HomeMy WebLinkAboutDocumentation_Pension General_Tab 03_09/30/2009Village of Tequesta
General Employees'
Pension Plan
Quarterly Review
3rd Quarter 2009 THE
BOGDAHN
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CROUP
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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 MidCap index posted the strongest (-3.5%)
relative result.
^ 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.
MSCI ACWxUS
MSCIEAFE
MSCI Emerg. Mkts.
S8P 500
Russell 3000
Russel 11000
Russell MidCap
Russell 2000
Barclays USAgg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
MSCI ACWxUS
MSCIEAFE
MSCI Emerg. Mkts.
SS~P 500
Russell 3000
Russell 1000
Russell MidCap
Russel 12000
Barclays USAgg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
Quarter Performance
19.8
1s.s%
zto%
15.6
16.3
1s.1 %
zo.s %
19.3
3,7
z.o %
2.3 % i
e.1 %
o.o %
o.o°io s.o°i° io.o°r°
~s.o°r° 2o.o°i° 2s.o°i°
One Year Performance
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
6.4
3.6
9.4 %
~.9
-6.a %
-6.1
3.5
-9.5
10.6
6.7
9,9
z1s%
0.4 %
Source: Barclays Capital, MSCI Capital Markets. Russell Investments ~~ THF.
1 BOGDAHN
`' GROUP
The Market Environment
Major Market Index Performance
Period Ended: September 30, 2009
One Year Performance i Three Year Performance
MSCIACWxUS
MSCI EAFE
MSCI Emerg. Mkts.
S&P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
MSCIACWxUS
MSCI EAFE
MSCI Emerg. Mkts.
S8P 500
Russel 13000
Russell 1000
Russell MidCap
Russel 12000
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% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
Five Year Annualized Performance ~ Ten Year Annualized Performance
MSCI EAFE
MSCI Emerg. Mkts.
S8P 500
Russel 13000
Russel 11000
Russell MidCap
Russel 12000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
MSCI EAFE
MSCI Emerg. Mkts.
3.0
11.7
-0.2 %
o.~ %
o.a%
6.0
a.s %
6.3
6.2
s.a %
6.4
3.0
S8P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
C.0% 5.0% 10.0% 15.0% 20.0% -5.0%
Source: MSCI Capital Markets. Russell Investments, Barclays Capital & Bogdahn Consulting, LLC.
2
3mos. T-Bill
0.0% 5.0% 10.0% 15.0%
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
2000 Index
2000 Growth
Quarter Performance I
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
-1o.e
-6.4
-2.2
•1 o.s %
-6.1
-1.9
•7.1
-3.5
-o.a %
-12.6
-s.s %
-6.3
-20.0% -15.0% -10.0% -5.0% 0.0%
Source: Russell Investments ~~ THE
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
^ Large cap stock performance was positive across all ten
GICS (global industry classification standard) sectors
with five of the index's ten sectors outpacing the +16.1
return of tfle 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
a
^~TR
D1-Year I'
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%)
Russell 1000
~ 11.3 %
22.1 %
21.7 %
20.5
t.t %
- 11.a^^/
- 9.8
24.9
17.2%
8.9
6,6%
-~ s ~ %
-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
^~TR Russe112000
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%)
27.9
-32.6
3s.1%
5.0 %
7.8 %
-15.9
26.4
-1.a %
11.7 %
-z.z %
13.7
-5.a %
18.1
-23.5
20.3
9.1
8.5
-11.0 %
7.0 %
-7.3 %
-50.0% -30.0% -10.0%
10.0% 30.0%
~~ THE
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+ l
10.4%
17.9%
A 10.5% 14.9%
A- 14.7% 9.2%
g+ 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
iee 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
.., ~ 0.6%
„ ~ 26.9%
Quality Rankings Table
Highest ~ High I Above Average ~ Average I Below Average ~ Lower I 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 ~ TFIF.
5 ~ BOGDAHN
GROUT
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, 3ra
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 3ra 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.
