04/17/2023Monday, April 17, 2023
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 17, 2023Pension Trustees Meeting Agenda
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1. Call To Order
2. Approval of Minutes
2.1 Approve the minutes of the February 13, 2023 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
3. Citizens to be Heard Regarding Items Not on the Agenda
4. New Business Items
4.1 Approve the new hires for acceptance into the Pension Plan as listed.
4.2 Approve the following request of employees James Benwell, Public Works
Department, Christopher Johnson, Fire Department and Antonio Notardonato,
General Services Department to vest their pension as provided by Section
2.419 of the Employees’ Pension Plan.
Page 2 City of Clearwater Printed on 4/5/2023
April 17, 2023Pension Trustees Meeting Agenda
4.3 Approve the following request of James Atherholt, Parks and Recreation
Department, William Brown, Parks and Recreation Department, Kevin Boaden,
Fire Department, Catherine Borden, Public Utilities Department, Michael
Dellavolpe, Fire Department, William Fry, Fire Department, Robert Furman,
Police Department, Jay Gibson, Public Works Department, Deborah Lemon,
Parks and Recreation Department, Steven McKinney, Solid Waste
Department, Terri Ralat, Solid Waste Department, Edward Schultz, Fire
Department, Michael Whittaker, Public Works Department, Steven Wilensky,
Fire Department and Julie Wykoff, Library Department for a regular pension as
provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
4.4 Annual review of the Employees’ Pension Plan investment performance for the
calendar and plan year ended December 31, 2022.
5. Director's Report
6. Adjourn
Page 3 City of Clearwater Printed on 4/5/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0166
Agenda Date: 4/17/2023 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the February 13, 2023 Pension Trustees Meeting 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 4/5/2023
Pension Trustees Meeting Minutes February 13, 2023
Page 1 City of Clearwater
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Meeting Minutes
Monday, February 13, 2023
1:00 PM
Main Library - Council Chambers
Pension Trustees
Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 2 City of Clearwater
Roll Call
Present 4 - Chair Frank Hibbard, Trustee Katleen Beckman, Trustee David
Allbritton, and Trustee Lina Teixeira
Absent 1 - Trustee Mark Bunker
Also Present – Jennifer Poirrier – Interim City Manager, Michael Delk – Assistant City Manager, David Margolis - City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Deputy City Clerk, and Billie Kirkpatrick – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Draft 1. Call to Order – Chair Hibbard
The meeting was called to order at 3:18 p.m. 2. Approval of Minutes
2.1 Approve December 12, 2022 Pension Trustees meeting minutes as submitted in written
summation by the City Clerk.
Trustee Allbritton moved to approve December 12, 2022 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 following request of employees Eric Holmes, Public Utilities Department,
Ann Marie Knight, Finance Department and Michael Olsa, Public Utilities Department to
vest their pension as provided by Section 2.419 of the Employees’ Pension Plan.
Eric Holmes, Water Distribution Operator, Public Utilities Department, was
employed by the City on June 12, 2006, and his pension service credit is
effective on that date. Mr. Holmes terminated from City employment on
November 15, 2022.
Anne Marie Knight, Senior Risk Mgmt. Specialist, Finance Department, was
employed by the City on September 13, 2010, and her pension service credit is Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 3 City of Clearwater
effective on that date. Ms. Knight terminated from City employment on
December 1, 2022.
Michael Olsa, Wastewater Treatment Plant Operator A, Public Utilities
Department, was employed by the City on April 21, 2003 and his pension
service credit is effective on that date. Mr. Olsa terminated from City
employment on August 16, 2022.
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 55 years and completed 20 years
of credited service; the date on which a participant has reached age 65 years
and completed 10 years of credited service; or the date on which a member
has completed 30 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 60 years and completed 25 years of credited
service; or the date on which a participant has reached the age of 65 years and
completed 10 years of credited service. Mr. Holmes will meet the
non-hazardous duty criteria and begin collecting a pension in May 2027. Ms.
Knight will meet the non-hazardous duty criteria and begin collecting a pension
in October 2040. Mr. Olsa will meet the non-hazardous duty criteria and begin
collecting a pension in May of 2023.
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 20 years of credited service
regardless of age, or the date on which the participant has reached 55 years
and completed 10 years of credited service.
Trustee Beckman moved to approve the following request of
employees Eric Holmes, Public Utilities Department, Ann Marie
Knight, Finance Department and Michael Olsa, Public Utilities
Department to vest their pension as provided by Section 2.419 of
the Employees’ Pension Plan. The motion was duly seconded and
carried unanimously. Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 4 City of Clearwater
4.2 Approve the following request of Wade Bishop, Fire Department, Daise Castillo, Library
Department, Richard Clendenin, Gas Department, Nelson Coy, Gas Department, Albert
Craig, Gas Department, Michael Duff, General Services Department, Creighton Harvey,
Gas Department, Melvin Maciolek, Public Works Department, Patricia Pride, General
Services Department, Susan Stieben, Police Department, John Warner, Information
Technology Department, and Lawrence Wynn, Public Utilities Department for a regular
pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Wade Bishop, Fire Lieutenant, Fire Department, was employed by the City on
September 24, 2001, and his pension service credit is effective on that date.
His pension will be effective March 1, 2023. Based on an average salary of
approximately $107,538.14 over the past five years, the formula for computing
regular pensions and Mr. Bishop’s selection of the 50% Joint and Survivor
Annuity with the 10% partial lump sum, this pension benefit will be
approximately $53,588.76 annually.
Daise Castillo, Librarian, Library Department, was employed by the City on
October 7, 2002, and her pension service credit is effective on February 11,
2004. Her pension will be effective February 1, 2022. Based on an average
salary of approximately $51,266.68 over the past five years, the formula for
computing regular pensions and Ms. Castillo’s selection of the Single Life
Annuity, this pension benefit will be approximately $26,641.92 annually.
Richard Clendenin, Lead Gas Technician, 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 January 1, 2023. Based on an average salary
of approximately $66,500.22 over the past five years, the formula for computing
regular pensions and Mr. Clendenin’s selection of the Single Life Annuity, this
pension benefit will be approximately $71,931.84 annually.
Nelson Coy, Gas System Specialist, Gas Department, was employed by the
City on June 30, 1981, and his pension service credit is effective on November
9, 1987. His pension will be effective January 1, 2023. Based on an average
salary of approximately $74,076.96 over the past five years, the formula for
computing regular pensions and Mr. Coy’s selection of the Single Life Annuity,
this pension benefit will be approximately $71,593.32 annually.
Albert Craig, Lead Gas Technician, Gas Department, was employed by the City
on January 22, 1996, and his pension service credit is effective on February 29,
1996. His pension will be effective April 1, 2023. Based on an average salary of
approximately $52,560.01 over the past five years, the formula for computing
regular pensions and Mr. Craig’s selection of the 75% Joint and Survivor
Annuity, this pension benefit will be approximately $31,686.12 annually.
Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 5 City of Clearwater
Michael Duff, Mechanic Fabricator, General Services Department, was
employed by the City on September 30, 1996, and his pension service credit is
effective on that date. His pension will be effective January 1, 2023. Based on
an average salary of approximately $58,587.57 over the past five years, the
formula for computing regular pensions and Mr. Duff’s selection of the 75%
Joint and Survivor Annuity, this pension benefit will be approximately $36,549.36
annually.
Creighton Harvey, Gas Operations Supervisor, Gas Department, was employed
by the City on July 27, 1992, and his pension service credit is effective on
February 22, 1993. His pension will be effective March 1, 2023. Based on an
average salary of approximately $69,360.70 over the past five years, the formula
for computing regular pensions and Mr. Harvey’s selection of the 10 Year
Certain and Life Annuity, this pension benefit will be approximately $56,802.48
annually.
Melvin Maciolek, Stormwater Maintenance Manager, Public Works Department,
was employed by the City on March 25, 2002, and his pension service credit is
effective on that date. His pension will be effective January 1, 2023. Based on
an average salary of approximately $76,926.97 over the past five years, the
formula for computing regular pensions and Mr. Maciolek’ s selection of the 10
Year Certain and Life Annuity, this pension benefit will be approximately
$42,798.12 annually.
Patricia Pride, Warehouse Supervisor, General Services Department, was
employed by the City on November 5, 2001, and her pension service credit is
effective on that date. Her pension will be effective February 1, 2023. Based on
an average salary of approximately $49,398.03 over the past five years, the
formula for computing regular pensions and Ms. Pride’s selection of the 50%
Joint and Survivor Annuity, this pension benefit will be approximately $27,838.32
annually.
Susan Stieben, Police Service Technician, Police Department, was employed
by the City on December 16, 1985, and her pension service credit is effective
on April 11, 1988. Her pension will be effective February 1, 2023. Based on an
average salary of approximately $55, 686.43 over the past five years, the
formula for computing regular pensions and Ms. Stieben’s selection of the
Single Life Annuity, this pension benefit will be approximately $51,198.28
annually.
John Warner, Business System Analyst, Information Technology Department,
was employed by the City on October 17, 2005, and his pension service credit
is effective on that date. His pension will be effective July 1, 2023. Based on an
average salary of approximately $49,428.23 over the past five years, the formula
for computing regular pensions and Mr. Warner’s selection of the 50% Joint and
Survivor Annuity, this pension benefit will be approximately $22,399.92 annually. Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 6 City of Clearwater
Lawrence Wynn, Sr. Wastewater Collections Technician, Public Utilities
Department, was employed by the City on September 15, 1986, and his
pension service credit is effective on that date. His pension will be effective
February 1, 2023. Based on an average salary of approximately $55,626.42
over the past five years, the formula for computing regular pensions and Mr.
Wynn’s selection of the Single Life Annuity with the 30% partial lump sum, this
pension benefit will be approximately $38,938.44 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 55 years and completed 20 years
of credited service; the date on which a participant has reached age 65 years
and completed 10 years of credited service; or the date on which a member
has completed 30 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 60 years and completed 25 years of credited
service; or the date on which a participant has reached the age of 65 years and
completed 10 years of credited service. Ms. Castillo, Mr. Clendenin, Mr. Coy,
Mr. Craig, Mr. Duff, Mr. Harvey, Mr. Maciolek, Ms. Pride, Ms. Stieben, Mr.
Warner, and Mr. Wynn 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 20 years of credited service
regardless of age, or the date on which the participant has reached 55 years
and completed 10 years of credited service. Mr. Bishop has met the hazardous
duty criteria.
Trustee Teixeira moved to approve the following request of Wade
Bishop, Fire Department, Daise Castillo, Library Department,
Richard Clendenin, Gas Department, Nelson Coy, Gas Department,
Albert Craig, Gas Department, Michael Duff, General Services
Department, Creighton Harvey, Gas Department, Melvin Maciolek,
Public Works Department, Patricia Pride, General Services
Department, Susan Stieben, Police Department, John Warner,
Information Technology Department, and Lawrence Wynn, 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.
4.3 Approve the new hires for acceptance into the Pension Plan as listed. Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 7 City of Clearwater
Name/Job Classification/Department Pension
Eligibility Date
Whitney Curtis, Personnel/Payroll Tech, Fire Department 10/24/2022
Richard Robinson, Wstwtr Trtmnt Plant Oper. Trainee, Public Utilities 10/24/2022
James Mcleay, Parking Citation Assistant, Public Works 10/24/2022
Joshua Coleman, Solid Waste Equip. Oper., Solid Waste & Recycling 10/24/2022
Kevin Workman, Survey Assistant, Public Works 10/24/2022
Wayne Vehrs, Stormwater Heavy Equip Operator, Public Works 10/24/2022
Kevin Ventura, Police Officer, Police Department 10/24/2022
Matthew Pease, Police Officer, Police Department 10/24/2022
Ryan Wall, Police Officer, Police Department 10/24/2022
Devin Matheny, Police Officer, Police Department 10/24/2022
Renee Frias, Police Officer, Police Department 10/24/2022
Andrew Billups, Police Officer, Police Department 10/24/2022
Lauren Morales, Police Officer, Police Department 10/24/2022
Sarah Zayas, Business Systems Analyst, Utility Customer Service 10/24/2022
Justin Jordan, Beach Guard, Fire 10/08/2022
Hai Huynh, Marine Facility Operator, Marine & Aviation 11/05/2022
Daniel Guido, Parking Enforcement Spec, Public Works Parking 11/07/2022
Craig Gabbard, Streets & Sidewalks Tech, Public Works 11/07/2022
Analucia Newkirk, Police TelecommunicatorX, Police Department 11/07/2022
Henry Keiler, Parks Service Tech., Parks & Recreation 11/07/2022
John Mulder, Utilities Mechanic, Public Utilities 11/07/2022
Darin Townsend, Parks Service Technician, Parks & Recreation 11/07/2022
Sarah Green, Code Enforcement Supervisor, Planning & Dev. 11/07/2022
Danielle Janney, Library Assistant, Library 11/19/2022
Taylor Amlin, Parks Service Technician, Parks & Recreation 11/21/2022
Major Marchman, Parks Service Technician, Parks & Recreation 11/21/2022
Cynthia Williams, Customer Service Rep, Planning & Development 11/21/2022
Juan Pedraza Pantoja, Parks Service Technician, Parks & Recreation 11/21/2022
Christopher Elsen, Customer Service Rep, Utility Customer Serv. 11/21/2022
Robert Hollingsworth, Stormwater Heavy Equip Oper, Public Works Strmw. 11/21/2022 Caleb Baker, Utility Dispatcher, Gas System 11/21/2022 Aleia Stein, Police Telecommunicator, Police Department 11/21/2022 Brianna Dewitt, Police Telecommunicator, Police Department 11/21/2022
Madison Stogsdill, Police Telecommunicator, Police Department 11/21/2022 Mark Allen, Sr Accountant, General Support Services 11/21/2022 Joseph Galizia, Gas Section Manager, Gas System 11/21/2022 Michael Bourne, Meter Reader, Utility Customer Service 12/05/2022
Jacob Brislin, Development Review Technician, Planning & Dev. 12/05/2022 Avery Bates, Parks Service Technician, Parks & Recreation 12/05/2022 David Jehnzen, Code Enforcement Inspector, Planning & Dev. 12/05/2022 Brandon Williams, Parks Service Technician, Parks & Recreation 12/05/2022 Victor Lee, Scada Specialist, Public Utilities 12/05/2022 Yashua Gonzalez, Fleet Mechanic, General Support Services 12/05/2022 Tyler Johns, Water Distr Oper Trainee, Public Utilities 12/05/2022 Aliya Cruise, Recreation Leader, Parks & Recreation 12/19/2022 Draft
Pension Trustees Meeting Minutes February 13, 2023
Page 8 City of Clearwater
Alexander Woods Jr., Parks Service Technician, Parks & Recreation 12/19/2022 Brian Simon, Code Enforcement Inspector, Planning & Development 12/19/2022 Austin DuBois, Custodian, Marine & Aviation 12/19/2022 Devon Franklin, Solid Waste Worker, Solid Waste 12/19/2022
Kelly Hill, Librarian, Library 12/19/2022 Kristina Cook, Accountant , Finance 12/19/2022
Trustee Allbritton moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded and
carried unanimously.
5. Director's Report - None 6. Adjourn
The meeting adjourned at 3:20 p.m. Draft
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0227
Agenda Date: 4/17/2023 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
Adrian Christian, Parks Service Technician, Parks & Recreation 01/03/2023
Andre Stanley, Solid Waste Equipment Operator, Solid Wase 01/03/2023
Andre Turner, Utilities Mechanic, Public Utilities 01/03/2023
Brendan West, Fleet Mechanic, General Services 01/03/2023
Dylan Mayeux, Sr. Real Estate Coordinator, Economic Dev.01/03/2023
Eric Goehring, Traffic Signal Technician, Public Works 01/03/2023
Madison Booth, Police Telecommunicator, Police Department 01/03/2023
Marque Chestine, Solid Waste Equipment Operator, Solid Wase 01/03/2023
Monica Pummer, Police Records Specialist, Police Department 01/03/2023
Philopateer Hanna, Sr. Engineering Specialist, Public Works 01/03/2023
Scotty Hougham, Fleet Mechanic, General Services 01/03/2023
Carl Giardino, Police Cadet, Police Department 01/14/2023
Michael McCafferty, Custodial Worker, Parks & Recreation 01/14/2023
Olsi Sumulla, Parking, Facility & Security Aide, Marine & Aviation 01/14/2023
Alice Kelly, Development Review Technician, Planning & Dev.01/17/2023
Alvin Pinero, Police Telecommunicator, Police Department 01/17/2023
Austin Repko, Parks Service Technician, Parks & Recreation 01/17/2023
Brian Solka, Management Analyst, Police Department 01/17/2023
Caridas Burchfield, Compliance Coordinator, Public Utilities 01/17/2023
Christopher Elliott, Police Cadet, Police Department 01/17/2023
Erika Escamilla, Neighborhood Coordinator, Office of Innovation 01/17/2023
Fufuoa Vang, Police Cadet, Police Department 01/17/2023
John Riedle, Plumber, General Services 01/17/2023
Kaitlyn Klein,,Police Telecommunicator, Police Department 01/17/2023
Kim Rizzo, Personnel/Payroll Technician, Parks & Recreation 01/17/2023
Marissa Myers, Police Telecommunicator, Police Department 01/17/2023
Matthew Hocalar, Skilled Tradesworker, Parks & Recreation 01/17/2023
Matthew Peacock, Police Telecommunicator, Police Department 01/17/2023
Philip Philebaum, Meter Reader, Finance/UCS 01/17/2023
Robert Kasmer, Real Estate Services Coordinator, Public Works 01/17/2023
Rocco Russo, Police Cadet, Police Department 01/17/2023
Thomas Heath, Lead Engineering Specialist, Public Works 01/17/2023
Page 1 City of Clearwater Printed on 4/5/2023
File Number: ID#23-0227
Zaccheus Jammer, Library Assistant, Library 01/17/2023
Brian Palmese, Fleet Mechanic, General Services 01/30/2023
Edmundo Chirinos, Fleet Mechanic, General Services 01/30/2023
Gregory Art, Parking Attendant, Public Works/Parking 01/30/2023
Jamyn Brown, Solid Waste Worker, Solid Waste 01/30/2023
Jordan Bailey, Police Officer, Police Department 01/30/2023
Jose Deleon, Police Officer, Police Department 01/30/2023
Lane Lightfoot, Police Officer, Police Department 01/30/2023
Miguel Marcos, Tree Trimmer, Public Works 01/30/2023
Timothy Lovely, Police Officer, Police Department 01/30/2023
Abraham Adger, Waste Water Treatment Plant Oper Tr, Public Util.02/13/2023
Adrian Gonzalez-Rodriguez, Senior Engineering Spec., Public Util.02/13/2023
Anthony Stamatoplos, Librarian, Library 02/13/2023
Courtney Gwyn, Risk Management Specialist, Finance/Risk 02/13/2023
David Spielvogel, Recreation Coordinator, Parks & Recreation 02/13/2023
Domingo Vega, Streets & Sidewalks Technician, Public Works 02/13/2023
Frank Ciafone, WWTP Operator A, Public Utilities 02/13/2023
Jamie Gaubatz, Senior Accountant, Public Works 02/13/2023
Jerome Dennis, Solid Waste Worker, Solid Waste 02/13/2023
Kerry Vash, Librarian -FT, Library 02/13/2023
Raymond Johnson, Utilities Electronics Technician, Public Utilities 02/13/2023
Troy Schermer, Customer Service Representative, Finance/UCS 02/13/2023
Page 2 City of Clearwater Printed on 4/5/2023
Interoffice Correspondence Sheet TO: Pension Advisory Committee
FROM: Billie Kirkpatrick, Human Resources Director
SUBJECT: Recommendation for Acceptance into Pension Plan DATE: February 17, 2023
Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed.
Name Job Classification Department Pension Eligibility Date
Adrian Christian Parks Service Technician Parks & Recreation 01/03/2023
Andre Stanley Solid Waste Equipment Operator Solid Wase 01/03/2023
Andre Turner Utilities Mechanic Public Utilities 01/03/2023
Brendan West Fleet Mechanic General Services 01/03/2023
Dylan Mayeux Sr. Real Estate Coordinator Economic Development 01/03/2023
Eric Goehring Traffic Signal Technician Public Works 01/03/2023
Madison Booth Police Telecommunicator Police Department 01/03/2023
Marque Chestine Solid Waste Equipment Operator Solid Wase 01/03/2023
Monica Pummer Police Records Specialist Police Department 01/03/2023
Philopateer Hanna Sr. Engineering Specialist Public Works 01/03/2023
Scotty Hougham Fleet Mechanic General Services 01/03/2023
Carl Giardino Police Cadet Police Department 01/14/2023
Michael McCafferty Custodial Worker Parks & Recreation 01/14/2023
Olsi Sumulla Parking, Facility & Security Aide Marine & Aviation 01/14/2023
Alice Kelly Development Review Technician Planning & Development 01/17/2023
Alvin Pinero Police Telecommunicator Police Department 01/17/2023
Austin Repko Parks Service Technician Parks & Recreation 01/17/2023
Brian Solka Management Analyst Police Department 01/17/2023
Caridas Burchfield Compliance Coordinator Public Utilities 01/17/2023
Christopher Elliott Police Cadet Police Department 01/17/2023
Erika Escamilla Neighborhood Coordinator Office of Innovation 01/17/2023
Fufuoa Vang Police Cadet Police Department 01/17/2023
John Riedle Plumber General Services 01/17/2023
Kaitlyn Klein Police Telecommunicator Police Department 01/17/2023
Kim Rizzo Personnel/Payroll Technician Parks & Recreation 01/17/2023
Marissa Myers Police Telecommunicator Police Department 01/17/2023
Matthew Hocalar Skilled Tradesworker Parks & Recreation 01/17/2023
Matthew Peacock Police Telecommunicator Police Department 01/17/2023
Philip Philebaum Meter Reader Finance/UCS 01/17/2023
Robert Kasmer Real Estate Services Coordinator Public Works 01/17/2023
Rocco Russo Police Cadet Police Department 01/17/2023
Thomas Heath Lead Engineering Specialist Public Works 01/17/2023
Zaccheus Jammer Library Assistant Library 01/17/2023
Brian Palmese Fleet Mechanic General Services 01/30/2023
Edmundo Chirinos Fleet Mechanic General Services 01/30/2023
Gregory Art Parking Attendant Public Works/Parking 01/30/2023
Jamyn Brown Solid Waste Worker Solid Waste 01/30/2023
Jordan Bailey Police Officer Police Department 01/30/2023
Jose Deleon Police Officer Police Department 01/30/2023
Lane Lightfoot Police Officer Police Department 01/30/2023
Miguel Marcos Tree Trimmer Public Works 01/30/2023
Timothy Lovely Police Officer Police Department 01/30/2023
Abraham Adger Waste Water Treatment Plant Oper Tr Public Utilities 02/13/2023
Adrian Gonzalez-Rodriguez Senior Engineering Specialist Public Utilities 02/13/2023
Anthony Stamatoplos Librarian Library 02/13/2023
Courtney Gwyn Risk Management Specialist Finance/Risk 02/13/2023
David Spielvogel Recreation Coordinator Parks & Recreation 02/13/2023
Domingo Vega** Streets & Sidewalks Technician Public Works 02/13/2023
Frank Ciafone WWTP Operator A Public Utilities 02/13/2023
Jamie Gaubatz Senior Accountant Public Works 02/13/2023
Jerome Dennis Solid Waste Worker Solid Waste 02/13/2023
Kerry Vash Librarian -FT Library 02/13/2023
Raymond Johnson Utilities Electronics Technician Public Utilities 02/13/2023
Troy Schermer Customer Service Representative Finance/UCS 02/13/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0228
Agenda Date: 4/17/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve the following request of employees James Benwell, Public Works Department,
Christopher Johnson, Fire Department and Antonio Notardonato, General Services Department
to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan.
SUMMARY:
James Benwell, CAD & GIS Technician, Public Works Department, was employed by the City
on May 20, 2013, and his pension service credit is effective on that date. Mr. Benwell
terminated from City employment on November 4, 2022.
Christopher Johnson, Fire Medic/LT, Fire Department, was employed by the City on October
12, 2009, and his pension service credit is effective on that date. Mr. Johnson terminated from
City employment on February 1, 2023.
Antonio Notardonato, Fleet Mechanic Supervisor, General Servies Department, was employed
by the City on March 12, 2012 and his pension service credit is effective on that date. Mr.
Notardonato terminated from City employment on November 29, 2022.
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 55
years and completed 20 years of credited service; the date on which a participant has reached
age 65 years and completed 10 years of credited service; or the date on which a member has
completed 30 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 60 years and completed 25
years of credited service; or the date on which a participant has reached the age of 65 years
and completed 10 years of credited service. Mr. Benwell will meet the non-hazardous duty
criteria and begin collecting a pension in August of 2046. Mr. Notardonato will meet the
non-hazardous duty criteria and begin collecting a pension in August of 2030.
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 20 years of credited service regardless of age, or the date on which the
Page 1 City of Clearwater Printed on 4/5/2023
File Number: ID#23-0228
participant has reached 55 years and completed 10 years of credited service. Mr. Johnson will
meet the hazardous duty criteria and begin collecting a pension in November of 2029
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 4/5/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0229
Agenda Date: 4/17/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.3
SUBJECT/RECOMMENDATION:
Approve the following request of James Atherholt, Parks and Recreation Department, William
Brown, Parks and Recreation Department, Kevin Boaden, Fire Department, Catherine Borden,
Public Utilities Department, Michael Dellavolpe, Fire Department, William Fry, Fire Department,
Robert Furman, Police Department, Jay Gibson, Public Works Department, Deborah Lemon,
Parks and Recreation Department, Steven McKinney, Solid Waste Department, Terri Ralat,
Solid Waste Department, Edward Schultz, Fire Department, Michael Whittaker, Public Works
Department, Steven Wilensky, Fire Department and Julie Wykoff, Library Department for a
regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
SUMMARY:
James Atherholt. Recreation Center Manager, Parks and Recreation Department, was
employed by the City on December 14, 1992, and his pension service credit is effective on that
date. His pension will be effective March 1, 2023. Based on an average salary of approximately
$70,604.32 over the past five years, the formula for computing regular pensions and Mr .
Atherholt’s selection of the Single Life Annuity, this pension benefit will be approximately
$58,663.80 annually.
William Brown, Senior Parks Service Technician, Parks and Recreation Department, was
employed by the City on April 28, 1986, and his pension service credit is effective on that date.
His pension will be effective March 1, 2023. Based on an average salary of approximately
$47,707.07 over the past five years, the formula for computing regular pensions and Mr .
Brown’s selection of the Single Life Annuity with the 10% partial lump sum, this pension benefit
will be approximately $42,936.48 annually.
Kevin Boaden, Firefighter/Driver Operator, Fire Department, was employed by the City on April
17, 2000, and his pension service credit is effective on that date. His pension will be effective
February 1, 2023. Based on an average salary of approximately $109,140.15 over the past five
years, the formula for computing regular pensions and Mr. Boaden’s selection of the Joint and
Survivor Annuity with the 20% partial lump sum, this pension benefit will be approximately
$54,691.32 annually.
Catherine Borden, Wstwtr Trtmnt Plant Oper Chief, Public Utilities Department, was employed
by the City on November 15, 1993, and her pension service credit is effective on June 23, 2006.
Her pension will be effective February 1, 2023. Based on an average salary of approximately
$78,645.85 over the past five years, the formula for computing regular pensions and Ms .
Borden’s selection of the Single Life Annuity, this pension benefit will be approximately
$35,769.60 annually.
Page 1 City of Clearwater Printed on 4/5/2023
File Number: ID#23-0229
Michael Dellavolpe, Firefighter/Driver Operator, Fire Department, was employed by the City on
March 10, 2003, and his pension service credit is effective on that date. His pension will be
effective February 1, 2023. Based on an average salary of approximately $87,818.16 over the
past five years, the formula for computing regular pensions and Mr. Dellavolpe’s selection of
the Single Life Annuity with the 20% partial lump sum, this pension benefit will be approximately
$38, 940.02 annually.
William Fry, Fire Lieutenant, Fire Department, was employed by the City on August 7, 1995,
and his pension service credit is effective on that date. His pension will be effective February 1,
2023.
Based on an average salary of approximately $108,381.34 over the past five years, the formula
for computing regular pensions and Mr. Fry’s selection of the 50% Joint and Survivor Annuity
with the 30% partial lump sum, this pension benefit will be approximately $57,782.76 annually.
Robert Furman, Police Sergeant, Police Department, was employed by the City on July 20,
1998, and his pension service credit is effective on that date. His pension will be effective
March 1, 2023. Based on an average salary of approximately $120,152.86 over the past five
years, the formula for computing regular pensions and Mr. Furman’s selection of the Joint and
Survivor Annuity, this pension benefit will be approximately $81,274.32 annually.
Jay Gibson, Traffic Sign & Marketing Technician, Public Works Department, was employed by
the City on February 1, 1999, and his pension service credit is effective on that date. His
pension will be effective February 1, 2023. Based on an average salary of approximately
$46,205.72 over the past five years, the formula for computing regular pensions and Mr .
Gibson’ s selection of the Single Life Annuity, this pension benefit will be approximately
$30,485.16 annually.
Deborah Lemon, Senior Recreation Leader, Parks and Recreation Department, was employed
by the City on April 15, 2002, and her pension service credit is effective on March 22, 2003. Her
pension will be effective March 1, 2023. Based on an average salary of approximately
$38,812.02 over the past five years, the formula for computing regular pensions and Ms .
Lemon’s selection of the Single Life Annuity, this pension benefit will be approximately
$21,269.52 annually.
Steven McKinney, Solid Waste Equipment Operator, Solid Waste Department, was employed
by the City on March 22, 1993, and his pension service credit is effective on that date. His
pension will be effective April 1, 2023. Based on an average salary of approximately $55,460.88
over the past five years, the formula for computing regular pensions and Mr. McKinney’s
selection of the 10 Year Certain and Life Annuity, this pension benefit will be approximately
$45,484.80 annually.
