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04/12/2021Monday, April 12, 2021 9:00 AM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda April 12, 2021Pension Trustees Meeting Agenda Citizens wishing to provide comments on an agenda item are encouraged to do so in advance through written comment. The City has established the following four options to ensure public comment for a virtual meeting: 1)eComments via Granicus - eComments is integrated with the published meeting agenda. Individuals may review the agenda item details and indicate their position on the item. You will be prompted to set up a user profile to allow you to comment, which will become part of the official public record. The eComment period is open from the time the agenda is published. Comments received during the meeting will become part of the official record, if posted prior to the closing of public comment. The City Clerk will read received comments into the record. 2)Email – Individuals may submit written comments or videos to ClearwaterCouncil@myclearwater.com. All comments received by 5 p.m. the day before the meeting (April 11) will become part of the official record. The City Clerk will read received comments into the record. 3)Council Chambers - Additionally, like any other council meeting, the public may provide public comment at the Main Library, Council Chambers, 100 N Osceola Avenue. Due to COVID-19, all speakers desiring to appear in person will be subject to all applicable emergency measures in place to prevent the further spread of COVID-19. Speakers who appear in person will be subject to screening for symptoms of COVID-19. Any persons exhibiting any symptoms of COVID-19 will not be permitted to enter council chambers but will be able to participate through the remote options described above. 1. Call To Order 2. Approval of Minutes 2.1 ID#20-8600 Approve the February 16, 2021 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 ID#21-8925 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 ID#21-8926 Approve the following request of employees Patricia Kuligowski, City Council Department, Lesa Phillips, Police Department and Brian Swartz, Fire Department to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 ID#21-8927 Approve the following request of employees Amelia Adams, Financial and Budget Operations Department, Richard Garbe, Gas Department, Ricky Hess, Engineering Department, Randy Higgins, Engineering Department, William Howard, Public Utilities Department, Andre Lambert, Engineering Department, Jean Louis, IT Department, Donald Magness, Fire Department, Trevor Murray, Fire Department, Kevin O’Neill, Fire Department and David Powers, Solid Waste and General Services Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Page 2 City of Clearwater Printed on 4/8/2021 April 12, 2021Pension Trustees Meeting Agenda 4.4 ID#21-9026 Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). 4.5 ID#21-9027 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2020. 5. Director's Report 6. Adjourn Page 3 City of Clearwater Printed on 4/8/2021 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8600 Agenda Date: 4/12/2021 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the February 16, 2021 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 4/8/2021 Pension Trustees Meeting Minutes February 16, 2021 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Tuesday, February 16, 2021 9:00 AM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes February 16, 2021 Page 2 City of Clearwater Roll Call Present 5 - Chair Frank Hibbard, Trustee David Allbritton, Trustee Hoyt Hamilton, Trustee Kathleen Beckman, and Trustee Mark Bunker Also Present – William B. Horne II – City Manager, Micah Maxwell – Assistant City Manager, Michael Delk – Assistant City Manager, Pamela K. Akin – City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Official Records and Legislative Services Coordinator and Jennifer Poirrier – 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 Hibbard The meeting was called to order at 9:54 a.m. 2. Approval of Minutes 2.1 Approve the December 14, 2020 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. Trustee Hamilton moved to approve the December 14, 2020 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 Joel McGraw, Accounting Technician, Engineering 11/09/2020 Cinthya Taveras-Peguero, Police Records Specialist, Police 11/09/2020 Marcus Blackwell, Solid Waste Worker, Solid Waste 11/09/2020 Dustin Andricks, Wastewater Treatment Plant Oper. A, Public Utilities 11/09/2020 Timothy Bowden, Fleet Mechanic, General Services 11/23/2020 Michael Krukemeier, Lead Parks Service Tech., Parks and Recreation 11/23/2020 William Mock, Wastewater Treatment Plant Oper. Trainee, Public Utilities 11/23/2020 Jillian Sparks, Aquatics Coordinator, Parks and Recreation 11/23/2020 Draft Pension Trustees Meeting Minutes February 16, 2021 Page 3 City of Clearwater Hannah Anhalt, Police Cadet, Police 11/23/2020 Matthew Simpson, Fire Apparatus Mechanic, Fire 12/07/2020 Martelle Jones, Parks Service Technician, Parks and Recreation 12/21/2020 Ander Woods, Solid Waste Worker, Solid Waste 12/21/2020 Amy Kuhle, Billing Specialist, Marine & Aviation 11/09/2020 Trustee Bunker moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.2 Approve the following request of employee Catherine Long, Police Department, to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. Catherine Long, Police Officer, Police Department, was employed by the City on January 12, 2004 and began participating in the Pension Plan on that date. Ms. Long terminated from city employment on May 22, 2020. 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 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. Ms. Long will meet the hazardous duty criteria and begin collecting pension in February 2024. Trustee Hamilton moved to approve the following request of employee Catherine Long, Police Department, to vest their pension 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 William Dillashaw, Engineering Department, Darian Dublin, Solid Waste Department, Carl Freeman, General Support Services Department, Michael Head, General Support Services Department, Julie Hudson, Library Department, Vernon Kearney, Engineering Department, Darrin Maser, Fire Department, David Roberts, Engineering Department, Valerie Smutko, Solid Waste Department, Draft Pension Trustees Meeting Minutes February 16, 2021 Page 4 City of Clearwater Ricky Stasiowski, Fire Department and Gerald Wells, Public Utilities Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. William Dillashaw, Senior Stormwater Technician, Engineering Department, was employed by the City on February 28, 2000 and his pension service credit is effective on November 6, 2000. His pension will be effective December 1, 2020. Based on an average salary of approximately $38,141.41 over the past five years, the formula for computing regular pensions and Mr. Dillashaw’s selection of the Life Annuity, this pension benefit will be approximately $21,050.64 annually. Darian Dublin, Solid Waste Boom Crane Operator, Solid Waste and Recycling Department, was employed by the City on October 8, 1990 and his pension service credit is effective on December 17, 1990. His pension will be effective February 1, 2021. Based on an average salary of approximately $43,702.22 over the past five years, the formula for computing regular pensions and Mr. Dublin’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $22,490.88 annually. Carl Freeman, Skilled Tradesworker, General Support Services Department, was employed by the City on March 22, 2004 and his pension service credit is effective on that date. His pension will be effective January 1, 2021. Based on an average salary of approximately $40,843.35 over the past five years, the formula for computing regular pensions and Mr. Freeman’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $16,715.04 annually. Michael Head, Fleet Mechanic, General Support Services Department, was employed by the City on April 10, 2000 and his pension service credit is effective on that date. His pension will be effective January 1, 2021. Based on an average salary of approximately $42,608.52 over the past five years, the formula for computing regular pensions and Mr. Head’s selection of the Life Annuity, this pension benefit will be approximately $24,245.16 annually. Julie Hudson, Librarian, Library Department, was employed by the City on August 24, 1992 and her pension service credit is effective on that date. Her pension will be effective March 1, 2021. Based on an average salary of approximately $58,216.27 over the past five years, the formula for computing regular pensions and Ms. Hudson’s selection of the 66 2/3% Joint and Survivor Annuity, this pension benefit will be approximately $46,357.44 annually. Vernon Kearney, Senior Stormwater Technician, Engineering Department, was employed by the City on May 22, 2000 and his pension service credit is effective on July 15, 2000. His pension will be effective February 1, 2021. Based on an average salary of approximately $40,081.90 over the past five years, the formula for computing regular pensions and Mr. Kearney’s selection of the Life Annuity with a 20% partial lump sum, this pension benefit will be approximately $18,062.28 annually. Draft Pension Trustees Meeting Minutes February 16, 2021 Page 5 City of Clearwater Darrin Maser, Firefighter/Driver-Operator, Fire Department, was employed by the City on December 12, 1994, and his pension service credit is effective on that date. His pension will be effective February 1, 2021. Based on an average salary of approximately $91,462.13 over the past five years, the formula for computing regular pensions and Mr. Maser’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $45,084.00 annually. David Roberts, Stormwater Heavy Equipment Operator, Engineering Department, was employed by the City on April 18, 1994 and his pension service credit is effective on that date. His pension will be effective February 1, 2021. Based on an average salary of approximately $48,497.88 over the past five years, the formula for computing regular pensions and Mr. Roberts’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $29,543.88 annually. Valerie Smutko, Transfer Station/Scales Operator, Solid Waste and Recycling Department, was employed by the City on June 16, 2003 and her pension service credit is effective on October 2, 2006. Her pension will be effective January 1, 2021. Based on an average salary of approximately $32,992.75 over the past five years, the formula for computing regular pensions and Ms. Smutko’s selection of the 10 Year Certain and Life Annuity with a 10% partial lump sum, this pension benefit will be approximately $11,116.20 annually. Ricky Stasiowski, Fire Division Chief, Fire Department, was employed by the City on July 23, 2007, and his pension service credit is effective on December 20, 2008. His pension will be effective June 1, 2021. Based on an average salary of approximately $117,451.54 over the past five years, the formula for computing regular pensions and Mr. Stasiowski’s selection of the Life Annuity, this pension benefit will be approximately $41,031.36 annually. Gerald Wells, Public Utilities Assistant Manager, Public Utilities Department, was employed by the City on December 9, 1985 and his pension service credit is effective on that date. His pension will be effective February 1, 2021. Based on an average salary of approximately $76,373.23 over the past five years, the formula for computing regular pensions and Mr. Wells’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $73,212.12 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 Draft Pension Trustees Meeting Minutes February 16, 2021 Page 6 City of Clearwater 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. Dillashaw, Mr. Dublin, Mr. Freeman, Mr. Head, Ms. Hudson, Mr. Kearney, Mr. Roberts, Ms. Smutko and Mr. Wells 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. Maser and Mr. Stasiowski have met the hazardous duty criteria. Trustee Allbritton moved to approve the following request of employees William Dillashaw, Engineering Department, Darian Dublin, Solid Waste Department, Carl Freeman, General Support Services Department, Michael Head, General Support Services Department, Julie Hudson, Library Department, Vernon Kearney, Engineering Department, Darrin Maser, Fire Department, David Roberts, Engineering Department, Valerie Smutko, Solid Waste Department, Ricky Stasiowski, Fire Department and Gerald Wells, 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 – None. 6. Adjourn The meeting adjourned at 9:55 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#21-8925 Agenda Date: 4/12/2021 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 Robert Mitchell, Recreation Leader, Parks and Recreation 01/19/2021 David McMullen, Parking Enforcement Specialist, Engineering 02/16/2021 Hunter Walke, Pool Lifeguard, Parks and Recreation 02/01/2021 Alexa Walling, Customer Service Rep, Customer Service 01/25/2021 Aaron Braley, Sr. Accountant, Marine and Aviation 01/04/2021 Michael MacDonald, Account Collector, Customer Service 01/04/2021 David Kadau, Fire Division Chief, Fire 01/04/2021 Fredy Torres-Carrillo, Parks Service Technician, Parks and Recreation 01/04/2021 Donna Cowley, Customer Service Rep, Customer Service 01/19/2021 Jessica Reyes, Customer Service Rep, Customer Service 01/19/2021 Leonard Sala, Stormwater Technician, Engineering /Stormwater 01/19/2021 Amanda Santiago, Personnel/Payroll Tech, Parks and Recreation 01/19/2021 May Bergeson, Police Telecommunicator, Police 02/01/2021 Avery Fennell, Police Telecommunicator, Police 02/01/2021 Ransome Walker, Solid Waste Worker, Solid Waste 02/01/2021 Caleb Bishoff, Stormwater Technician, Engineering /Stormwater 02/16/2021 Vincent Carlo, Parking Enforcement Specialist, Engineering 02/16/2021 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 4/8/2021 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Jennifer Poirrier, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: February 24, 2021 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Robert Mitchell Recreation Leader Parks and Recreation 01/19/2021 David McMullen Parking Enforcement Specialist Engineering 02/16/2021 Hunter Walke Pool Lifeguard Parks and Recreation 02/01/2021 Alexa Walling Customer Service Rep Customer Service 01/25/2021 Aaron Braley Sr. Accountant Marine and Aviation 01/04/2021 Michael MacDonald Account Collector Customer Service 01/04/2021 David Kadau Fire Division Chief Fire 01/04/2021 Fredy Torres-Carrillo Parks Service Technician Parks and Recreation 01/04/2021 Donna Cowley Customer Service Rep Customer Service 01/19/2021 Jessica Reyes Customer Service Rep Customer Service 01/19/2021 Leonard Sala Stormwater Technician Engineering /Stormwater 01/19/2021 Amanda Santiago Personnel/Payroll Tech Parks and Recreation 01/19/2021 May Bergeson Police Telecommunicator Police 02/01/2021 Avery Fennell Police Telecommunicator Police 02/01/2021 Ransome Walker Solid Waste Worker Solid Waste 02/01/2021 Caleb Bishoff Stormwater Technician Engineering /Stormwater 02/16/2021 Vincent Carlo Parking Enforcement Specialist Engineering 02/16/2021 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#21-8926 Agenda Date: 4/12/2021 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employees Patricia Kuligowski, City Council Department, Lesa Phillips, Police Department and Brian Swartz, Fire Department to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Patricia Kuligowski, Executive Assistant, City Council Department, was employed by the City on November 27, 2006, and began participating in the Pension Plan on that date. Ms. Kuligowski terminated from City employment on January 26, 2021. Lesa Phillips, Police Officer, Police Department, was employed by the City on January 12, 2004, and began participating in the Pension Plan on that date. Ms. Phillips terminated from City employment on January 22, 2021. Brian Swartz, Firefighter/Driver-Operator, Fire Department, was employed by the City on June 3, 2002, and began participating in the Pension Plan on that date. Mr. Swartz terminated from City employment on May 28, 2020. 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. Ms. Kuligowski will meet the non-hazardous duty criteria and begin collecting a pension in February 2026. 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 Page 1 City of Clearwater Printed on 4/8/2021 File Number: ID#21-8926 participant has reached fifty-five years and completed ten years of credited service. Ms. Phillips will meet the hazardous duty criteria and begin collecting pension in February 2024 and Mr. Swartz will meet the hazardous duty criteria and begin collecting pension in July 2022. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 4/8/2021 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#21-8927 Agenda Date: 4/12/2021 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the following request of employees Amelia Adams, Financial and Budget Operations Department, Richard Garbe, Gas Department, Ricky Hess, Engineering Department, Randy Higgins, Engineering Department, William Howard, Public Utilities Department, Andre Lambert, Engineering Department, Jean Louis, IT Department, Donald Magness, Fire Department, Trevor Murray, Fire Department, Kevin O’Neill, Fire Department and David Powers, Solid Waste and General Services Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Amelia Adams, Senior Accounting Technician, Financial and Budget Operations Department, was employed by the City on January 31, 2011 and her pension service credit is effective on that date. Her pension will be effective March 1, 2021. Based on an average salary of approximately $32,738.16 over the past five years, the formula for computing regular pensions and Ms. Adams’ selection of the Life Annuity, this pension benefit will be approximately $9,068.04 annually. Richard Garbe, Gas System Specialist, Gas Department, was employed by the City on January 13, 1992 and his pension service credit is effective on that date. His pension will be effective February 1, 2021. Based on an average salary of approximately $77,071.77 over the past five years, the formula for computing regular pensions and Mr. Garbe’s selection of the 75% Joint and Survivor, this pension benefit will be approximately $61,857.24 annually. Ricky Hess, Environmental Code Enforcement Inspector, Engineering Department, was employed by the City on July 22, 1996 and his pension service credit is effective on that date. His pension will be effective February 1, 2021. Based on an average salary of approximately $55,800.76 over the past five years, the formula for computing regular pensions and Mr. Hess’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $33,795.12 annually. Randy Higgins, Stormwater Heavy Equip Operator, Engineering Department, was employed by the City on May 24, 1999 and his pension service credit is effective on that date. His pension will be effective May 1, 2021. Based on an average salary of approximately $41,469.16 over the past five years, the formula for computing regular pensions and Mr. Higgins’ selection of the Life Annuity, this pension benefit will be approximately $25,016.04 annually. William Howard, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on February 28, 2011 and his pension service credit is effective on that date. His pension will be effective March 1, 2021. Based on an average salary of approximately $46,631.97 over the past five years, the formula for computing regular pensions and Mr . Page 1 City of Clearwater Printed on 4/8/2021 File Number: ID#21-8927 Howard’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $10,867.32 annually. Andre Lambert, Traffic Sign and Marking Tech, Engineering Department, was employed by the City on September 5, 1995 and his pension service credit is effective on that date. His pension will be effective March 1, 2021. Based on an average salary of approximately $54,639.53 over the past five years, the formula for computing regular pensions and Mr. Lambert’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $23,399.40 annually. Jean Louis, Sr Systems Programmer, IT Department, was employed by the City on February 14, 2011, and his pension service credit is effective on that date. His pension will be effective March 1, 2021. Based on an average salary of approximately $67,454.02 over the past five years, the formula for computing regular pensions and Mr. Louis’ selection of the 10 Year Certain and Life Annuity, this pension benefit will be approximately $17,275.44 annually. Donald Magness, Fire District Commander, Fire Department, was employed by the City on January 23, 2006 and his pension service credit is effective on that date. His pension will be effective March 1, 2021. Based on an average salary of approximately $121,219.61 over the past five years, the formula for computing regular pensions and Mr. Magness’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $49,003.20 annually. Trevor Murray, Fire Medic, Fire Department, was employed by the City on July 24, 1995 and his pension service credit is effective on that day. His pension will be effective February 1, 2021. Based on an average salary of approximately $86,643.23 over the past five years, the formula for computing regular pensions and Mr. Murray’s selection of the 100% Joint and Survivor Annuity with a 20% partial lump sum, this pension benefit will be approximately $47,341.68 annually. Kevin O’Neill, Fire District Commander, Fire Department, was employed by the City on January 23, 2006, and his pension service credit is effective on that date. His pension will be effective April 1, 2021. Based on an average salary of approximately $115,744.26 over the past five years, the formula for computing regular pensions and Mr. O’Neill’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $46,828.68 annually. David Powers, Division Controller, Solid Waste and Recycling Department, was employed by the City on June 4, 1998 and his pension service credit is effective on October 11, 1999. His pension will be effective April 1, 2021. Based on an average salary of approximately $74,177.50 over the past five years, the formula for computing regular pensions and Mr. Powers’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $35,479.92 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 Page 2 City of Clearwater Printed on 4/8/2021 File Number: ID#21-8927 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. Ms. Adams, Mr. Garbe, Mr. Hess, Mr. Higgins, Mr. Howard, Mr. Lambert, Mr. Louis, and Mr. Powers 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. Magness, Mr. Murray and Mr. O’Neill have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 3 City of Clearwater Printed on 4/8/2021 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#21-9026 Agenda Date: 4/12/2021 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). SUMMARY: Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary. Staff is recommending the current plan investment rate of return assumptions of 6.55%, net of investment-related fees, as the expected annual rate of return for the current year; 6.50% for the next year; and 6.50% for all years thereafter. Page 1 City of Clearwater Printed on 4/8/2021 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#21-9027 Agenda Date: 4/12/2021 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2020. SUMMARY: For calendar 2020, the Plan realized an investment return of 15.68%, versus a customized benchmark of 12.61%, placing the plan in the 11th 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 10.62%, versus a benchmark of 8.16%, placing the plan in the 10th percentile of public plans. The investment committee, with the assistance of the Plan’s investment consultant, CapTrust, meets on at least a quarterly basis to monitor asset allocation and money manager performance, and will continue to recommend money manager terminations, replacements, and/or additions when appropriate. Page 1 City of Clearwater Printed on 4/8/2021 City of Clearwater Employees’ PensionPlanApril 12, 2021 Calendar Year 2020 Investment Performance Total Fund 15.68% 11th percentile Benchmark 12.61% 46th percentile Plus 3.07% Calendar Year 2020 Investment Performance Domestic Equity 24.69% 24th Benchmark 18.40% 43rd Plus 6.29% Calendar Year 2020 Investment Performance International Equity 18.16% 32nd Benchmark 10.65% 55th Plus 7.51% Calendar Year 2020 Investment Performance Domestic Fixed Income 8.97% 23rd Benchmark 7.51% 47th Plus 1.46% Calendar Year 2020 Investment Performance Real Estate 1.58% 31st Benchmark -3.78% 64th Plus 5.36% Calendar Year 2020 Total Fund Investment Performance Three Year Return Total Fund 10.62% 10th Five Year Return Total Fund 10.87% 17th Ten Year Return Total Fund 9.43% 19th Individual Manager Performance Calendar 2020 VOYA LCG 31.54% 70th NT Russell1000 LCV 2.77% 68th Eagle Capital LCV 15.49% 5th Mann & Nap LCV 2.05% 71st Individual Manager Performance Calendar 2020 Artisan MCG 56.72% 13th Riverbridge SCG 54.14% 13th Atlanta SCV 10.77% 44th Victory Cap SCV 4.91% 72nd Individual Manager Performance Calendar 2020 International: TS&W EAFE 5.58% 77nd WCM EAFE 30.12% 11th DFA Emerg Mkts 13.87% 31st Individual Manager Performance Calendar 2020 Fixed Income: Dodge Cox 8.72% 25th WAMCO 9.04% 23rd Individual Manager Performance Calendar 2020 Real Estate: MEPT Core 0.49% 43rd USAA Core Plus 11.12% 5th U.S. Real E.Core Plus 0.94% 40th Molpus Timber 1.11% 33rd Hancock Timber -2.16% 54th SEC CAP REITS -4.59% 67th Individual Manager Performance Calendar 2020 Infrastructure: IFM Infrastructure 2.83% 21st Calendar 2020 Money Manager Changes February 2020 Terminated mid-cap value manager Wedge Capital Management Hired mid-cap value manager Boston Partners October 2020 Hired large-cap growth manager Northern Trust Index Fund City of Clearwater Employees’ Pension Plan Questions? City of ClearwaterCity of Clearwater Employees’PensionPlan Employees’PensionPlan April 12, 2021April 12, 2021 Calendar Year 2020 InvestmentPerformanceCalendar Year 2020 InvestmentPerformance Total Fund 15.68% 11 th percentile Benchmark 12.61% 46 th percentile Plus 3.07% Total Fund 15.68% 11 th percentile Benchmark 12.61% 46 th percentile Plus 3.07% Calendar Year 2020 InvestmentPerformanceCalendar Year 2020 InvestmentPerformance Domestic Equity 24.69% 24 th Benchmark 18.40% 43 rd Plus 6.29% Domestic Equity 24.69% 24 th Benchmark 18.40% 43 rd Plus 6.29% Calendar Year 2020 InvestmentPerformanceCalendar Year 2020 InvestmentPerformance International Equity 18.16% 32 nd Benchmark 10.65% 55 th Plus 7.51% International Equity 18.16% 32 nd Benchmark 10.65% 55 th Plus 7.51% Calendar Year 2020 InvestmentPerformanceCalendar Year 2020 InvestmentPerformance