HomeMy WebLinkAboutDocumentation_Pension_General_Tab 04_11/05/2018<CBDoc TenantId="2" EntityTypeId="3100" EntityId="105" DocumentTypeId="1" EffectiveDate="09/30/2018" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending September 30, 2018
Village of Tequesta
General Employees'
Retirement Plan
3r
d
Q
u
a
r
t
e
r
2
0
1
8
M
a
r
k
e
t
E
n
v
i
r
o
n
m
e
n
t
Pa
g
e
1
Ma
r
k
e
t
r
e
t
u
r
n
s
w
e
r
e
m
i
x
e
d
a
c
r
o
s
s
m
a
j
o
r
e
q
u
i
t
y
a
n
d
f
i
x
e
d
i
n
c
o
m
e
i
n
d
i
c
e
s
f
o
r
th
e
3
r
d
q
u
a
r
t
e
r
o
f
2
0
1
8
w
i
t
h
m
a
n
y
t
h
e
m
e
s
f
r
o
m
t
h
e
2
n
d
q
u
a
r
t
e
r
r
e
p
e
a
t
i
n
g
du
r
i
n
g
t
h
e
c
u
r
r
e
n
t
p
e
r
i
o
d
.
B
r
o
a
d
d
o
m
e
s
t
i
c
e
q
u
i
t
y
i
n
d
i
c
e
s
p
u
s
h
e
d
h
i
g
h
e
r
o
n
co
n
t
i
n
u
e
d
s
t
r
e
n
g
t
h
i
n
b
o
t
h
e
c
o
n
o
m
i
c
an
d
c
o
r
p
o
r
a
t
e
e
a
r
n
i
n
g
s
d
a
t
a
.
C
o
r
p
o
r
a
te
ea
r
n
i
n
g
s
c
o
n
t
i
n
u
e
t
o
b
e
n
e
f
i
t
f
r
o
m
f
i
s
c
a
l
s
t
i
m
u
l
u
s
t
a
i
l
w
i
n
d
s
i
n
t
h
e
f
o
r
m
o
f
th
e
l
a
t
e
20
1
7
t
a
x
r
e
f
o
r
m
.
I
n
t
e
r
n
a
t
i
o
n
a
l
i
n
d
i
c
e
s
u
n
d
e
r
p
e
r
f
o
r
m
e
d
d
o
m
e
s
t
i
c
i
n
d
i
c
e
s
du
r
i
n
g
th
e
p
e
r
i
o
d
,
p
o
s
t
i
n
g
m
o
r
e
m
u
t
e
d
r
e
t
u
r
n
s
i
n
U
S
d
o
l
l
a
r
(
U
S
D
)
t
e
r
m
s
,
a
s
i
n
v
e
s
t
o
rs
we
i
g
h
e
d
r
e
l
a
t
i
v
e
l
y
s
o
f
t
e
c
o
n
o
m
i
c
d
a
t
a
,
a
s
t
r
e
n
g
t
h
e
n
i
n
g
U
S
D
a
n
d
g
e
o
p
o
l
i
t
i
ca
l
co
n
c
e
r
n
s
,
e
s
p
e
c
i
a
l
l
y
a
r
o
u
n
d
g
l
o
b
a
l
t
r
a
d
e
r
e
l
a
t
i
o
n
s
.
F
i
x
e
d
i
n
c
o
m
e
r
e
t
u
r
n
sw
e
r
e
fl
a
t
f
o
r
t
h
e
q
u
a
r
t
e
r
a
s
i
n
t
e
r
e
s
t
r
a
t
e
s
c
o
n
t
i
n
u
e
d
t
o
r
i
s
e
.
D
o
m
e
s
t
i
c
s
t
o
c
k
s
r
os
e
a
s
co
n
c
e
r
n
s
a
r
o
u
n
d
o
n
g
o
i
n
g
m
o
n
e
t
a
r
y
p
o
l
i
c
y
t
i
g
h
t
e
n
i
n
g
b
y
t
h
e
F
e
d
e
r
a
l
R
e
s
e
r
v
e
(F
e
d
)
a
n
d
a
n
e
s
c
a
l
a
t
i
n
g
t
r
a
d
e
w
a
r
b
e
t
w
e
e
n
t
h
e
U
S
a
n
d
C
h
i
n
a
w
e
r
e
n
o
t
su
b
s
t
a
n
t
i
a
l
e
n
o
u
g
h
t
o
d
a
m
p
e
n
i
n
v
e
s
t
o
r
e
n
t
h
u
s
i
a
s
m
a
r
o
u
n
d
t
h
e
o
n
g
o
i
n
g
st
r
e
n
g
t
h
o
f
t
h
e
U
S
e
c
o
n
o
m
y
.
T
h
e
U
S
s
t
o
c
k
m
a
r
k
e
t
r
e
p
r
e
s
e
n
t
e
d
b
y
t
h
e
R
u
s
s
e
l
l
30
0
0
I
n
d
e
x
r
e
t
u
r
n
e
d
7
.
1
%
a
n
d
1
7
.
6
%
f
o
r
t
h
e
q
u
a
r
t
e
r
a
n
d
1
-
y
e
a
r
p
e
r
i
o
d
re
s
p
e
c
t
i
v
e
l
y
.
In
t
e
r
n
a
t
i
o
n
a
l
e
q
u
i
t
y
r
e
t
u
r
n
s
f
i
n
i
s
h
e
d
t
h
e
q
u
a
r
t
e
r
s
l
i
g
h
t
l
y
p
o
s
i
t
i
v
e
w
i
t
ht
h
e
M
S
C
I
AC
W
I
e
x
U
S
I
n
d
e
x
r
e
t
u
r
n
i
n
g
0
.
7
%
.
D
ev
e
l
o
p
e
d
m
a
r
k
e
t
s
t
o
c
k
s
p
u
s
h
e
d
h
i
g
h
e
r
th
r
o
u
g
h
t
h
e
p
e
r
i
o
d
,
h
o
w
e
v
e
r
,
r
e
l
a
t
i
v
e
l
y
s
u
b
d
u
e
d
e
c
o
n
o
m
i
c
g
r
o
w
t
h
a
n
d
o
n
g
o
in
g
po
l
i
t
i
c
a
l
a
n
d
t
r
a
d
e
u
n
c
e
r
t
a
i
n
t
y
t
e
m
p
e
r
e
d
r
e
t
u
r
n
s
v
e
r
s
u
s
d
o
m
e
s
t
i
c
e
q
u
i
t
i
es
.
T
h
e
de
v
e
l
o
p
e
d
m
a
r
k
e
t
M
S
C
I
E
A
F
E
I
n
d
e
x
g
a
i
n
e
d
1
.
4
%
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
.
Em
e
r
g
i
n
g
m
a
r
k
e
t
s
t
o
c
k
s
s
t
r
u
g
g
l
e
d
i
n
co
m
p
a
r
i
s
o
n
,
p
o
s
t
i
n
g
n
e
g
a
t
i
v
e
r
e
t
u
r
n
sf
o
r
th
e
p
e
r
i
o
d
,
a
s
t
r
a
d
e
t
e
n
s
i
o
n
s
g
r
e
w
b
e
t
w
e
e
n
t
h
e
U
S
a
n
d
C
h
i
n
a
.
I
n
a
d
d
i
t
i
o
n
,
a
st
r
e
n
g
t
h
e
n
i
n
g
U
S
D
c
a
u
s
e
d
h
e
a
d
w
i
n
d
s
f
o
r
mo
s
t
i
n
t
e
r
n
a
t
i
o
n
a
l
m
a
r
k
e
t
s
,
b
u
t
ca
u
s
e
d
p
a
r
t
i
c
u
l
a
r
d
i
f
f
i
c
u
l
t
i
e
s
f
o
r
e
m
er
g
i
n
g
m
a
r
k
e
t
c
o
u
n
t
r
i
e
s
t
h
a
t
i
s
s
u
e
de
b
t
i
n
US
D
.
T
h
e
M
S
C
I
E
m
e
r
g
i
n
g
M
a
r
k
e
t
s
I
n
d
e
x
p
o
s
t
e
d
a
s
m
a
l
l
d
e
c
l
i
n
e
o
f
-
1
.
1
%
du
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
.
T
h
e
r
e
l
a
t
i
v
e
o
u
t
p
e
r
f
o
r
m
a
n
c
e
o
f
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
s
ca
n
al
s
o
b
e
s
e
e
n
i
n
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
w
i
t
h
t
h
e
M
S
C
I
E
A
F
E
a
n
d
M
S
C
I
E
m
e
r
g
i
n
g
Ma
r
k
e
t
s
i
n
d
i
c
e
s
r
e
t
u
r
n
i
n
g
2
.
7
%
a
n
d
-
0
.
8
%
r
e
s
p
e
c
t
i
v
e
l
y
.
In
t
e
r
e
s
t
r
a
t
e
s
o
n
t
h
e
U
S
T
r
e
a
s
u
r
y
Y
i
e
l
d
C
u
r
v
e
c
o
n
t
i
n
u
e
d
t
h
e
i
r
y
e
a
r
-
t
o
-
d
a
t
er
i
s
e
du
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
a
s
i
n
v
e
s
t
o
r
e
x
p
e
c
t
a
t
i
o
n
s
f
o
r
f
u
r
t
h
e
r
F
e
d
t
i
g
h
t
e
n
i
n
go
f
mo
n
e
t
a
r
y
p
o
l
i
c
y
i
n
c
r
e
a
s
e
d
d
u
r
i
n
g
t
h
e
p
e
r
i
o
d
.
T
h
e
y
i
e
l
d
c
u
r
v
e
d
i
d
f
l
a
t
t
e
n
s
li
g
h
t
l
y
as
i
n
t
e
r
e
s
t
r
a
t
e
s
h
a
d
t
h
e
g
r
e
a
t
e
s
t
i
n
c
r
e
a
s
e
i
n
s
h
o
r
t
-
t
e
r
m
m
a
t
u
r
i
t
i
e
s
,
b
u
t
ov
e
r
a
l
l
,
th
e
s
h
i
f
t
i
n
r
a
t
e
s
w
a
s
f
a
i
r
l
y
c
o
n
s
i
s
t
e
n
t
t
h
r
o
u
g
h
o
u
t
t
h
e
e
n
t
i
r
e
c
u
r
v
e
.
T
h
e
F
ed
d
i
d
im
p
l
e
m
e
n
t
a
n
o
t
h
e
r
i
n
t
e
r
e
s
t
r
a
t
e
i
n
c
r
e
a
s
e
f
o
l
l
o
w
i
n
g
t
h
e
i
r
S
e
p
t
e
m
b
e
r
m
e
e
t
in
g
ci
t
i
n
g
t
h
e
c
o
n
t
i
n
u
e
d
s
t
r
e
n
g
t
h
o
f
t
h
e
U
S
e
c
o
n
o
m
y
a
n
d
s
t
a
b
l
e
i
n
f
l
a
t
i
o
n
.
T
h
e
br
o
a
d
m
a
r
k
e
t
B
l
o
o
m
b
e
r
g
B
a
r
c
l
a
y
s
U
S
A
g
g
r
e
g
a
t
e
I
n
d
e
x
w
a
s
f
l
a
t
f
o
r
t
h
e
q
u
a
r
t
e
r
re
t
u
r
n
i
n
g
0
.
0
%
a
n
d
i
s
s
l
i
g
h
t
l
y
n
e
g
a
t
i
v
e
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
r
e
t
u
r
n
i
n
g
-
1.
2
%
.
Co
r
p
o
r
a
t
e
i
s
s
u
e
s
r
e
b
o
u
n
d
e
d
f
o
l
l
o
w
i
n
g
u
n
d
e
r
p
e
r
f
o
r
m
a
n
c
e
d
u
r
i
n
g
t
h
e
f
i
r
s
t
ha
l
f
o
f
th
e
y
e
a
r
a
n
d
w
e
r
e
t
h
e
o
n
l
y
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
s
e
c
t
o
r
t
o
p
o
s
t
a
p
o
s
i
t
i
v
e
r
e
t
u
r
n
du
r
i
n
g
t
h
e
q
u
a
r
t
e
r
,
a
s
t
h
e
y
b
e
n
e
f
i
t
t
e
d
f
r
o
m
t
i
g
h
t
e
n
i
n
g
c
r
e
d
i
t
s
p
r
e
a
d
s
a
n
d
st
r
o
n
g
in
v
e
s
t
o
r
d
e
m
a
n
d
.
So
u
r
c
e
:
I
n
v
e
s
t
m
e
n
t
M
e
t
r
i
c
s
The Market Environment Major Market Index Performance As of September 30, 2018
0.
5
%
1.
0
%
-0
.
1
%
-0
.
8
%
-0
.
6
%
0.
0
%
3.6%5.0%7.4%7.1%7.7%
-1
.
1
%
1.4
%
0.
7
%
-2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
8
.
0
%
3-
M
o
n
t
h
T
-
B
i
l
l
Bb
g
B
a
r
c
l
a
y
s
C
o
r
p
I
G
Bb
g
B
a
r
c
l
a
y
s
M
B
S
Bb
g
B
a
r
c
l
a
y
s
U
S
T
I
P
S
Bb
g
B
a
r
c
l
a
y
s
U
S
G
o
v
t
Bb
g
B
a
r
c
l
a
y
s
U
S
A
g
g
Ru
s
s
e
l
l
2
0
0
0
Ru
s
s
e
l
l
M
i
d
C
a
p
Ru
s
s
e
l
l
1
0
0
0
Ru
s
s
e
l
l
3
0
0
0
S&
P
5
0
0
MS
C
I
E
m
e
r
g
M
k
t
s
MS
C
I
E
A
F
E
MS
C
I
A
C
W
x
U
S
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
1.6
%
-1
.
2
%
-0
.
9
%
0.
4
%
-1
.
6
%
-1
.
2
%
15.2%14.0%17.8%17.6%17.9%
-0
.
8
%
2.
7
%
1.
8
%
-5
.
0
%
0
.
0
%
5
.
0
%
1
0
.
0
%
1
5
.
0
%
2
0
.
0
%
3-
M
o
n
t
h
T
-
B
i
l
l
Bb
g
B
a
r
c
l
a
y
s
C
o
r
p
I
G
Bb
g
B
a
r
c
l
a
y
s
M
B
S
Bb
g
B
a
r
c
l
a
y
s
U
S
T
I
P
S
Bb
g
B
a
r
c
l
a
y
s
U
S
G
o
v
t
Bb
g
B
a
r
c
l
a
y
s
U
S
A
g
g
Ru
s
s
e
l
l
2
0
0
0
Ru
s
s
e
l
l
M
i
d
C
a
p
Ru
s
s
e
l
l
1
0
0
0
Ru
s
s
e
l
l
3
0
0
0
S&
P
5
0
0
MS
C
I
E
m
e
r
g
M
k
t
s
MS
C
I
E
A
F
E
MS
C
I
A
C
W
x
U
S
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
Pa
g
e
2
So
u
r
c
e
:
I
n
v
e
s
t
m
e
n
t
M
e
t
r
i
c
s
The Market Environment
Do
m
e
s
t
i
c
E
q
u
i
t
y
S
t
y
l
e
I
n
d
e
x
P
e
r
f
o
r
m
a
n
c
e
As of September 30, 2018
US
e
q
u
i
t
y
i
n
d
e
x
r
e
t
u
r
n
s
w
e
r
e
p
o
s
i
t
i
v
e
a
cr
o
s
s
t
h
e
s
t
y
l
e
a
n
d
c
a
p
i
t
a
l
i
z
a
t
i
o
n
sp
e
c
t
r
u
m
d
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
of
2
0
1
8
.
U
S
e
q
u
i
t
y
m
a
r
k
e
t
s
w
e
r
e
p
u
s
h
e
d
hi
g
h
e
r
b
y
t
h
e
o
n
g
o
i
n
g
s
t
r
e
n
g
t
h
i
n
U
S
e
c
o
n
o
m
i
c
d
a
t
a
a
n
d
c
o
r
p
o
r
a
t
e
e
a
r
n
i
n
g
s
.
Po
s
i
t
i
v
e
d
a
t
a
r
e
l
e
a
s
e
s
i
n
G
D
P
,
u
n
e
m
p
l
o
y
m
e
n
t
,
r
e
t
a
i
l
s
a
l
e
s
,
c
o
n
s
u
m
e
r
co
n
s
u
m
p
t
i
o
n
a
n
d
i
n
v
e
s
t
o
r
s
e
n
t
i
m
e
n
t
hi
g
h
l
i
g
h
t
e
d
t
h
e
c
o
n
t
i
n
u
e
d
h
e
a
l
t
h
o
f
t
he
U
S
ec
o
n
o
m
y
.
C
o
r
p
o
r
a
t
e
e
a
r
n
i
n
g
s
r
e
l
ea
s
e
d
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
w
e
r
e
a
l
s
o
im
p
r
e
s
s
i
v
e
.
E
a
r
n
i
n
g
s
r
e
p
o
r
t
e
d
f
o
r
S
&
P
5
0
0
c
o
m
p
a
n
i
e
s
w
e
r
e
u
p
o
v
e
r
2
0
%
o
n
a
ye
a
r
-
o
v
e
r
-
y
e
a
r
b
a
s
i
s
f
o
r
t
h
e
s
e
c
o
n
d
s
t
r
a
i
g
h
t
q
u
a
r
t
e
r
a
s
c
o
r
p
o
r
a
t
e
p
r
o
f
i
t
s
co
n
t
i
n
u
e
d
t
o
b
e
n
e
f
i
t
f
r
o
m
t
h
e
n
e
w
t
a
x
c
o
d
e
.
T
h
e
c
u
r
r
e
n
t
e
x
p
a
n
s
i
o
n
i
n
U
S
eq
u
i
t
y
m
a
r
k
e
t
s
n
o
w
m
a
r
k
s
t
h
e
l
o
n
g
e
s
t
b
u
l
l
m
a
r
k
e
t
i
n
h
i
s
t
o
r
y
.
W
h
i
l
e
t
h
e
p
o
s
i
ti
v
e
ec
o
n
o
m
i
c
d
a
t
a
d
r
o
v
e
r
e
t
u
r
n
s
t
h
r
o
u
g
h
t
h
e
q
u
a
r
t
e
r
,
t
r
a
d
e
n
e
g
o
t
i
a
t
i
o
n
s
w
i
t
h
Ch
i
n
a
br
o
k
e
d
o
w
n
w
i
t
h
b
o
t
h
t
h
e
U
S
a
n
d
C
h
i
n
a
i
n
s
t
i
t
u
t
i
n
g
s
e
v
e
r
a
l
r
o
u
n
d
s
o
f
n
e
w
t
a
r
i
ff
s
du
r
i
n
g
t
h
e
p
e
r
i
o
d
.
C
u
r
r
e
n
t
l
y
t
h
e
U
S
i
s
i
m
p
o
s
i
n
g
t
a
r
i
f
f
s
o
n
$
2
5
0
b
i
l
l
i
o
n
o
f
Ch
i
n
e
s
e
i
m
p
o
r
t
s
w
i
t
h
C
h
i
n
a
p
l
a
c
i
n
g
t
a
r
i
f
f
s
o
n
$
1
1
0
b
i
l
l
i
o
n
w
o
r
t
h
o
f
g
o
o
d
s
.
Fu
r
t
h
e
r
a
c
t
i
o
n
h
a
s
b
e
e
n
t
h
r
e
a
t
e
n
e
d
b
y
b
o
t
h
c
o
u
n
t
r
i
e
s
.
Wh
i
l
e
n
e
g
o
t
i
a
t
i
o
n
s
w
i
t
h
Ch
i
n
a
h
a
v
e
b
e
e
n
u
n
s
u
c
c
e
s
s
f
u
l
,
p
r
o
g
r
e
s
s
w
a
s
m
a
d
e
i
n
t
h
e
r
e
n
e
g
o
t
i
a
t
i
o
n
o
f
t
h
e
No
r
t
h
A
m
e
r
i
c
a
n
F
r
e
e
T
r
a
d
e
A
g
r
e
e
m
e
n
t
(
N
A
F
T
A
)
a
n
d
d
i
s
c
u
s
s
i
o
n
s
w
i
t
h
t
h
e
Eu
r
o
p
e
a
n
U
n
i
o
n
(
E
U
)
a
p
p
e
a
r
t
o
b
e
m
o
v
i
n
g
a
h
e
a
d
p
r
o
d
u
c
t
i
v
e
l
y
.
Du
r
i
n
g
t
h
e
q
u
a
r
t
e
r
,
l
a
r
g
e
c
a
p
s
t
o
c
k
s
o
u
t
p
e
r
f
o
r
m
e
d
m
i
d
a
n
d
s
m
a
l
l
c
a
p
e
q
u
i
t
i
es
ac
r
o
s
s
g
r
o
w
t
h
,
v
a
l
u
e
a
n
d
c
o
r
e
i
n
d
i
c
e
s
.
T
h
e
l
a
r
g
e
c
a
p
R
u
s
s
e
l
l
1
0
0
0
I
n
d
e
x
re
t
u
r
n
e
d
7
.
4
%
f
o
r
t
h
e
q
u
a
r
t
e
r
v
e
r
s
u
s
a
3
.
6
%
r
e
t
u
r
n
f
o
r
t
h
e
R
u
s
s
e
l
l
2
0
0
0
I
n
d
e
x.
Th
e
R
u
s
s
e
l
l
1
0
0
0
b
e
n
e
f
i
t
t
e
d
f
r
o
m
s
t
r
o
n
g
p
e
r
f
o
r
m
a
n
c
e
f
r
o
m
s
o
m
e
o
f
i
t
s
l
a
r
g
e
st
ex
p
o
s
u
r
e
s
.
A
p
p
l
e
I
n
c
,
M
i
c
r
o
s
o
f
t
C
o
r
p
a
n
d
A
m
a
z
o
n
.
c
o
m
I
n
c
a
l
o
n
e
m
a
k
e
u
p
ov
e
r
1
0
%
o
f
t
h
e
i
n
d
e
x
a
n
d
p
o
s
t
e
d
q
u
a
r
t
e
r
l
y
r
e
t
u
r
n
s
o
f
2
2
.
4
%
,
1
6
.
4
%
a
n
d
17
.
8
%
r
e
s
p
e
c
t
i
v
e
l
y
.
T
h
o
s
e
s
a
m
e
t
h
r
e
e
st
o
c
k
s
h
a
v
e
g
a
i
n
e
d
4
8
.
7
%
,
5
6
.
3
%
a
n
d
10
8
.
4
%
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
.
T
h
i
s
s
t
r
o
n
g
p
e
r
f
o
r
m
a
n
c
e
f
r
o
m
s
o
m
e
o
f
t
h
e
in
d
e
x
’
s
l
a
r
g
e
s
t
c
o
n
s
t
i
t
u
e
n
t
s
h
a
s
h
e
l
pe
d
l
a
r
g
e
c
a
p
s
o
u
t
p
e
r
f
o
r
m
s
m
a
l
l
c
a
p
s
ov
e
r
th
e
1
-
y
e
a
r
p
e
r
i
o
d
a
s
w
e
l
l
w
i
t
h
t
h
e
R
u
s
s
e
l
l
1
0
0
0
r
e
t
u
r
n
i
n
g
1
7
.
8
%
o
v
e
r
t
h
e
tr
a
i
l
i
n
g
y
e
a
r
w
h
i
l
e
t
h
e
R
u
s
s
e
l
l
2
0
0
0
p
o
s
t
e
d
a
s
t
i
l
l
s
o
l
i
d
r
e
t
u
r
n
o
f
1
5
.
2
%
.
Gr
o
w
t
h
s
t
o
c
k
s
o
u
t
p
e
r
f
o
r
m
e
d
v
a
l
u
e
s
t
o
c
k
s
a
c
r
o
s
s
t
h
e
m
a
r
k
e
t
c
a
p
s
p
e
c
t
r
u
m
du
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
.
T
h
e
l
a
r
g
e
c
a
p
R
u
s
s
e
l
l
1
0
0
0
G
r
o
w
t
h
I
n
d
e
x
w
a
s
t
h
e
b
e
s
t
pe
r
f
o
r
m
i
n
g
s
t
y
l
e
i
n
d
e
x
f
o
r
t
h
e
p
e
r
i
o
d
r
e
t
u
r
n
i
n
g
a
n
o
t
a
b
l
e
9
.
2
%
f
o
r
t
h
e
q
u
a
r
te
r
.
Th
e
o
u
t
p
e
r
f
o
r
m
a
n
c
e
o
f
g
r
o
w
t
h
i
n
d
i
c
e
s
r
e
l
a
t
i
v
e
t
o
v
a
l
u
e
i
n
d
i
c
e
s
i
s
a
l
s
o
e
v
i
de
n
t
ov
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
a
s
g
r
o
w
t
h
i
n
d
i
c
e
s
c
o
n
t
i
n
u
e
t
o
s
h
o
w
s
i
g
n
i
f
i
c
a
n
t
ou
t
p
e
r
f
o
r
m
a
n
c
e
r
e
l
a
t
i
v
e
t
o
t
h
e
i
r
v
a
l
u
e
c
o
u
n
t
e
r
p
a
r
t
s
.