Terri Ralat, Solid Waste Operations Supervisor, Solid Waste Department, was employed by
the City on June 10, 1996, and her pension service credit is effective on that date. Her pension
will be effective February 1, 2023. Based on an average salary of approximately $57,901.00
over the past five years, the formula for computing regular pensions and Ms. Ralat’s selection
of the Single Life Annuity with the 10% partial lump sum, this pension benefit will be
Page 2 City of Clearwater Printed on 4/5/2023
File Number: ID#23-0229
approximately $38,083.32 annually.
Edward Schultz, Fire Inspector II, Fire Department, was employed by the City on June 26,
2006, and his pension service credit is effective on that date. His pension will be effective July
1, 2023.
Based on an average salary of approximately $96,707.52 over the past five years, the formula
for computing regular pensions and Mr. Schultz’s selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $43,464.12 annually.
Michael Whittaker, Traffic Sign Technician, Public Works Department, was employed by the
City on January 8, 1996, and his pension service credit is effective on that date. His pension
will be effective February 1, 2023. Based on an average salary of approximately $60,845.67
over the past five years, the formula for computing regular pensions and Mr. Whittaker’s
selection of the Single Life Annuity, this pension benefit will be approximately $45,270.84
annually
Steven Wilensky, Firefighter/Driver Operator, Fire Department, was employed by the City on
March 10, 2003, and his pension service credit is effective on that date. His pension will be
effective March 1, 2023. Based on an average salary of approximately $80,953.44 over the past
five years, the formula for computing regular pensions and Mr. Wilensky’s selection of the 50%
Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be
approximately $30,466.08 annually.
Julie Wykoff, Library Assistant, Library Department, was employed by the City on October 11,
1999, and her pension service credit is effective on that date. Her pension will be effective
February 1, 2023. Based on an average salary of approximately $35,332.37 over the past five
years, the formula for computing regular pensions and Ms. Wykoff’s selection of the Single Life
Annuity, this pension benefit will be approximately $22,617.60 annually
Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired
prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for
retirement following the earlier of the date on which a participant has reached the age of
fifty-five (55) years and completed twenty (20) years of credited service; the date on which a
participant has reached age sixty-five (65) years and completed ten (10) years of credited
service; or the date on which a member has completed thirty (30) 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
Page 3 City of Clearwater Printed on 4/5/2023
File Number: ID#23-0229
a participant has reached the age of sixty (60) years and completed twenty-five (25) years of
credited service; or the date on which a participant has reached the age of sixty-five (65) years
and completed ten (10) years of credited service. Mr. Atherholt, Mr. Brown, Ms. Borden, Mr.
Gibson, Ms. Lemon, Mr. McKinney, Ms. Ralat, Mr. Whittaker and Ms. Wykoff 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 (20) years of credited service regardless of age, or the date on which the
participant has reached fifty-five (55) years and completed ten (10) years of credited service.
Mr. Boaden, Mr. Dellavolpe, Mr. Fry, Mr. Furman, Mr. Schultz, and Mr. Wilensky has met the
hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS:
n/a
Page 4 City of Clearwater Printed on 4/5/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0389
Agenda Date: 4/17/2023 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.4
SUBJECT/RECOMMENDATION:
Annual review of the Employees’ Pension Plan investment performance for the calendar and
plan year ended December 31, 2022.
SUMMARY:
Annually a presentation of the Plan’s calendar year investment performance is made to the
Trustees. For calendar 2022, the Plan realized an investment return of negative 14.9%, versus
the plan’s benchmark of negative 10.41%. It was a difficult year for markets in general, and
some of the plan’s typically strongest performing money managers underperformed during
2022.
For the last three calendar years, the plan had an average annualized return of 3.77%, versus a
benchmark of 4.52%; and for the last five calendar years, the plan had an annualized return of
5.51% versus a benchmark of 5.12%.
The investment committee, with the assistance of the Plan’s investment consultant, CapTrust
Advisors, 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 4/5/2023
Calendar 2022 Index Last 3 Years Index Last 5 Years Index
Total Fund -14.90%-10.41%3.77%4.52%5.51%5.12%
Large Cap Growth:
Northern Trust Index Fund -29.09%-29.14%n/a n/a
Large Cap Value:
Eagle Capital Management -25.08%-7.54%3.36%5.96%6.64%6.67%
Manning & Napier -3.91%-7.54%5.50%5.96%6.87%6.67%
Northern Trust Index Fund -7.62%-7.54%5.92%5.96%6.63%6.67%
Mid Cap Growth
Artisan Partners -36.33%-26.72%3.32%3.85%8.11%7.64%
Mid Cap Value
Boston Partners -6.98%-12.03%n/a n/a
Small Cap Growth
Riverbridge Partners -32.15%-26.36%2.66%0.65%8.14%3.51%
Small Cap Value
Atlanta Capital Management -12.28%-20.44%5.22%3.10%8.12%4.13%
Victory Sycamore -6.40%-14.48%7.09%4.70%7.31%4.13%
Clearwater Employees Pension Fund
Money Manager Performance thru 12/31/2022
Calendar 2022 Index Last 3 Years Index Last 5 Years Index
Clearwater Employees Pension Fund
Money Manager Performance thru 12/31/2022
International - EAFE
WCM Investment Management - Growth -27.85%-16.00%3.52%0.07%7.57%0.88%
Thompson, Siegel & Walmsley-Value -14.12%-5.58%0.91%0.65%1.18%0.17%
International - Emerging Markets
DFA Emerging Markets Portfolio -16.40%-20.09%0.25%-2.69%-0.18%-1.40%
Fixed Income
Dodge & Cox -10.57%-13.01%-1.31%-2.71%0.94%0.02%
Western Asset Management -13.94%-13.01%-2.68%-2.71%0.06%0.02%
Calendar 2022 Index Last 3 Years Index Last 5 Years Index
Clearwater Employees Pension Fund
Money Manager Performance thru 12/31/2022
Real Estate - Core
Multi-Employer Property Trust 7.81%7.47%9.06%9.93%7.60%8.68%
Real Estate - Core Plus
Intercontinental U.S. Real Estate Investment 7.39%7.47%9.16%9.93%8.95%8.68%
USAA US Government Building Fund 13.80%7.47%14.40%9.93%11.05%8.68%
Real Estate - REITs
Security Capital -27.59%-26.75%0.07%-0.50%3.39%3.36%
Real Estate - Timber
Hancock Timber XI 0.26%12.90%3.19%7.51%3.29%5.37%
Molpus Woodlands Fund III 1.98%12.90%7.74%7.51%4.66%5.37%
Molpus Woodlands Fund IV 0.42%12.90%4.49%7.51%2.38%5.37%
Infrastructure
IFM Global Infrastructure 8.16%-18.14%9.41%4.94%12.14%6.14%
Q4 22Period Ending 12.31.22 |
Tampa, FL 33602
400 N. Tampa Street, Suite 1800
Our mission is to enrich the lives of our clients, colleagues and communities through sound
financial advice, integrity, and a commitment to service beyond expectation.
CAPTRUST
QUARTERLY REVIEW
City of Clearwater
4th Quarter, 2022
DEFINED CONTRIBUTION
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |in this review
City Of Clearwater Employees' Pension Plan
4th Quarter, 2022 Quarterly Review
prepared by:
Principal | Financial Advisor
Eric Bailey
Section 1
RETIREMENT INDUSTRY UPDATES
Section 2
MARKET COMMENTARY AND REVIEW
Section 3
EXECUTIVE SUMMARY
Appendix
2
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |section 1 : retirement industry updates
3
Q4 22Period Ending 12.31.22 |defined benefit marketplace —industry update
RATE ELECTION OPTIONS: MINIMUM REQUIRED FUNDING
After a decade of steady decreases, interest rates jumped in 2022. Rising rates provided a headwind for fixed income returns,but many pension
plan sponsors welcome higher liability discount rates and improved funding levels. With the reversal in interest rate trends,plan sponsors should
refresh their understanding of how elective rate choices can impact minimum required contributions and variable-rate PBGC premiums.
*Most recent date available, as of publication date
The American Rescue Plan act of 2021 provided plan sponsors significant minimum required plan funding relief, both eliminating any existing
shortfall and extending the amortization period for any future shortfall. If desirable, plan sponsors may be able to further reduce minimum
required contributions by electing to use the full yield curve discount rate methodology. Note that elections generally must stay in place for
five years. Your plan actuary can quantitatively estimate the impact of the change and identify potential tradeoffs with changing approaches.
SEGMENT RATES (MORE COMMON)
•Segment rates approximate averages of high-quality U.S.
corporate bond yields over 25 years, subject to corridors.
•Currently, long-term averaging results in slowly declining
segments rates and increases in the funding target liability.
•Due to calculation methodology, sponsors can expect these
rates to steadily decline in the coming years.
FULL YIELD CURVE (ALTERNATIVE ELECTION)
•Full yield curve is marked-to-market approach like economic
value with no corridors,
•Currently, likely to produce lower liability because of rapidly
rising interest rates.
•The valuation may be more closely tied to capital markets, so
increased liability volatility may be managed by high allocations
to liability-hedging assets.
4
Q4 22Period Ending 12.31.22 |defined benefit marketplace —industry update
RATE ELECTION OPTIONS: PBGC PREMIUMS
Currently, most plan sponsors use the alternative premium funding target method to calculate variable-rate PBGC premiums since this election
created smaller variable-rate premiums in the recent past. However, due to rising rates in 2022, the standard premium method will generally
produce a higher discount rate in—and smaller funding shortfall—than the spot segment rates used in the alternative premium funding target.
Plan sponsors may see PBGC premium reductions by shifting elections.
* 2023 estimate reflects most recent date available as of the publication date
Plan sponsors looking to manage variable-rate PBGC costs may want to explore whether transitioning from the alternative premium funding
target method to the standard premium funding target methodology can cause a premium reduction. Quantitative estimates of the impact
provided by a plan actuary should be weighed against potential tradeoffs with changing elections, including the five-year commitment period.
ALTERNATIVE PREMIUM FUNDING TARGET (MORE COMMON)
•Links discount methodology to the choice of minimum required
contributions highlighted on previous page, although corridors
do not apply to PBGC segment rate calculation.
•The segment rates below include a lookback to September of
the previous year, while the full yield curve (FYC) includes a
one-month lookback with exception.*
STANDARD PREMIUM FUNDING TARGET (OPTIONAL ELECTION)
•Reflects a one-month average of high-quality U.S. corporate
bond rates across three segments.
•Economically sensitive, similar to the full yield curve used for
minimum funding calculations.
•The rates for the plan years below reflect a one-month look
back to December of the previous calendar year, with
exception.*
5
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |section 2 : market commentary and review
6
Q4 22Period Ending 12.31.22 |market commentary
A WELCOME REPRIEVE
Investors grew optimistic over the first half of the fourth
quarter, anticipating the Federal Reserve was near the
end of its tightening cycle. However, the excitement
faded as Chairman Powell cautioned that conditions
would need to remain restrictive for some time.
Asset class returns are represented by the following indexes: Bloomberg U.S. Aggregate Bond Index (U.S. bonds), S&P 500 Index (U.S. large-cap stocks),
Russell 2000® (U.S. small-cap stocks), MSCI EAFE Index (international developed market stocks), MSCI Emerging Market Index (emerging market stocks), Dow
Jones U.S. Real Estate Index (real estate), and Bloomberg Commodity Index (commodities).
•Gains early in the quarter were more than
enough to offset December declines, leading to
positive quarterly results across nearly all asset
classes.
•U.S. stock market gains were broad based. The
energy sector remained at the top of the charts,
posting a 25% quarterly return. On the flip side,
the mega-cap growth darlings of the last
decade lagged.
•Outside the U.S., investors benefited from both
rising stock prices and a weakening U.S. dollar.
•Bond yields were volatile, seesawing based on
every Fed whisper. Despite these swings,
longer-term Treasury yields ended the quarter
little changed, enabling bond markets to post a
modest return for the quarter.
•Even with a year-end rally, public real estate lost
approximately one-quarter of its value in 2022.
•Commodities were the sole bright spot for the
year despite rising recession concerns.Q4 2022 2022
U.S.Bonds
Emerging
MarketsStocks
CommoditiesRealEstateDevelopedInternational Stocks
U.S. Large-
Cap Stocks
U.S. Small-Cap
Stocks
4.4%6.2%
9.8%
7.6%
17.4%
1.9%2.2%
-25.2%
-20.4%-19.7%-18.1%
-14.0%-13.0%
16.1%
7
Q4 22Period Ending 12.31.22 |
YTD 2022
Value Blend Growth
Large -7.5%-18.1%-29.1%
Mid -12.0%-17.3%-26.7%
Small -14.5%-20.4%-26.4%
market commentary
Q42022 YTD 2022 Last 12 Months
U.S. Stocks 7.5%-18.1%-18.1%
•Q4 Best Sector:
Energy 22.7%65.4%65.4%
•Q4 Worst Sector:
Consumer Discretionary -10.2%-37.0%-37.0%
International Stocks 17.4%-14.0%-14.0%
Emerging Markets Stocks 9.8%-19.7%-19.7%
12.31.22 9.30.22 12.31.21
1-Year U.S. Treasury Yield 4.73%4.05%0.09%
10-Year U.S. Treasury Yield 3.88%3.83%1.52%
QTD
2022
YTD
2022
Last 12
Months
10-Year U.S. Treasury
Total Return 0.62%-16.33%-16.33%
Q4 2022
Value Blend Growth
Large 12.4%7.5%2.2%
Mid 10.5%9.2%6.9%
Small 8.4%6.2%4.1%
DIGGING DEEPER: STOCKS AND BONDS
Fixed Income
Equities –Relative Performance by Market Capitalization and Style
Equities
Last 12 Months
Value Blend Growth
Large -7.5%-18.1%-29.1%
Mid -12.0%-17.3%-26.7%
Small -14.5%-20.4%-26.4%
Sources: Bloomberg, U.S. Treasury. Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks),MSCI EAFE Index (international
developed market stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based upon
the Russell US Style Indexes except for large-cap blend, which is based upon the S&P 500 Index.
8
Q4 22Period Ending 12.31.22 |market commentary
Source: Bloomberg. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is not indicative of
future returns.
DIGGING DEEPER: U.S. EQUITY MARKETS
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 last 12 months and the most recent quarter.
Returns by S&P 500 Sector
Sector
Weight 25.7%15.8%11.7%9.8%8.7%7.3%7.2%5.2%3.2%2.7%2.7%
-18.1%
-28.2%
-2.0%
-10.6%
-37.0%
-5.5%
-39.9%
-0.6%
65.4%
1.6%
-12.3%
-26.2%
7.5%4.7%
12.8%13.6%
-10.2%
19.2%
-1.4%
12.7%
22.7%
8.6%15.0%
3.8%
Last 12
Months
Q4 2022
FinancialsTechnologyHealth Care Industrials Energy
Consumer
Discretionary Consumer
Staples
Communication
Services Utilities MaterialsS&P 500
Index Real Estate
9
Q4 22Period Ending 12.31.22 |market commentary
Interest Rates 3 Months 2 Years 5 Years 10 Years 30 Years Mortgage
Rate
September 2022 3.33%4.22%4.06%3.83%3.79%7.06%
December 2022 4.42%4.41%3.99%3.88%3.97%6.66%
Change 1.09%0.19%-0.07%0.05%0.18%-0.40%
DIGGING DEEPER: FIXED INCOME MARKET
U.S. Treasury yields continued moving higher last quarter, driven by an aggressive Fed response to high inflation. Mortgage rates moved lower,
yet remain near their highest levels in two decades, cooling demand in a hot housing market.
.Bloomberg U.S.
Aggregate Bond Index
Yield to
Worst Duration Total Return
Q4 2022 Spread Treasury Rate AA Spread BBB Spread
September 2022 4.75%6.20
1.87%
0.62%4.13%0.79%1.93%
December 2022 4.68%6.17 0.51%4.17%0.73%1.59%
Change -0.07%-0.03 -0.11%0.04%-0.06%-0.34%
Performance for core bonds was modestly positive for the quarter, but still declined 13% over the past year. Credit spreads and yields moved
lower for core fixed income, contributing to positive quarterly performance.
.
Bloomberg U.S. Long Credit Index Yield to
Worst Duration Total Return
Q4 2022 Spread Treasury Rate AA Spread BBB Spread
September 2022 5.89%12.63
5.30%
1.96%3.93%1.31%2.38%
December 2022 5.59%12.81 1.57%4.02%1.06%1.93%
Change -0.31%0.18 -0.39%0.08%-0.25%-0.45%
Performance for longer-maturity bonds was boosted this quarter by lower yields and tighter credit spreads.
Sources: Bloomberg, U.S. Treasury, CAPTRUST Research
10
DIVERSIFICATION FAILEDQ4 2022 SYNERGYSource: Bloomberg, CAPTRUST Research. Bond returns are represented by the Bloomberg U.S. Aggregate Bond Index. Stock returns are represented by the S&P 500 Index. ‐13.0%‐13.4%‐13.8%‐14.3%‐14.8%‐15.3%‐15.8%‐16.3%‐16.9%‐17.5%‐18.1%‐50%‐25%0%25%50%75%Bonds100%Stocks0%Bonds90%Stocks10%Bonds80%Stocks20%Bonds70%Stocks30%Bonds60%Stocks40%Bonds50%Stocks50%Bonds40%Stocks60%Bonds30%Stocks70%Bonds20%Stocks80%Bonds0%Stocks100%Bonds10%Stocks90%Range of Rolling 12-Month ReturnsJanuary 1976 – December 2021When Low Risk Assets Deliver High Risk Losses2022 ReturnPeriod Ending 12.31.22|Q4 22market commentary11
Q4 22Period Ending 12.31.22 |
HEADWINDS
Learning as We Go
•It is difficult to forecast the market environment
in 2023 when everyone, including the Fed, is
learning as they go. Ongoing uncertainty about
rate hikes is driving volatility.
•Because Fed policy acts with a lag, the economy has yet to feel
the impact of 2022’s 4.25% rate hikes. The Fed is also expected
to shrink its balance sheet this year, with uncertain impact.
Rising Interest Rates
•The financial pain of surging interest rates will transition from
the investor to the issuer as coupon payments reset higher.
•Nearly 20% of S&P 500 companies’ debt matures in the next 24
months, and $6 trillion of Treasury debt matures in 2023.
Housing Shock
•The doubling of mortgage rates has caused a collapse in
residential real estate activity.
•The impact on home prices is unknown, but weakness is
unlikely to result in a crisis as both consumers and banks
remain in healthier financial positions.
market commentary
TAILWINDS
ECONOMIC OUTLOOK
Though inflation has receded from its 40-year high witnessed earlier in 2022, the Federal Reserve remains committed to lowering inflation to its
long-term target. This resolve threatens economic growth, and its impact can already be seen in the housing market. A robust labor market,
while cushioning the economy, could prolong Fed tightening, causing investors to focus on the potential depth of an economic slowdown.
The wide range of future outcomes and an uncertain policy environment limits the ability to create a singular forecast
with confidence. Investors should remain vigilant, diversified, and prepared for ongoing volatility.
Stronger Foundation
•With interest rates near zero for the last
decade, investors have been forced to take
more risk. With the reestablishment of a positive
risk-free rate, investors can approach risk out of conviction.
•While near-term questions remain, this more fundamental
approach toward risk-taking should provide a stronger
foundation for investment outcomes.
Resilient Labor Market
•While the labor market’s strength contributes to inflation
pressures, it also protects economic activity in the face of the
Fed’s tightening programs.
•The Fed’s focus is to return inflation to its 2% long-term target.
However, lowering inflation below wage growth should be the
minimal threshold, allowing positive real income improvement.
Pandemic Effects Reversing
•Subsiding supply-chain constraints, gas prices, COVID-related
restrictions in China, and inflation could improve consumer
sentiment and spending.
12
Federal Reserve Tightening PaceSTOMPING THE ECONOMIC BRAKES – FED FUND HIKESQ4 2022 SYNERGY1983-19841986-19891994-19951999-20002004-20062015-201820220.00.51.01.52.02.53.03.54.04.55.0Market Expectations for Terminal Rate: 5.1%Months Relative to the First Rate HikeFed Funds Rate HikesSource: Board of Governors of the Federal Reserve System (U.S.), CAPTRUST Research (as of 12.31.2022)Period Ending 12.31.22|Q4 22market commentary13
2022 Yield Curve Changes YIELD CURVE INVERSIONQ4 2022 SYNERGYSource: Bloomberg, CAPTRUST Research0.04%0.38%0.73%0.96%1.26%1.44%1.51%1.93%1.90%4.33%4.33%3.70%3.27%2.74%2.53%2.37%2.22%2.07%4.37%4.71%4.43%4.23%4.00%3.97%3.88%4.15%3.97%3M 1Y 2Y 3Y 5Y 7Y 10Y 20Y 30YU.S. Treasury Yields - 12.31.20212022 ChangeU.S. Treasury Yields - 12.31.2022Period Ending 12.31.22|Q4 22market commentary14
Q4 22Period Ending 12.31.22 |market commentary
2023 MARKET SCENARIOS
Investors should look forward with a healthy dose of humility as the range of potential outcomes for 2023 remains wider than normal. Below, we
outline four different narratives that represent realistic paths for 2023, with each scenario leading to a different investment landscape.
POTENTIAL
OUTCOME
OUTCOME #1
MISSION
ACCOMPLISHED
OUTCOME #2
MILD
RECESSION
OUTCOME #3
OVERSHOOTING
TARGET
OUTCOME #4
STAGFLATION
CRISIS
FED POLICY
The Fed achieves a soft
landing, and the tightening
cycle ends by mid-year
Inflation and a continued
tight labor market force the
Fed to keep rates higher
for longer
The Fed is hesitant to
reverse course too early,
fearing a repeat of prior
inflation-fighting
policy errors
Despite aggressive
measures, Fed tools prove
insufficient to manage
supply-side constraints
INFLATION
Inflation subsides as labor
market excesses are
withdrawn without
significant impact to
unemployment levels
Inflation is tamed but
remains sticky, despite
improvements in
pandemic-distorted
categories
Inflation recedes faster
than expected as the Fed's
tightening pace proves too
aggressive
A warp-speed rate hike
cycle slows global
economies while rising
debt levels and housing
weakness weigh on
consumer spending
CORPORATIONS
Corporations adeptly
manage through the
slowing environment
Corporations navigate the
slowing environment
without significant strain
Profits come under
pressure as demand wanes,
leading to job cuts and
rising unemployment
Corporations are forced to
cut jobs amid economic
weakness while the Fed is
unable to pivot due to
inflation
FINANCIAL
MARKETS
Markets are noisy early in
the year but stabilize and
move higher as valuations
recover, signaling the start
of a new bull market
Markets are choppy with a
widening gap between
winners and losers
Confused investors
capitulate, sending markets
lower as it becomes
evident the Fed has made a
different type of policy
error
Markets reach new lows
as the severity of an
economic slowdown is
debated
15
Q4 22Period Ending 12.31.22 |market commentary
STRONGER RISK-FREE FOUNDATION
OBSERVATIONS
•For much of the last decade, investors have coped with a near-zero risk-free rate. Central banks made it expensive to maintain a
conservative portfolio. Consequently, investors with return requirements were forced to accept higher risk. This capital shift pulled
future returns to the present, flattening the slope of the Capital Market Line.
•Normalizing the risk-free rate—a fundamental data point in nearly every business and investment calculation—was always going to be
disruptive. The Fed amplified this disruption with the pace of its 2022 rate hikes. Businesses and investors will continue to feel
reverberations for much of 2023.
•Despite near-term challenges, these policy actions should create a stronger foundation to support the next decade of investing.
The Capital Market Line principle connects risk with return and is a foundational concept in finance. It begins with the risk-free rate and argues
that investors demand higher expected returns for each additional unit of risk. There are two critical variables—the risk-free level where the line
starts, and the slope of the line—reflecting the incremental demand for return for each additional unit of risk. ReturnRisk
Risk
Premium
Zero Interest Rate Era
(2009 –2021)ReturnRisk
Risk Free Return
Risk
Premium
December 2022
16
Q4 22Period Ending 12.31.22 |market commentary
A TALE OF TWO ECONOMIC INDICATORS
OBSERVATIONS
•The economy continues to add 200,000+ jobs each month. Early retirements and shifting demographics have lowered labor force
participation. Surging demand and dwindling supply of workers have increased wage pressures, contributing to inflation woes.
•Demand for housing has fallen precipitously since the Fed began raising rates in March. New and existing home sales have declined 31%
since January 2022. Housing permits, a leading indicator of housing demand, have also dropped 11%, indicating the Fed’s campaign has
all but paralyzed the housing market.
The Federal Reserve’s efforts to tame inflation are taking effect as the pace of inflation has slowed consistently since June. Two other closely
watched indicators are the U.S. labor and housing markets. While rising mortgage rates have cooled red-hot home sales, employment tells a
different story. A softer labor market is necessary before the Fed can wind down its fight against inflation.
Sources: U.S. Bureau of Labor Statistics, U.S. Census Bureau, Freddie Mac, National Association of Realtors, CAPTRUST Research
0
200
400
600
800
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22
U.S. Nonfarm Payroll Employment
(in thousands)
Monthly Change 3-Month Average
2
4
6
8
3,000
4,500
6,000
7,500
9,000
2002 2006 2009 2012 2015 2019 2022
Rising Mortgage Rates Pressuring Home Sales
30-Year Fixed Mortgage Rate (%)Home Sales (thousands, left)
17
Q4 22Period Ending 12.31.22 |market commentary
REFINANCING AT HIGHER RATES
OBSERVATIONS
•More than 50% of debt for the U.S. Treasury and corporate markets (represented by S&P 500 constituents) will mature by 2026.
•Nearly 60% of U.S. Treasury bonds mature in the next five years, including more than $6 trillion in 2023. As this debt is refinanced at
higher rates, the U.S. government’s interest payments will also rise, potentially driving up national debt and budget deficits.
•Over $1 trillion of corporate debt, or approximately 20%, matures in the next 24 months.
As interest rates rise from near-zero level and debt matures in both the U.S. Treasury and corporate markets, the government and companies
will be forced to refinance at notably higher rates.
Sources: Bloomberg, Strategas, CAPTRUST Research
$0
$4,000
$8,000
$12,000
$16,000
2022-
2026
2027-
2031
2032-
2036
2037-
2041
2042-
2046
2047-
2051+
U.S. Treasury & Corporate Debt Maturity Schedule
(in billions)
U.S. Treasury Debt Corporate Debt (S&P 500)
2022-2026
56%
2027-2031
23%
2032-2036
3%
2037-2041
5%
2042-2046
5%
2047-
2051+
8%
Percent of Treasury & Corporate Debt Maturing
18
Q4 22Period Ending 12.31.22 |
0
5
10
15
20
25
30
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
market commentary
Sources: Bloomberg, Robert Shiller, NASDAQ, CAPTRUST Research. Price-to-earnings (P/E) ratio 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 the
most recent price. Price-to-book (P/B) ratio is the price divided by book value per share. Price-to-cash-flow (P/CF) ratio is the price divided by cash flow for
the next 12 months. Standard deviation over-/undervalued is calculated using the average and standard deviation for each measure.
Current: 17.2x
-1 Std Dev: 13.9x
25-Year Average: 17.2x
+1 Std Dev: 20.7x
Valuation
Measure Description Latest 25-Year
Average
Std Dev
Over-/Under-
Valued
Inception
Year
P/E Forward P/E 17.2x 17.2x 0.0x 1997
CAPE Shiller’s P/E 29.7 28.0 0.3 1997
Div. Yield Dividend Yield 1.7%2.0%-0.9 2006
P/B Price to Book 3.9 3.1 0.9 1997
P/CF Price to Cash Flow 12.0 10.9 0.5 2006
S&P 500 Index: Forward P/E Ratio
19
Q4 22Period Ending 12.31.22 |asset class returns
Source: Markov Processes, Inc., Bloomberg, MobiusThe information contained in this report is from sources believed to be reliable but is not warranted by CAPTRUST to be accurate or complete.