Domestic Fixed Income 8.97% 23 rd Benchmark 7.51% 47 th Plus 1.46% Domestic Fixed Income 8.97% 23 rd Benchmark 7.51% 47 th Plus 1.46% Calendar Year 2020 InvestmentPerformanceCalendar Year 2020 InvestmentPerformance Real Estate 1.58% 31st Benchmark -3.78%64th Plus 5.36% Real Estate 1.58% 31st Benchmark -3.78%64th Plus 5.36% Calendar Year 2020Total FundInvestment Performance Calendar Year 2020Total FundInvestment Performance Three Year Return Total Fund 10.62% 10 th Five Year Return Total Fund 10.87% 17 th Ten Year Return Total Fund 9.43% 19 th Three Year Return Total Fund 10.62% 10 th Five Year Return Total Fund 10.87% 17 th Ten Year Return Total Fund 9.43% 19 th Individual ManagerPerformanceCalendar 2020 Individual ManagerPerformanceCalendar 2020 VOYA LCG 31.54% 70 th NT Russell1000 LCV 2.77% 68 th Eagle Capital LCV 15.49% 5 th Mann & Nap LCV 2.05% 71 st VOYA LCG 31.54% 70 th NT Russell1000 LCV 2.77% 68 th Eagle Capital LCV 15.49% 5 th Mann & Nap LCV 2.05% 71 st Individual ManagerPerformanceCalendar 2020 Individual ManagerPerformanceCalendar 2020 Artisan MCG 56.72% 13 th Riverbridge SCG 54.14%13th Atlanta SCV 10.77% 44 th Victory Cap SCV 4.91% 72 nd Artisan MCG 56.72% 13 th Riverbridge SCG 54.14%13th Atlanta SCV 10.77% 44 th Victory Cap SCV 4.91% 72 nd Individual ManagerPerformanceCalendar 2020 Individual ManagerPerformanceCalendar 2020 International: TS&W EAFE 5.58% 77 nd WCM EAFE 30.12% 11 th DFA Emerg Mkts 13.87% 31 st International: TS&W EAFE 5.58% 77 nd WCM EAFE 30.12% 11 th DFA Emerg Mkts 13.87% 31 st Individual ManagerPerformanceCalendar 2020 Individual ManagerPerformanceCalendar 2020 Fixed Income: Dodge Cox 8.72% 25 th WAMCO 9.04% 23 rd Fixed Income: Dodge Cox 8.72% 25 th WAMCO 9.04% 23 rd Individual ManagerPerformanceCalendar 2020 Individual ManagerPerformanceCalendar 2020 Real Estate: MEPT Core 0.49% 43rd USAA Core Plus 11.12% 5th U.S. Real E.Core Plus 0.94% 40th Molpus Timber 1.11% 33rd Hancock Timber -2.16% 54th SEC CAP REITS -4.59% 67th Real Estate: MEPT Core 0.49% 43rd USAA Core Plus 11.12% 5th U.S. Real E.Core Plus 0.94% 40th Molpus Timber 1.11% 33rd Hancock Timber -2.16% 54th SEC CAP REITS -4.59% 67th Individual Manager PerformanceCalendar 2020 Individual Manager PerformanceCalendar 2020 Infrastructure: IFM Infrastructure 2.83% 21 st Infrastructure: IFM Infrastructure 2.83% 21 st Calendar 2020 Money Manager ChangesCalendar 2020 Money Manager Changes February 2020 Terminated mid-cap value manager Wedge Capital Management Hired mid-cap value manager Boston Partners October 2020 Hired large-cap growth manager Northern Trust Index Fund 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, 2020 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 Period Ending 12.31.20 | Q4 20 •U.S. stocks posted strong gains in the fourth quarter on optimism about a speedy vaccine rollout. A deeper look reveals stark differences in performance between sectors. •International developed and emerging market stocks rallied in the fourth quarter, outperforming U.S. stocks, and ended the year with solid gains. Emerging market stocks were the fourth quarter’s standout performer, benefiting from China's post-pandemic recovery and a weaker U.S. dollar. •Bonds played an important portfolio stabilizer role last year as interest rates fell to historically low levels amid stock market volatility. •While real estate typically benefits from falling interest rates, that was not the case in 2020 due to the impact of COVID-19-related office closures and the economic shutdown on the office and retail sectors. •Strategic opportunities have managed a modest gain for the year. market commentary TUMULTUOUS YEAR ENDS IN GAINS Despite 2020’s historic ups and downs, stocks and bonds posted strong returns this year, with U.S. stocks closing out the year at all-time highs. Fiscal and monetary stimulus from governments around the world boosted households, economies, and markets even as many countries struggled to contain the COVID-19 pandemic. Asset class returns are represented by the following indexes: Russell 3000 Index (U.S. stocks), MSCI All-Country World ex USA Index (international stocks), Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds), Dow Jones U.S. Real Estate Index (real estate), and HFRX Absolute Return Index (strategic opportunities). Q4 2020 2020 U.S. Bonds International Stocks U.S. StocksReal Estate Strategic Opportunities 7.7% 2.2% 0.7% 17.0% 14.7% -5.3% 2.7% 7.5% 10.7% 20.9% 3 Period Ending 12.31.20 | Q4 20market commentary DIGGING DEEPER –STOCKS AND BONDS Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based upon the Russell U.S. Style Indexes except for large-cap blend, which is based upon the S&P 500 Index. Best and worst sectors are based on returns from the quarter. Source: Bloomberg, U.S. Treasury, Barclays Live. Q4 2020 YTD 2020 Last 12 Months U.S. Stocks 12.1%18.4%18.4% -Q4 Best Sector: Energy 27.8%-33.7%-33.7% -Q4 Worst Sector: Real Estate 4.9%-2.2%-2.2% International Stocks 16.0%7.8%7.8% Emerging Market Stocks 19.7%18.3%18.3% 12.31.20 09.30.19 12.31.19 1-Year U.S. Treasury Yield 0.10%0.12%1.59% 10-Year U.S. Treasury Yield 0.93%0.69%1.92% QTD 2020 YTD 2020 Last 12 Months 10-Year U.S. Treasury Total Return -1.91%10.61%10.61% Fixed Income Equities –Relative Performance by Market Capitalization and Style Equities Q4 2020 Value Blend Growth Large 16.3%12.1%11.4% Mid 20.4%19.9%19.0% Small 33.4%31.4%29.6% YTD 2020 Value Blend Growth Large 2.8%18.4%38.5% Mid 5.0%17.1%35.6% Small 4.6%20.0%34.6% Last 12 Months Value Blend Growth Large 2.8%18.4%38.5% Mid 5.0%17.1%35.6% Small 4.6%20.0%34.6% 4 Period Ending 12.31.20 | Q4 20market commentary DIGGING DEEPER: U.S. EQUITY MARKETS All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is not indicative of future returns. Source: Bloomberg. The S&P 500 Index is a market-capitalization-weighted index of U.S. large-cap stocks across a diverse set of industry sectors. The stocks represented in these 11 sectors generated a range of returns for the year to date and the most recent quarter. Returns by S&P 500 Sector Sector Weight 27.6%13.5%12.7%10.8%10.4%8.4%6.5%2.8%2.4%2.6%2.3% 12.1%11.8%8.0%8.0%13.8% 23.2% 15.7% 6.4%6.6%4.9% 14.5% 27.8% 18.4% 43.9% 13.4% 33.3% 23.6% -1.8% 11.1%10.7% 0.5% -2.2% 20.7% -33.7% Q4 YTD 2020 FinancialsTechnologyHealth Care Industrials Energy Consumer Discretionary Consumer Staples Communication Service Utilities Materials S&P 500 Index Real Estate 5 Period Ending 12.31.20 | Q4 20market commentary DIGGING DEEPER: FIXED INCOME MARKET Interest Rates 3 Month 2 Year 5 Year 10 Year 30 Year Mortgage Rate September 2020 0.10%0.13%0.28%0.69%1.46%3.08% December 2020 0.09%0.13%0.36%0.93%1.65%2.87% Change -0.01%0.00%0.08%0.24%0.19%-0.21% Treasury rates remained roughly unchanged for short maturities but rose across the rest of the yield curve. Mortgage rates declined modestly, providing support to the housing market. Bloomberg Barclays U.S. Aggregate Bond Index Yield to Worst Duration Total Return Q4 2020 Spread Treasury Rate AA Spread BBB Spread September 2020 1.18%6.12 0.67% 0.60%0.58%0.80%1.76% December 2020 1.12%6.22 0.42%0.70%0.61%1.24% Change -0.06%0.1 -0.18%0.12%-0.19%-0.52% Rising Treasury rates weighed on performance in the fourth quarter. However, a decline in spreads more than made up for that, leading to a positive return for the quarter. Bloomberg Barclays U.S. Long Credit Index Yield to Worst Duration Total Return Q4 2020 Spread Treasury Rate AA Spread BBB Spread September 2020 3.05%15.12 4.92% 1.88%1.17%1.34%2.32% December 2020 2.78%15.33 1.41%1.37%1.03%1.73% Change -0.27%0.21 -0.47%0.20%-0.31%-0.59% The decline in credit spreads, particularly for BBB-rated bonds, was the primary performance driver for the index. The index yield was also a meaningful contributor, outweighing the modest increase in Treasury rates. Source: Bloomberg, Barclays Live, CAPTRUST, U.S. Treasury. 6 Period Ending 12.31.20 | Q4 20 ECONOMIC OUTLOOK Following a tumultuous year, investors face a tug-of-war between short-term risks and uncertainties and longer-term opportunities as we await the impact of widespread vaccinations. Here, we provide our perspective on the balance between these headwinds and tailwinds. HEADWINDS TAILWINDS market commentary While the COVID-19 pandemic remains a formidable headwind, the backdrop of accommodative policy, meaningful progress on vaccines, and an election resolution could fuel a continued recovery. Vaccines on Track •Vaccine distribution to high-priority groups is underway, although logistics and rapid administration present unique challenges. •Vaccines are critical to solving the health crisis, which will boost businesses’ confidence to hire and consumers’ confidence to spend. A Fiscal Shot in the Arm •Although scaled back, the $900 billion stimulus deal reached in late December still represents the second-largest package in U.S. history (after the CARES Act in mid- 2020). Household Strength •Despite fading stimulus, consumer spending remains strong due to high levels of household savings and the wealth effects of investment portfolio gains and home price appreciation. Fed Commitment •After pulling out all the stops with its initial pandemic response, the Federal Reserve has made assurances that monetary support and very low interest rates will persist. A Dangerous Winter •December represented the most severe month since the pandemic began as colder weather and holiday gatherings moved people indoors. The emergence of new and more contagious virus strains bears watching. •As virus cases surged and more states tightened restrictions, consumer confidence tumbled to a four-month low in December. •Hospital capacity remains stretched in many parts of the country, risking new measures to contain the virus’s spread. Vulnerable Firms Face Risks •Despite low borrowing costs and staggering amounts of fiscal aid, 2020 has seen the highest number of bankruptcy filings for large firms since 2009. Many firms in hard-hit sectors remain vulnerable until widespread vaccination can be achieved. Election Impacts •Georgia’s January Senate runoff elections have led to a rare 50-50 Senate split for only the third time in U.S. history—with implications for future stimulus packages, taxes, health care, and other policies. 7 Period Ending 12.31.20 | Q4 20market commentary OBSERVATIONS •Although U.S. stimulus efforts far surpassed the response from any prior domestic crisis, they were in line with the rest of the developed world as a percentage of GDP. •Government borrowing and spending on this scale leads to questions about future inflation. •Pandemics are deflationary, and we don’t expect wage inflation until unemployment falls significantly. So far, we have seen inflation mostly in asset prices, including homes and stock portfolios. •However, the imprecise impact of government stimulus means that a policy overshoot could lead to higher inflation in the intermediate term. Source: Cornerstone Macro *Others includes rest of world, World Bank, International Monetary Fund, and Asian Development Bank A FISCAL SHOT IN THE ARM Governments across the globe opened their checkbooks at a record pace in 2020—to the tune of nearly 33% of global gross domestic product (GDP). As the crisis emerged last spring, these programs provided direct aid to struggling businesses and households, calmed jittery investors, and restored smooth functioning of markets. As they look ahead to 2021, policymakers must strike a balance to avoid removing support too soon while being mindful of swelling debt and deficits. Potential Central Bank Liquidity Injection Potential Government Fiscal Stimulus Total Monetary and Fiscal Stimulus Region $ Trillion % of GDP $ Trillion % of GDP $ Trillion % of GDP U.S.$6.21 29.0%$4.19 19.6%$10.40 48.5% Eurozone $2.38 17.9%$4.27 32.0%$6.65 49.9% Japan $1.03 20.0%$2.79 54.1%$3.82 74.1% UK $0.57 20.7%$0.59 21.6%$1.16 42.3% China $1.43 10.0%$1.22 8.4%$2.64 18.4% Others*$0.94 $2.85 $3.79 Total $12.56 14.5%$15.91 18.4%$28.47 32.9% Fiscal and Monetary Stimulus (February to December 2020) 8 Period Ending 12.31.20 | Q4 20market commentary CLOSED FOR BUSINESS 2020 was a brutal year for business closures. In addition to the high-profile bankruptcies of national firms like Neiman Marcus, J.C. Penney, and Brooks Brothers, scores of beloved neighborhood restaurants, bars, stores, gyms, and other local businesses were unable to withstand pandemic lockdowns and capacity restrictions, increasing the risk of longer-term economic scarring and a slower jobs recovery. OBSERVATIONS •Restaurants have been the hardest-hit category, with an estimated 32,000 restaurants reported as closed on the local business website Yelp through the end of August, with the majority indicated as permanent closures. •States with the largest number of business closures included California, Texas, Florida, and New York. •On the bright side, Yelp reports that nearly 6,500 restaurant and food businesses opened in the month of September, on par with the level of openings over the past two years. •The entrepreneurial spirit is alive and well, with pandemic-altered business models, such as expanded outdoor dining and order-ahead menus, taking hold. Source: Yelp, data through 08.31.2020 39%42% 58% 46%57% 61%58% 42% 54%43% - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Restaurants Shopping and Retail Beauty and Spas Bars and Nightlife Fitness Business Closures by Category Temporary Closures Permanent Closures 9 Period Ending 12.31.20 | Q4 20market commentary CONSUMER STRONG, BUT UNEVEN As the U.S. economy begins to emerge from the deep but short recession triggered by pandemic lockdowns, the relative strength of the U.S. consumer could be a recovery accelerant. With soaring home prices and investment portfolios and low energy and borrowing costs, households that avoid the loss of jobs, income, and businesses find themselves far stronger than typical at this stage of the business cycle. OBSERVATIONS •Household net worth has reached all-time highs as stock prices reached new highs and real estate prices surpassed levels last seen during the real estate bubble that preceded the last recession. •Meanwhile, lower levels of debt, low interest rates, and lower energy bills have increased consumers’ free cash flow to all-time highs. •Unfortunately, the picture is far less rosy for lower-income households, which have been disproportionately affected by service-sector job losses. Millions of Americans enter 2021 jobless, more indebted, and at risk of losing their homes, which will exacerbate the income and wealth gaps that exist between the richest and poorest Americans. Sources: Federal Reserve, Bloomberg, Cornerstone Macro. Consumer Debt Service Costs reflects the Federal Reserve financial obligations ratio, which is the ratio of household debt payments and other financial obligations to total disposable income.Billions ($)0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 1990 1995 2000 2005 2010 2015 2020 Household Net Worth 13 14 15 16 17 18 19 1990 1995 2000 2005 2010 2015 2020 Consumer Debt Service Costs Percent (%)10 Period Ending 12.31.20 | Q4 20market commentary A CONCENTRATED RECOVERY, POISED TO WIDEN A key attribute of the K-shaped stock market recovery in 2020 has been the stark difference in earnings and price returns between a small number of large technology firms that benefited from the rush to work from home compared to the broader market. But with widespread vaccinations set to provide relief to some of the hardest-hit sectors, the earnings outlook for 2021 and beyond suggests a broadening recovery. OBSERVATIONS •Five members of the S&P 500 Index—Facebook, Amazon, Apple, Microsoft, and Alphabet (Google)—generated a staggering 2020 stock price return of 56% as technology adoption was accelerated by the pandemic. •Stocks of the remaining 495 index constituents returned a more meager 12%. •However, we expect earnings growth for those companies left behind to exceed the work-from- home winners in 2021 and 2022. •With price-to-earnings multiples now at the high end of the historical range, broad-based earnings growth stands to boost investor comfort as stocks grow into their valuations. Source: Bloomberg. Prices normalized to 100 as of 12.31.19 +16% +56% +12% 60 110 160 210 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 S&P 500 Index Price Performance S&P 500 Facebook, Amazon, Apple, Microsoft, Google Remaining 495 Companies -17% 23%17%15%20%15% -21% 23%17% 2020 2021 2022 S&P 500 Earnings Growth Estimates S&P 500 Facebook, Amazon, Apple, Microsoft, Google Remaining 495 Companies 11 Period Ending 12.31.20 | Q4 20 0 5 10 15 20 25 30 1996 2000 2004 2008 2012 2016 2020 market commentary Source: Bloomberg, Robert Shiller, CAPTRUST Research S&P 500 Index: Forward P/E Ratio +1 Std Dev: 20.2x 25-year Average: 16.9x -1 Std Dev: 13.6x Current: 23.7x Valuation Measure Description Latest 25-year Average Std Dev Over-/Under-Valued Inception Year P/E Forward P/E 23.7x 16.9x 2.1x 1995 CAPE Shiller’s P/E 33.4 27.5 1.0 1995 Div. Yield Dividend Yield 1.5%2.1%-2.1%2006 P/B Price to Book 4.2 3.0 1.5 1995 P/CF Price to Cash Flow 15.4 10.2 2.5 2006 Sources: Bloomberg, Robert Shiller, CAPTRUST Research. Price to earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months provided by Bloomberg. Average P/E and standard deviations are calculated using 25 years of history. Shiller’s P/E uses trailing 10 years of inflation- adjusted earnings as reported by companies. Dividend yield is calculated as the current year's consensus dividend divided by most recent price. Price-to-book ratio is the price divided by book value per share. Price to cash flow is price divided by cash flow for next 12 months. Standard deviation over-/under-valued is calculated using the average and standard deviation for each measure. 12 Period Ending 12.31.20 | Q4 20 0 100 200 300 400 500 600 700 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 market commentary S&P 500 and MSCI ACWI Excluding U.S. Index Price Return (January 1996 = 100) Source: Bloomberg, CAPTRUST Research S&P 500 MSCI ACWI ex U.S. P/E Avg Since 12.31.2005 Div Yield Avg Since 12.31.2005 S&P 500 23.7x 15.5x 1.5%2.1% MSCI ACWI ex-U.S.16.9x 13.3x 2.4%3.2% Sources: Bloomberg, CAPTRUST Research. Price to earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months provided by Bloomberg. Returns are cumulative and based on price movement only, and do not include the reinvestment of dividends. Dividend yield is calculated as consensus estimates of dividends for current year, divided by most recent price, as provided by Bloomberg. Past performance is not a reliable indicator of current and future results. +106%-49% +101%-57% +333% December 31, 2020 P/E (fwd) = 23.7x +48% -52% +216% -62% +115% December 31, 2020 P/E (fwd) = 16.9x -20% 44% -13%19% 68% 63% -34% -33% 13 Period Ending 12.31.20 | Q4 20market commentary Source: CAPTRUST Research, Bloomberg S&P 500 vs. Bloomberg Barclays U.S. Aggregate S&P 500 vs. MSCI EAFE -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 S&P 500 vs. Bloomberg Barclays U.S. Aggregate Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -70% -50% -30% -10% 10% 30% 50% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 S&P 500 vs. MSCI EAFE Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 14 Period Ending 12.31.20 | Q4 20market commentary Russell 1000 vs. Russell 2000 Russell 1000 Value vs. Russell 1000 Growth Source: CAPTRUST Research, Bloomberg -40% -30% -20% -10% 0% 10% 20% 30% 40% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Russell 1000 vs. Russell 2000 Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 15 Period Ending 12.31.20 | Q4 20market commentary Russell 2000 Value vs. Russell 2000 Growth S&P 500 vs. FTSE NAREIT Source: CAPTRUST Research, Bloomberg -80% -60% -40% -20% 0% 20% 40% 60% 80% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Small Value vs. Small Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -60% -40% -20% 0% 20% 40% 60% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 S&P 500 vs. FTSE NAREIT Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 16 Period Ending 12.31.20 | Q4 20market commentary Bloomberg Barclays U.S. Aggregate Vs. FTSE NAREIT Source: CAPTRUST Research, Bloomberg -120% -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 17 Period Ending 12.31.20 | Q4 20asset class returns Source: Markov Processes, Inc., Bloomberg, Mobius Cash (BofA Merrill Lynch 3-Month Treasury Bill Index) The BofA Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to maturity of less than 3 months. Real Estate (Dow Jones US Real Estate Index) The Dow Jones US Real Estate Index tracks the performance of publicly traded real estate equity. It is comprised of companies whose charter is the equity ownership and operation of commercial real estate. Strategic Opportunities (HFRX Absolute Return Index) The HFRX Absolute Return Index measures the overall returns of hedge funds. Since hedge funds explore unique investment strategies and seek to generate absolute returns rather than focus on beating a benchmark, the HFRX is representative of all hedge fund strategies. Fixed Income (Bloomberg Barclays U.S. Aggregate Bond Index) The Bloomberg Barclays U.S. Aggregate Bond Index is a market capitalization-weighted index that tracks the majority of U.S.- traded investment grade bonds.The index includes Treasurys, agency bonds,mortgage-backed bonds,corporate bonds, and a small amount of foreign bonds traded in United States. International Equities (MSCI ACWI Ex-US Index) The MSCI ACWI Ex-US Index tracks large-and mid-cap stocks from 22 of 23 developed market countries (excluding the U.S.) and 24 emerging markets countries. This index covers approximately 85% of the global equity opportunity set outside the United States. Large-Cap Stocks (Russell 1000 Index) The Russell 1000 Index tracks the performance of 1,000 of the largest public companies in the U.S. It includes more than 90% of the total market capitalization of all listed U.S. stocks. The information contained in this report is from sources believed to be reliable, but not warranted by CAPTRUST Financial Advisors to be accurate or complete. Small-Cap Stocks (Russell 2000 Index) The Russell 2000 Index tracks the performance of approximately 2,000 small-cap companies contained in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. Mid-Cap Stocks (Russell Mid-Cap Index) The Russell Mid-Cap Index is a market-capitalization-weighted index representing the smallest 800 companies in the Russell 1000 Index. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Internatio nal Equities 17.12% Fixed Income 5.24% Internatio nal Equities 42.14% Real Estate 28.48% Real Estate 8.69% Real Estate 17.77% Small-Cap Stocks 38.82% Real Estate 30.38% Strategic Opportuni ties2.86% Small-Cap Stocks 21.31% Internatio nal Equities 27.77% Cash 1.87% Large- Cap Stocks 31.43% Large- Cap Stocks 20.96% Fixed Income 6.97% Cash 1.51% Mid-Cap Stocks 40.48% Small-Cap Stocks 26.85% Fixed Income 7.84% Internatio nal Equities 17.39% Mid-Cap Stocks 34.76% Large- Cap Stocks 13.24% Real Estate 2.14% Mid-Cap Stocks 13.80% Large- Cap Stocks 21.69% Fixed Income 0.01% Mid-Cap Stocks 30.54% Small-Cap Stocks 19.96% Strategic Opportuni ties6.68% Strategic Opportuni ties -13.09% Real Estate 28.61% Mid-Cap Stocks 25.48% Large- Cap Stocks 1.50% Mid-Cap Stocks 17.28% Large- Cap Stocks 33.11% Mid-Cap Stocks 13.22% Large- Cap Stocks 0.92% Large- Cap Stocks 12.05% Mid-Cap Stocks 18.52% Strategic Opportun ities -0.49% Real Estate 28.92% Mid-Cap Stocks 17.10% Large- Cap Stocks 5.77% Small-Cap Stocks -33.79% Large- Cap Stocks 28.43% Large- Cap Stocks 16.10% Cash 0.10% Large- Cap Stocks 16.42% Internatio nal Equities 15.78% Fixed Income 5.97% Fixed Income 0.55% Real Estate 7.56% Small-Cap Stocks 14.65% Real Estate -4.03% Small-Cap Stocks 25.52% Internatio nal Equities 11.13% Mid-Cap Stocks 5.60% Large- Cap Stocks -37.60% Small-Cap Stocks 27.17% Internatio nal Equities 11.60% Mid-Cap Stocks -1.55% Small-Cap Stocks 16.35% Strategic Opportuni ties 3.58% Small-Cap Stocks 4.89% Cash 0.05% Internatio nal Equities 5.01% Real Estate 9.84% Large- Cap Stocks -4.78% Internatio nal Equities 22.13% Fixed Income 7.51% Cash 4.71% Real Estate -37.97% Fixed Income 5.93% Fixed Income 6.54% Strategic Opportuni ties -3.71% Fixed Income 4.22% Real Estate 2.47% Strategic Opportuni ties 0.79% Mid-Cap Stocks -2.44% Fixed Income 2.65% Fixed Income 3.54% Mid-Cap Stocks -9.06% Fixed Income 8.72% Strategic Opportun ities 2.72% Small-Cap Stocks -1.57% Mid-Cap Stocks -41.46% Cash 0.21% Cash 0.13% Small-Cap Stocks -4.18% Strategic Opportuni ties 0.88% Cash 0.07% Cash 0.03% Small-Cap Stocks -4.41% Cash 0.33% Strategic Opportun ities 3.40% Small-Cap Stocks -11.01% Strategic Opportun ities 4.37% Cash 0.67% Real Estate -16.82% Internatio nal Equities -45.25% Strategic Opportuni ties -3.58% Strategic Opportuni ties -0.12% Internatio nal Equities -13.33% Cash 0.11% Fixed Income -2.02% Internatio nal Equities -3.44% Internatio nal Equities -5.25% Strategic Opportuni ties 0.31% Cash 0.86% Internatio nal Equities -13.78% Cash 2.28% Real Estate -5.29% 18 Period Ending 12.31.20 | Q4 20indexperformance The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or to participate in any investment strategy. The performance data quoted represents past performance and does not guarantee future results. Index averages are provided for comparison purposes only. The information and statistics in this report are from sources believed to be reliable but are not guaranteed to be accurate or complete. CAPTRUST Financial Advisors is an investment adviser registered under the Investment Advisers Act of1940. Sources:Morningstar Direct, MPI INDEXES 2020 YTD 2019 2018 2017 2016 2015 1 YEAR 3 YEAR 5 YEAR 10 YEAR 90-Day U.S.Treasury 0.03%0.67%2.28%1.87%0.86%0.33%0.05%0.67%1.61%1.20%0.64% Bloomberg Barclays Government 1-3 Year 0.05%3.14%3.59%1.58%0.45%0.87%0.57%3.14%2.77%1.92%1.32% Bloomberg Barclays Intermediate Govt -0.22%5.73%5.20%1.43%1.14%1.05%1.18%5.73%4.10%2.89%2.46% Bloomberg Barclays Muni Bond 1.82%5.21%7.54%1.28%5.45%0.25%3.30%5.21%4.64%3.91%4.63% Bloomberg Barclays Intermediate Govt/Credit 0.48%6.43%6.80%0.88%2.14%2.08%1.07%6.43%4.67%3.64%3.11% Bloomberg Barclays Intermediate Credit 1.55%7.08%9.52%0.01%3.67%3.68%0.90%7.08%5.46%4.74%4.18% Bloomberg Barclays Aggregate Bond 0.67%7.51%8.72%0.01%3.54%2.65%0.55%7.51%5.34%4.44%3.84% Bloomberg Barclays Corporate IG Bond 3.05%9.89%14.54%-2.51%6.42%6.11%-0.68%9.89%7.06%6.74%5.63% Bloomberg Barclays High Yield 6.45%7.11%14.32%-2.08%7.50%17.13%-4.47%7.11%6.24%8.59%6.80% Bloomberg Barclays Global Aggregate 3.28%9.20%6.84%-1.20%7.39%2.09%-3.15%9.20%4.85%4.79%2.83% Bloomberg Barclays U.S. Long Corporate 5.14%13.94%23.89%-7.24%12.09%10.97%-4.61%13.94%9.40%10.25%8.25% S&P 500 12.15%18.40%31.49%-4.38%21.83%11.96%1.38%18.40%14.18%15.22%13.88% Dow Jones Industrial Average 