^QTR (USD)
^QTR (Local)
Ac worts 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
1 s.o°io
17.1% i
17.6%
15.0% '
19s%
14.9%
23;0
20.3%
13.2%
5.4%
21.0%
16.9%
29.4%
24.0%
19.8
16.9 %
24.8% !
n. s °io
1 o.s°io
10.5
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
^1-Year (USD)
^ 1-Year (Local)
Ac worts 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)
Source' MSi;I C~apltal Markets
s
One-Year Performance
-1.8°/
-2.1 %
-1.6% I
-3.9%
3.8°~
-1.2%
2.3 % !
2.7%
T.1
-7.3%
19.4%
1 s. s%
-8.4 %
-6.6%
28.1
27.9%
19.8
18.4
-26.8%
-21.6°
-40.0% -30.0% -20.0% -10.0% 0.0%
10.0% 20.0% 30.0% 40.0%
~~ Ttit-:
BOGDAHN
GROUP
The Market Environment
Country Index Performance in U.S. Dollars
Period Ended: September 30, 2009
.Quarter Developed MarketCountries
^ 1-Year
USA -6 7 %
Canada 0
Singapore
New Zealand
Japan -0.4°/
Hong Kong
Australia
United Kingdom -1.3%
Switzerland
Sweden
Spain
Portugal
Norway -2.6%
Netherlands
Italy
Ireland _30.7%
Greece -a.7%
Germany -2 0
France
Finland -6.7%
Denmark
Belgium -1.7%
Austria -8.9%
~ 15.6%
_ 18.5%
19.4%
16.9
25.8%
15.4°
6.6%
14 4°
25.6°
33.2°
23.6%
_ 18.5%
- 22.7%
i.7%
2$.4%
19.9%
27.5%
1 s.o°io
2o.2°i°
11.0°
- 26.5%
- 31.3%
~.2%
- 27.1%
0
- 19.3%
- 32.8%
_ 23.2%
- 26.7%
12.8%
18.0%
- 28.8%
- 29.2%
-50.0% -30.0% -10.0%
Source: MSCI Capital Markets
^ Quarter
Developing MarketCountries
01-Year
1 d'.4°/
South Africa 20.8%
Morocco -6.6%
-10.9 /o
22.6%
E9YPt 1.1°/
32.$%
Turkey 1318% 1
Russia 27.1%',
X9.7%
Poland 341.4% i
-23.1
Israel 10.4%
6.7% I
42.0%
Hungary -8.5%
Czech Republic ° 23.0%
-5.6 /o
Peru 44.0%
44.2% '~
18.1
Mexico _3.6%
Colombia 3 9 /° o
53:5
Chile 20.1%
Brazil 27.5%
27.1
Thailand 20'0%
28.4%!
Taiwan 23.2% °
27.1 /o
15.2%
Philippines 13.7%
Malaysia 1 .8%23.8% I
341,.5%
Korea 23 6%
Indonesia 38.1% °
43.7 /o
India 19.6%
32.0%
China 7.9 /° o
32.5 /o
-40.0% -20.0% 0.0% 20.0% 40.0% 60.0%
~~ THe
7 ` BOGDAHN
GROUP
The Market Environment
Domestic Credit Sector & Broad Market Maturity Performance
Period Ended: September 30, 2009
^ Much like the 2nd 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 where 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.
Source: Merrill Lynch Index System
AAA
AA
A
BBB
<ssg
Govt
Mort
1-3yr GIMIC
1-Syr G/M/C
1-10yr G/M/C
10+yrG/M/C
AAA
AA
A
Bss
<ses
Govt
Mort
1-3yr.
1-5yr.
1-10yr.
1 o+yr.
Quarter Performance
~ z.o %
- 2.3
G/M/C =Broad Market (Government + Mortgage + Corporate)
^ i.6%
~ 2.2 %
z.s%
8.3
0.0% 5.0%
One Year Performance
6.7
7.0%
10.0% 15.0% 20.0%
10.8
-~ 15.5
_., _. 19.5°
22.1 %
. --- ... 22.4%
9.7 %
8.1
7.4 %
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
~~ 11ii.
a ~ BOGDAHN
GROUP
The Market Environment
Market Rate & Yield Curve Comparison
Period Ended: September 30, 2009
2009 Market Rates
^ 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.oo
a. o0
3.00
2.00
1.00
6.00
5.00
a. o0
3.00
2. o0
1.00
o.oo
~ 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
Treasury Yield Curve
Aug-09 Sep-09
112/31/2008 -~-3/31/2009 i 6/30/2009 -X9/30/2009
~ ^
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Source: Mortgage-X.com , US Department of Treasury & St. Louis Fed ~~ THE:
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 (S&P 500) Index Level VIX Index Level
^ The SPX Index measures the daily price change in the 1600 ,oo
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 index 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 reduction in investor pessimism as the VIX
decreased to a more historical level.
