HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 03_11/02/2009~~~
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Tequesta Public Safety Officers'
Preliminary Report
3rd Quarter 2009
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3~d Quarter 2009 Market Environment
THF.
BOGDAHN
GROUP
The Market Environment
Major Market Index Performance
Period Ended: September 30, 2009
^ Both equity and fixed income markets posted strong
results for the quarter ended September 30, 2009.
However, evidence of the recent financial crisis is still
very visible in the 1-year performance of the domestic
equity indices.
^ Outside of the United States, emerging markets once
again outpaced developed markets during the quarter.
While the performance differential for the quarter is small
(+1.5%), the 1-year differential of +15.6% is substantial.
^ Domestic smaller capitalization issues, represented by
the Russell 2000 (+19.3%) and Russell MidCap
(+20.6%) indices, respectively, exceeded large cap
issues for the quarter. However, the dominance of small
and midcap indices reflected in the 3rd quarter
performance diverges over the 1-year period. During this
timeframe, the Russell 2000 posted the weakest
domestic equity index performance (-9.5%) while the
Russell P~IidCap index posted the strongest (-3.5%)
relative result.
MSCI ACWxUS
MSCIEAFE
MSCI Emerg. Mkts.
S&P 500
Russel 13000
Russell 1000
Russell MidCap
Russel 12000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
Quarter Performance
19.8
19.5
z1.o %
15.6
16.3
1s.1 %
20.6 %
19.3
3.7
z.o %
2.3
8.1
^ The Barclays aggregate return of +3.7% for the quarter
was dominated by the continued recovery in credit as the
Barclays Corporate Investment Grade index returned an
impressive +8.1%. For the trailing 1-year period, the
Barclays Aggregate posted a strong +10.6% return,
which easily outpaced the majority of both domestic and
international equity indices.
Source: Barclays Capital, MSCI Capital Markets, Russell Investments
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
One Year Performance I
MSCI ACWxUS
MSCI EAFE
MSCI Emerg. Mkts.
SS~P 500
Russel 13000
Russel 11000
Russell MidCap
Russell 2000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
THF.
2 ~ BOGDAHN
GROUP
The Market Environment
Domestic Equity Style Index Performance
Period Ended: September 30, 2009
^ Led by the continued recovery in financial issues, value
indices outpaced their growth counterparts by 5.4% on
average for the 3rd quarter. The financial sector, which
represented more than 25% of each of the Russell value
indices at the end of the quarter, was the largest
contributor to value index outperformance.
^ The 5.4% average differential between value and growth
index results for the 3rd quarter were much larger than
the 1.5% average experienced between the style indices
during the 2nd quarter. However, regardless of a
portfolio's particular style allocation, much like last
quarter, the 3rd quarter's domestic equity performance
represented a welcome relief to portfolios that continue
to rebuild from a historically difficult period for long-term
investors.
3000 Value
30001ndex
3000 Growth
1000 Value
10001ndex
1000 Growth
MidCap Value
MidCaplndex
MidCap Growth
2000 Value
20001ndex
2000 Growth
Quarter Performance
One Year Performance I
^ The strength of value indices that is evident in the 3rd
quarter's results disappears and reverses in the 1-year
performance of the value benchmarks. This weakness in
the 1-year results is the impact of the market crisis,
particularly in the financial sector, and is visible across
the capitalization spectrum in the value index returns.
3000 Value
30001ndex
3000 Growth
1000 Value
10001ndex
1000 Growth
MidCap Value
MidCaplndex
MidCap Growth
2000 Value
20001ndex
2000 Growth
-io.a %
-6.4
-2.2
-10.6
-6.7
-1.9
-7.1
-3.5
A.4
-12.6
-s.s %
-6.3
-20.0% -15.0% -10.0% -5.0% 0.0%
Source: Russell Investments ~~ ThIF.
3 ~ ,. BOGDAHN
GROUP
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
The Market Environment
GICS Sector Performance & (Quarter-End Sector Weight)
Period Ended: September 30, 2009
^nTR Russe111000
^ Large cap stock performance was positive across all ten o,-Year
GICS (global industry classification standard) sectors
with five of the index's ten sectors outpacing the +16.1
return of the Russell 1000.