10.73%9.72%25.34%-3.48%28.11%16.50%0.21%9.72%9.90%14.65%12.97% NASDAQ Composite 15.41%43.64%35.23%-3.88%28.24%7.50%5.73%43.64%23.13%20.81%17.12% Russell 1000 Value 16.25%2.80%26.54%-8.27%13.66%17.34%-3.83%2.80%6.07%9.74%10.50% Russell 1000 13.69%20.96%31.43%-4.78%21.69%12.05%0.92%20.96%14.82%15.60%14.01% Russell 1000 Growth 11.39%38.49%36.39%-1.51%30.21%7.08%5.67%38.49%22.99%21.00%17.21% Russell Mid-Cap Value Index 20.43%4.96%27.06%-12.29%13.34%20.00%-4.78%4.96%5.37%9.73%10.49% Russell Mid-Cap Index 19.91%17.10%30.54%-9.06%18.52%13.80%-2.44%17.10%11.61%13.40%12.41% Russell Mid-Cap Growth Index 19.02%35.59%35.47%-4.75%25.27%7.33%-0.20%35.59%20.50%18.66%15.04% MSCI EAFE 16.09%8.28%22.66%-13.36%25.62%1.51%-0.39%8.28%4.79%7.97%6.00% MSCI ACWI ex U.S.17.08%11.13%22.13%-13.78%27.77%5.01%-5.25%11.13%5.38%9.44%5.40% Russell 2000 Value 33.36%4.63%22.39%-12.86%7.84%31.74%-7.47%4.63%3.72%9.65%8.66% Russell 2000 31.37%19.96%25.52%-11.01%14.65%21.31%-4.41%19.96%10.25%13.26%11.20% Russell 2000 Growth 29.61%34.63%28.48%-9.31%22.17%11.32%-1.38%34.63%16.20%16.36%13.48% MSCI Emerging Markets 19.77%18.69%18.90%-14.25%37.75%11.60%-14.60%18.69%6.56%13.22%4.00% Dow Jones U.S. Real Estate Index 7.72%-5.29%28.92%-4.03%9.84%7.56%2.14%-5.29%5.43%6.72%8.73% HFRX Absolute Return Index 2.24%2.72%4.37%-0.49%3.39%0.31%2.86%2.72%2.18%2.04%1.44% Consumer Price Index (Inflation)0.60%1.29%2.29%1.94%2.12%2.08%0.64%1.29%1.84%1.94%1.73% BLENDED BENCHMARKS 2020 YTD 2019 2018 2017 2016 2015 1 YEAR 3 YEAR 5 YEAR 10 YEAR 25% S&P 500/5% MSCI EAFE/70% BB Agg 4.30%10.87%14.96%-1.55%8.93%5.00%0.92%10.87%7.86%7.49%6.61% 30% S&P 500/10% MSCI EAFE/60% BB Agg 5.65%11.56%16.79%-2.44%10.90%5.43%0.95%11.56%8.32%8.25%7.26% 35% S&P 500/15% MSCI EAFE/50% BB Agg 7.00%12.18%18.63%-3.34%12.90%5.85%0.97%12.18%8.76%8.98%7.89% 40% S&P 500/20% MSCI EAFE/40% BB Agg 8.34%12.75%20.48%-4.25%14.93%6.26%0.96%12.75%9.16%9.70%8.50% 45% S&P 500/25% MSCI EAFE/30% BB Agg 9.69%13.25%22.33%-5.17%16.99%6.65%0.93%13.25%9.52%10.39%9.09% 60% S&P 500/40% Bloomberg Barclays Agg 7.54%14.73%22.18%-2.35%14.21%8.31%1.28%14.73%11.03%11.11%10.02% 19 City of Clearwater Employees Pension Fund Asset Allocation vs Target & Policy Total Fund As of 12/31/20 Manager Market Value Actual % Policy % Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier NTGI-QM R1000G Artisan Partners Boston Partners 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 129,386,961.56 58,383,255.50 57,819,772.95 57,606,597.63 31,946,710.97 54,194,481.58 53,662,004.56 16,792,168.60 37,963,991.55 15,046,140.70 512,802,085.60 113,365,735.43 70,805,505.78 46,258,878.48 230,430,119.69 169,891,139.58 168,914,676.90 248,113.32 13,009,250.77 352,063,180.57 51,944,239.89 13,374,030.75 6,611,793.00 7,316,489.00 12,818,243.41 14,181,452.00 44,524,918.62 4,186,204.00 154,957,370.67 1,250,252,756.53 10.35 4.67 4.62 4.61 2.56 4.33 4.29 1.34 3.04 1.20 41.02 9.07 5.66 3.70 18.43 13.59 13.51 0.02 1.04 28.16 4.15 1.07 0.53 0.59 1.03 1.13 3.56 0.33 12.39 100.00 39.00 18.00 28.00 15.00 21 City of Clearwater Employees Pension Fund Sources of Fund Growth Total Fund 9/30/20 - 12/31/20 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 NTGI-QM R1000G Artisan Partners Boston Partners 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 143,205,133 50,215,056 51,351,608 50,667,841 0 53,251,550 43,961,057 14,081,099 36,728,265 11,745,056 455,206,665 105,382,520 68,551,144 38,152,799 212,086,464 152,841,336 152,524,902 446,544 9,890,595 315,703,377 51,564,444 12,061,083 6,611,793 7,374,784 12,000,657 14,117,083 42,849,862 4,186,204 150,765,910 1,133,762,416 -29,884,073 5,016 -3,882,546 -462 30,545,838 -7,884,260 86,944 28,346 -7,914,856 29,892 -18,870,160 -8,802,761 -8,880,454 -496 -17,683,711 14,074,341 14,096,223 -237,690 3,118,656 31,051,531 0 43,268 0 -58,295 -170,088 0 0 0 -185,115 -5,687,456 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 0 16,065,901 8,163,183 10,350,711 6,939,219 1,400,873 8,827,191 9,614,003 2,682,724 9,150,582 3,271,193 76,465,581 16,785,976 11,134,816 8,106,575 36,027,367 2,975,462 2,293,552 39,259 0 5,308,273 379,796 1,269,680 0 0 987,674 64,369 1,675,057 0 4,376,576 122,177,797 129,386,962 58,383,256 57,819,773 57,606,598 31,946,711 54,194,482 53,662,005 16,792,169 37,963,992 15,046,141 512,802,086 113,365,735 70,805,506 46,258,878 230,430,120 169,891,140 168,914,677 248,113 13,009,251 352,063,181 51,944,240 13,374,031 6,611,793 7,316,489 12,818,243 14,181,452 44,524,919 4,186,204 154,957,371 1,250,252,757 22 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2020 Net of Fee Return Name Value $(000) Periods Ending 12/31/20 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 R1000G Russell 1000 Growth NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Boston Partners Russell MidCap Value 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 Value (N) WCM Investment Management MSCI ACWI ex US (Net) 1,250,253 512,802 335,143 57,820 57,607 31,947 58,383 129,387 107,856 54,194 53,662 69,802 16,792 37,964 15,046 230,430 46,259 70,806 113,366 10.86 9.37 10.56 17.24 12.15 15.07 13.69 20.31 16.25 13.70 16.25 16.26 16.25 13.28 11.39 19.15 19.91 16.96 19.02 21.87 20.43 24.60 31.37 19.05 31.37 25.78 29.61 27.85 33.36 17.19 17.01 21.25 19.77 16.54 19.20 16.10 17.01 15.68 12.61 13.10 24.69 18.40 19.54 20.96 15.49 2.80 2.05 2.80 2.77 2.80 31.54 38.49 37.35 17.10 56.72 35.59 31.18 19.96 10.77 19.96 54.14 34.63 4.91 4.63 18.16 10.65 13.87 18.69 5.58 -2.63 30.12 10.65 10.62 8.16 8.99 15.71 14.18 14.47 14.82 12.99 6.07 6.60 6.07 6.04 6.07 19.94 22.99 17.04 11.61 28.02 20.50 19.13 10.25 11.99 10.25 28.20 16.20 6.72 3.72 9.92 4.88 3.85 6.56 2.89 -1.24 19.09 4.88 10.87 9.41 9.81 15.78 15.22 15.27 15.60 14.44 9.74 10.89 9.74 9.68 9.74 18.51 21.00 15.43 13.40 20.29 18.66 18.46 13.26 13.44 13.26 24.03 16.36 11.80 8.92 5.86 4.20 17.38 8.92 9.11 8.12 12.99 12.92 13.23 13.04 12.48 8.20 9.19 8.20 8.20 8.20 16.22 17.53 12.59 10.96 15.76 14.80 12.65 9.34 10.73 9.34 16.13 12.08 5.82 4.94 9.43 8.59 14.14 13.89 13.85 14.01 10.46 10.50 16.53 17.21 14.40 12.41 16.71 15.05 14.69 11.20 13.68 11.13 17.51 13.48 5.05 6.05 8.28 7.46 10.68 9.88 9.95 10.07 12.23 12.54 11.56 9.77 14.20 11.55 11.41 8.91 12.38 8.54 5.58 5.00 9.40 9.26 11.82 11.01 11.11 11.06 14.50 10.22 10.69 10.22 4.59 4.60 6.15 6.11 12.71 11.52 12.94 11.82 12.53 10.38 50.38 53.70 11.74 9.74 12.58 9.77 18.80 14.89 6.32 3.30 5.94 5.71 5.05 7.48 4.06 1.67 15.45 6.33 12/31/87 12/31/87 3/31/88 3/31/88 1/31/13 1/31/13 1/31/13 1/31/13 11/30/20 11/30/20 6/30/07 6/30/07 12/31/87 12/31/87 3/31/88 3/31/88 7/31/01 7/31/01 3/31/20 3/31/20 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 12/31/87 12/31/87 12/31/15 23 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2020 Net of Fee Return Name Value $(000) Periods Ending 12/31/20 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 352,063 169,891 13,009 248 168,915 154,957 7,316 44,525 6,612 4,186 51,944 13,374 14,181 12,818 1.67 0.67 1.93 0.67 0.00 0.03 0.32 0.03 1.49 0.67 2.91 7.61 0.00 0.58 3.91 13.96 0.00 0.58 0.00 0.58 0.74 1.30 10.53 10.72 0.46 1.30 6.81 1.30 8.97 7.51 8.72 7.51 0.00 0.59 2.00 0.59 9.04 7.51 1.58 -3.78 -2.16 0.81 2.83 15.90 1.70 0.81 0.18 0.81 0.49 1.18 -4.59 -7.95 0.94 1.18 11.12 1.18 5.86 5.34 5.83 5.34 0.00 1.56 2.89 1.56 5.86 5.34 5.93 4.46 1.54 1.77 11.67 10.54 0.70 1.77 -0.41 1.77 3.76 4.92 4.00 3.30 6.00 4.92 7.82 4.92 5.30 4.44 5.40 4.44 0.00 1.16 2.39 1.16 5.06 4.44 6.21 5.43 1.70 2.30 0.92 2.30 0.98 2.30 4.95 6.21 4.52 4.46 7.40 6.21 9.01 6.21 4.69 4.09 4.68 4.09 0.00 0.84 3.20 0.84 4.66 4.09 8.41 8.47 2.50 3.81 2.22 3.81 6.95 8.31 8.22 8.01 4.44 3.84 4.62 3.84 -0.00 0.60 3.47 0.60 4.21 3.84 8.56 9.21 7.79 9.87 8.17 8.38 5.16 4.49 5.35 4.49 -0.00 1.16 5.61 1.16 4.89 4.49 6.22 6.27 5.05 4.29 0.55 3.02 5.08 1.27 4.75 4.35 6.00 6.30 3.95 5.08 12.92 11.52 3.01 4.64 0.66 2.55 8.08 10.14 5.77 5.91 7.40 6.21 8.97 6.97 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 24 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2020 Net of Fee Return Name Value $(000) Calendar Years 2020 2019 2018 2017 2016 2015 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 R1000G Russell 1000 Growth NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Boston Partners Russell MidCap Value 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 Value (N) WCM Investment Management MSCI ACWI ex US (Net) 1,250,253 512,802 335,143 57,820 57,607 31,947 58,383 129,387 107,856 54,194 53,662 69,802 16,792 37,964 15,046 230,430 46,259 70,806 113,366 15.68 12.61 24.69 18.40 19.54 20.96 15.49 2.80 2.05 2.80 2.77 2.80 31.54 38.49 37.35 17.10 56.72 35.59 31.18 19.96 10.77 19.96 54.14 34.63 4.91 4.63 18.16 10.65 13.87 18.69 5.58 -2.63 30.12 10.65 20.17 17.79 29.50 31.49 30.02 31.43 31.28 26.54 23.21 26.54 26.55 26.54 33.06 36.39 29.52 30.54 38.58 35.47 26.79 25.52 26.20 25.53 27.35 28.48 26.24 22.39 27.53 21.52 16.04 18.90 21.67 16.09 38.94 21.52 -2.64 -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 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 -14.78 -6.56 -14.20 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 16.66 14.65 13.34 14.65 22.97 22.17 27.97 27.19 22.27 21.44 33.22 27.19 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 18.26 21.31 18.02 21.31 13.29 11.32 2.78 4.50 -0.19 5.02 -1.00 4.50 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 -1.70 -4.41 4.97 -4.41 -3.15 -1.38 -9.91 -4.29 25 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2020 Net of Fee Return Name Value $(000) Calendar Years 2020 2019 2018 2017 2016 2015 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 352,063 169,891 13,009 248 168,915 154,957 7,316 44,525 6,612 4,186 51,944 13,374 14,181 12,818 8.97 7.51 8.72 7.51 0.00 0.59 2.00 0.59 9.04 7.51 1.58 -3.78 -2.16 0.81 2.83 15.90 1.70 0.81 0.18 0.81 0.49 1.18 -4.59 -7.95 0.94 1.18 11.12 1.18 9.28 8.72 8.98 8.72 0.00 2.25 2.84 2.25 9.60 8.72 10.16 18.93 3.95 1.29 14.61 27.67 -1.48 1.29 1.53 1.29 3.66 5.34 26.97 25.79 8.11 5.34 5.78 5.34 -0.38 0.01 0.02 0.01 0.00 1.86 3.83 1.86 -0.73 0.01 6.23 -0.39 2.93 3.21 18.17 -8.71 1.93 3.21 -2.88 3.21 7.23 8.35 -7.16 -4.80 9.16 8.35 6.65 8.35 3.91 3.54 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 5.01 2.65 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 0.30 0.55 -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 26 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Total Fund Public Sponsors Periods Ending 12/20 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 13.21 11.25 10.37 9.47 6.76 10.86 33 9.37 76 17.10 14.32 12.49 11.15 7.27 15.68 11 12.61 46 19.49 17.66 15.96 14.55 11.42 17.90 20 15.17 64 10.97 9.77 8.80 7.88 6.40 10.62 10 8.16 67 12.69 11.41 10.44 9.41 7.39 11.93 12 9.93 63 11.77 10.70 9.99 8.95 7.19 10.87 17 9.41 63 9.79 8.98 8.29 7.26 5.77 9.24 18 7.82 62 9.50 8.69 8.06 7.07 5.63 9.11 11 8.12 47 10.74 10.05 9.22 8.10 5.95 10.16 19 8.91 56 10.90 10.22 9.64 8.59 6.18 10.57 12 9.37 53 9.82 9.26 8.60 7.77 5.81 9.43 19 8.59 50 4% 6% 8% 10% 12% 14% 16% 18% 20% T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 27 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 17.10 14.32 12.49 11.15 7.27 15.68 11 12.61 46 23.15 20.38 18.70 17.12 13.12 20.17 26 17.79 67 1.87 -2.03 -4.04 -5.42 -6.95 -2.64 31 -4.62 61 18.60 16.24 15.01 13.62 7.95 15.98 33 15.44 41 10.87 9.05 7.98 7.00 4.09 6.71 78 7.32 67 3.41 1.21 0.23 -1.16 -3.00 1.43 22 0.22 50 9.28 7.36 6.50 5.29 3.49 8.32 11 9.91 2 21.77 19.11 16.38 13.24 5.12 17.83 36 14.62 65 15.12 13.48 12.38 10.83 6.54 13.93 18 13.17 30 5.40 2.30 1.02 -0.31 -2.78 -0.36 75 1.81 33 -10% -5% 0% 5% 10% 15% 20% 25% T 1 T 1 T 1 T1 T1 T1 T 1 T 1 T1 T 1 28 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2020 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 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 NTGI-QM R1000G Russell 1000 Growth Artisan Partners R Mid Cap G Rank 10.86 9.37 33 13.28 11.39 34 16.26 16.25 33 20.31 16.25 17 13.70 16.25 61 16.96 19.02 95 15.68 12.61 11 31.54 38.49 70 2.77 2.80 68 15.49 2.80 5 2.05 2.80 71 56.72 35.59 13 15.68 12.61 11 31.54 38.49 70 2.77 2.80 68 15.49 2.80 5 2.05 2.80 71 56.72 35.59 13 10.62 8.16 10 19.94 22.99 77 6.04 6.07 65 12.99 6.07 13 6.60 6.07 57 28.02 20.50 9 10.87 9.41 17 18.51 21.00 65 9.68 9.74 65 14.44 9.74 15 10.89 9.74 47 20.29 18.66 33 9.40 9.26 12.71 11.52 6.15 6.11 14.50 10.22 10.69 10.22 4.59 4.60 12.53 10.38 12/31/87 12/31/87 6/30/07 1/31/13 1/31/13 11/30/20 7/31/01 $1,250,252,757 $129,386,962 $58,383,256 $57,819,773 $57,606,598 $31,946,711 $54,194,482 29 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2020 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Boston Partners Russell MidCap Value Rank 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 Value (N) 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 Thompson, Siegel & Walmsley 21.87 20.43 57 19.05 31.37 99 25.78 29.61 57 27.85 33.36 62 16.10 17.01 54 16.54 19.20 50 21.25 19.77 1.93 0.67 28 1.49 0.67 35 0.32 0.03 0.00 0.03 16.54 10.77 19.96 44 54.14 34.63 13 4.91 4.63 38 30.12 10.65 11 5.58 -2.63 77 13.87 18.69 8.72 7.51 25 9.04 7.51 23 2.00 0.59 0.00 0.59 5.58 10.77 19.96 44 54.14 34.63 13 4.91 4.63 38 30.12 10.65 11 5.58 -2.63 77 13.87 18.69 8.72 7.51 25 9.04 7.51 23 2.00 0.59 0.00 0.59 5.58 11.99 10.25 5 28.20 16.20 13 6.72 3.72 24 19.09 4.88 3 2.89 -1.24 75 3.85 6.56 5.83 5.34 32 5.86 5.34 31 2.89 1.56 0.00 1.56 2.89 13.44 13.26 40 24.03 16.36 9 17.38 8.92 5 5.86 4.20 90 5.40 4.44 30 5.06 4.44 39 2.39 1.16 0.00 1.16 5.86 50.38 53.70 12.58 9.77 18.80 14.89 6.32 3.30 15.45 6.33 4.06 1.67 5.05 7.48 5.05 4.29 4.75 4.35 5.08 1.27 0.55 3.02 4.06 3/31/20 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 7/31/15 $53,662,005 $16,792,169 $37,963,992 $15,046,141 $113,365,735 $70,805,506 $46,258,878 $169,891,140 $168,914,677 $248,113 $13,009,251 $70,805,506 30 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2020 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Multi Employer Property Trust NCREIF ODCE Rank 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 0.74 1.30 71 10.53 10.72 9 0.00 0.58 78 0.00 0.58 78 6.81 1.30 23 0.46 1.30 74 3.91 13.96 32 0.00 0.58 78 0.49 1.18 43 -4.59 -7.95 66 1.70 0.81 25 -2.16 0.81 53 11.12 1.18 5 0.94 1.18 39 2.83 15.90 20 0.18 0.81 46 0.49 1.18 43 -4.59 -7.95 66 1.70 0.81 25 -2.16 0.81 53 11.12 1.18 5 0.94 1.18 39 2.83 15.90 20 0.18 0.81 46 3.76 4.92 65 4.00 3.30 64 0.70 1.77 74 1.54 1.77 73 7.82 4.92 15 6.00 4.92 30 11.67 10.54 6 -0.41 1.77 79 4.95 6.21 66 4.52 4.46 67 0.92 2.30 81 1.70 2.30 79 9.01 6.21 12 7.40 6.21 22 0.98 2.30 81 8.08 10.14 5.77 5.91 3.01 4.64 3.95 5.08 8.97 6.97 7.40 6.21 12.92 11.52 0.66 2.55 9/30/10 4/30/08 6/30/11 5/31/12 6/30/15 12/31/15 9/30/17 9/30/15 $51,944,240 $13,374,031 $6,611,793 $7,316,489 $12,818,243 $14,181,452 $44,524,919 $4,186,204 31 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/20 Apple Inc Amazon Com Inc Facebook Inc Microsoft Corp Visa Inc Comcast Corp New Alphabet Inc Cl-C Eli Lilly & Co Global Pmts Inc Intuit GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Information Technology Telecom Services Telecom Services Health Care Information Technology Information Technology 3.88 3.73 2.42 2.16 1.45 1.18 1.17 1.13 1.02 0.94 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.41 2.48 13.05 13.53 4.59 14.30 11.62 28.08 10.03 0.90 -2.00.02.04.06.08.010.012.014.016.018.020.022.024.026.0 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 17.24 12.15 455,207 -18,870 76,466 512,802 24.69 18.40 462,770 -50,190 100,222 512,802 24.69 18.40 462,770 -50,190 100,222 512,802 15.71 14.18 421,153 -101,852 193,501 512,802 15.78 15.22 398,369 -192,710 307,143 512,802 14.14 13.89 287,057 -297,455 523,199 512,802 11.82 11.01 32,236 -302,588 783,154 512,802 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 33 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/20 Cash & Equiv $6,843 1.33% Domestic Equity $505,959 98.67% Periods from 12/87 to 12/20 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 13.0 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 11.82 11.01 3.13 17.39 15.65 1.28 0.50 0.50 0.00 0.21 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 34 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Equity Portfolios Periods Ending 12/20 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 30.99 21.75 14.69 11.40 5.25 17.24 40 12.15 69 44.26 22.58 17.58 8.28 -1.30 24.69 24 18.40 43 39.15 30.41 23.26 16.32 9.21 27.07 29 24.77 41 24.78 18.10 12.39 7.54 3.27 15.71 27 14.18 36 25.12 18.81 14.50 9.80 5.52 17.38 27 16.05 40 21.98 17.72 14.96 10.33 7.46 15.78 32 15.22 42 18.95 14.69 12.39 8.20 5.60 13.27 34 12.79 41 17.62 14.22 11.67 8.74 5.80 12.99 34 12.92 34 19.61 16.73 14.37 11.55 8.34 15.54 34 15.19 38 19.36 16.89 14.26 12.04 9.05 15.85 32 15.27 40 17.16 15.21 12.81 10.59 7.71 14.14 35 13.89 39 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% E 1 E 1 E1 E1 E1 E1 E1 E1 E1 E1 E1 35 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 44.26 22.58 17.58 8.28 -1.30 24.69 24 18.40 43 37.65 31.55 29.27 24.97 11.50 29.50 49 31.49 27 3.65 -3.29 -5.16 -10.40 -15.81 -4.06 29 -4.38 35 34.47 23.14 20.43 14.71 5.15 22.53 27 21.83 33 28.23 17.37 11.99 7.01 -2.51 9.61 65 11.96 50 8.05 1.64 -0.66 -3.93 -12.80 1.48 26 1.38 29 15.98 13.01 9.17 4.45 -5.22 11.31 38 13.69 14 45.28 37.94 33.19 28.97 0.06 35.15 38 32.41 58 22.62 17.93 15.94 12.41 2.61 18.37 21 15.98 49 8.11 2.19 -0.13 -4.10 -11.58 -0.21 50 2.12 27 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% E 1 E1 E1 E1 E1 E1 E1 E1 E1 E1 36 City of Clearwater Employees Pension Fund Risk Measure Summary Domestic Equity Comp Quarterly Periods Ending 12/31/20 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 1.15 0.98 0.75 -19.21 22.67 24.69 24.69 37.20 1.06 1.17 0.98 0.65 22.64 5.68 1.06 1 3 -19.60 20.54 18.40 18.40 34.87 0.51 2 10 1.05 0.98 0.58 -19.21 22.67 -8.33 29.50 23.87 1.05 0.23 0.98 0.59 13.41 3.69 0.43 3 9 -19.60 20.54 -6.98 31.49 22.47 0.56 3 17 1.02 0.98 0.55 -19.21 22.67 -8.33 29.50 18.40 1.05 -0.02 0.97 0.79 13.85 3.16 0.20 3 17 -19.60 20.54 -6.98 31.49 17.23 0.81 37 95 1.07 1.04 0.53 -23.59 22.67 -37.76 55.86 17.39 1.08 0.08 0.94 0.50 8.05 4.39 0.21 33 99 -21.93 21.32 -38.07 49.75 15.65 0.50 37 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 -2.0 0.7 3.6 6.3 9.2 12.0 14.8 17.6 20.4 23.1 25.9 ESMedian RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 15.71 27 23.87 50 14.18 36 22.47 30 12.39 24.00 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 ESMedian RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 15.78 32 18.40 50 15.22 42 17.23 29 14.96 18.60 38 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/20 Apple Inc Amazon Com Inc Facebook Inc Microsoft Corp Visa Inc Comcast Corp New Alphabet Inc Cl-C Eli Lilly & Co Intuit Qualcomm Inc GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Information Technology Telecom Services Telecom Services Health Care Information Technology Information Technology 6.66 6.41 4.16 3.71 2.49 2.03 2.02 1.94 1.62 1.43 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.26 1.95 9.61 13.93 5.95 12.19 10.88 29.84 14.40 0.00 -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 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 15.07 13.69 295,440 -3,216 42,920 335,143 19.54 20.96 314,104 -33,334 54,374 335,143 19.54 20.96 314,104 -33,334 54,374 335,143 14.47 14.82 282,846 -67,092 119,389 335,143 15.27 15.60 247,091 -108,566 196,618 335,143 13.85 14.01 162,657 -154,269 326,755 335,143 11.11 11.06 18,032 -120,399 437,511 335,143 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 39 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/20 Cash & Equiv $2,974 0.89% Domestic Equity $332,169 99.11% Periods from 3/88 to 12/20 Alpha Beta R-Squared 0.06 0.98 0.97 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 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 11.11 11.06 3.11 16.04 16.14 1.28 0.50 0.49 0.00 -0.00 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 40 City of Clearwater Employees Pension Fund Large Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 20.67 17.91 12.84 11.30 9.34 15.07 31 13.69 37 32.49 20.46 17.78 14.43 8.40 19.54 30 20.96 19 32.76 25.81 24.05 20.89 17.31 24.67 33 26.09 23 21.28 14.40 13.81 11.40 6.63 14.47 23 14.82 22 23.69 16.56 15.95 13.72 10.22 16.93 20 16.50 26 19.65 15.56 15.05 13.20 10.33 15.27 32 15.60 22 16.53 12.95 12.57 10.19 7.67 13.20 17 13.01 23 15.69 13.06 12.75 10.84 8.22 13.23 20 13.04 25 19.14 15.97 15.12 14.54 11.47 15.45 33 15.38 37 19.58 16.22 15.20 14.72 11.75 15.62 29 15.49 34 15.68 14.68 13.85 13.06 10.03 13.85 52 14.01 40 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% L 1 L 1 L 1 L1 L1 L1 L1 L1 L1 L1 L1 41 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 32.49 20.46 17.78 14.43 8.40 19.54 30 20.96 19 33.93 31.53 31.28 28.92 23.99 30.02 68 31.43 45 -0.36 -4.11 -4.53 -5.55 -10.07 -3.49 16 -4.78 58 29.85 23.64 21.90 21.45 18.37 24.63 13 21.69 71 15.38 12.01 11.54 10.11 4.31 8.88 84 12.05 21 6.34 2.08 1.41 0.45 -5.13 3.35 11 0.92 65 17.81 14.08 13.52 12.45 9.56 13.45 52 13.25 56 39.76 35.35 33.10 32.29 29.67 32.23 80 33.11 48 21.36 16.75 16.01 15.28 12.46 17.02 19 16.42 30 6.47 2.41 2.05 -0.08 -7.48 -0.90 79 1.51 60 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% L1 L1 L1 L 1 L 1 L 1 L1 L1 L1 L 1 42 City of Clearwater Employees Pension Fund Risk Measure Summary Large Cap Equity Comp Quarterly Periods Ending 12/31/20 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 0.94 0.96 0.50 -19.39 20.29 19.54 19.54 35.25 0.96 -0.15 0.99 0.54 19.73 3.60 -0.47 1 3 -20.22 21.82 20.96 20.96 36.68 0.55 2 10 0.95 0.94 0.42 -19.39 20.29 -7.49 30.02 22.45 0.96 0.04 0.99 0.57 13.47 2.13 -0.26 3 9 -20.22 21.82 -8.03 31.43 23.44 0.56 3 17 0.96 0.94 0.45 -19.39 20.29 -7.49 30.02 17.38 0.96 0.05 0.99 0.81 14.64 2.02 -0.21 3 17 -20.22 21.82 -8.03 31.43 17.97 0.80 36 95 0.99 0.98 0.51 -20.96 20.29 -37.57 49.31 16.04 0.98 0.06 0.97 0.50 8.19 2.85 -0.00 32 99 -22.48 21.88 -38.26 51.57 16.14 0.49 43 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Neutral Portfolios Annualized Rate of Return16.0 17.4 18.8 20.2 21.6 23.0 24.4 25.8 27.2 28.6 30.0 4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.1 21.9 L 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 14.47 23 22.45 35 14.82 22 23.44 62 13.81 22.99 Annualized Rate of Return12.0 13.2 14.4 15.6 16.8 18.0 19.2 20.4 21.6 22.8 24.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 L 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 15.27 32 17.38 39 15.60 22 17.97 56 15.05 17.83 44 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 12/31/20 Apple Inc Amazon Com Inc Facebook Inc Visa Inc Microsoft Corp Eli Lilly & Co Intuit Paypal Hldgs Inc Philip Morris Intl I Servicenow Inc GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Information Technology Health Care Information Technology Information Technology Consumer Staples Information Technology 12.52 9.54 5.72 4.69 3.39 3.08 3.05 2.50 2.35 2.11 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.62 5.96 16.49 4.45 12.82 2.01 45.45 11.20 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 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 13.28 11.39 143,205 -29,884 16,066 129,387 31.54 38.49 161,750 -72,479 40,115 129,387 31.54 38.49 161,750 -72,479 40,115 129,387 19.94 22.99 141,153 -91,391 79,624 129,387 18.51 21.00 125,362 -114,395 118,421 129,387 16.53 17.21 89,481 -154,411 194,316 129,387 12.71 11.52 17,469 -131,023 242,942 129,387 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 45 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 12/31/20 Cash & Equiv $769 0.59% Domestic Equity $128,618 99.41% Periods from 12/87 to 12/20 Alpha Beta R-Squared 0.53 0.86 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 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 12.71 11.52 3.13 16.11 18.15 1.28 0.59 0.46 0.00 0.12 Asset Allocation ($000) Risk/Return Analysis 46 City of Clearwater Employees Pension Fund Large Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 19.01 15.52 10.54 8.69 7.91 13.28 34 11.39 42 68.84 39.64 33.94 29.99 19.55 31.54 70 38.49 28 50.21 38.01 33.49 32.51 22.55 32.30 75 37.44 30 34.22 24.78 21.27 20.02 12.53 19.94 77 22.99 32 34.52 25.25 23.44 21.99 14.53 22.36 65 24.76 27 25.14 21.14 19.69 18.30 14.79 18.51 65 21.00 26 21.50 18.30 17.26 15.81 11.41 16.52 65 18.30 25 19.74 17.16 16.37 14.89 11.66 16.22 60 17.53 17 22.42 19.61 18.80 16.57 15.12 18.03 62 19.42 30 22.09 19.27 18.11 16.34 15.18 18.14 44 18.95 26 20.57 16.72 15.69 14.86 13.04 16.53 31 17.21 19 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% i1 i 1 i 1 i 1 i1 i1 i1 i1 i1 i1 i1 47 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 68.84 39.64 33.94 29.99 19.55 31.54 70 38.49 28 42.97 37.21 33.94 32.48 27.60 33.06 63 36.39 36 9.37 1.49 -0.68 -3.22 -6.49 -1.43 54 -1.51 57 37.25 34.33 31.61 25.60 15.13 29.94 54 30.21 52 12.05 7.03 4.31 1.12 -6.49 4.26 53 7.08 24 12.07 7.72 4.76 3.01 -3.02 7.07 31 5.67 43 16.83 13.50 11.58 9.00 6.35 14.42 11 13.05 30 45.31 40.54 37.68 34.32 28.69 31.57 85 33.49 80 24.72 19.22 16.65 13.94 9.33 18.95 27 15.26 66 5.58 3.04 -0.88 -5.27 -9.21 3.04 25 2.63 30 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% i 1 i1 i1 i1 i1 i1 i1 i1 i1 i1 48 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 34.22 24.78 21.41 20.18 12.65 19.94 80 22.99 35 28.79 22.54 20.53 19.20 11.94 18.05 84 21.67 31 25.78 20.19 18.11 17.47 11.02 16.73 85 18.99 33 19.66 13.36 11.99 10.96 7.66 10.27 83 11.32 63 25.29 22.59 20.59 19.72 16.47 19.45 78 20.49 56 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% 36% i 1 i 1 i 1 i 1 i 1 Voya Investment Mgmt 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -12.0% -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% -1.9 -0.2 0.5 -1.1 0.4 -0.1 -0.7 0.1 0.0 -1.3 -0.3 1.7 -1.0 -0.7 0.5 -1.2 0.2 -3.0 -3.9 1.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000G 49 City of Clearwater Employees Pension Fund Risk Measure Summary Voya Investment Mgmt Quarterly Periods Ending 12/31/20 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 0.86 0.99 0.50 -13.94 24.01 31.54 31.54 31.96 0.90 -0.61 0.98 0.97 34.27 6.12 -1.01 1 3 -14.10 27.84 38.49 38.49 34.84 1.09 2 10 0.88 0.95 0.42 -14.43 24.01 -1.43 33.06 22.04 0.90 -0.22 0.98 0.83 20.34 3.75 -0.83 2 10 -15.89 27.84 -1.51 38.49 24.26 0.88 4 16 0.89 0.95 0.40 -14.43 24.01 -1.43 33.06 17.45 0.91 -0.16 0.98 0.99 18.99 3.05 -0.80 2 18 -15.89 27.84 -1.51 38.49 18.95 1.05 37 95 0.95 0.81 0.52 -18.51 24.01 -33.74 44.38 16.11 0.86 0.53 0.94 0.59 11.18 4.87 0.12 36 96 -22.79 27.84 -45.64 49.75 18.15 0.46 50 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Growth Portfolios Annualized Rate of Return12.0 14.2 16.4 18.6 20.8 23.0 25.2 27.4 29.6 31.8 34.