T
h
e
r
e
t
u
r
n
s
f
o
r
g
r
o
wt
h
in
d
i
c
e
s
m
o
r
e
t
h
a
n
d
o
u
b
l
e
t
h
e
r
e
t
u
r
n
s
o
f
t
h
e
c
o
r
r
e
s
p
o
n
d
i
n
g
v
a
l
u
e
i
n
d
i
c
e
s
o
v
er
th
e
l
a
s
t
1
2
m
o
n
t
h
s
.
G
r
o
w
t
h
b
e
n
c
h
m
a
r
k
s
b
e
n
e
f
i
t
t
e
d
f
r
o
m
l
a
r
g
e
r
e
x
p
o
s
u
r
e
s
t
o
mo
r
e
c
y
c
l
i
c
a
l
n
a
m
e
s
w
i
t
h
i
n
t
h
e
i
n
f
o
r
m
a
t
i
o
n
t
e
c
h
n
o
l
o
g
y
,
c
o
n
s
u
m
e
r
di
s
c
r
e
t
i
o
n
a
r
y
,
h
e
a
l
t
h
c
a
r
e
a
n
d
i
n
d
u
s
t
r
i
a
l
s
s
e
c
t
o
r
s
.
T
h
e
y
a
l
s
o
b
e
n
e
f
i
t
t
e
df
r
o
m
un
d
e
r
w
e
i
g
h
t
s
t
o
m
o
r
e
d
e
f
e
n
s
i
v
e
s
e
c
to
r
s
s
u
c
h
a
s
R
E
I
T
s
a
n
d
u
t
i
l
i
t
i
e
s
.
5.5%
3.
6
%
1.
6
%
7.6%5.0%
3.
3
%
9.2%7.4%5.7%8.9%7.1%5.4%
0.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
8
.
0
%
1
0
.
0
%
20
0
0
G
r
o
w
t
h
20
0
0
I
n
d
e
x
20
0
0
V
a
l
u
e
Mi
d
C
a
p
G
r
o
w
t
h
Mi
d
C
a
p
I
n
d
e
x
Mi
d
C
a
p
V
a
l
u
e
10
0
0
G
r
o
w
t
h
10
0
0
I
n
d
e
x
10
0
0
V
a
l
u
e
30
0
0
G
r
o
w
t
h
30
0
0
I
n
d
e
x
30
0
0
V
a
l
u
e
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
-
R
u
s
s
e
l
l
S
t
y
l
e
S
e
r
i
e
s
21.1%15.2%
9.
3
%
21.1%
14
.
0
%
8.
8
%
26.3%17.8%
9.
5
%
25.9%17.6%
9.
5
%
0.
0
%
5
.
0
%
1
0
.
0
%
1
5
.
0
%
2
0
.
0
%
2
5
.
0
%
3
0
.
0
%
20
0
0
G
r
o
w
t
h
20
0
0
I
n
d
e
x
20
0
0
V
a
l
u
e
Mi
d
C
a
p
G
r
o
w
t
h
Mi
d
C
a
p
I
n
d
e
x
Mi
d
C
a
p
V
a
l
u
e
10
0
0
G
r
o
w
t
h
10
0
0
I
n
d
e
x
10
0
0
V
a
l
u
e
30
0
0
G
r
o
w
t
h
30
0
0
I
n
d
e
x
30
0
0
V
a
l
u
e
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
-
R
u
s
s
e
l
l
S
t
y
l
e
S
e
r
i
e
s
Pa
g
e
3
Bo
t
h
S
&
P
D
o
w
J
o
n
e
s
I
n
d
i
c
e
s
a
n
d
M
S
C
I
m
a
d
e
c
h
a
n
g
e
s
t
o
t
h
e
G
l
o
b
a
l
I
n
d
u
s
t
r
y
Cl
a
s
s
i
f
i
c
a
t
i
o
n
S
t
a
n
d
a
r
d
(
G
I
C
S
)
s
e
c
t
o
r
c
o
n
f
i
g
u
r
a
t
i
o
n
s
o
f
t
h
e
i
r
i
n
d
i
c
e
s
,
cr
e
a
t
i
n
g
a
ne
w
G
I
C
S
s
e
c
t
o
r
c
l
a
s
s
i
f
i
c
a
t
i
o
n
c
a
l
l
e
d
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
w
h
i
c
h
r
e
p
l
ac
e
d
th
e
T
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
s
e
c
t
o
r
o
n
S
e
p
t
e
m
b
e
r
2
8
,
2
0
1
8
.
T
h
e
C
o
m
m
u
n
i
c
a
t
i
o
n
Se
r
v
i
c
e
s
s
e
c
t
o
r
i
s
c
o
m
p
r
i
s
e
d
o
f
c
o
m
p
a
n
i
e
s
i
n
t
h
e
T
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
s
e
c
t
or
,
as
w
e
l
l
a
s
c
e
r
t
a
i
n
c
o
m
p
a
n
i
e
s
f
o
r
m
e
r
l
y
c
l
a
s
s
i
f
i
e
d
a
s
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
ry
an
d
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
.
A
s
a
r
e
s
u
l
t
,
t
h
e
s
e
c
t
o
r
,
w
e
n
t
f
r
o
m
a
w
e
i
g
h
t
i
n
g
of
ab
o
u
t
2
%
o
f
t
h
e
R
u
s
s
e
l
l
1
0
0
0
I
n
d
e
x
t
o
a
l
m
o
s
t
1
0
%
p
o
s
t
r
e
c
l
a
s
s
i
f
i
c
a
t
i
o
n
.
No
t
a
b
l
e
n
a
m
e
s
n
o
w
c
l
a
s
s
i
f
i
e
d
u
n
d
e
r
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
i
n
c
l
u
d
e
N
e
t
f
l
ix
,
Al
p
h
a
b
e
t
,
F
a
c
e
b
o
o
k
a
n
d
D
i
s
n
e
y
.
T
h
i
s
i
s
j
u
s
t
t
h
e
s
e
c
o
n
d
c
h
a
n
g
e
t
o
t
h
e
G
I
C
S
cl
a
s
s
i
f
i
c
a
t
i
o
n
s
s
i
n
c
e
1
9
9
9
.
Se
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
w
a
s
b
r
o
a
d
l
y
p
o
s
i
t
i
v
e
a
c
r
o
s
s
l
a
r
g
e
c
a
p
s
e
c
t
o
r
s
f
o
r
t
h
e
3
rd
qu
a
r
t
e
r
.
T
e
n
o
f
e
l
e
v
e
n
s
e
c
t
o
r
s
h
a
d
p
o
s
i
t
i
v
e
r
e
t
u
r
n
s
f
o
r
t
h
e
q
u
a
r
t
e
r
w
i
t
h
f
o
ur
ou
t
p
a
c
i
n
g
t
h
e
R
u
s
s
e
l
l
1
0
0
0
I
n
d
e
x
r
e
t
u
r
n.
T
h
e
c
o
n
s
u
m
e
r
d
i
s
c
r
e
t
i
o
n
a
r
y
s
e
c
t
or
co
n
t
i
n
u
e
s
t
o
d
o
w
e
l
l
o
n
t
h
e
b
a
c
k
o
f
s
t
r
o
n
g
r
e
t
a
i
l
s
a
l
e
s
a
n
d
i
n
c
r
e
a
s
e
d
c
o
n
s
u
m
er
sp
e
n
d
i
n
g
,
g
a
i
n
i
n
g
7
.
6
%
f
o
r
t
h
e
p
e
r
i
o
d
.
H
e
a
l
t
h
c
a
r
e
a
n
d
t
e
c
h
n
o
l
o
g
y
s
t
o
c
k
s
in
c
r
e
a
s
e
d
1
4
.
3
%
a
n
d
1
2
.
5
%
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
r
e
s
p
e
c
t
i
v
e
l
y
,
w
i
t
h
c
o
m
p
a
n
i
e
si
n
bo
t
h
s
e
c
t
o
r
s
r
e
p
o
r
t
i
n
g
s
t
r
o
n
g
e
a
r
n
i
n
g
s.
I
n
d
u
s
t
r
i
a
l
s
b
e
n
e
f
i
t
t
e
d
f
r
o
m
c
o
n
ti
n
u
e
d
ec
o
n
o
m
i
c
s
t
r
e
n
g
t
h
r
e
t
u
r
n
i
n
g
9
.
7
%
.
T
h
e
la
r
g
e
s
t
d
e
t
r
a
c
t
o
r
s
f
o
r
t
h
e
q
u
a
r
t
e
r
we
r
e
th
e
m
a
t
e
r
i
a
l
s
,
r
e
a
l
e
s
t
a
t
e
a
n
d
e
n
e
r
g
y
s
e
c
t
o
r
s
w
h
i
c
h
r
e
t
u
r
n
e
d
-
0
.
1
%
,
0
.
6
%
a
nd
0.
9
%
r
e
s
p
e
c
t
i
v
e
l
y
.
O
v
e
r
t
h
e
t
r
a
i
l
i
n
g
1
-
y
e
a
r
p
e
r
i
o
d
,
a
l
l
l
a
r
g
e
c
a
p
a
l
l
s
e
c
t
or
s
w
e
r
e
po
s
i
t
i
v
e
.
T
h
e
i
n
f
o
r
m
a
t
i
o
n
t
e
c
h
n
o
l
o
g
y
a
n
d
c
o
n
s
u
m
e
r
d
i
s
c
r
e
t
i
o
n
a
r
y
s
e
c
t
o
r
sw
e
r
e
th
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
,
r
e
t
u
r
n
i
n
g
o
v
e
r
3
0
%
o
v
e
r
t
h
e
l
a
s
t
1
2
m
o
n
t
h
s
,
a
n
d
s
i
x
o
f
el
e
v
e
n
s
e
c
t
o
r
s
h
a
v
e
r
e
t
u
r
n
s
o
v
e
r
1
0
%
f
o
r
t
h
e
y
e
a
r
.
Qu
a
r
t
e
r
l
y
r
e
s
u
l
t
s
f
o
r
s
m
a
l
l
c
a
p
s
e
c
t
o
r
s
w
e
r
e
g
e
n
e
r
a
l
l
y
l
o
w
e
r
r
e
l
a
t
i
v
e
t
o
t
he
i
r
la
r
g
e
c
a
p
i
t
a
l
i
z
a
t
i
o
n
c
o
u
n
t
e
r
p
a
r
t
s
.
N
i
n
e
o
f
e
l
e
v
e
n
s
e
c
t
o
r
s
h
a
d
p
o
s
i
t
i
v
e
r
et
u
r
n
s
du
r
i
n
g
t
h
e
p
e
r
i
o
d
w
i
t
h
s
i
x
o
f
e
l
e
v
e
n
e
c
o
n
o
m
i
c
s
e
c
t
o
r
s
o
u
t
p
a
c
i
n
g
t
h
e
R
u
s
s
e
l
l
20
0
0
I
n
d
e
x
r
e
t
u
r
n
f
o
r
t
h
e
q
u
a
r
t
e
r
.
E
n
e
r
g
y
,
c
o
n
s
u
m
e
r
s
t
a
p
l
e
s
a
n
d
r
e
a
l
e
s
t
a
t
e
po
s
t
e
d
n
e
g
a
t
i
v
e
r
e
t
u
r
n
s
f
o
r
t
h
e
p
e
r
i
o
d
r
e
t
u
r
n
i
n
g
-
2
.
9
%
,
-
1
.
4
%
a
n
d
-
0
.
5
%
re
s
p
e
c
t
i
v
e
l
y
.
C
o
m
m
u
n
i
c
a
t
i
o
n
s
s
e
r
v
i
c
e
s
a
n
d
h
e
a
l
t
h
c
a
r
e
w
e
r
e
t
h
e
b
e
s
t
pe
r
f
o
r
m
e
r
s
r
e
t
u
r
n
i
n
g
1
2
.
6
%
a
n
d
7
.
7
%
.
O
v
e
r
t
h
e
t
r
a
i
l
i
n
g
1
-
y
e
a
r
p
e
r
i
o
d
,
a
l
l
el
e
v
e
n
s
e
c
t
o
r
s
p
o
s
t
e
d
g
a
i
n
s
.
H
e
a
l
t
h
c
a
r
e
s
t
o
c
k
s
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
wi
t
h
i
n
t
h
e
R
u
s
s
e
l
l
2
0
0
0
f
o
r
t
h
e
t
r
a
i
l
i
n
g
y
e
a
r
r
e
t
u
r
n
i
n
g
a
s
o
l
i
d
2
9
.
1
%
.
Co
m
m
u
n
i
c
a
t
i
o
n
s
e
r
v
i
c
e
s
,
t
e
c
h
n
o
l
o
g
y
,
a
n
d
c
o
n
s
u
m
e
r
d
i
s
c
r
e
t
i
o
n
a
r
y
a
l
s
o
h
a
d
pa
r
t
i
c
u
l
a
r
l
y
r
o
b
u
s
t
r
e
t
u
r
n
s
f
o
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
.
Us
i
n
g
S
&
P
5
0
0
s
e
c
t
o
r
v
a
l
u
a
t
i
o
n
s
a
s
a
p
r
o
x
y
f
o
r
t
h
e
m
a
r
k
e
t
,
f
o
r
w
a
r
d
P
/
E
r
a
t
i
o
s
fo
r
s
e
v
e
n
o
f
t
h
e
e
l
e
v
e
n
G
I
C
S
s
e
c
t
o
r
s
w
e
r
e
h
i
g
h
e
r
t
h
a
n
t
h
e
i
r
l
o
n
g
-
t
e
r
m
av
e
r
a
g
e
s
a
t
q
u
a
r
t
e
r
-
e
n
d
.
U
s
i
n
g
t
h
e
s
e
h
i
s
t
o
r
i
c
a
l
P
/
E
m
e
a
s
u
r
e
s
,
t
h
e
u
t
i
l
i
t
ie
s
,
co
n
s
u
m
e
r
d
i
s
c
r
e
t
i
o
n
a
r
y
a
n
d
r
e
a
l
e
s
t
a
t
e
s
e
c
t
o
r
s
a
p
p
e
a
r
t
h
e
m
o
s
t
e
x
t
e
n
d
e
d
.
In
co
n
t
r
a
s
t
t
h
e
f
i
n
a
n
c
i
a
l
s
,
t
e
c
h
n
o
l
o
g
y
a
n
d
h
e
a
l
t
h
c
a
r
e
s
e
c
t
o
r
s
w
e
r
e
t
r
a
d
i
n
g
at
a
di
s
c
o
u
n
t
t
o
t
h
e
i
r
l
o
n
g
-
t
e
r
m
a
v
e
r
a
g
e
P
/
E
r
a
t
i
o
s
.
The Market Environment
GI
C
S
S
e
c
t
o
r
P
e
r
f
o
r
m
a
n
c
e
&
(
S
e
c
t
o
r
W
e
i
g
h
t
)
As of September 30, 2018
So
u
r
c
e
:
M
o
r
n
i
n
g
s
t
a
r
D
i
r
e
c
t
As
a
r
e
s
u
l
t
o
f
t
h
e
G
I
C
S
c
l
a
s
s
i
f
i
c
a
t
i
o
n
c
h
a
n
g
e
s
o
n
9
/
2
8
/
2
0
1
8
a
n
d
c
e
r
t
a
i
n
a
s
s
o
c
i
a
t
e
d
r
e
p
o
r
t
i
n
g
l
i
m
i
t
a
t
i
o
n
s
,
s
e
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
r
e
pr
e
s
e
n
t
s
b
a
c
k
w
a
r
d
l
o
o
k
i
n
g
p
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
p
r
i
o
r
y
e
a
r
o
f
e
a
c
h
se
c
t
o
r
’
s
c
u
r
r
e
n
t
c
o
n
s
t
i
t
u
e
n
c
y
,
post creation of the Communicat ion
Se
r
v
i
c
e
s
s
e
c
t
o
r
.
4.
1
%
4.
7
%
3.
7
%
37.3%
11
.
8
%
18.7%
8.
6
%
15.4%
3.
6
%
31.2%
13
.
3
%
2.
4
%
0.
6
%
-0
.
1
%
12
.
5
%
9.
7
%
14.3%
4.
1
%
0.
9
%
5.
5
%
7.
6
%
1.
4
%
-5
.
0
%
0
.
0
%
5
.
0
%
1
0
.
0
%
1
5
.
0
%
2
0
.
0
%
2
5
.
0
%
3
0
.
0
%
3
5
.
0
%
4
0
.
0
%
Ut
i
l
i
t
i
e
s
(
2
.
8
%
)
Re
a
l
E
s
t
a
t
e
(
3
.
5
%
)
Ma
t
e
r
i
a
l
s
(
2
.
9
%
)
In
f
o
T
e
c
h
n
o
l
o
g
y
(
2
0
.
6
%
)
In
d
u
s
t
r
i
a
l
s
(
1
0
.
0
%
)
He
a
l
t
h
C
a
r
e
(
1
3
.
9
%
)
Fi
n
a
n
c
i
a
l
s
(
1
3
.
9
%
)
En
e
r
g
y
(
5
.
9
%
)
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
(
6
.
4
%
)
Co
n
s
u
m
e
r
D
i
s
c
(
1
0
.
3
%
)
Co
m
m
S
e
r
v
i
c
e
s
(
9
.
7
%
)
Ru
s
s
e
l
l
1
0
0
0
Quarter 1-Year
6.
4
%
2.
9
%
5.
4
%
19.9%11.9%29.1%
7.
8
%
11.0%12.1%22.6%20.8%
3.
8
%
-0
.
5
%
1.
1
%
5.
8
%
4.
4
%
7.
7
%
0.
9
%
-2
.
9
%
-1
.
4
%
3.
7
%
12.6%
-5
.
0
%
0
.
0
%
5
.
0
%
1
0
.
0
%
1
5
.
0
%
2
0
.
0
%
2
5
.
0
%
3
0
.
0
%
Ut
i
l
i
t
i
e
s
(
3
.
1
%
)
Re
a
l
E
s
t
a
t
e
(
7
.
1
%
)
Ma
t
e
r
i
a
l
s
(
4
.
3
%
)
In
f
o
T
e
c
h
n
o
l
o
g
y
(
1
3
.
8
%
)
In
d
u
s
t
r
i
a
l
s
(
1
5
.
2
%
)
He
a
l
t
h
C
a
r
e
(
1
5
.
8
%
)
Fi
n
a
n
c
i
a
l
s
(
1
8
.
0
%
)
En
e
r
g
y
(
4
.
9
%
)
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
(
2
.
7
%
)
Co
n
s
u
m
e
r
D
i
s
c
(
1
2
.
2
%
)
Co
m
m
S
e
r
v
i
c
e
s
(
3
.
0
%
)
Ru
s
s
e
l
l
2
0
0
0
Quarter 1-Year
Pa
g
e
4
The Market Environment
To
p
1
0
I
n
d
e
x
W
e
i
g
h
t
s
&
Q
u
a
r
t
e
r
l
y
P
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
R
u
s
s
e
l
l
1
0
00 & 2000 As of September 30, 2018
So
u
r
c
e
:
M
o
r
n
i
n
g
s
t
a
r
D
i
r
e
c
t
To
p
1
0
W
e
i
g
h
t
e
d
S
t
o
c
k
s
To
p
1
0
W
e
i
g
h
t
e
d
S
t
o
c
k
s
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Ap
p
l
e
I
n
c
3
.
9
7
%
2
2
.
4
%
4
8
.
7
%
I
n
f
o
r
m
a
t
io
n
T
e
c
h
n
o
l
o
g
y
F
i
v
e
B
e
l
o
w
I
n
c
0
.
3
1%
3
3
.
1
%
1
3
7
.
0
%
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
Mi
c
r
o
s
o
f
t
C
o
r
p
3
.
1
5
%
1
6
.
4
%
5
6
.
3
%
I
n
f
o
rm
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
E
t
s
y
I
n
c
0
.
2
7
%
2
1
.
8
%
2
0
4
.
4
%
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
Am
a
z
o
n
.
c
o
m
I
n
c
2
.
9
6
%
1
7
.
8%
1
0
8
.
4
%
C
o
n
s
u
m
e
r
D
i
s
c
r
et
i
o
n
a
r
y
I
n
t
e
g
r
a
t
e
d
De
v
i
c
e
T
e
c
h
n
o
l
o
g
y
I
n
c
0
.
2
7
%
4
7
.
5
%
76.9% Information Technology
Be
r
k
s
h
i
r
e
H
a
t
h
a
w
a
y
I
n
c
B
1
.
5
1
%
1
4
.
7%
1
6
.
8
%
F
i
n
a
n
c
i
a
l
s
L
i
v
a
N
o
v
a
P
L
C
0
.
27
%
2
4
.
2
%
7
6
.
9
%
H
e
a
l
t
h
C
a
r
e
Fa
c
e
b
o
o
k
I
n
c
A
1
.
4
2
%
-
1
5
.
4
%
-
3
.
8
%
C
o
mm
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
H
a
e
m
o
n
e
t
i
c
s
Co
r
p
0
.
2
6
%
2
7
.
8
%
1
5
5
.
4
%
H
e
a
l
t
h
C
a
r
e
JP
M
o
r
g
a
n
C
h
a
s
e
&
C
o
1
.
3
7
%
8
.
9
%
2
0
.
7%
F
i
n
a
n
c
i
a
l
s
T
e
l
a
d
o
c
H
e
a
l
t
h
I
n
c
0
.
25
%
4
8
.
8
%
1
6
0
.
5
%
H
e
a
l
t
h
C
a
r
e
Jo
h
n
s
o
n
&
J
o
h
n
s
o
n
1.
3
5
%
1
4
.
6
%
9
.
1
%
H
e
a
l
t
h
C
a
r
e
L
i
g
a
n
d
P
h
a
r
m
a
c
e
u
t
i
c
a
l
s
I
n
c
0
.
2
5
%
3
2
.
5
%
1
0
1
.
6
%
H
e
a
l
t
h
C
a
r
e
Al
p
h
a
b
e
t
I
n
c
C
l
a
s
s
C
1
.
3
2
%
7
.
0
%
2
4
.
4%
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
H
u
b
S
p
o
t
I
n
c
0
.
2
4
%
2
0
.
4
%
7
9
.
6
%
I
n
f
o
rmation Technology
Al
p
h
a
b
e
t
I
n
c
A
1
.
3
1
%
6
.
9
%
2
4
.
0
%
C
o
m
m
u
n
i
ca
t
i
o
n
S
e
r
v
i
c
e
s
P
r
i
m
e
r
i
c
a
I
n
c
0.
2
3
%
2
1
.
3
%
4
9
.
2
%
F
i
n
a
n
c
i
a
l
s
Ex
x
o
n
M
o
b
i
l
C
o
r
p
1
.
3
1
%
3
.
8
%
7
.
9
%
E
ne
r
g
y
H
e
a
l
t
h
E
q
u
i
t
y
I
n
c
0
.
2
2
%
2
5
.
7
%
8
6
.7% Health Care
To
p
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
To
p
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Ad
v
a
n
c
e
d
M
i
c
r
o
D
e
v
i
c
e
s
I
n
c
0
.
1
0
%
10
6
.
1
%
1
4
2
.
3
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
gy
C
a
r
e
D
x
I
n
c
0
.
0
4
%
1
3
5
.
7
%
6
7
9
.
7
%
H
e
a
l
t
h
C
a
r
e
Sq
u
a
r
e
I
n
c
A
0
.
1
0
%
6
0
.
6
%
2
4
3
.
7
%
I
n
f
o
r
m
at
i
o
n
T
e
c
h
n
o
l
o
g
y
R
e
a
t
a
P
h
a
r
m
a
c
eu
t
i
c
a
l
s
I
n
c
A
0
.
0
7
%
1
3
3
.
8
%
1
6
2
.
9
%
H
e
a
l
t
h
C
a
r
e
Pa
y
c
o
m
S
o
f
t
w
a
r
e
I
n
c
0
.
0
3
%
5
7
.
2
%
1
0
7
.
3%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
I
n
v
i
t
a
e
C
o
r
p
0
.
0
5
%
1
2
7
.
6
%
7
8
.
5
%
H
e
a
l
t
h
C
a
r
e
Tw
i
l
i
o
I
n
c
A
0
.
0
2
%
5
4
.
0
%
1
8
9
.
0
%
I
n
f
o
r
m
at
i
o
n
T
e
c
h
n
o
l
o
g
y
R
i
g
N
e
t
I
n
c
0
.
0
1%
9
7
.