Small-Cap Value Stocks (Russell 2000 Value)Large-Cap Value Stocks (Russell 1000 Value)International Equities (MSCI EAFE)
Small-Cap Growth Stocks (Russell 2000 Growth)Mid-Cap Growth Stocks (Russell Mid-Cap Growth)Fixed Income (Bloomberg U.S. Aggregate Bond)
Large-Cap Growth Stocks (Russell 1000 Growth)Mid-Cap Value Stocks (Russell Mid-Cap Value)Cash (Merrill Lynch 3-Month Treasury Bill)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Mid-Cap Growth46.29%
Small-Cap Growth29.09%
Fixed Income7.84%
Mid-Cap Value18.51%
Small-Cap Growth43.30%
Mid-Cap Value14.75%
Large-Cap Growth5.67%
Small-Cap Value31.74%
Large-Cap Growth30.21%
Cash1.87%
Large-Cap Growth36.39%
Large-Cap Growth38.49%
Mid-Cap Value28.34%
Cash1.46%
Large-Cap
Growth37.21%
Mid-Cap
Growth26.38%
Large-Cap
Growth2.64%
Small-Cap
Value18.05%
Mid-Cap
Growth35.74%
Large-Cap
Value13.45%
Fixed
Income0.55%
Mid-Cap
Value20.00%
International
Equities25.62%
Fixed
Income0.01%
Mid-Cap
Growth35.47%
Mid-Cap
Growth35.59%
Small-Cap
Value28.27%
Large-Cap
Value-7.54%
Small-Cap Growth
34.47%
Mid-Cap Value
24.75%
Large-Cap Value
0.39%
International Equities
17.90%
Small-Cap Value
34.52%
Large-Cap Growth
13.05%
Cash
0.05%
Large-CapValue
17.34%
Mid-CapGrowth
25.27%
Large-Cap Growth
-1.51%
Small-CapGrowth
28.48%
Small-CapGrowth
34.63%
Large-Cap Growth
27.60%
Mid-Cap Value
-12.03%
Mid-Cap Value34.21%
Small-Cap Value24.50%
Cash0.10%
Large-Cap Value17.51%
Large-Cap Growth33.48%
Mid-Cap Growth11.90%
Mid-Cap Growth-0.20%
Small-Cap Growth11.32%
Small-CapGrowth22.17%
Mid-CapGrowth-4.75%
Mid-Cap Value27.06%
International Equities8.28%
Large-CapValue25.16%
Fixed Income-13.01%
International
Equities32.46%
Large-Cap
Growth16.71%
Mid-Cap
Value-1.38%
Mid-Cap
Growth15.81%
Mid-Cap
Value33.46%
Fixed
Income5.97%
International
Equities-0.39%
Mid-Cap
Growth7.33%
Large-Cap
Value13.66%
Large-Cap
Value-8.27%
Large-Cap
Value26.54%
Fixed
Income7.51%
Mid-Cap
Growth12.73%
International
Equities-14.01%
Small-Cap Value
20.58%
Large-Cap Value
15.51%
Mid-Cap Growth
-1.65%
Large-Cap Growth
15.26%
Large-Cap Value
32.53%
Small-Cap Growth
5.60%
Small-Cap Growth
-1.38%
Large-Cap Growth
7.08%
Mid-Cap Value
13.34%
Small-CapGrowth
-9.31%
International Equities
22.66%
Mid-Cap Value
4.96%
International Equities
11.78%
Small-Cap Value
-14.48%
Large-Cap Value19.69%
International Equities8.21%
Small-Cap Growth-2.91%
Small-Cap Growth14.59%
International Equities23.29%
Small-Cap Value4.22%
Large-CapValue-3.83%
Fixed Income2.65%
Small-Cap Value7.84%
Mid-Cap Value-12.29%
Small-Cap Value22.39%
Small-Cap Value4.63%
Small-CapGrowth2.83%
Small-CapGrowth-26.36%
Fixed
Income5.24%
Fixed
Income5.89%
Small-Cap
Value-5.50%
Fixed
Income4.22%
Cash0.07%Cash0.03%
Mid-Cap
Value-4.78%
International
Equities1.51%
Fixed
Income3.54%
Small-Cap
Value-12.86%
Fixed
Income8.72%
Large-Cap
Value2.80%
Cash0.05%
Mid-Cap
Growth-26.72%
Cash
0.21%
Cash
0.13%
International Equities-11.73%
Cash
0.11%
Fixed Income-2.02%
InternationalEquities-4.48%
Small-Cap Value-7.47%
Cash
0.33%
Cash
0.86%
International
Equities-13.36%
Cash
2.28%
Cash
0.67%
Fixed
Income-1.54%
Large-Cap
Growth-29.14%
20
Q4 22Period Ending 12.31.22 |index performance
Sources:Morningstar Direct, MPI. 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 is an investment adviser registered under the Investment Advisers Act of 1940.
INDEXES Q4 2022 YTD 2021 2020 2019 2018 2017 1 YEAR 3 YEARS 5 YEARS 10 YEARS
90-Day U.S.Treasury 0.84%1.46%0.05%0.67%2.28%1.87%0.86%1.46%0.72%1.26%0.76%
Bloomberg Government 1-3 Year 0.73%-3.81%-0.60%3.14%3.59%1.58%0.45%-3.81%-0.46%0.74%0.66%
Bloomberg Intermediate Govt 1.01%-7.73%-1.69%5.73%5.20%1.43%1.14%-7.73%-1.38%0.46%0.69%
Bloomberg Muni Bond 4.10%-8.53%1.52%5.21%7.54%1.28%5.45%-8.53%-0.77%1.25%2.13%
Bloomberg Intermediate Govt/Credit 1.54%-8.23%-1.44%6.43%6.80%0.88%2.14%-8.23%-1.26%0.73%1.12%
Bloomberg Intermediate Credit 2.52%-9.10%-1.03%7.08%9.52%0.01%3.67%-9.10%-1.23%1.08%1.75%
Bloomberg Aggregate Bond 1.87%-13.01%-1.54%7.51%8.72%0.01%3.54%-13.01%-2.71%0.02%1.06%
Bloomberg Corporate IG Bond 3.63%-15.76%-1.04%9.89%14.54%-2.51%6.42%-15.76%-2.88%0.45%1.96%
Bloomberg High Yield 4.17%-11.19%5.28%7.11%14.32%-2.08%7.50%-11.19%0.05%2.31%4.03%
Bloomberg Global Aggregate 4.55%-16.25%-4.71%9.20%6.84%-1.20%7.39%-16.25%-4.48%-1.65%-0.44%
Bloomberg U.S. Long Corporate 5.40%-25.62%-1.13%13.94%23.89%-7.24%12.09%-25.62%-5.72%-0.75%2.23%
S&P 500 7.56%-18.11%28.71%18.40%31.49%-4.38%21.83%-18.11%7.66%9.42%12.56%
Dow Jones Industrial Average 16.01%-6.86%20.95%9.72%25.34%-3.48%28.11%-6.86%7.32%8.37%12.30%
NASDAQ Composite -1.03%-33.10%21.39%43.64%35.23%-3.88%28.24%-33.10%5.27%8.67%13.23%
Russell 1000 Value 12.42%-7.54%25.16%2.80%26.54%-8.27%13.66%-7.54%5.96%6.66%10.29%
Russell 1000 7.24%-19.13%26.45%20.96%31.43%-4.78%21.69%-19.13%7.35%9.13%12.37%
Russell 1000 Growth 2.20%-29.14%27.60%38.49%36.39%-1.51%30.21%-29.14%7.78%10.95%14.09%
Russell Mid-Cap Value Index 10.45%-12.03%28.34%4.96%27.06%-12.29%13.34%-12.03%5.82%5.72%10.10%
Russell Mid-Cap Index 9.18%-17.32%22.58%17.10%30.54%-9.06%18.52%-17.32%5.88%7.10%10.95%
Russell Mid-Cap Growth Index 6.90%-26.72%12.73%35.59%35.47%-4.75%25.27%-26.72%3.85%7.64%11.40%
MSCI EAFE 17.40%-14.01%11.78%8.28%22.66%-13.36%25.62%-14.01%1.34%2.03%5.16%
MSCI ACWI ex U.S.14.37%-15.57%8.29%11.13%22.13%-13.78%27.77%-15.57%0.53%1.36%4.28%
Russell 2000 Value 8.42%-14.48%28.27%4.63%22.39%-12.86%7.84%-14.48%4.70%4.12%8.47%
Russell 2000 6.23%-20.44%14.82%19.96%25.52%-11.01%14.65%-20.44%3.10%4.12%9.01%
Russell 2000 Growth 4.13%-26.36%2.83%34.63%28.48%-9.31%22.17%-26.36%0.65%3.50%9.20%
MSCI Emerging Markets 9.79%-19.74%-2.22%18.69%18.90%-14.25%37.75%-19.74%-2.34%-1.03%1.81%
Dow Jones U.S. Real Estate Index 4.44%-25.17%38.99%-5.29%28.92%-4.03%9.84%-25.17%-0.50%4.03%6.65%
HFRX Absolute Return Index -0.31%0.85%2.10%2.72%4.37%-0.49%3.39%0.85%1.89%1.90%2.03%
Consumer Price Index (Inflation)0.46%6.42%7.10%1.28%2.26%1.92%2.13%6.42%4.90%3.77%2.57%
BLENDED BENCHMARKS Q4 2022 YTD 2021 2020 2019 2018 2017 1 YEAR 3 YEARS 5 YEARS 10 YEARS
25% S&P 500/5% MSCI EAFE/70% BB Agg 4.13%-14.08%6.13%10.87%14.96%-1.55%8.93%-14.08%0.36%2.73%4.26%
30% S&P 500/10% MSCI EAFE/60% BB Agg 5.18%-14.35%8.27%11.56%16.79%-2.44%10.90%-14.35%1.14%3.34%5.07%
35% S&P 500/15% MSCI EAFE/50% BB Agg 6.23%-14.64%10.44%12.18%18.63%-3.34%12.90%-14.64%1.88%3.93%5.87%
40% S&P 500/20% MSCI EAFE/40% BB Agg 7.28%-14.96%12.64%12.75%20.48%-4.25%14.93%-14.96%2.60%4.50%6.65%
45% S&P 500/25% MSCI EAFE/30% BB Agg 8.33%-15.28%14.87%13.25%22.33%-5.17%16.99%-15.28%3.29%5.04%7.42%
60% S&P 500/40% Bloomberg Barclays Agg 5.39%-15.79%15.86%14.73%22.18%-2.35%14.21%-15.79%3.83%5.96%8.09%
21
Q4 22Period Ending 12.31.22 |
POWER OF COMPOUNDING RETURNS
2022 was a difficult year for capital markets; however, investors should remember the long-term importance of compounding. The hypothetical
illustration below assumes a single, one-time investment in U.S. stocks based on historical performance. As time elapses, the percentage of a
portfolio's value attributable to growth via capital appreciation increases.
For example, 36% of the value of an investment made five years ago (with an ending time period of December 2022—the current bear market) is
from compounding returns, while 64% is from the initial lump-sum investment. For an investment made 25 years ago, 84% of today’s value is
from compounding. The behavioral component of disciplined and systematic investing—during both bull and bear markets—is key to achieving
positive long-term investment outcomes.
Sources: Morningstar Direct; CAPTRUST Research. S&P 500 Index total returns based on trailing monthly annualized performance for all month-end time
periods from 1972 through December 2022. Past performance is not a guarantee of future results.
0%
20%
40%
60%
80%
100%
2 Years 8 Years 14 Years 20 Years 26 Years 32 Years 38 Years 44 Years 50 Years % of Portfolio Value Attributed to Compounding% of Portfolio Value Attributed to Initial Investment Years Since Investment (As of December 31, 2022)
market commentary
22
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |section 3 : executive summary
23
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Total Fund Net Cash Flow
$0
$476,000,000
$952,000,000
$1,428,000,000
$1,904,000,000
($476,000,000)
($952,000,000)Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Total Fund 01/31/1988
Beginning Market Value $1,083,752,173 $1,377,994,846 $1,250,564,714 $1,118,379,549 $960,410,378 $91,459,988
Net Contributions -$9,946,642 -$41,892,540 -$38,323,377 -$34,514,411 -$33,121,073 -$311,679,884
Net Investment Return $59,037,489 -$203,259,287 $165,753,509 $166,699,576 $191,090,244 $1,353,062,915
Ending Market Value $1,132,843,019 $1,132,843,019 $1,377,994,846 $1,250,564,714 $1,118,379,549 $1,132,843,019
City of Clearwater - Total Fund
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
24
TARGET ALLOCATION
ACTUAL ALLOCATION HISTORIC ALLOCATION TREND
0
25
50
75
100
QUARTERLY HISTORIC ALLOCATION TREND
03 20
(%)
06 20
(%)
09 20
(%)
12 20
(%)
03 21
(%)
06 21
(%)
09 21
(%)
12 21
(%)
03 22
(%)
06 22
(%)
09 22
(%)
12 22
(%)
29.67 28.47 27.85 28.15 28.36 28.19 27.34 28.74 27.80 28.85 27.89 29.92
¢
38.21 39.83 40.15 41.01 41.31 41.05 41.50 39.98 39.71 37.06 37.64 35.99¢
16.70 18.04 18.71 18.43 17.93 18.36 18.18 17.90 17.14 16.47 15.79 16.41
¢
15.41 13.66 13.30 12.42 12.40 12.40 12.97 13.39 15.35 17.61 18.69 17.69¢
0.00 - - - - - - - - - - -
¢
ASSET REBALANCING ANALYSIS
Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%)
Total Fund 100.00 100.00 0.00¢
Fixed Income Comp 29.92 28.00 1.92¢
Domestic Equity Comp 35.99 39.00 -3.01¢
International EQ Comp 16.41 18.00 -1.59¢
Real Estate Comp 17.69 15.00 2.69¢
City of Clearwater
ASSET ALLOCATION SUMMARY Period Ending 12.31.22 |Q4 22
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. For Institutional Use Only.
25
MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%)VARIANCE (%)
Dodge & Cox $2,355,268 $151,128,805 1.53 $153,484,073 -13.55 -
In House Account $37,609,973 - 100.00 $37,609,973 -3.32 -
Security Lending Income Account $159,146 $2,285 98.58 $161,430 -0.01 -
Western Asset Management Co.-$9,988,539 $157,677,648 -6.76 $147,689,109 -13.04 -
Fixed Income Comp $30,135,848 $308,808,738 8.89 $338,944,586 28.00 29.92 1.92
Eagle Capital Management $1,871,062 $41,768,623 4.29 $43,639,686 -3.85 -
Manning and Napier $610,169 $40,804,478 1.47 $41,414,648 -3.66 -
NTGI-QM R1000G - $135,593,144 - $135,593,144 -11.97 -
NTGI-QM R1000V - $67,546,777 - $67,546,777 -5.96 -
Artisan Partners $1,569,055 $30,743,955 4.86 $32,313,010 -2.85 -
Boston Partners $1,044,927 $41,205,678 2.47 $42,250,605 -3.73 -
Atlanta Capital Mgmt $398,360 $9,818,692 3.90 $10,217,052 -0.90 -
Riverbridge Partners $513,823 $23,175,492 2.17 $23,689,315 -2.09 -
Sycamore Small Cap Value $278,521 $10,716,447 2.53 $10,994,968 -0.97 -
Domestic Equity Comp $6,285,918 $401,373,288 1.54 $407,659,206 39.00 35.99 -3.01
DFA Emerging Markets - $40,928,685 - $40,928,685 -3.61 -
Thompson, Siegel & Walmsley $922,806 $63,919,207 1.42 $64,842,013 -5.72 -
WCM Investment Management $3,042,100 $77,040,004 3.80 $80,082,105 -7.07 -
International EQ Comp $3,964,906 $181,887,896 2.13 $185,852,802 18.00 16.41 -1.59
Hancock - $7,717,038 -$7,717,038 -0.68 -
IFM Global Infrastructure (US) L.P.- $56,703,546 - $56,703,546 -5.01 -
Molpus Woodlands Fund III - $6,327,004 -$6,327,004 -0.56 -
Molpus Woodlands Fund IV - $4,531,684 -$4,531,684 -0.40 -
Multi Employer Property Trust - $67,057,944 - $67,057,944 -5.92 -
Security Capital $230,964 $13,997,340 1.62 $14,228,305 -1.26 -
U.S. Real Estate Investment Fund - $18,277,582 -$18,277,582 -1.61 -
USAA - $25,543,322 -$25,543,322 -2.25 -
Real Estate Comp $230,964 $200,155,460 0.12 $200,386,425 15.00 17.69 2.69
ASSET ALLOCATION DETAIL
Total Fund
Period Ending 12.31.22 |Q4 22
Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account
statement; please refer to the custodial statement for verification.
26
ASSET ALLOCATION DETAIL
Total Fund
Period Ending 12.31.22 |Q4 22
MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%)VARIANCE (%)
Total Fund $40,617,637 $1,092,225,382 3.59 $1,132,843,019 100.00 100.00 0.00
Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account
statement; please refer to the custodial statement for verification.
27
TOTAL PORTFOLIO TRAILING PERFORMANCE
Total Fund
Total Portfolio Benchmark
0
10
20
-10
-20
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Total Fund 5.44 -14.90 3.77 5.51 8.73
Total Portfolio Benchmark 5.23 -10.41 4.52 5.12 8.67
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Total Fund
Total Portfolio Benchmark
0
15
30
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Total Fund -14.90 13.48 15.71 20.17 -2.64 8.73
Total Portfolio Benchmark -10.41 14.12 11.69 17.85 -4.64 8.67
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
28
Last
Quarter 2021 2020 2019 2018 1 Year 3 Years 5 Years 10 Years
Since
Inception
Inception
Date
Total Fund 5.44 13.48 15.71 20.17 -2.64 -14.90 3.77 5.51 7.67 8.73 01/01/1988
Total Portfolio Benchmark 5.23 14.12 11.69 17.85 -4.64 -10.41 4.52 5.12 7.22 8.67
Secondary Benchmark 6.26 13.88 13.11 19.61 -4.30 -14.06 3.45 4.85 --
Domestic Equity Comp 7.13 21.97 24.69 29.50 -4.06 -20.77 6.41 8.41 11.87 11.00 01/01/1988
S&P 500 Index 7.56 28.71 18.40 31.49 -4.38 -18.11 7.66 9.42 12.56 10.52
All Public Plans > $1B-US Equity Median 7.70 25.75 18.99 29.49 -5.67 -18.29 6.97 8.66 --
Large Cap Equity Comp 7.25 25.27 19.54 30.02 -3.49 -20.72 5.89 8.30 12.10 10.42 04/01/1988
Russell 1000 Index 7.24 26.45 20.96 31.43 -4.78 -19.13 7.35 9.13 12.37 10.47
All Public Plans > $1B-US Equity Median 7.70 25.75 18.99 29.49 -5.67 -18.29 6.97 8.66 --
Eagle Capital Management 8.03 27.60 15.49 31.28 -4.86 -25.08 3.36 6.64 - 10.82 01/31/2013
Russell 1000 Value Index 12.42 25.16 2.80 26.54 -8.27 -7.54 5.96 6.67 10.29 10.29
Morningstar Large Value Universe 12.77 26.02 2.80 25.57 -8.81 -5.55 6.96 7.11 10.20 10.20
Manning and Napier 14.83 19.76 2.05 23.21 -3.65 -3.91 5.50 6.87 - 9.90 01/31/2013
Russell 1000 Value Index 12.42 25.16 2.80 26.54 -8.27 -7.54 5.96 6.67 10.29 10.29
Morningstar Large Value Universe 12.77 26.02 2.80 25.57 -8.81 -5.55 6.96 7.11 10.20 10.20
NTGI-QM R1000G 2.23 29.75 - - - -29.09 - -- -1.76 11/30/2020
Russell 1000 Growth Index 2.20 27.60 38.49 36.39 -1.51 -29.14 7.79 10.96 14.10 1.94
Morningstar Large Growth Universe 2.95 22.02 34.90 32.80 -1.64 -30.78 5.07 8.41 11.93 -0.95
NTGI-QM R1000V 12.39 25.17 2.77 26.55 -8.32 -7.62 5.92 6.63 10.32 6.33 07/01/2007
Russell 1000 Value Index 12.42 25.16 2.80 26.54 -8.27 -7.54 5.96 6.67 10.29 6.30
Morningstar Large Value Universe 12.77 26.02 2.80 25.57 -8.81 -5.55 6.96 7.11 10.20 6.51
INVESTMENT RETURNS | MANAGER RESULTS
Total Fund
Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a
substitute for the official custodial account statement; please refer to the custodial statement for verification.
29
INVESTMENT RETURNS | MANAGER RESULTS
Total Fund
Period Ending 12.31.22 |Q4 22
Last
Quarter 2021 2020 2019 2018 1 Year 3 Years 5 Years 10 Years
Since
Inception
Inception
Date
Mid Cap Equity Comp 7.37 18.74 37.35 29.52 -9.88 -20.92 8.85 8.53 11.45 11.95 04/01/1988
Russell Midcap Index 9.18 22.58 17.10 30.54 -9.06 -17.32 5.88 7.10 10.96 11.15
All Public Plans > $1B-US Equity Median 7.70 25.75 18.99 29.49 -5.67 -18.29 6.97 8.66 --
Artisan Partners -1.02 10.53 56.72 38.58 -3.39 -36.33 3.32 8.11 10.56 9.49 08/01/2001
Russell Midcap Growth Index 6.90 12.73 35.59 35.47 -4.75 -26.72 3.85 7.64 11.41 8.39
Morningstar Mid-Cap Growth Universe 5.43 11.91 36.05 33.48 -5.48 -28.32 3.96 7.31 10.65 7.85
Boston Partners 13.33 27.34 - - - -6.98 - -- 10.43 03/01/2020
Russell Midcap Value Index 10.45 28.34 4.96 27.06 -12.29 -12.03 5.82 5.72 10.11 10.92
Morningstar Mid-Cap Value Universe 11.95 28.65 2.71 26.70 -13.49 -8.12 6.50 5.84 9.52 12.13
Small Cap Equity Comp 6.08 12.05 31.17 26.79 1.67 -20.83 5.18 8.45 11.27 9.78 09/01/2003
Russell 2000 Index 6.23 14.82 19.96 25.53 -11.01 -20.44 3.10 4.13 9.01 8.18
All Public Plans > $1B-US Equity Median 7.70 25.75 18.99 29.49 -5.67 -18.29 6.97 8.66 --
Atlanta Capital Mgmt 9.36 19.89 10.77 26.20 0.48 -12.28 5.22 8.12 11.82 11.50 09/01/2003
Russell 2000 Index 6.23 14.82 19.96 25.53 -11.01 -20.44 3.10 4.13 9.01 8.18
Morningstar Small Cap Universe 8.53 22.20 14.41 24.67 -11.65 -17.54 4.91 5.17 9.34 8.57
Riverbridge Partners 0.34 3.44 54.14 27.35 7.33 -32.15 2.66 8.14 11.11 12.21 10/01/2010
Russell 2000 Growth Index 4.13 2.83 34.63 28.48 -9.31 -26.36 0.65 3.51 9.20 9.80
Morningstar Small Growth Universe 4.40 9.60 37.56 28.34 -5.13 -28.16 3.06 6.33 10.11 10.59
Sycamore Small Cap Value 12.38 25.08 4.91 26.24 -8.23 -6.40 7.09 7.31 - 6.94 11/30/2017
Russell 2000 Value Index 8.42 28.27 4.63 22.39 -12.86 -14.48 4.70 4.13 8.48 4.37
Morningstar Small Value Universe 11.30 31.12 3.45 21.97 -15.22 -11.46 6.62 4.77 8.76 5.06
Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a
substitute for the official custodial account statement; please refer to the custodial statement for verification.
30
INVESTMENT RETURNS | MANAGER RESULTS
Total Fund
Period Ending 12.31.22 |Q4 22
Last
Quarter 2021 2020 2019 2018 1 Year 3 Years 5 Years 10 Years
Since
Inception
Inception
Date
International EQ Comp 14.31 13.92 18.16 27.53 -11.88 -21.08 2.04 3.61 3.95 4.86 06/01/2001
MSCI AC World ex USA (Net)14.28 7.82 10.65 21.51 -14.20 -16.00 0.07 0.88 3.80 4.87
All Public Plans > $1B-Intl. Equity Median 13.78 8.84 14.47 23.33 -13.93 -17.56 - ---
DFA Emerging Markets 10.53 5.84 13.87 16.04 -15.25 -16.40 0.25 -0.18 - 0.66 11/01/2017
MSCI Emerging Markets Index 9.79 -2.22 18.69 18.90 -14.25 -19.74 -2.34 -1.03 1.81 -0.27
Morningstar Diversified Emerging Mkts Universe 9.94 -1.36 17.77 20.41 -16.40 -22.47 -3.27 -1.77 1.41 -0.99
Thompson, Siegel & Walmsley 17.66 13.34 5.58 21.67 -15.20 -14.12 0.91 1.18 - 2.55 07/31/2015
MSCI EAFE Value Index (Net)19.64 10.89 -2.63 16.09 -14.78 -5.58 0.65 0.17 3.51 2.06
Morningstar Foreign Large Value Universe 18.58 11.73 2.50 18.28 -16.20 -9.37 0.85 0.43 3.72 2.41
WCM Investment Management 13.54 18.16 30.12 38.94 -6.56 -27.85 3.52 7.57 - 8.60 07/31/2015
MSCI AC World ex USA (Net)14.28 7.82 10.65 21.51 -14.20 -16.00 0.07 0.88 3.80 3.12
Morningstar Foreign Large Growth Universe 13.78 8.70 22.17 27.95 -14.44 -24.96 0.14 1.81 4.93 3.76
Fixed Income Comp 2.43 -1.40 8.97 9.28 -0.38 -12.21 -1.93 0.53 1.71 5.42 01/31/1988
Blmbg. U.S. Aggregate Index 1.87 -1.55 7.51 8.72 0.01 -13.01 -2.71 0.02 1.06 5.43
All Public Plans > $1B-Fixed Income Median 1.89 0.33 8.19 9.60 -0.83 -7.97 -1.85 0.64 --
Dodge & Cox 2.63 -1.15 8.72 8.98 0.02 -10.57 -1.31 0.94 2.06 3.82 03/01/2004
Blmbg. U.S. Aggregate Index 1.87 -1.55 7.51 8.72 0.01 -13.01 -2.71 0.02 1.06 2.97
Morningstar Intermediate Core Bond Universe 1.65 -1.59 7.83 8.46 -0.43 -13.44 -2.78 -0.12 0.94 2.83
In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.52 01/31/1988
90 Day U.S. Treasury Bill 0.84 0.05 0.67 2.28 1.87 1.46 0.72 1.26 0.75 2.95
Security Lending Income Account 0.94 0.54 2.00 2.84 3.83 1.92 1.48 2.22 2.74 4.68 07/01/2003
90 Day U.S. Treasury Bill 0.84 0.05 0.67 2.28 1.87 1.46 0.72 1.26 0.75 1.23
Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a
substitute for the official custodial account statement; please refer to the custodial statement for verification.
31
INVESTMENT RETURNS | MANAGER RESULTS
Total Fund
Period Ending 12.31.22 |Q4 22
Last
Quarter 2021 2020 2019 2018 1 Year 3 Years 5 Years 10 Years
Since
Inception
Inception
Date
Western Asset Management Co.2.24 -1.78 9.04 9.60 -0.73 -13.94 -2.68 0.06 1.26 3.27 10/01/2004
Blmbg. U.S. Aggregate Index 1.87 -1.55 7.51 8.72 0.01 -13.01 -2.71 0.02 1.06 2.99
Morningstar Intermediate Core Bond Universe 1.65 -1.59 7.83 8.46 -0.43 -13.44 -2.78 -0.12 0.94 2.83
Real Estate Comp -1.02 20.55 1.78 10.16 6.23 4.28 8.56 8.41 8.95 10.56 05/01/2008
Real Estate Composite Benchmark -3.18 38.19 -4.14 18.82 -0.35 -4.99 7.97 8.31 9.42 7.39
All Public Plans > $1B-Real Estate Median -1.08 16.97 0.16 6.75 8.32 9.74 8.41 7.92 8.83 -
Hancock 0.00 9.96 -0.34 3.95 2.93 0.26 3.19 3.29 3.81 4.29 05/31/2012
NCREIF Timberland Index 4.89 9.17 0.81 1.30 3.21 12.90 7.51 5.37 5.80 6.13
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 6.14
IFM Global Infrastructure (US) L.P.4.02 17.75 2.83 14.61 18.17 8.16 9.41 12.14 - 12.68 09/30/2017
MSCI World Index (Net)9.77 21.82 15.90 27.67 -8.71 -18.14 4.94 6.14 8.85 7.26
Morningstar Global Infrastructure Equity Universe 8.56 19.56 -8.15 22.87 0.00 0.60 3.41 6.41 10.21 5.94
Molpus Woodlands Fund III 0.00 13.33 8.22 -1.48 1.93 1.98 7.74 4.66 5.14 4.31 06/30/2011
NCREIF Timberland Index 4.89 9.17 0.81 1.30 3.21 12.90 7.51 5.37 5.80 5.74
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 6.35
Molpus Woodlands Fund IV 0.00 20.57 -5.78 1.53 -2.88 0.42 4.49 2.38 - 2.29 10/01/2015
NCREIF Timberland Index 4.89 9.17 0.81 1.30 3.21 12.90 7.51 5.37 5.80 4.82
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 5.21
Multi Employer Property Trust -6.07 19.74 0.49 3.66 7.23 7.81 9.06 7.60 8.73 8.96 10/01/2010
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 22.17 1.19 5.34 8.35 7.47 9.93 8.68 10.10 10.86
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 7.78
Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a
substitute for the official custodial account statement; please refer to the custodial statement for verification.
32
INVESTMENT RETURNS | MANAGER RESULTS
Total Fund
Period Ending 12.31.22 |Q4 22
Last
Quarter 2021 2020 2019 2018 1 Year 3 Years 5 Years 10 Years
Since
Inception
Inception
Date
Security Capital 3.44 45.03 -4.59 26.97 -7.16 -27.59 0.07 3.39 6.37 5.31 05/01/2008
Wilshire U.S. Real Estate Securities Index 4.09 46.11 -7.95 25.79 -4.80 -26.75 -0.50 3.36 6.48 5.57
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 5.58
U.S. Real Estate Investment Fund -6.32 20.02 0.94 8.11 9.16 7.39 9.16 8.95 - 9.01 12/31/2015
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 22.17 1.19 5.34 8.35 7.47 9.93 8.68 10.10 8.94
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 4.66
USAA 3.39 18.42 11.12 5.78 6.65 13.80 14.40 11.05 - 10.70 06/30/2015
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 22.17 1.19 5.34 8.35 7.47 9.93 8.68 10.10 9.38
Morningstar Real Estate Universe 3.89 41.35 -4.70 27.74 -5.74 -26.20 -0.15 3.72 6.21 4.67
Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a
substitute for the official custodial account statement; please refer to the custodial statement for verification.