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 i 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 19.94 77 22.04 38 22.99 32 24.26 61 21.27 22.90 Annualized Rate of Return8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 i 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 18.51 65 17.45 40 21.00 26 18.95 57 19.69 18.30 51 City of Clearwater Employees Pension Fund Equity Summary Statistics Voya Investment Mgmt Period Ending 12/20 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 54 128,617,657 613,187,056 42,188,329 0.54 50.54 34.67 1.07 12.06 61.41 24.63 453 710,884,427 16,172,310 0.78 45.53 31.44 1.03 12.19 71.94 22.76 Ten Largest Holdings Apple Inc Amazon Com Inc Facebook Inc Visa Inc Microsoft Corp Eli Lilly & Co Intuit Paypal Hldgs Inc Philip Morris Intl I Servicenow Inc Market Value % of Portfolio Quarterly Ret 16,098,747 12,268,855 7,358,111 6,028,855 4,357,430 3,964,701 3,918,912 3,213,692 3,025,643 2,711,969 12.52 9.54 5.72 4.69 3.39 3.08 3.05 2.50 2.35 2.11 14.77 3.44 4.30 9.55 6.03 14.66 16.65 18.87 12.01 13.49 Ten Best Performers Snap Inc Align Technology Inc Zebra Technologies C Altice Usa Inc Paycom Software Inc Expedia Inc Del Lam Resh Corp Ringcentral Inc Five Below Inc Twilio Inc Quarterly Ret 91.77 63.24 52.23 45.65 45.28 44.40 42.72 38.00 37.78 36.99 Ten Worst Performers Tandem Diabetes Care Sba Communications C Dexcom Inc S&P Global Inc Church & Dwight Inc Horizon Therapeutics Veeva Sys Inc O Reilly Automotive Waste Connections In Humana Inc Quarterly Ret -15.70 -11.28 -10.31 -8.66 -6.66 -5.83 -3.18 -1.85 -0.99 -0.72 52 City of Clearwater Employees Pension Fund Equity Contribution to Return Voya Investment Mgmt Period Ending 12/20 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 54 128,617,657 613,187,056 42,188,329 0.54 50.54 34.67 1.07 12.06 61.41 24.63 453 710,884,427 16,172,310 0.78 45.53 31.44 1.03 12.19 71.94 22.76 Ten Best Contributors Apple Inc Snap Inc Ringcentral Inc Paycom Software Inc Twilio Inc Ross Stores Inc Qualcomm Inc Align Technology Inc Lam Resh Corp Autodesk Inc Market Value % of Portfolio Quarterly Ret 16,098,747 1,654,814 2,405,323 1,785,483 2,141,351 2,407,199 2,522,446 1,188,996 1,705,839 2,124,861 12.52 1.29 1.87 1.39 1.67 1.87 1.96 0.92 1.33 1.65 14.77 91.77 38.00 45.28 36.99 31.60 30.01 63.24 42.72 32.18 Ten Worst Contributors Sba Communications C Dexcom Inc S&P Global Inc Tandem Diabetes Care Horizon Therapeutics Church & Dwight Inc O Reilly Automotive Veeva Sys Inc Humana Inc Waste Connections In Market Value % of Portfolio Quarterly Ret 1,651,589 1,607,912 1,607,818 611,874 1,012,615 703,074 2,283,668 597,044 1,836,779 122,058 1.28 1.25 1.25 0.48 0.79 0.55 1.78 0.46 1.43 0.09 -11.28 -10.31 -8.66 -15.70 -5.83 -6.66 -1.85 -3.18 -0.72 -0.99 53 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Voya Investment Mgmt Quarter Ending 12/20 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 1.11 7.47 16.58 4.57 14.02 1.55 43.98 10.71 0.00 100.00 0.07 0.83 4.64 16.49 4.77 13.92 1.98 44.59 10.87 0.02 100.00 26.08 8.87 9.13 8.27 7.22 -8.66 16.35 18.81 12.93 28.80 8.30 9.25 12.84 7.43 8.63 5.76 12.62 13.81 23.31 11.44 0.00 0.20 -0.03 -0.62 0.04 -0.20 -0.22 1.64 0.54 0.00 1.34 -0.01 -0.01 -0.06 0.00 0.01 -0.00 0.02 -0.01 -0.00 -0.00 -0.06 -0.01 0.19 -0.09 -0.61 0.05 -0.20 -0.20 1.63 0.53 -0.00 1.28 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 -23.43% [ Actual Return -10.51% ] - [ Buy Hold Return 12.93% ] 54 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Voya Investment Mgmt Quarter Ending 12/20 % Allocation Energy 0.00 0.07 Materials 1.11 0.83 Industrials 7.47 4.64 Con. Discretionary 16.58 16.49 Consumer Staples 4.57 4.77 Health Care 14.02 13.92 Financials 1.55 1.98 Infomation Tech. 43.98 44.59 Telecom. Services 10.71 10.87 Utilities 0.00 0.02 Voya Investment Mgmt R1000G % Return 28.80 26.08 8.30 8.87 9.25 9.13 12.84 8.27 7.43 7.22 8.63 -8.66 5.76 16.35 12.62 18.81 13.81 23.31 % Variance -0.01 0.19 -0.09 -0.61 0.05 -0.20 -0.20 1.63 0.53 -0.00 55 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/20 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 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 16.26 16.25 50,215 5 8,163 58,383 2.77 2.80 50,975 5,018 2,390 58,383 2.77 2.80 50,975 5,018 2,390 58,383 6.04 6.07 48,014 1,054 9,315 58,383 9.68 9.74 39,670 -2,912 21,625 58,383 10.46 10.50 42,840 -37,719 53,262 58,383 6.15 6.11 26,197 -37,719 69,905 58,383 Portfolio Performance (%) 56 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/20 Domestic Equity $58,383 100.00% Periods from 6/07 to 12/20 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 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 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 6.15 6.11 0.82 18.56 18.60 0.60 0.29 0.28 0.00 0.06 Asset Allocation ($000) Risk/Return Analysis 57 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 22.75 17.66 14.75 12.66 9.18 16.26 33 16.25 33 16.41 8.11 4.20 0.22 -2.98 2.77 68 2.80 68 24.73 17.50 15.51 11.66 8.51 14.04 60 14.05 60 13.85 10.35 7.47 5.44 4.35 6.04 65 6.07 65 16.44 12.81 9.97 8.13 7.23 7.92 77 7.92 77 15.21 12.72 10.55 9.21 8.17 9.68 65 9.74 63 12.61 10.45 8.82 7.19 5.51 7.34 72 7.35 72 12.49 10.73 9.03 7.92 5.19 8.20 70 8.20 70 14.37 13.39 11.96 10.32 8.57 11.02 66 10.98 66 16.87 13.76 12.79 11.27 9.78 11.79 69 11.69 69 15.21 12.35 11.49 10.42 8.46 10.46 70 10.50 68 -5% 0% 5% 10% 15% 20% 25% 30% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 58 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 16.41 8.11 4.20 0.22 -2.98 2.77 68 2.80 68 34.93 30.09 27.35 23.78 20.55 26.55 59 26.54 59 -1.10 -3.16 -6.40 -9.43 -12.07 -8.32 68 -8.27 68 24.61 20.26 18.39 16.04 13.63 13.77 94 13.66 94 21.13 16.12 14.29 11.63 9.65 17.03 17 17.34 14 1.87 0.19 -0.62 -3.55 -6.82 -3.66 76 -3.83 77 14.88 12.95 11.77 11.11 5.61 13.54 16 13.45 18 40.62 36.96 31.29 26.36 24.08 32.94 45 32.54 47 23.03 17.59 16.05 12.12 10.26 18.09 22 17.50 26 14.68 3.44 0.57 -2.83 -5.43 -0.77 60 0.39 54 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 59 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 14.20 12.57 8.49 6.10 4.47 6.04 76 6.07 76 12.95 11.69 7.61 3.44 1.51 2.61 83 2.63 83 11.68 10.27 6.58 3.52 1.77 1.86 92 1.82 94 5.21 4.51 1.66 -1.07 -2.51 -2.16 91 -2.18 91 15.47 14.78 12.95 11.13 9.98 9.69 97 9.68 97 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% n 1 n 1 n 1 n 1 n 1 NTGI-QM R1000V 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -0.3% -0.2% -0.1% -0.0% 0.1% 0.2% 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 -0.2 0.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000V 60 City of Clearwater Employees Pension Fund Risk Measure Summary NTGI-QM R1000V Quarterly Periods Ending 12/31/20 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 1.00 1.00 0.75 -26.69 16.26 2.77 2.77 39.86 1.00 -0.01 1.00 0.05 2.10 0.24 -0.15 1 3 -26.73 16.25 2.80 2.80 39.87 0.05 3 9 1.00 1.00 0.67 -26.69 16.26 -17.14 26.55 23.74 1.00 -0.01 1.00 0.19 4.43 0.14 -0.22 3 9 -26.73 16.25 -17.17 26.54 23.74 0.19 3 17 1.00 1.00 0.65 -26.69 16.26 -17.14 26.55 18.25 1.00 -0.01 1.00 0.46 8.49 0.14 -0.38 3 17 -26.73 16.25 -17.17 26.54 18.26 0.47 17 37 1.00 1.00 0.80 -26.69 18.29 -42.31 54.33 18.56 1.00 0.01 1.00 0.29 5.34 0.45 0.06 17 37 -26.73 18.24 -42.42 53.57 18.60 0.28 61 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Value Portfolios Annualized Rate of Return16.0 17.4 18.8 20.2 21.6 23.0 24.4 25.8 27.2 28.6 30.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 n1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 6.04 65 23.74 68 6.07 65 23.74 68 7.47 22.82 Annualized Rate of Return12.0 13.1 14.2 15.3 16.4 17.5 18.6 19.7 20.8 21.9 23.0 3.0 4.5 6.0 7.5 9.0 10.5 12.0 13.5 15.0 16.5 18.0 n1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 9.68 65 18.25 64 9.74 63 18.26 65 10.55 17.85 62 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/20 Alphabet Inc Cl-C Microsoft Corp Comcast Corp New Amazon Com Inc Berkshire Hathaway I Marriott Intl Inc Ne Aon Plc Facebook Inc Goldman Sachs Group General Elec Co GICS Sector % Port Telecom Services Information Technology Telecom Services Consumer Discretionary Financials Consumer Discretionary Financials Telecom Services Financials Industrials 8.61 8.14 6.91 5.70 5.21 5.07 4.80 4.77 4.61 4.52 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.11 7.62 15.97 0.00 6.37 27.44 8.14 33.34 0.00 -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 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 20.31 16.25 51,352 -3,883 10,351 57,820 15.49 2.80 50,975 -1,618 8,462 57,820 15.49 2.80 50,975 -1,618 8,462 57,820 12.99 6.07 49,719 -10,904 19,004 57,820 14.44 9.74 40,961 -15,245 32,103 57,820 14.50 10.22 33,239 -23,249 47,830 57,820 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 63 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/20 Cash & Equiv $1,285 2.22% Domestic Equity $56,535 97.78% Periods from 1/13 to 12/20 Alpha Beta R-Squared 0.84 0.98 0.90 Annualized Return% 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 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 14.50 10.22 0.78 15.89 14.35 0.26 0.86 0.66 0.00 0.58 Asset Allocation ($000) Risk/Return Analysis 64 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 22.75 17.66 14.75 12.66 9.18 20.31 17 16.25 33 16.41 8.11 4.20 0.22 -2.98 15.49 5 2.80 68 24.73 17.50 15.51 11.66 8.51 23.13 7 14.05 60 13.85 10.35 7.47 5.44 4.35 12.99 13 6.07 65 15.21 12.72 10.55 9.21 8.17 14.44 15 9.74 63 -5% 0% 5% 10% 15% 20% 25% 30% E 1 E 1 E 1 E 1 E 1 65 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 2020 2019 2018 2017 2016 16.41 8.11 4.20 0.22 -2.98 15.49 5 2.80 68 34.93 30.09 27.35 23.78 20.55 31.28 21 26.54 59 -1.10 -3.16 -6.40 -9.43 -12.07 -4.86 40 -8.27 68 24.61 20.26 18.39 16.04 13.63 23.52 12 13.66 94 21.13 16.12 14.29 11.63 9.65 10.16 92 17.34 14 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% E 1 E 1 E 1 E 1 E 1 66 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 14.20 12.57 8.49 6.10 4.47 12.99 24 6.07 76 12.95 11.69 7.61 3.44 1.51 8.93 42 2.63 83 11.68 10.27 6.58 3.52 1.77 8.07 38 1.82 94 5.21 4.51 1.66 -1.07 -2.51 3.43 31 -2.18 91 15.47 14.78 12.95 11.13 9.98 15.55 4 9.68 97 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% E 1 E 1 E 1 E 1 E 1 Eagle Capital Management 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -4.8 -2.5 1.1 0.1 3.1 2.4 0.5 2.4 3.7 2.0 0.6 -2.4 0.7 2.8 -2.8 3.1 4.3 3.6 0.5 3.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 67 City of Clearwater Employees Pension Fund Risk Measure Summary Eagle Capital Management Quarterly Periods Ending 12/31/20 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 1.27 0.88 1.00 -23.61 20.31 15.49 15.49 40.55 1.02 2.92 0.99 0.37 14.56 3.30 3.73 1 3 -26.73 16.25 2.80 2.80 39.87 0.05 3 9 1.25 0.91 0.83 -23.61 20.31 -11.01 31.28 25.11 1.04 1.59 0.97 0.45 10.91 4.65 1.45 3 9 -26.73 16.25 -17.17 26.54 23.74 0.19 4 16 1.19 0.91 0.80 -23.61 20.31 -11.01 31.28 19.57 1.04 1.03 0.93 0.68 12.77 5.08 0.87 3 17 -26.73 16.25 -17.17 26.54 18.26 0.47 5 26 1.17 0.84 0.81 -23.61 20.31 -11.01 31.28 16.39 1.02 0.99 0.93 0.81 13.09 4.31 0.96 6 25 -26.73 16.25 -17.17 26.54 15.53 0.57 68 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 -2.0 0.7 3.6 6.3 9.2 12.0 14.8 17.6 20.4 23.1 25.9 E 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 12.99 46 25.11 62 6.07 81 23.74 49 12.39 24.00 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 E 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 14.44 52 19.57 62 9.74 80 18.26 46 14.96 18.60 69 City of Clearwater Employees Pension Fund Equity Summary Statistics Eagle Capital Management Period Ending 12/20 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 29 56,534,911 483,103,774 94,535,523 0.76 33.43 27.23 1.16 3.51 71.87 19.96 854 129,610,990 11,272,700 2.15 34.39 20.80 1.00 2.49 63.23 6.01 Ten Largest Holdings Alphabet Inc Cl-C Microsoft Corp Comcast Corp New Amazon Com Inc Berkshire Hathaway I Marriott Intl Inc Ne Aon Plc Facebook Inc Goldman Sachs Group General Elec Co Market Value % of Portfolio Quarterly Ret 4,870,226 4,603,204 3,904,010 3,224,361 2,945,676 2,868,337 2,711,228 2,695,270 2,607,301 2,555,518 8.61 8.14 6.91 5.70 5.21 5.07 4.80 4.77 4.61 4.52 19.21 6.03 13.86 3.44 8.89 42.49 2.67 4.30 31.93 73.52 Ten Best Performers Aercap Holdings Nv General Elec Co Woodward Governor Co Disney Walt Prodtns Citigroup Inc Hexcel Corp New Morgan Stanley Marriott Intl Inc Ne General Motors Corp. Capital One Finl Cor Quarterly Ret 80.94 73.52 51.73 46.02 44.79 44.53 42.77 42.49 40.72 37.74 Ten Worst Performers Aon Plc Amazon Com Inc Facebook Inc Charter Communicatio Microsoft Corp Netflix Com Inc Berkshire Hathaway I Liberty Broadband Co Dish Network Corp Unitedhealth Group I Quarterly Ret 2.67 3.44 4.30 5.96 6.03 8.14 8.89 10.85 11.40 12.88 70 City of Clearwater Employees Pension Fund Equity Contribution to Return Eagle Capital Management Period Ending 12/20 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 29 56,534,911 483,103,774 94,535,523 0.76 33.43 27.23 1.16 3.51 71.87 19.96 854 129,610,990 11,272,700 2.15 34.39 20.80 1.00 2.49 63.23 6.01 Ten Best Contributors General Elec Co Marriott Intl Inc Ne Citigroup Inc Alphabet Inc Cl-C Goldman Sachs Group Disney Walt Prodtns Wells Fargo & Co New Morgan Stanley Comcast Corp New Hilton Worldwide Hld Market Value % of Portfolio Quarterly Ret 2,555,518 2,868,337 2,459,494 4,870,226 2,607,301 1,768,860 2,522,384 1,523,970 3,904,010 1,712,625 4.52 5.07 4.35 8.61 4.61 3.13 4.46 2.70 6.91 3.03 73.52 42.49 44.79 19.21 31.93 46.02 28.95 42.77 13.86 30.40 Ten Worst Contributors Alphabet Inc Cl-A Hexcel Corp New Charter Communicatio Aon Plc Wabtec Corp Dish Network Corp Amazon Com Inc Facebook Inc Netflix Com Inc Lyondellbasell Indus Market Value % of Portfolio Quarterly Ret 122,685 98,968 1,075,680 2,711,228 503,470 896,691 3,224,361 2,695,270 1,564,332 629,979 0.22 0.18 1.90 4.80 0.89 1.59 5.70 4.77 2.77 1.11 19.59 44.53 5.96 2.67 18.50 11.40 3.44 4.30 8.14 31.59 71 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Eagle Capital Management Quarter Ending 12/20 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 0.95 6.67 15.47 0.00 6.60 26.45 9.15 34.71 0.00 100.00 3.99 4.75 13.06 7.56 8.37 14.34 18.13 9.67 9.60 5.96 100.00 31.59 56.73 23.35 15.48 23.34 6.03 15.32 20.76 28.20 16.78 19.87 15.20 6.05 8.39 25.89 15.95 16.88 6.99 15.65 0.00 0.14 2.46 1.26 0.00 0.47 -0.68 -0.91 -0.54 0.00 2.20 -0.50 -0.04 -0.27 -0.04 0.80 0.56 0.85 -0.00 0.31 0.52 2.19 -0.50 0.10 2.19 1.23 0.80 1.03 0.18 -0.91 -0.23 0.52 4.39 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 -2.46% [ Actual Return 18.30% ] - [ Buy Hold Return 20.76% ] 72 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Eagle Capital Management Quarter Ending 12/20 % Allocation Energy 0.00 3.99 Materials 0.95 4.75 Industrials 6.67 13.06 Con. Discretionary 15.47 7.56 Consumer Staples 0.00 8.37 Health Care 6.60 14.34 Financials 26.45 18.13 Infomation Tech. 9.15 9.67 Telecom. Services 34.71 9.60 Utilities 0.00 5.96 Eagle Capital Management Russell 1000 Value % Return 28.20 31.59 16.78 56.73 19.87 23.35 15.20 6.05 15.48 8.39 23.34 25.89 6.03 15.95 15.32 16.88 6.99 % Variance -0.50 0.10 2.19 1.23 0.80 1.03 0.18 -0.91 -0.23 0.52 73 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/20 J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Home Depot Inc Bank Amer Corp Pfizer Inc Merck & Co Inc New Intel Corp Cisco Sys Inc Medtronic Plc GICS Sector % Port Financials Consumer Staples Health Care Consumer Discretionary Financials Health Care Health Care Information Technology Information Technology Health Care 3.69 3.68 3.52 3.03 2.50 2.39 2.33 2.19 2.16 2.03 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 5.36 3.56 19.87 6.09 15.30 16.58 14.46 16.05 2.74 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 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 13.70 16.25 50,668 0 6,939 57,607 2.05 2.80 50,403 5,199 2,005 57,607 2.05 2.80 50,403 5,199 2,005 57,607 6.60 6.07 43,959 3,603 10,045 57,607 10.89 9.74 41,098 -6,560 23,069 57,607 10.69 10.22 33,104 -9,563 34,066 57,607 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 74 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/20 Cash & Equiv $920 1.60% Domestic Equity $56,687 98.40% Periods from 1/13 to 12/20 Alpha Beta R-Squared 0.20 0.87 0.93 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 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 10.69 10.22 0.78 13.54 14.35 0.26 0.73 0.66 0.00 -0.17 Asset Allocation ($000) Risk/Return Analysis 75 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 Last 6 Years 22.75 17.66 14.75 12.66 9.18 13.70 61 16.25 33 16.41 8.11 4.20 0.22 -2.98 2.05 71 2.80 68 24.73 17.50 15.51 11.66 8.51 12.13 73 14.05 60 13.85 10.35 7.47 5.44 4.35 6.60 57 6.07 65 15.21 12.72 10.55 9.21 8.17 10.89 47 9.74 63 12.61 10.45 8.82 7.19 5.51 8.98 47 7.35 72 -5% 0% 5% 10% 15% 20% 25% 30% M 1 M 1 M 1 M 1 M 1 M 1 76 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 2020 2019 2018 2017 2016 2015 16.41 8.11 4.20 0.22 -2.98 2.05 71 2.80 68 34.93 30.09 27.35 23.78 20.55 23.21 78 26.54 59 -1.10 -3.16 -6.40 -9.43 -12.07 -3.65 30 -8.27 68 24.61 20.26 18.39 16.04 13.63 21.55 18 13.66 94 21.13 16.12 14.29 11.63 9.65 13.85 51 17.34 14 1.87 0.19 -0.62 -3.55 -6.82 -0.09 38 -3.83 77 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M 1 M 1 M 1 M 1 M 1 M 1 77 City of Clearwater Employees Pension Fund Risk Measure Summary Manning and Napier Quarterly Periods Ending 12/31/20 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 0.90 0.94 0.50 -25.20 14.90 2.05 2.05 37.40 0.94 -0.26 1.00 0.04 1.47 3.64 -0.44 1 3 -26.73 16.25 2.80 2.80 39.87 0.05 3 9 0.92 0.90 0.50 -25.20 14.90 -16.48 23.21 22.05 0.92 0.17 0.99 0.23 5.41 3.24 0.02 3 9 -26.73 16.25 -17.17 26.54 23.74 0.19 3 17 0.99 0.90 0.60 -25.20 14.90 -16.48 23.21 16.99 0.92 0.42 0.97 0.57 10.57 3.53 0.22 3 17 -26.73 16.25 -17.17 26.54 18.26 0.47 5 26 0.94 0.84 0.58 -25.20 14.90 -16.48 23.21 14.29 0.90 0.32 0.96 0.66 10.47 3.37 0.07 6 25 -26.73 16.25 -17.17 26.54 15.53 0.57 78 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 14.20 12.57 8.49 6.10 4.47 6.60 68 6.07 76 12.95 11.69 7.61 3.44 1.51 4.53 66 2.63 83 11.68 10.27 6.58 3.52 1.77 4.49 62 1.82 94 5.21 4.51 1.66 -1.07 -2.51 0.75 61 -2.18 91 15.47 14.78 12.95 11.13 9.98 13.00 48 9.68 97 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% M 1 M 1 M 1 M 1 M 1 Manning and Napier 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 1.3 -0.9 0.4 -3.7 2.2 1.6 1.2 1.8 1.7 -1.1 2.3 2.1 -1.4 -1.5 0.4 -0.2 2.1 0.5 -1.1 -2.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 79 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 -2.0 0.7 3.6 6.3 9.2 12.0 14.8 17.6 20.4 23.1 25.9 M 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 6.60 79 22.05 26 6.07 81 23.74 49 12.39 24.00 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 M 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 10.89 73 16.99 26 9.74 80 18.26 46 14.96 18.60 80 City of Clearwater Employees Pension Fund Equity Summary Statistics Manning and Napier Period Ending 12/20 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 94 56,686,842 145,354,915 47,005,919 2.67 28.71 25.28 0.97 3.29 71.10 7.18 854 129,610,990 11,272,700 2.15 34.39 20.80 1.00 2.49 63.23 6.01 Ten Largest Holdings J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Home Depot Inc Bank Amer Corp Pfizer Inc Merck & Co Inc New Intel Corp Cisco Sys Inc Medtronic Plc Market Value % of Portfolio Quarterly Ret 2,089,666 2,083,688 1,992,903 1,712,983 1,416,083 1,351,442 1,316,489 1,240,917 1,221,183 1,150,315 3.69 3.68 3.52 3.03 2.50 2.39 2.33 2.19 2.16 2.03 33.19 3.41 6.45 -3.82 26.60 6.72 -0.59 -3.09 14.66 13.29 Ten Best Performers Baker Hughes A Ge Co Magna Intl Inc Canadian Nat Res Ltd Citigroup Inc Marathon Pete Corp Eog Res Inc Suncor Energy Inc Ne PNC Financial Corp Parker Hannifin Corp KLA Instrs Corp Quarterly Ret 58.70 55.77 52.27 44.79 42.98 40.13 38.59 36.99 35.13 34.15 Ten Worst Performers Best Buy Inc Kimberly Clark Corp C H Robinson Worldwi Gilead Sciences Inc Lockheed Martin Corp Kroger Co Hormel Geo A & Co General Mls Inc Home Depot Inc Intel Corp Quarterly Ret -9.85 -7.98 -7.64 -6.75 -6.72 -5.81 -4.22 -3.88 -3.82 -3.09 81 City of Clearwater Employees Pension Fund Equity Contribution to Return Manning and Napier Period Ending 12/20 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 94 56,686,842 145,354,915 47,005,919 2.67 28.71 25.28 0.97 3.29 71.10 7.18 854 129,610,990 11,272,700 2.15 34.39 20.80 1.00 2.49 63.23 6.01 Ten Best Contributors J P Morgan Chase & C Bank Amer Corp Citigroup Inc Honeywell Intl Inc Qualcomm Inc Abbvie Inc Wells Fargo & Co New Canadian Nat Res Ltd Raytheon Technologie US Bancorp Del Market Value % of Portfolio Quarterly Ret 2,089,666 1,416,083 808,178 1,101,361 926,837 1,067,643 812,265 406,180 756,361 591,926 3.69 2.50 1.43 1.95 1.64 1.89 1.44 0.72 1.34 1.05 33.19 26.60 44.79 29.82 30.01 24.01 28.95 52.27 25.20 31.14 Ten Worst Contributors Home Depot Inc Lockheed Martin Corp Intel Corp Gilead Sciences Inc Kimberly Clark Corp Best Buy Inc C H Robinson Worldwi General Mls Inc Unilever Plc Kroger Co Market Value % of Portfolio Quarterly Ret 1,712,983 748,653 1,240,917 556,500 441,973 334,995 219,562 405,544 1,115,634 218,096 3.03 1.32 2.19 0.98 0.78 0.59 0.39 0.72 1.97 0.39 -3.82 -6.72 -3.09 -6.75 -7.98 -9.85 -7.64 -3.88 -1.33 -5.81 82 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Manning and Napier Quarter Ending 12/20 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 4.56 3.47 20.28 6.54 16.54 17.55 12.15 16.15 2.76 0.00 100.00 3.99 4.75 13.06 7.56 8.37 14.34 18.13 9.67 9.60 5.96 100.00 35.87 17.72 12.50 5.38 5.05 7.44 31.40 14.52 13.71 13.82 28.20 16.78 19.87 15.20 6.05 8.39 25.89 15.95 16.88 6.99 15.65 0.35 0.03 -1.49 -0.64 -0.16 -0.17 0.67 -0.23 -0.09 0.00 -1.74 0.07 -0.01 0.30 0.00 -0.78 -0.23 -0.61 0.02 -0.08 0.52 -0.81 0.42 0.02 -1.19 -0.64 -0.95 -0.40 0.06 -0.21 -0.17 0.52 -2.55 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 -0.14% [ Actual Return 13.67% ] - [ Buy Hold Return 13.82% ] 83 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Manning and Napier Quarter Ending 12/20 % Allocation Energy 4.56 3.99 Materials 3.47 4.75 Industrials 20.28 13.06 Con. Discretionary 6.54 7.56 Consumer Staples 16.54 8.37 Health Care 17.55 14.34 Financials 12.15 18.13 Infomation Tech. 16.15 9.67 Telecom. Services 2.76 9.60 Utilities 0.00 5.96 Manning and Napier Russell 1000 Value % Return 35.87 28.20 17.72 16.78 12.50 19.87 5.38 15.20 5.05 6.05 7.44 8.39 31.40 25.89 14.52 15.95 13.71 16.88 6.99 % Variance 0.42 0.02 -1.19 -0.64 -0.95 -0.40 0.06 -0.21 -0.17 0.52 84 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/20 Global Pmts Inc Atlassian Corp Plc Veeva Sys Inc Zynga Inc Catalent Inc Hubspot Inc Match Group Inc New Exact Sciences Corp Genmab A S Dexcom Inc GICS Sector % Port Information Technology Information Technology Health Care Telecom Services Health Care Information Technology Telecom Services Health Care Health Care Health Care 2.56 1.86 1.62 1.52 1.47 1.43 1.30 1.24 1.21 1.18 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.37 3.56 16.03 12.30 1.43 17.66 14.15 22.98 6.31 3.21 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 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 19.15 19.91 97,213 -7,797 18,441 107,856 37.35 17.10 89,648 -9,377 27,585 107,856 37.35 17.10 89,648 -9,377 27,585 107,856 17.04 11.61 81,209 -14,261 40,908 107,856 15.43 13.40 100,689 -53,574 60,741 107,856 14.40 12.41 81,829 -92,601 118,629 107,856 12.94 11.82 15,585 -92,602 184,873 107,856 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 85 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/20 Cash & Equiv $2,548 2.36% Domestic Equity $105,308 97.64% Periods from 3/88 to 12/20 Alpha Beta R-Squared 0.17 1.10 0.84 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 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 M 1 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 12.94 11.82 3.11 22.05 18.34 1.28 0.45 0.47 0.00 0.14 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 86 City of Clearwater Employees Pension Fund Midcap Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 41.24 22.73 18.31 16.11 13.51 19.15 42 19.91 42 44.65 22.01 13.37 9.98 2.79 37.35 5 17.10 32 41.23 29.96 22.10 18.40 15.34 33.38 7 23.64 35 21.61 18.08 11.79 9.82 8.31 17.04 25 11.61 50 25.33 21.19 15.06 11.68 10.06 17.71 27 13.30 50 23.47 20.42 14.97 12.56 10.67 15.43 43 13.40 68 19.52 17.34 11.57 9.83 8.94 12.46 47 10.59 68 18.18 16.61 12.11 9.85 8.44 12.59 47 10.96 50 19.58 18.39 13.07 12.56 11.46 15.42 47 13.69 47 19.24 18.02 16.02 13.01 11.53 16.13 43 14.08 53 17.52 17.11 11.82 11.33 10.21 14.40 42 12.41 46 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% M1 M 1 M 1 M 1 M 1 M1 M1 M1 M1 M1 M 1 87 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 44.65 22.01 13.37 9.98 2.79 37.35 5 17.10 32 39.51 36.90 32.03 27.37 26.20 29.52 56 30.54 53 -0.30 -2.95 -4.89 -9.77 -12.51 -9.88 79 -9.06 71 36.69 26.33 20.37 16.33 13.12 19.76 50 18.52 62 21.10 20.38 17.42 14.26 4.67 6.73 93 13.80 75 10.11 2.58 1.31 -2.11 -3.43 -1.30 69 -2.44 87 14.96 10.44 7.56 5.45 3.51 13.38 5 13.21 5 41.85 37.37 32.00 30.80 26.69 37.36 25 34.76 25 18.50 16.90 15.90 13.91 11.56 22.00 1 17.26 22 10.44 8.97 -0.24 -1.67 -3.59 -0.10 43 -1.56 68 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% M 1 M1 M1 M1 M 1 M1 M1 M1 M 1 M1 88 City of Clearwater Employees Pension Fund Risk Measure Summary Mid Cap Equity Comp Quarterly Periods Ending 12/31/20 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 1.10 0.65 0.75 -17.51 28.43 37.35 37.35 39.69 0.86 4.34 0.97 0.92 42.65 8.92 1.61 1 3 -27.07 24.61 17.10 17.10 46.70 0.35 3 9 1.07 0.84 0.67 -18.03 28.43 -9.88 37.35 27.17 0.93 1.32 0.95 0.57 16.55 6.50 0.65 3 9 -27.07 24.61 -18.31 30.54 28.48 0.35 4 16 0.99 0.84 0.60 -18.03 28.43 -9.88 37.35 21.05 0.93 0.62 0.93 0.68 15.26 5.96 0.23 3 17 -27.07 24.61 -18.31 30.54 21.73 0.56 37 94 1.12 1.10 0.56 -26.78 49.24 -41.79 77.74 22.05 1.10 0.17 0.84 0.45 8.96 9.11 0.14 38 93 -27.28 24.61 -41.46 67.72 18.34 0.47 89 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Neutral Portfolios Annualized Rate of Return16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 M 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 17.04 25 27.17 56 11.61 50 28.48 78 11.79 25.30 Annualized Rate of Return16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 M 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 15.43 43 21.05 51 13.40 68 21.73 70 14.97 21.10 90 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/20 Global Pmts Inc Atlassian Corp Plc Veeva Sys Inc Zynga Inc Catalent Inc Hubspot Inc Match Group Inc New Exact Sciences Corp Genmab A S Dexcom Inc GICS Sector % Port Information Technology Information Technology Health Care Telecom Services Health Care Information Technology Telecom Services Health Care Health Care Health Care 5.10 3.70 3.22 3.02 2.92 2.84 2.58 2.48 2.40 2.36 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.11 10.57 11.55 1.27 25.64 3.71 35.07 10.02 1.07 -5.00.05.