6
%
1
8
.
3
%
E
n
e
r
g
y
At
l
a
s
s
i
a
n
C
o
r
p
o
r
a
t
i
o
n
P
L
C
A
0
.
0
3
%
53
.
8
%
1
7
3
.
5
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
gy
T
a
n
d
e
m
D
i
a
b
e
t
e
s
C
a
r
e
I
n
c
0
.1
0
%
9
4
.
6
%
4
8
6
.
8
%
H
e
a
l
t
h
C
a
r
e
Mo
l
i
n
a
H
e
a
l
t
h
c
a
r
e
I
n
c
0
.
0
3
%
5
1
.
8
%
1
1
6
.
3
%
H
e
a
l
t
h
C
a
r
e
H
e
a
l
t
h
I
n
s
u
r
a
n
c
e
I
n
n
o
v
a
t
i
o
n
s
I
n
c
0
.
03
%
9
0
.
6
%
3
2
5
.
2
%
F
i
n
a
n
c
i
a
l
s
De
x
C
o
m
I
n
c
0
.
0
5
%
5
0
.
6
%
1
9
2
.
4
%
H
e
a
l
t
h
C
ar
e
F
u
n
k
o
I
n
c
C
l
a
s
s
A
0
.
0
1
%
8
8
.
8
%
N
/
A
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
Ma
t
c
h
G
r
o
u
p
I
n
c
0
.
0
1
%
4
9
.
5%
1
4
9
.
7
%
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
L
S
B
I
n
d
u
s
t
rie
s
I
n
c
0
.
0
1
%
8
4
.
5
%
2
3
.
2
%
M
a
t
e
r
i
a
l
s
Fo
r
t
i
n
e
t
I
n
c
0
.
0
5
%
4
7
.
8
%
1
5
7
.
4
%
I
n
f
o
r
m
at
i
o
n
T
e
c
h
n
o
l
o
g
y
V
i
k
i
n
g
T
h
e
r
a
p
eu
t
i
c
s
I
n
c
0
.
0
4
%
8
3
.
6
%
8
1
2
.
0
%
H
e
a
l
t
h
C
a
r
e
IA
C
/
I
n
t
e
r
A
c
t
i
v
e
C
o
r
p
0
.
0
6
%
4
2
.
1
%
8
4
.
3%
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
R
a
P
h
a
r
ma
c
e
u
t
i
c
a
l
s
I
n
c
0
.
0
1
%
81
.
8
%
2
3
.
9
%
H
e
a
l
t
h
C
a
r
e
Bo
t
t
o
m
1
0
P
e
r
f
o
r
m
i
n
g
S
t
oc
k
s
(
b
y
Q
u
a
r
t
e
r
)
B
o
tt
o
m
1
0
P
e
r
f
o
r
m
i
n
g
S
t
oc
k
s
(
b
y
Q
u
a
r
t
e
r
)
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Flo
o
r
&
D
e
c
o
r
H
o
l
d
i
n
g
s
I
n
c
0
.
0
1
%
-
38
.
8
%
-
2
2
.
5
%
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
ry
V
i
t
a
l
T
h
e
r
a
p
i
e
s
I
n
c
0
.
0
0
%
-
9
6
.
0
%
-
9
4
.
5
%
H
e
a
l
t
h
C
a
r
e
Tw
i
t
t
e
r
I
n
c
0
.
0
7
%
-
3
4
.
8
%
6
8
.
7
%
C
o
m
m
un
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
G
T
x
I
n
c
0
.
0
0
%
-
8
9.
7
%
-
8
1
.
4
%
H
e
a
l
t
h
C
a
r
e
IP
G
P
h
o
t
o
n
i
c
s
C
o
r
p
0
.
0
2
%
-
2
9
.
3
%
-
1
5
.
7%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
A
m
p
i
o
Ph
a
r
m
a
c
e
u
t
i
c
a
l
s
I
n
c
0
.
0
0
%
-7
6
.
9
%
-
1
6
.
9
%
H
e
a
l
t
h
C
a
r
e
Vi
s
t
e
o
n
C
o
r
p
0
.
0
1
%
-
2
8
.
1
%
-
2
4
.
9
%
C
o
n
s
um
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
I
n
n
o
v
a
t
e
B
i
o
ph
a
r
m
a
c
e
u
t
i
c
a
l
s
I
n
c
0
.
0
1
%
-
7
1
.
0
%
-
2
.
4
%
H
e
a
l
t
h
C
a
r
e
Zil
l
o
w
G
r
o
u
p
I
n
c
A
0
.
0
1
%
-
2
6
.
0
%
1
0
.
1
%
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
Z
i
o
n
O
i
l
&
G
a
s
I
n
c
0
.
0
0
%
-
6
8
.
4
%
-
6
2
.
5
%
E
n
e
r
g
y
Zil
l
o
w
G
r
o
u
p
I
n
c
C
0
.
0
2
%
-
2
5
.
1
%
1
0
.
0
%
C
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
E
n
d
o
l
o
g
ix
I
n
c
0
.
0
1
%
-
6
6
.
3
%
-
5
7
.
2
%
H
e
a
l
t
h
C
a
r
e
We
s
t
e
r
n
D
i
g
i
t
a
l
C
o
r
p
0
.
0
6
%
-
2
3
.
7
%
-3
0
.
4
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
L
a
n
n
et
t
C
o
I
n
c
0
.
0
1
%
-
6
5
.
1
%
-
7
4
.
3
%
H
e
a
l
t
h
C
a
r
e
Wy
n
n
R
e
s
o
r
t
s
L
t
d
0
.
0
5
%
-
2
3
.
7
%
-
1
3
.
3
%
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
M
a
i
d
e
n
H
ol
d
i
n
g
s
L
t
d
0
.
0
1
%
-
6
2
.
6
%
-
6
1
.
1
%
F
i
n
a
n
c
i
a
l
s
Ex
t
r
a
c
t
i
o
n
O
i
l
&
G
a
s
I
n
c
0
.
0
0
%
-
23
.
1
%
-
2
6
.
6
%
E
n
e
r
g
y
D
i
e
b
o
l
d
N
i
x
d
o
r
f
In
c
0
.
0
2
%
-
6
2
.
3
%
-
8
0
.
1
%
I
n
formation Technology
Te
s
l
a
I
n
c
0
.
1
3
%
-
2
2
.
8
%
-
2
2
.
4
%
C
o
n
s
u
m
er
D
i
s
c
r
e
t
i
o
n
a
r
y
S
e
a
r
s
H
o
l
d
i
n
g
s
Co
r
p
0
.
0
0
%
-
5
9
.
2
%
-
8
6
.
7
%
C
onsumer Discretionary
Pa
g
e
5
So
u
r
c
e
:
M
S
C
I
G
l
o
b
a
l
I
n
d
e
x
M
o
n
i
t
o
r
(
R
e
t
u
r
n
s
a
r
e
N
e
t
)
Br
o
a
d
i
n
t
e
r
n
a
t
i
o
n
a
l
e
q
u
i
t
y
r
e
t
u
r
n
s
w
e
r
e
m
i
x
e
d
f
o
r
t
h
e
q
u
a
r
t
e
r
.
M
o
s
t
d
e
v
e
l
op
e
d
ma
r
k
e
t
s
w
e
r
e
p
o
s
i
t
i
v
e
i
n
l
o
c
a
l
c
u
r
r
e
n
c
y
a
n
d
U
S
D
t
e
r
m
s
w
h
e
r
e
a
s
e
m
e
r
g
i
n
g
ma
r
k
e
t
s
w
e
r
e
n
e
g
a
t
i
v
e
i
n
b
o
t
h
l
o
c
a
l
c
u
r
r
e
n
c
y
a
n
d
U
S
D
t
e
r
m
s
.
P
e
r
f
o
r
m
a
n
c
e
wa
s
l
a
r
g
e
l
y
d
r
i
v
e
n
b
y
t
h
e
s
a
m
e
c
a
t
a
l
y
s
t
s
a
s
t
h
e
U
S
e
q
u
i
t
y
m
a
r
k
e
t
s
f
o
r
t
h
e
se
c
o
n
d
s
t
r
a
i
g
h
t
q
u
a
r
t
e
r
.
W
e
s
a
w
g
l
o
b
a
l
m
a
c
r
o
e
c
o
n
o
m
i
c
d
a
t
a
s
l
o
w
,
b
u
t
r
e
m
a
i
n
ge
n
e
r
a
l
l
y
p
o
s
i
t
i
v
e
t
h
r
o
u
g
h
t
h
e
p
e
r
i
o
d
,
w
i
t
h
r
e
t
u
r
n
s
b
e
i
n
g
t
e
m
p
e
r
e
d
b
y
g
l
o
ba
l
tr
a
d
e
t
e
n
s
i
o
n
s
a
n
d
o
n
g
o
i
n
g
p
o
l
i
t
i
c
a
l
un
c
e
r
t
a
i
n
t
y
.
T
h
e
U
S
D
c
o
n
t
i
n
u
e
d
t
o
st
r
e
n
g
t
h
e
n
a
g
a
i
n
s
t
m
o
s
t
c
u
r
r
e
n
c
i
e
s
f
o
r
t
h
e
p
e
r
i
o
d
a
s
r
e
l
a
t
i
v
e
l
y
s
t
r
o
n
g
U
S
ec
o
n
o
m
i
c
f
u
n
d
a
m
e
n
t
a
l
s
a
n
d
t
h
e
c
o
n
t
i
n
u
e
d
d
i
v
e
r
g
e
n
c
e
i
n
g
l
o
b
a
l
m
o
n
e
t
a
r
y
po
l
i
c
y
h
u
r
t
U
S
i
n
v
e
s
t
o
r
s
i
n
i
n
t
e
r
n
a
t
i
o
n
a
l
m
a
r
k
e
t
s
.
T
h
e
M
S
C
I
A
C
W
I
e
x
U
S
I
n
d
e
x
ga
i
n
e
d
1
.
5
%
i
n
l
o
c
a
l
c
u
r
r
e
n
c
y
t
e
r
m
s
a
n
d
0
.
7
%
i
n
U
S
D
t
e
r
m
s
d
u
r
i
n
g
t
h
e
3
r
d
qu
a
r
t
e
r
.
R
e
t
u
r
n
s
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
a
r
e
m
o
d
e
s
t
l
y
p
o
s
i
t
i
v
e
i
n
b
o
t
h
l
o
c
a
l
cu
r
r
e
n
c
y
a
n
d
U
S
D
t
e
r
m
s
w
i
t
h
t
h
e
M
S
C
I
A
C
W
I
e
x
U
S
r
e
t
u
r
n
i
n
g
4
.
5
%
a
n
d
1
.
8
%
re
s
p
e
c
t
i
v
e
l
y
.
Th
i
r
d
q
u
a
r
t
e
r
r
e
s
u
l
t
s
f
o
r
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
i
n
t
e
r
n
a
t
i
o
n
a
l
i
n
d
i
c
e
s
w
e
r
e
p
o
si
t
i
v
e
in
l
o
c
a
l
c
u
r
r
e
n
c
y
t
e
r
m
s
a
n
d
U
S
D
t
e
r
m
s
w
i
t
h
t
h
e
M
S
C
I
E
A
F
E
I
n
d
e
x
r
e
t
u
r
n
i
n
g
2.
4
%
a
n
d
1
.
4
%
r
e
s
p
e
c
t
i
v
e
l
y
.
R
e
t
u
r
ns
w
e
r
e
d
a
m
p
e
n
e
d
f
o
r
U
S
i
n
v
e
s
t
o
r
s
a
s
co
n
t
i
n
u
e
d
s
t
r
e
n
g
t
h
i
n
t
h
e
U
S
D
p
u
s
h
e
d
r
e
t
u
r
n
s
l
o
w
e
r
.
D
e
v
e
l
o
p
e
d
m
a
r
k
e
t
s
w
e
r
e
pu
s
h
e
d
h
i
g
h
e
r
b
y
b
r
o
a
d
l
y
p
o
s
i
t
i
v
e
,
b
u
t
s
l
o
w
i
n
g
,
g
l
o
b
a
l
e
c
o
n
o
m
i
c
a
n
d
e
a
r
n
i
ng
s
da
t
a
d
e
s
p
i
t
e
s
e
v
e
r
a
l
s
i
g
n
i
f
i
c
a
n
t
p
o
l
i
t
i
c
a
l
e
v
e
n
t
s
i
n
E
u
r
o
p
e
d
u
r
i
n
g
t
h
e
q
u
ar
t
e
r
.
Co
n
c
e
r
n
s
o
v
e
r
a
“
n
o
d
e
a
l
”
B
r
e
x
i
t
a
n
d
w
o
r
r
i
e
s
o
v
e
r
a
p
e
n
d
i
n
g
b
u
d
g
e
t
a
p
p
r
o
v
a
l
in
I
t
a
l
y
w
e
i
g
h
e
d
o
n
r
e
t
u
r
n
s
,
w
h
i
l
e
m
a
r
k
e
t
s
w
e
r
e
e
n
c
o
u
r
a
g
e
d
b
y
p
r
o
g
r
e
s
s
i
n
tr
a
d
e
n
e
g
o
t
i
a
t
i
o
n
s
b
e
t
w
e
e
n
t
h
e
U
S
a
n
d
t
h
e
e
u
r
o
z
o
n
e
a
n
d
s
i
g
n
s
o
f
c
o
n
t
i
n
u
e
d
po
l
i
t
i
c
a
l
s
t
a
b
i
l
i
t
y
i
n
J
a
p
a
n
.
T
h
e
M
S
C
I
E
A
F
E
I
n
d
e
x
r
e
t
u
r
n
e
d
5
.
1
%
a
n
d
2
.
7
%
f
o
r
th
e
l
a
s
t
t
w
e
l
v
e
m
o
n
t
h
s
i
n
l
o
c
a
l
c
u
r
r
e
n
c
y
a
n
d
U
S
D
t
e
r
m
s
r
e
s
p
e
c
t
i
v
e
l
y
.
Em
e
r
g
i
n
g
m
a
r
k
e
t
s
u
n
d
e
r
p
e
r
f
o
r
m
e
d
r
e
l
a
t
iv
e
t
o
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
s
f
o
r
t
h
e
3
r
d
qu
a
r
t
e
r
,
p
o
s
t
i
n
g
a
f
l
a
t
r
e
t
u
r
n
i
n
l
o
c
a
l
c
u
r
r
e
n
c
y
t
e
r
m
s
t
h
a
t
w
a
s
e
x
a
c
e
r
b
a
t
e
db
y
th
e
r
i
s
i
n
g
U
S
D
.
T
h
e
M
S
C
I
E
m
e
r
g
i
n
g
M
a
r
k
e
t
s
I
n
d
e
x
r
e
t
u
r
n
e
d
0
.
0
%
a
n
d
-
1
.
1
%
in
l
o
c
a
l
c
u
r
r
e
n
c
y
a
n
d
U
S
D
t
e
r
m
s
r
e
s
p
e
c
t
i
v
e
l
y
.
R
e
t
u
r
n
s
i
n
e
m
e
r
g
i
n
g
m
a
r
k
e
t
s
we
r
e
t
h
e
h
u
r
t
b
y
t
h
e
d
e
t
e
r
i
o
r
a
t
i
o
n
i
n
t
r
a
d
e
n
e
g
o
t
i
a
t
i
o
n
s
b
e
t
w
e
e
n
t
h
e
U
S
a
n
d
Ch
i
n
a
f
o
l
l
o
w
e
d
b
y
s
e
v
e
r
a
l
r
o
u
n
d
s
o
f
n
e
w
t
a
r
i
f
f
s
e
n
a
c
t
e
d
b
y
b
o
t
h
c
o
u
n
t
r
i
e
s
.
Em
e
r
g
i
n
g
m
a
r
k
e
t
s
t
o
c
k
s
w
e
r
e
a
l
s
o
n
e
g
a
t
i
v
e
l
y
a
f
f
e
c
t
e
d
b
y
r
i
s
i
n
g
U
S
i
n
t
e
r
e
s
t
ra
t
e
s
c
o
u
p
l
e
d
w
i
t
h
a
n
a
p
p
r
e
c
i
a
t
i
n
g
U
S
D
.
M
a
n
y
e
m
e
r
g
i
n
g
m
a
r
k
e
t
c
o
u
n
t
r
i
e
s
a
n
d
co
m
p
a
n
i
e
s
i
s
s
u
e
d
e
b
t
d
e
n
o
m
i
n
a
t
e
d
i
n
U
S
D
a
n
d
t
h
e
c
o
m
b
i
n
a
t
i
o
n
o
f
h
i
g
h
e
r
in
t
e
r
e
s
t
r
a
t
e
s
a
n
d
a
r
e
l
a
t
i
v
e
l
y
w
e
a
k
e
r
l
o
c
a
l
c
u
r
r
e
n
c
y
c
a
n
p
u
t
s
t
r
e
s
s
o
n
t
h
e
ba
l
a
n
c
e
s
h
e
e
t
s
o
f
t
h
e
s
e
b
o
r
r
o
w
e
r
s
,
e
s
p
e
c
i
a
l
l
y
t
h
o
s
e
h
e
a
v
i
l
y
d
e
p
e
n
d
e
n
t
o
n
ex
t
e
r
n
a
l
c
a
p
i
t
a
l
.
T
h
i
s
w
a
s
p
a
r
t
i
c
u
l
a
r
l
y
p
r
o
b
l
e
m
a
t
i
c
f
o
r
T
u
r
k
e
y
,
A
r
g
e
n
t
i
na
a
n
d
So
u
t
h
A
f
r
i
c
a
d
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
w
it
h
A
r
g
e
n
t
i
n
a
h
a
v
i
n
g
t
o
e
x
p
e
d
i
t
e
t
h
e
i
r
re
q
u
e
s
t
f
o
r
a
n
e
m
e
r
g
e
n
c
y
b
a
i
l
o
u
t
o
f
$
5
0
b
i
l
l
i
o
n
f
r
o
m
t
h
e
W
o
r
l
d
M
o
n
e
t
a
r
y
F
u
n
d.
In
p
o
s
i
t
i
v
e
n
e
w
s
,
M
e
x
i
c
o
a
n
d
t
h
e
U
S
m
a
d
e
p
r
o
g
r
e
s
s
t
o
w
a
r
d
t
h
e
r
e
n
e
g
o
t
i
a
t
i
o
n
of
N
A
F
T
A
.
O
n
e
y
e
a
r
r
e
t
u
r
n
s
f
o
r
t
h
e
M
S
C
I
E
m
e
r
g
i
n
g
M
a
r
k
e
t
I
n
d
e
x
w
e
r
e
2
.
7
%
in
l
o
c
a
l
c
u
r
r
e
n
c
y
t
e
r
m
s
a
n
d
-
0
.
8
%
i
n
U
S
D
t
e
r
m
s
.
The Market Environment
In
t
e
r
n
a
t
i
o
n
a
l
a
n
d
R
e
g
i
o
n
a
l
M
a
r
ke
t
I
n
d
e
x
P
e
r
f
o
r
m
a
n
c
e
(
C
o
u
n
t
r
y
C
o
unt)As September 30, 2018 5.6%
-1
.
2
%
1.8%
0.
0
%
4.4%
1.
2
%
2.4%2.1%
1.
5
%
4.8%
-1
.
8
%
-1
.
6
%
-1
.
1
%
2.3%
0.
8
%
1.
4
%
1.
3
%
0.
7
%
-4
.
0
%
-
2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
8
.
0
%
EM
L
a
t
i
n
A
m
e
r
(
5
)
EM
A
s
i
a
(
9
)
EM
E
M
E
A
(
1
0
)
Em
e
r
g
i
n
g
M
k
t
(
2
4
)
Pa
c
i
f
i
c
(
5
)
Eu
r
o
p
e
&
M
E
(
1
6
)
EA
F
E
(
2
1
)
WO
R
L
D
x
U
S
(
2
2
)
AC
W
o
r
l
d
x
U
S
(
4
6
)
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
USD Local Currency 4.8%
1.
9
%
5.6%2.7%10.7%2.1%5.1%5.1%4.5%
-9
.
1
%
1.
0
%
-2
.
2
%
-0
.
8
%
8.2%
-0
.
2
%
2.7%2.7%
1.
8
%
-1
0
.
0
%
-
5
.
0
%
0
.
0
%
5
.
0
%
1
0
.
0
%
1
5
.
0
%
EM
L
a
t
i
n
A
m
e
r
(
5
)
EM
A
s
i
a
(
9
)
EM
E
M
E
A
(
1
0
)
Em
e
r
g
i
n
g
M
k
t
(
2
4
)
Pa
c
i
f
i
c
(
5
)
Eu
r
o
p
e
&
M
E
(
1
6
)
EA
F
E
(
2
1
)
WO
R
L
D
x
U
S
(
2
2
)
AC
W
o
r
l
d
x
U
S
(
4
6
)
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
USD Local Currency
Pa
g
e
6
The Market Environment
US
D
o
l
l
a
r
I
n
t
e
r
n
a
t
i
o
n
a
l
I
n
d
e
x
A
t
t
r
i
b
u
t
i
o
n
&
C
o
u
n
t
r
y
D
e
t
a
i
l
As of September 30, 2018
So
u
r
c
e
:
M
o
r
n
i
n
g
s
t
a
r
D
i
r
e
c
t
,
M
S
C
I
G
l
o
b
a
l
I
n
d
e
x
M
o
n
i
t
o
r
(
R
e
t
u
r
n
s
a
r
e
N
e
t
i
n
U
S
D
)
As
a
r
e
s
u
l
t
o
f
t
h
e
G
I
C
S
c
l
a
s
s
i
f
i
c
a
t
i
o
n
c
h
a
n
g
e
s
o
n
9
/
2
8
/
2
0
1
8
a
n
d
c
e
r
t
a
i
n
a
s
s
o
c
i
a
t
e
d
r
e
p
o
r
t
i
n
g
l
i
m
i
t
a
t
i
o
n
s
,
s
e
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
r
e
pr
e
s
e
n
t
s
b
a
c
k
w
a
r
d
l
o
o
k
i
n
g
p
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
p
r
i
o
r
y
e
a
r
o
f
e
a
c
h
se
c
t
o
r
’
s
c
u
r
r
e
n
t
c
o
n
s
t
i
t
u
e
n
c
y
,
post creation of the Communicat ion
Se
r
v
i
c
e
s
s
e
c
t
o
r
.
MS
C
I
-
E
A
F
E
M
S
C
I
-
A
C
W
I
x
U
S
Q
u
a
r
t
e
r
1
-
Y
e
a
r
Co
u
n
t
r
y
W
e
i
g
h
t
W
e
i
g
h
t
R
e
t
u
r
n
R
e
t
u
r
n
Ja
p
a
n
2
4
.
6
%
1
6
.
9
%
3
.
7
%
1
0
.
2
%
Un
i
t
e
d
K
i
n
g
d
o
m
1
7
.
5
%
1
2
.
0
%
-
1
.
7
%
2
.
9
%
Fr
a
n
c
e
1
1
.
2
%
7
.
7
%
2
.
8
%
4
.
2
%
Ge
r
m
a
n
y
9
.
4
%
6
.
5
%
-
0
.
6
%
-
5
.
4
%
Sw
i
t
z
e
r
l
a
n
d
8
.
3
%
5
.
7
%
7
.
3
%
1
.
6
%
Au
s
t
r
a
l
i
a
6
.
8
%
4
.
7
%
-
0
.
9
%
4
.
4
%
Ho
n
g
K
o
n
g
3
.
5
%
2
.
4
%
-
1
.
0
%
2
.
9
%
Ne
t
h
e
r
l
a
n
d
s
3
.
3
%
2
.
3
%
-
1
.
5
%
-
1
.
6
%
Sp
a
i
n
3
.
0
%
2
.
0
%
-
2
.
4
%
-
9
.
7
%
Sw
e
d
e
n
2
.
7
%
1
.
9
%
7
.
0
%
-
3
.
3
%
It
a
l
y
2
.
3
%
1
.
6
%
-
4
.
5
%
-
8
.
9
%
De
n
m
a
r
k
1
.
7
%
1
.
2
%
2
.
3
%
-
4
.
2
%
Si
n
g
a
p
o
r
e
1
.
3
%
0
.
9
%
2
.
2
%
6
.
9
%
Fin
l
a
n
d
1
.
1
%
0
.
7
%
3
.
2
%
1
0
.
3
%
Be
l
g
i
u
m
1
.
0
%
0
.
7
%
-
5
.
2
%
-
1
1
.
8
%
No
r
w
a
y
0
.
8
%
0
.
5
%
6
.
7
%
1
3
.
7
%
Is
r
a
e
l
0
.
6
%
0
.
4
%
5
.
1
%
1
4
.
9
%
Ir
e
l
a
n
d
0
.
5
%
0
.