^ Despite a more than 50% gain since its low, the index
remains 580 points or 48.1 % below its peak level. We
call this phenomenon the "cruelty of math" in that a drop
of 50% in value requires a gain of 100% to reach its
original level.
1, 500
1,aoo
1.300
1.zoo
1,100
1,000
900
soo
700
soa
s0%
so°i°
ao°i°
30%
20°i°
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
21.7 %
~a.o°r°
10.3
8.2 % 6.8
5.8% 5.0% 4.5% 4.0%
a` c5 h ~5 c5 ~5 ~5 ~5 c5 ~e
1a Aaa Aea Aaa yza ~aa pia Aea ~aa Aaa
~ `l% '~' b' S' 6' 1' 4i 0' ,~O
90
so
70
so
s0
1,057.08
40
30
20
10
0
Source.' Yahoo finance. CBOE ~~ 7~t1F
~~ ~ BOGDAHN
GROUP
0
The Market Environment
How Quickly Can the Economy Recover from a Recession?
Period Ended: September 30, 2009
^ 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
1 a, o00
12,000
10.000
s,ooo
s, o00
a.ooo
2, 000
0
-2. o00
10.0
s.o
s.o
4.0
2.0
o.o
-2.0
-a.o
-s.o
-a.o
Q2-2009- Total GDP and its components ($Billions)
$14,151.2
$9,999.3
$2,929.4
$1,561.5
-2.4%
70.7% 11.0% -$' 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 ~ TFiE
„ ` BOGDAHN
GROUP
Total Fund
September 30, 2009
iii ~ ~ ~
June 30, 2009: $1,121,764 September 30, 2009: $1,265,195
Segments Market Value Allocation
Segments Market Value Allocation ($) ("/~)
~$) (%) ^ Equity 661,084 52.3
^ Equity 598,286 53.3 D International Equity 93,496 7.4
~ Fixed Income 490.459 43.7 ^ Fixed Income 433,864 34.3
^ Cash Equivalent 33,018 2.9 ^ Cash Equivalent 76,750 6.1
12
~~ BOGDAHN
GROUP
Total Fund
September 30, 2009
June 30, 2009: $1,121,764
^ Dana Balanced Portfolio
^ R&D
Market Value Allocation
~$) ~%)
I , l 1 1,782 99.1
9,981 0.9
September 30, 2009: $1,265,195
Market Value Allocation
~$) ~ %)
^ Dana Balanced Portfolio 1,157,325 91.5
Dana International Equity 95,998 7.6
^ R&D 11,872 0.9
13
~~ BOGDAHN
GROUP
Tequesta General Employees'
Asset Allocation
As of September 30, 2009
Asset Allocation
R& D
Dana International Equity
Dana Balanced Portfolio
Total Fund
3,465 0.33
1,057,361 99.67
1,060,825 100.00
2,239 0.22
I ,019,239 99.78
1,021,478 100.00
11,737 1.16
1,001,364 98.84
1,013,100 100.00
9,981 0.89
1,111,782 99.11
1,121,764 100.00
11,872 0.94
95,998 7.59
1,157,325 91.47
1,265,195 100.00
14
~~ BOGDAHN
® GROUP
ntstortca~ asset auocanon tsy segment
100.0
80.0
o
~ 60.0 I
o I
•r.