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 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 16.96 19.02 53,252 -7,884 8,827 54,194 56.72 35.59 49,643 -19,582 24,133 54,194 56.72 35.59 49,643 -19,582 24,133 54,194 28.02 20.50 39,456 -22,383 37,122 54,194 20.29 18.66 50,563 -40,715 44,347 54,194 16.71 15.05 40,886 -59,732 73,041 54,194 12.53 10.38 29,914 -59,733 84,014 54,194 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 91 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/20 Cash & Equiv $1,349 2.49% Domestic Equity $52,846 97.51% Periods from 7/01 to 12/20 Alpha Beta R-Squared 0.54 0.96 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 11.0 12.0 13.0 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 12.53 10.38 1.40 18.59 18.34 0.46 0.60 0.49 0.00 0.26 Asset Allocation ($000) Risk/Return Analysis 92 City of Clearwater Employees Pension Fund Midcap Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 27.62 23.88 22.97 20.04 18.34 16.96 95 19.02 91 63.54 46.45 44.45 38.89 34.66 56.72 13 35.59 91 52.29 39.34 38.52 36.75 31.69 47.37 9 35.53 75 33.96 24.88 20.83 20.29 16.68 28.02 9 20.50 62 32.55 25.10 22.41 21.53 17.70 26.18 22 21.67 72 26.97 21.59 18.39 18.12 16.21 20.29 33 18.66 45 22.35 17.70 14.69 14.21 12.93 17.29 32 15.28 43 19.03 15.77 13.69 12.63 11.22 15.76 26 14.80 38 22.00 18.28 16.66 16.08 14.36 18.46 25 17.23 41 21.69 17.52 16.91 16.80 14.26 18.72 21 17.07 48 16.71 15.05 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% r1 r 1 r 1 r 1 r 1 r1 r1 r1 r1 r1 r1 93 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 63.54 46.45 44.45 38.89 34.66 56.72 13 35.59 91 41.96 35.61 32.64 30.51 24.97 38.58 11 35.47 28 3.65 -1.05 -6.61 -7.91 -8.68 -3.39 31 -4.75 37 30.73 27.69 25.10 21.81 19.11 20.81 75 25.27 42 14.55 10.24 8.13 4.28 2.03 -0.63 99 7.33 50 8.27 1.57 -2.15 -3.52 -4.32 3.38 8 -0.20 33 10.80 8.78 5.57 4.08 0.41 6.96 37 11.91 1 47.34 42.30 39.01 37.43 34.30 39.21 46 35.76 75 22.65 19.46 14.58 12.77 10.84 20.82 5 15.80 41 11.21 3.44 0.92 -1.56 -8.01 0.07 62 -1.66 77 -10% 0% 10% 20% 30% 40% 50% 60% 70% r 1 r1 r1 r 1 r 1 r 1 r 1 r 1 r 1 r1 94 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 30.05 25.05 21.80 21.27 19.48 28.02 17 20.50 90 20.37 19.04 17.93 17.44 15.30 22.80 1 16.23 93 18.11 16.34 15.20 14.53 13.47 18.94 1 14.76 72 10.20 9.12 7.68 6.98 4.00 9.62 13 6.53 77 20.43 19.40 19.17 18.57 16.89 17.38 94 17.36 94 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% r 1 r 1 r 1 r 1 r 1 Artisan Partners 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -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% -6.1 1.9 1.2 -4.4 1.0 2.5 -3.6 -3.3 1.4 0.8 2.0 -2.7 2.0 4.5 -3.0 -0.9 10.0 4.7 2.1 -1.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap G 95 City of Clearwater Employees Pension Fund Risk Measure Summary Artisan Partners Quarterly Periods Ending 12/31/20 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 1.12 0.60 0.75 -12.07 36.44 56.72 56.72 39.92 0.94 4.21 0.95 1.40 59.90 8.90 1.67 1 3 -20.04 30.26 35.59 35.59 43.11 0.81 3 9 1.19 0.92 0.67 -18.25 36.44 -3.39 56.72 29.32 1.01 1.56 0.95 0.90 26.06 6.86 0.94 3 9 -20.04 30.26 -9.45 35.59 28.22 0.67 5 15 1.03 0.92 0.60 -18.25 36.44 -3.39 56.72 23.60 1.03 0.29 0.91 0.81 18.56 7.33 0.20 3 17 -20.04 30.26 -9.45 35.59 21.79 0.80 21 56 1.02 0.89 0.51 -27.54 36.44 -42.87 58.59 20.84 0.96 0.54 0.92 0.60 12.98 5.81 0.26 21 56 -27.36 30.26 -44.32 62.98 20.81 0.51 96 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Growth Portfolios Annualized Rate of Return25.0 26.4 27.8 29.2 30.6 32.0 33.4 34.8 36.2 37.6 39.0 12.0 13.8 15.6 17.4 19.1 20.9 22.7 24.5 26.3 28.1 29.9 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 28.02 9 29.32 17 20.50 62 28.22 17 20.83 32.18 Annualized Rate of Return19.0 20.3 21.6 22.9 24.2 25.5 26.8 28.1 29.4 30.7 32.0 11.0 12.5 14.0 15.5 17.0 18.5 20.0 21.5 23.0 24.5 26.0 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 20.29 33 23.60 11 18.66 45 21.79 8 18.39 25.34 97 City of Clearwater Employees Pension Fund Equity Summary Statistics Artisan Partners Period Ending 12/20 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 67 52,845,775 25,944,739 19,415,862 0.16 164.91 34.60 1.07 6.69 45.26 9.66 347 24,497,324 12,415,238 0.47 74.80 30.67 1.07 10.94 42.95 13.11 Ten Largest Holdings Global Pmts Inc Atlassian Corp Plc Veeva Sys Inc Zynga Inc Catalent Inc Hubspot Inc Match Group Inc New Exact Sciences Corp Genmab A S Dexcom Inc Market Value % of Portfolio Quarterly Ret 2,695,120 1,953,282 1,704,013 1,596,848 1,543,254 1,502,904 1,365,397 1,309,796 1,268,104 1,245,956 5.10 3.70 3.22 3.02 2.92 2.84 2.58 2.48 2.40 2.36 21.43 28.65 -3.18 8.22 21.49 35.66 36.64 29.96 11.06 -10.31 Ten Best Performers Lyft Inc Roku Inc Chewy Inc Svb Finl Group Lattice Semiconducto Peloton Interactive Pagseguro Digital Lt Aptiv Plc Zscaler Inc Sage Therapeutics In Quarterly Ret 78.33 75.86 63.94 61.18 58.22 52.88 50.84 42.11 41.95 41.54 Ten Worst Performers Jfrog Ltd Beyond Meat Inc Wayfair Inc Dexcom Inc Ollies Bargain Outlt Fidelity Natl Inform Datadog Inc Veeva Sys Inc Irhythm Technologies CMS Energy Corp Quarterly Ret -25.78 -24.73 -22.40 -10.31 -6.39 -3.68 -3.64 -3.18 -0.38 -0.02 98 City of Clearwater Employees Pension Fund Equity Contribution to Return Artisan Partners Period Ending 12/20 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 67 52,845,775 25,944,739 19,415,862 0.16 164.91 34.60 1.07 6.69 45.26 9.66 347 24,497,324 12,415,238 0.47 74.80 30.67 1.07 10.94 42.95 13.11 Ten Best Contributors Global Pmts Inc Atlassian Corp Plc Roku Inc Peloton Interactive Hubspot Inc Match Group Inc New Lattice Semiconducto Pagseguro Digital Lt Exact Sciences Corp Zscaler Inc Market Value % of Portfolio Quarterly Ret 2,695,120 1,953,282 734,428 1,051,723 1,502,904 1,365,397 808,036 860,538 1,309,796 889,708 5.10 3.70 1.39 1.99 2.84 2.58 1.53 1.63 2.48 1.68 21.43 28.65 75.86 52.88 35.66 36.64 58.22 50.84 29.96 41.95 Ten Worst Contributors Dexcom Inc Jfrog Ltd Wayfair Inc Veeva Sys Inc Beyond Meat Inc Ollies Bargain Outlt Fidelity Natl Inform Datadog Inc Irhythm Technologies CMS Energy Corp Market Value % of Portfolio Quarterly Ret 1,245,956 269,918 307,553 1,704,013 173,000 485,060 639,682 634,249 545,109 564,281 2.36 0.51 0.58 3.22 0.33 0.92 1.21 1.20 1.03 1.07 -10.31 -25.78 -22.40 -3.18 -24.73 -6.39 -3.68 -3.64 -0.38 -0.02 99 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Artisan Partners Quarter Ending 12/20 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 0.80 12.65 11.54 0.79 27.38 2.40 33.25 8.42 2.77 100.00 0.39 2.19 12.21 11.36 4.25 22.32 3.55 36.57 5.69 0.09 100.00 12.28 14.87 21.43 -11.15 10.33 15.47 21.94 26.72 -0.36 17.10 28.80 12.90 14.33 9.91 -0.41 14.81 17.08 25.78 39.23 23.31 18.85 0.00 -0.00 0.07 1.33 -0.09 -1.23 -0.04 -1.28 -1.05 -0.66 -2.94 -0.04 0.08 -0.02 -0.02 0.67 -0.20 0.02 -0.23 0.56 0.12 0.94 -0.04 0.08 0.05 1.31 0.58 -1.43 -0.02 -1.51 -0.50 -0.54 -2.01 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 -0.25% [ Actual Return 16.85% ] - [ Buy Hold Return 17.10% ] 100 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Artisan Partners Quarter Ending 12/20 % Allocation Energy 0.00 0.39 Materials 0.80 2.19 Industrials 12.65 12.21 Con. Discretionary 11.54 11.36 Consumer Staples 0.79 4.25 Health Care 27.38 22.32 Financials 2.40 3.55 Infomation Tech. 33.25 36.57 Telecom. Services 8.42 5.69 Utilities 2.77 0.09 Artisan Partners R Mid Cap G % Return 28.80 12.28 12.90 14.87 14.33 21.43 9.91 -11.15 -0.41 10.33 14.81 15.47 17.08 21.94 25.78 26.72 39.23 -0.36 23.31 % Variance -0.04 0.08 0.05 1.31 0.58 -1.43 -0.02 -1.51 -0.50 -0.54 101 City of Clearwater Employees Pension Fund Boston Partners as of 12/31/20 Ameriprise Finl Inc Fifth Third Bancorp Huntington Bancshare Ametek Inc New Te Connectivity Ltd Dover Corp Qorvo Inc Keycorp Eaton Corp Plc F M C Corp GICS Sector % Port Financials Financials Financials Industrials Information Technology Industrials Information Technology Financials Industrials Materials 1.78 1.73 1.71 1.68 1.55 1.47 1.46 1.39 1.32 1.30 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 4.77 6.03 21.54 13.05 1.60 9.61 24.69 10.78 2.56 5.37 -5.00.05.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/20 Boston Partners Russell MidCap Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/20 Boston Partners Russell MidCap Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 21.87 20.43 43,961 87 9,614 53,662 50.38 53.70 27,058 10,226 16,378 53,662 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 102 City of Clearwater Employees Pension Fund Boston Partners as of 12/31/20 Cash & Equiv $1,199 2.24% Domestic Equity $52,463 97.76% Periods from 3/20 to 12/20 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 20.0 22.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 b1 T Annualized Standard Deviation% b Boston Partners 1 Russell MidCap Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 50.38 53.70 0.09 20.92 18.87 0.02 2.40 2.84 0.00 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 103 City of Clearwater Employees Pension Fund Midcap Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 High 1st Qt Median 3rd Qt Low b Boston Partners Net Ret Rank 1 Russell MidCap Value Net Ret Rank Last Qtr 27.50 26.49 22.14 16.54 7.56 21.87 57 20.43 65 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% b 1 104 City of Clearwater Employees Pension Fund Risk Measure Summary Boston Partners Quarterly Periods Ending 12/31/20 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 3 0.94 0.33 5.51 21.87 0 3 6.40 20.43 105 City of Clearwater Employees Pension Fund Equity Summary Statistics Boston Partners Period Ending 12/20 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 MidCap Value 148 52,462,596 20,118,051 14,851,192 1.62 73.05 18.83 1.29 2.29 72.14 5.01 701 17,901,976 8,494,603 1.85 47.88 19.39 1.17 2.11 66.67 7.01 Ten Largest Holdings Ameriprise Finl Inc Fifth Third Bancorp Huntington Bancshare Ametek Inc New Te Connectivity Ltd Dover Corp Qorvo Inc Keycorp Eaton Corp Plc F M C Corp Market Value % of Portfolio Quarterly Ret 934,144 905,867 898,094 878,992 810,685 772,271 762,348 729,966 689,123 679,236 1.78 1.73 1.71 1.68 1.55 1.47 1.46 1.39 1.32 1.30 26.87 32.27 39.41 21.86 24.40 17.00 28.88 39.20 18.53 8.97 Ten Best Performers Championx Corporatio Howmet Aerospace Inc Yelp Inc Mastec Inc Flextronics Intl Ltd Helmerich & Payne In Discover Finl Svcs Halliburton Co Wynn Resorts Ltd East West Bancorp In Quarterly Ret 91.49 70.69 62.62 61.56 61.40 60.48 57.59 57.25 57.12 56.05 Ten Worst Performers Best Buy Inc Ppd Inc Boston Scientific Co Ebay Inc Renaissance Re Hldgs Whirlpool Corp Rackspace Technology Humana Inc Nomad Hldgs Ltd Masco Corp Quarterly Ret -9.85 -7.49 -5.91 -3.24 -2.10 -1.21 -1.19 -0.72 -0.24 -0.12 106 City of Clearwater Employees Pension Fund Equity Contribution to Return Boston Partners Period Ending 12/20 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 MidCap Value 148 52,462,596 20,118,051 14,851,192 1.62 73.05 18.83 1.29 2.29 72.14 5.01 701 17,901,976 8,494,603 1.85 47.88 19.39 1.17 2.11 66.67 7.01 Ten Best Contributors Howmet Aerospace Inc Huntington Bancshare Discover Finl Svcs Fifth Third Bancorp Keycorp East West Bancorp In Ameriprise Finl Inc On Semiconductor Cor Championx Corporatio Harley Davidson Inc Market Value % of Portfolio Quarterly Ret 525,821 898,094 607,366 905,867 729,966 480,021 934,144 449,972 249,206 457,319 1.00 1.71 1.16 1.73 1.39 0.92 1.78 0.86 0.48 0.87 70.69 39.41 57.59 32.27 39.20 56.05 26.87 50.90 91.49 49.63 Ten Worst Contributors Ppd Inc Best Buy Inc Ebay Inc Boston Scientific Co Whirlpool Corp Renaissance Re Hldgs Humana Inc Rackspace Technology Nomad Hldgs Ltd Masco Corp Market Value % of Portfolio Quarterly Ret 217,845 158,766 379,287 187,120 460,069 222,862 538,685 186,197 213,198 353,310 0.42 0.30 0.72 0.36 0.88 0.43 1.03 0.36 0.41 0.67 -7.49 -9.85 -3.24 -5.91 -1.21 -2.10 -0.72 -1.19 -0.24 -0.12 107 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Boston Partners Quarter Ending 12/20 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 3.24 5.93 21.02 12.01 1.84 11.81 25.19 11.06 2.02 5.86 100.00 3.42 7.06 17.37 11.89 4.42 7.92 14.80 9.62 4.08 9.02 100.00 43.94 23.62 22.49 25.41 10.83 11.30 23.80 29.31 36.63 9.07 22.65 38.58 24.95 19.62 20.22 6.73 15.88 29.43 25.94 21.92 5.93 18.73 0.17 -0.08 0.60 0.62 0.08 -0.54 -1.42 0.37 0.30 0.18 0.29 -0.03 -0.07 0.03 0.00 0.31 -0.11 1.11 0.10 -0.07 0.40 1.68 0.14 -0.15 0.64 0.63 0.39 -0.65 -0.31 0.48 0.23 0.59 1.98 Index - Russell MidCap 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 -1.05% [ Actual Return 21.60% ] - [ Buy Hold Return 22.65% ] 108 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Boston Partners Quarter Ending 12/20 % Allocation Energy 3.24 3.42 Materials 5.93 7.06 Industrials 21.02 17.37 Con. Discretionary 12.01 11.89 Consumer Staples 1.84 4.42 Health Care 11.81 7.92 Financials 25.19 14.80 Infomation Tech. 11.06 9.62 Telecom. Services 2.02 4.08 Utilities 5.86 9.02 Boston Partners Russell MidCap Value % Return 43.94 38.58 23.62 24.95 22.49 19.62 25.41 20.22 10.83 6.73 11.30 15.88 23.80 29.43 29.31 25.94 36.63 21.92 9.07 5.93 % Variance 0.14 -0.15 0.64 0.63 0.39 -0.65 -0.31 0.48 0.23 0.59 109 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/20 Globant S A Blackline Inc Alarm Com Hldgs Inc Sps Comm Inc Pegasystems Inc Five9 Inc Ritchie Bros Auction Workiva Inc Five Below Inc Paylocity Hldg Corp GICS Sector % Port Information Technology Information Technology Information Technology Information Technology Information Technology Information Technology Industrials Information Technology Consumer Discretionary Information Technology 2.51 2.31 2.15 1.96 1.90 1.81 1.69 1.68 1.67 1.57 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.49 2.69 20.64 13.98 4.65 16.58 10.38 29.73 0.35 0.52 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 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 24.60 31.37 62,554 -7,857 15,104 69,802 31.18 19.96 59,017 -7,479 18,264 69,802 31.18 19.96 59,017 -7,479 18,264 69,802 19.13 10.25 57,098 -20,500 33,204 69,802 18.46 13.26 50,588 -30,571 49,784 69,802 14.69 11.20 42,571 -50,584 77,815 69,802 11.74 9.74 29,988 -89,586 129,400 69,802 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 110 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/20 Cash & Equiv $1,321 1.89% Domestic Equity $68,482 98.11% Periods from 8/03 to 12/20 Alpha Beta R-Squared 0.71 0.86 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 22.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 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 11.74 9.74 1.34 17.98 19.62 0.47 0.58 0.43 0.00 0.25 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 111 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 35.87 30.90 29.92 26.47 24.59 24.60 93 31.37 11 20.02 18.13 10.54 4.82 0.21 31.18 1 19.96 5 27.70 22.67 20.34 15.84 14.06 28.96 1 22.71 22 12.05 11.11 9.51 4.79 3.36 19.13 1 10.25 40 14.51 11.77 11.09 7.76 5.15 18.51 1 11.33 40 17.05 14.34 13.12 10.79 8.94 18.46 1 13.26 43 13.88 11.39 10.73 8.09 7.17 14.83 1 10.10 57 11.36 10.38 9.55 7.85 7.01 12.65 1 9.34 60 15.17 13.50 12.36 12.14 10.62 16.01 1 12.65 39 14.71 13.61 12.62 12.30 11.92 16.19 1 13.06 38 12.82 12.52 11.26 10.92 10.05 14.69 1 11.20 54 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 112 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 20.02 18.13 10.54 4.82 0.21 31.18 1 19.96 5 36.54 31.11 26.92 25.49 22.07 26.79 52 25.52 70 -4.03 -8.71 -13.31 -15.11 -16.73 1.67 1 -11.01 33 25.53 20.38 14.15 12.18 6.77 16.66 29 14.65 43 30.09 27.80 24.77 22.85 18.31 18.26 96 21.31 77 2.69 -0.23 -2.07 -3.15 -5.52 -1.70 37 -4.41 88 12.92 6.48 5.72 0.48 -3.46 0.39 75 4.89 65 46.84 42.90 39.10 35.52 32.62 42.51 28 38.82 53 22.92 18.50 15.45 14.04 11.11 17.61 27 16.34 38 3.15 0.65 -1.86 -3.81 -6.08 2.07 9 -4.17 75 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% S 1 S1 S 1 S1 S 1 S1 S 1 S 1 S1 S 1 113 City of Clearwater Employees Pension Fund Risk Measure Summary Small Cap Equity Comp Quarterly Periods Ending 12/31/20 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 0.92 0.71 0.75 -21.62 26.89 31.18 31.18 44.88 0.81 2.64 0.98 0.68 37.89 12.88 0.32 1 3 -30.61 31.37 19.96 19.96 55.98 0.34 3 9 0.99 0.68 0.67 -21.62 26.89 -12.40 31.18 27.72 0.80 2.17 0.97 0.63 21.83 8.34 0.69 4 8 -30.61 31.37 -23.99 25.52 34.19 0.25 3 17 0.96 0.64 0.65 -21.62 26.89 -12.40 31.18 21.25 0.79 1.61 0.96 0.81 21.79 7.05 0.45 5 15 -30.61 31.37 -23.99 26.22 26.37 0.46 18 51 0.96 0.81 0.61 -25.65 26.89 -38.63 57.55 19.08 0.86 0.71 0.95 0.56 12.38 5.17 0.25 20 49 -30.61 31.37 -37.50 62.77 21.60 0.40 114 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0 40.0 -4.0 -1.4 1.1 3.7 6.3 9.0 11.6 14.2 16.8 19.4 22.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 19.13 1 27.72 20 10.25 40 34.19 61 9.51 32.43 Annualized Rate of Return20.0 21.2 22.4 23.6 24.8 26.0 27.2 28.4 29.6 30.8 32.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 18.46 1 21.25 23 13.26 43 26.37 58 13.12 25.93 115 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/20 Globant S A Blackline Inc Alarm Com Hldgs Inc Sps Comm Inc Pegasystems Inc Five9 Inc Ritchie Bros Auction Workiva Inc Five Below Inc Paylocity Hldg Corp GICS Sector % Port Information Technology Information Technology Information Technology Information Technology Information Technology Information Technology Industrials Information Technology Consumer Discretionary Information Technology 4.58 4.22 3.94 3.58 3.47 3.31 3.08 3.07 3.05 2.86 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 14.63 14.45 3.17 23.02 2.22 42.50 0.00 0.00 -5.00.05.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 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 25.78 29.61 36,728 -7,915 9,151 37,964 54.14 34.63 29,771 -7,701 15,894 37,964 54.14 34.63 29,771 -7,701 15,894 37,964 28.20 16.20 29,033 -16,200 25,131 37,964 24.03 16.36 20,470 -15,758 33,253 37,964 17.51 13.48 19,642 -28,764 47,087 37,964 18.80 14.89 16,876 -28,764 49,852 37,964 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 116 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/20 Cash & Equiv $482 1.27% Domestic Equity $37,482 98.73% Periods from 9/10 to 12/20 Alpha Beta R-Squared 1.32 0.85 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 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 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 18.80 14.89 0.62 17.10 19.17 0.25 1.06 0.74 0.00 0.38 Asset Allocation ($000) Risk/Return Analysis 117 City of Clearwater Employees Pension Fund Small Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 12/20 YTD Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years 38.82 28.14 26.38 23.21 20.13 25.78 57 29.61 21 57.08 40.14 34.84 31.60 24.51 36.30 42 38.88 28 116.53 91.79 78.41 64.09 48.16 85.45 32 81.36 39 70.18 43.81 29.29 18.94 11.94 54.14 13 34.63 42 70.18 43.81 29.29 18.94 11.94 54.14 13 34.63 42 53.52 37.84 27.62 24.83 18.58 40.10 17 31.52 46 30.14 22.47 15.29 12.13 6.60 28.20 13 16.20 46 32.64 22.45 16.08 13.48 6.98 26.87 13 17.66 42 25.99 19.15 15.76 14.23 9.66 24.03 9 16.36 42 20.98 15.92 13.01 11.38 8.17 19.02 12 13.20 43 17.61 14.62 11.46 10.23 7.17 16.13 13 12.08 37 20.90 18.61 14.95 13.91 11.95 19.24 11 15.58 40 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120% R1 R1 R1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R1 R1 118 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 70.18 43.81 29.29 18.94 11.94 54.14 13 34.63 42 40.40 31.23 27.35 25.44 23.59 27.35 50 28.48 33 7.33 0.11 -7.24 -11.63 -14.14 7.33 5 -9.31 55 35.55 24.02 19.30 15.01 10.96 22.97 28 22.17 34 25.88 19.40 17.42 9.98 3.62 13.29 65 11.32 65 4.97 4.50 0.34 -1.85 -4.99 -3.15 87 -1.38 67 9.98 7.41 3.37 2.45 -0.76 0.20 87 5.60 28 50.89 46.08 43.50 40.25 32.20 43.50 50 43.29 50 19.87 16.29 14.88 12.07 10.63 17.83 17 14.59 50 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% R 1 R 1 R 1 R1 R1 R1 R 1 R1 R1 119 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 28.82 22.66 17.53 16.29 11.27 28.20 9 16.20 76 20.17 13.23 10.48 8.17 4.61 20.17 6 8.18 74 18.76 12.86 8.73 7.36 4.81 17.43 13 7.86 68 9.00 3.62 0.73 -0.72 -1.24 9.00 6 0.10 69 20.05 17.64 12.36 11.85 11.46 18.90 13 12.49 50 -5% 0% 5% 10% 15% 20% 25% 30% R 1 R 1 R 1 R 1 R 1 Riverbridge Partners 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 1.9 3.3 -1.6 -1.8 2.4 4.2 -4.8 -0.9 6.2 0.8 4.2 6.1 -1.2 2.1 1.6 -3.3 12.0 4.2 1.1 -2.9 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R2000G 120 City of Clearwater Employees Pension Fund Risk Measure Summary Riverbridge Partners Quarterly Periods Ending 12/31/20 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 1.05 0.66 0.75 -16.88 36.06 54.14 54.14 46.32 0.88 4.13 0.96 1.15 60.53 10.98 1.07 1 3 -25.76 30.58 34.63 34.63 52.85 0.64 3 9 1.13 0.74 0.75 -16.88 36.06 -8.58 54.14 30.30 0.87 2.84 0.95 0.88 30.48 7.88 1.13 3 9 -25.76 30.58 -18.58 34.63 34.17 0.43 4 16 1.10 0.74 0.65 -16.88 36.06 -8.58 54.14 23.79 0.87 2.05 0.93 0.96 26.30 7.43 0.77 4 16 -25.76 30.58 -18.58 34.63 26.47 0.57 9 32 0.97 0.70 0.51 -16.88 36.06 -8.58 54.14 20.06 0.85 1.32 0.92 0.91 21.48 6.76 0.38 9 32 -25.76 30.58 -18.58 43.29 22.74 0.63 121 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Growth Portfolios Annualized Rate of Return22.0 24.2 26.4 28.6 30.8 33.0 35.2 37.4 39.6 41.8 44.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 28.20 13 30.30 26 16.20 46 34.17 59 15.29 32.73 Annualized Rate of Return16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 2.0 4.8 7.6 10.4 13.2 16.0 18.8 21.5 24.3 27.1 29.9 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 24.03 9 23.79 43 16.36 42 26.47 66 15.76 24.88 122 City of Clearwater Employees Pension Fund Equity Summary Statistics Riverbridge Partners Period Ending 12/20 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 53 37,482,273 5,746,754 4,205,358 0.28 91.94 34.14 1.08 7.41 31.70 11.72 1,127 4,032,679 1,189,172 0.38 -305.54 6.53 1.25 5.65 41.83 8.99 Ten Largest Holdings Globant S A Blackline Inc Alarm Com Hldgs Inc Sps Comm Inc Pegasystems Inc Five9 Inc Ritchie Bros Auction Workiva Inc Five Below Inc Paylocity Hldg Corp Market Value % of Portfolio Quarterly Ret 1,716,072 1,580,286 1,475,197 1,340,435 1,302,083 1,241,902 1,156,199 1,151,663 1,142,094 1,071,556 4.58 4.22 3.94 3.58 3.47 3.31 3.08 3.07 3.05 2.86 21.42 48.81 87.24 39.45 10.12 34.48 17.77 64.31 37.78 27.56 Ten Best Performers Alarm Com Hldgs Inc Phreesia Inc Workiva Inc Pros Holdings Inc Rogers Corp Inogen Inc Pennant Group Inc Blackline Inc Power Integrations I Heska Corp Quarterly Ret 87.24 68.88 64.31 58.95 58.36 54.07 50.57 48.81 47.99 47.43 Ten Worst Performers Inovalon Hldgs Inc Orthopediatrics Corp Ollies Bargain Outlt Dorman Products Inc Cass Information Sys Pra Group Inc Neogen Corp Descartes Sys Group Calavo Growers Inc Cmc Materials Inc Quarterly Ret -31.30 -10.17 -6.39 -3.94 -2.69 -0.73 1.34 2.63 6.47 6.58 123 City of Clearwater Employees Pension Fund Equity Contribution to Return Riverbridge Partners Period Ending 12/20 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 53 37,482,273 5,746,754 4,205,358 0.28 91.94 34.14 1.08 7.41 31.70 11.72 1,127 4,032,679 1,189,172 0.38 -305.54 6.53 1.25 5.65 41.83 8.99 Ten Best Contributors Alarm Com Hldgs Inc Blackline Inc Workiva Inc Sps Comm Inc Five Below Inc Five9 Inc Globant S A Willscot Mobil Mini Power Integrations I Kornit Digital Ltd Market Value % of Portfolio Quarterly Ret 1,475,197 1,580,286 1,151,663 1,340,435 1,142,094 1,241,902 1,716,072 864,403 674,526 851,192 3.94 4.22 3.07 3.58 3.05 3.31 4.58 2.31 1.80 2.27 87.24 48.81 64.31 39.45 37.78 34.48 21.42 38.91 47.99 37.40 Ten Worst Contributors Inovalon Hldgs Inc Ollies Bargain Outlt Orthopediatrics Corp Dorman Products Inc Cass Information Sys Pra Group Inc Neogen Corp Descartes Sys Group Calavo Growers Inc Cmc Materials Inc Market Value % of Portfolio Quarterly Ret 363,800 561,678 268,414 285,551 169,336 438,441 541,223 535,034 297,716 355,404 0.97 1.50 0.72 0.76 0.45 1.17 1.44 1.43 0.79 0.95 -31.30 -6.39 -10.17 -3.94 -2.69 -0.73 1.34 2.63 6.47 6.58 124 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Riverbridge Partners Quarter Ending 12/20 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 15.29 16.44 3.34 22.20 2.42 40.32 0.00 0.00 100.00 0.14 2.57 13.81 13.66 3.22 34.51 4.21 20.12 2.32 1.68 100.00 26.72 21.56 21.22 18.00 16.51 33.42 26.21 37.73 23.00 31.49 23.76 16.67 31.09 22.21 36.07 26.60 22.74 28.70 0.00 0.00 -0.73 -0.36 0.15 -2.91 -0.14 -1.07 0.00 0.00 -5.05 -0.01 0.15 0.04 -0.14 -0.01 -0.29 0.12 1.49 0.05 0.10 1.48 -0.01 0.15 -0.69 -0.50 0.14 -3.20 -0.02 0.42 0.05 0.10 -3.57 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 0.21% [ Actual Return 26.42% ] - [ Buy Hold Return 26.21% ] 125 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Riverbridge Partners Quarter Ending 12/20 % Allocation Energy 0.00 0.14 Materials 0.00 2.57 Industrials 15.29 13.81 Con. Discretionary 16.44 13.66 Consumer Staples 3.34 3.22 Health Care 22.20 34.51 Financials 2.42 4.21 Infomation Tech. 40.32 20.12 Telecom. Services 0.00 2.32 Utilities 0.00 1.68 Riverbridge Partners R2000G % Return 37.73 23.00 26.72 31.49 21.56 23.76 21.22 16.67 18.00 31.09 16.51 22.21 33.42 36.07 26.60 22.74 % Variance -0.01 0.15 -0.69 -0.50 0.14 -3.20 -0.02 0.42 0.05 0.10 126 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/20 Choice Hotels Intl I Corelogic Inc Manhattan Assocs Inc Integra Lifesciences Inter Parfums Inc ICU Med Inc Qualys Inc Kinsale Cap Group In Moog Inc ’a’ Houlihan Lokey Inc GICS Sector % Port Consumer Discretionary Industrials Information Technology Health Care Consumer Staples Health Care Information Technology Financials Industrials Financials 3.46 2.98 2.95 2.82 2.81 2.78 2.71 2.71 2.56 2.42 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.55 3.33 29.58 14.22 8.49 9.62 17.22 16.35 0.64 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 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 19.05 31.37 14,081 28 2,683 16,792 10.77 19.96 15,044 106 1,642 16,792 10.77 19.96 15,044 106 1,642 16,792 11.99 10.25 14,218 -2,666 5,240 16,792 13.44 13.26 16,621 -9,425 9,597 16,792 13.68 11.13 11,514 -13,430 18,709 16,792 12.58 9.77 14,990 -23,430 25,233 16,792 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 127 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/20 Cash & Equiv $463 2.76% Domestic Equity $16,329 97.24% Periods from 8/03 to 12/20 Alpha Beta R-Squared 1.17 0.72 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 22.0 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 12.58 9.77 1.34 16.14 19.59 0.47 0.70 0.43 0.00 0.18 Asset Allocation ($000) Risk/Return Analysis 128 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 35.87 30.90 29.92 26.47 24.59 19.05 99 31.37 11 20.02 18.13 10.54 4.82 0.21 10.77 44 19.96 5 27.70 22.67 20.34 15.84 14.06 18.23 59 22.71 22 12.05 11.11 9.51 4.79 3.36 11.99 5 10.25 40 14.51 11.77 11.09 7.76 5.15 12.33 16 11.33 40 17.05 14.34 13.12 10.79 8.94 13.44 40 13.26 43 13.88 11.39 10.73 8.09 7.17 11.98 21 10.10 57 11.36 10.38 9.55 7.85 7.01 10.73 21 9.34 60 15.17 13.50 12.36 12.14 10.62 14.27 22 12.56 40 14.71 13.61 12.62 12.30 11.92 14.08 22 13.15 37 12.82 12.52 11.26 10.92 10.05 13.68 1 11.13 58 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% t 1 t 1 t 1 t 1 t1 t1 t 1 t1 t1 t1 t 1 129 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 20.02 18.13 10.54 4.82 0.21 10.77 44 19.96 5 36.54 31.11 26.92 25.49 22.07 26.20 60 25.53 70 -4.03 -8.71 -13.31 -15.11 -16.73 0.48 1 -11.01 33 25.53 20.38 14.15 12.18 6.77 13.34 54 14.65 43 30.09 27.80 24.77 22.85 18.31 18.02 96 21.31 77 2.69 -0.23 -2.07 -3.15 -5.52 4.97 1 -4.41 88 12.92 6.48 5.72 0.48 -3.46 3.50 67 4.89 65 46.84 42.90 39.10 35.52 32.62 42.43 28 37.88 65 22.92 18.50 15.45 14.04 11.11 12.53 90 18.05 27 3.15 0.65 -1.86 -3.81 -6.08 10.20 1 -5.50 81 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% t 1 t1 t 1 t1 t 1 t 1 t1 t 1 t 1 t 1 130 City of Clearwater Employees Pension Fund December 31, 2020 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 18 Dec 20 Dec 17 Sep 20 Sep 17 Jun 20 Jun 17 Mar 20 Mar 17 Dec 19 20.43 13.24 11.11 8.20 3.77 11.99 36 10.25 65 8.61 5.06 2.42 -1.18 -3.79 7.41 13 1.77 58 10.26 5.18 3.11 -0.76 -2.86 7.54 13 2.01 64 4.69 0.76 -1.92 -6.82 -9.50 2.60 17 -4.64 66 17.30 12.31 11.11 7.90 4.25 12.85 21 8.59 68 -10% -5% 0% 5% 10% 15% 20% 25% t 1 t 1 t 1 t 1 t 1 Atlanta Capital Mgmt 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 5.4 0.1 -6.2 -1.7 -1.4 0.7 -2.1 1.6 1.7 -0.9 4.2 7.6 -2.7 3.7 5.1 -5.2 9.5 -5.2 -1.8 -9.