^ The financial sector returned of +24.9% for the quarter,
which was the strongest sector of the Russell 1000
index. This was the second consecutive quarter of top
performance for the financial sector, which is now up
more than 50% over the last 6-months. However, the
financial sector's steep decline is still evident in the 1-
yearsector performance of -22.3%.
^ The strength of 3rd quarter returns in the consumer
discretionary (+20.5%) and information technology
(+17.2%) sectors were enough to push the trailing 1-year
results of both sectors into positive territory.
^ Small cap stock performance was also positive across all
ten GICS sectors with the energy (+27.9%), materials
(+36.1 %) and consumer discretionary (+26.4%) sectors
finishing well ahead of the +19.3% return of the Russell
2000 index.
^ The combination of a strong 3rd quarter of 2009 being
added and a weak 3rd quarter of 2008 falling off resulted
in the performance of the materials (+5.0%) and
information technology (+9.1 %) sectors of the Russell
2000 index turning positive for the 1-year period.
Source: Thompson Financial
4
Energy (11.3%)
Materials (4.0%)
Industrials (10.4%)
Consumer Disc (10.0%)
Consumer Staples (10.7%)
Health Care (12.9%)
Financials (15.3%)
Info Technology (18.4%)
Telecom Services (3.1%)
Utilities (3.9%)
^QTR
o1-Year
Energy (4.9%)
Materials (4.4%)
Industrials (15.8%)
Consumer Disc (13.8°/ )
Consumer Staples (3.3%)
Health Care (14.3%)
Financials (19.8%)
Info Technology (19.3%)
Telecom Services (1.2%)
Utilities (3.2%)
11.3
-14.1
22.1 %
-3.6
21.7 %
-11.6
20.5
1.1
11.4
~.3 %
9.8
-2.8
24.9
-22.3
17.2
6.s %
6.6 %
-1.0 %
6.7
-5.7
-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
Russell 2000
27.9
-32.6
36.1
5.0 %
7.8 %
-15.9
26.4
-1.a%
11.7 %
-2.2
13.7
-5.9 %
16.1
-23.5
20.3
9.1
8.5 %
-11.0
7.0 %
-7.3 %
-50.0% -30.0% -10.0%
10.0% 30.0%
~~ BOGDAHN
GROUP
The Market Environment
Quality Rankings* Breakdown by Weight and Quarterly Performance
Period Ended: September 30, 2009
^ Within the Russell 1000 index, the performance by each
of the quality segments was more equally distributed
than the 2nd quarter where lower quality issues
dominated performance. The only rating segment of the
index to show noticeably weaker results than the broad
index return of +16.1 % during the current quarter was
stocks in the "A-" category, which returned +9.2% .
^ Unlike the large cap index, the "performance by quality"
of the small cap Russell 2000 index continued to be led
by lower quality issues. Stocks rated "C" and "D" within
the index returned +30.7% and +75.7% ,respectively, for
the 3rd quarter.
- ,,, .
A+
10.4% -
17.9%
A 10.5% 14.9%
A- 14.7% 9.2%
B+ 17.3% 18.1%
B 5.8% 19.4%
B- 28.4% 16.7%
C 2.1% 16.3%
D 0.0% 0.0%
Not Rated 10.8% 18.3%
N/A 0.0% -13.9%
~~~ . -
A+
3.1%
12.4%
A 5.1% 13.9%
A- 0.8% 12.7%
B+ 17.8% 18.0%
B 20.2% 22.3%
B- 12.3% 14.3%
C 10.7% 30.7%
D 0.1% 75.7%
Not Rated 29.3% 17.7%
N/A
I Ii ~ 0.6%
a.,_ 26 9°~
Quality Rankings Table
Highest ~ High ~ Above Average ~ Average ~ Below Average ~ Lower ~ Lowest ~ In Reorganization
*Standard and Poor's rankings are generated by a computerized system and are based on per-share earnings and dividend records of the most recent 10 years. -October 2005 report
Source: Thompson Financial ~~ Ttt1~:
5 ~ BOGDAHN
GROUP
The Market Environment
International and Regional Market Index Performance (# Countries)
Period Ended: September 30, 2009
^ As the United States tries to bolster the domestic
economy through its various stimulus programs, the
value of the USD (U.S. dollars) continues to weaken
across the globe. This USD depreciation is evident in
the performance differentials of both the broad (EAFE:
4.6%) and regional segments (Pacific: 7.8%) of the
international indices.