4
%
-
5
.
4
%
-
6
.
1
%
Au
s
t
r
i
a
0
.
2
%
0
.
2
%
0
.
2
%
-
3
.
1
%
Ne
w
Z
e
a
l
a
n
d
0
.
2
%
0
.
2
%
2
.
4
%
4
.
4
%
Po
r
t
u
g
a
l
0
.
2
%
0
.
1
%
-
0
.
6
%
1
.
7
%
To
t
a
l
E
A
F
E
C
o
u
n
t
r
i
e
s
1
0
0
.
0
%
6
8
.
7
%
1
.
4
%
2
.
7
%
Ca
n
a
d
a
6
.
7
%
0
.
8
%
1
.
9
%
To
t
a
l
D
e
v
e
l
o
p
e
d
C
o
u
n
t
r
i
e
s
7
5
.
3
%
1
.
3
%
2
.
7
%
Ch
i
n
a
7
.
6
%
-
7
.
5
%
-
2
.
2
%
Ko
r
e
a
3
.
7
%
0
.
7
%
1
.
4
%
Ta
i
w
a
n
3
.
0
%
6
.
5
%
9
.
7
%
In
d
i
a
2
.
1
%
-
2
.
3
%
1
.
1
%
Br
a
z
i
l
1
.
5
%
6
.
1
%
-
1
4
.
0
%
So
u
t
h
A
f
r
i
c
a
1
.
5
%
-
7
.
4
%
-
5
.
1
%
Ru
s
s
i
a
0
.
9
%
6
.
2
%
1
3
.
7
%
Me
x
i
c
o
0
.
8
%
6
.
9
%
-
4
.
4
%
Th
a
i
l
a
n
d
0
.
6
%
1
3
.
6
%
1
5
.
2
%
Ma
l
a
y
s
i
a
0
.
6
%
3
.
8
%
7
.
6
%
In
d
o
n
e
s
i
a
0
.
5
%
2
.
0
%
-
1
0
.
4
%
Po
l
a
n
d
0
.
3
%
1
0
.
6
%
-
5
.
0
%
Ch
i
l
e
0
.
3
%
-
2
.
0
%
-
5
.
7
%
Ph
i
l
i
p
p
i
n
e
s
0
.
2
%
1
.
0
%
-
1
5
.
6
%
Qa
t
a
r
0
.
2
%
1
2
.
8
%
2
5
.
3
%
Un
i
t
e
d
A
r
a
b
E
m
i
r
a
t
e
s
0
.
2
%
3
.
1
%
-
6
.
9
%
Tu
r
k
e
y
0
.
2
%
-
2
0
.
5
%
-
4
1
.
7
%
Co
l
o
m
b
i
a
0
.
1
%
-
2
.
5
%
1
0
.
0
%
Pe
r
u
0
.
1
%
-
2
.
1
%
1
2
.
2
%
Gr
e
e
c
e
0
.
1
%
-
1
7
.
6
%
-
1
4
.
8
%
Hu
n
g
a
r
y
0
.
1
%
4
.
7
%
-
5
.
0
%
Cz
e
c
h
R
e
p
u
b
l
i
c
0.
1
%
4
.
0
%
1
2
.
8
%
Eg
y
p
t
0
.
0
%
-
6
.
8
%
-
7
.
1
%
Pa
k
i
s
t
a
n
0
.
0
%
-
4
.
9
%
-
2
0
.
6
%
To
t
a
l
E
m
e
r
g
i
n
g
C
o
u
n
t
r
i
e
s
2
4
.
7
%
-
1
.
1
%
-
0
.
8
%
To
t
a
l
A
C
W
I
x
U
S
C
o
u
n
t
r
i
e
s
1
0
0
.
0
%
0
.
7
%
1
.
8
%
MS
C
I
-
E
A
F
E
S
e
c
t
o
r
W
e
i
g
h
t
Q
u
a
r
te
r
R
e
t
u
r
n
1
-
Y
e
a
r
R
e
t
u
r
n
Co
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
5.
4
%
3
.
3
%
-
2
.
4
%
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
11
.
1
%
-
0
.
5
%
3
.
3
%
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
11
.
3
%
-
0
.
1
%
2
.
5
%
En
e
r
g
y
6.
0
%
3
.
5
%
2
4
.
6
%
Fin
a
n
c
i
a
l
s
19
.
8
%
0
.
9
%
-
4
.
0
%
He
a
l
t
h
C
a
r
e
10
.
9
%
5
.
6
%
7
.
1
%
In
d
u
s
t
r
i
a
l
s
14
.
3
%
2
.
6
%
4
.
2
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
6.
2
%
0
.
3
%
7
.
4
%
Ma
t
e
r
i
a
l
s
8.
1
%
0
.
4
%
5
.
1
%
Re
a
l
E
s
t
a
t
e
3.
5
%
-
3
.
0
%
1
.
0
%
Ut
i
l
i
t
i
e
s
3.
3
%
-
0
.
6
%
0
.
7
%
To
t
a
l
1
0
0
.
0
%
1
.
4
%
2
.
7
%
MS
C
I
-
A
C
W
I
x
U
S
S
e
c
t
o
r
W
e
i
g
h
t
Q
u
a
r
t
e
r
R
e
t
u
rn
1
-
Y
e
a
r
R
e
t
u
r
n
Co
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
7.
6
%
-
3
.
0
%
-
4
.
1
%
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
10
.
7
%
-
3
.
2
%
-
1
.
4
%
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
9.
7
%
-
0
.
6
%
1
.
6
%
En
e
r
g
y
7.
1
%
4
.
1
%
1
8
.
3
%
Fin
a
n
c
i
a
l
s
22
.
0
%
1
.
7
%
-
1
.
9
%
He
a
l
t
h
C
a
r
e
8.
3
%
4
.
5
%
7
.
6
%
In
d
u
s
t
r
i
a
l
s
11
.
7
%
2
.
8
%
3
.
8
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
8.
5
%
1
.
3
%
5
.
6
%
Ma
t
e
r
i
a
l
s
8.
2
%
0
.
4
%
5
.
2
%
Re
a
l
E
s
t
a
t
e
3.
2
%
-
3
.
5
%
-
2
.
7
%
Ut
i
l
i
t
i
e
s
3.
0
%
-
0
.
9
%
-
1
.
2
%
To
t
a
l
1
0
0
.
0
%
0
.
7
%
1
.
8
%
MS
C
I
-
E
m
e
r
g
i
n
g
M
k
t
S
e
c
t
o
r
W
e
i
g
h
t
Qu
a
r
t
e
r
R
e
t
u
r
n
1
-
Y
e
a
r
R
e
t
u
r
n
Co
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
14
.
8
%
-
9
.
4
%
-
6
.
0
%
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
11
.
3
%
-
9
.
9
%
-
1
3
.
2
%
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
6.
7
%
-
2
.
9
%
-
1
.
9
%
En
e
r
g
y
6.
3
%
1
4
.
5
%
2
6
.
0
%
Fin
a
n
c
i
a
l
s
23
.
3
%
1
.
5
%
0
.
4
%
He
a
l
t
h
C
a
r
e
3.
1
%
-
7
.
2
%
1
1
.
4
%
In
d
u
s
t
r
i
a
l
s
5.
3
%
2
.
5
%
-
4
.
3
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
15
.
9
%
2
.
2
%
2
.
3
%
Ma
t
e
r
i
a
l
s
7.
8
%
4
.
5
%
8
.
6
%
Re
a
l
E
s
t
a
t
e
2.
9
%
-
5
.
6
%
-
1
5
.
1
%
Ut
i
l
i
t
i
e
s
2.
5
%
-
1
.
9
%
-
5
.
4
%
To
t
a
l
1
0
0
.
0
%
-
1
.
1
%
-
0
.
8
%
Pa
g
e
7
So
u
r
c
e
:
B
l
o
o
m
b
e
r
g
The Market Environment
Do
m
e
s
t
i
c
B
o
n
d
S
e
c
t
o
r
&
B
r
o
a
d
/
G
l
o
b
a
l
B
o
n
d
M
a
r
k
e
t
P
e
r
f
o
r
m
a
n
c
e
(
D
u
ration)As of September 30, 2018
Br
o
a
d
f
i
x
e
d
i
n
c
o
m
e
b
e
n
c
h
m
a
r
k
s
h
a
d
m
i
x
e
d
r
e
s
u
l
t
s
d
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
.
In
t
e
r
e
s
t
r
a
t
e
s
r
o
s
e
a
c
r
o
s
s
a
l
l
m
a
t
u
r
i
t
i
e
s
o
n
t
h
e
U
S
T
r
e
a
s
u
r
y
Y
i
e
l
d
C
u
r
v
e
.
T
he
Fe
d
e
r
a
l
O
p
e
n
M
a
r
k
e
t
C
o
m
m
i
t
t
e
e
(
F
O
M
C
)
,
d
e
c
i
d
e
d
t
o
i
n
c
r
e
a
s
e
s
h
o
r
t
-
t
e
r
m
in
t
e
r
e
s
t
r
a
t
e
s
b
y
2
5
b
a
s
i
s
p
o
i
n
t
s
a
t
t
h
e
i
r
S
e
p
t
e
m
b
e
r
m
e
e
t
i
n
g
c
i
t
i
n
g
c
o
n
t
i
n
ue
d
st
r
e
n
g
t
h
i
n
t
h
e
e
c
o
n
o
m
y
a
n
d
s
t
a
b
l
e
i
n
f
l
a
t
i
o
n
.
T
h
i
s
i
s
t
h
e
t
h
i
r
d
r
a
t
e
h
i
k
e
o
f
20
1
8
.
Th
e
c
u
r
r
e
n
t
F
e
d
F
u
n
d
s
R
a
t
e
t
a
r
g
e
t
r
a
n
g
e
s
i
t
s
a
t
2
.
0
0
%
-
2
.
2
5
%
.
T
h
e
F
O
M
C
al
s
o
c
h
a
n
g
e
d
t
h
e
l
a
n
g
u
a
g
e
u
s
e
d
i
n
i
t
s
p
o
l
i
c
y
s
t
a
t
e
m
e
n
t
,
r
e
m
o
v
i
n
g
t
h
e
w
o
r
d
“a
c
c
o
m
m
o
d
a
t
i
v
e
”
,
w
h
i
c
h
i
n
v
e
s
t
o
r
s
t
o
o
k
a
s
a
s
i
g
n
a
l
t
h
a
t
t
h
e
F
e
d
p
l
a
n
s
t
o
co
n
t
i
n
u
e
i
t
s
t
r
e
n
d
o
f
m
o
n
e
t
a
r
y
p
o
l
i
c
y
t
i
g
h
t
e
n
i
n
g
.
T
h
e
y
i
e
l
d
c
u
r
v
e
c
o
n
t
i
n
u
ed
t
o
fl
a
t
t
e
n
,
a
l
t
h
o
u
g
h
v
e
r
y
g
r
a
d
u
a
l
l
y
,
a
s
s
h
o
r
t
-
t
e
r
m
y
i
e
l
d
s
r
o
s
e
a
t
a
g
r
e
a
t
e
r
r
at
e
t
h
a
n
lo
n
g
-
t
e
r
m
y
i
e
l
d
s
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
.
T
h
e
d
i
f
f
e
r
e
n
c
e
i
n
y
i
e
l
d
s
b
e
t
w
e
e
n
t
h
e
2-
ye
a
r
a
n
d
1
0
-
y
e
a
r
T
r
e
a
s
u
r
y
n
o
w
s
i
t
s
a
t
j
u
s
t
0
.
2
4
%
.
A
s
t
h
e
c
u
r
v
e
c
o
n
t
i
n
u
e
s
t
o
fl
a
t
t
e
n
,
i
t
m
o
v
e
s
c
l
o
s
e
r
t
o
b
e
c
o
m
i
n
g
“
i
n
v
e
r
t
e
d
”
,
w
h
i
c
h
h
a
p
p
e
n
s
w
h
e
n
s
h
o
r
t
-
te
r
m
m
a
t
u
r
i
t
i
e
s
h
a
v
e
g
r
e
a
t
e
r
y
i
e
l
d
s
t
h
a
n
l
o
n
g
-
t
e
r
m
s
e
c
u
r
i
t
i
e
s
.
H
i
s
t
o
r
i
c
al
l
y
,
a
n
in
v
e
r
t
e
d
y
i
e
l
d
c
u
r
v
e
h
a
s
s
i
g
n
a
l
e
d
a
g
r
e
a
t
e
r
p
r
o
b
a
b
i
l
i
t
y
o
f
a
r
e
c
e
s
s
i
o
n
.
T
h
eF
e
d
is
a
l
s
o
c
o
n
t
i
n
u
i
n
g
t
h
e
r
e
d
u
c
t
i
o
n
o
f
t
h
e
s
i
z
e
o
f
i
t
s
b
a
l
a
n
c
e
s
h
e
e
t
b
y
s
l
o
w
i
n
g
it
s
pa
c
e
o
f
r
e
i
n
v
e
s
t
m
e
n
t
a
s
t
h
e
s
e
c
u
r
i
t
i
e
s
i
t
h
o
l
d
s
m
a
t
u
r
e
.
T
h
e
B
l
o
o
m
b
e
r
g
Ba
r
c
l
a
y
s
U
S
A
g
g
r
e
g
a
t
e
I
n
d
e
x
w
a
s
f
l
a
t
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
,
p
o
s
t
i
n
g
a
0
.
0
%
re
t
u
r
n
.
O
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
t
h
e
i
n
d
e
x
h
a
s
f
a
l
l
e
n
-
1
.
2
%
.
Wi
t
h
i
n
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
c
r
e
d
i
t
,
l
o
w
er
q
u
a
l
i
t
y
c
o
r
p
o
r
a
t
e
i
s
s
u
e
s
o
u
t
p
e
r
f
o
rm
e
d
hi
g
h
e
r
q
u
a
l
i
t
y
i
s
s
u
e
s
a
s
c
r
e
d
i
t
s
p
r
e
a
d
s
t
i
g
h
t
e
n
e
d
s
t
e
a
d
i
l
y
o
v
e
r
t
h
e
q
u
a
r
t
er
.
O
n
an
a
b
s
o
l
u
t
e
b
a
s
i
s
,
w
i
t
h
o
u
t
n
e
g
a
t
i
n
g
t
h
e
d
u
r
a
t
i
o
n
d
i
f
f
e
r
e
n
c
e
s
i
n
t
h
e
s
u
b
-
i
nd
i
c
e
s
,
Ba
a
r
a
t
e
d
c
r
e
d
i
t
w
a
s
t
h
e
b
e
s
t
p
e
r
f
o
r
m
i
n
g
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
c
r
e
d
i
t
q
u
a
l
i
t
y
se
g
m
e
n
t
r
e
t
u
r
n
i
n
g
1
.
4
%
f
o
r
t
h
e
q
u
a
r
t
e
r
,
w
h
i
l
e
A
A
A
w
a
s
t
h
e
w
o
r
s
t
p
e
r
f
o
r
m
i
n
g
,
fa
l
l
i
n
g
-
0
.
3
%
.
H
i
g
h
y
i
e
l
d
d
e
b
t
o
u
t
p
e
r
f
o
r
m
e
d
r
e
l
a
t
i
v
e
t
o
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
cr
e
d
i
t
,
re
t
u
r
n
i
n
g
2
.
0
%
,
a
s
s
p
r
e
a
d
s
t
i
g
h
t
e
n
e
d
t
o
a
g
r
e
a
t
e
r
d
e
g
r
e
e
f
o
r
t
h
e
s
e
i
s
s
u
e
s
a
nd
th
e
i
n
d
e
x
b
e
n
e
f
i
t
t
e
d
f
r
o
m
l
e
s
s
s
e
n
s
i
t
i
v
i
t
y
t
o
r
i
s
i
n
g
i
n
t
e
r
e
s
t
r
a
t
e
s
d
u
e
t
o
it
s
l
o
w
e
r
du
r
a
t
i
o
n
.
R
e
t
u
r
n
s
a
r
e
n
e
g
a
t
i
v
e
f
o
r
a
l
l
i
nv
e
s
t
m
e
n
t
g
r
a
d
e
q
u
a
l
i
t
y
s
e
g
m
e
n
t
s
wh
e
n
vi
e
w
e
d
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
w
h
i
l
e
h
i
g
h
y
i
e
l
d
c
o
n
t
i
n
u
e
s
t
o
o
u
t
p
e
r
f
o
r
m
w
i
t
ha
re
t
u
r
n
o
f
3
.
0
%
.
Of
t
h
e
B
l
o
o
m
b
e
r
g
B
a
r
c
l
a
y
s
U
S
A
g
g
r
e
g
a
t
e
I
n
d
e
x
’
s
t
h
r
e
e
b
r
o
a
d
s
e
c
t
o
r
s
,
U
S
in
v
e
s
t
m
e
n
t
g
r
a
d
e
c
o
r
p
o
r
a
t
e
s
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
i
n
g
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
se
c
t
o
r
t
h
r
o
u
g
h
t
h
e
q
u
a
r
t
e
r
,
r
e
t
u
r
n
i
n
g
1
.
0
%
,
a
n
d
t
h
e
o
n
l
y
s
e
c
t
o
r
t
o
p
o
s
t
a
po
s
i
t
i
v
e
r
e
t
u
r
n
f
o
r
t
h
e
p
e
r
i
o
d
.
C
o
r
po
r
a
t
e
c
r
e
d
i
t
o
u
t
p
e
r
f
o
r
m
e
d
a
s
c
r
e
d
i
t
s
pr
e
a
d
s
ti
g
h
t
e
n
e
d
.
D
e
m
a
n
d
f
o
r
t
h
e
s
e
s
e
c
u
r
i
t
i
e
s
o
u
t
w
e
i
g
h
e
d
s
u
p
p
l
y
f
o
r
t
h
e
p
e
r
i
o
d
de
s
p
i
t
e
c
o
n
s
i
d
e
r
a
b
l
e
n
e
w
i
s
s
u
a
n
c
e
a
n
d
a
h
e
a
d
w
i
n
d
f
r
o
m
t
h
e
s
e
c
t
o
r
s
h
i
g
h
e
r
du
r
a
t
i
o
n
r
e
l
a
t
i
v
e
t
o
o
t
h
e
r
i
n
d
e
x
s
e
c
t
o
rs
.
T
r
e
a
s
u
r
i
e
s
w
e
r
e
t
h
e
w
o
r
s
t
p
e
r
f
o
rm
i
n
g
se
c
t
o
r
p
o
s
t
i
n
g
a
-
0
.
6
%
r
e
t
u
r
n
.
O
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
,
a
l
l
t
h
r
e
e
b
r
o
a
d
in
v
e
s
t
m
e
n
t
g
r
a
d
e
s
e
c
t
o
r
s
p
o
s
t
e
d
l
o
ss
e
s
w
i
t
h
m
o
r
t
g
a
g
e
s
,
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
cr
e
d
i
t
a
n
d
T
r
e
a
s
u
r
i
e
s
f
a
l
l
i
n
g
-
0
.
9
%
,
-
1
.
2
%
a
n
d
-
1
.
6
%
r
e
s
p
e
c
t
i
v
e
l
y
.
-0
.
8
%
-1
.
7
%
0.1
%
0.
0
%
-0
.
8
%
1.0%
-0
.
1
%
-0
.
6
%
2.4%1.4%0.7%
0.
3
%
-0
.
3
%
-2
.
0
%
-
1
.
0
%
0
.
0
%
1
.
0
%
2
.
0
%
3
.
0
%
Mu
l
t
i
v
e
r
s
e
(
6
.
8
)
Gl
o
b
a
l
A
g
g
x
U
S
(
7
.
8
)
In
t
e
r
m
e
d
i
a
t
e
A
g
g
(
4
.
4
)
Ag
g
r
e
g
a
t
e
(
6
.
0
)
U.
S
.
T
I
P
S
(
5
.
4
)
U.
S
.
C
o
r
p
o
r
a
t
e
I
G
(
7
.
2
)
U.
S
.
M
o
r
t
g
a
g
e
(
5
.
3
)
U.
S
.
T
r
e
a
s
u
r
y
(
6
.
0
)
U.
S
.
H
i
g
h
Y
i
e
l
d
(
3
.
8
)
Ba
a
(
7
.
4
)
A
(
7
.
2
)
AA
(
5
.
9
)
AA
A
(
5
.
6
)
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
-1
.
3
%
-1
.
5
%
-0
.
9
%
-1
.
2
%
0.
4
%
-1
.
2
%
-0
.
9
%
-1
.
6
%
3.0%
-0
.
8
%
-1
.
6
%
-0
.
6
%
-1
.
3
%
-2
.
0
%
-
1
.
0
%
0
.
0
%
1
.
0
%
2
.
0
%
3
.
0
%
4
.
0
%
Mu
l
t
i
v
e
r
s
e
(
6
.
8
)
Gl
o
b
a
l
A
g
g
x
U
S
(
7
.
8
)
In
t
e
r
m
e
d
i
a
t
e
A
g
g
(
4
.
4
)
Ag
g
r
e
g
a
t
e
(
6
.
0
)
U.
S
.
T
I
P
S
(
5
.
4
)
U.
S
.
C
o
r
p
o
r
a
t
e
I
G
(
7
.
2
)
U.
S
.
M
o
r
t
g
a
g
e
(
5
.
3
)
U.
S
.
T
r
e
a
s
u
r
y
(
6
.
0
)
U.
S
.
H
i
g
h
Y
i
e
l
d
(
3
.
8
)
Ba
a
(
7
.
4
)
A
(
7
.
2
)
AA
(
5
.
9
)
AA
A
(
5
.
6
)
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
Pa
g
e
8
So
u
r
c
e
:
U
S
D
e
p
a
r
t
m
e
n
t
o
f
T
r
e
a
s
u
r
y
,
F
R
E
D
(
F
e
d
e
r
a
l
R
e
s
e
r
v
e
o
f
S
t
.
L
o
u
i
s
)
The Market Environment
Ma
r
k
e
t
R
a
t
e
&
Y
i
e
l
d
C
u
r
v
e
C
o
m
p
a
r
i
s
o
n
As of September 30, 2018
Gl
o
b
a
l
f
i
x
e
d
i
n
c
o
m
e
i
n
d
i
c
e
s
c
o
n
t
i
n
u
e
t
o
s
t
r
u
g
g
l
e
r
e
l
a
t
i
v
e
t
o
t
h
e
i
r
d
o
m
e
s
t
ic
co
u
n
t
e
r
p
a
r
t
s
,
u
n
d
e
r
p
e
r
f
o
r
m
i
n
g
d
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
.
T
h
e
s
e
i
n
d
i
c
e
s
h
a
v
e
lo
w
e
r
y
i
e
l
d
s
a
n
d
t
h
e
i
r
r
e
l
a
t
i
v
e
l
y
h
i
g
h
d
u
r
a
t
i
o
n
a
c
t
e
d
a
s
a
h
e
a
d
w
i
n
d
t
o
pe
r
f
o
r
m
a
n
c
e
i
n
t
h
e
c
u
r
r
e
n
t
q
u
a
r
t
e
r
a
s
i
nt
e
r
e
s
t
r
a
t
e
s
i
n
c
r
e
a
s
e
d
.
T
h
e
r
e
t
u
r
ns
o
f
th
e
s
e
i
n
d
i
c
e
s
a
r
e
a
l
s
o
s
i
g
n
i
f
i
c
a
n
t
l
y
in
f
l
u
e
n
c
e
d
b
y
f
l
u
c
t
u
a
t
i
o
n
s
i
n
t
h
e
i
r
cu
r
r
e
n
c
y
de
n
o
m
i
n
a
t
i
o
n
r
e
l
a
t
i
v
e
t
o
t
h
e
U
S
D
.
D
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
t
h
e
U
S
D
st
r
e
n
g
t
h
e
n
e
d
a
g
a
i
n
s
t
m
o
s
t
o
t
h
e
r
c
u
r
r
en
c
i
e
s
,
n
e
g
a
t
i
v
e
l
y
i
m
p
a
c
t
i
n
g
t
h
e
r
e
tu
r
n
s
on
g
l
o
b
a
l
b
o
n
d
i
n
d
i
c
e
s
.
T
h
e
r
e
t
u
r
n
o
n
g
l
o
b
a
l
b
o
n
d
s
,
a
s
r
e
p
r
e
s
e
n
t
e
d
b
y
t
h
e
Bl
o
o
m
b
e
r
g
B
a
r
c
l
a
y
s
G
l
o
b
a
l
A
g
g
r
e
g
a
t
e
e
x
U
S
I
n
d
e
x
,
w
a
s
-
1
.
7
%
a
n
d
-
1
.
5
%
f
o
r
th
e
q
u
a
r
t
e
r
a
n
d
1
-
y
e
a
r
p
e
r
i
o
d
r
e
s
p
e
c
t
i
v
e
l
y
.