33
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 1998)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Total Fund Total Portfolio Benchmark
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Total Fund Total Portfolio Benchmark
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio --
Worst Quarter -12.52 -11.84
Best Quarter 13.82 11.37
Standard Deviation 15.48 13.33
Max Drawdown Recovery Period --
Maximum Drawdown -19.30 -14.87
Beta 1.15 1.00
Alpha -1.24 0.00
R-Squared 0.99 1.00
Treynor Ratio 0.04 0.05
Tracking Error 2.74 0.00
Information Ratio -0.16 -
Total Fund Total Portfolio Benchmark
Down Quarters 39.00 41.00
Up Quarters 100.00 98.00
Positive Months Ratio --
Worst Quarter -14.44 -16.38
Best Quarter 16.39 15.76
Standard Deviation 10.91 10.77
Max Drawdown Recovery Period 12.00 13.00
Maximum Drawdown -32.77 -36.02
Beta 0.98 1.00
Alpha 0.42 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.06 0.06
Tracking Error 2.94 0.00
Information Ratio 0.07 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
34
-25
-20
-15
-10
-5
0
5
10
15
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Total Fund 5.44 (59)-14.90 (67)-1.73 (64)3.77 (43)7.65 (42)5.51 (26)7.18 (24)7.12 (27)6.39 (18)
Total Portfolio Benchmark 5.23 (66)-10.41 (13)1.11 (16)4.52 (23)7.71 (40)5.12 (41)6.76 (41)6.86 (40)6.02 (34)
5th Percentile 7.46 -7.78 2.69 5.94 9.14 6.57 8.04 8.01 7.03
1st Quartile 6.47 -11.90 0.47 4.38 8.11 5.54 7.12 7.15 6.24
Median 5.70 -13.85 -1.04 3.56 7.45 4.91 6.57 6.62 5.72
3rd Quartile 4.96 -15.50 -2.22 2.76 6.69 4.28 5.97 6.10 5.23
95th Percentile 3.44 -17.46 -3.87 1.61 5.22 3.27 4.86 5.20 4.37
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
35
-16
-10
-4
2
8
14
20
26
32
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Total Fund 13.48 (53)15.71 (24)20.17 (37)-2.64 (12)15.98 (28)6.71 (60)1.43 (8)8.32 (7)17.83 (30)13.93 (12)
Total Portfolio Benchmark 14.12 (42)11.69 (69)17.85 (72)-4.64 (56)15.39 (43)7.47 (40)0.28 (37)9.91 (2)14.49 (72)13.18 (27)
5th Percentile 18.31 18.00 22.51 -1.40 18.07 9.68 1.83 8.68 21.09 14.58
1st Quartile 15.37 15.59 20.66 -3.37 16.08 8.08 0.63 7.09 18.26 13.24
Median 13.62 13.28 19.36 -4.45 15.02 7.06 -0.24 6.18 16.16 12.14
3rd Quartile 12.18 11.28 17.42 -5.30 13.70 6.18 -1.24 5.26 14.06 10.92
95th Percentile 9.02 7.20 14.45 -6.60 10.95 4.54 -2.93 3.05 8.51 8.11
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
36
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-1987 ---$91,459,988 -
Mar-1988 $91,459,988 --$51,039,839 $40,420,149 3.12
Jun-1988 $40,420,149 -$15,255,464 $55,675,613 4.75
Sep-1988 $55,675,613 --$5,742,484 $49,933,130 0.57
Dec-1988 $49,933,130 -$2,150,038 $52,083,168 2.05
Mar-1989 $52,083,168 -$5,062,468 $57,145,637 4.88
Jun-1989 $57,145,637 -$4,452,993 $61,598,630 5.90
Sep-1989 $61,598,630 -$7,477,281 $69,075,911 7.63
Dec-1989 $69,075,911 -$1,984,196 $71,060,107 1.39
Mar-1990 $71,060,107 -$378,332 $71,438,439 0.06
Jun-1990 $71,438,439 -$7,140,375 $78,578,814 7.03
Sep-1990 $78,578,814 --$9,847,666 $68,731,148 -6.23
Dec-1990 $68,731,148 --$12,927,114 $55,804,034 5.72
Mar-1991 $55,804,034 -$12,979,788 $68,783,821 11.94
Jun-1991 $68,783,821 --$532,887 $68,250,934 0.60
Sep-1991 $68,250,934 -$7,087,410 $75,338,344 6.25
Dec-1991 $75,338,344 -$6,276,425 $81,614,769 8.32
Mar-1992 $81,614,769 --$1,538,976 $80,075,794 -1.73
Jun-1992 $80,075,794 --$5,126,324 $74,949,469 -1.52
Sep-1992 $74,949,469 --$249,609 $74,699,861 3.89
Dec-1992 $74,699,861 -$9,473,620 $84,173,480 6.09
Mar-1993 $84,173,480 -$2,154,103 $86,327,583 2.30
Jun-1993 $86,327,583 -$1,014,565 $87,342,148 0.78
Sep-1993 $87,342,148 -$5,778,255 $93,120,403 4.60
Dec-1993 $93,120,403 -$2,204,043 $95,324,446 1.39
Mar-1994 $95,324,446 --$1,734,063 $93,590,383 -1.67
Jun-1994 $93,590,383 --$13,630,985 $79,959,398 -1.37
Sep-1994 $79,959,398 -$5,504,124 $85,463,522 3.74
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
37
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-1994 $85,463,522 -$441,019 $85,904,541 0.39
Mar-1995 $85,904,541 -$6,435,503 $92,340,044 5.44
Jun-1995 $92,340,044 -$7,602,216 $99,942,260 6.93
Sep-1995 $99,942,260 -$8,917,927 $108,860,187 6.00
Dec-1995 $108,860,187 -$2,257,663 $111,117,850 2.97
Mar-1996 $111,117,850 -$9,193,597 $120,311,447 3.64
Jun-1996 $120,311,447 -$5,523,534 $125,834,982 3.55
Sep-1996 $125,834,982 -$2,395,613 $128,230,595 3.28
Dec-1996 $128,230,595 --$20,044,329 $108,186,266 3.55
Mar-1997 $108,186,266 --$4,620,949 $103,565,317 -1.17
Jun-1997 $103,565,317 -$16,186,768 $119,752,085 11.19
Sep-1997 $119,752,085 -$8,363,384 $128,115,469 7.94
Dec-1997 $128,115,469 --$4,853,658 $123,261,811 -0.24
Mar-1998 $123,261,811 -$16,171,368 $139,433,179 8.16
Jun-1998 $139,433,179 -$2,916,725 $142,349,904 1.63
Sep-1998 $142,349,904 --$20,270,513 $122,079,392 -6.11
Dec-1998 $122,079,392 -$29,799,463 $151,878,854 12.88
Mar-1999 $151,878,854 -$8,156,573 $160,035,427 3.43
Jun-1999 $160,035,427 -$9,634,952 $169,670,379 5.00
Sep-1999 $169,670,379 --$9,304,384 $160,365,995 -4.43
Dec-1999 $160,365,995 -$53,446,249 $213,812,243 14.22
Mar-2000 $213,812,243 -$24,543,944 $238,356,187 4.61
Jun-2000 $238,356,187 --$17,842,470 $220,513,717 -3.11
Sep-2000 $220,513,717 -$2,942,383 $223,456,100 1.69
Dec-2000 $223,456,100 --$32,832,231 $190,623,869 -6.36
Mar-2001 $190,623,869 --$29,540,148 $161,083,721 -6.94
Jun-2001 $161,083,721 -$31,403,540 $192,487,262 4.33
Sep-2001 $192,487,262 --$70,015,520 $122,471,742 -8.99
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
38
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-2001 $122,471,742 --$3,023,928 $119,447,813 7.12
Mar-2002 $119,447,813 -$1,049,133 $120,496,946 0.42
Jun-2002 $120,496,946 --$12,368,198 $108,128,749 -5.24
Sep-2002 $108,128,749 --$18,650,925 $89,477,824 -8.46
Dec-2002 $89,477,824 -$4,658,922 $94,136,746 4.77
Mar-2003 $94,136,746 --$2,879,098 $91,257,648 -0.53
Jun-2003 $91,257,648 -$10,445,990 $101,703,639 9.75
Sep-2003 $101,703,639 -$37,744,310 $139,447,949 1.91
Dec-2003 $139,447,949 -$16,625,092 $156,073,041 7.53
Mar-2004 $156,073,041 -$73,396,226 $229,469,267 3.25
Jun-2004 $229,469,267 --$4,397,072 $225,072,195 -0.76
Sep-2004 $225,072,195 --$5,333,659 $219,738,536 -0.81
Dec-2004 $219,738,536 -$94,657,834 $314,396,370 8.13
Mar-2005 $314,396,370 --$4,790,716 $309,605,655 -1.67
Jun-2005 $309,605,655 -$2,951,722 $312,557,377 2.14
Sep-2005 $312,557,377 -$15,924,645 $328,482,022 3.56
Dec-2005 $328,482,022 -$7,404,726 $335,886,748 2.59
Mar-2006 $335,886,748 -$30,546,388 $366,433,136 4.84
Jun-2006 $366,433,136 --$7,552,528 $358,880,608 -1.68
Sep-2006 $358,880,608 -$6,901,238 $365,781,846 3.37
Dec-2006 $365,781,846 -$50,509,167 $416,291,013 4.89
Mar-2007 $416,291,013 -$25,224,122 $441,515,135 1.91
Jun-2007 $441,515,135 -$10,755,795 $452,270,931 4.13
Sep-2007 $452,270,931 -$130,856,770 $583,127,700 2.15
Dec-2007 $583,127,700 --$4,862,636 $578,265,065 -1.11
Mar-2008 $578,265,065 --$42,263,748 $536,001,317 -6.13
Jun-2008 $536,001,317 -$10,314,649 $546,315,966 -0.30
Sep-2008 $546,315,966 --$26,855,825 $519,460,141 -8.96
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
39
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-2008 $519,460,141 --$73,816,134 $445,644,008 -14.44
Mar-2009 $445,644,008 --$30,189,157 $415,454,851 -6.73
Jun-2009 $415,454,851 -$63,030,616 $478,485,467 16.39
Sep-2009 $478,485,467 -$63,331,635 $541,817,101 14.53
Dec-2009 $541,817,101 -$29,622,444 $571,439,545 4.79
Mar-2010 $571,439,545 $1,420,521 $28,514,836 $601,374,902 4.98
Jun-2010 $601,374,902 -$5,934,251 -$31,993,847 $563,446,804 -5.35
Sep-2010 $563,446,804 -$6,281,494 $57,321,288 $614,486,598 10.30
Dec-2010 $614,486,598 $2,877,067 $45,649,700 $663,013,366 7.42
Mar-2011 $663,013,366 $1,408,292 $29,471,716 $693,893,374 4.45
Jun-2011 $693,893,374 -$7,230,374 $5,411,491 $692,074,491 0.78
Sep-2011 $692,074,491 -$7,171,688 -$79,447,530 $605,455,273 -11.49
Dec-2011 $605,455,273 $906,702 $41,909,007 $648,270,982 6.95
Mar-2012 $648,270,982 $10,313,159 $52,508,718 $711,092,859 9.30
Jun-2012 $711,092,859 -$7,838,428 -$15,138,887 $688,115,543 -2.11
Sep-2012 $688,115,543 -$7,650,190 $31,651,213 $712,116,567 4.63
Dec-2012 $712,116,567 $1,405,904 $12,465,265 $725,987,735 1.77
Mar-2013 $725,987,735 $2,639,158 $43,316,811 $771,943,704 5.98
Jun-2013 $771,943,704 -$8,529,923 $600 $763,414,381 0.00
Sep-2013 $763,414,381 -$8,426,038 $40,688,177 $795,676,520 5.37
Dec-2013 $795,676,520 -$62,747 $43,826,891 $839,440,664 5.52
Mar-2014 $839,440,664 $997,843 $17,572,308 $858,010,815 2.08
Jun-2014 $858,010,815 -$8,947,389 $30,697,898 $879,761,325 3.61
Sep-2014 $879,761,325 -$8,071,076 -$6,077,661 $865,612,589 -0.70
Dec-2014 $865,612,589 -$2,181,929 $27,093,392 $890,524,051 3.14
Mar-2015 $890,524,051 -$1,048,160 $20,488,068 $909,963,960 2.31
Jun-2015 $909,963,960 -$9,762,293 -$6,659,939 $893,541,728 -0.73
Sep-2015 $893,541,728 -$9,608,772 -$41,440,488 $842,492,468 -4.66
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
40
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-2015 $842,492,468 -$3,150,132 $29,733,169 $869,075,506 4.76
Mar-2016 $869,075,506 -$3,639,090 $8,327,326 $873,763,742 0.99
Jun-2016 $873,763,742 -$8,199,903 $19,479,145 $885,042,983 2.25
Sep-2016 $885,042,983 -$9,437,418 $30,450,249 $906,055,814 3.50
Dec-2016 $906,055,814 -$2,437,038 -$1,495,939 $902,122,837 -0.15
Mar-2017 $902,122,837 -$4,042,535 $42,589,028 $940,669,331 4.74
Jun-2017 $940,669,331 -$9,803,863 $32,033,125 $962,898,593 3.43
Sep-2017 $962,898,593 -$10,157,026 $27,748,235 $980,489,801 2.94
Dec-2017 $980,489,801 -$4,041,264 $39,010,026 $1,015,458,563 4.00
Mar-2018 $1,015,458,563 -$5,389,283 $3,399,779 $1,013,469,060 0.34
Jun-2018 $1,013,469,060 -$10,243,223 $12,284,581 $1,015,510,418 1.23
Sep-2018 $1,015,510,418 -$9,312,738 $38,632,345 $1,044,830,025 3.82
Dec-2018 $1,044,830,025 -$4,369,002 -$80,050,645 $960,410,378 -7.66
Mar-2019 $960,410,378 -$5,332,974 $83,125,870 $1,038,203,273 8.69
Jun-2019 $1,038,203,273 -$11,174,999 $39,715,923 $1,066,744,197 3.86
Sep-2019 $1,066,744,197 -$11,418,597 $9,725,692 $1,065,051,291 0.92
Dec-2019 $1,065,051,291 -$4,864,418 $58,192,676 $1,118,379,549 5.48
Mar-2020 $1,118,379,549 -$6,446,114 -$142,023,448 $969,909,987 -12.52
Jun-2020 $969,909,987 -$10,568,540 $133,450,669 $1,092,792,116 13.82
Sep-2020 $1,092,792,116 -$11,572,493 $52,542,792 $1,133,762,416 4.80
Dec-2020 $1,133,762,416 -$5,630,570 $122,432,868 $1,250,564,714 10.89
Mar-2021 $1,250,564,714 -$6,545,816 $28,592,139 $1,272,611,036 2.30
Jun-2021 $1,272,611,036 -$11,680,302 $73,213,434 $1,334,144,168 5.81
Sep-2021 $1,334,144,168 -$13,139,023 $6,094,455 $1,327,099,600 0.45
Dec-2021 $1,327,099,600 -$6,652,583 $57,547,829 $1,377,994,846 4.36
Mar-2022 $1,377,994,846 -$7,485,157 -$80,146,280 $1,290,363,409 -5.82
Jun-2022 $1,290,363,409 -$11,472,029 -$132,305,968 $1,146,585,412 -10.28
Sep-2022 $1,146,585,412 -$12,940,986 -$49,892,253 $1,083,752,173 -4.48
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
41
MARKET VALUES & CASH FLOW SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return
Dec-2022 $1,083,752,173 -$9,946,642 $59,037,489 $1,132,843,019 5.44
$91,459,988 -$307,869,864 $1,349,252,895 $1,132,843,019 8.73
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
42
FROM DATE TO DATE BENCHMARK
Total Fund
01/01/2019 Present 26.25% S&P 500 Index, 15.00% MSCI EAFE Index, 31.25% Blmbg. Intermed. U.S. Government/Credit, 12.50% Russell 2500 Index, 15.00% NCRIEF
Fund Index-Open End Diversified Core Equity (VW) Gross
07/01/2016 01/01/2019 39.00% S&P 500 Index, 28.00% Blmbg. U.S. Aggregate Index, 10.00% MSCI EAFE Index, 15.00% Wilshire U.S. Real Estate Securities Index, 8.00%
MSCI Emerging Markets Index
12/01/1987 07/01/2016 42.00% S&P 500 Index, 30.00% Blmbg. U.S. Aggregate Index, 10.00% MSCI EAFE Index, 10.00% Wilshire U.S. Real Estate Securities Index, 8.00%
MSCI Emerging Markets Index
Domestic Equity Comp
01/01/1988 Present S&P 500 Index
Large Cap Equity Comp
04/01/1988 Present Russell 1000 Index
Mid Cap Equity Comp
04/01/1988 Present Russell Midcap Index
Small Cap Equity Comp
09/01/2003 Present Russell 2000 Index
International EQ Comp
06/01/2001 Present MSCI AC World ex USA (Net)
Fixed Income Comp
01/31/1988 Present Blmbg. U.S. Aggregate Index
Real Estate Comp
04/01/2022 Present 20.00% Wilshire U.S. Real Estate Securities Index, 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
07/01/2010 04/01/2022 67.00% Wilshire U.S. Real Estate Securities Index, 33.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
01/01/1978 07/01/2010 100.00% Wilshire U.S. Real Estate Securities Index
TOTAL FUND POLICY BENCHMARK SUMMARY
Total Fund
Period Ending 12.31.22 |Q4 22
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account
statement for verification. For Institutional Use Only.
43
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Domestic Equity Comp Net Cash Flow
$0
$280,000,000
$560,000,000
$840,000,000
($280,000,000)
($560,000,000)
($840,000,000)Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Domestic Equity Comp 01/01/1988
Beginning Market Value $407,876,060 $550,878,596 $512,802,086 $462,769,578 $355,571,530 $32,235,837
Net Contributions -$29,642,588 -$29,182,409 -$69,741,263 -$50,189,834 $2,146,642 -$401,510,908
Net Investement Return $29,425,734 -$114,036,981 $107,817,774 $100,222,341 $105,051,406 $776,934,277
Ending Market Value $407,659,206 $407,659,206 $550,878,596 $512,802,086 $462,769,578 $407,659,206
City of Clearwater - Domestic Equity Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
44
TOTAL PORTFOLIO TRAILING PERFORMANCE
Domestic Equity Comp
S&P 500 Index
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Domestic Equity Comp 7.13 -20.77 6.41 8.41 11.00
S&P 500 Index 7.56 -18.11 7.66 9.42 10.52
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Domestic Equity Comp
S&P 500 Index 0
20
40
60
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Domestic Equity Comp -20.77 21.97 24.69 29.50 -4.06 11.00
S&P 500 Index -18.11 28.71 18.40 31.49 -4.38 10.52
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
45
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 1998)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Domestic Equity Comp S&P 500 Index
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Annualized Standard Deviation)
Domestic Equity Comp S&P 500 Index
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio 58.33 58.33
Worst Quarter -19.21 -19.60
Best Quarter 22.67 20.54
Standard Deviation 21.19 20.87
Max Drawdown Recovery Period --
Maximum Drawdown -26.04 -23.87
Beta 0.99 1.00
Alpha -1.05 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.08 0.09
Tracking Error 4.28 0.00
Information Ratio -0.26 -
Domestic Equity Comp S&P 500 Index
Down Quarters 40.00 36.00
Up Quarters 100.00 104.00
Positive Months Ratio 64.76 65.71
Worst Quarter -33.84 -29.65
Best Quarter 28.42 25.83
Standard Deviation 14.44 14.75
Max Drawdown Recovery Period 40.00 53.00
Maximum Drawdown -51.36 -50.95
Beta 0.85 1.00
Alpha 2.12 0.00
R-Squared 0.75 1.00
Treynor Ratio 0.10 0.08
Tracking Error 7.57 0.00
Information Ratio 0.05 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
46
-28
-22
-16
-10
-4
2
8
14
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Domestic Equity Comp 7.13 (100)-20.77 (100)-1.70 (100)6.41 (85)11.77 (86)8.41 (60)10.64 (-)10.49 (-)9.33 (-)
S&P 500 Index 7.56 (65)-18.11 (24)2.66 (1)7.66 (1)13.18 (1)9.42 (1)11.40 (-)11.48 (-)10.17 (-)
5th Percentile 8.53 -16.41 1.54 7.06 12.53 8.71 ---
1st Quartile 8.29 -18.22 1.49 7.02 12.50 8.69 ---
Median 7.70 -18.29 1.42 6.97 12.46 8.66 ---
3rd Quartile 7.44 -18.99 1.29 6.56 11.97 7.97 ---
95th Percentile 7.34 -19.34 1.18 6.24 11.58 7.42 ---
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
47
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Domestic Equity Comp 21.97 (88)24.69 (5)29.50 (48)-4.06 (1)22.53 (28)9.61 (100)1.48 (7)11.31 (34)35.15 (45)18.37 (-)
S&P 500 Index 28.71 (4)18.40 (73)31.49 (4)-4.38 (9)21.83 (41)11.96 (57)1.38 (10)13.69 (1)32.39 (100)16.00 (-)
5th Percentile 28.45 24.39 31.38 -4.30 23.30 15.41 1.54 12.05 38.29 -
1st Quartile 26.28 21.03 30.60 -4.96 22.68 14.06 0.76 11.47 35.42 -
Median 25.75 18.99 29.49 -5.67 21.23 12.42 0.59 10.92 35.00 -
3rd Quartile 22.65 18.03 29.11 -7.06 21.04 11.22 -0.23 10.60 34.25 -
95th Percentile 19.71 15.00 27.76 -8.23 18.45 11.01 -0.57 10.46 33.82 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
48
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Large Cap Equity Comp Net Cash Flow
$0
$151,900,000
$303,800,000
$455,700,000
$607,600,000
($151,900,000)
($303,800,000)Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Large Cap Equity Comp 04/30/1988
Beginning Market Value $277,653,758 $376,051,591 $335,143,299 $314,103,659 $240,657,022 $18,032,213
Net Contributions -$9,901,506 -$10,293,061 -$39,212,549 -$33,333,870 $1,109,671 -$169,905,074
Net Investment Return $20,442,002 -$77,564,275 $80,120,842 $54,373,510 $72,336,966 $440,067,116
Ending Market Value $288,194,255 $288,194,255 $376,051,591 $335,143,299 $314,103,659 $288,194,255
City of Clearwater - Large Cap Equity Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
49
TOTAL PORTFOLIO TRAILING PERFORMANCE
Large Cap Equity Comp
Russell 1000 Index
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Large Cap Equity Comp 7.25 -20.72 5.89 8.30 10.42
Russell 1000 Index 7.24 -19.13 7.35 9.13 10.47
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Large Cap Equity Comp
Russell 1000 Index 0
20
40
60
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Large Cap Equity Comp -20.72 25.27 19.54 30.02 -3.49 10.42
Russell 1000 Index -19.13 26.45 20.96 31.43 -4.78 10.47
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
50
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 1998)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Large Cap Equity Comp Russell 1000 Index
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Annualized Standard Deviation)
Large Cap Equity Comp Russell 1000 Index
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio 58.33 58.33
Worst Quarter -19.39 -20.22
Best Quarter 20.29 21.82
Standard Deviation 21.40 21.33
Max Drawdown Recovery Period --
Maximum Drawdown -26.08 -24.59
Beta 1.00 1.00
Alpha -1.36 0.00
R-Squared 0.99 1.00
Treynor Ratio 0.07 0.09
Tracking Error 1.64 0.00
Information Ratio -0.83 -
Large Cap Equity Comp Russell 1000 Index
Down Quarters 39.00 35.00
Up Quarters 100.00 104.00
Positive Months Ratio 64.99 65.71
Worst Quarter -29.55 -30.97
Best Quarter 24.41 26.38
Standard Deviation 13.65 14.94
Max Drawdown Recovery Period 53.00 53.00
Maximum Drawdown -49.18 -51.13
Beta 0.82 1.00
Alpha 1.77 0.00
R-Squared 0.81 1.00
Treynor Ratio 0.10 0.08
Tracking Error 6.56 0.00
Information Ratio -0.04 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
51
-28
-22
-16
-10
-4
2
8
14
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Large Cap Equity Comp 7.25 (100)-20.72 (100)-0.34 (100)5.89 (100)11.47 (100)8.30 (64)10.86 (-)10.58 (-)9.65 (-)
Russell 1000 Index 7.24 (100)-19.13 (83)1.13 (100)7.35 (1)12.92 (1)9.13 (1)11.13 (-)11.26 (-)9.91 (-)
5th Percentile 8.53 -16.41 1.54 7.06 12.53 8.71 ---
1st Quartile 8.29 -18.22 1.49 7.02 12.50 8.69 ---
Median 7.70 -18.29 1.42 6.97 12.46 8.66 ---
3rd Quartile 7.44 -18.99 1.29 6.56 11.97 7.97 ---
95th Percentile 7.34 -19.34 1.18 6.24 11.58 7.42 ---
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
52
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Large Cap Equity Comp 25.27 (60)19.54 (43)30.02 (44)-3.49 (1)24.63 (1)8.88 (100)3.35 (1)13.45 (1)32.24 (100)17.02 (-)
Russell 1000 Index 26.45 (16)20.96 (26)31.43 (5)-4.78 (20)21.69 (44)12.05 (55)0.92 (22)13.24 (1)33.11 (100)16.42 (-)
5th Percentile 28.45 24.39 31.38 -4.30 23.30 15.41 1.54 12.05 38.29 -
1st Quartile 26.28 21.03 30.60 -4.96 22.68 14.06 0.76 11.47 35.42 -
Median 25.75 18.99 29.49 -5.67 21.23 12.42 0.59 10.92 35.00 -
3rd Quartile 22.65 18.03 29.11 -7.06 21.04 11.22 -0.23 10.60 34.25 -
95th Percentile 19.71 15.00 27.76 -8.23 18.45 11.01 -0.57 10.46 33.82 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
53
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Eagle Capital Management Net Cash Flow
$0
$19,900,000
$39,800,000
$59,700,000
$79,600,000
($19,900,000)Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Eagle Capital Management 01/31/2013
Beginning Market Value $40,317,442 $57,800,059 $57,819,773 $50,975,128 $38,531,165 $33,239,288
Net Contributions $84,529 $347,224 -$14,659,658 -$1,617,800 $361,021 -$37,561,615
Net Investment Return $3,237,714 -$14,507,598 $14,639,945 $8,462,445 $12,082,942 $47,962,012
Ending Market Value $43,639,686 $43,639,686 $57,800,059 $57,819,773 $50,975,128 $43,639,686
City of Clearwater - Eagle Capital Management
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
54
TOTAL PORTFOLIO TRAILING PERFORMANCE
Eagle Capital Management
Russell 1000 Value Index
0
15
30
-15
-30
-45Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Eagle Capital Management 8.03 -25.08 3.36 6.64 10.82
Russell 1000 Value Index 12.42 -7.54 5.96 6.67 10.29
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Eagle Capital Management
Russell 1000 Value Index
0
25
50
-25
-50Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Eagle Capital Management -25.08 27.60 15.49 31.28 -4.86 10.82
Russell 1000 Value Index -7.54 25.16 2.80 26.54 -8.27 10.29
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
55
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 2013)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Eagle Capital Management Russell 1000 Value Index
-10
-5
0
5
10
15
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Eagle Capital Management Russell 1000 Value Index
Down Quarters 4.00 5.00
Up Quarters 8.00 7.00
Positive Months Ratio 55.56 52.78
Worst Quarter -23.61 -26.73
Best Quarter 21.99 16.77
Standard Deviation 24.76 21.25
Max Drawdown Recovery Period -11.00
Maximum Drawdown -32.38 -26.73
Beta 1.11 1.00
Alpha -2.58 0.00
R-Squared 0.91 1.00
Treynor Ratio 0.05 0.07
Tracking Error 7.74 0.00
Information Ratio -0.22 -
Eagle Capital Management Russell 1000 Value Index
Down Quarters 8.00 10.00
Up Quarters 32.00 30.00
Positive Months Ratio 66.67 65.00
Worst Quarter -23.61 -26.73
Best Quarter 21.99 16.77
Standard Deviation 17.03 14.96
Max Drawdown Recovery Period -12.00
Maximum Drawdown -32.38 -26.73
Beta 1.06 1.00
Alpha 0.12 0.00
R-Squared 0.87 1.00
Treynor Ratio 0.10 0.10
Tracking Error 6.16 0.00
Information Ratio 0.13 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
56
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Eagle Capital Management 8.03 (99)-25.08 (100)-2.23 (100)3.36 (96)9.72 (81)6.64 (63)9.28 (31)9.41 (50)8.50 (26)
Russell 1000 Value Index 12.42 (59)-7.54 (68)7.58 (72)5.96 (71)10.77 (62)6.67 (62)7.80 (69)9.12 (58)7.41 (59)
5th Percentile 15.65 1.46 14.74 10.50 14.70 9.54 11.06 11.67 9.85
1st Quartile 13.86 -3.00 10.59 8.25 12.64 8.11 9.54 10.24 8.53
Median 12.76 -5.56 8.86 6.96 11.39 7.11 8.57 9.38 7.69
3rd Quartile 11.63 -8.36 7.30 5.70 10.07 6.06 7.46 8.43 6.88
95th Percentile 10.12 -13.36 4.04 3.37 8.18 3.81 5.58 6.77 5.27
Population 1,260 1,240 1,206 1,193 1,177 1,168 1,137 1,114 1,071
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
57
-30
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Eagle Capital Management 27.60 (34)15.49 (2)31.28 (6)-4.86 (13)23.52 (2)10.16 (89)2.35 (3)13.39 (16)--
Russell 1000 Value Index 25.16 (62)2.80 (51)26.54 (38)-8.27 (42)13.66 (79)17.34 (21)-3.83 (60)13.45 (16)32.53 (41)17.51 (24)
5th Percentile 32.81 12.46 31.32 -2.85 21.57 20.70 1.36 14.95 39.02 20.97
1st Quartile 28.33 6.14 27.87 -6.58 18.33 16.90 -1.66 12.56 34.60 17.36
Median 26.03 2.80 25.57 -8.83 16.23 14.29 -3.34 11.05 31.68 15.38
3rd Quartile 23.99 0.16 23.23 -10.63 14.02 12.05 -4.92 9.44 29.57 12.77
95th Percentile 19.15 -5.59 19.45 -14.75 9.68 8.05 -8.83 6.23 23.50 9.55
Population 1,239 1,280 1,324 1,393 1,439 1,441 1,389 1,357 1,321 1,259
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
58
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Manning and Napier Net Cash Flow
$0
$18,900,000
$37,800,000
$56,700,000
$75,600,000
($18,900,000)Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Manning and Napier 01/31/2013
Beginning Market Value $44,609,431 $53,164,674 $57,606,598 $50,403,074 $40,748,341 $33,103,702