^ International Markets posted strong results for the 3ra
quarter, 2009 in both local currency and USD. The
MSCI-EAFE (Europe, Australasia & Far East), which
represents the world's 21 developed markets (excluding
Canada), returned +19.5% in USD (+14.9% local). The
MSCI-EM (22 emerging market countries) returned a
stronger ~-21.0% in USD (+16.9% local). As a result, 3rd
quarter results of international portfolios with emerging
market holdings should benefit relative to those with
holdings limited to developed market countries.
^ The "one-sided" currency effect that is clearly visible in
the 3rd quarter's results is not as linear when reviewing
the 1-year performance. In fact, the European region of
the developed markets actually show dollar strength in
the 1-year period with a return of +2.3% in USD vs.
+2.7% in local currency.
Source: MS!:l Capital Markets
s
^QTR (USD)
^QTR (Local)
AC World x US (44)
WORLD x US (22)
EAFE (21)
Europe (16)
Pacific (5)
Emerging Mkt (22)
EM Europe (5)
EM Asia (8)
EM Latin Amer (7)
Frontier(25)
Quarter Performance
1s.o°i°
17.1%
17.6%
15.0%
19.5%
14.9%
23.0%
20.3%
13.2%
5.4
21.0%
16.9%
29.4%
24.0%
19.8
16.9%
24.8%
17.5
10.9%
10.5
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
^1-Year (USD)
01-Year (Local)
Ac world x us (44)
WORLD x US (22)
EAFE (21)
Europe (16)
Pacific (5)
Emerging Mkt (22)
EM Europe (5)
EM Asia (8)
EM Latin Amer (7)
Frontier(25)
One-Year Performance
-1.8
-2.1 °~
-1.s°ro
-3.9%
3.8%
-1.2
2.3%
2.7%
7., %
-7.3%
19.4%
-8.4% 18.5%
-6.6
28.1
27.9%
19.8
-26.8 18.4 °/
-21.6
-40.0% -30.0% -20.0% -10.0% 0.0%
10.0% 20.0% 30.0% 40.0%
7tit.
BOGDAHN
GROUP
The Market Environment
Country Index Performance in U.S. Dollars
Period Ended: September 30, 2009
^ Quarter ^Quarter
Developed Market Countries Developing Market Countries
^ 1-Year
~ 1-Year
USA
Canada
Singapore
New Zealand
Japan
Hong Kong
Australia
United Kingdom
Switzerland
Sweden
Spain
Portugal
Norway
Netherlands
Italy
Ireland
Greece
Germany
France
Finland
Denmark
Belgium
Austria
South Africa
Morocco
Egypt
Turkey
Russia
Poland
Israel
Hungary
Czech Republic
Peru
Mexico
Colombia
Chile
Brazil
Thailand
Taiwan
Philippines
Malaysia
Korea
Indonesia
India
China
-50.0% -30.0% -10.0% 10.0% 30.0% 50.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0%
Source: MSCI Capital Markets
~~ BOGDAHN
~' GROUP
The Market Environment
Domestic Credit Sector & Broad Market Maturity Performance
Period Ended: September 30, 2009
^ Much like the 2"d quarter, the broad market index results,
which consist of government, mortgage-backed and
corporate securities, mask a much wider performance
disparity within the fixed income market's three
segments.
^ Government (+2.0%) and mortgage-backed (+2.3%)
results were relatively mild, but positive for the quarter. In
contrast, Corporate issues in all quality segments posted
stronger results that were more than double the
performance of the government or mortgage-backed
sectors for the quarter. The outsized 1-year performance
of the corporate indices, particularly high yield, are a
function of the strong 3rd quarter 2009 results that were
added (+14.8%) and weak 3rd quarter 2008 results (-
9.5%) that were dropped from the trailing calculation.