A
s
t
h
e
g
l
o
b
a
l
e
c
o
n
o
m
y
c
o
n
t
i
n
u
es
t
o
re
c
o
v
e
r
,
s
e
v
e
r
a
l
i
n
t
e
r
n
a
t
i
o
n
a
l
c
e
n
t
r
a
l
b
a
n
k
s
h
a
v
e
s
t
a
r
t
e
d
t
o
m
o
v
e
t
o
w
a
r
d
le
s
s
ac
c
o
m
m
o
d
a
t
i
v
e
p
o
s
t
u
r
e
s
.
N
o
t
a
b
l
y
,
t
h
e
E
C
B
,
b
e
g
a
n
t
o
s
l
o
w
i
t
s
m
o
n
t
h
l
y
b
o
n
d
pu
r
c
h
a
s
e
p
r
o
g
r
a
m
i
n
S
e
p
t
e
m
b
e
r
,
r
e
d
u
c
i
n
g
n
e
w
p
u
r
c
h
a
s
e
s
t
o
1
5
b
i
l
l
i
o
n
e
u
r
o
pe
r
m
o
n
t
h
f
r
o
m
3
0
b
i
l
l
i
o
n
e
u
r
o
p
e
r
m
o
n
t
h
,
a
s
w
e
l
l
a
s
f
o
r
e
c
a
s
t
i
n
g
a
n
e
n
d
t
o
t
h
e
pr
o
g
r
a
m
b
y
t
h
e
e
n
d
o
f
t
h
e
y
e
a
r
a
s
s
u
m
i
n
g
t
h
e
e
u
r
o
z
o
n
e
r
e
c
o
v
e
r
y
c
o
n
t
i
n
u
e
s
t
o
fl
o
u
r
i
s
h
.
H
o
w
e
v
e
r
,
t
h
e
y
h
a
v
e
i
n
d
i
c
a
t
e
d
a
c
o
n
t
i
n
u
a
t
i
o
n
o
f
r
e
i
n
v
e
s
t
m
e
n
t
i
n
ma
t
u
r
i
n
g
s
e
c
u
r
i
t
i
e
s
a
n
d
w
o
u
l
d
l
i
k
e
l
y
n
o
t
r
a
i
s
e
i
n
t
e
r
e
s
t
r
a
t
e
s
f
r
o
m
c
u
r
r
e
n
t
l
e
v
e
l
s
un
t
i
l
s
u
m
m
e
r
2
0
1
9
.
T
h
e
B
a
n
k
o
f
E
n
g
l
a
n
d
i
n
c
r
e
a
s
e
d
i
n
t
e
r
e
s
t
r
a
t
e
s
b
y
0
.
2
5
%
du
r
i
n
g
t
h
e
q
u
a
r
t
e
r
c
i
t
i
n
g
i
m
p
r
o
v
e
m
e
n
t
in
t
h
e
i
r
n
e
a
r
-
t
e
r
m
e
c
o
n
o
m
i
c
o
u
t
l
o
o
k
a
n
d
th
e
B
a
n
k
o
f
J
a
p
a
n
h
a
s
c
h
a
n
g
e
d
i
t
s
p
o
l
i
c
y
t
o
a
l
l
o
w
f
l
e
x
i
b
i
l
i
t
y
f
o
r
f
u
t
u
r
e
t
i
g
ht
e
n
i
n
g
in
t
h
e
f
u
t
u
r
e
.
Mu
c
h
o
f
t
h
e
i
n
d
e
x
p
e
r
f
o
r
m
a
n
c
e
d
e
t
a
i
l
e
d
i
n
t
h
e
b
a
r
g
r
a
p
h
s
o
n
t
h
e
p
r
e
v
i
o
u
s
pa
g
e
i
s
v
i
s
i
b
l
e
o
n
a
t
i
m
e
s
e
r
i
e
s
b
a
s
i
s
b
y
r
e
v
i
e
w
i
n
g
t
h
e
l
i
n
e
g
r
a
p
h
s
t
o
t
h
e
r
i
g
ht
.
Th
e
‘
1
-
Y
e
a
r
T
r
a
i
l
i
n
g
M
a
r
k
e
t
R
a
t
e
s
’
c
ha
r
t
i
l
l
u
s
t
r
a
t
e
s
t
h
a
t
t
h
e
1
0
-
y
e
a
r
T
r
e
as
u
r
y
yi
e
l
d
(
g
r
e
e
n
l
i
n
e
)
r
o
s
e
s
t
e
a
d
i
l
y
d
u
r
i
n
g
t
h
e
e
n
d
o
f
t
h
e
3
r
d
q
u
a
r
t
e
r
,
e
n
d
i
n
g
t
he
pe
r
i
o
d
a
t
3
.
0
5
%
.
T
h
e
b
l
u
e
l
i
n
e
i
l
l
u
s
t
r
a
t
e
s
c
h
a
n
g
e
s
i
n
t
h
e
B
A
A
O
A
S
(
O
p
t
i
o
n
Ad
j
u
s
t
e
d
S
p
r
e
a
d
)
.
T
h
i
s
m
e
a
s
u
r
e
q
u
a
n
t
if
i
e
s
t
h
e
a
d
d
i
t
i
o
n
a
l
y
i
e
l
d
p
r
e
m
i
u
m
t
ha
t
in
v
e
s
t
o
r
s
r
e
q
u
i
r
e
t
o
p
u
r
c
h
a
s
e
a
n
d
h
o
l
d
n
o
n
-
T
r
e
a
s
u
r
y
i
s
s
u
e
s
.
T
h
i
s
l
i
n
e
il
l
u
s
t
r
a
t
e
s
a
s
t
e
a
d
y
i
n
c
r
e
a
s
e
i
n
c
r
e
d
i
t
s
p
r
e
a
d
s
t
h
r
o
u
g
h
t
h
e
f
i
r
s
t
t
w
o
q
u
a
r
te
r
s
o
f
20
1
8
,
f
o
l
l
o
w
e
d
b
y
a
s
m
o
o
t
h
d
e
c
l
i
n
e
d
u
r
i
n
g
t
h
e
3
r
d
q
u
a
r
t
e
r
.
T
h
i
s
d
e
c
l
i
n
e
i
s
eq
u
i
v
a
l
e
n
t
t
o
a
n
i
n
t
e
r
e
s
t
r
a
t
e
d
e
c
r
e
a
s
e
o
n
c
o
r
p
o
r
a
t
e
b
o
n
d
s
,
w
h
i
c
h
p
r
o
d
u
c
e
sa
n
ad
d
i
t
i
o
n
a
l
t
a
i
l
w
i
n
d
f
o
r
c
o
r
p
o
r
a
t
e
b
o
n
d
i
n
d
e
x
r
e
t
u
r
n
s
.
T
h
e
s
e
c
r
e
d
i
t
s
p
r
e
a
ds
h
a
v
e
ti
g
h
t
e
n
e
d
b
y
a
b
o
u
t
2
0
b
a
s
i
s
p
o
i
n
t
s
o
v
e
r
t
h
e
l
a
s
t
3
-
m
o
n
t
h
s
.
T
h
e
g
r
e
e
n
b
a
n
d
ac
r
o
s
s
t
h
e
g
r
a
p
h
i
l
l
u
s
t
r
a
t
e
s
t
h
e
g
r
a
d
u
a
l
i
n
c
r
e
a
s
e
i
n
t
h
e
F
e
d
e
r
a
l
F
u
n
d
s
R
a
t
e
(t
h
r
e
e
i
n
c
r
e
a
s
e
s
i
n
t
h
e
l
a
s
t
t
w
e
l
v
e
m
o
n
t
h
s
)
d
u
e
t
o
t
h
e
c
o
n
t
i
n
u
e
d
u
n
w
i
n
d
i
n
g
of
ac
c
o
m
m
o
d
a
t
i
v
e
U
S
m
o
n
e
t
a
r
y
p
o
l
i
c
y
.
Th
e
l
o
w
e
r
g
r
a
p
h
p
r
o
v
i
d
e
s
a
s
n
a
p
s
h
o
t
o
f
t
h
e
U
S
T
r
e
a
s
u
r
y
y
i
e
l
d
c
u
r
v
e
a
t
t
h
e
e
n
d
of
e
a
c
h
o
f
t
h
e
l
a
s
t
f
o
u
r
c
a
l
e
n
d
a
r
q
u
a
r
t
e
r
s
.
A
s
m
e
n
t
i
o
n
e
d
,
t
h
e
y
i
e
l
d
c
u
r
v
e
co
n
t
i
n
u
e
s
t
o
f
l
a
t
t
e
n
a
s
y
i
e
l
d
s
o
n
s
h
o
r
te
r
-
t
e
r
m
m
a
t
u
r
i
t
i
e
s
h
a
v
e
r
i
s
e
n
m
o
r
e
th
a
n
in
t
e
r
e
s
t
r
a
t
e
s
o
n
t
h
e
l
o
n
g
e
n
d
o
f
t
h
e
c
u
r
v
e
.
T
h
e
u
p
w
a
r
d
m
o
m
e
n
t
u
m
o
f
i
n
t
e
r
e
s
t
ra
t
e
s
a
s
w
e
l
l
a
s
a
g
e
n
e
r
a
l
f
l
a
t
t
e
n
i
n
g
o
f
t
h
e
y
i
e
l
d
c
u
r
v
e
a
r
e
c
l
e
a
r
l
y
v
i
s
i
b
l
e
ov
e
r
th
e
l
a
s
t
t
w
e
l
v
e
m
o
n
t
h
s
.
Fed Funds Rate TED Spread3-Month Libor BAA OAS10yr Treasury 10yr TIPS
0.
0
0
0.
5
0
1.
0
0
1.
5
0
2.
0
0
2.
5
0
3.
0
0
3.
5
0
Se
p
-
1
7
O
c
t
-
1
7
N
o
v
-
1
7
D
e
c
-
1
7
J
a
n
-
1
8
F
e
b
-
1
8
M
a
r
-
1
8
A
p
r
-
1
8
M
a
y
-
1
8
J
u
n
-
1
8
J
u
l
-18 Aug-18 Sep-18
1-
Y
e
a
r
T
r
a
i
l
i
n
g
M
a
r
k
e
t
R
a
t
e
s
Fe
d
F
u
n
d
s
R
a
t
e
TE
D
S
p
r
e
a
d
3-
M
o
n
t
h
L
i
b
o
r
BA
A
O
A
S
10
y
r
T
r
e
a
s
u
r
y
10
y
r
T
I
P
S
12/31/20173/31/20186/30/20189/30/2018
0.
0
0
0.
5
0
1.
0
0
1.
5
0
2.
0
0
2.
5
0
3.
0
0
3.
5
0
1
m
o
3
m
o
6
m
o
1
y
r
2
y
r
3
y
r
5
y
r
7
y
r
1
0
y
r
2
0
y
r
3
0
y
r
Tr
e
a
s
u
r
y
Y
i
e
l
d
C
u
r
v
e
12
/
3
1
/
2
0
1
7
3/
3
1
/
2
0
1
8
6/
3
0
/
2
0
1
8
9/
3
0
/
2
0
1
8
Pa
g
e
9
June 30, 2018 : $5,417,988
Cash Equivalents
Total Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
September 30, 2018 : $5,693,187
Cash Equivalents
Total Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
Allocation
Market Value Allocation
Domestic Equity 2,848,036 52.6¢£
International Equity 819,937 15.1¢£
Domestic Fixed Income 994,906 18.4¢£
Global Fixed Income 245,204 4.5¢£
Total Real Estate 499,777 9.2¢£
Cash Equivalents 10,127 0.2¢£
Allocation
Market Value Allocation
Domestic Equity 3,029,359 53.2¢£
International Equity 813,042 14.3¢£
Domestic Fixed Income 997,134 17.5¢£
Global Fixed Income 248,591 4.4¢£
Total Real Estate 508,003 8.9¢£
Cash Equivalents 97,059 1.7¢£
Tequesta General Employees' Retirement Plan
Asset Allocation by Asset Class
As of September 30, 2018
Page 10
June 30, 2018 : $5,417,988
Dana Equity
R&D
ASB Real Estate
Templeton Global Total Return R6 (FTTRX)
Dana Fixed
EuroPacific (RERGX)
Vanguard Total Stock Market Index (VITSX)
September 30, 2018 : $5,693,187
Dana Equity
R&D
ASB Real Estate
Templeton Global Total Return R6 (FTTRX)
Dana Fixed
EuroPacific (RERGX)
Vanguard Total Stock Market Index (VITSX)
Allocation
Market Value Allocation
Dana Equity 1,438,220 26.5¢£
Vanguard Total Stock Market Index (VITSX)1,409,816 26.0¢£
EuroPacific (RERGX)819,937 15.1¢£
Dana Fixed 994,906 18.4¢£
Templeton Global Total Return R6 (FTTRX)245,204 4.5¢£
ASB Real Estate 499,777 9.2¢£
R&D 10,127 0.2¢£
Allocation
Market Value Allocation
Dana Equity 1,519,541 26.7¢£
Vanguard Total Stock Market Index (VITSX)1,509,818 26.5¢£
EuroPacific (RERGX)813,042 14.3¢£
Dana Fixed 997,134 17.5¢£
Templeton Global Total Return R6 (FTTRX)248,591 4.4¢£
ASB Real Estate 508,003 8.9¢£
R&D 97,059 1.7¢£
Tequesta General Employees' Retirement Plan
Asset Allocation by Manager
As of September 30, 2018
Page 11
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%
Total Real Estate (8.9%)
Global Fixed Income (4.4%)
Domestic Fixed Income (17.5%)
International Equity (14.3%)
Domestic Equity (53.2%)
R e c o m m e n d a t i o n
Asset Allocation Compliance
Minimum
Allocation (%)
Maximum
Allocation (%)
Current
Allocation (%)
Target
Allocation (%)
Global Fixed Income 0.0 10.0 4.4 5.0
Total Real Estate 5.0 15.0 8.9 10.0
International Equity 10.0 20.0 14.3 15.0
Domestic Fixed Income 15.0 25.0 17.5 20.0
Domestic Equity 45.0 55.0 53.2 50.0
Total Fund N/A N/A 100.0 100.0
Tequesta General Employees' Retirement Plan
Asset Allocation Compliance
As of September 30, 2018
Page 12
Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
A l l o c a t i o n
(%)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash
Tequesta General Employees 53.21 (30)14.28 (40)17.51 (91)4.37 (60)0.00 8.92 (43)1.70 (36)
5th Percentile 63.89 21.69 43.85 7.43 19.97 13.73 8.55
1st Quartile 54.19 15.21 33.67 4.92 10.85 9.98 2.23
Median 48.11 13.97 28.18 4.50 7.52 8.11 0.99
3rd Quartile 42.83 11.32 22.25 4.18 4.30 5.30 0.51
95th Percentile 33.56 7.45 15.44 2.82 1.04 3.88 0.05
Population 182 166 185 72 28 112 167
Tequesta General Employees' Retirement Plan
Asset Allocation vs Other Public Pension Plans
As of September 30, 2018
Parentheses contain percentile rankings.
Page 13
Sep-2018 Jun-2018 Mar-2018 Dec-2017 Sep-2017
($)%($)%($)%($)%($)%
Total Equity 3,842,400 67.49 3,667,974 67.70 3,571,732 67.51 3,512,806 67.04 3,250,674 66.02
Domestic Equity 3,029,359 53.21 2,848,036 52.57 2,741,154 51.81 2,705,104 51.62 2,487,177 50.51
Dana Large Cap Core 1,519,541 26.69 1,438,220 26.55 1,404,901 26.56 1,385,168 26.43 1,264,504 25.68
Vanguard Total Stock Market Index (VITSX)1,509,818 26.52 1,409,816 26.02 1,336,253 25.26 1,319,936 25.19 1,222,673 24.83
International Equity 813,042 14.28 819,937 15.13 830,578 15.70 807,702 15.41 763,497 15.51
EuroPacific Growth Fund R6 (RERGX)813,042 14.28 819,937 15.13 830,578 15.70 807,702 15.41 763,497 15.51
Total Fixed Income 1,245,725 21.88 1,240,110 22.89 1,216,918 23.00 1,189,688 22.70 1,167,143 23.70
Domestic Fixed Income 997,134 17.51 994,906 18.36 968,174 18.30 949,737 18.12 926,868 18.82
Dana Intermediate Fixed Income 997,134 17.51 994,906 18.36 968,174 18.30 949,737 18.12 926,868 18.82
Global Fixed Income 248,591 4.37 245,204 4.53 248,744 4.70 239,951 4.58 240,275 4.88
Templeton Global Total Return R6 (FTTRX)248,591 4.37 245,204 4.53 248,744 4.70 239,951 4.58 240,275 4.88
Total Real Estate 508,003 8.92 499,777 9.22 491,550 9.29 483,453 9.23 474,871 9.64
ASB Real Estate 508,003 8.92 499,777 9.22 491,550 9.29 483,453 9.23 474,871 9.64
Cash Accounts
R&D 97,059 1.70 10,127 0.19 10,118 0.19 54,110 1.03 31,294 0.64
Total Fund 5,693,187 100.00 5,417,988 100.00 5,290,318 100.00 5,240,057 100.00 4,923,982 100.00
Tequesta General Employees' Retirement Plan
Asset Allocation History by Portfolio
As of September 30, 2018
Page 14
Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Real Estate Cash Equivalent
0.0
8.0
16.0
24.0
32.0
40.0
48.0
56.0
64.0
72.0
80.0
88.0
96.0
A l l o c a t i o n
(%)
8/07 2/08 8/08 2/09 8/09 2/10 8/10 2/11 8/11 2/12 8/12 2/13 8/13 2/14 8/14 2/15 8/15 2/16 8/16 2/17 8/17 2/18 9/18
Tequesta General Employees' Retirement Plan
Asset Allocation History by Asset Class
September 1, 2007 To September 30, 2018
Page 15
Market Value
07/01/2018
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Captial
Gain/Loss
Market Value
09/30/2018
Total Equity 3,667,974 2,337 ---2,337 -210 15,012 159,625 3,842,400
Domestic Equity 2,848,036 2,337 ---2,337 -210 15,012 166,521 3,029,359
Dana Large Cap Core 1,438,220 2,337 ---2,337 -210 7,832 73,699 1,519,541
Vanguard Total Stock Market Index (VITSX)1,409,816 -----7,180 92,822 1,509,818
International Equity 819,937 -------6,895 813,042
EuroPacific Growth Fund R6 (RERGX)819,937 -------6,895 813,042
Total Fixed Income 1,240,110 622 ---622 -146 11,482 -5,722 1,245,725
Domestic Fixed Income 994,906 622 ---622 -146 7,653 -5,279 997,134
Dana Intermediate Fixed Income 994,906 622 ---622 -146 7,653 -5,279 997,134
Global Fixed Income 245,204 -----3,830 -443 248,591
Templeton Global Total Return R6 (FTTRX)245,204 -----3,830 -443 248,591
Total Real Estate 499,777 ----1,561 -1 9,786 508,003
ASB Real Estate 499,777 ----1,561 -1 9,786 508,003
Cash Accounts
R&D 10,127 -2,959 121,222 -20,759 --10,793 221 -97,059
Total Fund 5,417,988 -121,222 -20,759 -4,520 -11,149 26,716 163,690 5,693,187
Tequesta General Employees' Retirement Plan
Financial Reconciliation
1 Quarter Ending September 30, 2018
Page 16
Market Value
10/01/2017
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Capital
Gain/Loss
Market Value
09/30/2018
Total Equity 3,250,674 178,547 ---9,940 -803 62,641 361,281 3,842,400
Domestic Equity 2,487,177 139,638 ---9,940 -803 54,857 358,430 3,029,359
Dana Large Cap Core 1,264,504 74,789 ---9,940 -803 29,816 161,175 1,519,541
Vanguard Total Stock Market Index (VITSX)1,222,673 64,849 ----25,041 197,255 1,509,818
International Equity 763,497 38,909 ----7,785 2,851 813,042
EuroPacific Growth Fund R6 (RERGX)763,497 38,909 ----7,785 2,851 813,042
Total Fixed Income 1,167,143 93,188 ---2,400 -562 40,520 -52,165 1,245,725
Domestic Fixed Income 926,868 80,218 ---2,400 -562 29,506 -36,497 997,134
Dana Intermediate Fixed Income 926,868 80,218 ---2,400 -562 29,506 -36,497 997,134
Global Fixed Income 240,275 12,970 ----11,014 -15,668 248,591
Templeton Global Total Return R6 (FTTRX)240,275 12,970 ----11,014 -15,668 248,591
Total Real Estate 474,871 ----5,778 -6 38,904 508,003
ASB Real Estate 474,871 ----5,778 -6 38,904 508,003
Cash Accounts
R&D 31,294 -271,735 507,022 -111,057 --59,112 647 -97,059
Total Fund 4,923,982 -507,022 -111,057 -18,118 -60,477 103,815 348,020 5,693,187
Tequesta General Employees' Retirement Plan
Financial Reconciliation
October 1, 2017 To September 30, 2018
Page 17
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Total Fund 3.50 (46)8.94 (43)8.94 (43)9.67 (63)7.18 (56)8.11 (45)6.38 (30)11/01/2000
Total Fund Policy 3.94 (23)9.58 (30)9.58 (30)11.32 (15)8.02 (26)8.71 (21)5.92 (56)
All Public Plans-Total Fund Median 3.40 8.66 8.66 10.04 7.36 7.98 5.98
Total Fund (Net)3.41 8.57 8.57 9.25 6.76 7.66 6.05 11/01/2000
Total Fund Policy 3.94 9.58 9.58 11.32 8.02 8.71 5.92
Total Equity 4.76 12.74 12.74 13.65 9.84 11.34 9.30 02/01/2004
Total Equity Policy 5.66 13.94 13.94 15.68 10.63 11.74 7.83
Domestic Equity 6.37 (69)16.19 (60)16.19 (60)14.77 (78)10.93 (75)12.97 (67)10.19 (14)02/01/2004
Total Domestic Equity Policy 7.12 (50)17.58 (46)17.58 (46)17.21 (30)12.47 (45)13.89 (44)8.87 (87)
IM U.S. Large Cap Core Equity (SA+CF) Median 7.11 17.33 17.33 16.11 12.23 13.57 9.46
International Equity -0.84 (98)1.50 (45)1.50 (45)9.94 (6)6.14 (1)5.87 (1)8.16 (15)07/01/2009
MSCI AC World ex USA 0.80 (32)2.25 (20)2.25 (20)10.49 (2)4.45 (17)4.60 (15)7.50 (35)
IM International Large Cap Core Equity (MF) Median 0.52 1.34 1.34 8.17 3.35 3.55 6.76
Total Fixed Income 0.46 -0.99 -0.99 1.88 1.85 2.10 3.99 01/01/2004
Total Fixed Policy 0.21 -0.96 -0.96 1.60 1.70 1.96 N/A
Domestic Fixed Income 0.24 (81)-0.76 (88)-0.76 (88)1.18 (71)1.71 (48)1.96 (45)3.95 (26)01/01/2004
Domestic Fixed Income Policy 0.11 (96)-0.93 (96)-0.93 (96)0.95 (92)1.44 (82)1.70 (76)3.45 (83)
IM U.S. Intermediate Duration (SA+CF) Median 0.37 -0.39 -0.39 1.37 1.70 1.91 3.79
Global Fixed Income 1.38 (6)-1.90 (66)-1.90 (66)4.66 (5)1.30 (37)N/A 1.81 (30)11/01/2013
Global Fixed Income Index 0.57 (16)-1.16 (50)-1.16 (50)5.17 (2)2.87 (6)3.22 (11)2.83 (14)
IM Global Fixed Income (MF) Median -0.39 -1.19 -1.19 2.36 0.78 1.39 1.18
Total Real Estate 1.96 (66)8.25 (72)8.25 (72)N/A N/A N/A 6.05 (100)07/01/2016
NCREIF Fund Index-Open End Diversified Core (EW)2.08 (63)8.82 (67)8.82 (67)9.08 (56)10.46 (58)10.84 (61)8.39 (56)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.35 9.69 9.69 9.53 11.06 11.41 8.94
Tequesta General Employees' Retirement Plan
Trailing Returns
As of September 30, 2018
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Dana's inception date is 10-13-2005. Dana Core Equity contains international prior to 7/1/2009.