Net Contributions -$10,000,489 -$9,867,021 -$14,856,987 $5,198,659 $185,749 -$34,287,191
Net Investment Return $6,805,706 -$1,883,005 $10,415,063 $2,004,864 $9,468,984 $42,598,137
Ending Market Value $41,414,648 $41,414,648 $53,164,674 $57,606,598 $50,403,074 $41,414,648
City of Clearwater - Manning and Napier
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
59
TOTAL PORTFOLIO TRAILING PERFORMANCE
Manning and Napier
Russell 1000 Value Index
0
10
20
-10
-20Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Manning and Napier 14.83 -3.91 5.50 6.87 9.90
Russell 1000 Value Index 12.42 -7.54 5.96 6.67 10.29
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Manning and Napier
Russell 1000 Value Index 0
15
30
45
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Manning and Napier -3.91 19.76 2.05 23.21 -3.65 9.90
Russell 1000 Value Index -7.54 25.16 2.80 26.54 -8.27 10.29
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
60
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 2013)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Manning and Napier Russell 1000 Value Index
-10
-5
0
5
10
15
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Manning and Napier Russell 1000 Value Index
Down Quarters 5.00 5.00
Up Quarters 7.00 7.00
Positive Months Ratio 52.78 52.78
Worst Quarter -25.20 -26.73
Best Quarter 15.42 16.77
Standard Deviation 20.07 21.25
Max Drawdown Recovery Period 11.00 11.00
Maximum Drawdown -25.20 -26.73
Beta 0.93 1.00
Alpha -0.15 0.00
R-Squared 0.97 1.00
Treynor Ratio 0.07 0.07
Tracking Error 3.83 0.00
Information Ratio -0.19 -
Manning and Napier Russell 1000 Value Index
Down Quarters 9.00 10.00
Up Quarters 31.00 30.00
Positive Months Ratio 66.67 65.00
Worst Quarter -25.20 -26.73
Best Quarter 15.42 16.77
Standard Deviation 14.02 14.96
Max Drawdown Recovery Period 12.00 12.00
Maximum Drawdown -25.20 -26.73
Beta 0.90 1.00
Alpha 0.58 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.11 0.10
Tracking Error 4.11 0.00
Information Ratio -0.12 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
61
-22
-16
-10
-4
2
8
14
20
26
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Manning and Napier 14.83 (12)-3.91 (34)7.27 (76)5.50 (79)9.67 (82)6.87 (57)9.19 (33)9.84 (37)8.55 (25)
Russell 1000 Value Index 12.42 (59)-7.54 (68)7.58 (72)5.96 (71)10.77 (62)6.67 (62)7.80 (69)9.12 (58)7.41 (59)
5th Percentile 15.65 1.46 14.74 10.50 14.70 9.54 11.06 11.67 9.85
1st Quartile 13.86 -3.00 10.59 8.25 12.64 8.11 9.54 10.24 8.53
Median 12.76 -5.56 8.86 6.96 11.39 7.11 8.57 9.38 7.69
3rd Quartile 11.63 -8.36 7.30 5.70 10.07 6.06 7.46 8.43 6.88
95th Percentile 10.12 -13.36 4.04 3.37 8.18 3.81 5.58 6.77 5.27
Population 1,260 1,240 1,206 1,193 1,177 1,168 1,137 1,114 1,071
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
62
-30
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Manning and Napier 19.76 (94)2.05 (59)23.21 (76)-3.65 (8)21.55 (6)13.85 (56)-0.09 (11)10.46 (61)--
Russell 1000 Value Index 25.16 (62)2.80 (51)26.54 (38)-8.27 (42)13.66 (79)17.34 (21)-3.83 (60)13.45 (16)32.53 (41)17.51 (24)
5th Percentile 32.81 12.46 31.32 -2.85 21.57 20.70 1.36 14.95 39.02 20.97
1st Quartile 28.33 6.14 27.87 -6.58 18.33 16.90 -1.66 12.56 34.60 17.36
Median 26.03 2.80 25.57 -8.83 16.23 14.29 -3.34 11.05 31.68 15.38
3rd Quartile 23.99 0.16 23.23 -10.63 14.02 12.05 -4.92 9.44 29.57 12.77
95th Percentile 19.15 -5.59 19.45 -14.75 9.68 8.05 -8.83 6.23 23.50 9.55
Population 1,239 1,280 1,324 1,393 1,439 1,441 1,389 1,357 1,321 1,259
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
63
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
NTGI-QM R1000G Net Cash Flow
$0
$56,900,000
$113,800,000
$170,700,000
$227,600,000
$284,500,000
($56,900,000)Market ValueOct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
NTGI-QM R1000G 11/30/2020
Beginning Market Value $132,631,474 $191,150,851 $31,946,711 --$30,545,838
Net Contributions $9,947 $47,645 $129,561,381 --$129,609,026
Net Investment Return $2,951,723 -$55,605,352 $29,642,759 ---$24,561,720
Ending Market Value $135,593,144 $135,593,144 $191,150,851 --$135,593,144
City of Clearwater - NTGI-QM R1000G
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
64
TOTAL PORTFOLIO TRAILING PERFORMANCE
NTGI-QM R1000G
Russell 1000 Growth Index
0
15
30
-15
-30
-45Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
NTGI-QM R1000G 2.23 -29.09 ---1.76
Russell 1000 Growth Index 2.20 -29.14 7.79 10.96 1.94
TOTAL PORTFOLIO CALENDAR PERFORMANCE
NTGI-QM R1000G
Russell 1000 Growth Index 0
25
50
75
-25
-50Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
NTGI-QM R1000G -29.09 29.75 ----1.76
Russell 1000 Growth Index -29.14 27.60 38.49 36.39 -1.51 1.94
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
65
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: November 1, 2020)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index NTGI-QM R1000G Russell 1000 Growth Index
-15
0
15
30
45
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
NTGI-QM R1000G Russell 1000 Growth Index
Down Quarters -4.00
Up Quarters -8.00
Positive Months Ratio -55.56
Worst Quarter --20.92
Best Quarter -27.84
Standard Deviation -23.47
Max Drawdown Recovery Period --
Maximum Drawdown --30.66
Beta -1.00
Alpha -0.00
R-Squared -1.00
Treynor Ratio -0.10
Tracking Error -0.00
Information Ratio --
NTGI-QM R1000G Russell 1000 Growth Index
Down Quarters --
Up Quarters --
Positive Months Ratio 57.69 53.85
Worst Quarter -20.89 -20.92
Best Quarter 15.74 14.46
Standard Deviation 21.12 21.96
Max Drawdown Recovery Period --
Maximum Drawdown -30.63 -30.66
Beta 0.91 1.00
Alpha -3.44 0.00
R-Squared 0.90 1.00
Treynor Ratio 0.00 0.04
Tracking Error 6.97 0.00
Information Ratio -0.56 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
66
-70
-55
-40
-25
-10
5
20
35
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
NTGI-QM R1000G 2.23 (59)-29.09 (38)-4.08 (27)------
Russell 1000 Growth Index 2.20 (60)-29.14 (39)-4.91 (32)7.79 (16)14.32 (11)10.96 (12)13.96 (12)12.95 (10)12.01 (8)
5th Percentile 9.95 -18.18 1.43 9.70 15.33 12.00 15.20 13.56 12.58
1st Quartile 5.86 -25.79 -3.84 6.73 12.87 9.82 12.77 11.46 10.56
Median 2.94 -30.80 -7.77 5.07 11.38 8.41 11.51 10.32 9.55
3rd Quartile 0.47 -34.36 -12.37 2.60 9.25 6.96 10.15 9.11 8.46
95th Percentile -4.71 -45.97 -23.62 -2.88 4.83 3.71 7.71 6.42 5.97
Population 1,273 1,248 1,211 1,172 1,137 1,128 1,100 1,085 1,057
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
67
-25
-10
5
20
35
50
65
80
95
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
NTGI-QM R1000G 29.75 (8)---------
Russell 1000 Growth Index 27.60 (16)38.49 (37)36.39 (20)-1.51 (49)30.21 (37)7.08 (22)5.67 (42)13.05 (25)33.48 (61)15.26 (53)
5th Percentile 30.34 72.99 39.23 5.42 36.71 10.37 10.92 15.90 44.12 20.85
1st Quartile 25.83 43.87 35.87 0.87 31.90 6.55 7.15 12.98 36.91 17.64
Median 22.02 34.91 32.81 -1.63 28.65 2.91 4.61 10.67 34.58 15.41
3rd Quartile 16.92 28.92 29.94 -4.40 25.10 0.34 1.32 8.44 31.91 13.36
95th Percentile 3.94 18.37 25.32 -7.82 19.19 -4.61 -3.79 4.25 27.83 10.13
Population 1,255 1,246 1,267 1,340 1,362 1,392 1,356 1,334 1,312 1,272
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
68
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
NTGI-QM R1000V Net Cash Flow
$0
$33,900,000
$67,800,000
$101,700,000
$135,600,000
($33,900,000)
($67,800,000)Market ValueJun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
NTGI-QM R1000V 07/31/2007
Beginning Market Value $60,095,411 $73,095,509 $58,383,256 $50,975,274 $40,266,695 $26,197,069
Net Contributions $4,507 $20,204 $14,591 $5,018,102 $17,962 -$37,683,835
Net Investment Return $7,446,859 -$5,568,935 $14,697,663 $2,389,880 $10,690,616 $79,033,544
Ending Market Value $67,546,777 $67,546,777 $73,095,509 $58,383,256 $50,975,274 $67,546,777
City of Clearwater - NTGI-QM R1000V
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
69
TOTAL PORTFOLIO TRAILING PERFORMANCE
NTGI-QM R1000V
Russell 1000 Value Index 0
8
16
24
-8
-16Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
NTGI-QM R1000V 12.39 -7.62 5.92 6.63 6.33
Russell 1000 Value Index 12.42 -7.54 5.96 6.67 6.30
TOTAL PORTFOLIO CALENDAR PERFORMANCE
NTGI-QM R1000V
Russell 1000 Value Index 0
15
30
45
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
NTGI-QM R1000V -7.62 25.17 2.77 26.55 -8.32 6.33
Russell 1000 Value Index -7.54 25.16 2.80 26.54 -8.27 6.30
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
70
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2007)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index NTGI-QM R1000V Russell 1000 Value Index
-10
-5
0
5
10
15
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Annualized Standard Deviation)
NTGI-QM R1000V Russell 1000 Value Index
Down Quarters 5.00 5.00
Up Quarters 7.00 7.00
Positive Months Ratio 52.78 52.78
Worst Quarter -26.69 -26.73
Best Quarter 16.74 16.77
Standard Deviation 21.24 21.25
Max Drawdown Recovery Period 11.00 11.00
Maximum Drawdown -26.69 -26.73
Beta 1.00 1.00
Alpha -0.03 0.00
R-Squared 1.00 1.00
Treynor Ratio 0.07 0.07
Tracking Error 0.12 0.00
Information Ratio -0.31 -
NTGI-QM R1000V Russell 1000 Value Index
Down Quarters 21.00 21.00
Up Quarters 41.00 41.00
Positive Months Ratio 60.75 60.75
Worst Quarter -28.95 -28.88
Best Quarter 27.69 27.62
Standard Deviation 16.66 16.71
Max Drawdown Recovery Period 66.00 66.00
Maximum Drawdown -54.40 -54.50
Beta 1.00 1.00
Alpha 0.04 0.00
R-Squared 1.00 1.00
Treynor Ratio 0.07 0.07
Tracking Error 0.40 0.00
Information Ratio 0.04 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
71
-22
-16
-10
-4
2
8
14
20
26
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
NTGI-QM R1000V 12.39 (60)-7.62 (69)7.53 (72)5.92 (72)10.74 (63)6.63 (63)7.79 (69)9.07 (59)7.39 (60)
Russell 1000 Value Index 12.42 (59)-7.54 (68)7.58 (72)5.96 (71)10.77 (62)6.67 (62)7.80 (69)9.12 (58)7.41 (59)
5th Percentile 15.65 1.46 14.74 10.50 14.70 9.54 11.06 11.67 9.85
1st Quartile 13.86 -3.00 10.59 8.25 12.64 8.11 9.54 10.24 8.53
Median 12.76 -5.56 8.86 6.96 11.39 7.11 8.57 9.38 7.69
3rd Quartile 11.63 -8.36 7.30 5.70 10.07 6.06 7.46 8.43 6.88
95th Percentile 10.12 -13.36 4.04 3.37 8.18 3.81 5.58 6.77 5.27
Population 1,260 1,240 1,206 1,193 1,177 1,168 1,137 1,114 1,071
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
72
-30
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
NTGI-QM R1000V 25.17 (62)2.77 (51)26.55 (38)-8.32 (43)13.77 (77)17.03 (24)-3.66 (57)13.54 (15)32.94 (39)18.09 (19)
Russell 1000 Value Index 25.16 (62)2.80 (51)26.54 (38)-8.27 (42)13.66 (79)17.34 (21)-3.83 (60)13.45 (16)32.53 (41)17.51 (24)
5th Percentile 32.81 12.46 31.32 -2.85 21.57 20.70 1.36 14.95 39.02 20.97
1st Quartile 28.33 6.14 27.87 -6.58 18.33 16.90 -1.66 12.56 34.60 17.36
Median 26.03 2.80 25.57 -8.83 16.23 14.29 -3.34 11.05 31.68 15.38
3rd Quartile 23.99 0.16 23.23 -10.63 14.02 12.05 -4.92 9.44 29.57 12.77
95th Percentile 19.15 -5.59 19.45 -14.75 9.68 8.05 -8.83 6.23 23.50 9.55
Population 1,239 1,280 1,324 1,393 1,439 1,441 1,389 1,357 1,321 1,259
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
73
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Mid Cap Equity Comp Net Cash Flow
$0
$67,900,000
$135,800,000
$203,700,000
($67,900,000)
($135,800,000)
($203,700,000)Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Mid Cap Equity Comp 04/30/1988
Beginning Market Value $78,584,745 $106,096,870 $107,856,486 $89,648,485 $68,774,272 $15,584,862
Net Contributions -$9,849,003 -$9,365,956 -$21,176,244 -$9,376,584 $548,023 -$123,143,764
Net Investment Return $5,827,873 -$22,167,299 $19,416,627 $27,584,585 $20,326,191 $182,122,517
Ending Market Value $74,563,616 $74,563,616 $106,096,870 $107,856,486 $89,648,485 $74,563,616
City of Clearwater - Mid Cap Equity Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
74
TOTAL PORTFOLIO TRAILING PERFORMANCE
Mid Cap Equity Comp
Russell Midcap Index
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Mid Cap Equity Comp 7.37 -20.92 8.85 8.53 11.95
Russell Midcap Index 9.18 -17.32 5.88 7.10 11.15
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Mid Cap Equity Comp
Russell Midcap Index
0
25
50
-25
-50Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Mid Cap Equity Comp -20.92 18.74 37.35 29.52 -9.88 11.95
Russell Midcap Index -17.32 22.58 17.10 30.54 -9.06 11.15
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
75
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 1998)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Mid Cap Equity Comp Russell Midcap Index
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Annualized Standard Deviation)
Mid Cap Equity Comp Russell Midcap Index
Down Quarters 4.00 5.00
Up Quarters 8.00 7.00
Positive Months Ratio 58.33 61.11
Worst Quarter -17.73 -27.07
Best Quarter 28.43 24.61
Standard Deviation 23.13 23.62
Max Drawdown Recovery Period -10.00
Maximum Drawdown -27.87 -27.07
Beta 0.88 1.00
Alpha 3.72 0.00
R-Squared 0.80 1.00
Treynor Ratio 0.12 0.08
Tracking Error 10.78 0.00
Information Ratio 0.24 -
Mid Cap Equity Comp Russell Midcap Index
Down Quarters 40.00 42.00
Up Quarters 99.00 97.00
Positive Months Ratio 63.07 64.27
Worst Quarter -39.61 -38.81
Best Quarter 50.66 31.40
Standard Deviation 17.83 16.47
Max Drawdown Recovery Period 38.00 45.00
Maximum Drawdown -53.49 -54.15
Beta 0.90 1.00
Alpha 2.15 0.00
R-Squared 0.69 1.00
Treynor Ratio 0.11 0.09
Tracking Error 10.03 0.00
Information Ratio 0.09 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
76
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Mid Cap Equity Comp 7.37 (85)-20.92 (100)-3.10 (100)8.85 (1)13.69 (1)8.53 (55)10.32 (-)9.80 (-)8.35 (-)
Russell Midcap Index 9.18 (1)-17.32 (16)0.68 (100)5.88 (100)11.57 (96)7.10 (100)8.92 (-)9.61 (-)8.02 (-)
5th Percentile 8.53 -16.41 1.54 7.06 12.53 8.71 ---
1st Quartile 8.29 -18.22 1.49 7.02 12.50 8.69 ---
Median 7.70 -18.29 1.42 6.97 12.46 8.66 ---
3rd Quartile 7.44 -18.99 1.29 6.56 11.97 7.97 ---
95th Percentile 7.34 -19.34 1.18 6.24 11.58 7.42 ---
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
77
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Mid Cap Equity Comp 18.74 (97)37.35 (1)29.52 (47)-9.88 (100)19.76 (87)6.73 (100)-1.30 (100)13.38 (1)37.36 (10)22.00 (-)
Russell Midcap Index 22.58 (77)17.10 (80)30.54 (28)-9.06 (100)18.52 (95)13.80 (31)-2.44 (100)13.22 (1)34.76 (58)17.28 (-)
5th Percentile 28.45 24.39 31.38 -4.30 23.30 15.41 1.54 12.05 38.29 -
1st Quartile 26.28 21.03 30.60 -4.96 22.68 14.06 0.76 11.47 35.42 -
Median 25.75 18.99 29.49 -5.67 21.23 12.42 0.59 10.92 35.00 -
3rd Quartile 22.65 18.03 29.11 -7.06 21.04 11.22 -0.23 10.60 34.25 -
95th Percentile 19.71 15.00 27.76 -8.23 18.45 11.01 -0.57 10.46 33.82 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
78
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Artisan Partners Net Cash Flow
$0
$30,900,000
$61,800,000
$92,700,000
($30,900,000)
($61,800,000)
($92,700,000)Market ValueJul-01 Oct-02 Jan-04 Apr-05 Jul-06 Oct-07 Jan-09 Apr-10 Jul-11 Oct-12 Jan-14 Apr-15 Jul-16 Oct-17 Jan-19 Apr-20 Jul-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Artisan Partners 08/31/2001
Beginning Market Value $32,580,227 $50,353,781 $54,194,482 $49,643,494 $35,540,112 $29,913,539
Net Contributions $64,047 $277,067 -$9,564,250 -$19,582,240 $370,614 -$69,019,955
Net Investment Return -$331,264 -$18,317,838 $5,723,549 $24,133,228 $13,732,768 $71,419,426
Ending Market Value $32,313,010 $32,313,010 $50,353,781 $54,194,482 $49,643,494 $32,313,010
City of Clearwater - Artisan Partners
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
79
TOTAL PORTFOLIO TRAILING PERFORMANCE
Artisan Partners
Russell Midcap Growth Index
0
20
-20
-40
-60Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Artisan Partners -1.02 -36.33 3.32 8.11 9.49
Russell Midcap Growth Index 6.90 -26.72 3.85 7.64 8.39
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Artisan Partners
Russell Midcap Growth Index
0
50
100
-50
-100Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Artisan Partners -36.33 10.53 56.72 38.58 -3.39 9.49
Russell Midcap Growth Index -26.72 12.73 35.59 35.47 -4.75 8.39
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
80
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: August 1, 2001)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Artisan Partners Russell Midcap Growth Index
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Artisan Partners Russell Midcap Growth Index
Down Quarters 7.00 6.00
Up Quarters 5.00 6.00
Positive Months Ratio 50.00 55.56
Worst Quarter -22.20 -21.07
Best Quarter 36.44 30.26
Standard Deviation 24.67 24.53
Max Drawdown Recovery Period --
Maximum Drawdown -40.58 -34.12
Beta 0.97 1.00
Alpha -0.26 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.06 0.06
Tracking Error 6.78 0.00
Information Ratio -0.07 -
Artisan Partners Russell Midcap Growth Index
Down Quarters --
Up Quarters --
Positive Months Ratio 60.70 59.92
Worst Quarter -39.29 -40.64
Best Quarter 36.44 31.56
Standard Deviation 19.06 18.67
Max Drawdown Recovery Period 37.00 39.00
Maximum Drawdown -50.92 -52.91
Beta 0.98 1.00
Alpha 1.24 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.10 0.09
Tracking Error 5.09 0.00
Information Ratio 0.21 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
81
-55
-40
-25
-10
5
20
35
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Artisan Partners -1.02 (94)-36.33 (89)-16.11 (82)3.32 (61)11.19 (43)8.11 (37)10.13 (51)8.52 (68)7.87 (61)
Russell Midcap Growth Index 6.90 (36)-26.72 (38)-9.11 (40)3.85 (52)10.99 (46)7.64 (46)10.40 (45)9.95 (39)8.63 (43)
5th Percentile 11.34 -15.94 0.84 9.18 14.90 12.38 15.66 14.17 12.24
1st Quartile 7.71 -24.35 -6.97 5.83 12.49 8.68 11.45 10.67 9.46
Median 5.43 -28.33 -10.16 3.96 10.69 7.31 10.17 9.40 8.26
3rd Quartile 2.97 -33.19 -15.03 1.55 8.59 5.63 8.57 8.02 7.03
95th Percentile -1.30 -42.47 -24.12 -3.38 3.94 1.99 5.09 5.43 4.49
Population 579 578 558 543 533 522 511 505 495
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
82
-40
-20
0
20
40
60
80
100
120
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Artisan Partners 10.53 (62)56.72 (18)38.58 (15)-3.39 (32)20.81 (84)-0.63 (94)3.38 (16)6.96 (60)39.21 (20)20.82 (6)
Russell Midcap Growth Index 12.73 (45)35.59 (52)35.47 (35)-4.75 (41)25.27 (45)7.33 (30)-0.20 (53)11.90 (12)35.74 (51)15.81 (39)
5th Percentile 25.30 83.87 41.79 3.70 34.64 14.47 6.12 13.16 44.09 20.86
1st Quartile 16.64 48.43 37.13 -2.55 28.05 8.17 2.36 10.60 38.12 16.96
Median 11.91 36.05 33.47 -5.47 24.85 5.09 0.00 7.64 35.75 14.85
3rd Quartile 7.21 29.52 30.40 -7.91 22.21 2.13 -2.41 5.19 31.65 12.41
95th Percentile -5.03 17.96 26.10 -14.64 16.22 -1.85 -6.61 0.40 28.20 8.60
Population 588 590 603 610 631 637 623 613 600 587
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
83
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Boston Partners Net Cash Flow
$0
$19,900,000
$39,800,000
$59,700,000
$79,600,000
$99,500,000
($19,900,000)Market ValueMar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Boston Partners 04/01/2020
Beginning Market Value $46,004,518 $55,743,089 $53,662,005 --$27,058,203
Net Contributions -$9,913,050 -$9,643,023 -$11,611,994 ---$11,029,054
Net Investment Return $6,159,137 -$3,849,460 $13,693,078 --$26,221,456
Ending Market Value $42,250,605 $42,250,605 $55,743,089 --$42,250,605
City of Clearwater - Boston Partners
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
84
TOTAL PORTFOLIO TRAILING PERFORMANCE
Boston Partners
Russell Midcap Value Index
0
10
20
-10
-20Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Boston Partners 13.33 -6.98 --10.43
Russell Midcap Value Index 10.45 -12.03 5.82 5.72 10.92
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Boston Partners
Russell Midcap Value Index 0
15
30
45
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Boston Partners -6.98 27.34 ---10.43
Russell Midcap Value Index -12.03 28.34 4.96 27.06 -12.29 10.92
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
85
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: March 1, 2020)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Boston Partners Russell Midcap Value Index
-20
-10
0
10
20
30
Annualized Return (%)-9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 33.0 36.0
Risk (Annualized Standard Deviation)
Boston Partners Russell Midcap Value Index
Down Quarters -5.00
Up Quarters -7.00
Positive Months Ratio -58.33
Worst Quarter --31.71
Best Quarter -20.43
Standard Deviation -24.44
Max Drawdown Recovery Period -10.00
Maximum Drawdown --31.71
Beta -1.00
Alpha -0.00
R-Squared -1.00
Treynor Ratio -0.08
Tracking Error -0.00
Information Ratio --
Boston Partners Russell Midcap Value Index
Down Quarters --
Up Quarters --
Positive Months Ratio 58.82 61.76
Worst Quarter -17.99 -14.68
Best Quarter 24.61 20.43
Standard Deviation 29.16 24.26
Max Drawdown Recovery Period -5.00
Maximum Drawdown -29.72 -22.70
Beta 1.00 1.00
Alpha 0.86 0.00
R-Squared 0.70 1.00
Treynor Ratio 0.14 0.13
Tracking Error 16.07 0.00
Information Ratio 0.06 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
86
-22
-16
-10
-4
2
8
14
20
26
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Boston Partners 13.33 (24)-6.98 (39)8.84 (52)------
Russell Midcap Value Index 10.45 (79)-12.03 (85)6.25 (80)5.82 (62)10.77 (59)5.72 (54)6.95 (54)8.73 (46)6.94 (48)
5th Percentile 15.35 -0.47 12.94 10.56 15.25 8.62 9.90 11.10 8.70
1st Quartile 13.28 -5.39 10.41 8.10 12.67 7.07 8.03 9.61 7.82
Median 11.95 -8.13 8.87 6.50 11.25 5.84 7.09 8.55 6.87
3rd Quartile 11.02 -10.42 6.99 5.08 9.78 4.56 5.96 7.55 5.94
95th Percentile 8.53 -14.61 2.88 2.37 7.47 2.69 4.47 6.16 4.35
Population 413 410 406 403 396 392 382 379 374
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
87
-40
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Boston Partners 27.34 (65)---------
Russell Midcap Value Index 28.34 (55)4.96 (32)27.06 (46)-12.29 (34)13.34 (54)20.00 (36)-4.78 (54)14.75 (11)33.46 (62)18.51 (25)
5th Percentile 35.80 10.50 32.30 -6.88 19.51 25.82 1.10 15.96 44.04 24.20
1st Quartile 31.48 5.91 29.51 -11.45 15.68 20.93 -2.56 12.64 37.44 18.49
Median 28.65 2.71 26.72 -13.48 13.52 17.63 -4.31 10.16 34.39 16.43
3rd Quartile 26.02 0.15 23.80 -15.72 11.55 14.91 -6.97 7.08 31.91 14.27
95th Percentile 19.14 -5.30 16.77 -19.92 7.23 10.75 -10.93 1.52 27.80 10.05
Population 425 433 447 478 479 475 467 439 422 415
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
88
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Small Cap Equity Comp Russell 2000 Index Net Cash Flow
$0
$50,900,000
$101,800,000
$152,700,000
($50,900,000)
($101,800,000)
($152,700,000)Market ValueAug-03 Nov-04 Feb-06 May-07 Aug-08 Nov-09 Feb-11 May-12 Aug-13 Nov-14 Feb-16 May-17 Aug-18 Nov-19 Feb-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Small Cap Equity Comp 09/30/2003
Beginning Market Value $51,637,557 $68,730,135 $69,802,301 $59,017,434 $46,140,236 $29,988,472
Net Contributions -$9,892,079 -$9,523,392 -$9,352,470 -$7,479,380 $488,949 -$108,462,070
Gain/Loss $3,155,858 -$14,305,407 $8,280,305 $18,264,247 $12,388,249 $123,374,934
Ending Market Value $44,901,336 $44,901,336 $68,730,135 $69,802,301 $59,017,434 $44,901,336
City of Clearwater - Small Cap Equity Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
89
TOTAL PORTFOLIO TRAILING PERFORMANCE
Small Cap Equity Comp
Russell 2000 Index
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Small Cap Equity Comp 6.08 -20.83 5.18 8.45 9.78
Russell 2000 Index 6.23 -20.44 3.10 4.13 8.18
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Small Cap Equity Comp
Russell 2000 Index 0
20
40
60
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Small Cap Equity Comp -20.83 12.05 31.17 26.79 1.67 9.78
Russell 2000 Index -20.44 14.82 19.96 25.53 -11.01 8.18
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
90
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: September 1, 2003)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Small Cap Equity Comp Russell 2000 Index
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Small Cap Equity Comp Russell 2000 Index
Down Quarters 4.00 5.00
Up Quarters 8.00 7.00
Positive Months Ratio 55.56 63.89
Worst Quarter -21.62 -30.61
Best Quarter 26.89 35.15
Standard Deviation 21.80 26.02
Max Drawdown Recovery Period -10.00
Maximum Drawdown -27.50 -30.61
Beta 0.80 1.00
Alpha 2.26 0.00
R-Squared 0.92 1.00
Treynor Ratio 0.08 0.06