40.0
Q
I
20.0
0.0 1
9/08 10/08 II/08 12/08 1/09 2/09 3/09 4/09 5/09 6/09 7/09 8/09 9/09
Equity ~ Litemational F~luity ~ I~ixed Income ~ Cash Equivalent
Tequesta General Employees'
Financial Reconciliation
As of September 30, 2009
Financial Reconciliation
Dana Balanced Portfolio 1,111,782 -78,400 53,287 -13,000 -1,443 -871 7,635 78,336 1,157,325
R&D Account 9,981 -1,443 13,000 - - -9,666 - - 11,872
Dana International F,quity - 79,843 - - - - 143 16,012 95,998
Total Fund 1,121,764 - 66,287 -13,000 -1,443 -10,537 7,778 94,317 1,265,195
Financial Reconciliation FYTD
Dana Balanced Portfolio
' I II;
1,057,361
-119,400 ~~ ~ ~
227,439 t
-13,000
-1,443
-12,815
31,231
-12,1148
I II
1,157,325
R&D Account 3,465 39,SS7 25,010 -46,483 - -9,676 - - 11,872
Dana International Equity - 79,843 - - - - 143 16,012 95.998
Total Fund 1,0611,82.5 - 252,449 -59,484 -1,443 -22,491 31,374 3,964 1,265,195
~~ TsiE
15 ~ BOGDAHN
GROUP
Tequesta General Employees'
Comparative Performance
Trailing Returns
As of September 30, 2009
Total Fund (Net)
l~~~lal Fund I'~~licr
Difference
All Public Plans-Total Fund Median
Total Fund (Gross)
total I and folic.
Total Fixed
Raraih Internxdiutc t f.5_ (io~~crnment/Credit
Difference
US Intermediate Fixed Income (SA+CF) Median
Dana Core Equity
ti~P VIO
Ditterencc
i IS Core/Large Cap Equity (SA+CF) Median
Dana Int'I Portfolio
ti1~Cl 1..111 In~ir~
Difference
International Core Equity (SA+CF) Median
Dana Fized Income
13tu~r,ih Inicrmedi ilr l ~.ti. (~o~crnment/Credit
Difference
tIS Intermediate Fixed Income (SA+CF) Median
8.80 (89) 1.64 (44) 1.64 (44) 0.58 (38) 2.93 (21) 4.52 (21) 3.50 N/A 11/01/2000
I(L~r, 1-1~>> n l~ it,`) n.-IS I6'~ -0.19 1?I~ I.5-I 16(.1 ?.87 t761 _'.7i1 ~!y
-1.76 1.16 1.16 1.07 1.39 1.65 0.80
] 0.51 1.34 1.34 0.32 1.99 3.90 N/A
8.94 1.76 1.76 0.70 3.11 4.66 3.64 11/01/2000
1(I_i6 1148 IL48 -0.-19 1 ~-l 2.87 2.7U
-1.62 1.28 1.28 1.19 1.57 1.79 0.94
2.93 (87) 9.24 (86) 9.24 (86) 6.30 (67) 5.53 (73) 4.71 (80) 4.58 N/A 02/01/2004
3?~ 17;1 10.01 18?1 10.(11 18?) (,.15 1711 ~ -19 17-41 1.68 1811 ~~1.~7 N ~
-0.32 -0.77 -0.77 0.15 0.04 0.03 0.11
3.90 11.54 11.54 6.70 5.99 5.20 N/A
13.29 (84) -8.19 (75) -8.19 (7.5) -4.88 (52) N/A N/A -1.04 N/A 11/01/2005
15.1,1 1?71 -1,,91 i?'1) -6.91 (~'~) -~_d? i?111 -1.61 (7111 1.02 f8;1 -I?? V'1
_2.32 -1.28 -1.28 0.55 N/A N/A 0.18
15.25 -6.48 -G.48 -4.78 -I.IS 2.02 N/A
20.56 (20) N/A N/A N/,~- N/A N/A 20.56 N/:1 07/01/2009
1~~5? 1;(>i ~.SO ~,1>1 ?.80 (4>i -±.12 uil ~.I± (641 6.>7 ~71r~ 19.>2 N'~
1.04 N/A N/A N/A N/A N/A 1.04
18.87 3.11 3.11 -2.78 2.58 7.65 N/A
2.93 (87) 9.24 (8G) 9.24 (8G) G.30 (67) N/A N/A 5.83 N/A 11/01/2005
?.?> IZ;1 10.01 (8'1 111,111 (8?1 6.15 lilt ,.-19 (7a1 -1.68 (811 x.76 N, ~
-0.32 -0.77 -0.77 0.15 N/A N/A 0.07
3.90 11.54 11.54 6.70 5.99 5.20 N/A