Page 18
Tequesta General Employees' Retirement Plan
Trailing Returns
As of September 30, 2018
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Equity Strategies
Dana Large Cap Core 5.67 (81)14.77 (70)14.77 (70)15.29 (69)11.31 (69)13.28 (59)9.57 (54)11/01/2005
S&P 500 Index 7.71 (33)17.91 (41)17.91 (41)17.31 (30)12.55 (42)13.95 (42)9.34 (68)
IM U.S. Large Cap Core Equity (SA+CF) Median 7.11 17.33 17.33 16.11 12.23 13.57 9.63
Vanguard Total Stock Market Index (VITSX)7.09 (22)17.65 (18)17.65 (18)N/A N/A N/A 18.57 (22)12/01/2016
Russell 3000 Index 7.12 (19)17.58 (19)17.58 (19)17.07 (11)12.41 (10)13.46 (11)18.52 (23)
IM U.S. Multi-Cap Core Equity (MF) Median 5.83 14.51 14.51 14.53 10.39 11.56 16.27
International Equity Strategies
EuroPacific Growth Fund R6 (RERGX)-0.84 (98)1.49 (45)1.49 (45)9.93 (6)6.01 (1)N/A 4.72 (1)06/01/2014
MSCI AC World ex USA 0.80 (32)2.25 (20)2.25 (20)10.49 (2)4.45 (17)4.60 (15)3.23 (11)
IM International Large Cap Core Equity (MF) Median 0.52 1.34 1.34 8.17 3.35 3.55 2.15
Domestic Fixed Income Strategies
Dana Intermediate Fixed Income 0.24 (81)-0.76 (88)-0.76 (88)1.05 (86)1.61 (62)1.88 (55)3.91 (53)11/01/2005
Domestic Fixed Income Policy 0.11 (96)-0.93 (96)-0.93 (96)0.95 (92)1.44 (82)1.70 (76)3.53 (90)
IM U.S. Intermediate Duration (SA+CF) Median 0.37 -0.39 -0.39 1.37 1.70 1.91 3.95
Global Fixed Income Strategies
Templeton Global Total Return R6 (FTTRX)1.38 (6)-1.90 (66)-1.90 (66)4.66 (5)1.30 (37)N/A 1.81 (30)11/01/2013
Global Fixed Income Index 0.57 (16)-1.16 (50)-1.16 (50)5.17 (2)2.87 (6)3.22 (11)2.83 (14)
IM Global Fixed Income (MF) Median -0.39 -1.19 -1.19 2.36 0.78 1.39 1.18
Real Estate Strategies
ASB Real Estate 1.96 (66)8.25 (72)8.25 (72)N/A N/A N/A 6.05 (100)07/01/2016
NCREIF Fund Index-Open End Diversified Core (EW)2.08 (63)8.82 (67)8.82 (67)9.08 (56)10.46 (58)10.84 (61)8.39 (56)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.35 9.69 9.69 9.53 11.06 11.41 8.94
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Dana's inception date is 10-13-2005. Dana Core Equity contains international prior to 7/1/2009.
Page 19
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011
Total Fund 8.94 (43)14.16 (15)6.06 (97)0.06 (37)11.92 (13)12.09 (58)18.89 (28)1.62 (22)
Total Fund Policy 9.58 (30)13.13 (31)11.29 (9)-1.32 (71)11.54 (19)11.19 (74)18.06 (47)1.28 (27)
All Public Plans-Total Fund Median 8.66 12.19 9.66 -0.53 10.17 12.49 17.96 0.29
Total Fund (Net)8.57 13.70 5.62 -0.37 11.35 11.50 18.29 1.08
Total Fund Policy 9.58 13.13 11.29 -1.32 11.54 11.19 18.06 1.28
Total Equity 12.74 20.79 7.81 -0.84 17.55 21.22 29.19 -0.06
Total Equity Policy 13.94 19.04 14.15 -3.24 16.27 18.88 27.62 -0.60
Domestic Equity 16.19 (60)20.91 (24)7.61 (92)0.16 (49)21.50 (21)21.70 (36)31.26 (27)2.42 (35)
Total Domestic Equity Policy 17.58 (46)18.63 (52)15.43 (23)-0.61 (63)19.73 (45)19.34 (65)30.20 (44)1.14 (51)
IM U.S. Large Cap Core Equity (SA+CF) Median 17.33 18.69 13.30 0.05 19.21 20.71 29.63 1.16
International Equity 1.50 (45)20.63 (21)8.52 (6)-4.49 (8)4.79 (36)18.28 (72)18.93 (11)-12.67 (80)
MSCI AC World ex USA 2.25 (20)20.15 (22)9.80 (4)-11.78 (78)5.22 (32)16.98 (75)15.04 (47)-10.42 (29)
IM International Large Cap Core Equity (MF) Median 1.34 18.41 5.55 -7.83 4.19 21.59 14.76 -11.30
Total Fixed Income -0.99 2.90 3.80 1.75 3.11 0.21 6.81 2.90
Total Fixed Policy -0.96 0.82 5.05 1.99 3.01 -0.55 4.36 3.40
Domestic Fixed Income -0.76 (88)0.34 (78)4.02 (43)3.31 (12)2.98 (44)0.21 (26)6.81 (22)2.90 (78)
Domestic Fixed Income Policy -0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)4.36 (83)3.40 (61)
IM U.S. Intermediate Duration (SA+CF) Median -0.39 0.70 3.90 2.70 2.88 -0.27 5.56 3.60
Global Fixed Income -1.90 (66)13.82 (1)2.68 (94)-8.14 (94)N/A N/A N/A N/A
Global Fixed Income Index -1.16 (50)2.82 (28)14.46 (1)-3.75 (49)4.65 (36)-1.58 (48)14.19 (3)2.52 (39)
IM Global Fixed Income (MF) Median -1.19 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74
Total Real Estate 8.25 (72)3.60 (100)N/A N/A N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)8.82 (67)7.81 (60)10.62 (69)14.71 (62)12.39 (68)12.47 (67)11.77 (66)18.03 (44)
IM U.S. Open End Private Real Estate (SA+CF) Median 9.69 8.29 11.32 15.45 12.78 13.18 12.90 16.96
Tequesta General Employees' Retirement Plan
Fiscal Year Returns
As of September 30, 2018
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Dana's inception date is 10-13-2005. Dana Core Equity contains international prior to 7/1/2009.
Page 20
Tequesta General Employees' Retirement Plan
Fiscal Year Returns
As of September 30, 2018
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011
Domestic Equity Strategies
Dana Large Cap Core 14.77 (70)24.09 (7)7.61 (92)0.16 (49)21.51 (21)21.69 (36)31.26 (27)2.43 (35)
S&P 500 Index 17.91 (41)18.61 (53)15.43 (23)-0.61 (63)19.73 (45)19.34 (65)30.20 (44)1.14 (51)
IM U.S. Large Cap Core Equity (SA+CF) Median 17.33 18.69 13.30 0.05 19.21 20.71 29.63 1.16
Vanguard Total Stock Market Index (VITSX)17.65 (18)N/A N/A N/A N/A N/A N/A N/A
Russell 3000 Index 17.58 (19)18.71 (36)14.96 (17)-0.49 (32)17.76 (31)21.60 (59)30.20 (18)0.55 (30)
IM U.S. Multi-Cap Core Equity (MF) Median 14.51 17.51 11.85 -1.88 16.33 22.79 26.86 -1.52
International Equity Strategies
EuroPacific Growth Fund R6 (RERGX)1.49 (45)20.63 (21)8.52 (6)-4.93 (8)N/A N/A N/A N/A
MSCI AC World ex USA 2.25 (20)20.15 (22)9.80 (4)-11.78 (78)5.22 (32)16.98 (75)15.04 (47)-10.42 (29)
IM International Large Cap Core Equity (MF) Median 1.34 18.41 5.55 -7.83 4.19 21.59 14.76 -11.30
Domestic Fixed Income Strategies
Dana Intermediate Fixed Income -0.76 (88)0.34 (78)3.61 (72)3.31 (12)2.98 (44)0.21 (26)6.80 (22)2.89 (78)
Domestic Fixed Income Policy -0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)4.36 (83)3.40 (61)
IM U.S. Intermediate Duration (SA+CF) Median -0.39 0.70 3.90 2.70 2.88 -0.27 5.56 3.60
Global Fixed Income Strategies
Templeton Global Total Return R6 (FTTRX)-1.90 (66)13.82 (1)2.68 (94)-8.14 (94)N/A N/A N/A N/A
Global Fixed Income Index -1.16 (50)2.82 (28)14.46 (1)-3.75 (49)4.65 (36)-1.58 (48)14.19 (3)2.52 (39)
IM Global Fixed Income (MF) Median -1.19 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74
Total Real Estate Strategies
ASB Real Estate 8.25 (72)3.60 (100)N/A N/A N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)8.82 (67)7.81 (60)10.62 (69)14.71 (62)12.39 (68)12.47 (67)11.77 (66)18.03 (44)
IM U.S. Open End Private Real Estate (SA+CF) Median 9.69 8.29 11.32 15.45 12.78 13.18 12.90 16.96
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Dana's inception date is 10-13-2005. Dana Core Equity contains international prior to 7/1/2009.
Page 21
Plan Growth
Total Fund Net Cash Flow
$0.0
$1,150,000.0
$2,300,000.0
$3,450,000.0
$4,600,000.0
$5,750,000.0
$6,900,000.0
M a r k e t
V a l u e
9/00 6/01 3/02 12/02 9/03 6/04 3/05 12/05 9/06 6/07 3/08 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18
$3,139,532.9
$5,693,187.4
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Total Fund 3.50 (46)4.38 (57)8.94 (43)11.52 (23)9.67 (63)8.11 (44)10.16 (46)8.40 (39)7.20 (50)
Total Fund Policy 3.94 (23)5.21 (33)9.58 (30)11.34 (28)11.32 (15)8.71 (21)10.36 (38)8.30 (42)6.57 (88)
Median 3.40 4.65 8.66 10.57 10.03 7.97 10.01 8.17 7.20
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Total Fund 8.94 (43)14.16 (14)6.06 (97)0.06 (38)11.92 (18)12.09 (57)18.89 (32)1.62 (17)10.01 (41)
Total Fund Policy 9.58 (30)13.13 (30)11.29 (9)-1.32 (75)11.54 (26)11.19 (74)18.06 (53)1.28 (22)9.40 (58)
Median 8.66 12.26 9.53 -0.32 10.52 12.49 18.20 0.07 9.70
Tequesta General Employees' Retirement Plan
Long-Term Performance
As of September 30, 2018
Peer Group: All Public Plans-Total Fund
Page 22
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
Total Fund Total Fund Policy
4.8
5.4
6.0
6.6
7.2
7.8
R e t u r n
(%)
5.6 6.4 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Total Fund Total Fund Policy
95.2
96.0
96.8
97.6
98.4
99.2
100.0
100.8
U p
M a r k e t
C a p t u r e
R a t i o
(%)
81.0 84.0 87.0 90.0 93.0 96.0 99.0 102.0 105.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Total Fund 59.09 -20.67 0.98 0.26 0.72 0.11 0.07 0.89 2.42
Total Fund Policy 0.00 -27.76 0.00 0.00 0.63 N/A 0.06 1.00 0.00
90 Day U.S. Treasury Bill 27.27 0.00 0.65 -5.97 N/A -0.63 0.00 -0.01 9.42
Tequesta General Employees' Retirement Plan
Long-Term Performance
As of September 30, 2018
Peer Group: All Public Plans-Total Fund
Page 23
Multi Timeperiod Statistics
1 Qtr
Return
1
Quarter
Ending
Jun-2018
Return
1
Quarter
Ending
Mar-2018
Return
1
Quarter
Ending
Dec-2017
Return
3 YR
Return
5 YR
Return
3 YR
Down
Market
Capture
5 YR
Down
Market
Capture
Total Fund 3.50 (46)0.84 (79)0.02 (28)4.37 (12)9.67 (63)8.11 (45)-3.39 (80)102.14 (70)
Total Fund Policy 3.94 (23)1.68 (35)-0.45 (64)4.16 (21)11.32 (15)8.71 (21)100.00 100.00
All Public Plans-Total Fund Median 3.40 1.36 -0.28 3.74 10.04 7.98 81.59 116.72
Total Fund (Net)3.41 0.75 -0.07 4.28 9.25 7.66 16.04 107.50
Total Fund Policy 3.94 1.68 -0.45 4.16 11.32 8.71 100.00 100.00
Total Equity 4.76 1.15 -0.09 6.49 13.65 11.34 12.67 105.93
Total Equity Policy 5.66 2.44 -0.74 6.05 15.68 11.74 100.00 100.00
Domestic Equity 6.37 (69)2.36 (67)-0.44 (52)7.18 (32)14.77 (78)12.97 (67)67.70 (46)111.41 (30)
Total Domestic Equity Policy 7.12 (50)3.89 (19)-0.64 (59)6.34 (63)17.21 (30)13.89 (44)100.00 100.00
IM U.S. Large Cap Core Equity (SA+CF) Median 7.11 2.89 -0.40 6.67 16.11 13.57 55.07 100.06
International Equity -0.84 (98)-2.82 (86)1.05 (8)4.24 (44)9.94 (6)5.87 (1)160.28 (64)89.76 (95)
MSCI AC World ex USA 0.80 (32)-2.39 (79)-1.08 (46)5.06 (13)10.49 (2)4.60 (15)100.00 100.00
IM International Large Cap Core Equity (MF) Median 0.52 -1.78 -1.18 4.01 8.17 3.55 167.74 106.94
Total Fixed Income 0.46 -0.53 -0.53 -0.39 1.88 2.10 18.77 30.29
Total Fixed Policy 0.21 -0.49 -0.74 0.06 1.60 1.96 100.00 100.00
Domestic Fixed Income 0.24 (81)0.14 (42)-1.09 (87)-0.05 (69)1.18 (71)1.96 (45)85.84 (52)88.73 (36)
Domestic Fixed Income Policy 0.11 (96)0.09 (61)-1.05 (82)-0.07 (77)0.95 (92)1.70 (76)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median 0.37 0.12 -0.90 0.01 1.37 1.91 86.20 80.56
Global Fixed Income 1.38 (6)-3.14 (56)1.66 (27)-1.74 (100)4.66 (5)N/A -91.22 (100)N/A
Global Fixed Income Index 0.57 (16)-2.77 (54)0.49 (59)0.58 (59)5.17 (2)3.22 (11)100.00 100.00
IM Global Fixed Income (MF) Median -0.39 -2.23 0.76 0.66 2.36 1.39 101.81 109.16
Total Real Estate 1.96 (66)1.99 (74)1.99 (74)2.06 (72)N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core Equity (EW)2.08 (63)2.13 (65)2.17 (58)2.15 (57)9.08 (56)10.84 (61)N/A N/A
IM U.S. Open End Private Real Estate (SA+CF) Median 2.35 2.25 2.22 2.25 9.53 11.41 N/A N/A
Tequesta General Employees' Retirement Plan
Compliance Statistics
As of September 30, 2018
Page 24
Tequesta General Employees' Retirement Plan
Compliance Statistics
As of September 30, 2018
1 Qtr
Return
1
Quarter
Ending
Jun-2018Return
1
Quarter
Ending
Mar-2018Return
1
Quarter
Ending
Dec-2017Return
3 YR
Return
5 YR
Return
3 YRDown
Market
Capture
5 YRDown
Market
Capture
Domestic Equity Strategies
Dana Large Cap Core 5.67 (81)0.88 (93)-0.30 (45)7.99 (15)15.29 (69)13.28 (59)39.84 (55)107.78 (34)
S&P 500 Index 7.71 (33)3.43 (33)-0.76 (66)6.64 (52)17.31 (30)13.95 (42)100.00 100.00
IM U.S. Large Cap Core Equity (SA+CF) Median 7.11 2.89 -0.40 6.67 16.11 13.57 46.76 98.47
Vanguard Total Stock Market Index (VITSX)7.09 (22)3.91 (19)-0.58 (47)6.34 (43)N/A N/A N/A N/A
Russell 3000 Index 7.12 (19)3.89 (20)-0.64 (52)6.34 (43)17.07 (11)13.46 (11)100.00 100.00
IM U.S. Multi-Cap Core Equity (MF) Median 5.83 2.64 -0.61 6.13 14.53 11.56 93.84 106.51
International Equity Strategies
EuroPacific Growth Fund R6 (RERGX)-0.84 (98)-2.82 (86)1.05 (8)4.23 (45)9.93 (6)N/A 160.28 (64)N/A
MSCI AC World ex USA 0.80 (32)-2.39 (79)-1.08 (46)5.06 (13)10.49 (2)4.60 (15)100.00 100.00
IM International Large Cap Core Equity (MF) Median 0.52 -1.78 -1.18 4.01 8.17 3.55 167.74 106.94
Domestic Fixed Income Strategies
Dana Intermediate Fixed Income 0.24 (81)0.14 (42)-1.09 (87)-0.05 (69)1.05 (86)1.88 (55)96.54 (24)97.49 (13)
Domestic Fixed Income Policy 0.11 (96)0.09 (61)-1.05 (82)-0.07 (77)0.95 (92)1.70 (76)100.00 100.00
IM U.S. Intermediate Duration (SA+CF) Median 0.37 0.12 -0.90 0.01 1.37 1.91 86.20 80.56
Global Fixed Income Strategies
Templeton Global Total Return R6 (FTTRX)1.38 (6)-3.14 (56)1.66 (27)-1.74 (100)4.66 (5)N/A -91.22 (100)N/A
Global Fixed Income Index 0.57 (16)-2.77 (54)0.49 (59)0.58 (59)5.17 (2)3.22 (11)100.00 100.00
IM Global Fixed Income (MF) Median -0.39 -2.23 0.76 0.66 2.36 1.39 101.81 109.16
Real Estate Strategies
ASB Real Estate 1.96 (66)1.99 (74)1.99 (74)2.06 (72)N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core Equity (EW)2.08 (63)2.13 (65)2.17 (58)2.15 (57)9.08 (56)10.84 (61)N/A N/A
IM U.S. Open End Private Real Estate (SA+CF) Median 2.35 2.25 2.22 2.25 9.53 11.41 N/A N/A
Page 25
Estimated
Annual Fee (%)
09/30/18
Market Value
09/30/18
Allocation (%)
Estimated
Annual Fee ($)
Domestic Equity
Dana Large Cap Core*0.65 1,519,541 26.69 9,877
Vanguard Total Stock Market Index (VITSX)**0.04 1,509,818 26.52 604
International Equity
EuroPacific Growth Fund R6 (RERGX)**0.49 813,042 14.28 3,984
Domestic Fixed Income
Dana Intermediate Fixed Income*0.25 997,134 17.51 2,493
Global Fixed Income
Templeton Global Total Return R6 (FTTRX)**0.66 248,591 4.37 1,641
Real Estate
ASB Real Estate**1.25 508,003 8.92 6,350
Cash Accounts
R&D 97,059 1.70 -
Total Fund 0.44 5,693,187 100.00 24,948
Tequesta General Employees' Retirement Plan
Fee Analysis
As of September 30, 2018
* Fee paid externally via Village checking account
**Fee paid internally at the fund
Page 26
Long-Term
Manager Composite
Data
Page 27
Growth of a Dollar
Dana Large Cap S&P 500 Index
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 10/11 4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 9/18
$2.38$2.46
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Dana Large Cap 6.30 (70)6.67 (81)15.12 (68)19.62 (26)15.50 (65)13.24 (60)16.59 (57)11.53 (65)10.42 (34)
S&P 500 Index 7.71 (33)10.56 (38)17.91 (41)18.26 (43)17.31 (30)13.95 (42)16.91 (47)11.97 (52)9.65 (83)
Median 7.11 9.76 17.33 17.91 16.11 13.57 16.81 12.03 10.19
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Dana Large Cap 15.12 (68)24.30 (6)7.67 (92)0.07 (50)20.80 (27)19.76 (60)31.27 (27)2.50 (34)11.26 (28)
S&P 500 Index 17.91 (41)18.61 (53)15.43 (23)-0.61 (63)19.73 (45)19.34 (65)30.20 (44)1.14 (51)10.16 (41)
Median 17.33 18.69 13.30 0.05 19.21 20.71 29.63 1.16 9.53
Dana Large Cap
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Large Cap Core Equity (SA+CF)
Page 28
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
Dana Large Cap S&P 500 Index
5.4
6.3
7.2
8.1
9.0
9.9
10.8
11.7
R e t u r n
(%)
11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Dana Large Cap S&P 500 Index
98.7
99.0
99.3
99.6
99.9
100.2
100.5
U p
M a r k e t
C a p t u r e
R a t i o
(%)
94.0 96.0 98.0 100.0 102.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Dana Large Cap 52.27 -42.39 0.46 0.24 0.58 0.08 0.09 0.98 2.83
S&P 500 Index 0.00 -45.80 0.00 0.00 0.56 N/A 0.09 1.00 0.00
90 Day U.S. Treasury Bill 27.27 0.00 0.64 -8.80 N/A -0.56 0.00 -0.01 15.75
Dana Large Cap
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Large Cap Core Equity (SA+CF)
Page 29
Growth of a Dollar
Vanguard TSM Idx;Inst (VITSX)Russell 3000 Index
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 10/11 4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 9/18
$2.40$2.42
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Vanguard TSM Idx;Inst (VITSX)7.09 (22)10.61 (20)17.62 (19)18.13 (25)17.07 (11)13.44 (12)16.85 (15)12.09 (15)10.02 (13)
Russell 3000 Index 7.12 (19)10.57 (22)17.58 (19)18.14 (25)17.07 (11)13.46 (11)16.86 (15)12.01 (17)9.86 (19)
Median 5.83 7.91 14.51 16.10 14.53 11.56 15.25 10.46 8.84
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Vanguard TSM Idx;Inst (VITSX)17.62 (19)18.64 (38)15.00 (16)-0.57 (34)17.76 (31)21.52 (61)30.24 (17)0.72 (26)11.13 (26)
Russell 3000 Index 17.58 (19)18.71 (36)14.96 (17)-0.49 (32)17.76 (31)21.60 (59)30.20 (18)0.55 (30)10.96 (29)
Median 14.51 17.51 11.85 -1.88 16.33 22.79 26.86 -1.52 9.17
Vanguard TSM Idx;Inst (VITSX)
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Multi-Cap Core Equity (MF)
Page 30
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
Vanguard TSM Idx;Inst (VITSX)Russell 3000 Index
2.0
4.0
6.0
8.0
10.0
R e t u r n
(%)
12.0 14.0 16.0 18.0 20.0 22.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Vanguard TSM Idx;Inst (VITSX)Russell 3000 Index
99.9
100.0
100.1
100.2
100.3
U p
M a r k e t
C a p t u r e
R a t i o
(%)
99.0 99.2 99.4 99.6 99.8 100.0 100.2
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Vanguard TSM Idx;Inst (VITSX)59.09 -45.55 0.12 0.11 0.56 0.83 0.09 1.00 0.13
Russell 3000 Index 0.00 -45.95 0.00 0.00 0.55 N/A 0.09 1.00 0.00
90 Day U.S. Treasury Bill 29.55 0.00 0.64 -8.98 N/A -0.55 0.00 -0.01 16.25
Vanguard TSM Idx;Inst (VITSX)
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Multi-Cap Core Equity (MF)
Page 31
Growth of a Dollar
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
$0.00
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 10/11 4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 9/18
$1.15
$1.36
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
American Funds EuPc;R5 (RERFX)-0.86 (98)-2.68 (52)1.44 (46)10.58 (29)9.88 (6)6.15 (1)9.49 (2)6.81 (11)8.62 (5)
MSCI AC World ex USA 0.80 (32)-2.67 (51)2.25 (20)10.84 (27)10.49 (2)4.60 (15)7.74 (61)5.67 (38)7.67 (17)
Median 0.52 -2.63 1.34 9.65 8.17 3.55 8.07 4.83 6.77
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
American Funds EuPc;R5 (RERFX)1.44 (46)20.56 (21)8.47 (6)-4.97 (8)6.93 (12)18.22 (73)18.39 (13)-12.38 (75)7.35 (11)
MSCI AC World ex USA 2.25 (20)20.15 (22)9.80 (4)-11.78 (78)5.22 (32)16.98 (75)15.04 (47)-10.42 (29)8.00 (5)
Median 1.34 18.41 5.55 -7.83 4.19 21.59 14.76 -11.30 3.37
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Core Equity (MF)
Page 32
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
-1.8
-0.9
0.0
0.9
1.8
2.7
3.6
4.5
R e t u r n
(%)
16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 20.5
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
American Funds EuPc;R5 (RERFX)MSCI AC World ex USA
98.7
99.0
99.3
99.6
99.9
100.2
100.5
U p
M a r k e t
C a p t u r e
R a t i o
(%)
84.0 87.0 90.0 93.0 96.0 99.0 102.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
American Funds EuPc;R5 (RERFX)59.09 -45.07 1.65 1.31 0.25 0.37 0.05 0.91 3.51
MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00
90 Day U.S. Treasury Bill 40.91 0.00 0.58 -3.12 N/A -0.16 0.00 -0.01 19.44
American Funds EuPc;R5 (RERFX)
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM International Large Cap Core Equity (MF)
Page 33
Growth of a Dollar
Dana Intermediate Bloomberg Barclays Intermed Aggregate Index
$0.80
$1.00
$1.20
$1.40
$1.60
10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 10/11 4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 9/18
$1.43
$1.46
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Dana Intermediate 0.30 (67)-0.59 (73)-0.54 (61)0.03 (61)1.34 (57)1.87 (57)2.33 (31)3.59 (67)3.51 (74)
Bloomberg Barclays Intermed Aggregate Index 0.11 (96)-0.86 (95)-0.93 (96)-0.34 (94)0.95 (92)1.70 (76)1.72 (84)3.31 (89)3.47 (79)
Median 0.37 -0.48 -0.39 0.11 1.37 1.91 2.08 3.75 3.75
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Dana Intermediate -0.54 (61)0.60 (62)4.00 (44)2.62 (56)2.76 (55)0.53 (17)6.51 (26)1.88 (97)7.51 (78)
Bloomberg Barclays Intermed Aggregate Index -0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)4.31 (84)4.22 (23)7.52 (77)
Median -0.39 0.70 3.90 2.70 2.88 -0.27 5.56 3.60 8.25
Dana Intermediate
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Intermediate Duration (SA+CF)
Page 34
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
Dana Intermediate
Bloomberg Barclays Intermed Aggregate Index
2.5
3.0
3.5
4.0
4.5
5.0
R e t u r n
(%)
2.4 2.7 3.0 3.3 3.6 3.9 4.2
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Dana Intermediate
Bloomberg Barclays Intermed Aggregate Index
99.6
100.2
100.8
101.4
102.0
102.6
U p
M a r k e t
C a p t u r e
R a t i o
(%)
84.0 87.0 90.0 93.0 96.0 99.0 102.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Dana Intermediate 61.36 -1.91 0.47 0.17 1.17 0.15 0.03 0.91 1.12
Bloomberg Barclays Intermed Aggregate Index 0.00 -2.05 0.00 0.00 1.13 N/A 0.03 1.00 0.00
90 Day U.S. Treasury Bill 27.27 0.00 0.49 -2.83 N/A -1.13 0.00 0.02 2.51
Dana Intermediate
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Intermediate Duration (SA+CF)
Page 35
Growth of a Dollar
Templeton Global Multisector Plus Global Fixed Income Index
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
$2.80
10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 10/11 4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 9/18
$1.74
$2.11
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
Templeton Global Multisector Plus 0.64 (36)-1.55 (43)-2.92 (92)5.78 (3)4.53 (24)2.22 (49)4.91 (16)8.33 (1)8.62 (1)
Global Fixed Income Index 0.57 (37)-1.73 (46)-1.16 (50)0.81 (57)5.17 (5)3.22 (27)4.01 (31)6.19 (15)6.16 (20)
Median 0.11 -1.80 -1.17 1.33 3.54 2.03 2.73 4.09 4.52
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Templeton Global Multisector Plus -2.92 (92)15.27 (1)2.07 (96)-8.32 (97)6.56 (22)6.45 (7)17.76 (2)0.26 (85)20.22 (1)
Global Fixed Income Index -1.16 (50)2.82 (53)14.46 (2)-3.75 (66)4.65 (43)-1.58 (65)14.19 (9)2.52 (61)12.95 (21)
Median -1.17 3.25 8.37 -3.04 4.08 -0.40 8.33 3.17 8.93
Templeton Global Multisector Plus
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM Global Unhedged Fixed Income (SA+CF)
Page 36
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
Templeton Global Multisector Plus Global Fixed Income Index
2.0
3.0
4.0
5.0
6.0
7.0
8.0
R e t u r n
(%)
4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
Templeton Global Multisector Plus Global Fixed Income Index
99.8
100.0
100.2
100.4
100.6
U p
M a r k e t
C a p t u r e
R a t i o
(%)
15.0 30.0 45.0 60.0 75.0 90.0 105.0 120.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
Templeton Global Multisector Plus 56.82 -8.96 3.24 1.96 0.75 0.27 0.09 0.77 7.34
Global Fixed Income Index 0.00 -11.65 0.00 0.00 0.66 N/A 0.05 1.00 0.00
90 Day U.S. Treasury Bill 36.36 0.00 0.61 -4.94 N/A -0.66 0.00 -0.01 7.49
Templeton Global Multisector Plus
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM Global Unhedged Fixed Income (SA+CF)
Page 37
Growth of a Dollar
ASB Allegiance Fund NCREIF Fund Index-Open End Diversified Core (EW)
$0.00
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 9/18
$1.71
$1.91
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
ASB Allegiance Fund 1.96 (66)6.07 (74)8.26 (72)5.91 (100)7.46 (91)10.02 (76)11.23 (68)6.45 (9)9.11 (N/A)
NCREIF Fund Index-Open End Diversified Core (EW)2.08 (63)6.52 (70)8.82 (67)8.31 (63)9.08 (56)10.84 (61)11.21 (69)5.35 (74)8.04 (N/A)
Median 2.35 6.78 9.69 8.94 9.53 11.41 11.84 5.69 N/A
Fiscal Year Returns
FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
ASB Allegiance Fund 8.26 (72)3.61 (100)10.65 (68)15.06 (60)12.90 (49)13.22 (49)15.43 (28)18.56 (41)5.22 (68)
NCREIF Fund Index-Open End Diversified Core (EW)8.82 (67)7.81 (60)10.62 (69)14.71 (62)12.39 (68)12.47 (67)11.77 (66)18.03 (44)6.14 (55)
Median 9.69 8.29 11.32 15.45 12.78 13.18 12.90 16.96 6.43
ASB Allegiance Fund
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Open End Private Real Estate (SA+CF)
Page 38
5 Year Rolling Percentile Ranking
0.0
25.0
50.0
75.0
100.0Return
P e r c e n t i l e
R a n k
12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 9/18
Risk vs Return: October 2007 to Present
ASB Allegiance Fund
NCREIF Fund Index-Open End Diversified Core (EW)
3.5
4.2
4.9
5.6
6.3
7.0
7.7
R e t u r n
(%)
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
Risk (Standard Deviation %)
Up/Down Markets: October 2007 to Present
ASB Allegiance Fund
NCREIF Fund Index-Open End Diversified Core (EW)
98.0
100.0
102.0
104.0
106.0
U p
M a r k e t
C a p t u r e
R a t i o
(%)
80.0 84.0 88.0 92.0 96.0 100.0 104.0
Down Market Capture Ratio (%)
Historical Statistics: October 1, 2007 To September 30, 2018
Consistency Maximum
Drawdown Alpha Active
Return
Sharpe
Ratio
Information
Ratio
Treynor
Ratio Beta Tracking
Error
ASB Allegiance Fund 40.91 -34.71 1.53 1.01 0.74 0.32 0.07 0.91 3.11
NCREIF Fund Index-Open End Diversified Core (EW)0.00 -39.11 0.00 0.00 0.60 N/A 0.05 1.00 0.00
90 Day U.S. Treasury Bill 13.64 0.00 0.57 -4.91 N/A -0.60 0.00 0.00 8.23
ASB Allegiance Fund
Long-Term Composite Performance
As of September 30, 2018
Long-term composite performance. Actual client results may vary.
