential. A GARP investment has historically been favored when the economy begins to slow because the consistent earnings of high quality companies become increasingly attractive. GARP investment managers maintain, generally speaking, that over long periods of time, stocks go up for one reason - underlying earnings growth. True Growth: A true growth portfolio will typically display characteristics similar to those of the Russell 1000 Growth Index. A manager who employs a true growth management style will purchase many of the same companies that are in the Russell 1000 Growth Index, or a portfolio of holdings whose characteristics are similar to those of the Index. They seek to purchase only companies that remain faithful to the category of a "growth" investment style. Aggressive Growth: Investment managers that seek the highest of earnings growth, regardless of valuation, are considered aggressive growth managers. They seek aggressive and sometimes emerging growth stocks, and are often dramatically overweight traditional growth-oriented sectors like Technology, for example. Which is the best style? Many investors buy into a particular investment style that experienced above- average performance results after those performance results were achieved, only to sell out of that particular style when it begins to suffer a more difficult performance run. We maintain that it is prudent for investors not only to seek out investment managers who have demonstrated consistency as it relates to people, philosophy/process and performance, but also to choose managers in whom they can maintain conviction over the long term, so as to avoid the untimely cost of switching styles. We believe that understanding the uniqueness of each investment style is key to staying the course. Source: Wells Fargo Advisors, LLC 261