Tracking Error 8.15 0.00
Information Ratio 0.12 -
Small Cap Equity Comp Russell 2000 Index
Down Quarters --
Up Quarters --
Positive Months Ratio 65.09 63.79
Worst Quarter -36.45 -35.73
Best Quarter 30.14 35.15
Standard Deviation 17.88 19.62
Max Drawdown Recovery Period 40.00 45.00
Maximum Drawdown -53.06 -52.89
Beta 0.88 1.00
Alpha 2.31 0.00
R-Squared 0.94 1.00
Treynor Ratio 0.11 0.09
Tracking Error 4.92 0.00
Information Ratio 0.23 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
91
-28
-22
-16
-10
-4
2
8
14
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Small Cap Equity Comp 6.08 (100)-20.83 (100)-5.81 (100)5.18 (100)10.21 (100)8.45 (58)9.77 (-)10.95 (-)9.28 (-)
Russell 2000 Index 6.23 (100)-20.44 (100)-4.42 (100)3.10 (100)8.30 (100)4.13 (100)5.81 (-)7.90 (-)6.28 (-)
5th Percentile 8.53 -16.41 1.54 7.06 12.53 8.71 ---
1st Quartile 8.29 -18.22 1.49 7.02 12.50 8.69 ---
Median 7.70 -18.29 1.42 6.97 12.46 8.66 ---
3rd Quartile 7.44 -18.99 1.29 6.56 11.97 7.97 ---
95th Percentile 7.34 -19.34 1.18 6.24 11.58 7.42 ---
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
92
-30
-20
-10
0
10
20
30
40
50
60
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Small Cap Equity Comp 12.05 (100)31.17 (1)26.79 (98)1.67 (1)16.66 (100)18.26 (1)-1.70 (100)0.39 (100)42.51 (1)17.61 (-)
Russell 2000 Index 14.82 (100)19.96 (38)25.53 (100)-11.01 (100)14.65 (100)21.31 (1)-4.41 (100)4.89 (100)38.82 (3)16.35 (-)
5th Percentile 28.45 24.39 31.38 -4.30 23.30 15.41 1.54 12.05 38.29 -
1st Quartile 26.28 21.03 30.60 -4.96 22.68 14.06 0.76 11.47 35.42 -
Median 25.75 18.99 29.49 -5.67 21.23 12.42 0.59 10.92 35.00 -
3rd Quartile 22.65 18.03 29.11 -7.06 21.04 11.22 -0.23 10.60 34.25 -
95th Percentile 19.71 15.00 27.76 -8.23 18.45 11.01 -0.57 10.46 33.82 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
93
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Atlanta Capital Mgmt Net Cash Flow
$0
$14,900,000
$29,800,000
$44,700,000
($14,900,000)
($29,800,000)Market ValueAug-03 Nov-04 Feb-06 May-07 Aug-08 Nov-09 Feb-11 May-12 Aug-13 Nov-14 Feb-16 May-17 Aug-18 Nov-19 Feb-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Atlanta Capital Mgmt 09/30/2003
Beginning Market Value $13,879,404 $17,200,666 $16,792,169 $15,044,257 $11,826,751 $14,989,707
Net Contributions -$4,979,818 -$4,891,140 -$2,854,948 $105,969 $112,538 -$31,176,292
Net Investment Return $1,317,466 -$2,092,474 $3,263,446 $1,641,944 $3,104,968 $26,403,637
Ending Market Value $10,217,052 $10,217,052 $17,200,666 $16,792,169 $15,044,257 $10,217,052
City of Clearwater - Atlanta Capital Mgmt
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
94
TOTAL PORTFOLIO TRAILING PERFORMANCE
Atlanta Capital Mgmt
Russell 2000 Index
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Atlanta Capital Mgmt 9.36 -12.28 5.22 8.12 11.50
Russell 2000 Index 6.23 -20.44 3.10 4.13 8.18
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Atlanta Capital Mgmt
Russell 2000 Index
0
20
40
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Atlanta Capital Mgmt -12.28 19.89 10.77 26.20 0.48 11.50
Russell 2000 Index -20.44 14.82 19.96 25.53 -11.01 8.18
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
95
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: September 1, 2003)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Atlanta Capital Mgmt Russell 2000 Index
-4
0
4
8
12
16
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Atlanta Capital Mgmt Russell 2000 Index
Down Quarters 5.00 5.00
Up Quarters 7.00 7.00
Positive Months Ratio 55.56 63.89
Worst Quarter -24.06 -30.61
Best Quarter 19.27 35.15
Standard Deviation 20.30 26.02
Max Drawdown Recovery Period 10.00 10.00
Maximum Drawdown -24.06 -30.61
Beta 0.73 1.00
Alpha 2.43 0.00
R-Squared 0.88 1.00
Treynor Ratio 0.09 0.06
Tracking Error 9.82 0.00
Information Ratio 0.07 -
Atlanta Capital Mgmt Russell 2000 Index
Down Quarters --
Up Quarters --
Positive Months Ratio 65.52 63.79
Worst Quarter -26.34 -35.73
Best Quarter 28.59 35.15
Standard Deviation 16.07 19.62
Max Drawdown Recovery Period 29.00 45.00
Maximum Drawdown -38.47 -52.89
Beta 0.78 1.00
Alpha 4.65 0.00
R-Squared 0.91 1.00
Treynor Ratio 0.14 0.09
Tracking Error 6.58 0.00
Information Ratio 0.36 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
96
-50
-40
-30
-20
-10
0
10
20
30
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Atlanta Capital Mgmt 9.36 (40)-12.28 (22)2.55 (41)5.22 (46)10.11 (41)8.12 (11)8.97 (21)10.22 (16)9.55 (7)
Russell 2000 Index 6.23 (70)-20.44 (62)-4.42 (66)3.10 (70)8.30 (72)4.13 (70)5.81 (64)7.90 (62)6.28 (61)
5th Percentile 13.73 -5.34 11.49 11.00 14.18 9.37 11.74 11.72 9.83
1st Quartile 10.65 -12.99 6.24 6.85 11.11 6.75 8.50 9.54 7.90
Median 8.53 -17.53 0.81 4.92 9.63 5.17 6.56 8.37 6.71
3rd Quartile 5.59 -25.28 -8.43 2.51 8.06 3.84 5.19 7.27 5.68
95th Percentile 0.55 -36.81 -19.38 -0.57 5.16 1.47 3.24 5.33 3.96
Population 1,741 1,715 1,685 1,669 1,631 1,614 1,572 1,544 1,504
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
97
-40
-25
-10
5
20
35
50
65
80
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Atlanta Capital Mgmt 19.89 (58)10.77 (61)26.20 (38)0.48 (6)13.34 (54)18.02 (58)4.97 (2)3.50 (60)42.43 (26)12.53 (77)
Russell 2000 Index 14.82 (71)19.96 (39)25.53 (43)-11.01 (46)14.65 (44)21.31 (39)-4.41 (57)4.89 (43)38.82 (48)16.35 (37)
5th Percentile 37.28 59.71 36.77 1.08 28.91 30.68 2.50 9.58 49.45 22.09
1st Quartile 28.83 29.19 28.49 -6.86 19.57 24.25 -1.52 6.36 42.56 17.76
Median 22.20 14.46 24.72 -11.65 13.85 19.35 -3.86 4.22 38.46 15.17
3rd Quartile 13.95 5.28 21.51 -15.23 10.10 12.18 -6.36 1.75 35.16 12.74
95th Percentile -0.70 -3.45 16.89 -19.56 5.38 4.36 -12.16 -3.88 30.19 8.99
Population 1,746 1,789 1,869 1,961 2,046 2,030 1,957 1,894 1,823 1,779
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
98
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Riverbridge Partners Net Cash Flow
$0
$17,900,000
$35,800,000
$53,700,000
$71,600,000
($17,900,000)
($35,800,000)Market ValueSep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Riverbridge Partners 10/01/2010
Beginning Market Value $23,555,462 $34,601,965 $37,963,992 $29,771,085 $23,169,403 $16,876,305
Net Contributions $53,123 $223,461 -$4,656,869 -$7,701,222 $251,655 -$33,197,224
Net Investment Return $80,730 -$11,136,111 $1,294,843 $15,894,129 $6,350,027 $40,010,235
Ending Market Value $23,689,315 $23,689,315 $34,601,965 $37,963,992 $29,771,085 $23,689,315
City of Clearwater - Riverbridge Partners
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
99
TOTAL PORTFOLIO TRAILING PERFORMANCE
Riverbridge Partners
Russell 2000 Growth Index
0
20
40
-20
-40
-60Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Riverbridge Partners 0.34 -32.15 2.66 8.14 12.21
Russell 2000 Growth Index 4.13 -26.36 0.65 3.51 9.80
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Riverbridge Partners
Russell 2000 Growth Index
0
50
100
-50
-100Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Riverbridge Partners -32.15 3.44 54.14 27.35 7.33 12.21
Russell 2000 Growth Index -26.36 2.83 34.63 28.48 -9.31 9.80
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
100
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: October 1, 2010)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Riverbridge Partners Russell 2000 Growth Index
-5
0
5
10
15
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Risk (Annualized Standard Deviation)
Riverbridge Partners Russell 2000 Growth Index
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio 55.56 55.56
Worst Quarter -21.65 -25.76
Best Quarter 36.06 34.83
Standard Deviation 24.35 26.20
Max Drawdown Recovery Period --
Maximum Drawdown -38.99 -33.43
Beta 0.87 1.00
Alpha 2.08 0.00
R-Squared 0.87 1.00
Treynor Ratio 0.06 0.03
Tracking Error 9.56 0.00
Information Ratio 0.16 -
Riverbridge Partners Russell 2000 Growth Index
Down Quarters 12.00 12.00
Up Quarters 37.00 37.00
Positive Months Ratio 64.63 62.59
Worst Quarter -21.65 -25.76
Best Quarter 36.06 34.83
Standard Deviation 17.77 19.56
Max Drawdown Recovery Period --
Maximum Drawdown -38.99 -33.43
Beta 0.85 1.00
Alpha 3.66 0.00
R-Squared 0.87 1.00
Treynor Ratio 0.15 0.11
Tracking Error 7.16 0.00
Information Ratio 0.26 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
101
-50
-40
-30
-20
-10
0
10
20
30
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Riverbridge Partners 0.34 (89)-32.15 (76)-16.22 (76)2.66 (55)8.34 (64)8.14 (22)10.48 (30)10.88 (19)9.02 (23)
Russell 2000 Growth Index 4.13 (55)-26.36 (40)-12.98 (63)0.65 (80)6.98 (80)3.51 (85)6.41 (82)7.09 (83)6.00 (80)
5th Percentile 9.07 -18.24 0.95 10.14 14.53 10.68 12.97 12.52 10.86
1st Quartile 6.29 -24.22 -6.79 5.27 10.95 7.92 10.83 10.44 8.85
Median 4.39 -28.16 -10.57 3.06 9.02 6.33 9.01 9.14 7.60
3rd Quartile 2.52 -31.85 -16.14 0.96 7.38 4.42 6.98 7.71 6.35
95th Percentile -1.47 -38.89 -23.45 -1.87 3.78 1.90 4.83 5.49 4.48
Population 622 616 604 601 585 580 568 557 551
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
102
-40
-20
0
20
40
60
80
100
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Riverbridge Partners 3.44 (77)54.14 (22)27.35 (56)7.33 (3)22.97 (47)13.29 (28)-3.15 (62)0.20 (75)43.50 (40)17.83 (15)
Russell 2000 Growth Index 2.83 (80)34.63 (59)28.48 (50)-9.31 (78)22.17 (50)11.32 (42)-1.38 (40)5.60 (26)43.30 (41)14.59 (47)
5th Percentile 28.51 71.29 40.32 5.21 36.90 22.12 4.98 9.09 56.94 20.60
1st Quartile 15.36 52.30 34.46 -1.87 26.49 13.65 0.13 5.66 45.74 16.69
Median 9.60 37.58 28.44 -5.13 22.05 10.16 -2.19 3.02 41.88 14.26
3rd Quartile 3.74 27.61 24.40 -8.93 17.74 7.08 -4.39 0.17 37.46 11.99
95th Percentile -5.95 16.22 17.57 -15.78 11.02 -0.03 -9.56 -6.55 31.99 8.36
Population 628 638 655 682 718 713 705 681 665 646
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
103
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Sycamore Small Cap Value Net Cash Flow
$0
$5,600,000
$11,200,000
$16,800,000
$22,400,000
$28,000,000
($5,600,000)Market ValueNov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Sycamore Small Cap Value 12/01/2017
Beginning Market Value $14,202,690 $16,927,504 $15,046,141 $14,202,093 $11,144,082 $13,915,449
Net Contributions -$4,965,385 -$4,855,712 -$1,840,653 $115,874 $124,756 -$8,310,151
Net Investment Return $1,757,663 -$1,076,823 $3,722,016 $728,174 $2,933,254 $5,389,670
Ending Market Value $10,994,968 $10,994,968 $16,927,504 $15,046,141 $14,202,093 $10,994,968
City of Clearwater - Sycamore Small Cap Value
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
104
TOTAL PORTFOLIO TRAILING PERFORMANCE
Sycamore Small Cap Value
Russell 2000 Value Index
0
10
20
-10
-20
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Sycamore Small Cap Value 12.38 -6.40 7.09 7.31 6.94
Russell 2000 Value Index 8.42 -14.48 4.70 4.13 4.37
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Sycamore Small Cap Value
Russell 2000 Value Index
0
20
40
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Sycamore Small Cap Value -6.40 25.08 4.91 26.24 -8.23 6.94
Russell 2000 Value Index -14.48 28.27 4.63 22.39 -12.86 4.37
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
105
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: November 1, 2017)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Sycamore Small Cap Value Russell 2000 Value Index
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Annualized Standard Deviation)
Sycamore Small Cap Value Russell 2000 Value Index
Down Quarters 5.00 5.00
Up Quarters 7.00 7.00
Positive Months Ratio 58.33 61.11
Worst Quarter -28.98 -35.66
Best Quarter 27.85 35.53
Standard Deviation 23.37 27.27
Max Drawdown Recovery Period 11.00 11.00
Maximum Drawdown -28.98 -35.66
Beta 0.83 1.00
Alpha 2.64 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.11 0.08
Tracking Error 7.59 0.00
Information Ratio 0.15 -
Sycamore Small Cap Value Russell 2000 Value Index
Down Quarters --
Up Quarters --
Positive Months Ratio 62.90 64.52
Worst Quarter -28.98 -35.66
Best Quarter 27.85 35.53
Standard Deviation 20.38 23.65
Max Drawdown Recovery Period 12.00 28.00
Maximum Drawdown -28.98 -37.54
Beta 0.83 1.00
Alpha 2.88 0.00
R-Squared 0.93 1.00
Treynor Ratio 0.09 0.06
Tracking Error 6.54 0.00
Information Ratio 0.25 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
106
-28
-22
-16
-10
-4
2
8
14
20
26
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Sycamore Small Cap Value 12.38 (30)-6.40 (18)8.20 (44)7.09 (40)11.59 (28)7.31 (12)---
Russell 2000 Value Index 8.42 (92)-14.48 (83)4.73 (86)4.70 (77)8.87 (78)4.13 (64)4.74 (68)8.23 (47)6.13 (53)
5th Percentile 15.28 -1.19 15.58 12.36 14.52 7.99 8.86 11.24 9.14
1st Quartile 12.71 -8.35 9.68 8.41 11.77 5.94 6.56 9.29 7.32
Median 11.29 -11.46 7.73 6.62 10.24 4.76 5.43 8.11 6.22
3rd Quartile 9.84 -13.68 5.88 4.88 8.98 3.45 4.25 7.09 5.33
95th Percentile 7.83 -17.28 2.34 0.81 5.78 1.37 2.33 5.02 3.53
Population 497 483 476 470 459 457 443 440 434
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
107
-40
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Sycamore Small Cap Value 25.08 (85)4.91 (37)26.24 (19)-8.23 (4)------
Russell 2000 Value Index 28.27 (64)4.63 (39)22.39 (45)-12.86 (27)7.84 (65)31.74 (8)-7.47 (70)4.22 (51)34.52 (67)18.05 (36)
5th Percentile 40.64 15.53 31.77 -8.91 17.71 32.65 -0.03 8.53 44.87 23.49
1st Quartile 35.03 8.12 24.94 -12.74 12.09 29.22 -3.27 5.95 39.59 18.71
Median 31.12 3.46 21.97 -15.22 9.34 25.33 -5.99 4.29 36.33 15.95
3rd Quartile 26.72 -0.52 20.00 -17.59 6.76 21.04 -8.21 2.11 33.38 13.77
95th Percentile 21.81 -6.33 15.03 -21.10 2.91 15.59 -14.19 -3.71 29.64 9.34
Population 483 488 518 535 532 529 512 489 482 482
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
108
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
International EQ Comp Net Cash Flow
$0
$72,900,000
$145,800,000
$218,700,000
$291,600,000
$364,500,000
($72,900,000)Market ValueMay-01 Aug-02 Nov-03 Feb-05 May-06 Aug-07 Nov-08 Feb-10 May-11 Aug-12 Nov-13 Feb-15 May-16 Aug-17 Nov-18 Feb-20 May-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
International EQ Comp 06/30/2001
Beginning Market Value $171,093,014 $246,605,252 $230,430,120 $209,401,214 $163,305,162 $20,000,000
Net Contributions -$9,745,898 -$8,803,702 -$14,613,515 -$16,845,328 $1,048,610 -$5,740,800
Net Investment Return $24,505,686 -$51,948,748 $30,788,647 $37,874,234 $45,047,441 $171,593,602
Ending Market Value $185,852,802 $185,852,802 $246,605,252 $230,430,120 $209,401,214 $185,852,802
City of Clearwater - International EQ Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
109
TOTAL PORTFOLIO TRAILING PERFORMANCE
International EQ Comp
MSCI AC World ex USA (Net)
0
15
30
-15
-30
-45Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
International EQ Comp 14.31 -21.08 2.04 3.61 4.86
MSCI AC World ex USA (Net)14.28 -16.00 0.07 0.88 4.87
TOTAL PORTFOLIO CALENDAR PERFORMANCE
International EQ Comp
MSCI AC World ex USA (Net)
0
20
40
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
International EQ Comp -21.08 13.92 18.16 27.53 -11.88 4.86
MSCI AC World ex USA (Net)-16.00 7.82 10.65 21.51 -14.20 4.87
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
110
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: June 1, 2001)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index International EQ Comp MSCI AC World ex USA (Net)
-3
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
International EQ Comp MSCI AC World ex USA (Net)
Down Quarters 5.00 5.00
Up Quarters 7.00 7.00
Positive Months Ratio 58.33 55.56
Worst Quarter -22.76 -23.36
Best Quarter 21.49 19.84
Standard Deviation 20.72 19.26
Max Drawdown Recovery Period --
Maximum Drawdown -31.22 -27.87
Beta 1.05 1.00
Alpha 2.16 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.03 0.01
Tracking Error 4.23 0.00
Information Ratio 0.53 -
International EQ Comp MSCI AC World ex USA (Net)
Down Quarters --
Up Quarters --
Positive Months Ratio 57.92 59.46
Worst Quarter -40.04 -37.57
Best Quarter 45.62 39.37
Standard Deviation 17.26 17.09
Max Drawdown Recovery Period 72.00 115.00
Maximum Drawdown -57.23 -57.63
Beta 0.99 1.00
Alpha 0.10 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.05 0.05
Tracking Error 3.59 0.00
Information Ratio 0.01 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
111
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
International EQ Comp 14.31 (54)-21.08 (-)-5.18 (-)2.04 (-)7.89 (-)3.61 (-)7.32 (-)6.66 (-)4.43 (-)
MSCI AC World ex USA (Net) 14.28 (55)-16.00 (-)-4.83 (-)0.07 (-)5.05 (-)0.88 (-)4.85 (-)4.80 (-)3.43 (-)
5th Percentile 14.51 --------
1st Quartile 14.47 --------
Median 14.42 --------
3rd Quartile 13.74 --------
95th Percentile 13.19 --------
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
112
-30
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
International EQ Comp 13.92 (1)18.16 (1)27.53 (1)-11.88 (1)27.97 (74)2.78 (50)-9.91 (100)-5.56 (100)10.23 (100)17.61 (-)
MSCI AC World ex USA (Net) 7.82 (100)10.65 (100)21.51 (71)-14.20 (64)27.19 (100)4.50 (15)-5.66 (100)-3.87 (58)15.29 (67)16.83 (-)
5th Percentile 9.51 15.19 24.20 -13.11 31.38 5.10 1.47 -2.05 22.40 -
1st Quartile 8.98 14.55 23.88 -13.70 31.02 3.86 -1.68 -2.64 17.66 -
Median 8.75 13.34 22.96 -13.91 30.17 2.78 -2.15 -3.56 15.48 -
3rd Quartile 8.70 12.84 21.06 -14.80 27.83 1.78 -3.95 -4.51 15.28 -
95th Percentile 8.60 11.54 20.51 -16.16 27.45 -0.59 -4.25 -5.20 15.25 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
113
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
DFA Emerging Markets Net Cash Flow
$0
$14,900,000
$29,800,000
$44,700,000
$59,600,000
$74,500,000
($14,900,000)Market ValueOct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
DFA Emerging Markets 11/01/2017
Beginning Market Value $37,031,154 $48,958,040 $46,258,878 $40,627,492 $35,012,348 $39,577,385
Net Contributions -$484 -$1,980 -$2,458 -$1,716 -$1,382 -$8,999
Net Investment Return $3,898,015 -$8,027,375 $2,701,619 $5,633,102 $5,616,527 $1,360,298
Ending Market Value $40,928,685 $40,928,685 $48,958,040 $46,258,878 $40,627,492 $40,928,685
City of Clearwater - DFA Emerging Markets
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
114
TOTAL PORTFOLIO TRAILING PERFORMANCE
DFA Emerging Markets
MSCI Emerging Markets (Net)
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
DFA Emerging Markets 10.53 -16.40 0.25 -0.18 0.66
MSCI Emerging Markets (Net)9.70 -20.09 -2.69 -1.40 -0.64
TOTAL PORTFOLIO CALENDAR PERFORMANCE
DFA Emerging Markets
MSCI Emerging Markets (Net)
0
15
30
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
DFA Emerging Markets -16.40 5.84 13.87 16.04 -15.25 0.66
MSCI Emerging Markets (Net)-20.09 -2.54 18.31 18.42 -14.57 -0.64
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
115
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: November 1, 2017)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index DFA Emerging Markets MSCI Emerging Markets (Net)
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Risk (Annualized Standard Deviation)
DFA Emerging Markets MSCI Emerging Markets (Net)
Down Quarters 5.00 6.00
Up Quarters 7.00 6.00
Positive Months Ratio 55.56 52.78
Worst Quarter -28.31 -23.60
Best Quarter 21.28 20.88
Standard Deviation 21.55 20.26
Max Drawdown Recovery Period --
Maximum Drawdown -29.41 -35.98
Beta 1.04 1.00
Alpha 3.37 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.02 -0.01
Tracking Error 4.52 0.00
Information Ratio 0.73 -
DFA Emerging Markets MSCI Emerging Markets (Net)
Down Quarters --
Up Quarters --
Positive Months Ratio 51.61 51.61
Worst Quarter -28.31 -23.60
Best Quarter 21.28 20.88
Standard Deviation 19.03 18.44
Max Drawdown Recovery Period 35.00 -
Maximum Drawdown -34.14 -35.98
Beta 1.01 1.00
Alpha 1.43 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.01 0.00
Tracking Error 3.93 0.00
Information Ratio 0.36 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
116
-50
-40
-30
-20
-10
0
10
20
30
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
DFA Emerging Markets 10.53 (41)-16.40 (15)-5.93 (14)0.25 (18)3.99 (25)-0.18 (24)---
MSCI Emerging Markets (Net) 9.70 (57)-20.09 (31)-11.75 (39)-2.69 (42)2.20 (54)-1.40 (41)4.20 (42)5.17 (34)2.42 (43)
5th Percentile 13.80 -12.65 -1.54 2.85 7.21 2.36 7.33 7.36 4.91
1st Quartile 11.35 -19.13 -9.08 -0.96 3.95 -0.30 5.12 5.67 3.19
Median 9.98 -22.47 -12.83 -3.29 2.39 -1.79 3.85 4.57 2.14
3rd Quartile 8.24 -25.94 -16.46 -4.78 1.20 -2.85 2.69 3.47 1.15
95th Percentile 3.17 -32.98 -19.96 -7.37 -1.22 -4.83 0.70 1.69 -0.33
Population 861 829 787 760 737 701 675 647 600
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
117
-40
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
DFA Emerging Markets 5.84 (17)13.87 (71)16.04 (80)-15.25 (39)------
MSCI Emerging Markets (Net) -2.54 (59)18.31 (47)18.42 (65)-14.57 (29)37.28 (43)11.19 (30)-14.92 (63)-2.19 (44)-2.60 (64)18.23 (63)
5th Percentile 14.68 40.37 30.32 -10.55 46.94 19.13 -5.99 3.79 14.84 27.87
1st Quartile 3.69 25.15 24.42 -14.14 40.61 11.78 -10.08 -0.14 3.99 21.78
Median -1.37 17.80 20.57 -16.50 35.78 8.47 -13.65 -2.79 -1.01 19.09
3rd Quartile -5.44 11.97 17.09 -19.02 29.59 4.04 -16.21 -4.82 -4.11 16.38
95th Percentile -12.42 0.87 9.19 -22.44 21.66 -2.36 -20.90 -8.78 -7.44 11.87
Population 825 842 886 902 907 896 833 733 653 594
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
118
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Thompson, Siegel & Walmsley Net Cash Flow
$0
$22,900,000
$45,800,000
$68,700,000
$91,600,000
$114,500,000
($22,900,000)Market ValueJul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Thompson, Siegel & Walmsley 08/01/2015
Beginning Market Value $59,265,395 $80,786,203 $70,805,506 $75,262,080 $61,444,501 $16,165,278
Net Contributions -$4,891,369 -$4,551,771 $521,148 -$8,543,597 $470,130 $29,375,802
Net Investment Return $10,467,986 -$11,392,420 $9,459,550 $4,087,023 $13,347,449 $19,300,933
Ending Market Value $64,842,013 $64,842,013 $80,786,203 $70,805,506 $75,262,080 $64,842,013
City of Clearwater - Thompson, Siegel & Walmsley
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
119
TOTAL PORTFOLIO TRAILING PERFORMANCE
Thompson, Siegel & Walmsley
MSCI EAFE Value Index (Net)
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Thompson, Siegel & Walmsley 17.66 -14.12 0.91 1.18 2.55
MSCI EAFE Value Index (Net)19.64 -5.58 0.65 0.17 2.06
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Thompson, Siegel & Walmsley
MSCI EAFE Value Index (Net)
0
15
30
-15
-30Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Thompson, Siegel & Walmsley -14.12 13.34 5.58 21.67 -15.20 2.55
MSCI EAFE Value Index (Net)-5.58 10.89 -2.63 16.09 -14.78 2.06
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
120
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2015)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Thompson, Siegel & Walmsley MSCI EAFE Value Index (Net)
-4
0
4
8
12
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Thompson, Siegel & Walmsley MSCI EAFE Value Index (Net)
Down Quarters 5.00 4.00
Up Quarters 7.00 8.00
Positive Months Ratio 55.56 58.33
Worst Quarter -25.99 -28.20
Best Quarter 21.21 23.24
Standard Deviation 21.11 21.94
Max Drawdown Recovery Period -13.00
Maximum Drawdown -27.01 -28.20
Beta 0.94 1.00
Alpha 0.29 0.00
R-Squared 0.95 1.00
Treynor Ratio 0.03 0.02
Tracking Error 4.81 0.00
Information Ratio 0.02 -
Thompson, Siegel & Walmsley MSCI EAFE Value Index (Net)
Down Quarters 13.00 11.00
Up Quarters 17.00 19.00
Positive Months Ratio 55.56 58.89
Worst Quarter -25.99 -28.20
Best Quarter 21.21 23.24
Standard Deviation 16.56 17.23
Max Drawdown Recovery Period 35.00 39.00
Maximum Drawdown -27.71 -32.60
Beta 0.93 1.00
Alpha 0.60 0.00
R-Squared 0.94 1.00
Treynor Ratio 0.03 0.03
Tracking Error 4.09 0.00
Information Ratio 0.09 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
121
-28
-20
-12
-4
4
12
20
28
36
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Thompson, Siegel & Walmsley 17.66 (67)-14.12 (87)-1.34 (73)0.91 (49)5.74 (39)1.18 (32)4.42 (36)3.75 (52)-
MSCI EAFE Value Index (Net) 19.64 (38)-5.58 (16)2.32 (27)0.65 (56)4.30 (68)0.17 (60)3.44 (63)3.66 (56)2.45 (61)
5th Percentile 22.97 -2.58 6.30 3.85 7.87 3.62 5.66 5.81 4.82
1st Quartile 20.43 -6.74 2.46 2.33 6.40 1.31 4.77 4.63 3.59
Median 18.58 -9.42 0.51 0.85 4.95 0.42 3.84 3.78 2.82
3rd Quartile 16.62 -11.94 -1.51 -0.33 3.93 -0.48 3.12 3.04 2.04