October 2007 represents the beginning of the current market cycle.
Peer Group: IM U.S. Open End Private Real Estate (SA+CF)
Page 39
Tequesta General Employees' Pension Fund Compliance Checklist As of September 30, 2018
To
t
a
l
F
u
n
d
C
o
m
p
l
i
a
n
c
e
:
Yes No N/A
1.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
N
e
t
7
.
0
%
a
c
t
u
a
ri
a
l
e
a
r
n
i
n
g
s
a
s
s
u
m
p
t
i
o
n
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
2.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
N
e
t
7
.
0
%
a
c
t
u
a
ri
a
l
e
a
r
n
i
n
g
s
a
s
s
u
m
p
t
i
o
n
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
3.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
t
o
t
a
l
p
l
a
n
b
e
n
ch
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
4.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
t
o
t
a
l
p
l
a
n
b
e
n
ch
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
5.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
of
i
t
s
p
e
e
r
g
r
o
u
p
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
6.
T
h
e
T
o
t
a
l
P
l
a
n
r
e
t
u
r
n
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
of
i
t
s
p
e
e
r
g
r
o
u
p
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
Eq
u
i
t
y
C
o
m
p
l
i
a
n
c
e
:
Yes No N/A
1.
T
o
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
c
h
m
a
rk
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
2.
T
o
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
c
h
m
a
rk
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
3.
T
o
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
nc
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
4.
T
o
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
nc
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
5.
T
o
t
a
l
E
q
u
i
t
y
i
n
v
e
s
t
m
e
n
t
s
d
o
n
o
t
e
x
c
e
e
d
7
0
%
o
f
t
h
e
m
a
r
k
e
t
v
a
l
u
e
o
f
P
l
a
n
a
s
s
e
t
s
.
6.
T
o
t
a
l
m
a
r
k
e
t
v
a
l
u
e
o
f
f
o
r
e
i
g
n
s
e
c
u
r
i
t
i
e
s
d
o
n
o
t
e
x
c
ee
d
2
5
%
o
f
t
h
e
m
a
r
k
e
t
v
a
l
u
e
o
f
P
l
a
n
a
s
s
e
t
s
.
Fi
x
e
d
I
n
c
o
m
e
C
o
m
p
l
i
a
n
c
e
:
Yes No N/A
1.
T
o
t
a
l
D
o
m
e
s
t
i
c
F
i
x
e
d
I
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
en
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
2.
T
o
t
a
l
D
o
m
e
s
t
i
c
F
i
x
e
d
I
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
en
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
3.
T
o
t
a
l
G
l
o
b
a
l
F
i
x
e
d
I
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
ch
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
4.
T
o
t
a
l
G
l
o
b
a
l
F
i
x
e
d
I
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
ch
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
5.
9
5
%
o
f
t
h
e
f
i
x
e
d
i
n
c
o
m
e
i
n
v
e
s
t
m
e
n
t
s
h
a
v
e
a
m
i
n
i
m
u
m
r
a
t
i
n
g
o
f
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
o
r
h
i
g
h
e
r
.
Ye
s
N
o
N
/
A
Y
e
s
N
o
N
/
A
Y
e
s
N
o
N
/
A
1.
M
a
n
a
g
e
r
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
i
n
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
pe
r
i
o
d
.
2.
M
a
n
a
g
e
r
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
i
n
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
er
i
o
d
.
3.
M
a
n
a
g
e
r
h
a
s
h
a
d
l
e
s
s
t
h
a
n
4
c
o
n
s
e
c
u
t
i
v
e
q
u
a
r
t
e
r
s
o
f
u
n
d
e
r
p
e
r
fo
r
m
a
n
c
e
.
4.
M
a
n
a
g
e
r
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
o
v
e
r
t
h
e
t
r
a
i
l
in
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
5.
M
a
n
a
g
e
r
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
o
v
e
r
t
h
e
t
r
a
i
l
in
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
6.
M
a
n
a
g
e
r
t
h
r
e
e
y
e
a
r
d
o
w
n
m
a
r
k
e
t
c
a
p
t
u
r
e
r
a
t
i
o
i
s
l
e
s
s
t
h
a
n
t
h
e
i
n
d
e
x
.
7.
M
a
n
a
g
e
r
f
i
v
e
y
e
a
r
d
o
w
n
m
a
r
k
e
t
c
a
p
t
u
r
e
r
a
t
i
o
i
s
l
e
s
s
t
h
a
n
t
h
e
i
n
d
e
x
.
Ye
s
N
o
N
/
A
Y
e
s
N
o
N
/
A
Y
e
s
N
o
N
/
A
1.
M
a
n
a
g
e
r
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
i
n
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
pe
r
i
o
d
.
2.
M
a
n
a
g
e
r
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
i
n
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
er
i
o
d
.
3.
M
a
n
a
g
e
r
h
a
s
h
a
d
l
e
s
s
t
h
a
n
4
c
o
n
s
e
c
u
t
i
v
e
q
u
a
r
t
e
r
s
o
f
u
n
d
e
r
p
e
r
fo
r
m
a
n
c
e
.
4.
M
a
n
a
g
e
r
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
o
v
e
r
t
h
e
t
r
a
i
l
in
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
5.
M
a
n
a
g
e
r
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
4
0
t
h
p
e
r
c
e
n
t
i
l
e
o
v
e
r
t
h
e
t
r
a
i
l
in
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
6.
M
a
n
a
g
e
r
t
h
r
e
e
y
e
a
r
d
o
w
n
m
a
r
k
e
t
c
a
p
t
u
r
e
r
a
t
i
o
i
s
l
e
s
s
t
h
a
n
t
h
e
i
n
d
e
x
.
7.
M
a
n
a
g
e
r
f
i
v
e
y
e
a
r
d
o
w
n
m
a
r
k
e
t
c
a
p
t
u
r
e
r
a
t
i
o
i
s
l
e
s
s
t
h
a
n
t
h
e
i
n
d
e
x
.
Ma
n
a
g
e
r
C
o
m
p
l
i
a
n
c
e
:
Va
n
g
u
a
r
d
I
n
d
e
x
(
V
I
T
S
X
)
E
u
r
o
p
a
c
i
f
i
c
(
R
E
R
G
X
)
Da
n
a
D
o
m
e
s
t
i
c
Ma
n
a
g
e
r
C
o
m
p
l
i
a
n
c
e
:
Da
n
a
F
i
x
e
d
T
e
m
p
l
e
t
o
n
(
F
T
T
R
X
)
A
S
B
R
e
a
l
E
s
t
a
t
e
Pa
g
e
4
0
Total Domestic Equity Policy
Allocation Mandate Weight (%)
Jan-2004
S&P 500 Index 100.00
Apr-2017
Russell 3000 Index 100.00
Total Fund Policy
Allocation Mandate Weight (%)
Jan-1978
FTSE 3 Month T-Bill 100.00
Jan-2004
S&P 500 Index 60.00
FTSE 3 Month T-Bill 20.00
Blmbg. Barc. U.S. Gov't/Credit 20.00
Oct-2005
S&P 500 Index 60.00
Bloomberg Barclays Intermediate US Govt/Credit Idx 40.00
Dec-2009
S&P 500 Index 50.00
Bloomberg Barclays Intermediate US Govt/Credit Idx 40.00
MSCI EAFE Index 10.00
Jul-2012
S&P 500 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 40.00
MSCI AC World ex USA 10.00
Sep-2013
S&P 500 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 30.00
MSCI AC World ex USA 15.00
Global Fixed Income Index 5.00
Jul-2016
S&P 500 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 20.00
MSCI AC World ex USA 15.00
Global Fixed Income Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Apr-2017
Russell 3000 Index 50.00
MSCI AC World ex USA 15.00
Bloomberg Barclays Intermed Aggregate Index 20.00
Global Fixed Income Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Total Fixed Policy
Allocation Mandate Weight (%)
Feb-2004
Blmbg. Barc. U.S. Gov't/Credit 100.00
Oct-2005
Bloomberg Barclays Intermediate US Govt/Credit Idx 100.00
Jul-2012
Bloomberg Barclays Intermed Aggregate Index 100.00
Sep-2013
Bloomberg Barclays Intermed Aggregate Index 86.00
Global Fixed Income Index 14.00
Apr-2017
Bloomberg Barclays Intermed Aggregate Index 80.00
Global Fixed Income Index 20.00
Global Fixed Income Index
Allocation Mandate Weight (%)
Jan-1994
JPM EMBI+33.33
Blmbg. Barc. U.S. Corp High Yield 33.33
FTSE Non-U.S. World Government Bond 33.34
Tequesta General Employees' Retirement Plan
Benchmark History
As of September 30, 2018
Page 41
· Neither AndCo, nor any covered associates, have made political contributions to any official associated with the Tequesta General Employees' Retirement Plan in
excess of the permitted amount.
Writeup
Disclosures
As of September 30, 2018
Page 42
Report Statistics Definitions and Descriptions
A
c
t
i
v
e
R
e
t
u
r
n
-
Ar
i
t
h
m
e
t
i
c
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
t
h
e
m
a
n
a
g
e
r
’
s
p
e
r
f
o
r
m
a
n
c
e
a
n
d
t
h
e
d
e
s
i
g
n
a
t
e
d
b
e
n
c
h
m
a
r
k
r
e
t
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
A
l
p
h
a
-
A
m
e
a
s
u
r
e
o
f
t
h
e
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
a
p
o
r
t
f
o
l
i
o
'
s
a
c
t
u
a
l
p
e
r
f
o
r
ma
n
c
e
a
n
d
i
t
s
e
x
p
e
c
t
e
d
r
e
t
u
r
n
b
a
s
e
d
o
n
i
t
s
l
e
v
e
l
o
f
r
i
s
k
a
s
d
e
t
er
m
i
n
e
d
b
y
b
e
t
a
.
I
t
d
e
t
e
r
m
i
n
e
s
t
h
e
p
o
r
t
f
o
l
i
o
'
s
no
n
-
s
y
s
t
e
m
i
c
r
e
t
u
r
n
,
o
r
i
t
s
h
i
s
t
o
r
i
c
a
l
p
e
r
f
o
r
m
a
n
c
e
n
o
t
e
x
p
l
a
i
n
e
d
b
y
m
o
v
e
m
e
n
t
s
o
f
t
h
e
m
a
r
k
e
t
.
B
e
t
a
-
A
m
e
a
s
u
r
e
o
f
t
h
e
s
e
n
s
i
t
i
v
i
t
y
o
f
a
p
o
r
t
f
o
l
i
o
t
o
t
h
e
m
o
v
e
m
e
n
t
s
i
n
t
h
e
m
a
r
k
e
t
.
I
t
i
s
a
m
e
a
s
u
r
e
o
f
t
he
p
o
r
t
f
o
l
i
o
'
s
s
y
s
t
e
m
a
t
i
c
r
i
s
k
.
C
o
n
s
i
s
t
e
n
c
y
-
Th
e
p
e
r
c
e
n
t
a
g
e
o
f
q
u
a
r
t
e
r
s
t
h
a
t
a
p
r
o
d
u
c
t
a
c
h
i
e
v
e
d
a
r
a
t
e
o
f
r
e
tu
r
n
h
i
g
h
e
r
t
h
a
n
t
h
a
t
o
f
i
t
s
b
e
n
c
hm
a
r
k
.
H
i
g
h
e
r
c
o
n
s
i
s
t
e
n
c
y
i
n
d
i
cates the manager has contributed more to the
pr
o
d
u
c
t
’
s
p
e
r
f
o
r
m
a
n
c
e
.
D
i
s
t
r
i
b
u
t
e
d
t
o
P
a
i
d
I
n
(
D
P
I
)
-
Th
e
r
a
t
i
o
o
f
m
o
n
e
y
d
i
s
t
r
i
b
u
t
e
d
t
o
L
i
m
i
t
e
d
P
a
r
t
n
e
r
s
b
y
t
h
e
f
u
n
d
,
r
e
l
a
t
i
v
e
t
o
c
o
n
t
r
i
b
u
t
i
o
n
s
.
I
t
i
s
ca
l
c
u
l
a
t
e
d
b
y
d
i
v
i
d
i
n
g
c
u
m
u
l
at
i
v
e
d
i
s
t
r
i
b
u
t
i
o
n
s
b
y
p
a
i
d
in capital. This multiple
sh
o
w
s
t
h
e
i
n
v
e
s
t
o
r
h
o
w
m
u
c
h
m
o
n
e
y
t
h
e
y
g
o
t
b
a
c
k
.
I
t
i
s
a
g
o
o
d
me
a
s
u
r
e
f
o
r
e
v
a
l
u
a
t
i
n
g
a
f
u
n
d
l
a
te
r
i
n
i
t
s
l
i
f
e
b
e
c
a
u
s
e
t
h
e
r
e
a
re more distributions to measure against.
D
o
w
n
M
a
r
k
e
t
C
a
p
t
u
r
e
-
Th
e
r
a
t
i
o
o
f
a
v
e
r
a
g
e
p
o
r
t
f
o
l
i
o
p
e
r
f
o
r
m
a
n
c
e
o
v
e
r
t
h
e
d
e
s
i
g
n
a
t
e
d
be
n
c
h
m
a
r
k
d
u
r
i
n
g
p
e
r
i
o
d
s
o
f
n
e
g
a
t
i
v
e
r
e
t
u
r
n
s
.
A
l
o
w
e
r
v
a
l
u
e
i
n
d
icates better product performance
D
o
w
n
s
i
d
e
R
i
s
k
-
A
m
e
a
s
u
r
e
s
i
m
i
l
a
r
t
o
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
t
h
a
t
u
t
i
l
i
z
e
s
o
n
l
y
t
h
e
ne
g
a
t
i
v
e
m
o
v
e
m
e
n
t
s
o
f
t
h
e
r
e
t
u
r
n
s
e
r
i
e
s
.
I
t
i
s
c
a
l
c
u
l
a
t
e
d
b
y
t
a
ki
n
g
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
t
h
e
n
e
g
a
t
i
v
e
qu
a
r
t
e
r
l
y
s
e
t
o
f
r
e
t
u
r
n
s
.
A
h
i
g
h
e
r
f
a
c
t
o
r
i
s
i
n
d
i
c
a
t
i
v
e
o
f
a
r
i
sk
i
e
r
p
r
o
d
u
c
t
.
E
x
c
e
s
s
R
e
t
u
r
n
-
Ar
i
t
h
m
e
t
i
c
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
t
h
e
m
a
n
a
g
e
r
’
s
p
e
r
f
o
r
m
a
n
c
e
a
n
d
t
h
e
r
i
s
k
-
f
r
e
e
r
e
t
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
E
x
c
e
s
s
R
i
s
k
-
A
m
e
a
s
u
r
e
o
f
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
r
e
l
a
t
i
v
e
t
o
t
h
e
r
i
s
k
f
r
e
e
r
e
t
u
r
n
.
I
n
f
o
r
m
a
t
i
o
n
R
a
t
i
o
-
Th
i
s
c
a
l
c
u
l
a
t
e
s
t
h
e
v
a
l
u
e
-
a
d
d
e
d
c
o
n
t
r
i
b
u
t
i
o
n
o
f
t
h
e
m
a
n
a
g
e
r
a
n
d
i
s
de
r
i
v
e
d
b
y
d
i
v
i
d
i
n
g
t
h
e
a
c
t
i
v
e
r
a
t
e
o
f
r
e
t
u
r
n
o
f
t
h
e
p
o
r
t
f
o
l
i
o
by the tracking error. The higher the
In
f
o
r
m
a
t
i
o
n
R
a
t
i
o
,
t
h
e
m
o
r
e
t
h
e
m
a
n
a
g
e
r
h
a
s
a
d
d
e
d
v
a
l
u
e
t
o
t
h
e
po
r
t
f
o
l
i
o
.
P
u
b
l
i
c
M
a
r
k
e
t
E
q
u
i
v
a
l
e
n
t
(
P
M
E
)
-
De
s
i
g
n
s
a
s
e
t
o
f
a
n
a
l
y
s
e
s
u
s
e
d
i
n
t
h
e
P
r
i
v
a
t
e
E
q
u
i
t
y
I
n
d
u
s
t
r
y
t
o
e
v
a
l
u
a
t
e
t
h
e
p
e
r
f
o
r
m
a
n
c
e
o
f
a
P
ri
v
a
t
e
E
q
u
i
t
y
F
u
n
d
a
g
a
i
n
s
t
a
p
ublic benchmark or index.
R
-
S
q
u
a
r
e
d
-
Th
e
p
e
r
c
e
n
t
a
g
e
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
t
h
a
t
c
a
n
b
e
e
x
p
l
a
i
n
ed
b
y
t
h
e
b
e
h
a
v
i
o
r
o
f
t
h
e
a
p
p
r
o
p
r
i
a
t
e
b
e
n
c
h
m
a
r
k
.
A
h
i
g
h
R
-
S
q
u
a
r
ed means the portfolio's performance has
hi
s
t
o
r
i
c
a
l
l
y
m
o
v
e
d
i
n
t
h
e
s
a
m
e
d
i
r
e
c
t
i
o
n
a
s
t
h
e
a
p
p
r
o
p
r
i
a
t
e
b
e
n
ch
m
a
r
k
.
R
e
t
u
r
n
-
Co
m
p
o
u
n
d
e
d
r
a
t
e
o
f
r
e
t
u
r
n
f
o
r
t
h
e
p
e
r
i
o
d
.
S
h
a
r
p
e
R
a
t
i
o
-
Re
p
r
e
s
e
n
t
s
t
h
e
e
x
c
e
s
s
r
a
t
e
o
f
r
e
t
u
r
n
o
v
e
r
t
h
e
r
i
s
k
f
r
e
e
r
e
t
u
r
n
di
v
i
d
e
d
b
y
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
t
h
e
e
x
c
e
s
s
r
e
t
u
r
n
.