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 2000 131 City of Clearwater Employees Pension Fund Risk Measure Summary Atlanta Capital Mgmt Quarterly Periods Ending 12/31/20 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 0.63 0.79 0.25 -24.06 19.05 10.77 10.77 40.58 0.72 -1.42 0.99 0.25 14.02 15.96 -0.90 1 3 -30.61 31.37 19.96 19.96 55.98 0.34 2 10 0.76 0.70 0.50 -24.06 19.05 -14.08 26.20 24.53 0.70 0.77 0.95 0.42 14.82 11.76 -0.14 4 8 -30.61 31.37 -23.99 25.53 34.19 0.25 2 18 0.75 0.61 0.50 -24.06 19.05 -14.08 26.20 18.79 0.69 0.79 0.92 0.65 17.85 9.91 -0.20 5 15 -30.61 31.37 -23.99 26.22 26.37 0.46 16 53 0.86 0.61 0.59 -24.06 19.05 -24.55 52.53 16.21 0.72 1.17 0.92 0.71 16.08 7.79 0.18 19 50 -30.61 31.37 -38.89 65.05 21.71 0.39 132 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return24.0 25.8 27.6 29.4 31.2 33.0 34.8 36.6 38.4 40.2 42.0 0.0 1.8 3.6 5.3 7.2 9.0 10.8 12.6 14.4 16.2 18.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 11.99 5 24.53 1 10.25 40 34.19 61 9.51 32.43 Annualized Rate of Return18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 13.44 40 18.79 1 13.26 43 26.37 58 13.12 25.93 133 City of Clearwater Employees Pension Fund Equity Summary Statistics Atlanta Capital Mgmt Period Ending 12/20 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 62 16,329,134 3,862,723 3,700,626 0.86 67.36 29.01 1.05 3.34 38.74 8.25 2,039 3,292,157 861,920 1.00 350.79 9.55 1.30 2.30 48.43 7.10 Ten Largest Holdings Choice Hotels Intl I Corelogic Inc Manhattan Assocs Inc Integra Lifesciences Inter Parfums Inc ICU Med Inc Qualys Inc Kinsale Cap Group In Moog Inc ’a’ Houlihan Lokey Inc Market Value % of Portfolio Quarterly Ret 564,815 487,039 482,250 460,088 458,212 453,861 442,266 442,087 418,228 394,304 3.46 2.98 2.95 2.82 2.81 2.78 2.71 2.71 2.56 2.42 24.16 14.75 10.15 37.48 61.95 17.36 24.34 5.27 25.22 14.42 Ten Best Performers Pinnacle Finl Partne Inter Parfums Inc Raven Inds Inc South St Corp Yeti Hldgs Inc Sally Beauty Hldgs I Huron Consulting Gro Power Integrations I Aci Worldwide Inc Umpqua Hldgs Corp Quarterly Ret 81.59 61.95 53.76 51.20 51.08 50.06 49.89 47.99 47.07 44.67 Ten Worst Performers Emergent Biosolution Dorman Products Inc Simpson Manufacturin Central Garden & Pet Cass Information Sys Columbia Sportswear Caseys Gen Stores Silgan Holdings Inc Westamerica Bancorp Blackbaud Inc Quarterly Ret -13.29 -3.94 -3.82 -3.31 -2.69 0.46 0.74 1.20 2.53 3.10 134 City of Clearwater Employees Pension Fund Equity Contribution to Return Atlanta Capital Mgmt Period Ending 12/20 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 62 16,329,134 3,862,723 3,700,626 0.86 67.36 29.01 1.05 3.34 38.74 8.25 2,039 3,292,157 861,920 1.00 350.79 9.55 1.30 2.30 48.43 7.10 Ten Best Contributors Inter Parfums Inc Pinnacle Finl Partne Integra Lifesciences Aci Worldwide Inc Power Integrations I Choice Hotels Intl I South St Corp Huron Consulting Gro Forward Air Corp Beacon Roofing Suppl Market Value % of Portfolio Quarterly Ret 458,212 251,418 460,088 314,165 289,293 564,815 260,569 252,306 363,069 380,599 2.81 1.54 2.82 1.92 1.77 3.46 1.60 1.55 2.22 2.33 61.95 81.59 37.48 47.07 47.99 24.16 51.20 49.89 34.28 29.35 Ten Worst Contributors Emergent Biosolution Dorman Products Inc Simpson Manufacturin Central Garden & Pet Cass Information Sys Columbia Sportswear Caseys Gen Stores Silgan Holdings Inc Westamerica Bancorp Lancaster Colony Cor Market Value % of Portfolio Quarterly Ret 249,446 388,259 262,221 172,471 141,749 363,413 287,042 221,775 148,343 153,598 1.53 2.38 1.61 1.06 0.87 2.23 1.76 1.36 0.91 0.94 -13.29 -3.94 -3.82 -3.31 -2.69 0.46 0.74 1.20 2.53 3.21 135 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Atlanta Capital Mgmt Quarter Ending 12/20 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 0.55 3.69 29.45 14.57 8.51 9.97 16.47 16.46 0.34 0.00 100.00 1.92 3.98 15.22 13.49 3.43 21.48 14.78 13.48 2.34 3.24 100.00 19.63 8.57 21.08 16.98 19.65 15.65 26.20 19.11 34.46 19.91 44.85 39.77 31.99 26.51 22.97 29.70 35.10 37.73 31.76 21.28 29.76 -0.14 -1.15 -3.21 -1.39 -0.28 -1.40 -1.47 -3.07 0.01 0.00 -12.10 -0.21 -0.03 0.32 -0.04 -0.34 0.01 0.09 0.24 -0.04 0.28 0.27 -0.34 -1.18 -2.90 -1.42 -0.63 -1.39 -1.38 -2.83 -0.03 0.28 -11.83 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 -0.18% [ Actual Return 19.74% ] - [ Buy Hold Return 19.91% ] 136 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Atlanta Capital Mgmt Quarter Ending 12/20 % Allocation Energy 0.55 1.92 Materials 3.69 3.98 Industrials 29.45 15.22 Con. Discretionary 14.57 13.49 Consumer Staples 8.51 3.43 Health Care 9.97 21.48 Financials 16.47 14.78 Infomation Tech. 16.46 13.48 Telecom. Services 0.34 2.34 Utilities 0.00 3.24 Atlanta Capital Mgmt Russell 2000 % Return 19.63 44.85 8.57 39.77 21.08 31.99 16.98 26.51 19.65 22.97 15.65 29.70 26.20 35.10 19.11 37.73 34.46 31.76 21.28 % Variance -0.34 -1.18 -2.90 -1.42 -0.63 -1.39 -1.38 -2.83 -0.03 0.28 137 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/20 Madden Steven Ltd Pinnacle Finl Partne Applied Indl Technol Emcor Group Inc Umb Finl Corp Netgear Inc South St Corp Cabot Corp Sanderson Farms Inc Valmont Inds Inc GICS Sector % Port Consumer Discretionary Financials Industrials Industrials Financials Information Technology Financials Materials Consumer Staples Industrials 1.92 1.72 1.64 1.55 1.49 1.47 1.44 1.41 1.36 1.35 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.67 8.85 26.03 12.51 4.17 7.85 23.60 11.98 0.91 2.42 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 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 27.85 33.36 11,745 30 3,271 15,046 4.91 4.63 14,202 116 728 15,046 4.91 4.63 14,202 116 728 15,046 6.72 3.72 13,846 -1,629 2,829 15,046 6.32 3.30 13,915 -1,614 2,744 15,046 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 138 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/20 Cash & Equiv $376 2.50% Domestic Equity $14,670 97.50% Periods from 11/17 to 12/20 Alpha Beta R-Squared 0.58 0.80 0.99 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.014.0 16.0 18.0 20.0 22.0 24.026.0 28.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 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 6.32 3.30 1.60 21.80 26.13 0.27 0.22 0.07 0.00 0.03 Asset Allocation ($000) Risk/Return Analysis 139 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/20 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 Last 2 Years Last 3 Years 35.87 30.90 29.92 26.47 24.59 27.85 66 33.36 11 20.02 18.13 10.54 4.82 0.21 4.91 72 4.63 75 27.70 22.67 20.34 15.84 14.06 15.08 78 13.17 96 12.05 11.11 9.51 4.79 3.36 6.72 65 3.72 87 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% S 1 S 1 S 1 S 1 140 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 2020 2019 2018 20.02 18.13 10.54 4.82 0.21 4.91 72 4.63 75 36.54 31.11 26.92 25.49 22.07 26.24 60 22.39 91 -4.03 -8.71 -13.31 -15.11 -16.73 -8.23 19 -12.86 43 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% S 1 S 1 S 1 141 City of Clearwater Employees Pension Fund Risk Measure Summary Sycamore Small Cap Value Quarterly Periods Ending 12/31/20 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 0.76 0.81 0.25 -28.98 27.85 4.91 4.91 48.31 0.81 -0.38 1.00 0.09 5.23 11.46 -0.47 1 3 -35.66 33.36 4.63 4.63 59.52 0.07 3 9 0.85 0.79 0.50 -28.98 27.85 -18.93 26.24 28.04 0.80 0.58 0.99 0.18 6.38 7.75 0.06 4 8 -35.66 33.36 -29.64 22.39 34.76 0.06 4 9 0.85 0.79 0.50 -28.98 27.85 -18.93 26.24 26.91 0.80 0.58 0.99 0.16 5.51 7.43 0.03 4 8 -35.66 33.36 -29.64 22.39 142 City of Clearwater Employees Pension Fund Equity Summary Statistics Sycamore Small Cap Value Period Ending 12/20 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 Value 111 14,670,177 3,230,632 2,925,733 1.30 70.44 20.43 1.14 2.03 44.22 5.47 1,483 2,489,086 752,143 1.68 101.65 10.39 1.36 1.33 56.74 4.87 Ten Largest Holdings Madden Steven Ltd Pinnacle Finl Partne Applied Indl Technol Emcor Group Inc Umb Finl Corp Netgear Inc South St Corp Cabot Corp Sanderson Farms Inc Valmont Inds Inc Market Value % of Portfolio Quarterly Ret 281,677 251,740 239,819 227,461 217,801 215,339 211,478 205,999 199,622 198,546 1.92 1.72 1.64 1.55 1.49 1.47 1.44 1.41 1.36 1.35 81.13 81.59 42.18 35.23 41.42 31.83 51.20 25.56 12.47 41.24 Ten Best Performers Livent Corp Citi Trends Inc Kaiser Aluminum Corp Pinnacle Finl Partne Visteon Corp Madden Steven Ltd Helix Energy Solutio Viad Corp Pdc Energy Inc Myr Group Inc Del Quarterly Ret 110.03 98.88 86.47 81.59 81.33 81.13 74.27 73.64 65.63 61.65 Ten Worst Performers Werner Enterprises I Sonic Automotive Inc Renaissance Re Hldgs Ufp Industries Inc Healthcare Rlty Tr Columbia Sportswear Silgan Holdings Inc Core Mark Holding Co Murphy Usa Inc First Amern Finl Cor Quarterly Ret -6.19 -3.72 -2.10 -1.47 -0.81 0.46 1.20 1.90 2.22 2.38 143 City of Clearwater Employees Pension Fund Equity Contribution to Return Sycamore Small Cap Value Period Ending 12/20 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 Value 111 14,670,177 3,230,632 2,925,733 1.30 70.44 20.43 1.14 2.03 44.22 5.47 1,483 2,489,086 752,143 1.68 101.65 10.39 1.36 1.33 56.74 4.87 Ten Best Contributors Madden Steven Ltd Pinnacle Finl Partne Kaiser Aluminum Corp Visteon Corp Crane Co South St Corp Applied Indl Technol Bank Hawaii Corp Umb Finl Corp Renasant Corp Market Value % of Portfolio Quarterly Ret 281,677 251,740 150,823 152,507 194,150 211,478 239,819 178,142 217,801 175,136 1.92 1.72 1.03 1.04 1.32 1.44 1.64 1.22 1.49 1.19 81.13 81.59 86.47 81.33 55.86 51.20 42.18 52.97 41.42 49.21 Ten Worst Contributors Werner Enterprises I Sonic Automotive Inc Renaissance Re Hldgs Ufp Industries Inc Healthcare Rlty Tr Columbia Sportswear Silgan Holdings Inc Lancaster Colony Cor Murphy Usa Inc Core Mark Holding Co Market Value % of Portfolio Quarterly Ret 116,680 92,568 124,365 138,208 94,720 100,487 101,970 45,933 119,746 184,297 0.80 0.63 0.85 0.94 0.65 0.69 0.70 0.31 0.82 1.26 -6.19 -3.72 -2.10 -1.47 -0.81 0.46 1.20 3.21 2.22 1.90 144 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Sycamore Small Cap Value Quarter Ending 12/20 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 1.21 8.35 24.98 13.70 4.24 8.46 23.63 12.16 0.87 2.41 100.00 3.90 5.56 16.79 13.30 3.66 6.89 26.60 6.05 2.36 5.00 100.00 60.26 28.55 27.44 29.68 17.33 23.27 28.40 38.22 34.13 16.89 28.80 45.15 48.49 32.43 29.78 29.19 22.11 37.39 43.89 37.43 20.73 30.97 0.18 -1.67 -1.25 -0.01 -0.50 0.10 -2.12 -0.69 -0.03 -0.09 -6.08 -0.38 0.49 0.12 -0.00 -0.01 -0.14 -0.19 0.79 -0.10 0.27 0.84 -0.20 -1.18 -1.13 -0.02 -0.51 -0.04 -2.31 0.10 -0.13 0.17 -5.24 Index - Russell 2000 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 -0.77% [ Actual Return 28.03% ] - [ Buy Hold Return 28.80% ] 145 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Sycamore Small Cap Value Quarter Ending 12/20 % Allocation Energy 1.21 3.90 Materials 8.35 5.56 Industrials 24.98 16.79 Con. Discretionary 13.70 13.30 Consumer Staples 4.24 3.66 Health Care 8.46 6.89 Financials 23.63 26.60 Infomation Tech. 12.16 6.05 Telecom. Services 0.87 2.36 Utilities 2.41 5.00 Sycamore Small Cap Value Russell 2000 Value % Return 60.26 45.15 28.55 48.49 27.44 32.43 29.68 29.78 17.33 29.19 23.27 22.11 28.40 37.39 38.22 43.89 34.13 37.43 16.89 20.73 % Variance -0.20 -1.18 -1.13 -0.02 -0.51 -0.04 -2.31 0.10 -0.13 0.17 146 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/20 Taiwan Semiconductor Aia Group Ltd Mercadolibre Inc Asml Holding N V Csl Ltd Canadian Pac Railway Hdfc Bank Ltd Lvmh Moet Hennessy L Experian Plc Accenture Plc Irelan GICS Sector % Port Information Technology Financials Consumer Discretionary Information Technology Health Care Industrials Financials Consumer Discretionary Industrials Information Technology 3.28 3.13 3.02 2.98 2.79 2.68 2.67 2.60 2.51 2.46 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.36 4.68 15.03 13.62 7.94 19.96 14.41 18.81 3.92 1.26 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 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 17.19 17.01 212,086 -17,684 36,027 230,430 18.16 10.65 209,401 -16,845 37,874 230,430 18.16 10.65 209,401 -16,845 37,874 230,430 9.92 4.88 192,136 -22,732 61,026 230,430 11.80 8.92 117,155 4,447 108,828 230,430 5.05 6.05 120,850 9,991 99,590 230,430 5.94 5.71 20,000 9,827 200,603 230,430 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 147 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/20 Cash & Equiv $8,694 3.77% Intl Equity $175,477 76.15% Domestic Equity $46,259 20.08% Periods from 5/01 to 12/20 Alpha Beta R-Squared 0.05 1.03 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 5.5 6.0 6.5 I1 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 5.94 5.71 1.42 17.24 16.88 0.46 0.26 0.25 0.00 0.06 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 148 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/20 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 25.19 19.75 16.69 13.68 7.50 17.19 44 17.01 46 37.95 21.51 11.84 6.31 -2.98 18.16 32 10.65 55 35.63 23.93 17.95 13.38 6.07 22.76 28 15.96 60 17.09 10.51 6.02 2.89 -0.72 9.92 27 4.88 60 21.71 15.30 11.12 8.18 4.49 14.18 30 10.06 59 17.61 12.95 9.97 7.41 4.64 11.80 35 8.92 61 14.91 10.61 8.05 6.12 3.41 7.85 52 6.60 68 13.21 9.02 6.86 5.00 2.67 5.82 62 4.94 76 14.63 10.80 8.55 6.63 3.98 6.36 78 7.08 68 14.88 11.64 9.68 7.87 5.51 7.56 80 8.23 69 12.51 9.55 7.58 5.86 3.29 5.05 85 6.05 71 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% I1 I 1 I 1 I 1 I 1 I 1 I1 I1 I1 I1 I1 149 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 37.95 21.51 11.84 6.31 -2.98 18.16 32 10.65 55 33.96 27.40 22.89 20.14 10.26 27.53 23 21.52 65 -1.55 -10.56 -13.97 -16.50 -20.74 -11.88 31 -14.20 52 42.63 32.35 27.39 23.38 13.11 27.97 44 27.19 52 18.00 8.20 4.34 0.84 -4.11 2.78 59 4.50 48 10.19 2.26 -1.36 -6.30 -16.63 -9.91 81 -4.29 66 10.40 1.43 -2.55 -4.92 -9.64 -5.56 79 -4.48 70 34.21 26.04 19.74 11.43 -5.00 10.23 76 23.29 34 26.57 21.19 18.54 15.58 5.69 17.61 59 17.90 55 1.20 -8.49 -12.33 -15.54 -22.18 -15.04 71 -11.73 43 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% I 1 I 1 I1 I1 I1 I 1 I1 I 1 I1 I 1 150 City of Clearwater Employees Pension Fund Risk Measure Summary International EQ Comp Quarterly Periods Ending 12/31/20 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 1.19 0.97 1.00 -22.76 21.49 18.16 18.16 39.90 1.06 1.62 0.99 0.44 16.58 4.78 1.56 1 3 -23.35 17.01 10.65 10.65 37.76 0.26 4 8 1.22 0.93 0.92 -22.76 21.49 -11.88 27.53 24.26 1.06 1.18 0.99 0.34 7.86 3.04 1.68 5 7 -23.35 17.01 -15.57 21.52 22.82 0.14 6 14 1.13 0.94 0.75 -22.76 21.49 -11.88 27.97 19.16 1.05 0.60 0.97 0.55 10.13 3.28 0.86 8 12 -23.35 17.01 -15.57 27.19 18.05 0.43 26 52 1.03 1.02 0.53 -26.42 31.05 -47.94 71.81 20.55 1.03 0.05 0.95 0.23 4.59 4.63 0.07 28 50 -23.35 25.85 -46.20 58.14 19.45 0.23 151 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 -8.0 -5.2 -2.3 0.4 3.2 6.0 8.8 11.6 14.4 17.2 20.0 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 9.92 27 24.26 53 4.88 60 22.82 34 6.02 24.06 Annualized Rate of Return12.0 13.5 15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 11.80 35 19.16 49 8.92 61 18.05 31 9.97 19.38 152 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/20 Taiwan Semiconductor Aia Group Ltd Mercadolibre Inc Asml Holding N V Csl Ltd Canadian Pac Railway Hdfc Bank Ltd Lvmh Moet Hennessy L Experian Plc Accenture Plc Irelan GICS Sector % Port Information Technology Financials Consumer Discretionary Information Technology Health Care Industrials Financials Consumer Discretionary Industrials Information Technology 5.43 5.18 5.00 4.94 4.61 4.43 4.42 4.31 4.16 4.08 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 2.67 15.33 14.95 5.22 23.95 11.52 23.26 3.10 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 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 16.10 17.01 105,383 -8,803 16,786 113,366 30.12 10.65 93,512 -8,300 28,154 113,366 30.12 10.65 93,512 -8,300 28,154 113,366 19.09 4.88 75,913 -12,172 49,625 113,366 17.38 8.92 38,270 6,660 68,436 113,366 15.45 6.33 16,316 28,653 68,397 113,366 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 153 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/20 Cash & Equiv $7,411 6.54% Intl Equity $105,954 93.46% Periods from 7/15 to 12/20 Alpha Beta R-Squared 2.12 1.00 0.88 Annualized Return% 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 w 1 T 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 15.45 6.33 1.11 14.91 15.75 0.27 0.96 0.33 0.00 1.24 Asset Allocation ($000) Risk/Return Analysis 154 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/20 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 Last 4 Years Last 5 Years 25.19 19.75 16.69 13.68 7.50 16.10 54 17.01 46 37.95 21.51 11.84 6.31 -2.98 30.12 11 10.65 55 35.63 23.93 17.95 13.38 6.07 34.46 5 15.96 60 17.09 10.51 6.02 2.89 -0.72 19.09 3 4.88 60 21.71 15.30 11.12 8.18 4.49 22.48 4 10.06 59 17.61 12.95 9.97 7.41 4.64 17.38 5 8.92 61 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% w 1 w 1 w 1 w 1 w 1 w 1 155 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 2020 2019 2018 2017 2016 37.95 21.51 11.84 6.31 -2.98 30.12 11 10.65 55 33.96 27.40 22.89 20.14 10.26 38.94 1 21.52 65 -1.55 -10.56 -13.97 -16.50 -20.74 -6.56 11 -14.20 52 42.63 32.35 27.39 23.38 13.11 33.22 22 27.19 52 18.00 8.20 4.34 0.84 -4.11 -1.00 84 4.50 48 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% w 1 w 1 w 1 w 1 w 1 156 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 17.09 10.51 6.02 2.89 -0.72 19.09 3 4.88 60 13.97 6.54 2.59 -0.43 -5.86 15.05 3 1.16 61 11.84 5.83 1.92 -0.54 -4.85 13.65 3 1.13 61 7.42 1.98 -1.40 -3.63 -8.35 8.58 2 -1.96 59 17.62 13.06 10.51 9.07 5.68 20.03 1 9.86 63 -10% -5% 0% 5% 10% 15% 20% 25% w 1 w 1 w 1 w 1 w 1 WCM Investment Management 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 0.4 3.3 -2.5 -6.3 3.0 3.4 -1.3 -0.3 3.0 4.3 3.0 -1.6 3.5 7.2 1.7 1.3 7.3 8.0 2.3 -0.8 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI ACWI ex US (Net) 157 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return12.0 13.5 15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w WCM Investment Management 1 MSCI ACWI ex US (Net) Median 17.38 5 19.58 54 8.92 61 18.05 31 9.97 19.38 Annualized Rate of Return12.0 13.5 15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w WCM Investment Management 1 MSCI ACWI ex US (Net) Median 17.38 5 19.58 54 8.92 61 18.05 31 9.97 19.38 158 City of Clearwater Employees Pension Fund Global Equity Summary Statistics WCM Investment Management Period Ending 12/20 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) 29 105,954,497 139,456,082 47,719,737 0.68 20.71 37.13 0.00 8.28 58.58 9.67 6.31 2,361 96,586,932 8,617,395 2.56 22.08 21.06 0.99 1.79 70.10 9.15 7.22 Ten Largest Holdings Taiwan Semiconductor Aia Group Ltd Mercadolibre Inc Asml Holding N V Csl Ltd Canadian Pac Railway Hdfc Bank Ltd Lvmh Moet Hennessy L Experian Plc Accenture Plc Irelan Market Value % of Portfolio Quarterly Ret 5,745,972 5,481,778 5,300,396 5,231,285 4,884,822 4,692,449 4,683,532 4,564,744 4,404,043 4,317,801 5.43 5.18 5.00 4.94 4.61 4.43 4.42 4.31 4.16 4.08 34.95 23.29 54.76 32.94 6.53 14.12 44.64 32.77 0.82 16.03 Ten Best Performers Mercadolibre Inc Hdfc Bank Ltd Taiwan Semiconductor Amadeus It Hldg S A Asml Holding N V Lvmh Moet Hennessy L Adyen N V Ferrari N V Resmed Inc Aia Group Ltd Quarterly Ret 54.76 44.64 34.95 34.44 32.94 32.77 25.24 24.68 24.22 23.29 Ten Worst Performers Nestle S A Experian Plc Icon Plc Aon Plc Dsv As Lonza Group Ag Lululemon Athletica Tencent Hldgs Ltd Csl Ltd Steris Plc Quarterly Ret -1.22 0.82 2.04 2.67 2.97 3.74 5.67 6.27 6.53 7.80 159 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/20 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 Argentina 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 0.01 4.13 0.10 0.57 0.34 1.35 6.48 8.13 0.15 3.46 0.05 0.03 1.62 0.03 0.67 6.42 6.07 0.04 2.22 0.06 2.45 0.37 0.53 0.06 0.38 1.18 16.48 0.17 0.08 0.51 0.01 4.13 0.10 0.57 0.34 1.35 6.48 8.13 0.15 3.46 0.05 0.03 1.62 0.03 0.67 6.42 6.07 0.04 2.22 0.06 2.45 0.37 0.53 0.06 0.38 1.18 16.48 0.17 0.08 0.51 19.04 14.11 41.34 14.22 18.82 26.45 8.74 14.97 15.92 16.48 33.14 24.62 9.34 -4.81 5.89 14.08 6.79 12.41 12.84 33.22 20.56 24.51 7.99 31.71 18.46 13.72 12.70 285.08 14.42 6.74 19.04 22.85 47.47 19.18 22.35 37.21 14.01 5.20 28.53 18.17 50.02 34.12 14.09 -4.63 10.48 19.03 11.43 17.29 12.78 39.19 21.73 31.86 12.53 29.36 19.39 18.66 15.19 309.42 14.37 10.27 0.00 4.83 0.00 0.00 0.00 0.00 7.81 4.38 0.00 0.00 0.00 0.00 5.20 0.00 0.00 7.71 0.00 0.00 4.74 0.00 2.55 0.00 5.67 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 6.53 12.67 6.27 2.97 25.21 23.29 44.64 11.92 6.53 12.67 6.27 2.97 25.21 23.29 44.64 11.92 -0.00 0.01 -0.03 -0.01 -0.02 -0.18 -0.06 -0.07 -0.00 -0.11 -0.01 -0.00 -0.14 0.01 0.05 0.01 0.39 0.00 -0.01 -0.01 0.01 -0.04 -0.27 -0.01 -0.02 -0.01 0.09 -0.47 -0.00 0.03 0.00 -0.18 -0.00 -0.00 0.00 -0.09 -0.06 1.15 -0.01 0.09 -0.01 -0.00 -0.01 0.00 -0.00 -0.04 -0.02 -0.00 0.10 -0.00 0.08 -0.01 -0.00 0.00 0.01 -0.01 0.31 -0.03 0.00 0.00 -0.37 0.31 -0.38 -0.33 0.86 0.49 0.61 0.22 -0.00 -0.54 -0.03 -0.01 -0.02 -0.26 0.19 0.70 -0.02 -0.02 -0.02 -0.00 -0.48 0.01 0.05 0.83 0.37 0.00 0.58 -0.01 0.70 -0.05 -0.05 -0.01 -0.01 -0.01 0.39 -0.50 0.00 0.04 Benchmark : MSCI ACWI ex US (Net) 160 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/20 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 Saudi Arabia Singapore South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States 0.49 3.47 0.20 0.36 0.01 0.02 0.01 0.22 0.19 0.11 0.24 0.75 0.83 0.66 1.02 3.59 1.43 2.13 6.66 3.70 0.53 0.11 0.17 8.47 0.53 100.00 0.49 3.47 0.20 0.36 0.01 0.02 0.01 0.22 0.19 0.11 0.24 0.75 0.83 0.66 1.02 3.59 1.43 2.13 6.66 3.70 0.53 0.11 0.17 8.47 0.53 100.00 27.67 6.16 3.99 9.04 4.06 40.53 -0.25 21.68 16.30 13.23 2.51 21.07 6.63 15.26 7.38 28.96 22.86 5.04 4.22 19.33 16.77 25.69 10.64 9.16 18.71 13.21 41.45 20.66 13.27 19.15 7.93 51.29 -0.25 22.84 20.68 21.20 2.51 25.66 6.61 18.43 21.94 38.84 28.19 14.48 8.35 23.00 23.51 30.28 10.64 17.28 60.88 17.57 0.00 6.39 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 1.66 3.00 8.69 5.10 0.00 0.00 0.00 12.37 19.90 100.00 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 30.11 34.44 8.23 4.00 34.95 4.50 26.42 17.28 30.11 34.44 8.23 4.00 34.95 4.50 26.42 17.28 -0.07 -0.21 0.02 0.02 0.00 -0.00 0.00 -0.02 -0.01 -0.00 0.03 -0.06 0.05 -0.01 0.06 -0.57 0.02 -0.07 -0.18 0.09 -0.02 -0.01 0.00 -0.16 1.07 -0.90 -0.05 -0.35 -0.01 -0.02 0.00 -0.00 0.00 0.01 -0.00 -0.00 0.01 -0.00 0.04 0.01 -0.10 -0.20 -0.01 -0.11 0.02 0.03 -0.01 -0.00 0.01 -0.32 37.61 37.81 1.53 0.19 0.10 -0.02 0.80 -0.58 1.53 4.97 -0.12 0.97 0.01 -0.01 0.00 -0.01 0.00 -0.01 -0.01 -0.00 0.04 -0.06 0.09 -0.01 -0.04 -0.76 0.20 -0.08 -0.19 0.91 -0.03 -0.01 0.01 -1.05 40.21 41.88 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] 161 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis WCM Investment Management Quarter Ending 12/20 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 2.84 17.37 16.14 5.75 23.51 9.41 20.60 4.38 0.00 100.00 4.17 7.89 11.72 13.81 9.74 10.49 16.91 11.74 7.45 3.36 100.00 10.78 6.22 30.29 7.20 11.44 24.43 25.85 6.27 17.28 22.74 20.05 16.71 15.70 8.70 10.84 24.84 24.59 13.64 14.49 17.23 0.00 -0.26 -1.82 2.36 -0.09 0.14 -0.04 0.26 -0.32 0.00 0.23 -0.23 -0.14 -0.03 -0.04 0.34 -0.83 -0.57 0.65 0.11 0.09 -0.65 -0.23 -0.41 -1.85 2.32 0.25 -0.69 -0.61 0.91 -0.21 0.09 -0.42 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 -3.00% [ Actual Return 14.28% ] - [ Buy Hold Return 17.28% ] 162 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/20 -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 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 21.25 19.77 38,153 0 8,107 46,259 13.87 18.69 40,627 -2 5,633 46,259 13.87 18.69 40,627 -2 5,633 46,259 3.85 6.56 41,313 -4 4,950 46,259 5.05 7.48 39,577 -5 6,686 46,259 Portfolio Performance (%) 163 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/20 Domestic Equity $46,259 100.00% Periods from 10/17 to 12/20 Alpha Beta R-Squared -0.67 1.10 0.99 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 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 8.0 D 1 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 5.05 7.48 1.58 20.80 19.43 0.27 0.17 0.30 0.00 -0.51 Asset Allocation ($000) Risk/Return Analysis 164 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/20 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 Last 2 Years Last 3 Years 25.19 19.75 16.69 13.68 7.50 21.25 16 19.77 24 37.95 21.51 11.84 6.31 -2.98 13.87 44 18.69 31 35.63 23.93 17.95 13.38 6.07 14.95 67 18.79 45 17.09 10.51 6.02 2.89 -0.72 3.85 68 6.56 45 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% D 1 D 1 D 1 D 1 165 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 2020 2019 2018 37.95 21.51 11.84 6.31 -2.98 13.87 44 18.69 31 33.96 27.40 22.89 20.14 10.26 16.04 89 18.90 79 -1.55 -10.56 -13.97 -16.50 -20.74 -15.25 66 -14.25 52 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% D 1 D 1 D 1 166 City of Clearwater Employees Pension Fund December 31, 2020 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank 12/20 9/20 6/20 3/20 12/19 17.09 10.51 6.02 2.89 -0.72 3.85 68 6.56 45 13.97 6.54 2.59 -0.43 -5.86 -0.28 74 2.79 48 11.84 5.83 1.92 -0.54 -4.85 7.42 1.98 -1.40 -3.63 -8.35 17.62 13.06 10.51 9.07 5.68 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% D 1 D 1 DFA Emerging Markets Value Added Analysis - Net of Fee 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -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% -0.1 0.2 -2.2 -0.3 1.1 -1.2 0.1 -0.1 -1.2 -6.2 2.2 -1.1 1.