Return, for periods greater t4~.an one year are annualized. Returns are expressed as percentages. Total Fund Policy= 60% SR P 500, cR 40% L[3 G/C [nterniediate. ~ THh:
Dana's inception date is 10-I3-2005. Dana Core Equity contains international prior to 7/1/2009. ~ BOG~A111V
16 ~ 1 11 V
GROUP
Tequesta General Employees'
Comparative Performance
As of September 30, 2009
Total Fund (Net) 1.64 (44) -10.34 (9) 11.64 (91) 10.35 (42) 11.09 (88) 2.08 (100) 0.83 (100
Tw~il l=und I'~~lic~ U.-4S (6'-1 -13.~a6 I-ll) 13-03 1871 7.35 1561 5.37 1971 3.U3 IIUUI 1.3-4 1100
Difference 1.16 2.12 -0.38 2.47 2.72 0.05 -0.41
All Public Plans-Total Fund Median 1.34 -13.16 14.36 9.59 14.15 12.67 18.22
Total Fund (Gross) 1.76 -10.10 11.64 10.67 11.09 2.70 0.83
~futal I~un~l Pulir~ U.-45 -13.6 13.03 7.55 8-37 3.113 I?4
Difference 1.28 2.36 -0.38 2.79 2.72 0.67 -0.41
Total Domestic Fixed 9.24 (86) 4.47 (28) 5.25 (72) 3.24 (100) 1.49 (93) N/A N/A
B~ircap Intermedi~it~ t .~. (iu~cnuncnt (~redit lO.UI fS31 3.1 ~ (31) x.13 l~~l 3.3~ (9'_I l.-l5 (9jl 3.66 I(i(i) 6.00 1331
Difference -0.77 1.34 -0.18 -0.30 0.01 N/A N/A
US Intermediate Fixed Income (SA+CF) Median 1 1.54 3.17 5.46 3.90 2.08 2.87 5.50
Dana Core Equity -8.19 (75) -19.68 (34) 16.70 (49) N/A N/A N/A N/A
St~P SOU -6.91 1~9) -31.~~5 1641 16.-t-1 1>51 10.79 1;01 13.3 1511 13.87 (59} ~-1-40 i-131
Difference -1.28 2.30 0.26 N/A N/A N/A N/A
US Core/Large Cap Equity (SA+CF) Median -6.48 -21.32 16.64 10.78 14.39 14.27 24.01
Dana Int'I Portfolio N/A N/A N!A N/A N/A N/A N/A
MSC[ EAFE Index 3.80 (45) -30.13 (43) 25.38 (73) 19.65 (52) 26.32 (67) 22.52 (45) 26.54 (48)
Difference N/A N/A N/A N/A N/A N/A N/A
International Core Equity (SA+('F) Median 3.11 -30.59 26.97 19.73 27.63 21.50 26.06
Dana Fixed Income 9.24 (86) 4.47 (28) 5.25 (72) N/A N/A N/A N/A
Barcap Int~rmcdiatc l .ti. (~~,~crnment (~rcdit 10.01 1.521 3.1 ; (~I1 3-43 Iii) ; 5-1 (921 1.-45 (9~) 3.66 (G(il G.00 (33)
Difference -0.77 1.34 -0.18 N/A N/A N/A N/A
US Intermediate Fixed Income (SA+CFI Median 11.54 3.17 5.46 3.90 2.08 2.87 5.50
Returns for periods erecter than one ycar arc annualized. Returns are expressed as percenlaees. Total Fund Policy= 60% S&P 500. & 40% LB Ci/C Intermediate. ~^ THE,
Dana's inception date is 10-13-2005. Dana Core Equity contains international prior to 7/1/2009. ` BOG~AlZN
17 ~ rl
GROUP
Tequesta General Employees'
Total Fund (Net)
September 30, 2009
t ~
S1arket Value Vet Capital 1larket Value
'~s °f 'Pransfers Contributions Distributions Fees Expenses Income ppprec/ Deprec. .~s of
6/30/2009 9/30/2009
Tnlal Fund INcU 1.123 - GG -13 -I -1 I R 94 1,265
Marke[ ~'alae Net C'~pital Market Value
:1s of Transfers ~'on[ribations Distributions Fees Expenses Income Apprec./ Deprec As of
9/30/21108 9/3(1/211119
Total Fund (NeY1 LOCI - 352 -59 -I -22 31 4 L3G5
;0.00 r
20.00 -
luno ~~
E
o Rio -.
z
-lo oo-~
-zo 00 ~'- - --' '- -- - ' - ' ~_ _ -!