T
h
e
r
e
s
ult
i
s
a
n
a
b
s
o
l
u
t
e
r
a
t
e
o
f
r
e
t
u
r
n
p
e
r
u
n
i
t
o
f
r
i
s
k
.
A
hi
g
h
e
r
v
a
l
u
e
d
e
m
o
n
s
t
r
a
t
e
s
b
e
t
t
e
r
his
t
o
r
i
c
a
l
r
i
s
k
-
a
d
j
u
s
t
e
d
p
e
r
f
o
rm
a
n
c
e
.
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
-
A
s
t
a
t
i
s
t
i
c
a
l
m
e
a
s
u
r
e
o
f
t
h
e
r
a
n
g
e
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
.
I
t
r
e
p
r
e
s
e
n
t
s
t
h
e
v
a
r
i
a
b
i
l
i
t
y
o
f
r
e
t
u
r
n
s
a
r
o
u
n
d
t
h
e
a
v
e
r
a
g
e
r
et
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
T
o
t
a
l
V
a
l
u
e
t
o
P
a
i
d
I
n
(
T
V
P
I
)
-
Th
e
r
a
t
i
o
o
f
t
h
e
c
u
r
r
e
n
t
v
a
l
u
e
o
f
r
e
m
a
i
n
i
n
g
i
n
v
e
s
t
m
e
n
t
s
w
i
t
h
i
n
a
f
u
n
d
,
p
l
u
s
t
h
e
t
o
t
a
l
v
a
l
u
e
o
f
a
l
l
d
i
s
t
r
i
b
u
t
i
o
n
s
t
o
d
a
t
e
,
r
e
l
a
tiv
e
t
o
t
h
e
t
o
t
a
l
a
m
o
u
n
t
o
f
c
a
p
i
t
a
l
p
a
i
d
i
n
t
o
t
h
e
f
u
n
d
to
d
a
t
e
.
I
t
i
s
a
g
o
o
d
m
e
a
s
u
r
e
o
f
p
e
r
f
o
r
m
a
n
c
e
b
e
f
o
r
e
t
h
e
e
n
d
o
f
a
f
u
n
d
’
s
l
i
f
e
T
r
a
c
k
i
n
g
E
r
r
o
r
-
Th
i
s
i
s
a
m
e
a
s
u
r
e
o
f
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
of
a
p
o
r
t
f
o
l
i
o
'
s
r
e
t
u
r
n
s
i
n
re
l
a
t
i
o
n
t
o
t
h
e
p
e
r
f
o
r
m
a
n
c
e
o
f
i
t
s
d
e
s
i
g
n
a
t
e
d
m
a
r
k
e
t
b
e
n
c
h
m
a
r
k
.
T
r
e
y
n
o
r
R
a
t
i
o
-
Sim
i
l
a
r
t
o
S
h
a
r
p
e
r
a
t
i
o
b
u
t
u
t
i
l
i
z
e
s
b
e
t
a
r
a
t
h
e
r
t
h
a
n
e
x
c
e
s
s
r
i
sk
a
s
d
e
t
e
r
m
i
n
e
d
b
y
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
.
I
t
i
s
c
a
l
c
u
l
a
t
e
d
b
y
t
a
k
in
g
t
h
e
e
x
c
e
s
s
r
a
t
e
o
f
r
e
t
u
r
n
a
b
o
v
e
t
h
e
r
i
s
k
f
r
e
e
ra
t
e
d
i
v
i
d
e
d
b
y
b
e
t
a
t
o
d
e
r
i
v
e
t
h
e
a
b
s
o
l
u
t
e
r
a
t
e
o
f
r
e
t
u
r
n
p
e
r
un
i
t
o
f
r
i
s
k
.
A
h
i
g
h
e
r
v
a
l
u
e
i
n
d
i
c
a
t
e
s
a
p
r
o
d
u
c
t
h
a
s
a
c
h
i
e
v
e
d
b
et
t
e
r
h
i
s
t
o
r
i
c
a
l
r
i
s
k
-
a
d
j
u
s
t
e
d
p
e
r
f
o
r
m
a
n
c
e
.
U
p
M
a
r
k
e
t
C
a
p
t
u
r
e
-
Th
e
r
a
t
i
o
o
f
a
v
e
r
a
g
e
p
o
r
t
f
o
l
i
o
p
e
r
f
o
r
m
a
n
c
e
o
v
e
r
t
h
e
d
e
s
i
g
n
a
t
e
d
be
n
c
h
m
a
r
k
d
u
r
i
n
g
p
e
r
i
o
d
s
o
f
p
o
s
i
t
iv
e
r
e
t
u
r
n
s
.
A
h
i
g
h
e
r
v
a
l
u
e
i
n
dicates better product performance.
Pa
g
e
4
3
Disclosures
An
d
C
o
c
o
m
p
i
l
e
d
t
h
i
s
r
e
p
o
r
t
f
o
r
t
h
e
s
o
l
e
u
s
e
o
f
t
h
e
c
l
i
e
n
t
f
o
r
w
hi
c
h
i
t
w
a
s
p
r
e
p
a
r
e
d
.
A
n
d
C
o
i
s
r
e
s
p
o
n
s
i
b
l
e
f
o
r
e
v
a
l
u
a
t
i
n
g
t
h
e
pe
r
f
o
r
m
a
n
c
e
r
e
s
u
l
t
s
o
f
t
h
e
T
o
t
a
l
F
u
n
d
a
l
o
n
g
w
i
t
h
t
h
e
i
n
v
e
s
t
m
e
n
t
advisors by comparing
th
e
i
r
p
e
r
f
o
r
m
a
n
c
e
w
i
t
h
i
n
d
i
c
e
s
a
n
d
o
t
h
e
r
r
e
l
a
t
e
d
p
e
e
r
u
n
i
v
e
r
s
e
da
t
a
t
h
a
t
i
s
d
e
e
m
e
d
a
p
p
r
o
p
r
i
a
t
e
.
A
n
d
C
o
u
s
e
s
t
h
e
r
e
s
u
l
t
s
f
r
o
m
t
hi
s
e
v
a
l
u
a
t
i
o
n
t
o
m
a
k
e
o
b
s
e
r
v
at
i
o
n
s
a
n
d
r
e
c
o
m
m
e
n
d
a
t
i
o
n
s
t
o
t
h
e
client.
An
d
C
o
u
s
e
s
t
i
m
e
-
w
e
i
g
h
t
e
d
c
a
l
c
u
l
at
i
o
n
s
w
h
i
c
h
a
r
e
f
o
u
n
d
e
d
o
n
s
t
a
n
da
r
d
s
r
e
c
o
m
m
e
n
d
e
d
b
y
t
h
e
C
F
A
I
n
s
t
i
t
u
t
e
.
T
h
e
c
a
l
c
u
l
a
t
i
o
n
s
a
n
d
v
alu
e
s
s
h
o
w
n
a
r
e
b
a
s
e
d
o
n
i
n
f
o
r
m
a
t
ion that is received from cust odians. AndCo
an
a
l
y
z
e
s
t
r
a
n
s
a
c
t
i
o
n
s
a
s
i
n
d
i
c
a
t
e
d
o
n
t
h
e
c
u
s
t
o
d
i
a
n
s
t
a
t
e
m
e
n
t
s
an
d
r
e
v
i
e
w
s
t
h
e
c
u
s
t
o
d
i
a
l
m
a
r
k
e
t
v
a
l
u
e
s
o
f
t
h
e
p
o
r
t
f
o
l
i
o
.
A
s
a
r
e
s
u
l
t
,
t
h
i
s
p
r
o
v
i
d
e
s
A
n
d
C
o
w
i
th
a
r
e
a
s
o
n
a
b
l
e
b
a
s
i
s
t
h
a
t
t
h
e
i
nvestment information
pr
e
s
e
n
t
e
d
i
s
f
r
e
e
f
r
o
m
m
a
t
e
r
i
a
l
m
i
s
s
t
a
t
e
m
e
n
t
.
T
h
i
s
m
e
t
h
o
d
o
l
o
g
y
o
f
e
v
a
l
u
a
t
i
n
g
a
n
d
m
e
a
s
u
r
i
n
g
p
e
r
f
o
rm
a
n
c
e
p
r
o
v
i
d
e
s
A
n
d
C
o
w
i
t
h
a
pr
a
c
t
i
c
a
l
f
o
u
n
d
a
t
i
o
n
f
o
r
o
u
r
o
b
s
er
v
a
t
i
o
n
s
a
n
d
r
e
c
o
m
m
e
n
d
a
t
i
o
n
s
.
Nothing came to
ou
r
a
t
t
e
n
t
i
o
n
t
h
a
t
w
o
u
l
d
c
a
u
s
e
A
n
d
C
o
t
o
b
e
l
i
e
v
e
t
h
a
t
t
h
e
i
n
f
o
r
m
at
i
o
n
p
r
e
s
e
n
t
e
d
i
s
s
i
g
n
i
f
i
c
a
n
t
l
y
m
i
s
s
t
a
t
e
d
.
Th
i
s
p
e
r
f
o
r
m
a
n
c
e
r
e
p
o
r
t
i
s
b
a
s
e
d
o
n
d
a
t
a
o
b
t
a
i
n
e
d
b
y
t
h
e
c
l
i
e
n
t
’s
c
u
s
t
o
d
i
a
n
(
s
)
,
i
n
v
e
s
t
m
e
n
t
f
u
n
d
ad
m
i
n
i
s
t
r
a
t
o
r
,
o
r
o
t
h
e
r
s
o
u
r
c
e
s
b
e
l
i
e
v
e
d
t
o
b
e
r
e
l
i
a
b
l
e
.
W
h
i
l
e
t
h
e
s
e
s
o
u
r
c
e
s
a
r
e
b
e
l
i
e
v
e
d
t
o
be reliable, the data
pr
o
v
i
d
e
r
s
a
r
e
r
e
s
p
o
n
s
i
b
l
e
f
o
r
t
he
a
c
c
u
r
a
c
y
a
n
d
c
o
m
p
l
e
t
e
n
e
s
s
o
f
th
e
i
r
s
t
a
t
e
m
e
n
t
s
.
C
l
i
e
n
t
s
a
r
e
e
n
c
o
u
r
a
g
e
d
t
o
c
o
m
p
a
r
e
t
h
e
r
e
c
o
r
d
s
o
f
t
h
e
i
r
c
u
s
t
o
d
i
a
n
(
s
)
t
o
e
n
s
u
r
e
t
h
i
s
r
e
p
o
r
t
f
a
i
r
l
y
a
n
d
a
c
c
u
r
a
t
ely reflects their various
as
s
e
t
p
o
s
i
t
i
o
n
s
.
Th
e
s
t
r
a
t
e
g
i
e
s
l
i
s
t
e
d
m
a
y
n
o
t
b
e
s
u
i
t
a
b
l
e
f
o
r
a
l
l
i
n
v
e
s
t
o
r
s
.
W
e
b
e
l
i
e
v
e
t
h
e
i
n
f
o
r
m
a
t
i
o
n
p
r
o
v
i
d
e
d
h
e
r
e
i
s
r
e
l
i
a
b
l
e
,
b
u
t
d
o
n
o
t
w
a
r
r
a
n
t
i
t
s
a
c
c
u
r
a
c
y
o
r
c
o
m
p
l
e
te
n
e
s
s
.
P
a
s
t
p
e
r
f
o
r
m
a
n
c
e
i
s
n
o
t
an indication of future
pe
r
f
o
r
m
a
n
c
e
.
A
n
y
i
n
f
o
r
m
a
t
i
o
n
c
o
nt
a
i
n
e
d
i
n
t
h
i
s
r
e
p
o
r
t
i
s
f
o
r
i
nf
o
r
m
a
t
i
o
n
a
l
p
u
r
p
o
s
e
s
o
n
l
y
a
n
d
s
ho
u
l
d
n
o
t
b
e
c
o
n
s
t
r
u
e
d
t
o
b
e
a
n
o
f
f
e
r
t
o
b
u
y
o
r
s
e
l
l
a
n
y
s
e
c
u
r
i
ti
e
s
,
i
n
v
e
s
t
m
e
n
t consulting, or investment management
se
r
v
i
c
e
s
.
Ad
d
i
t
i
o
n
a
l
i
n
f
o
r
m
a
t
i
o
n
i
n
c
l
u
d
e
d
i
n
t
h
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
ta
p
r
o
v
i
d
e
d
b
y
f
r
o
m
i
n
d
e
x
d
a
t
a
b
a
s
e
s
,
p
u
b
l
i
c
e
c
o
n
o
m
i
c
s
o
u
r
c
e
s
a
n
d
t
h
e
m
a
n
a
g
e
r
s
t
h
e
m
s
e
l
v
e
s
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
B
l
o
o
m
b
e
r
g
B
a
r
c
l
a
y
s
.
B
l
o
o
m
b
e
r
g
B
a
r
c
l
a
y
s
I
n
d
e
x
d
a
t
a
p
r
o
v
i
d
e
d
b
y
w
a
y
o
f
B
a
r
c
l
a
y
s
L
i
v
e.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
S
t
a
n
d
a
r
d
a
n
d
P
o
o
r
’
s
.
N
o
t
h
i
n
g
c
o
n
t
a
i
n
e
d
w
i
t
h
i
n
a
n
y
d
o
c
u
m
e
n
t
,
a
d
v
e
r
t
i
s
e
m
e
n
t
o
r
p
r
e
s
e
nt
a
t
i
o
n
f
r
o
m
S
&
P
I
n
d
i
c
e
s
c
o
n
s
t
i
t
u
t
e
s
a
n
o
f
f
e
r
o
f
s
e
r
v
i
c
e
s
i
n
j
u
risdictions where
S&
P
I
n
d
i
c
e
s
d
o
e
s
n
o
t
h
a
v
e
t
h
e
n
e
c
e
s
s
a
r
y
l
i
c
e
n
s
e
s
.
A
l
l
i
n
f
o
r
m
a
t
i
on
p
r
o
v
i
d
e
d
b
y
S
&
P
I
n
d
i
c
e
s
i
s
i
m
p
e
r
s
o
n
a
l
a
n
d
i
s
n
o
t
t
a
i
l
o
r
e
d
t
o
t
h
e
n
e
e
d
s
o
f
a
n
y
p
e
r
s
o
n
,
e
n
t
i
t
y
o
r
g
r
o
u
p
o
f
p
e
r
s
o
n
s
.
A
n
y
r
e
t
u
r
ns or performance
pr
o
v
i
d
e
d
w
i
t
h
i
n
a
n
y
d
o
c
u
m
e
n
t
i
s
p
r
o
v
i
d
e
d
f
o
r
i
l
l
u
s
t
r
a
t
i
v
e
p
u
r
p
o
se
s
o
n
l
y
a
n
d
d
o
e
s
n
o
t
d
e
m
o
n
s
t
r
a
t
e
ac
t
u
a
l
p
e
r
f
o
r
m
a
n
c
e
.
P
a
s
t
p
e
r
f
or
m
a
n
c
e
i
s
n
o
t
a
g
u
a
r
a
n
t
e
e
o
f
f
u
t
u
r
e
i
n
v
e
s
t
m
e
n
t
r
e
s
u
l
t
s
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
M
S
C
I
,
I
n
c
.
C
o
p
y
r
i
g
h
t
M
S
C
I
,
2
0
1
7
.
U
n
p
u
b
l
i
s
h
e
d
.
A
l
l
R
i
g
h
t
s
R
e
s
e
r
v
e
d
.
T
h
i
s
i
n
f
o
r
m
a
ti
o
n
m
a
y
o
n
l
y
b
e
u
s
e
d
f
o
r
y
o
u
r
i
n
t
e
r
n
a
l
u
s
e
,
m
a
y
n
o
t
b
e
r
e
p
r
o
d
u
ced or
re
d
i
s
s
e
m
i
n
a
t
e
d
i
n
a
n
y
f
o
r
m
a
n
d
m
a
y
n
o
t
b
e
u
s
e
d
t
o
c
r
e
a
t
e
a
n
y
f
i
na
n
c
i
a
l
i
n
s
t
r
u
m
e
n
t
s
o
r
p
r
o
d
u
c
t
s
o
r
a
n
y
i
n
d
i
c
e
s
.
T
h
i
s
i
n
f
o
r
m
a
t
i
on
i
s
p
r
o
v
i
d
e
d
o
n
a
n
“
a
s
i
s
”
b
a
s
i
s
a
n
d
t
h
e
u
s
e
r
o
f
t
h
i
s
i
n
f
o
r
m
a
tion assumes the entire
ri
s
k
o
f
a
n
y
u
s
e
i
t
m
a
y
m
a
k
e
o
r
pe
r
m
i
t
t
o
b
e
m
a
d
e
o
f
t
h
i
s
i
n
f
o
r
m
at
i
o
n
.
N
e
i
t
h
e
r
M
S
C
I
,
a
n
y
o
f
i
t
s
a
f
f
i
l
i
a
t
e
s
o
r
a
n
y
o
t
h
e
r
p
e
r
s
o
n
i
n
v
o
l
v
e
d
i
n
o
r
r
e
l
a
t
e
d
t
o
c
o
m
p
ili
n
g
,
c
o
m
p
u
t
i
n
g
o
r
c
r
e
a
t
i
n
g
t
h
i
s information makes any
ex
p
r
e
s
s
o
r
i
m
p
l
i
e
d
w
a
r
r
a
n
t
i
e
s
o
r
r
e
p
r
e
s
e
n
t
a
t
i
o
n
s
w
i
t
h
r
e
s
p
e
c
t
t
o
s
u
c
h
i
n
f
o
r
m
a
t
i
o
n
o
r
t
h
e
r
e
s
u
l
t
s
t
o
b
e
o
b
t
a
i
n
e
d
b
y
t
h
e
u
s
e
t
h
e
re
o
f
,
a
n
d
M
S
C
I
,
i
t
s
a
f
f
i
l
i
a
t
e
s
a
n
d
e
a
c
h
s
u
c
h
o
t
h
e
r
p
e
r
s
o
n
h
e
r
e
b
y expressly disclaim all
wa
r
r
a
n
t
i
e
s
(
i
n
c
l
u
d
i
n
g
,
w
i
t
h
o
u
t
l
i
m
i
t
a
t
i
o
n
,
a
l
l
w
a
r
r
a
n
t
i
e
s
o
f
o
r
ig
i
n
a
l
i
t
y
,
a
c
c
u
r
a
c
y
,
c
o
m
p
l
e
t
e
n
e
s
s
,
t
i
m
e
l
i
n
e
s
s
,
n
o
n
-
i
n
f
r
i
n
g
e
m
e
n
t
,
m
e
r
c
h
a
n
t
a
b
i
l
i
t
y
a
n
d
f
i
t
n
e
s
s
f
o
r
a
p
a
r
t
i
c
u
l
a
r
p
u
r
p
o
s
e
)
w
i
t
h
r
e
spect to this information.
Wi
t
h
o
u
t
l
i
m
i
t
i
n
g
a
n
y
o
f
t
h
e
f
o
r
e
g
o
i
n
g
,
i
n
n
o
e
v
e
n
t
s
h
a
l
l
M
S
C
I
,
an
y
o
f
i
t
s
a
f
f
i
l
i
a
t
e
s
o
r
a
n
y
o
t
h
er
p
e
r
s
o
n
i
n
v
o
l
v
e
d
i
n
o
r
r
e
l
a
t
e
d
t
o
c
o
m
p
i
l
i
n
g
,
c
o
m
p
u
t
i
n
g
o
r
c
r
e
at
i
n
g
t
h
i
s
i
n
f
o
r
m
a
t
i
o
n
h
a
v
e
a
n
y
liability for any direct, indirect,
sp
e
c
i
a
l
,
i
n
c
i
d
e
n
t
a
l
,
p
u
n
i
t
i
v
e
,
c
on
s
e
q
u
e
n
t
i
a
l
o
r
a
n
y
o
t
h
e
r
d
a
m
a
g
es
(
i
n
c
l
u
d
i
n
g
,
w
i
t
h
o
u
t
l
i
m
i
t
a
t
i
o
n
,
l
o
s
t
p
r
o
f
i
t
s
)
e
v
e
n
i
f
n
o
t
i
f
i
ed
o
f
,
o
r
i
f
i
t
m
i
g
h
t
o
t
h
e
r
w
i
s
e
h
a
v
e
a
n
t
i
c
i
p
a
t
e
d
,
t
h
e
p
o
s
s
i
b
i
l
i
ty of such damages.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
o
v
i
d
e
d
b
y
R
u
s
s
e
l
l
I
n
v
e
s
t
m
e
n
t
G
ro
u
p
.
R
u
s
s
e
l
l
I
n
v
e
s
t
m
e
n
t
G
r
o
u
p
i
s
t
h
e
s
o
u
r
c
e
o
w
n
e
r
o
f
t
h
e
d
a
t
a
c
o
n
t
a
i
n
e
d
o
r
r
e
f
l
e
c
t
e
d
i
n
t
h
i
s
m
a
t
e
r
i
a
l
a
n
d
a
l
l
t
r
a
d
e
m
a
r
k
s
a
n
d
copyrights related
th
e
r
e
t
o
.
T
h
e
m
a
t
e
r
i
a
l
m
a
y
c
o
n
t
ain
c
o
n
f
i
d
e
n
t
i
a
l
i
n
f
o
r
m
a
t
i
o
n
a
n
d
u
n
a
u
t
h
o
r
i
z
e
d
u
s
e
,
d
i
s
c
l
o
s
u
r
e
,
c
op
y
i
n
g
,
d
i
s
s
e
m
i
n
a
t
i
o
n
o
r
r
e
d
i
s
t
ri
b
u
t
i
o
n
i
s
s
t
r
i
c
t
l
y
p
r
o
h
i
b
i
t
e
d
.
T
h
i
s
i
s
a
u
s
e
r
p
r
e
s
e
n
t
a
t
i
o
n
o
f the data. Russell Investment
Gr
o
u
p
i
s
n
o
t
r
e
s
p
o
n
s
i
b
l
e
f
o
r
t
he
f
o
r
m
a
t
t
i
n
g
o
r
c
o
n
f
i
g
u
r
a
t
i
o
n
o
f
t
h
i
s
m
a
t
e
r
i
a
l
o
r
f
o
r
a
n
y
i
n
a
c
c
u
r
a
c
y
i
n
p
r
e
s
e
n
t
a
t
i
o
n
t
h
e
r
e
o
f
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
pr
o
v
i
d
e
d
b
y
M
o
r
n
i
n
g
s
t
a
r
.
A
l
l
r
i
gh
t
s
r
e
s
e
r
v
e
d
.
U
s
e
o
f
t
h
i
s
c
o
n
t
e
n
t
r
e
q
u
i
r
e
s
e
x
p
e
r
t
k
n
o
w
l
e
d
g
e
.
I
t
i
s
t
o
b
e
u
s
e
d
b
y
s
p
e
c
i
a
l
i
s
t
i
n
s
ti
t
u
t
i
o
n
s
o
n
l
y
.
T
h
e
i
n
f
o
r
m
a
tion contained herein: (1) is
pr
o
p
r
i
e
t
a
r
y
t
o
M
o
r
n
i
n
g
s
t
a
r
a
n
d
/
o
r
i
t
s
c
o
n
t
e
n
t
p
r
o
v
i
d
e
r
s
;
(
2
)
m
a
y
n
o
t
b
e
c
o
p
i
e
d
,
a
d
a
p
t
e
d
o
r
d
i
s
t
r
i
b
u
t
e
d
;
a
n
d
(
3
)
i
s
n
o
t
w
a
r
r
a
n
t
ed
t
o
b
e
a
c
c
u
r
a
t
e
,
c
o
m
p
l
e
t
e
o
r
t
i
m
e
l
y
.
N
e
i
t
h
e
r
M
o
r
n
i
n
g
s
t
a
r
n
o
r
its content providers are
re
s
p
o
n
s
i
b
l
e
f
o
r
a
n
y
d
a
m
a
g
e
s
o
r
l
o
s
s
e
s
a
r
i
s
i
n
g
f
r
o
m
a
n
y
u
s
e
o
f
t
hi
s
i
n
f
o
r
m
a
t
i
o
n
,
e
x
c
e
p
t
w
h
e
r
e
s
u
c
h
d
a
m
a
g
e
s
o
r
l
o
s
s
e
s
c
a
n
n
o
t
b
e
li
m
i
t
e
d
o
r
e
x
c
l
u
d
e
d
b
y
l
a
w
i
n
y
o
ur
j
u
r
i
s
d
i
c
t
i
o
n
.
P
a
s
t
f
i
n
a
n
c
i
a
l performance is not
gu
a
r
a
n
t
e
e
o
f
f
u
t
u
r
e
r
e
s
u
l
t
s
.
Pa
g
e
4
4
No Text