^ Although the 1-year performance of the fixed income
indices in the graph appear to make a strong argument
for both lower quality (+22.4%) and longer maturity
(+17.4%) issues within a fixed income portfolio, one must
consider ~~vhere we were just 1-year ago. Memories of
the volatility and fear associated with the recent crisis
should remind investors that such "black and white"
conclusions are rarely beneficial to long-term investors.
While it is clear that fixed income investors with an
appetite for risk have benefited over the last year, the
performance of lower quality issues tends to be very
cyclical.
~ Quarter Performance
AAA a.e% I
AA s.o
A 7s%
BBB 9,9
<BBB ~`~ ~ ~- 1a.e%
Govt z.o%
Mort 2.3%
G/M/C =Broad Market (Government + Mortgage + Corporate)
1-3yrG/M/C 1.s%
1-SyrG/MIC z.z%
1-10yrG/M/C z.s%
10+yr G/M/C s.s%
AAA
AA
A
BBB
<BBB
Govt
Mort
1-3yr..
1-Syr.
1-10yr..
10+yr..
0.0% 5.0% 10.0%
One Year Performance
10.8
6.7
9.7 %
7.0 %
® a1 %
1 s. o°r° 20. o°i°
15.5
19.5
-- zz.1 %
zz.a%
17.a %
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Source: Merrill Lynch Index System ~~ TF~[`
s ` BOGDAHN
GROUP
The Market Environment
Market Rate & Yield Curve Comparison
Period Ended: September 30, 2009
^ The Fed left rates unchanged during the quarter as
economic conditions, although still quite weak, continued
to improve. The Fed also continued to reassure market
participants that economic conditions would likely
warrant exceptionally low rates for an extended period of
time.
^ As a result of the general stability of the financial markets
during the quarter, many of the market's spread levels
and "fear" gauges continued to contract from historically
wide levels.
^ The Treasury yield curve declined moderately across the
maturity spectrum during the third quarter. The
benchmark 10-year Treasury finished the quarter with a
yield of 3.31 %. This yield represented a decline of 22
basis points from the yield at the end of the 2nd quarter
(3.53%).
^ The last day of the 3rd quarter marked the start of the
much anticipated PPIP (Pubic-Private Investment
Program). The program to purchase the legacy
(troubled) mortgage-backed assets of banks started with
an initial value of $4.5 billion, 25% of which came from
private investors.
~.oo
s.oo
s. o0
a.oo
3.00
2.00
1.00
6.00
s. o0
a. o0
3.00
2.00
1.00
o. 00
2009 Market Rates
~ Fed Funds Rate -TED Spread - 3-Month Libor
-BAA/10yrSpread -10yrTreasury 10yrTIPs
o. o0
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
Treasury Yield Curve
112/31/2008 ~-3/31/2009 6/30/2009 X9/30/2009
Imo 3mo 6mo 1yr 2yr Syr Syr Tyr 10yr 20yr 30yr
Source: Mortgage X.com , US Department of Treasury & St. Louis Fed ~~ TFIF:
9 ~ BOGDAHN
GROUP
The Market Environment
Assessing the Impact of the S&P 500 Decline & the "Cruelty of Math"
Period Ended: September 30, 2009
SPX (S8P 500) Index Level VIX Index Level , ~~
^ The SPX Index measures the daily price change in the
S&P 500 (excluding dividends). The CBOE Volatility
Index (VIX) is a measure of market expectations of near-
term volatility conveyed by S&P 500 stock index option
prices. It acts as a barometer of investor sentiment and
market volatility.
^ After reaching a peak of 1,565.15 on 10/9/07, the SPX
fell to a low of 676.53 on 3/9/09. This drop of 888 points
on the inclex represented a loss of 56.8% from its peak.
This decline, particularly as the financial crisis reached
its crescendo, included a significant increase in market
volatility as measured by the VIX.
^ From the 676.53 low on 3/9/09, the SPX index rose to
1,057.08 by the close of the 3~d quarter. This 380 point
gain from the low represented a return of 56.3%. As
would be expected, this equity market gain was coupled
with a rc~duction in investor pessimism as the VIX
decreased to a more historical level.