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI Emg Mkts (Gross) 167 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 12/20 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 Netherlands New Zealand Norway Papua-New Guinea Portugal Singapore Spain Sweden Switzerland United Kingdom 6.57 0.15 0.97 0.00 0.00 2.54 1.05 10.67 9.63 3.32 0.70 0.08 0.59 2.23 25.83 0.00 0.12 4.36 0.31 0.56 0.00 0.16 1.04 2.25 3.34 10.41 13.30 100.00 6.57 0.15 0.97 0.00 0.00 2.54 1.05 10.67 9.63 3.32 0.70 0.08 0.59 2.23 25.83 0.00 0.12 4.36 0.31 0.56 0.00 0.16 1.04 2.25 3.34 10.41 13.30 100.00 14.11 41.34 14.22 9.34 5.89 14.08 6.79 15.52 7.99 20.74 18.46 13.72 12.70 14.42 16.08 3.99 9.04 16.54 14.58 22.86 5.04 4.22 10.99 11.41 22.85 47.47 19.18 14.09 10.48 19.03 11.43 15.46 12.53 25.35 19.39 18.66 15.19 14.37 21.03 13.27 19.15 21.59 18.34 28.19 14.48 8.35 17.29 16.03 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 -0.18 -0.05 -0.03 0.05 0.06 -0.28 0.44 -0.14 0.02 -0.01 -0.04 -0.05 -0.33 -0.00 -0.20 0.02 0.01 -0.01 -0.03 -0.26 0.21 0.75 0.06 0.02 -0.27 -0.00 -0.00 -0.00 0.00 -0.04 -0.00 0.16 0.00 0.00 0.02 -0.01 0.55 0.01 -0.01 -0.01 -0.03 -0.00 0.01 -0.02 -0.16 0.05 -0.22 0.01 -0.45 -0.05 -0.03 0.05 0.06 -0.32 0.44 0.02 0.02 -0.01 -0.02 -0.06 0.22 0.00 -0.22 0.01 -0.02 -0.01 -0.02 -0.27 0.05 0.80 -0.17 0.03 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] 168 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/20 Sony Corp Nestle Sa Samsung Electronics Unilever Plc Toyota Industries Co Engie Koninklijke Philips Novartis Ag Tesco Seven & I Holdings C GICS Sector % Port Consumer Discretionary Consumer Staples Information Technology Consumer Staples Consumer Discretionary Utilities Health Care Health Care Consumer Staples Consumer Staples 3.63 2.41 2.26 2.01 1.92 1.85 1.84 1.83 1.65 1.64 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.91 7.75 14.57 11.58 12.07 13.89 18.83 12.04 5.18 3.18 -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 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE Value (N) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE Value (N) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 16.54 19.20 68,551 -8,880 11,135 70,806 5.58 -2.63 75,262 -8,544 4,087 70,806 5.58 -2.63 75,262 -8,544 4,087 70,806 2.89 -1.24 74,908 -10,553 6,450 70,806 5.86 4.20 37,259 11,407 22,139 70,806 4.06 1.67 16,165 33,406 21,234 70,806 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 169 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/20 Cash & Equiv $1,283 1.81% Intl Equity $69,523 98.19% Periods from 7/15 to 12/20 Alpha Beta R-Squared 0.50 0.97 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 1.5 2.0 2.5 3.0 3.5 4.0 4.5 t 1 T Annualized Standard Deviation% t Thompson, Siegel & Walms 1 MSCI EAFE Value (N) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.06 1.67 1.11 16.76 17.84 0.27 0.18 0.03 0.00 0.44 Asset Allocation ($000) Risk/Return Analysis 170 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/20 High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE Value (N) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 25.19 19.75 16.69 13.68 7.50 16.54 50 19.20 29 37.95 21.51 11.84 6.31 -2.98 5.58 77 -2.63 94 35.63 23.93 17.95 13.38 6.07 13.34 75 6.32 94 17.09 10.51 6.02 2.89 -0.72 2.89 75 -1.24 96 21.71 15.30 11.12 8.18 4.49 7.43 80 4.00 95 17.61 12.95 9.97 7.41 4.64 5.86 90 4.20 96 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% t 1 t 1 t 1 t 1 t 1 t 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 t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE Value (N) Net Ret Rank 2020 2019 2018 2017 2016 37.95 21.51 11.84 6.31 -2.98 5.58 77 -2.63 94 33.96 27.40 22.89 20.14 10.26 21.67 62 16.09 88 -1.55 -10.56 -13.97 -16.50 -20.74 -15.20 65 -14.78 60 42.63 32.35 27.39 23.38 13.11 22.27 80 21.44 83 18.00 8.20 4.34 0.84 -4.11 -0.19 81 5.02 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% t 1 t 1 t 1 t 1 t 1 172 City of Clearwater Employees Pension Fund December 31, 2020 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 Value (N) Net Ret Rank 12/20 9/20 6/20 3/20 12/19 17.09 10.51 6.02 2.89 -0.72 2.89 75 -1.24 96 13.97 6.54 2.59 -0.43 -5.86 -0.95 77 -5.86 95 11.84 5.83 1.92 -0.54 -4.85 -1.32 81 -4.43 94 7.42 1.98 -1.40 -3.63 -8.35 -4.40 79 -6.65 90 17.62 13.06 10.51 9.07 5.68 8.05 83 6.31 93 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% t 1 t 1 t 1 t 1 t 1 Thompson, Siegel & Walmsley 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1.7 -1.1 -0.6 -4.9 0.8 1.1 -1.8 0.7 1.6 0.7 -0.2 -2.5 0.7 0.8 1.7 1.6 3.1 3.6 3.9 -2.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI EAFE Value (N) 173 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return12.0 13.5 15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 t 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Thompson, Siegel & Walmsley 1 MSCI EAFE Value (N) Median 5.86 90 19.09 48 4.20 96 19.26 50 9.97 19.38 Annualized Rate of Return12.0 13.5 15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 t 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Thompson, Siegel & Walmsley 1 MSCI EAFE Value (N) Median 5.86 90 19.09 48 4.20 96 19.26 50 9.97 19.38 174 City of Clearwater Employees Pension Fund Global Equity Summary Statistics Thompson, Siegel & Walmsley Period Ending 12/20 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 Value (N) 96 69,522,553 64,647,257 23,371,977 2.43 22.75 17.47 1.09 1.45 73.22 12.49 8.83 534 57,185,493 11,219,651 3.83 15.27 15.20 1.07 1.12 97.36 4.36 3.80 Ten Largest Holdings Sony Corp Nestle Sa Samsung Electronics Unilever Plc Toyota Industries Co Engie Koninklijke Philips Novartis Ag Tesco Seven & I Holdings C Market Value % of Portfolio Quarterly Ret 2,520,321 1,674,859 1,573,322 1,396,268 1,332,675 1,288,315 1,279,287 1,268,069 1,146,632 1,141,167 3.63 2.41 2.26 2.01 1.92 1.85 1.84 1.83 1.65 1.64 30.88 -0.89 50.51 -1.95 26.07 14.39 13.63 8.80 16.85 15.08 Ten Best Performers Aib Group Plc Challenger Limited Arcelormittal Inchcape Informa Plc British Land Co Glencore Plc Airbus Se Samsung Electronics Gamesa Corporacion T Quarterly Ret 100.22 81.03 73.05 54.43 54.18 53.24 53.06 50.92 50.51 49.53 Ten Worst Performers Sap Se Rakuten Inc Square Enix Holdings Dcc Bayer Ag Sanofi Kingfisher Deutsche Boerse Ag Unilever Plc Nestle Sa Quarterly Ret -15.73 -9.85 -8.07 -8.01 -5.75 -3.77 -3.64 -3.01 -1.95 -0.89 175 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/20 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 Netherlands New Zealand Norway Papua-New Guinea Portugal Singapore South Korea Spain Sweden Switzerland United Kingdom United States 6.57 0.15 0.97 0.00 0.00 2.54 1.05 10.67 9.63 3.32 0.70 0.08 0.59 2.23 25.83 0.00 0.12 4.36 0.31 0.56 0.00 0.16 1.04 0.00 2.25 3.34 10.41 13.30 0.00 6.57 0.15 0.97 0.00 0.00 2.54 1.05 10.67 9.63 3.32 0.70 0.08 0.59 2.23 25.83 0.00 0.12 4.36 0.31 0.56 0.00 0.16 1.04 0.00 2.25 3.34 10.41 13.30 0.00 14.11 41.34 14.22 9.34 5.89 14.08 6.79 15.52 7.99 20.74 18.46 13.72 12.70 14.42 16.08 3.99 9.04 16.54 14.58 22.86 5.04 4.22 10.99 22.85 47.47 19.18 14.09 10.48 19.03 11.43 15.46 12.53 25.35 19.39 18.66 15.19 14.37 21.03 13.27 19.15 21.59 18.34 28.19 14.48 8.35 17.29 2.54 0.00 1.96 0.00 2.33 1.32 0.00 8.43 10.87 0.80 3.46 0.96 0.66 2.27 26.62 0.95 0.00 5.65 0.00 0.91 0.00 0.00 1.07 1.81 0.78 1.81 10.82 13.99 0.00 2.54 0.00 1.96 0.00 0.00 1.32 0.00 8.43 10.87 2.69 0.35 0.00 0.00 2.27 26.62 0.95 0.00 4.65 0.00 0.91 0.00 0.00 1.07 1.81 0.78 1.81 10.82 15.56 4.59 28.44 21.58 14.06 35.31 5.22 3.96 -10.62 13.40 16.38 10.45 12.83 12.09 65.85 21.27 15.16 26.71 39.80 43.31 6.44 4.68 14.35 38.28 26.86 23.37 41.19 9.79 8.47 -10.66 17.32 23.05 10.45 17.73 14.57 73.05 25.35 25.85 30.88 50.51 49.53 15.99 8.80 19.87 -0.11 -0.05 0.03 -0.27 0.03 0.06 -0.06 -0.06 -0.10 -0.09 0.08 0.00 0.00 0.01 -0.11 -0.00 0.06 0.02 -0.01 -0.01 0.00 -0.21 -0.17 0.10 -0.03 -0.00 -0.17 -0.00 0.00 -0.00 0.00 -0.01 0.00 0.03 0.00 0.00 0.02 0.00 -0.02 -0.04 0.01 0.00 -0.01 0.02 -0.00 -0.00 -0.08 -0.01 -0.07 -0.00 0.04 -0.21 0.36 0.14 0.33 0.34 -0.75 -0.31 -0.21 0.19 -0.04 -0.05 -0.02 -0.16 0.62 0.29 0.06 0.13 0.72 0.16 0.03 0.05 0.47 0.09 -0.05 0.18 0.06 0.37 0.06 -0.81 -0.37 -0.28 0.09 0.04 -0.03 -0.02 -0.17 0.47 0.00 0.35 0.01 0.07 -0.01 0.13 0.43 -0.02 0.05 0.02 0.51 -0.21 Benchmark : MSCI EAFE (Net) 176 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/20 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 11.41 16.03 100.00 100.00 12.86 17.43 -0.88 -0.52 2.35 0.96 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] 177 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/20 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 1.17 7.02 14.41 10.26 12.56 14.67 18.26 11.51 7.12 3.01 100.00 5.13 9.33 14.86 11.33 6.02 8.39 23.86 2.71 6.65 7.37 100.00 20.85 27.57 19.54 22.63 10.45 5.01 24.99 19.08 12.41 13.95 17.43 31.14 27.58 15.83 22.53 11.09 2.01 27.94 15.45 17.70 12.37 19.09 -0.12 -0.00 0.53 0.01 -0.08 0.44 -0.54 0.42 -0.38 0.05 0.33 -0.48 -0.20 0.01 -0.04 -0.52 -1.07 -0.50 -0.32 -0.01 0.29 -2.82 -0.60 -0.20 0.55 -0.03 -0.60 -0.63 -1.03 0.10 -0.38 0.34 -2.49 Index - MSCI EAFE Value (N) 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 -2.67% [ Actual Return 14.76% ] - [ Buy Hold Return 17.43% ] 178 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/20 United States Treas United States Treas United States Treas United States Treas FNMA Pool #fn Ca6271 United States Treas United States Treas United States Treas United States Treas United States Treas Sector % Port Government Government Government Government Mortgage Government Government Government Government Government 3.98 3.56 2.18 2.04 1.68 1.66 1.60 1.42 1.41 1.24 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 13.41 30.08 14.03 26.38 0.73 3.33 0.96 4.93 6.15 -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 12/31/87 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 1.67 0.67 315,703 31,052 5,308 352,063 8.97 7.51 292,557 33,604 25,902 352,063 8.97 7.51 292,557 33,604 25,902 352,063 5.86 5.34 259,530 41,135 51,399 352,063 5.30 4.44 235,709 43,515 72,839 352,063 4.44 3.84 192,283 49,789 109,990 352,063 6.22 6.27 59,224 48,851 243,988 352,063 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 179 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/20 Other $2 0.00% Domestic Equity $4 0.00% Cash & Equiv $9,897 2.81% Domestic Fixed $342,160 97.19% Periods from 12/87 to 12/20 Alpha Beta R-Squared 0.26 0.63 0.60 Annualized Return% 1.0 1.5 2.0 2.5 3.0 3.5 4.0 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 6.22 6.27 3.13 3.13 3.93 1.28 0.98 0.80 0.00 -0.04 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 180 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/20 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 6.77 2.28 0.99 0.52 -0.06 1.67 33 0.67 67 17.45 8.87 7.42 5.61 2.22 8.97 23 7.51 47 19.58 9.69 7.85 6.40 3.46 9.12 30 8.11 46 10.39 6.29 5.17 4.54 2.77 5.86 31 5.34 46 10.56 5.77 4.95 4.16 2.36 5.37 37 4.89 51 10.00 5.59 4.60 3.70 2.25 5.30 33 4.44 57 7.81 4.66 3.93 3.36 1.95 4.45 34 3.78 55 9.12 4.83 4.21 3.41 1.87 4.69 31 4.09 54 6.99 4.05 3.49 2.93 1.65 4.00 29 3.30 59 7.52 4.47 3.82 3.16 1.66 4.28 29 3.40 62 8.44 4.42 3.96 3.34 1.96 4.44 24 3.84 52 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% F1 F 1 F 1 F1 F1 F1 F1 F1 F1 F1 F1 181 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 17.45 8.87 7.42 5.61 2.22 8.97 23 7.51 47 23.50 12.29 8.98 6.96 2.43 9.28 46 8.72 56 3.16 0.97 0.02 -1.89 -6.65 -0.38 61 0.01 50 12.49 7.52 4.33 3.04 0.95 3.91 56 3.54 68 15.78 8.24 3.71 2.30 0.24 5.01 37 2.65 63 4.19 1.22 0.51 -1.48 -5.33 0.30 55 0.55 49 17.17 6.29 4.47 2.20 0.10 6.18 27 5.97 31 9.50 1.84 -0.73 -2.10 -8.33 -0.75 50 -2.02 73 17.23 10.48 6.91 4.19 0.93 6.53 53 4.22 74 17.40 7.90 6.25 3.73 -0.21 5.94 53 7.84 26 -10% -5% 0% 5% 10% 15% 20% 25% F 1 F1 F1 F1 F 1 F1 F1 F1 F 1 F 1 182 City of Clearwater Employees Pension Fund Risk Measure Summary Fixed Income Comp Quarterly Periods Ending 12/31/20 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 1.20 0.75 0.74 5.14 8.97 8.97 4.01 0.92 0.48 0.35 2.07 8.98 3.94 0.34 0 4 0.62 3.15 7.51 7.51 2.75 2.48 2 10 1.09 0.98 0.58 -1.29 5.14 -0.38 9.58 3.47 0.96 0.17 0.64 1.23 4.45 2.18 0.22 2 10 -1.46 3.15 0.01 10.30 3.10 1.21 3 17 1.12 0.80 0.65 -2.09 5.14 -0.67 9.58 3.26 0.91 0.28 0.74 1.26 4.51 1.74 0.47 3 17 -2.98 3.15 -1.22 10.30 3.24 1.00 22 110 0.92 0.44 0.54 -2.54 5.72 -0.75 15.87 3.13 0.64 0.26 0.60 0.98 4.86 2.39 -0.04 27 105 -2.98 7.96 -3.23 18.48 3.93 0.80 183 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 1.0 1.9 2.8 3.7 4.6 5.5 6.4 7.3 8.2 9.0 9.9 F 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 5.86 31 3.47 60 5.34 46 3.10 44 5.17 3.20 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 F 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 5.30 33 3.26 55 4.44 57 3.24 54 4.60 3.21 184 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/20 United States Treas United States Treas FNMA Pool #fn Ca6271 United States Treas United States Treas Navient Student Loan United States Treas United States Treas FNMA Pool #fm4714 FHLMC Pool #ra-3202 Sector % Port Government Government Mortgage Government Government Finance Government Government Mortgage Mortgage 8.25 4.52 3.48 3.44 2.92 2.17 2.06 1.88 1.85 1.84 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 15.41 27.01 10.97 28.29 1.25 3.61 1.86 3.26 8.34 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 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 1.93 0.67 152,841 14,074 2,975 169,891 8.72 7.51 147,854 9,289 12,748 169,891 8.72 7.51 147,854 9,289 12,748 169,891 5.83 5.34 129,520 14,848 25,524 169,891 5.40 4.44 128,358 3,870 37,663 169,891 4.62 3.84 105,690 4,847 59,354 169,891 5.05 4.29 75,656 2,432 91,803 169,891 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 185 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/20 Cash & Equiv $2,649 1.56% Domestic Fixed $167,242 98.44% Periods from 2/04 to 12/20 Alpha Beta R-Squared 0.33 0.80 0.57 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 5.5 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 5.05 4.29 1.34 3.21 3.23 0.48 1.15 0.91 0.00 0.30 Asset Allocation ($000) Risk/Return Analysis 186 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/20 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 6.77 2.28 0.99 0.52 -0.06 1.93 28 0.67 67 17.45 8.87 7.42 5.61 2.22 8.72 25 7.51 47 19.58 9.69 7.85 6.40 3.46 8.85 35 8.11 46 10.39 6.29 5.17 4.54 2.77 5.83 32 5.34 46 10.56 5.77 4.95 4.16 2.36 5.36 37 4.89 51 10.00 5.59 4.60 3.70 2.25 5.40 30 4.44 57 7.81 4.66 3.93 3.36 1.95 4.46 34 3.78 55 9.12 4.83 4.21 3.41 1.87 4.68 31 4.09 54 6.99 4.05 3.49 2.93 1.65 4.17 20 3.30 59 7.52 4.47 3.82 3.16 1.66 4.57 22 3.40 62 8.44 4.42 3.96 3.34 1.96 4.62 21 3.84 52 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% d 1 d 1 d1 d1 d1 d1 d1 d1 d1 d 1 d1 187 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 17.45 8.87 7.42 5.61 2.22 8.72 25 7.51 47 23.50 12.29 8.98 6.96 2.43 8.98 50 8.72 56 3.16 0.97 0.02 -1.89 -6.65 0.02 50 0.01 50 12.49 7.52 4.33 3.04 0.95 3.99 55 3.54 68 15.78 8.24 3.71 2.30 0.24 5.55 35 2.65 63 4.19 1.22 0.51 -1.48 -5.33 -0.12 64 0.55 49 17.17 6.29 4.47 2.20 0.10 6.01 30 5.97 31 9.50 1.84 -0.73 -2.10 -8.33 0.65 31 -2.02 73 17.23 10.48 6.91 4.19 0.93 7.85 42 4.22 74 17.40 7.90 6.25 3.73 -0.21 5.10 62 7.84 26 -10% -5% 0% 5% 10% 15% 20% 25% d1 d1 d1 d1 d 1 d1 d1 d 1 d 1 d 1 188 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 10.39 6.29 5.17 4.54 2.77 5.83 32 5.34 46 10.32 5.94 5.26 3.73 1.48 5.32 46 5.24 50 10.27 5.79 5.00 3.21 1.04 5.25 43 5.32 41 9.14 4.87 3.90 2.34 -0.98 3.92 49 4.82 28 9.31 5.89 4.40 3.56 1.97 4.27 55 4.03 66 -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% d 1 d 1 d 1 d 1 d 1 Dodge & Cox 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% -0.5 0.6 1.2 1.6 0.3 -0.1 0.2 0.1 0.6 -0.1 0.6 -1.1 0.4 -0.3 -0.2 0.4 -3.0 2.3 0.6 1.3 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 189 City of Clearwater Employees Pension Fund Risk Measure Summary Dodge & Cox Quarterly Periods Ending 12/31/20 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 1.16 0.75 0.10 5.22 8.72 8.72 4.39 0.80 0.63 0.22 1.83 10.07 4.67 0.24 0 4 0.62 3.15 7.51 7.51 2.75 2.48 2 10 1.05 0.67 0.58 -0.84 5.22 0.02 8.98 3.43 0.84 0.27 0.50 1.23 5.03 2.63 0.17 2 10 -1.46 3.15 0.01 10.30 3.10 1.21 3 17 1.10 0.56 0.65 -1.45 5.22 -0.02 8.98 3.06 0.77 0.41 0.59 1.37 5.44 2.19 0.41 3 17 -2.98 3.15 -1.22 10.30 3.24 1.00 13 54 1.05 0.54 0.61 -2.88 6.98 -0.26 17.78 3.38 0.80 0.33 0.57 1.09 4.60 2.41 0.30 17 50 -2.98 4.57 -2.02 10.56 3.31 0.88 190 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 1.0 1.9 2.8 3.7 4.6 5.5 6.4 7.3 8.2 9.0 9.9 d 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 5.83 32 3.43 58 5.34 46 3.10 44 5.17 3.20 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 d 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 5.40 30 3.06 38 4.44 57 3.24 54 4.60 3.21 191 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Dodge & Cox Quarter Ending 12/20 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 260 167,242,477 1.33 15.07 2.82 8.11 1.19 7.85 10.97 11,984 1.12 8.28 2.76 6.42 0.34 6.22 8.28 Yield to Maturity 5+ 2.4% 4 - 5 2.8% 3 - 4 6.4% 2 - 3 18.0% 1 - 2 19.2% 0 - 1 51.1% Time to Maturity 10+ 47.2% 7 - 10 12.6% 5 - 7 9.6% 3 - 5 18.4% 1 - 3 11.2% 0 - 1 0.9% Coupon 11+ 0.0% 9 - 11 0.6% 7 - 9 3.1% 5 - 7 13.9% 3 - 5 29.0% 0 - 3 53.4% Quality NR 26.5% B 0.6% BA 4.3% BAA 20.5% A 5.9% AA 2.5% AAA 13.1% GOVT 26.6% Duration 8+ 37.9% 6 - 8 8.9% 4 - 6 23.9% 3 - 4 6.2% 1 - 3 21.6% 0 - 1 1.5% Effective Duration 8+ 37.7% 6 - 8 9.1% 4 - 6 20.3% 3 - 4 6.1% 1 - 3 21.5% 0 - 1 5.4% 192 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Dodge & Cox As of 12/31/20 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 26.19 26.13 0.07 2.49 --- --- 2.49 --- --- 10.99 --- 4.19 6.65 0.16 --- --- --- 39.67 --- --- --- 1.54 1.01 --- 0.53 --- 0.11 --- --- --- --- --- 0.86 --- --- 2.52 --- --- --- 4.36 1.02 --- 2.75 0.60 0.82 --- --- --- --- --- 0.47 --- 0.24 5.88 --- --- --- 19.43 6.91 3.06 7.77 1.68 0.32 --- --- --- --- --- 0.53 --- 0.20 20.48 0.82 --- 0.82 3.52 1.58 0.15 1.42 0.38 --- --- --- --- --- --- --- --- --- 4.34 --- --- --- 0.57 0.12 --- 0.46 --- --- --- --- --- --- --- --- --- --- 0.57 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 1.34 0.33 0.40 --- 0.61 --- 17.29 2.32 2.42 12.55 --- --- --- 7.91 26.55 27.01 26.13 0.89 33.25 10.97 3.61 15.42 3.27 1.25 28.28 2.32 6.61 19.20 0.16 1.86 --- 8.35 100.00 193 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Dodge & Cox Quarter Ending 12/20 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 16.66 17.53 13.84 31.63 1.51 3.84 2.04 3.79 9.15 100.00 7.79 49.78 11.10 22.35 0.79 3.34 0.00 4.71 0.15 100.00 2.48 0.83 4.80 0.71 2.34 4.10 2.97 4.21 1.86 2.06 -0.85 3.03 1.14 3.13 3.45 0.00 1.82 2.12 0.55 0.07 0.30 0.24 -0.14 -0.01 0.03 0.06 0.09 0.00 0.64 0.13 0.45 0.07 0.05 0.02 0.01 -0.01 -0.01 0.14 0.86 0.20 0.75 0.31 -0.08 0.01 0.04 0.05 0.08 0.14 1.50 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 -0.82% [ Actual Return 1.05% ] - [ Buy Hold Return 1.86% ] 194 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/20 United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas FNMA Pool As7738 United States Treas FNMA United States Treas Sector % Port Government Government Government Government Government Government Mortgage Government Mortgage Government 7.42 4.25 3.34 2.97 2.58 2.34 1.84 1.55 1.41 1.36 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 11.48 33.03 16.97 24.54 0.23 3.06 0.09 6.54 4.05 -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 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 1.49 0.67 152,525 14,096 2,294 168,915 9.04 7.51 146,458 9,374 13,083 168,915 9.04 7.51 146,458 9,374 13,083 168,915 5.86 5.34 130,070 13,090 25,755 168,915 5.06 4.44 115,573 18,309 35,032 168,915 4.21 3.84 81,482 36,985 50,448 168,915 4.75 4.35 74,568 36,985 57,362 168,915 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 195 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/20 Domestic Fixed $174,918 103.55% Other $2 0.00% Cash & Equiv $-6,005 -3.56% Periods from 9/04 to 12/20 Alpha Beta R-Squared 0.06 1.06 0.91 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 5.0 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 4.75 4.35 1.35 3.50 3.20 0.83 0.97 0.94 0.00 0.35 Asset Allocation ($000) Risk/Return Analysis 196 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/20 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 6.77 2.28 0.99 0.52 -0.06 1.49 35 0.67 67 17.45 8.87 7.42 5.61 2.22 9.04 23 7.51 47 19.58 9.69 7.85 6.40 3.46 9.32 27 8.11 46 10.39 6.29 5.17 4.54 2.77 5.86 31 5.34 46 10.56 5.77 4.95 4.16 2.36 5.41 35 4.89 51 10.00 5.59 4.60 3.70 2.25 5.06 39 4.44 57 7.81 4.66 3.93 3.36 1.95 4.33 37 3.78 55 9.12 4.83 4.21 3.41 1.87 4.66 31 4.09 54 6.99 4.05 3.49 2.93 1.65 3.74 37 3.30 59 7.52 4.47 3.82 3.16 1.66 3.89 45 3.40 62 8.44 4.42 3.96 3.34 1.96 4.21 39 3.84 52 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% w1 w 1 w 1 w1 w1 w1 w1 w1 w1 w1 w1 197 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 17.45 8.87 7.42 5.61 2.22 9.04 23 7.51 47 23.50 12.29 8.98 6.96 2.43 9.60 41 8.72 56 3.16 0.97 0.02 -1.89 -6.65 -0.73 65 0.01 50 12.49 7.52 4.33 3.04 0.95 4.08 54 3.54 68 15.78 8.24 3.71 2.30 0.24 3.66 50 2.65 63 4.19 1.22 0.51 -1.48 -5.33 0.73 42 0.55 49 17.17 6.29 4.47 2.20 0.10 6.65 19 5.97 31 9.50 1.84 -0.73 -2.10 -8.33 -2.46 81 -2.02 73 17.23 10.48 6.91 4.19 0.93 5.07 64 4.22 74 17.40 7.90 6.25 3.73 -0.21 7.23 38 7.84 26 -10% -5% 0% 5% 10% 15% 20% 25% w 1 w1 w1 w1 w1 w1 w1 w1 w1 w1 198 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 10.39 6.29 5.17 4.54 2.77 5.86 31 5.34 46 10.32 5.94 5.26 3.73 1.48 5.55 37 5.24 50 10.27 5.79 5.00 3.21 1.04 5.49 34 5.32 41 9.14 4.87 3.90 2.34 -0.98 4.40 38 4.82 28 9.31 5.89 4.40 3.56 1.97 4.23 57 4.03 66 -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% w 1 w 1 w 1 w 1 w 1 Western Asset Management Co. 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0.3 0.1 0.5 0.1 0.1 0.0 0.2 0.2 -0.2 -0.1 0.1 -0.5 0.2 0.2 0.1 0.3 -1.7 1.7 0.6 0.8 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 199 City of Clearwater Employees Pension Fund Risk Measure Summary Western Asset Management Co. Quarterly Periods Ending 12/31/20 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 1.20 0.75 1.24 4.65 9.04 9.04 3.27 0.95 0.45 0.49 2.56 8.83 2.97 0.48 0 4 0.62 3.15 7.51 7.51 2.75 2.48 2 10 1.11 1.23 0.67 -1.70 4.65 -0.73 10.27 3.45 1.04 0.09 0.79 1.23 4.09 1.65 0.30 2 10 -1.46 3.15 0.01 10.30 3.10 1.21 3 17 1.13 1.06 0.75 -2.90 4.65 -1.24 10.27 3.46 1.03 0.13 0.87 1.12 3.76 1.27 0.48 3 17 -2.98 3.15 -1.22 10.30 3.24 1.00 17 48 1.10 1.11 0.63 -2.90 5.22 -2.46 14.60 3.50 1.06 0.06 0.91 0.97 3.22 1.11 0.35 16 49 -2.98 4.57 -2.02 10.56 3.20 0.94 200 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 1.0 1.9 2.8 3.7 4.6 5.5 6.4 7.3 8.2 9.0 9.9 w 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 5.86 31 3.45 58 5.34 46 3.10 44 5.17 3.20 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 w 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 5.06 39 3.46 64 4.44 57 3.24 54 4.60 3.21 201 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Western Asset Management Co. Quarter Ending 12/20 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 852 174,918,003 1.16 14.83 2.95 7.86 1.04 7.54 10.25 11,984 1.12 8.28 2.76 6.42 0.34 6.22 8.28 Yield to Maturity 5+ 0.7% 4 - 5 1.7% 3 - 4 7.6% 2 - 3 10.7% 1 - 2 35.0% 0 - 1 44.4% Time to Maturity 10+ 47.5% 7 - 10 8.5% 5 - 7 15.1% 3 - 5 13.7% 1 - 3 11.4% 0 - 1 3.8% Coupon 11+ 0.0% 9 - 11 0.0% 7 - 9 0.5% 5 - 7 8.8% 3 - 5 45.9% 0 - 3 44.8% Quality NR 16.4% BA 1.8% BAA 17.1% A 14.9% AA 2.7% AAA 14.4% GOVT 32.7% Duration 8+ 30.8% 6 - 8 15.0% 4 - 6 16.3% 3 - 4 11.6% 1 - 3 22.5% 0 - 1 3.7% Effective Duration 8+ 29.9% 6 - 8 14.9% 4 - 6 15.1% 3 - 4 9.0% 1 - 3 26.2% 0 - 1 4.9% 202 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Western Asset Management Co. As of 12/31/20 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 32.98 32.62 0.36 0.60 0.59 --- 0.01 --- --- 13.56 4.21 1.31 7.58 0.46 --- --- --- 47.13 --- --- --- 2.56 1.92 0.09 0.38 0.17 --- --- --- --- --- --- --- --- 0.10 2.66 --- --- --- 14.76 6.79 0.33 6.34 1.30 --- --- --- --- --- --- --- --- 0.16 14.92 --- --- --- 16.81 6.43 2.64 4.21 3.53 0.23 --- --- --- --- --- --- --- 0.10 17.14 0.05 --- 0.05 1.70 1.22 --- 0.33 0.14 --- --- --- --- --- --- --- --- --- 1.75 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 1.63 0.02 --- 0.22 1.39 --- 10.98 1.76 0.93 7.58 0.71 0.09 --- 3.69 16.39 33.03 32.62 0.41 38.06 16.97 3.06 11.49 6.53 0.23 24.54 5.97 2.24 15.16 1.17 0.09 --- 4.05 100.00 203 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Western Asset Management Co. Quarter Ending 12/20 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 13.42 24.74 20.07 25.80 0.26 3.34 0.10 7.44 4.83 100.00 7.79 49.78 11.10 22.35 0.79 3.34 0.00 4.71 0.15 100.00 2.66 -0.44 3.84 0.83 4.52 2.94 4.01 2.61 1.54 2.06 -0.85 3.03 1.14 3.13 3.45 0.00 1.82 2.12 0.55 0.08 0.10 0.16 -0.08 0.00 -0.02 0.00 0.06 0.00 0.31 0.08 0.35 0.22 0.02 -0.01 0.00 -0.00 0.03 0.07 0.77 0.16 0.46 0.38 -0.06 -0.01 -0.02 0.00 0.09 0.07 1.09 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 -1.31% [ Actual Return 0.23% ] - [ Buy Hold Return 1.54% ] 204 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/20 Equinix Inc Prologis Inc American Homes 4 Ren Avalonbay Cmntys Inc Public Storage Inc Invitation Homes Inc Welltower Inc Apartment Income Rei Boston Properties In Healthpeak Pptys Inc GICS Sector % Port Telecom Services Financials Financials Financials Financials Financials Financials Financials Financials Financials 9.48 9.21 6.49 4.81 4.80 4.65 4.61 4.43 4.19 4.01 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.0-3.0-2.0-1.00.01.02.03.04.05.06.07.08.09.010.0 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 2.91 7.61 150,766 -185 4,377 154,957 1.58 -3.78 153,652 -1,083 2,389 154,957 1.58 -3.78 153,652 -1,083 2,389 154,957 5.93 4.46 142,639 -13,860 26,178 154,957 6.21 5.43 117,842 -5,087 42,202 154,957 8.56 9.21 62,823 6,543 85,591 154,957 6.00 6.30 19,347 4,543 131,068 154,957 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 205 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/20 Cash & Equiv $139 0.09% Domestic Equity $13,235 8.54% Real Estate $141,583 91.37% Periods from 4/08 to 12/20 Alpha Beta R-Squared 0.09 0.91 0.93 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 R 1 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 6.00 6.30 0.61 20.69 22.03 0.25 0.26 0.26 0.00 -0.11 Asset Allocation ($000) Risk/Return Analysis 206 