95th Percentile 14.38 -17.84 -4.94 -2.31 2.25 -1.85 1.88 1.94 0.92
Population 381 376 359 346 345 328 322 309 292
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
122
-40
-30
-20
-10
0
10
20
30
40
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Thompson, Siegel & Walmsley 13.34 (30)5.58 (20)21.67 (17)-15.20 (34)22.27 (58)-0.19 (85)----
MSCI EAFE Value Index (Net) 10.89 (61)-2.63 (85)16.09 (77)-14.78 (29)21.44 (66)5.02 (30)-5.68 (69)-5.39 (49)22.95 (35)17.69 (50)
5th Percentile 17.84 9.04 24.52 -9.37 29.51 12.77 3.47 0.57 29.34 24.00
1st Quartile 13.77 4.92 20.84 -14.00 25.14 7.11 0.55 -3.64 24.08 20.11
Median 11.79 2.51 18.29 -16.22 22.79 2.40 -3.28 -5.45 21.38 17.51
3rd Quartile 9.57 -0.72 16.18 -17.90 20.14 0.44 -6.46 -7.09 18.73 15.86
95th Percentile 5.65 -7.06 13.05 -22.34 14.64 -3.05 -12.12 -10.51 10.08 10.93
Population 375 389 402 394 410 402 379 361 332 323
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
123
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
WCM Investment Management Net Cash Flow
$0
$36,900,000
$73,800,000
$110,700,000
$147,600,000
$184,500,000
($36,900,000)Market ValueJul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
WCM Investment Management 08/01/2015
Beginning Market Value $74,796,465 $116,861,009 $113,365,735 $93,511,642 $66,848,314 $16,315,776
Net Contributions -$4,854,045 -$4,249,952 -$15,132,205 -$8,300,016 $579,862 $9,271,173
Net Investment Return $10,139,684 -$32,528,953 $18,627,478 $28,154,110 $26,083,466 $54,495,155
Ending Market Value $80,082,105 $80,082,105 $116,861,009 $113,365,735 $93,511,642 $80,082,105
City of Clearwater - WCM Investment Management
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
124
TOTAL PORTFOLIO TRAILING PERFORMANCE
WCM Investment Management
MSCI AC World ex USA (Net)
0
20
40
-20
-40Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
WCM Investment Management 13.54 -27.85 3.52 7.57 8.60
MSCI AC World ex USA (Net)14.28 -16.00 0.07 0.88 3.12
TOTAL PORTFOLIO CALENDAR PERFORMANCE
WCM Investment Management
MSCI AC World ex USA (Net)0
25
50
75
-25
-50Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
WCM Investment Management -27.85 18.16 30.12 38.94 -6.56 8.60
MSCI AC World ex USA (Net)-16.00 7.82 10.65 21.51 -14.20 3.12
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
125
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2015)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index WCM Investment Management MSCI AC World ex USA (Net)
-4
0
4
8
12
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
WCM Investment Management MSCI AC World ex USA (Net)
Down Quarters 4.00 5.00
Up Quarters 8.00 7.00
Positive Months Ratio 55.56 55.56
Worst Quarter -17.75 -23.36
Best Quarter 25.38 19.84
Standard Deviation 22.54 19.26
Max Drawdown Recovery Period --
Maximum Drawdown -36.45 -27.87
Beta 1.06 1.00
Alpha 4.05 0.00
R-Squared 0.82 1.00
Treynor Ratio 0.05 0.01
Tracking Error 9.74 0.00
Information Ratio 0.42 -
WCM Investment Management MSCI AC World ex USA (Net)
Down Quarters 8.00 13.00
Up Quarters 22.00 17.00
Positive Months Ratio 66.67 58.89
Worst Quarter -17.75 -23.36
Best Quarter 25.38 19.84
Standard Deviation 17.03 15.59
Max Drawdown Recovery Period --
Maximum Drawdown -36.45 -27.87
Beta 0.96 1.00
Alpha 5.74 0.00
R-Squared 0.78 1.00
Treynor Ratio 0.09 0.03
Tracking Error 8.04 0.00
Information Ratio 0.68 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
126
-50
-40
-30
-20
-10
0
10
20
30
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
WCM Investment Management 13.54 (58)-27.85 (71)-7.67 (33)3.52 (6)11.42 (1)7.57 (1)11.47 (2)9.60 (1)-
MSCI AC World ex USA (Net)14.28 (42)-16.00 (6)-4.83 (11)0.07 (51)5.05 (77)0.88 (72)4.85 (81)4.80 (53)3.43 (84)
5th Percentile 16.84 -15.96 -3.67 3.54 10.16 5.65 9.87 8.01 7.45
1st Quartile 15.30 -21.54 -6.51 1.43 7.66 3.23 7.50 6.03 5.50
Median 13.78 -24.96 -10.13 0.14 6.46 1.81 6.20 4.88 4.33
3rd Quartile 12.32 -28.57 -13.40 -1.44 5.26 0.62 5.06 4.08 3.69
95th Percentile 9.82 -37.03 -22.18 -5.53 2.83 -1.01 3.77 2.95 2.69
Population 452 447 428 411 400 395 383 360 349
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
127
-40
-25
-10
5
20
35
50
65
80
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
WCM Investment Management 18.16 (4)30.12 (22)38.94 (1)-6.56 (4)33.22 (32)-1.00 (42)----
MSCI AC World ex USA (Net) 7.82 (58)10.65 (97)21.51 (96)-14.20 (48)27.19 (79)4.50 (7)-5.66 (99)-3.87 (51)15.29 (76)16.83 (79)
5th Percentile 16.87 54.98 35.59 -7.60 44.09 4.91 7.51 2.58 31.15 22.94
1st Quartile 11.71 28.28 31.05 -11.54 34.32 0.82 3.55 -1.80 23.81 20.60
Median 8.70 22.16 27.95 -14.45 30.86 -2.29 0.58 -3.70 20.27 18.79
3rd Quartile 3.31 16.33 26.56 -16.66 27.57 -5.12 -0.94 -6.15 15.84 17.35
95th Percentile -5.35 13.37 22.34 -19.55 23.48 -7.81 -3.69 -9.15 11.87 12.47
Population 453 442 447 458 470 440 424 408 400 379
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
128
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Fixed Income Comp Net Cash Flow
$0
$114,900,000
$229,800,000
$344,700,000
$459,600,000
$574,500,000
($114,900,000)Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Fixed Income Comp 01/31/1988
Beginning Market Value $302,238,466 $396,061,507 $352,063,181 $292,557,226 $280,708,964 $59,224,151
Net Contributions $29,532,950 -$11,580,423 $48,458,500 $33,603,977 -$14,285,878 $85,758,694
Net Investment Return $7,173,170 -$45,536,498 -$4,460,173 $25,901,977 $26,134,140 $193,961,741
Ending Market Value $338,944,586 $338,944,586 $396,061,507 $352,063,181 $292,557,226 $338,944,586
City of Clearwater - Fixed Income Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
129
TOTAL PORTFOLIO TRAILING PERFORMANCE
Fixed Income Comp
Blmbg. U.S. Aggregate Index
0
8
16
-8
-16
-24Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Fixed Income Comp 2.43 -12.21 -1.93 0.53 5.42
Blmbg. U.S. Aggregate Index 1.87 -13.01 -2.71 0.02 5.43
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Fixed Income Comp
Blmbg. U.S. Aggregate Index
0
10
20
-10
-20Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Fixed Income Comp -12.21 -1.40 8.97 9.28 -0.38 5.42
Blmbg. U.S. Aggregate Index -13.01 -1.55 7.51 8.72 0.01 5.43
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
130
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: January 1, 1998)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Fixed Income Comp Blmbg. U.S. Aggregate Index
0
3
6
9
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Annualized Standard Deviation)
Fixed Income Comp Blmbg. U.S. Aggregate Index
Down Quarters 5.00 4.00
Up Quarters 7.00 8.00
Positive Months Ratio 44.44 44.44
Worst Quarter -8.54 -8.23
Best Quarter 5.14 3.15
Standard Deviation 6.24 5.77
Max Drawdown Recovery Period --
Maximum Drawdown -16.58 -17.18
Beta 1.05 1.00
Alpha 0.97 0.00
R-Squared 0.95 1.00
Treynor Ratio -0.02 -0.03
Tracking Error 1.47 0.00
Information Ratio 0.56 -
Fixed Income Comp Blmbg. U.S. Aggregate Index
Down Quarters 27.00 31.00
Up Quarters 113.00 109.00
Positive Months Ratio 74.76 66.67
Worst Quarter -8.54 -8.23
Best Quarter 7.14 8.01
Standard Deviation 3.30 3.99
Max Drawdown Recovery Period --
Maximum Drawdown -16.58 -17.18
Beta 0.66 1.00
Alpha 1.79 0.00
R-Squared 0.64 1.00
Treynor Ratio 0.04 0.02
Tracking Error 2.38 0.00
Information Ratio -0.02 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
131
-20
-16
-12
-8
-4
0
4
8
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Fixed Income Comp 2.43 (24)-12.21 (79)-6.96 (90)-1.93 (100)0.76 (100)0.53 (100)1.09 (-)1.64 (-)1.47 (-)
Blmbg. U.S. Aggregate Index 1.87 (51)-13.01 (91)-7.45 (100)-2.71 (100)0.03 (100)0.02 (100)0.60 (-)0.89 (-)0.85 (-)
5th Percentile 2.88 -0.59 3.46 2.60 3.66 3.24 ---
1st Quartile 2.40 -5.16 -0.99 0.62 2.53 2.08 ---
Median 1.89 -7.97 -6.55 -1.85 1.11 0.64 ---
3rd Quartile 1.41 -11.98 -6.81 -1.87 1.06 0.64 ---
95th Percentile 0.03 -13.29 -7.01 -1.89 1.02 0.63 ---
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
132
-7
-4
-1
2
5
8
11
14
17
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Fixed Income Comp -1.40 (96)8.97 (37)9.28 (58)-0.38 (36)3.91 (100)5.01 (99)0.30 (32)6.18 (28)-0.75 (38)6.53 (-)
Blmbg. U.S. Aggregate Index -1.55 (99)7.51 (72)8.72 (66)0.01 (29)3.54 (100)2.65 (100)0.55 (26)5.97 (30)-2.02 (57)4.21 (-)
5th Percentile 12.27 12.15 12.41 1.94 9.57 9.87 1.45 8.88 2.09 -
1st Quartile 4.52 11.24 10.18 0.25 8.04 8.86 0.58 6.49 0.36 -
Median 0.33 8.19 9.60 -0.83 7.08 7.14 -0.82 3.50 -1.81 -
3rd Quartile -0.74 7.13 8.56 -1.35 5.86 5.99 -2.34 3.43 -2.69 -
95th Percentile -1.34 2.00 7.25 -1.78 4.74 5.13 -3.48 3.39 -3.40 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
133
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Dodge & Cox Net Cash Flow
$0
$56,900,000
$113,800,000
$170,700,000
$227,600,000
$284,500,000
($56,900,000)Market ValueFeb-04 May-05 Aug-06 Nov-07 Feb-09 May-10 Aug-11 Nov-12 Feb-14 May-15 Aug-16 Nov-17 Feb-19 May-20 Aug-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Dodge & Cox 03/01/2004
Beginning Market Value $149,482,882 $185,443,564 $169,891,140 $147,853,525 $140,936,604 $75,655,868
Net Contributions $73,248 -$12,209,811 $17,302,179 $9,289,492 -$5,713,752 $9,939,792
Net Investment Return $3,927,943 -$19,749,680 -$1,749,755 $12,748,123 $12,630,672 $67,888,413
Ending Market Value $153,484,073 $153,484,073 $185,443,564 $169,891,140 $147,853,525 $153,484,073
City of Clearwater - Dodge & Cox
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
134
TOTAL PORTFOLIO TRAILING PERFORMANCE
Dodge & Cox
Blmbg. U.S. Aggregate Index
0
8
-8
-16
-24Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Dodge & Cox 2.63 -10.57 -1.31 0.94 3.82
Blmbg. U.S. Aggregate Index 1.87 -13.01 -2.71 0.02 2.97
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Dodge & Cox
Blmbg. U.S. Aggregate Index
0
10
20
-10
-20Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Dodge & Cox -10.57 -1.15 8.72 8.98 0.02 3.82
Blmbg. U.S. Aggregate Index -13.01 -1.55 7.51 8.72 0.01 2.97
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
135
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: March 1, 2004)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Dodge & Cox Blmbg. U.S. Aggregate Index
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Dodge & Cox Blmbg. U.S. Aggregate Index
Down Quarters 5.00 4.00
Up Quarters 7.00 8.00
Positive Months Ratio 41.67 44.44
Worst Quarter -7.68 -8.23
Best Quarter 5.22 3.15
Standard Deviation 5.88 5.77
Max Drawdown Recovery Period --
Maximum Drawdown -15.06 -17.18
Beta 0.97 1.00
Alpha 1.37 0.00
R-Squared 0.91 1.00
Treynor Ratio -0.02 -0.03
Tracking Error 1.74 0.00
Information Ratio 0.82 -
Dodge & Cox Blmbg. U.S. Aggregate Index
Down Quarters --
Up Quarters --
Positive Months Ratio 65.93 61.95
Worst Quarter -7.68 -8.23
Best Quarter 7.19 6.16
Standard Deviation 3.72 3.81
Max Drawdown Recovery Period --
Maximum Drawdown -15.06 -17.18
Beta 0.86 1.00
Alpha 1.25 0.00
R-Squared 0.77 1.00
Treynor Ratio 0.03 0.02
Tracking Error 1.85 0.00
Information Ratio 0.44 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
136
-20
-16
-12
-8
-4
0
4
8
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Dodge & Cox 2.63 (3)-10.57 (8)-5.98 (8)-1.31 (7)1.17 (2)0.94 (4)1.44 (3)2.02 (1)1.75 (2)
Blmbg. U.S. Aggregate Index 1.87 (27)-13.01 (28)-7.45 (32)-2.71 (45)0.03 (43)0.02 (35)0.60 (38)0.89 (41)0.85 (36)
5th Percentile 2.34 -9.54 -5.60 -1.24 0.99 0.78 1.23 1.59 1.37
1st Quartile 1.89 -12.90 -7.32 -2.36 0.29 0.12 0.74 1.08 0.98
Median 1.64 -13.45 -7.71 -2.78 -0.04 -0.12 0.49 0.81 0.73
3rd Quartile 1.40 -14.13 -8.10 -3.10 -0.41 -0.46 0.16 0.49 0.41
95th Percentile 0.76 -15.76 -8.84 -3.90 -1.09 -1.09 -0.48 -0.14 -0.19
Population 471 459 446 431 422 407 397 374 371
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
137
-7
-4
-1
2
5
8
11
14
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Dodge & Cox -1.15 (29)8.72 (27)8.98 (27)0.02 (26)3.99 (22)5.55 (2)-0.12 (66)6.01 (25)0.65 (4)7.85 (19)
Blmbg. U.S. Aggregate Index -1.55 (48)7.51 (61)8.72 (35)0.01 (27)3.54 (42)2.65 (47)0.55 (26)5.97 (28)-2.02 (49)4.21 (75)
5th Percentile -0.17 10.72 10.01 0.88 4.67 4.85 1.43 7.14 -0.15 10.10
1st Quartile -1.09 8.78 9.04 0.03 3.92 3.11 0.57 5.99 -1.38 7.11
Median -1.59 7.83 8.46 -0.43 3.39 2.56 0.21 5.54 -2.07 5.85
3rd Quartile -1.98 7.13 7.70 -0.88 2.89 2.11 -0.45 4.73 -2.57 4.20
95th Percentile -2.53 4.74 5.44 -1.87 1.95 1.27 -1.46 2.44 -3.53 3.00
Population 455 452 468 466 516 513 509 504 497 473
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
138
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Western Asset Management Co.Net Cash Flow
$0
$56,900,000
$113,800,000
$170,700,000
$227,600,000
$284,500,000
($56,900,000)Market ValueSep-04 Dec-05 Mar-07 Jun-08 Sep-09 Dec-10 Mar-12 Jun-13 Sep-14 Dec-15 Mar-17 Jun-18 Sep-19 Dec-20 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Western Asset Management Co.10/31/2004
Beginning Market Value $144,359,367 $185,610,364 $168,914,677 $146,457,711 $140,609,364 $74,568,168
Net Contributions $92,013 -$12,108,553 $19,408,773 $9,374,395 -$7,632,793 $44,284,986
Net Investment Return $3,237,729 -$25,812,702 -$2,713,086 $13,082,572 $13,481,139 $28,835,955
Ending Market Value $147,689,109 $147,689,109 $185,610,364 $168,914,677 $146,457,711 $147,689,109
City of Clearwater - Western Asset Management Co.
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
139
TOTAL PORTFOLIO TRAILING PERFORMANCE
Western Asset Management Co.
Blmbg. U.S. Aggregate Index
0
8
-8
-16
-24Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Western Asset Management Co.2.24 -13.94 -2.68 0.06 3.27
Blmbg. U.S. Aggregate Index 1.87 -13.01 -2.71 0.02 2.99
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Western Asset Management Co.
Blmbg. U.S. Aggregate Index
0
10
20
-10
-20Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Western Asset Management Co.-13.94 -1.78 9.04 9.60 -0.73 3.27
Blmbg. U.S. Aggregate Index -13.01 -1.55 7.51 8.72 0.01 2.99
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
140
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: October 1, 2004)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Western Asset Management Co.Blmbg. U.S. Aggregate Index
-4
0
4
8
12
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Annualized Standard Deviation)
Western Asset Management Co.Blmbg. U.S. Aggregate Index
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio 47.22 44.44
Worst Quarter -9.01 -8.23
Best Quarter 4.65 3.15
Standard Deviation 6.63 5.77
Max Drawdown Recovery Period --
Maximum Drawdown -18.48 -17.18
Beta 1.13 1.00
Alpha 0.43 0.00
R-Squared 0.97 1.00
Treynor Ratio -0.03 -0.03
Tracking Error 1.36 0.00
Information Ratio 0.06 -
Western Asset Management Co.Blmbg. U.S. Aggregate Index
Down Quarters 21.00 20.00
Up Quarters 52.00 53.00
Positive Months Ratio 63.47 61.64
Worst Quarter -9.01 -8.23
Best Quarter 7.74 6.16
Standard Deviation 4.18 3.78
Max Drawdown Recovery Period --
Maximum Drawdown -18.48 -17.18
Beta 1.08 1.00
Alpha 0.04 0.00
R-Squared 0.96 1.00
Treynor Ratio 0.02 0.02
Tracking Error 0.92 0.00
Information Ratio 0.31 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
141
-20
-16
-12
-8
-4
0
4
8
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Western Asset Management Co. 2.24 (7)-13.94 (70)-8.06 (74)-2.68 (43)0.25 (28)0.06 (30)0.72 (26)1.13 (22)1.08 (19)
Blmbg. U.S. Aggregate Index 1.87 (27)-13.01 (28)-7.45 (32)-2.71 (45)0.03 (43)0.02 (35)0.60 (38)0.89 (41)0.85 (36)
5th Percentile 2.34 -9.54 -5.60 -1.24 0.99 0.78 1.23 1.59 1.37
1st Quartile 1.89 -12.90 -7.32 -2.36 0.29 0.12 0.74 1.08 0.98
Median 1.64 -13.45 -7.71 -2.78 -0.04 -0.12 0.49 0.81 0.73
3rd Quartile 1.40 -14.13 -8.10 -3.10 -0.41 -0.46 0.16 0.49 0.41
95th Percentile 0.76 -15.76 -8.84 -3.90 -1.09 -1.09 -0.48 -0.14 -0.19
Population 471 459 446 431 422 407 397 374 371
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
142
-7
-4
-1
2
5
8
11
14
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Western Asset Management Co. -1.78 (63)9.04 (22)9.60 (12)-0.73 (68)4.08 (19)3.66 (15)0.73 (19)6.65 (11)-2.46 (72)5.07 (64)
Blmbg. U.S. Aggregate Index -1.55 (48)7.51 (61)8.72 (35)0.01 (27)3.54 (42)2.65 (47)0.55 (26)5.97 (28)-2.02 (49)4.21 (75)
5th Percentile -0.17 10.72 10.01 0.88 4.67 4.85 1.43 7.14 -0.15 10.10
1st Quartile -1.09 8.78 9.04 0.03 3.92 3.11 0.57 5.99 -1.38 7.11
Median -1.59 7.83 8.46 -0.43 3.39 2.56 0.21 5.54 -2.07 5.85
3rd Quartile -1.98 7.13 7.70 -0.88 2.89 2.11 -0.45 4.73 -2.57 4.20
95th Percentile -2.53 4.74 5.44 -1.87 1.95 1.27 -1.46 2.44 -3.53 3.00
Population 455 452 468 466 516 513 509 504 497 473
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
143
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Real Estate Comp Net Cash Flow
$0
$58,900,000
$117,800,000
$176,700,000
$235,600,000
$294,500,000
($58,900,000)Market ValueApr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Real Estate Comp 05/31/2008
Beginning Market Value $202,544,633 $184,449,491 $155,269,328 $153,651,530 $160,824,722 $19,346,573
Net Contributions -$91,107 $7,673,993 -$2,427,099 -$1,083,226 -$22,030,447 $9,813,129
Net Investment Change -$2,067,102 $8,262,940 $31,607,262 $2,701,024 $14,857,255 $171,226,723
Ending Market Value $200,386,425 $200,386,425 $184,449,491 $155,269,328 $153,651,530 $200,386,425
City of Clearwater - Real Estate Comp
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
144
TOTAL PORTFOLIO TRAILING PERFORMANCE
Real Estate Comp
Real Estate Composite Benchmark 0
6
12
18
-6
-12Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Real Estate Comp -1.02 4.28 8.56 8.41 10.56
Real Estate Composite Benchmark -3.18 -4.99 7.97 8.31 7.39
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Real Estate Comp
Real Estate Composite Benchmark
0
20
40
60
-20Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Real Estate Comp 4.28 20.55 1.78 10.16 6.23 10.56
Real Estate Composite Benchmark -4.99 38.19 -4.14 18.82 -0.35 7.39
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
145
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2008)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Real Estate Comp Real Estate Composite Benchmark
-16
-8
0
8
16
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Annualized Standard Deviation)
Real Estate Comp Real Estate Composite Benchmark
Down Quarters 2.00 5.00
Up Quarters 10.00 7.00
Positive Months Ratio 63.89 61.11
Worst Quarter -2.59 -17.24
Best Quarter 7.39 14.11
Standard Deviation 5.92 13.92
Max Drawdown Recovery Period 11.00 14.00
Maximum Drawdown -2.61 -17.64
Beta 0.29 1.00
Alpha 6.08 0.00
R-Squared 0.46 1.00
Treynor Ratio 0.27 0.08
Tracking Error 10.82 0.00
Information Ratio -0.02 -
Real Estate Comp Real Estate Composite Benchmark
Down Quarters 10.00 17.00
Up Quarters 48.00 41.00
Positive Months Ratio --
Worst Quarter -8.90 -40.40
Best Quarter 17.85 35.93
Standard Deviation 8.36 21.68
Max Drawdown Recovery Period 3.00 10.00
Maximum Drawdown -8.90 -60.57
Beta 0.03 1.00
Alpha 11.62 0.00
R-Squared 0.01 1.00
Treynor Ratio 3.45 0.10
Tracking Error 22.59 0.00
Information Ratio 0.04 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
146
-12
-8
-4
0
4
8
12
16
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Real Estate Comp -1.02 (49)4.28 (73)12.12 (49)8.56 (33)8.96 (26)8.41 (32)8.06 (27)7.89 (46)7.78 (91)
Real Estate Composite Benchmark -3.18 (82)-4.99 (96)14.58 (18)7.97 (67)10.59 (1)8.31 (34)7.89 (41)7.93 (45)7.99 (74)
5th Percentile 1.10 14.29 15.56 11.10 10.18 9.26 8.83 9.25 9.96
1st Quartile 0.18 11.99 13.71 9.63 9.00 8.78 8.08 8.56 8.90
Median -1.08 9.74 12.04 8.41 7.69 7.92 7.60 7.73 8.58
3rd Quartile -2.58 3.95 11.82 7.76 7.01 7.00 6.91 7.02 7.96
95th Percentile -5.96 -4.15 9.01 5.63 5.86 6.31 6.58 6.89 7.75
PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
147
-30
-20
-10
0
10
20
30
40
50
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Real Estate Comp 20.55 (25)1.78 (20)10.16 (1)6.23 (95)6.30 (86)6.94 (77)6.96 (88)21.77 (1)6.29 (85)11.69 (-)
Real Estate Composite Benchmark 38.19 (1)-4.14 (90)18.82 (1)-0.35 (100)5.80 (86)8.23 (74)8.38 (82)25.28 (1)6.16 (85)15.47 (-)
5th Percentile 26.06 2.81 8.64 12.89 11.71 13.51 16.07 17.20 15.04 -
1st Quartile 20.34 1.18 7.74 9.34 9.85 11.79 15.00 12.62 14.52 -
Median 16.97 0.16 6.75 8.32 8.64 9.24 13.31 11.83 11.03 -
3rd Quartile 15.95 -0.93 5.83 7.57 7.09 7.53 9.09 11.21 11.01 -
95th Percentile 13.71 -6.43 4.22 6.22 2.41 0.29 -15.99 5.44 0.64 -
PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
148
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Hancock Net Cash Flow
$0
$2,600,000
$5,200,000
$7,800,000
$10,400,000
$13,000,000
($2,600,000)Market ValueApr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Hancock 05/31/2012
Beginning Market Value $7,767,560 $7,846,325 $7,453,661 $7,644,837 $8,353,744 $1,263,055
Net Contributions -$50,522 -$149,624 -$328,395 -$163,226 -$1,029,877 $3,776,219
Net Investment Return -$20,337 $721,059 -$27,950 $320,970 $2,677,764
Ending Market Value $7,717,038 $7,717,038 $7,846,325 $7,453,661 $7,644,837 $7,717,038
City of Clearwater - Hancock
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
149
TOTAL PORTFOLIO TRAILING PERFORMANCE
Hancock
NCREIF Timberland Index
0
4
8
12
16
Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Hancock 0.00 0.26 3.19 3.29 4.29
NCREIF Timberland Index 4.89 12.90 7.51 5.37 6.13
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Hancock
NCREIF Timberland Index
0
5
10
15
20
-5Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Hancock 0.26 9.96 -0.34 3.95 2.93 4.29
NCREIF Timberland Index 12.90 9.17 0.81 1.30 3.21 6.13
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
150
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2012)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Hancock NCREIF Timberland Index
-5
0
5
10
15
20
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Hancock NCREIF Timberland Index
Down Quarters 3.00 -
Up Quarters 9.00 12.00
Positive Months Ratio --
Worst Quarter -1.78 0.04
Best Quarter 8.63 4.89
Standard Deviation 4.96 3.21
Max Drawdown Recovery Period 4.00 -
Maximum Drawdown -2.26 0.00
Beta 0.80 1.00
Alpha -2.59 0.00
R-Squared 0.27 1.00
Treynor Ratio 0.03 0.07
Tracking Error 4.30 0.00
Information Ratio -0.95 -
Hancock NCREIF Timberland Index
Down Quarters 23.00 2.00
Up Quarters 19.00 40.00
Positive Months Ratio --
Worst Quarter -2.05 -0.26
Best Quarter 11.90 6.02
Standard Deviation 5.77 3.23
Max Drawdown Recovery Period 4.00 2.00
Maximum Drawdown -2.67 -0.26
Beta 1.22 1.00
Alpha -2.94 0.00
R-Squared 0.47 1.00
Treynor Ratio 0.03 0.05
Tracking Error 4.27 0.00
Information Ratio -0.38 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
151
-44
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Hancock 0.00 (96)0.26 (1)5.00 (5)3.19 (4)3.38 (90)3.29 (65)2.94 (77)2.90 (85)3.10 (81)
NCREIF Timberland Index 4.89 (12)12.90 (1)11.02 (1)7.51 (1)5.92 (58)5.37 (9)5.08 (21)4.72 (38)4.75 (28)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
152
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Hancock 9.96 (98)-0.34 (10)3.95 (100)2.93 (1)1.24 (96)2.64 (99)4.51 (14)4.58 (100)8.91 (5)-
NCREIF Timberland Index 9.17 (99)0.81 (9)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (7)10.48 (100)9.69 (4)7.75 (100)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
153
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
IFM Global Infrastructure (US) L.P.Net Cash Flow
$0
$16,900,000
$33,800,000
$50,700,000
$67,600,000
$84,500,000
($16,900,000)Market ValueAug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
IFM Global Infrastructure (US) L.P.09/30/2017
Beginning Market Value $54,511,675 $52,426,102 $44,524,919 $43,301,120 $37,781,686 $30,000,000
Net Contributions ------
Net Investment Return $2,191,871 $4,277,444 $7,901,183 $1,223,798 $5,519,435 $26,703,546
Ending Market Value $56,703,546 $56,703,546 $52,426,102 $44,524,919 $43,301,120 $56,703,546
City of Clearwater - IFM Global Infrastructure (US) L.P.
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
154
TOTAL PORTFOLIO TRAILING PERFORMANCE
IFM Global Infrastructure (US) L.P.
MSCI World Index (Net)
0
15
30
-15
-30Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
IFM Global Infrastructure (US) L.P.4.02 8.16 9.41 12.14 12.68
MSCI World Index (Net)9.77 -18.14 4.94 6.14 7.26
TOTAL PORTFOLIO CALENDAR PERFORMANCE
IFM Global Infrastructure (US) L.P.