1,600
1,soo
1,aoo
1,300
1.zoo
1,100
1.000
900
soo
700
soo
so°i°
50%
ao°i°
^ Despite a more than 50% gain since its low, the index
remains ',i80 points or 48.1 % below its peak level. We 30%
call this phenomenon the "cruelty of math" in that a drop
of 50% in value requires a gain of 100% to reach its 20°'°
original level.
10%
^ In order to put the magnitude of the market's decline in
perspective, the lower table illustrates the annualized °%
return that the SPX will be required to post from its
9/30/09 level to the previous peak of 1,565.15.
Annualized SPX return required to reach 10/9/07 index peak
zt7%
1a.o%
10.3
8.2 % i
- 6.8% 5.8%
5.0 % 4.5 % 4.0
J~~~ ease ea~~ ~a~~ easy easy easy ~a~~ easy ea~~
so
ao
70
so
so
1,057.08
ao
30
zo
10
0
Source: Yahoo Finance, CBOE ~~ THt:
10 ~ BOGDAHN
GROUP
~ o~ o~
The Market Environment
How Quickly Can the Economy Recover from a Recession?
Period Ended: September 30, 2009
Q2-2009- Total GDP and its components ($Billions)
^ The Gross Domestic Product (GDP) of the United States
is measured by the combination of personal consumption
expenditures, gross private (business) investment,
government consumption expenditures & investment
and net exports. While the National Bureau of Economic
Research (NBER) defines the official beginning and end
of an economic recession* based on several factors, a
recessionary period is commonly defined as two
consecutive quarters of negative GDP growth.
^ The decline in housing values, the tightening of
consumer credit conditions, the reduction in household
wealth, and a deteriorating employment outlook have all
combined to cause a reduction in personal consumption.
^ While the Government can provide temporary boost to
GDP through various relief programs or direct stimulus, it
is clear than personal consumption (70.7%) is the main
driver of economic growth.
^ Although the NBER has not declared the recession
officially over, many experts, including Fed chairman
Bernanke, have stated that the current recession has
passed. However, given the length and magnitude of this
recession, combined with high unemployment, low
capacity utilization and various other factors, it is likely
that the ultimate recovery in economic growth will be
measured.
'In December of 2008, the NBER officially declared that
the current recession began in December of 2007.
16,000
1a.ooo
12.000
10,000
a.ooo
s,ooo
4, 000
2,000
0
-2.000
10.0
s.o
s.o
a.o
2.0
o.o
-2.0
-a.o
-s.o
-8.0
514,151.2
$9,999.3
$2,929.4
$1,561.5
-2.4%
-T.
70.7% 11.0% -$339.1 20.7%
Gross domestic Personal Gross private Net exports of Government
product (GDP) consumption domestic goods and consumption
expenditures investment services expenditures and
gross investment
quarterly GDP percent change
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: Bureau of Economic Analysis ~~ THe
BOGDAHN
GROUP
Total Fund
September 30, 2009
Asset Allocation By Style -Current Quarter
June 30, 2009: $4,126,146 September 30, 2009: $4,683,940
Segments Market Value All
ocation Segments Mark
et
Value Allocation
~$>' /
h~o~ //
l
l $1 ~ ~~o~
^ Equity 2,454,887 59.5 ^ Equity 2,754,735 58.8
^ Fixed Income 1,513,376 36.7 D Fixed Income 1,651,142 35.3
^ Cash Equivalent 157,883 3.8 ^ Cash Equivalent ?78,063 5.9
tz
~~ BOGDAHN
GROUP
Total Fund
September 30, 2009
Asset Allocation By Manager -Current Quarter 1
June 30, 2009: $4,126,146 September 30, 2009: $4,683,940
I•'[arket Value Allocation Market Value Allocation
^ Rockwood Capital Advisors Balanced Account 4,108,133 99.6 ^ Rockwood Capital Advisors Balanced Account 4,680,910 99.9
Receipt & Disbursement 18,012 0.4 ~ Receipt & Disbursement 3,030 O.l
~~ THt.