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 12.23 5.42 1.92 0.44 -4.23 2.91 37 7.61 21 12.72 1.84 -1.30 -5.91 -28.67 1.58 31 -3.78 64 13.55 9.58 3.96 -1.37 -19.46 5.78 37 6.98 33 12.37 6.70 4.96 0.84 -14.12 5.93 31 4.46 63 13.85 7.29 5.62 2.42 -11.84 6.02 46 4.78 66 13.55 7.29 6.15 2.80 -8.15 6.21 48 5.43 63 13.87 7.88 6.85 3.66 -5.98 6.33 56 5.91 61 14.01 9.73 7.96 5.35 -3.91 8.41 38 8.47 38 15.36 9.71 8.41 5.05 -3.61 8.14 53 8.16 53 16.41 10.05 8.82 5.79 -1.27 8.53 54 8.95 49 16.24 10.50 8.75 5.65 -0.91 8.56 59 9.21 39 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% R 1 R 1 R1 R1 R1 R1 R1 R1 R1 R1 R1 207 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 12.72 1.84 -1.30 -5.91 -28.67 1.58 31 -3.78 64 31.12 18.43 7.28 2.39 -19.22 10.16 38 18.93 24 25.31 9.57 5.25 -4.86 -17.90 6.23 46 -0.39 60 24.73 11.35 7.59 3.89 -10.49 6.30 61 5.75 63 23.72 10.62 8.24 3.41 -14.98 6.94 59 8.06 51 32.18 15.90 11.06 2.40 -21.34 6.96 58 8.33 55 35.28 20.18 13.26 8.60 -11.08 21.77 23 25.22 20 30.96 14.95 10.19 3.04 -7.05 6.29 61 6.02 62 35.04 17.65 11.64 5.64 -7.03 11.69 49 15.41 31 34.59 17.26 11.75 2.45 -15.69 8.85 59 11.62 50 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% R 1 R 1 R 1 R1 R1 R1 R 1 R1 R 1 R1 208 City of Clearwater Employees Pension Fund Risk Measure Summary Real Estate Comp Quarterly Periods Ending 12/31/20 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 0.27 0.15 0.50 -2.59 2.91 1.58 1.58 4.62 0.20 0.36 0.80 0.20 4.65 18.83 0.11 1 3 -16.92 7.61 -3.78 -3.78 22.73 -0.20 2 10 0.38 -0.05 0.58 -2.59 3.92 1.10 10.16 3.39 0.19 0.88 0.70 1.28 22.35 12.31 -0.02 4 8 -16.92 11.20 -11.14 18.93 14.94 0.19 2 18 0.47 -0.12 0.55 -2.59 3.92 1.10 10.16 2.77 0.20 0.99 0.66 1.81 25.09 9.54 -0.03 6 14 -16.92 11.20 -11.14 18.93 11.62 0.36 9 41 0.82 0.79 0.46 -37.93 33.98 -45.85 118.01 21.80 0.91 0.09 0.93 0.30 7.18 6.31 -0.11 13 37 -40.40 35.93 -45.65 115.40 23.10 0.29 209 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 5.93 31 3.39 34 4.46 63 14.94 67 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 6.21 48 2.77 29 5.43 63 11.62 64 6.15 7.61 210 City of Clearwater Employees Pension Fund Security Capital as of 12/31/20 Equinix Inc Prologis Inc American Homes 4 Ren Avalonbay Cmntys Inc Public Storage Inc Invitation Homes Inc Welltower Inc Apartment Income Rei Boston Properties In Healthpeak Pptys Inc GICS Sector % Port Telecom Services Financials Financials Financials Financials Financials Financials Financials Financials Financials 9.48 9.21 6.49 4.81 4.80 4.65 4.61 4.43 4.19 4.01 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 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 10.53 10.72 12,061 43 1,270 13,374 -4.59 -7.95 13,901 103 -629 13,374 -4.59 -7.95 13,901 103 -629 13,374 4.00 3.30 20,663 -9,514 2,225 13,374 4.52 4.46 49,962 -42,084 5,496 13,374 8.17 8.38 41,879 -59,542 31,037 13,374 5.77 5.91 19,347 -81,542 75,569 13,374 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 211 City of Clearwater Employees Pension Fund Security Capital as of 12/31/20 Cash & Equiv $139 1.04% Domestic Equity $13,235 98.96% Periods from 4/08 to 12/20 Alpha Beta R-Squared -0.01 0.98 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 s1 T Annualized Standard Deviation% s Security Capital 1 Wilshire RESI T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.77 5.91 0.61 24.16 24.60 0.25 0.21 0.22 0.00 -0.10 Asset Allocation ($000) Risk/Return Analysis 212 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 12.23 5.42 1.92 0.44 -4.23 10.53 9 10.72 8 12.72 1.84 -1.30 -5.91 -28.67 -4.59 67 -7.95 80 13.55 9.58 3.96 -1.37 -19.46 10.07 23 7.61 31 12.37 6.70 4.96 0.84 -14.12 4.00 65 3.30 66 13.85 7.29 5.62 2.42 -11.84 4.23 70 3.68 71 13.55 7.29 6.15 2.80 -8.15 4.52 68 4.46 68 13.87 7.88 6.85 3.66 -5.98 4.55 72 4.52 72 14.01 9.73 7.96 5.35 -3.91 8.22 44 8.01 49 15.36 9.71 8.41 5.05 -3.61 7.37 65 7.26 65 16.41 10.05 8.82 5.79 -1.27 8.32 58 8.35 58 16.24 10.50 8.75 5.65 -0.91 8.17 60 8.38 59 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% s1 s 1 s 1 s1 s1 s1 s1 s1 s1 s1 s1 213 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 12.72 1.84 -1.30 -5.91 -28.67 -4.59 67 -7.95 80 31.12 18.43 7.28 2.39 -19.22 26.97 14 25.79 17 25.31 9.57 5.25 -4.86 -17.90 -7.16 85 -4.80 74 24.73 11.35 7.59 3.89 -10.49 4.91 70 4.84 71 23.72 10.62 8.24 3.41 -14.98 5.71 66 7.62 54 32.18 15.90 11.06 2.40 -21.34 4.70 66 4.81 66 35.28 20.18 13.26 8.60 -11.08 33.13 8 31.53 10 30.96 14.95 10.19 3.04 -7.05 1.60 85 2.15 81 35.04 17.65 11.64 5.64 -7.03 16.22 29 17.55 25 34.59 17.26 11.75 2.45 -15.69 6.86 65 8.56 61 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% s 1 s1 s1 s1 s1 s1 s1 s1 s1 s1 214 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 s 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 4.00 65 20.40 84 3.30 66 22.45 94 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 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 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 4.52 68 15.84 80 4.46 68 17.44 91 6.15 7.61 215 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 4.00 65 3.30 66 14.82 6.87 4.54 -0.06 -13.86 1.68 68 0.42 72 15.12 7.38 4.73 0.08 -13.91 1.82 69 0.22 74 19.27 8.82 5.30 -1.00 -16.85 -1.06 75 -2.47 80 19.40 9.84 7.68 4.08 -8.66 7.34 53 7.88 47 -20% -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 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% -1.3 -0.9 0.7 -0.3 -0.6 -1.1 0.2 1.6 -0.5 -0.9 -0.2 -0.9 -0.5 -0.4 -0.9 2.8 5.4 -0.6 -0.8 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Wilshire RESI 216 City of Clearwater Employees Pension Fund Risk Measure Summary Security Capital Quarterly Periods Ending 12/31/20 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 0.92 0.84 0.25 -21.73 10.53 -4.59 -4.59 30.11 0.88 0.44 1.00 -0.17 -6.00 4.62 0.47 1 3 -25.73 10.72 -7.95 -7.95 34.40 -0.25 3 9 0.91 0.88 0.17 -21.73 15.42 -13.90 26.97 20.40 0.90 0.15 0.99 0.12 2.65 3.21 0.04 4 8 -25.73 16.01 -19.47 25.79 22.45 0.08 6 14 0.90 0.88 0.25 -21.73 15.42 -13.90 26.97 15.84 0.90 0.06 0.98 0.21 3.69 2.73 -0.10 6 14 -25.73 16.01 -19.47 25.79 17.44 0.19 16 34 0.96 0.97 0.34 -37.93 33.98 -45.85 118.01 25.17 0.98 -0.01 0.99 0.25 6.40 2.41 -0.10 16 34 -40.40 35.93 -45.65 115.40 25.57 0.25 217 City of Clearwater Employees Pension Fund USAA as of 12/31/20 -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 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 6.81 1.30 12,001 -170 988 12,818 11.12 1.18 12,010 -646 1,454 12,818 11.12 1.18 12,010 -646 1,454 12,818 7.82 4.92 11,456 -1,825 3,187 12,818 9.01 6.21 5,136 2,177 5,506 12,818 8.97 6.97 5,000 2,102 5,717 12,818 Portfolio Performance (%) 218 City of Clearwater Employees Pension Fund USAA as of 12/31/20 Real Estate $12,818 100.00% Periods from 6/15 to 12/20 Alpha Beta R-Squared 1.21 0.49 0.08 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 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 USAA 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 8.97 6.97 1.10 3.57 2.03 0.46 2.21 2.90 0.00 0.48 Asset Allocation ($000) Risk/Return Analysis 219 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 4 Years Last 5 Years 12.23 5.42 1.92 0.44 -4.23 6.81 23 1.30 59 12.72 1.84 -1.30 -5.91 -28.67 11.12 5 1.18 37 13.55 9.58 3.96 -1.37 -19.46 8.41 29 3.24 56 12.37 6.70 4.96 0.84 -14.12 7.82 16 4.92 51 13.85 7.29 5.62 2.42 -11.84 8.19 18 5.59 51 13.55 7.29 6.15 2.80 -8.15 9.01 13 6.21 48 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% u 1 u 1 u 1 u 1 u 1 u 1 220 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 2020 2019 2018 2017 2016 12.72 1.84 -1.30 -5.91 -28.67 11.12 5 1.18 37 31.12 18.43 7.28 2.39 -19.22 5.78 62 5.34 63 25.31 9.57 5.25 -4.86 -17.90 6.65 44 8.35 32 24.73 11.35 7.59 3.89 -10.49 9.30 34 7.62 49 23.72 10.62 8.24 3.41 -14.98 12.34 19 8.76 42 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% u 1 u 1 u 1 u 1 u 1 221 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 u 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank u USAA 1 NCREIF ODCE Fund Index Median 9.01 13 3.71 33 6.21 48 1.74 4 6.15 7.61 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 u 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank u USAA 1 NCREIF ODCE Fund Index Median 9.01 13 3.71 33 6.21 48 1.74 4 6.15 7.61 222 City of Clearwater Employees Pension Fund Risk Measure Summary USAA Quarterly Periods Ending 12/31/20 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 3.36 -1.03 0.75 -0.15 6.81 11.12 11.12 5.91 1.33 2.36 0.22 1.77 7.83 5.52 1.78 1 3 -1.56 1.30 1.18 1.18 2.57 0.20 1 11 1.33 -1.03 0.42 -0.15 6.81 2.70 11.12 3.99 0.48 1.13 0.04 1.56 12.99 4.39 0.63 1 11 -1.56 2.20 1.18 8.35 2.02 1.64 1 19 1.32 -1.03 0.55 -0.15 6.81 2.70 14.21 3.71 0.71 1.03 0.10 2.10 10.96 3.87 0.68 1 19 -1.56 2.20 1.18 8.76 1.74 2.89 1 21 1.19 -1.03 0.50 -0.15 6.81 2.70 14.21 3.57 0.49 1.21 0.08 2.21 15.93 3.90 0.48 1 21 -1.56 3.68 1.18 11.81 2.03 2.90 223 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/20 -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 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 0.74 1.30 51,564 0 380 51,944 0.49 1.18 51,691 0 254 51,944 0.49 1.18 51,691 0 254 51,944 3.76 4.92 46,500 0 5,444 51,944 4.95 6.21 40,792 0 11,152 51,944 7.79 9.87 20,944 5,000 26,001 51,944 8.08 10.14 0 25,000 26,944 51,944 Portfolio Performance (%) 224 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/20 Real Estate $51,944 100.00% Periods from 9/10 to 12/20 Alpha Beta R-Squared -0.28 0.91 0.81 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 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 Multi Employer Property 1 NCREIF ODCE T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 8.08 10.14 0.62 2.51 2.39 0.42 2.97 3.98 0.00 -1.61 Asset Allocation ($000) Risk/Return Analysis 225 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 9 Years Last 10 Years 12.23 5.42 1.92 0.44 -4.23 0.74 71 1.30 59 12.72 1.84 -1.30 -5.91 -28.67 0.49 43 1.18 37 13.55 9.58 3.96 -1.37 -19.46 2.06 69 3.24 56 12.37 6.70 4.96 0.84 -14.12 3.76 66 4.92 51 13.85 7.29 5.62 2.42 -11.84 4.20 70 5.59 51 13.55 7.29 6.15 2.80 -8.15 4.95 66 6.21 48 13.87 7.88 6.85 3.66 -5.98 6.10 58 7.63 29 14.01 9.73 7.96 5.35 -3.91 6.95 64 8.31 43 15.36 9.71 8.41 5.05 -3.61 7.55 62 9.00 27 16.41 10.05 8.82 5.79 -1.27 7.23 70 9.21 36 16.24 10.50 8.75 5.65 -0.91 7.79 63 9.87 31 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% MO MO MO MO MO MO MO MO MO MO MO 226 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 12.72 1.84 -1.30 -5.91 -28.67 0.49 43 1.18 37 31.12 18.43 7.28 2.39 -19.22 3.66 71 5.34 63 25.31 9.57 5.25 -4.86 -17.90 7.23 42 8.35 32 24.73 11.35 7.59 3.89 -10.49 5.53 63 7.62 49 23.72 10.62 8.24 3.41 -14.98 8.02 51 8.76 42 32.18 15.90 11.06 2.40 -21.34 12.00 46 15.01 32 35.28 20.18 13.26 8.60 -11.08 12.21 56 12.49 55 30.96 14.95 10.19 3.04 -7.05 11.83 41 13.94 30 35.04 17.65 11.64 5.64 -7.03 4.70 78 10.94 55 34.59 17.26 11.75 2.45 -15.69 12.99 45 15.99 28 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% MO MO MO MO MO M O MO MO M O M O 227 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 3.76 66 4.92 51 14.82 6.87 4.54 -0.06 -13.86 3.99 53 5.18 39 15.12 7.38 4.73 0.08 -13.91 4.03 55 5.66 40 19.27 8.82 5.30 -1.00 -16.85 5.51 47 6.82 38 19.40 9.84 7.68 4.08 -8.66 5.47 66 7.10 55 -20% -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 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 0.6 -0.4 -0.2 -0.7 -0.5 -0.3 -0.6 -0.7 -0.5 -0.5 0.1 -0.2 -0.4 0.0 -0.4 -0.9 0.4 -1.3 0.7 -0.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE 228 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 3.76 66 2.52 25 4.92 51 2.02 9 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 4.95 66 2.13 18 6.21 48 1.74 4 6.15 7.61 229 City of Clearwater Employees Pension Fund Risk Measure Summary Multi Employer Property Trust Quarterly Periods Ending 12/31/20 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 1.21 1.79 0.50 -2.80 1.42 0.49 0.49 3.95 1.41 -0.22 0.83 -0.04 -0.13 1.80 -0.37 1 3 -1.56 1.30 1.18 1.18 2.57 0.20 1 11 0.87 1.79 0.33 -2.80 2.23 0.11 7.23 2.52 1.10 -0.36 0.78 0.86 1.96 1.09 -1.02 1 11 -1.56 2.20 1.18 8.35 2.02 1.64 1 19 0.85 1.79 0.25 -2.80 2.74 0.11 8.02 2.13 1.05 -0.36 0.80 1.76 3.58 0.97 -1.25 1 19 -1.56 2.20 1.18 8.76 1.74 2.89 2 39 0.81 1.79 0.17 -2.80 4.72 0.11 15.44 2.51 0.91 -0.28 0.81 2.97 8.17 1.20 -1.61 1 40 -1.56 4.99 1.18 18.27 2.39 3.98 230 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/20 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 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 0.58 6,612 0 0 6,612 1.70 0.81 6,781 -282 113 6,612 1.70 0.81 6,781 -282 113 6,612 0.70 1.77 7,528 -1,070 154 6,612 0.92 2.30 7,619 -1,352 345 6,612 3.01 4.64 111 4,412 2,088 6,612 Portfolio Performance (%) 231 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/20 Real Estate $6,612 100.00% Periods from 6/11 to 12/20 Alpha Beta R-Squared 0.04 0.56 0.20 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 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 3.01 4.64 0.66 4.07 3.56 0.25 0.58 1.12 0.00 -0.42 Asset Allocation ($000) Risk/Return Analysis 232 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 5 Years 12.23 5.42 1.92 0.44 -4.23 0.00 79 0.58 73 12.72 1.84 -1.30 -5.91 -28.67 1.70 25 0.81 40 13.55 9.58 3.96 -1.37 -19.46 0.10 72 1.05 70 12.37 6.70 4.96 0.84 -14.12 0.70 75 1.77 72 13.55 7.29 6.15 2.80 -8.15 0.92 81 2.30 77 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% M 1 M 1 M 1 M 1 M 1 233 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 2020 2019 2018 2017 2016 2015 2014 2013 2012 12.72 1.84 -1.30 -5.91 -28.67 1.70 25 0.81 40 31.12 18.43 7.28 2.39 -19.22 -1.48 84 1.29 76 25.31 9.57 5.25 -4.86 -17.90 1.93 55 3.21 53 24.73 11.35 7.59 3.89 -10.49 -0.75 86 3.63 75 23.72 10.62 8.24 3.41 -14.98 3.30 75 2.59 77 32.18 15.90 11.06 2.40 -21.34 4.03 69 4.97 65 35.28 20.18 13.26 8.60 -11.08 7.02 78 10.50 67 30.96 14.95 10.19 3.04 -7.05 15.16 24 9.68 51 35.04 17.65 11.64 5.64 -7.03 0.77 86 7.75 69 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M1 M 1 M1 M 1 M1 M1 M 1 M 1 M 1 234 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 0.70 75 1.77 72 14.82 6.87 4.54 -0.06 -13.86 -0.02 74 2.08 66 15.12 7.38 4.73 0.08 -13.91 -0.12 76 2.27 64 19.27 8.82 5.30 -1.00 -16.85 -0.01 71 2.48 60 19.40 9.84 7.68 4.08 -8.66 -0.11 82 2.70 79 -20% -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 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% -0.3 -0.5 0.2 1.3 -0.6 -0.3 0.4 -3.6 -0.8 0.3 -0.1 -0.7 0.3 -0.9 1.0 -3.1 0.3 0.0 1.2 -0.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 235 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 0.70 75 2.29 19 1.77 72 0.82 3 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 0.92 81 2.37 24 2.30 77 0.95 2 6.15 7.61 236 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund III Quarterly Periods Ending 12/31/20 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 2.09 0.50 0.00 1.25 1.70 1.70 1.17 0.07 0.25 0.00 0.89 14.13 1.51 0.58 0 4 0.04 0.58 0.81 0.81 0.51 0.28 1 11 1.01 79.25 0.42 -3.17 1.25 -1.57 2.18 2.29 0.86 -0.25 0.09 -0.39 -1.05 2.25 -0.47 1 11 -0.04 1.04 0.19 3.21 0.82 0.19 3 17 0.71 12.33 0.40 -3.17 2.45 -1.57 3.98 2.37 0.53 -0.21 0.05 -0.12 -0.52 2.46 -0.55 2 18 -0.26 1.52 0.19 4.00 0.95 1.16 9 29 0.74 6.72 0.37 -3.17 7.86 -2.71 16.17 3.91 0.56 0.04 0.20 0.60 4.18 3.87 -0.42 3 35 -0.35 6.02 0.19 10.64 3.05 1.31 237 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/20 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 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 0.58 4,186 0 0 4,186 0.18 0.81 4,273 -94 7 4,186 0.18 0.81 4,273 -94 7 4,186 -0.41 1.77 4,275 -34 -55 4,186 0.98 2.30 2,163 1,838 186 4,186 0.66 2.55 118 3,913 155 4,186 Portfolio Performance (%) 238 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/20 Real Estate $4,186 100.00% Periods from 9/15 to 12/20 Alpha Beta R-Squared -0.30 0.55 0.07 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 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 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 0.66 2.55 1.15 2.51 1.49 0.27 -0.19 0.94 0.00 -0.71 Asset Allocation ($000) Risk/Return Analysis 239 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 5 Years 12.23 5.42 1.92 0.44 -4.23 0.00 79 0.58 73 12.72 1.84 -1.30 -5.91 -28.67 0.18 46 0.81 40 13.55 9.58 3.96 -1.37 -19.46 0.86 70 1.05 70 12.37 6.70 4.96 0.84 -14.12 -0.41 79 1.77 72 13.55 7.29 6.15 2.80 -8.15 0.98 81 2.30 77 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% M 1 M 1 M 1 M 1 M 1 240 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 2020 2019 2018 2017 2016 12.72 1.84 -1.30 -5.91 -28.67 0.18 46 0.81 40 31.12 18.43 7.28 2.39 -19.22 1.53 76 1.29 76 25.31 9.57 5.25 -4.86 -17.90 -2.88 64 3.21 53 24.73 11.35 7.59 3.89 -10.49 2.83 77 3.63 75 23.72 10.62 8.24 3.41 -14.98 3.34 75 2.59 77 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% M 1 M 1 M 1 M 1 M 1 241 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 -0.41 79 1.77 72 14.82 6.87 4.54 -0.06 -13.86 0.16 74 2.08 66 15.12 7.38 4.73 0.08 -13.91 0.04 75 2.27 64 19.27 8.82 5.30 -1.00 -16.85 0.10 70 2.48 60 19.40 9.84 7.68 4.08 -8.66 0.46 80 2.70 79 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Molpus Woodlands Fund IV 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% -0.3 -1.0 -0.7 2.7 -0.1 -0.5 -0.4 0.2 -1.3 0.1 -1.2 -3.6 0.4 -0.2 0.5 -0.5 -0.5 -0.1 0.6 -0.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 242 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund IV 1 NCREIF Timberland Index Median -0.41 79 2.02 9 1.77 72 0.82 3 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund IV 1 NCREIF Timberland Index Median 0.98 81 2.49 25 2.30 77 0.95 2 6.15 7.61 243 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund IV Quarterly Periods Ending 12/31/20 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 0.23 0.25 -0.37 0.59 0.18 0.18 0.80 0.83 -0.15 0.31 -0.61 -0.58 1.02 -0.61 0 4 0.04 0.58 0.81 0.81 0.51 0.28 6 6 -0.12 13.90 0.33 -2.92 0.88 -2.88 1.53 2.02 -0.07 -0.49 0.00 -1.00 27.85 2.31 -0.93 1 11 -0.04 1.04 0.19 3.21 0.82 0.19 8 12 0.51 3.66 0.30 -2.92 3.95 -2.88 5.09 2.49 1.18 -0.37 0.22 -0.09 -0.19 2.33 -0.56 2 18 -0.26 1.52 0.19 4.00 0.95 1.16 9 12 0.33 3.66 0.29 -2.92 3.95 -2.88 5.09 2.53 0.55 -0.30 0.07 -0.19 -0.88 2.61 -0.71 2 19 -0.26 1.86 0.19 4.00 1.08 1.30 244 City of Clearwater Employees Pension Fund Hancock as of 12/31/20 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 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 0.58 7,375 -58 0 7,316 -2.16 0.81 7,645 -163 -165 7,316 -2.16 0.81 7,645 -163 -165 7,316 1.54 1.77 8,338 -1,417 395 7,316 1.70 2.30 6,462 130 724 7,316 3.95 5.08 1,263 4,270 1,784 7,316 Portfolio Performance (%) 245 City of Clearwater Employees Pension Fund Hancock as of 12/31/20 Real Estate $7,316 100.00% Periods from 5/12 to 12/20 Alpha Beta R-Squared -0.62 1.37 0.59 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 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 3.95 5.08 0.73 6.05 3.72 0.26 0.53 1.17 0.00 -0.25 Asset Allocation ($000) Risk/Return Analysis 246 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 5 Years 12.23 5.42 1.92 0.44 -4.23 0.00 79 0.58 73 12.72 1.84 -1.30 -5.91 -28.67 -2.16 54 0.81 40 13.55 9.58 3.96 -1.37 -19.46 0.85 70 1.05 70 12.37 6.70 4.96 0.84 -14.12 1.54 73 1.77 72 13.55 7.29 6.15 2.80 -8.15 1.70 78 2.30 77 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% H 1 H 1 H 1 H 1 H 1 247 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 2020 2019 2018 2017 2016 2015 2014 2013 12.72 1.84 -1.30 -5.91 -28.67 -2.16 54 0.81 40 31.12 18.43 7.28 2.39 -19.22 3.95 70 1.29 76 25.31 9.57 5.25 -4.86 -17.90 2.93 54 3.21 53 24.73 11.35 7.59 3.89 -10.49 1.24 82 3.63 75 23.72 10.62 8.24 3.41 -14.98 2.64 77 2.59 77 32.18 15.90 11.06 2.40 -21.34 4.51 66 4.97 65 35.28 20.18 13.26 8.60 -11.08 4.58 83 10.50 67 30.96 14.95 10.19 3.04 -7.05 8.91 54 9.68 51 -30% -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 H 1 H 1 248 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 1.54 73 1.77 72 14.82 6.87 4.54 -0.06 -13.86 2.08 66 2.08 66 15.12 7.38 4.73 0.08 -13.91 2.69 61 2.27 64 19.27 8.82 5.30 -1.00 -16.85 2.78 59 2.48 60 19.40 9.84 7.68 4.08 -8.66 2.70 79 2.70 79 -20% -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 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% -0.2 -1.2 -1.2 2.7 -0.9 -0.9 -0.6 0.1 -0.9 -0.6 -1.0 2.3 0.0 -1.5 -0.2 4.4 0.0 -0.6 -1.8 -0.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 249 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 H1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 1.54 73 3.32 34 1.77 72 0.82 3 4.96 7.47 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 H1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 1.70 78 3.16 30 2.30 77 0.95 2 6.15 7.61 250 City of Clearwater Employees Pension Fund Risk Measure Summary Hancock Quarterly Periods Ending 12/31/20 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 -2.66 0.00 -1.78 0.11 -2.16 -2.16 1.73 0.48 -0.73 0.05 -1.63 -5.95 1.53 -1.92 0 4 0.04 0.58 0.81 0.81 0.51 0.28 7 5 0.06 -108.81 0.25 -1.78 4.35 -2.16 3.95 3.32 -0.94 0.03 0.06 -0.02 0.08 3.48 -0.07 1 11 -0.04 1.04 0.19 3.21 0.82 0.19 13 7 0.39 -12.81 0.25 -1.78 4.35 -2.16 3.95 3.16 0.46 0.01 0.02 0.16 1.08 3.11 -0.19 2 18 -0.26 1.52 0.19 4.00 0.95 1.16 21 13 0.71 -12.81 0.24 -1.83 11.90 -2.16 12.16 5.88 1.37 -0.60 0.59 0.57 2.45 3.98 -0.23 2 32 -0.26 6.02 0.19 10.64 3.15 1.37 251 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/20 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 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 3.91 13.96 42,850 0 1,675 44,525 2.83 15.90 43,301 0 1,224 44,525 2.83 15.90 43,301 0 1,224 44,525 11.67 10.54 31,973 0 12,552 44,525 12.92 11.52 30,000 0 14,525 44,525 Portfolio Performance (%) 252 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/20 Real Estate $44,525 100.00% Periods from 9/17 to 12/20 Alpha Beta R-Squared 2.37 0.12 0.20 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 14.0 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 12.92 11.52 1.57 7.09 17.80 0.27 1.60 0.56 0.00 -0.13 Asset Allocation ($000) Risk/Return Analysis 253 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Last 2 Years Last 3 Years 12.23 5.42 1.92 0.44 -4.23 3.91 32 13.96 2 12.72 1.84 -1.30 -5.91 -28.67 2.83 21 15.90 2 13.55 9.58 3.96 -1.37 -19.46 8.56 29 21.64 1 12.37 6.70 4.96 0.84 -14.12 11.67 6 10.54 8 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% I 1 I 1 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 2020 2019 2018 12.72 1.84 -1.30 -5.91 -28.67 2.83 21 15.90 2 31.12 18.43 7.28 2.39 -19.22 14.61 29 27.67 12 25.31 9.57 5.25 -4.86 -17.90 18.17 7 -8.71 89 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% I 1 I 1 I 1 255 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -8.0 -5.4 -2.8 -0.2 2.3 4.9 7.5 10.1 12.7 15.4 18.0 I 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/20 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I IFM Global Infrastructure (US) L.P. 1 MSCI World (Net) Median 11.67 6 5.75 44 10.54 8 22.66 94 4.96 7.47 256 City of Clearwater Employees Pension Fund Risk Measure Summary IFM Global Infrastructure (US) L.P. Quarterly Periods Ending 12/31/20 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 0.15 0.19 0.25 -3.94 3.91 2.83 2.83 6.67 0.17 -0.28 0.80 0.32 12.39 30.31 -0.63 1 3 -21.05 19.36 15.90 15.90 36.03 0.42 1 11 0.36 -0.18 0.42 -3.94 7.11 2.83 18.17 5.75 0.12 2.11 0.20 1.75 86.05 20.98 -0.15 3 9 -21.05 19.36 -10.39 27.67 22.66 0.39 1 12 0.42 -0.18 0.46 -3.94 7.11 2.83 22.41 5.88 0.12 2.37 0.20 1.93 91.98 20.11 -0.13 3 10 -21.05 19.36 -10.39 27.67 21.73 0.46 257 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/20 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 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 0.46 1.30 14,117 0 64 14,181 0.94 1.18 14,050 0 131 14,181 0.94 1.18 14,050 0 131 14,181 6.00 4.92 11,906 0 2,275 14,181 7.40 6.21 5,708 4,204 4,269 14,181 7.40 6.21 5,708 4,204 4,269 14,181 Portfolio Performance (%) 258 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/20 Real Estate $14,181 100.00% Periods from 12/15 to 12/20 Alpha Beta R-Squared 0.40 0.90 0.44 Annualized Return% 0.0 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 5.0 5.5 6.0 6.5 7.0 7.5 8.0 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 7.40 6.21 1.20 3.78 3.03 0.27 1.64 1.65 0.00 0.61 Asset Allocation ($000) Risk/Return Analysis 259 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/20 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 Year Last 2 Years Last 3 Years 12.23 5.42 1.92 0.44 -4.23 0.46 74 1.30 59 12.72 1.84 -1.30 -5.91 -28.67 0.94 40 1.18 37 13.55 9.58 3.96 -1.37 -19.46 4.46 44 3.24 56 12.37 6.70 4.96 0.84 -14.12 6.00 30 4.92 51 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% u 1 u 1 u 1 u 1 260 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December 1 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 2020 2019 2018 2017 2016 12.72 1.84 -1.30 -5.91 -28.67 0.94 40 1.18 37 31.12 18.43 7.28 2.39 -19.22 8.11 46 5.34 63 25.31 9.57 5.25 -4.86 -17.90 9.16 27 8.35 32 24.73 11.35 7.59 3.89 -10.49 8.36 42 7.62 49 23.72 10.62 8.24 3.41 -14.98 10.72 24 8.76 42 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% u 1 u 1 u 1 u 1 u 1 261 City of Clearwater Employees Pension Fund December 31, 2020 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 12/20 9/20 6/20 3/20 12/19 12.37 6.70 4.96 0.84 -14.12 6.00 30 4.92 51 14.82 6.87 4.54 -0.06 -13.86 6.66 27 5.18 39 15.12 7.38 4.73 0.08 -13.91 7.22 25 5.66 40 19.27 8.82 5.30 -1.00 -16.85 7.73 32 6.82 38 19.40 9.84 7.68 4.08 -8.66 8.54 38 7.10 55 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% u 1 u 1 u 1 u 1 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 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% -1.5 -0.5 1.5 2.4 0.5 -0.5 0.4 0.3 0.3 0.6 0.2 -0.4 0.3 0.2 1.0 1.1 -0.9 1.3 0.2 -0.8 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE Fund Index 262 City of Clearwater Employees Pension Fund Risk Measure Summary U.S. Real Estate Investment Fund Quarterly Periods Ending 12/31/20 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 0.42 0.15 0.50 -0.24 0.67 0.94 0.94 0.82 0.22 0.04 0.24 0.33 1.19 2.11 -0.13 1 3 -1.56 1.30 1.18 1.18 2.57 0.20 1 11 1.11 0.15 0.75 -0.24 2.65 0.94 9.16 2.09 0.78 0.44 0.53 2.11 5.61 1.42 0.73 1 11 -1.56 2.20 1.18 8.35 2.02 1.64 1 19 1.14 0.15 0.70 -0.24 4.53 0.94 12.57 2.37 0.90 0.40 0.44 2.62 6.87 1.86 0.61 1 19 -1.56 2.20 1.18 8.76 1.74 2.89 1 19 1.14 0.15 0.70 -0.24 4.53 0.94 12.57 2.37 0.90 0.40 0.44 2.62 6.87 1.86 0.61 1 19 -1.56 2.20 1.18 8.76 1.74 2.89 263 264 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. 265 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. 266 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. 267 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 268 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 269