MSCI World Index (Net)
0
20
40
-20
-40Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
IFM Global Infrastructure (US) L.P.8.16 17.75 2.83 14.61 18.17 12.68
MSCI World Index (Net)-18.14 21.82 15.90 27.67 -8.71 7.26
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
155
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: September 1, 2017)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index IFM Global Infrastructure (US) L.P.MSCI World Index (Net)
-5
0
5
10
15
20
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Risk (Annualized Standard Deviation)
IFM Global Infrastructure (US) L.P. MSCI World Index (Net)
Down Quarters 1.00 5.00
Up Quarters 11.00 7.00
Positive Months Ratio 69.44 58.33
Worst Quarter -3.94 -21.05
Best Quarter 6.49 19.36
Standard Deviation 5.65 20.43
Max Drawdown Recovery Period 11.00 -
Maximum Drawdown -3.94 -25.42
Beta 0.05 1.00
Alpha 9.19 0.00
R-Squared 0.03 1.00
Treynor Ratio 1.64 0.06
Tracking Error 20.16 0.00
Information Ratio 0.11 -
IFM Global Infrastructure (US) L.P. MSCI World Index (Net)
Down Quarters --
Up Quarters --
Positive Months Ratio 65.63 65.63
Worst Quarter -3.94 -21.05
Best Quarter 7.11 19.36
Standard Deviation 6.49 17.41
Max Drawdown Recovery Period 12.00 -
Maximum Drawdown -3.94 -25.42
Beta 0.05 1.00
Alpha 12.46 0.00
R-Squared 0.02 1.00
Treynor Ratio 2.34 0.07
Tracking Error 17.80 0.00
Information Ratio 0.20 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
156
-28
-22
-16
-10
-4
2
8
14
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
IFM Global Infrastructure (US) L.P. 4.02 (100)8.16 (1)12.85 (1)9.41 (1)10.68 (1)12.14 (1)---
MSCI World Index (Net)9.77 (38)-18.14 (100)-0.14 (100)4.94 (1)10.21 (1)6.14 (87)8.69 (30)8.52 (33)7.30 (40)
5th Percentile 11.03 4.16 9.82 4.38 8.83 6.51 8.95 9.09 9.37
1st Quartile 11.02 0.74 9.73 4.27 8.74 6.48 8.87 8.99 9.30
Median 8.56 0.60 9.69 3.41 7.95 6.41 6.89 7.21 6.69
3rd Quartile 8.20 -0.31 9.66 3.35 7.90 6.25 6.85 7.17 6.66
95th Percentile 8.10 -0.39 8.72 2.75 6.63 5.13 6.34 6.41 6.49
Population 8 8 8 8 8 8 8 8 8
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
157
-20
-12
-4
4
12
20
28
36
44
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
IFM Global Infrastructure (US) L.P. 17.75 (89)2.83 (1)14.61 (100)18.17 (1)------
MSCI World Index (Net)21.82 (1)15.90 (1)27.67 (1)-8.71 (100)22.40 (30)7.51 (93)-0.87 (100)4.94 (100)26.68 (41)15.83 (-)
5th Percentile 20.82 -5.57 23.37 0.93 23.08 9.93 11.55 27.00 29.37 -
1st Quartile 20.75 -5.75 23.31 0.91 23.00 9.65 11.32 26.97 29.04 -
Median 19.56 -8.15 22.87 0.00 11.46 9.16 6.26 23.45 23.86 -
3rd Quartile 19.54 -8.23 22.78 -3.12 8.80 9.14 3.17 19.89 23.82 -
95th Percentile 13.74 -8.36 19.12 -3.19 8.76 6.79 3.10 14.56 23.22 -
Population 8 8 8 8 8 8 8 8 7 2
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
158
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Molpus Woodlands Fund III Net Cash Flow
$0
$2,300,000
$4,600,000
$6,900,000
$9,200,000
$11,500,000
($2,300,000)Market ValueMay-11 Feb-12 Nov-12 Aug-13 May-14 Feb-15 Nov-15 Aug-16 May-17 Feb-18 Nov-18 Aug-19 May-20 Feb-21 Nov-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Molpus Woodlands Fund III 06/30/2011
Beginning Market Value $6,390,711 $6,407,104 $7,035,870 $6,781,245 $7,170,185 $111,299
Net Contributions -$63,707 -$206,622 -$1,425,543 -$282,132 -$287,094 $2,780,229
Net Investment Return -$126,522 $796,777 $536,757 -$101,846 $3,435,476
Ending Market Value $6,327,004 $6,327,004 $6,407,104 $7,035,870 $6,781,245 $6,327,004
City of Clearwater - Molpus Woodlands Fund III
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
159
TOTAL PORTFOLIO TRAILING PERFORMANCE
Molpus Woodlands Fund III
NCREIF Timberland Index
0
4
8
12
16
Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Molpus Woodlands Fund III 0.00 1.98 7.74 4.66 4.31
NCREIF Timberland Index 4.89 12.90 7.51 5.37 5.74
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Molpus Woodlands Fund III
NCREIF Timberland Index 0
6
12
18
-6
-12Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Molpus Woodlands Fund III 1.98 13.33 8.22 -1.48 1.93 4.31
NCREIF Timberland Index 12.90 9.17 0.81 1.30 3.21 5.74
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
160
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: July 1, 2011)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Molpus Woodlands Fund III NCREIF Timberland Index
-12
-6
0
6
12
18
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Molpus Woodlands Fund III NCREIF Timberland Index
Down Quarters --
Up Quarters 12.00 12.00
Positive Months Ratio --
Worst Quarter 0.00 0.04
Best Quarter 6.41 4.89
Standard Deviation 4.50 3.21
Max Drawdown Recovery Period --
Maximum Drawdown 0.00 0.00
Beta 0.19 1.00
Alpha 6.38 0.00
R-Squared 0.02 1.00
Treynor Ratio 0.36 0.07
Tracking Error 5.16 0.00
Information Ratio 0.05 -
Molpus Woodlands Fund III NCREIF Timberland Index
Down Quarters 9.00 3.00
Up Quarters 37.00 43.00
Positive Months Ratio --
Worst Quarter -3.17 -0.35
Best Quarter 7.86 6.02
Standard Deviation 4.29 3.17
Max Drawdown Recovery Period 5.00 1.00
Maximum Drawdown -3.17 -0.35
Beta 0.47 1.00
Alpha 1.70 0.00
R-Squared 0.12 1.00
Treynor Ratio 0.08 0.05
Tracking Error 4.35 0.00
Information Ratio -0.30 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
161
-44
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Molpus Woodlands Fund III 0.00 (96)1.98 (1)7.50 (1)7.74 (1)5.36 (69)4.66 (21)3.74 (64)3.68 (76)3.72 (69)
NCREIF Timberland Index 4.89 (12)12.90 (1)11.02 (1)7.51 (1)5.92 (58)5.37 (9)5.08 (21)4.72 (38)4.75 (28)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
162
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Molpus Woodlands Fund III 13.33 (98)8.22 (6)-1.48 (100)1.93 (1)-0.75 (97)3.30 (96)4.03 (26)7.02 (100)15.16 (3)0.77 (100)
NCREIF Timberland Index 9.17 (99)0.81 (9)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (7)10.48 (100)9.69 (4)7.75 (100)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
163
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Molpus Woodlands Fund IV Net Cash Flow
$0
$1,400,000
$2,800,000
$4,200,000
$5,600,000
$7,000,000
($1,400,000)Market ValueSep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Molpus Woodlands Fund IV 10/01/2015
Beginning Market Value $4,531,684 $4,587,944 $3,936,912 $4,273,084 $4,416,456 $118,305
Net Contributions --$75,472 -$135,850 -$94,339 -$211,321 $3,701,226
Net Investment Return -$19,212 $786,882 -$241,833 $67,949 $712,153
Ending Market Value $4,531,684 $4,531,684 $4,587,944 $3,936,912 $4,273,084 $4,531,684
City of Clearwater - Molpus Woodlands Fund IV
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
164
TOTAL PORTFOLIO TRAILING PERFORMANCE
Molpus Woodlands Fund IV
NCREIF Timberland Index
0
4
8
12
16
Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Molpus Woodlands Fund IV 0.00 0.42 4.49 2.38 2.29
NCREIF Timberland Index 4.89 12.90 7.51 5.37 4.82
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Molpus Woodlands Fund IV
NCREIF Timberland Index 0
10
20
30
-10
-20Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Molpus Woodlands Fund IV 0.42 20.57 -5.78 1.53 -2.88 2.29
NCREIF Timberland Index 12.90 9.17 0.81 1.30 3.21 4.82
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
165
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: October 1, 2015)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Molpus Woodlands Fund IV NCREIF Timberland Index
-4
0
4
8
12
16
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Risk (Annualized Standard Deviation)
Molpus Woodlands Fund IV NCREIF Timberland Index
Down Quarters 4.00 -
Up Quarters 8.00 12.00
Positive Months Ratio --
Worst Quarter -5.96 0.04
Best Quarter 19.91 4.89
Standard Deviation 11.74 3.21
Max Drawdown Recovery Period 5.00 -
Maximum Drawdown -5.96 0.00
Beta 1.98 1.00
Alpha -9.20 0.00
R-Squared 0.29 1.00
Treynor Ratio 0.02 0.07
Tracking Error 10.36 0.00
Information Ratio -0.22 -
Molpus Woodlands Fund IV NCREIF Timberland Index
Down Quarters 11.00 2.00
Up Quarters 18.00 27.00
Positive Months Ratio --
Worst Quarter -5.96 -0.26
Best Quarter 19.91 4.89
Standard Deviation 7.90 2.47
Max Drawdown Recovery Period 14.00 2.00
Maximum Drawdown -7.27 -0.26
Beta 1.61 1.00
Alpha -5.02 0.00
R-Squared 0.25 1.00
Treynor Ratio 0.01 0.04
Tracking Error 6.99 0.00
Information Ratio -0.32 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
166
-44
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Molpus Woodlands Fund IV 0.00 (96)0.42 (1)10.03 (1)4.49 (3)3.74 (88)2.38 (79)2.46 (83)2.58 (88)-
NCREIF Timberland Index 4.89 (12)12.90 (1)11.02 (1)7.51 (1)5.92 (58)5.37 (9)5.08 (21)4.72 (38)4.75 (28)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
167
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Molpus Woodlands Fund IV 20.57 (94)-5.78 (61)1.53 (100)-2.88 (5)2.83 (90)3.34 (96)----
NCREIF Timberland Index 9.17 (99)0.81 (9)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (7)10.48 (100)9.69 (4)7.75 (100)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on quarterly periodicity.
City of Clearwater Employees' Pension Plan
168
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Multi Employer Property Trust Net Cash Flow
$0
$20,900,000
$41,800,000
$62,700,000
$83,600,000
$104,500,000
($20,900,000)Market ValueSep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Multi Employer Property Trust 09/30/2010
Beginning Market Value $71,393,415 $62,200,202 $51,944,240 $51,690,725 $49,863,650 -
Net Contributions ------
Net Investment Return -$4,335,471 $4,857,742 $10,255,962 $253,515 $1,827,075 -
Ending Market Value $67,057,944 $67,057,944 $62,200,202 $51,944,240 $51,690,725 -
City of Clearwater - Multi Employer Property Trust
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
169
TOTAL PORTFOLIO TRAILING PERFORMANCE
Multi Employer Property Trust
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
0
8
16
-8
-16Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Multi Employer Property Trust -6.07 7.81 9.06 7.60 8.96
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 7.47 9.93 8.68 10.86
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Multi Employer Property Trust
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
0
8
16
24
32
Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Multi Employer Property Trust 7.81 19.74 0.49 3.66 7.23 8.96
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 22.17 1.19 5.34 8.35 10.86
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
170
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: October 1, 2010)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Multi Employer Property Trust NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
-5
0
5
10
15
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
Multi Employer Property Trust NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
Down Quarters 2.00 2.00
Up Quarters 10.00 10.00
Positive Months Ratio 94.44 94.44
Worst Quarter -6.07 -4.97
Best Quarter 6.74 7.97
Standard Deviation 8.40 8.37
Max Drawdown Recovery Period --
Maximum Drawdown -6.07 -4.97
Beta 0.97 1.00
Alpha -0.54 0.00
R-Squared 0.94 1.00
Treynor Ratio 0.09 0.09
Tracking Error 2.03 0.00
Information Ratio -0.39 -
Multi Employer Property Trust NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
Down Quarters 3.00 2.00
Up Quarters 46.00 47.00
Positive Months Ratio 97.96 98.64
Worst Quarter -6.07 -4.97
Best Quarter 6.74 7.97
Standard Deviation 5.45 5.86
Max Drawdown Recovery Period --
Maximum Drawdown -6.07 -4.97
Beta 0.87 1.00
Alpha -0.41 0.00
R-Squared 0.88 1.00
Treynor Ratio 0.09 0.10
Tracking Error 2.06 0.00
Information Ratio -0.85 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
171
-44
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Multi Employer Property Trust -6.07 (100)7.81 (1)13.62 (1)9.06 (1)7.69 (15)7.60 (1)7.25 (2)7.36 (2)7.93 (1)
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 (100)7.47 (1)14.58 (1)9.93 (1)8.76 (4)8.68 (1)8.50 (2)8.54 (2)9.33 (1)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
172
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Multi Employer Property Trust 19.74 (94)0.49 (10)3.66 (100)7.23 (1)5.53 (47)8.02 (22)12.00 (1)12.21 (99)11.83 (4)4.70 (100)
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 22.17 (92)1.19 (8)5.34 (100)8.35 (1)7.62 (26)8.77 (16)15.02 (1)12.50 (98)13.94 (4)10.94 (99)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
173
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
Security Capital Net Cash Flow
$0
$34,900,000
$69,800,000
$104,700,000
($34,900,000)
($69,800,000)
($104,700,000)Market ValueApr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
Security Capital 05/31/2008
Beginning Market Value $13,732,949 $19,515,706 $13,374,031 $13,900,512 $28,485,238 $19,346,573
Net Contributions $23,122 $105,711 $102,942 $102,529 -$19,911,637 -$81,333,357
Net Investment Return $472,234 -$5,393,112 $6,038,732 -$629,010 $5,326,911 $76,215,090
Ending Market Value $14,228,305 $14,228,305 $19,515,706 $13,374,031 $13,900,512 $14,228,305
City of Clearwater - Security Capital
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
174
TOTAL PORTFOLIO TRAILING PERFORMANCE
Security Capital
Wilshire U.S. Real Estate Securities Index
0
15
-15
-30
-45Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
Security Capital 3.44 -27.59 0.07 3.39 5.31
Wilshire U.S. Real Estate Securities Index 4.09 -26.75 -0.50 3.36 5.57
TOTAL PORTFOLIO CALENDAR PERFORMANCE
Security Capital
Wilshire U.S. Real Estate Securities Index
0
50
100
-50Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
Security Capital -27.59 45.03 -4.59 26.97 -7.16 5.31
Wilshire U.S. Real Estate Securities Index -26.75 46.11 -7.95 25.79 -4.80 5.57
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
175
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: May 1, 2008)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index Security Capital Wilshire U.S. Real Estate Securities Index
-10
-5
0
5
10
15
Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Annualized Standard Deviation)
Security Capital Wilshire U.S. Real Estate Securities Index
Down Quarters 4.00 4.00
Up Quarters 8.00 8.00
Positive Months Ratio 58.33 58.33
Worst Quarter -21.73 -25.73
Best Quarter 16.50 17.15
Standard Deviation 21.47 22.98
Max Drawdown Recovery Period --
Maximum Drawdown -30.00 -29.63
Beta 0.93 1.00
Alpha 0.35 0.00
R-Squared 0.98 1.00
Treynor Ratio 0.02 0.02
Tracking Error 3.27 0.00
Information Ratio 0.05 -
Security Capital Wilshire U.S. Real Estate Securities Index
Down Quarters --
Up Quarters --
Positive Months Ratio 59.66 59.09
Worst Quarter -48.10 -49.72
Best Quarter 42.00 40.91
Standard Deviation 23.67 24.08
Max Drawdown Recovery Period 33.00 35.00
Maximum Drawdown -65.06 -64.51
Beta 0.98 1.00
Alpha -0.19 0.00
R-Squared 0.99 1.00
Treynor Ratio 0.08 0.08
Tracking Error 2.23 0.00
Information Ratio -0.17 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
176
-44
-36
-28
-20
-12
-4
4
12
20
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
Security Capital 3.44 (66)-27.59 (74)2.48 (43)0.07 (45)6.20 (53)3.39 (63)3.64 (68)3.93 (70)4.03 (64)
Wilshire U.S. Real Estate Securities Index 4.09 (41)-26.75 (59)3.45 (21)-0.50 (62)5.51 (68)3.36 (63)3.61 (69)4.17 (64)4.25 (52)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
177
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Security Capital 45.03 (17)-4.59 (49)26.97 (58)-7.16 (73)4.91 (60)5.71 (59)4.70 (10)33.13 (3)1.60 (54)16.22 (69)
Wilshire U.S. Real Estate Securities Index 46.11 (15)-7.95 (79)25.79 (69)-4.80 (34)4.84 (61)7.62 (29)4.81 (8)31.53 (14)2.15 (37)17.55 (33)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
178
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
U.S. Real Estate Investment Fund Net Cash Flow
$0
$5,600,000
$11,200,000
$16,800,000
$22,400,000
$28,000,000
($5,600,000)Market ValueDec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
U.S. Real Estate Investment Fund 01/01/2016
Beginning Market Value $19,511,197 $17,020,352 $14,181,452 $14,049,962 $12,996,272 $5,708,283
Net Contributions -----$4,204,455
Net Investment Return -$1,233,615 $1,257,230 $2,838,900 $131,490 $1,053,690 $8,364,844
Ending Market Value $18,277,582 $18,277,582 $17,020,352 $14,181,452 $14,049,962 $18,277,582
City of Clearwater - U.S. Real Estate Investment Fund
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
179
TOTAL PORTFOLIO TRAILING PERFORMANCE
U.S. Real Estate Investment Fund
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
0
8
16
-8
-16Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
U.S. Real Estate Investment Fund -6.32 7.39 9.16 8.95 9.01
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 7.47 9.93 8.68 8.94
TOTAL PORTFOLIO CALENDAR PERFORMANCE
U.S. Real Estate Investment Fund
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
0
8
16
24
32
Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
U.S. Real Estate Investment Fund 7.39 20.02 0.94 8.11 9.16 9.01
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 22.17 1.19 5.34 8.35 8.94
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
180
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: December 1, 2015)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index U.S. Real Estate Investment Fund NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
-4
0
4
8
12
16
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
U.S. Real Estate Investment Fund NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
Down Quarters 2.00 2.00
Up Quarters 10.00 10.00
Positive Months Ratio 94.44 94.44
Worst Quarter -6.32 -4.97
Best Quarter 7.07 7.97
Standard Deviation 8.19 8.37
Max Drawdown Recovery Period --
Maximum Drawdown -6.32 -4.97
Beta 0.94 1.00
Alpha -0.09 0.00
R-Squared 0.92 1.00
Treynor Ratio 0.09 0.09
Tracking Error 2.40 0.00
Information Ratio -0.30 -
U.S. Real Estate Investment Fund NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
Down Quarters --
Up Quarters --
Positive Months Ratio 97.65 97.65
Worst Quarter -6.32 -4.97
Best Quarter 7.07 7.97
Standard Deviation 6.14 6.01
Max Drawdown Recovery Period --
Maximum Drawdown -6.32 -4.97
Beta 0.94 1.00
Alpha 0.62 0.00
R-Squared 0.84 1.00
Treynor Ratio 0.08 0.08
Tracking Error 2.48 0.00
Information Ratio 0.03 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
181
-44
-36
-28
-20
-12
-4
4
12
20
28
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
U.S. Real Estate Investment Fund -6.32 (100)7.39 (1)13.53 (1)9.16 (1)8.90 (3)8.95 (1)8.85 (2)9.12 (1)-
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 (100)7.47 (1)14.58 (1)9.93 (1)8.76 (4)8.68 (1)8.50 (2)8.54 (2)9.33 (1)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
182
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
U.S. Real Estate Investment Fund 20.02 (94)0.94 (9)8.11 (100)9.16 (1)8.36 (20)10.72 (7)----
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 22.17 (92)1.19 (8)5.34 (100)8.35 (1)7.62 (26)8.77 (16)15.02 (1)12.50 (98)13.94 (4)10.94 (99)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
183
The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial
account statement for verification. For Institutional Use Only.
MARKET VALUES & CASH FLOW SUMMARY
USAA Net Cash Flow
$0
$7,300,000
$14,600,000
$21,900,000
$29,200,000
$36,500,000
($7,300,000)Market ValueMay-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Dec-22
Last Quarter 2022 YTD 2021 2020 2019 Since Inception
Inception
Date
USAA 06/30/2015
Beginning Market Value $24,705,442 $14,445,757 $12,818,243 $12,010,044 $11,757,490 $5,000,000
Net Contributions - $8,000,000 -$640,253 -$646,058 -$590,518 $9,461,438
Net Investment Return $837,880 $3,097,565 $2,267,766 $1,454,257 $843,072 $11,081,884
Ending Market Value $25,543,322 $25,543,322 $14,445,757 $12,818,243 $12,010,044 $25,543,322
City of Clearwater - USAA
MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.22 |Q4 22
184
TOTAL PORTFOLIO TRAILING PERFORMANCE
USAA
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0
8
16
24
-8
-16Rates Of Return (%)Last Quarter 1 Year 3 Years 5 Years Inception
USAA 3.39 13.80 14.40 11.05 10.70
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 7.47 9.93 8.68 9.38
TOTAL PORTFOLIO CALENDAR PERFORMANCE
USAA
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross
0
8
16
24
32
Rates Of Return (%)CYTD 2021 2020 2019 2018 Inception
USAA 13.80 18.42 11.12 5.78 6.65 10.70
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 22.17 1.19 5.34 8.35 9.38
City of Clearwater
INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.22 |Q4 22
Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this
presentation.
185
INCEPTION3 YEAR
Composite Risk VS. Total Return
(since inception: June 1, 2015)
Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index
International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return
Strategic Opportunities - HFRX Absolute Return Index USAA NCRIEF Fund Index-Open End Diversified Core Equity (VW)
-4
0
4
8
12
16
Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Annualized Standard Deviation)
USAA NCRIEF Fund Index-Open End Diversified Core Equity (VW)
Down Quarters 1.00 2.00
Up Quarters 11.00 10.00
Positive Months Ratio 97.22 94.44
Worst Quarter -0.15 -5.17
Best Quarter 11.30 7.66
Standard Deviation 8.10 8.17
Max Drawdown Recovery Period 4.00 -
Maximum Drawdown -0.15 -5.17
Beta 0.56 1.00
Alpha 9.16 0.00
R-Squared 0.32 1.00
Treynor Ratio 0.23 0.08
Tracking Error 7.55 0.00
Information Ratio 0.65 -
USAA NCRIEF Fund Index-Open End Diversified Core Equity (VW)
Down Quarters --
Up Quarters --
Positive Months Ratio 96.70 97.80
Worst Quarter -0.15 -5.17
Best Quarter 11.30 7.66
Standard Deviation 6.23 5.79
Max Drawdown Recovery Period 2.00 -
Maximum Drawdown -0.21 -5.17
Beta 0.62 1.00
Alpha 5.37 0.00
R-Squared 0.34 1.00
Treynor Ratio 0.15 0.07
Tracking Error 5.52 0.00
Information Ratio 0.39 -
City of Clearwater
PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.22 |Q4 22
For Institutional Use Only.
186
-40
-30
-20
-10
0
10
20
30
ReturnLast
Qtr
Last
1 Year
Last
2 Years
Last
3 Years
Last
4 Years
Last
5 Years
Last
6 Years
Last
7 Years
Last
8 Years
USAA 3.39 (66)13.80 (1)16.08 (1)14.40 (1)12.18 (2)11.05 (1)10.76 (1)10.98 (1)-
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.97 (100)7.47 (1)14.58 (1)9.93 (1)8.76 (4)8.68 (1)8.50 (2)8.54 (2)9.33 (1)
5th Percentile 6.77 -16.79 4.83 2.22 8.41 5.75 6.05 6.02 5.91
1st Quartile 4.37 -25.12 3.29 0.78 7.12 4.48 4.81 5.09 4.92
Median 3.89 -26.21 2.23 -0.16 6.27 3.72 4.05 4.41 4.27
3rd Quartile 3.04 -27.75 1.08 -1.36 5.01 2.82 3.13 3.72 3.34
95th Percentile 1.47 -30.30 -5.11 -5.91 0.58 -1.32 -0.91 1.32 0.67
Population 258 255 246 243 241 233 223 221 213
PEER GROUP ANALYSIS - ANNUALIZED Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
187
-25
-10
5
20
35
50
65
Return2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
USAA 18.42 (96)11.12 (6)5.78 (100)6.65 (1)9.30 (12)12.34 (5)----
NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 22.17 (92)1.19 (8)5.34 (100)8.35 (1)7.62 (26)8.77 (16)15.02 (1)12.50 (98)13.94 (4)10.94 (99)
5th Percentile 51.90 13.34 34.74 -2.96 14.14 12.28 5.24 32.10 6.62 27.19
1st Quartile 43.81 -2.89 30.16 -4.44 7.69 7.91 4.06 30.88 2.67 18.06
Median 41.35 -4.68 27.78 -5.75 5.38 6.10 2.95 29.75 1.76 16.88
3rd Quartile 39.09 -7.38 25.16 -7.41 3.94 5.03 1.76 28.13 0.89 15.88
95th Percentile 18.64 -11.60 18.45 -11.21 1.55 3.48 -4.39 16.70 -1.07 14.57
Population 258 259 276 270 285 289 278 272 263 258
PEER GROUP ANALYSIS - CALENDAR Period Ending 12.31.22 |Q4 22
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
City of Clearwater Employees' Pension Plan
188
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |appendix
189
Q4 22Period Ending 12.31.22 |
ALPHA
Alpha measures a manager’s rate of
return in excess of that which can be
explained by its systematic risk, or
Beta. It is a result of regressing a
manager’s returns against those of a
benchmark index. A positive alpha
implies that a manager has added
value relative to its benchmark on a
risk-adjusted basis.
BATTING AVERAGE
Batting Average, an indicator of
consistency, measures the percentage
of time an active manager
outperformed the benchmark.
BETA
Beta measures a manager’s sensitivity
to systematic, or market risk. Beta is a
result of the analysis regressing a
manager’s returns against those of a
benchmark Index. A manager with a
Beta of 1 should move perfectly with a
benchmark. A Beta of less than 1
implies that a manager’s returns are
less volatile than the market’s (i.e.,
selected benchmarks). A Beta of
greater than 1 implies that a manager
exhibits greater volatility than the
market (i.e., selected benchmark).
CAPTURE RATIO
Up Market Capture is the average
return of a manager relative to a
benchmark index using only periods
where the benchmark return was
positive. Down Market Capture is the
average return of a manager relative
to a benchmark index using only
periods where the benchmark return
was negative. An Up Market Capture
of greater than 100% and a Down
Market Capture of less than 100% is
considered desirable.
INFORMATION RATIO
The Information Ratio measures a
manager’s excess return over the
passive index divided by the volatility
of that excess return, or Tracking
Error. To obtain a higher Information
Ratio, which is preferable, a manager
must demonstrate the ability to
generate returns above its benchmark
while avoiding large performance
swings relative to that same
benchmark.
PERCENTILE RANK
Percentile Rankings are based on a
manager’s performance relative to all
other available funds in its universe.
Percentiles range from 1, being the
best, to 100 being the worst. A
ranking in the 50th percentile or
above demonstrates that the manager
has performed better on a relative
basis than at least 50% of its peers.
RISK-ADJUSTED PERFORMANCE
Risk-adjusted Performance, or RAP,
measures the level of return that an
investment option would generate
given a level of risk equivalent to the
benchmark index.
R-SQUARED
R-squared measures the portion of a
manager’s movements that are explained by movements in a
benchmark index. R-squared values range from 0 to 100. An R-squared of
100 means that all movements of a
manager are completely explained by movements in the index. This
measurement is identified as the coefficient of determination from a
regression equation.A high R-squared
value supports the validity of the Alpha and Beta measures, and it can
be used as a measure of style consistency.
SHARPE RATIO
Sharpe ratio measures a manager’s
return per unit of risk, or standard
deviation. It is the ratio of a manager’s
excess return above the risk-free rate
divided by a manager’s standard
deviation. A higher sharpe ratio
implies greater manager efficiency.
glossary
STANDARD DEVIATION
Standard Deviation is a measure of
the extent to which observations in a
series vary from the arithmetic mean
of the series. This measure of volatility
or risk allows the estimation of a
range of values for a manager’s
returns. The wider the range, the
more uncertainty, and, therefore, the
riskier a manager is assumed to be.
TRACKING ERROR
Tracking Error is the standard
deviation of the portfolio’s residual
(i.e.excess) returns. The lower the
tracking error, the closer the portfolio
returns have been to its risk index.
Aggressively managed portfolios
would be expected to have higher
tracking errors than portfolios with a
more conservative investment style.
TREYNOR RATIO
The Treynor Ratio is a measure of
reward per unit of risk. With Treynor,
the numerator (i.e.reward) is defined
as the annualized excess return of the
portfolio versus the risk-free rate. The
denominator (i.e.risk) is defined as
the portfolio beta. The result is a
measure of excess return per unit of
portfolio systematic risk. As with
Sharpe and Sortino, the Treynor Ratio
only has value when it is used as the
basis of comparison between
portfolios. The higher the Treynor
Ratio, the better.
190
City Of Clearwater Employees' Pension Plan
Q4 22Period Ending 12.31.22 |investment review | evaluation methodology
QUANTITATIVE EVALUATION ITEMS QUALITATIVE EVALUATION ITEMS
3/5 Year Risk-adjusted Performance Fund Management
MARKED FOR REVIEW
The investment option’s 3 or 5 Year Annualized Risk
Adjusted Performance falls below the 50th percentile
of the peer group.
A significant disruption to the investment option’s
management team has been discovered.
The following categories of the
Investment Policy Monitor appear
“Marked For Review” when:
Fund Family
3/5 Year Performance vs. Peers A significant disruption to the investment option’s
parent company has been discovered.The investment option’s 3 or 5 Year Annualized Peer
Relative Performance falls below the 50th percentile
of the peer group.
Portfolio Construction
3/5 Year Style The investment option’s combined Portfolio Construction score is 6 or below out of a possible 15
points.The investment option’s 3 or 5 Year R-Squared
measure falls below the absolute threshold set per
asset class.
Underlying Investment Vehicles
3/5 Year Confidence
The investment option’s 3 or 5 Year Confidence
Rating falls below the 50th percentile of the peer
group.
The investment option’s combined Underlying
Investment Vehicles score is 6 or below out of a possible 15 points.
Glidepath Assessment
% of Equity Exposure: The combined percentage of
an investment option’s equity exposure ranks in the
top 20th percentile or bottom 20th percentile of the
peer group.
Regression to the Benchmark: The investment
option’s sensitivity to market risk -as measured by
beta relative to a Global Equity Index -is above 0.89.
CAPTRUST’s Investment Policy Monitoring
Methodology
The Investment Policy Monitoring
Methodology document describes the
systems and procedures CAPTRUST uses to
monitor and evaluate the investment
vehicles in your plan/account on a quarterly
basis.
Our current Investment Policy Monitoring
Methodology document can be accessed
through the following link:
captrust.com/investmentmonitoring
191