~s ` BOGDAHN
GROUP
Tequesta Public Safety Officers'
Total Fund
October 1, 2008 To September 30, 2009
14
~~ BOGDAHN
GROUP
Tequesta Public Safety Officers'
Financial Reconciliation
As of September 30, 2009
Financial Reconciliation Quarter
Rockwood Capital Advisors Balanced Account 4,103.133 5.335 228,593 - -5,385 -1,179 23,686 321 G7R 4.630.910
Receipt & Disbursement IR,012 -5,335 - - - -9.597 - - 3.030
Total Fund Portfolio 4,126,1J1i - 228,593 - -5,385 -10,777 23,686 321,678 J,683,9J0
Financial Reconciliation FYTD
Rockwood Capital Advisors Balanced Acrnunt 4,244,973 -63,615 553,434 - -10,942 -23.233 103,045 -122.696 4.680.910
Receipt & Disbursement - l>3,615 5,537 -56,525 - -9,597 - - 3.030
7btal Fund 4.244,973 - 558,971 -SG.525 -10.942 -32,886 103,045 -122.696 4.683 940
~~ T11E
,5 ` BOGDAHN
GROUP
Tequesta Public Safety Officers'
Comparative Performance Trailing Returns
As of September 30, 2009
otal Fund (Net) 8.12 -1.39 -1.39 -6.74 -0.21 0.84
,~i ,I I~und P~~lie~ 10.6 0_-1ti !)_-lR -b.~l -U.-19 l.~-4
Difference -2.44 -1.87 -1.87 -0.53 0.28 -0.70
'otal Fund (Gross) 8.25 -1.12 -1.12 -6.37 0.22 1.31
,,~_~I i ~u~d Pc~lic~ I O.~G 0 ~S 0.-13 -6.~ 1 -0.-4'~ I .~ k
Difference -2.31 -1.60 -1.60 -0.16 0.71 -0.23
Total Equity Portfolio 11.73 -11.08 -11.08 -16.39 -5.17 -2.64
SR1'S00 Ii.GI -G ')I -G ~~I -1-4.77 -5.-~~ -l.bl
Difference -3.88 -4.17 -4.17 -1.62 0.26 -1.03
Domestic Fixed 3.55 9.03 9.03 6.25 6.15 5.57
[iu ..~i~ [ntermcdiatc l .S. Government (~redit ;.'~ 10.01 10.01 ~, ~ I t~. I ~ >.-40
Difference 0.30 -0.98 -0.98 -0?6 0.00 0.08
Returns for periods greater than one year are annualized.
Returns are expressed as pe*centages.
16
N/A 2.63 05/O1 /2005
\ \ ~.~~
N/A 0.21
N/A 3.10 05/01/2005
.~ ~.-t~
N/A 0.68
N/A 0.61 05/01/2005
L(1~ 0.07
N/A 0.~4
N/A 5.26 05/01/2005
N/A 0.11
~~ Tltt,
BOGDAHN
GROUP
Tequesta Public Safety Officers'
Comparative Performance Fiscal Year Returns
As of September 30, 2009
'otal Fund (Net) -1.39 -11.80 14.24 4.07
rt.~l I~un~l I'~~lic~ !).aS -I~_~h I'_0~ ?.SS
iifference -1.87 0.66 2.22 -3.8]
otal Fund (Gross) -1.12 -11.34 14.82 4.67
~~r,~l I~un~l1'~~lic~ I1_~S -I~.-16 I'.IL 7.8R
Difference -1.60 1.12 2.80 -3.21
N/A N/A
\ \ \
N/A N/A
N/A N/A
~ \' :1
N/A N/A
Equity -11.08 -21.39 21.99 5.38 N/A N/A
tic~l' ~IIU -~> ~~I -~1.9X 16.-t-1 1U.79 I ~.~~ 1:;.87
Difference -4.17 0.59 5.55 -5.41 N/A N/A
Fixed Income 9.03 3.55 5.93 3.88 N/A N/A
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Difference -2.43 1.14 0.85 0.55 N/A N/A
Returns ti>r periods greater than one year are annualized.
Returns are expressed as percentages.
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