1 Oct-20118 1 2 3 4 5
Quarter To \'ear Years Years fears ti'ears
Sep-2009
^ Tnlal Fund INotl R.RO (89) 1.64 (44) 1.64 (44) -4.s4 (20j O.SR 141) 2.93 121) 4.52 (23)
~ Tbtal Fund Policv 10,56 (491 0.48 (G2) 0 ~M1R (V2) -6?I IsR) -0.49 (75) 1.54 IG91 2.87 (78)
SI500
$1400
$I3o.o
$120.0
$110.0
$100.0 ~
12/00
1s4a
12ss
9/02 6!04 ;/OG 12107 9/09
Median 10.51 1.34 134 -5.87 0.34 2.07 3.92 Total Fund (Nell --~ Tolal Fund Police
1 1 1
I
1
1
1
I
I
Quarter Quarter Quarter Quarter Quarter Quarter
Ending Ending Ending Ending Ending Ending
Jun-2009 star-2009 Dec-2008 tiep-2008 .lun-2008 ~1ar-2008
"Total Fund (Net) 5.86 (R9) -3.84 (18) -8.23 (7) -5,33 (9) -0.02 (271 -1.95 (47)
Tolal 1~und Polic} 10.13 (371 -G.51 (721 -11.73 1371 -5.50 f 131 -212 (9G) -4.SG (31)
:111 Public Plans=lbml Fund \ledian 9.42 -5.59 -12.45 -7.SG -0.74 -s.04
18
~~ THF.
BOGDAHN
GROUP
Tequesta General Employees'
Total Fund (Net)
September 30, 2009
2ao 0 00 ~~ -- -
^ ^ ~
Iz.o ~ zs.ou
z ~ ~
a.o v so no ~ ~ ~ ~ ~ ~ ~ ~ • ~
-a.o ~
X9.00 ~ •
z
i -IZ.o
F -zQ0
-20.0
l'o to l Fund Policy ('%. )
~ Ocer Perfom>anee -fr Dec-20114 $ Sep-2009
t t
R.00 - - -----. _. -- -- - -
G.00
4.00
2.00
0 00
-2.001
-4.00 -~ ----- i --
0 00 9.00 10.00 15.00 20.00
Risk (Stands rd Deviation'%,)
Return Standard Deviation
^ Total Fund (Net) 058 2 (i6
• Total Fund Policy -0.49 12.04
- Median 034 12.05
:.
z n A m ~'
10000 '. ~._ ------ - ---i - ~-r'
"- -r
1~~04 ~ ~ ~ ~ I'ro~ 12/OG 12/07 12/08 9/09
't'otal Period 5-25 2S-Median D1edian-75 75-95
Count Count Count Count
^ Total Fiord (Net) 20 3 (l9`%) 7 (39°,0l 2 1 10 % 1 8 (40°~~)
~ Total Fund Policv 20 0 10°0l 1 (~°o) 4 120°al ]9 (7~°0l
1 1
-
9.00 - - __- - -_ - -_ - _
750
v.oo
4.501
~ 300
1.90
0.00 __ -_ -~ - -~ ~ -. - - __-_r
9
000 2.50 5.00 7.50 10.00 12,50 00
1
Rill: ISia nda rd Deviation '% )
Return Standard Deviation
^ Total Fund (Nell 4.52 R.19
• Total Fund Policv 2.R7 9.78
- Median 3.92 ~.~~
t
Tracking I'p Down Sharpe
Beta Downside
Market Market 11 ha
P IR Ratio Risk
Error Captu rc Capture
"total Fund INetl :.5' 39 33 7297 0.RG 0.23 -0-17 0.78 ? 73
Total Fund Policv 0.0[1 100.00 100-00 0.011 N'A -0? 1 1.00 9.55
1
Tracking 11p Down Sharpe
Reta Downside
Market Market Alpha IR
Ratio Rick
Error Captu rc Captive
Total Fund [Nell 3.48 91.75 75.65 2.IG Q41 0.22 0.78 6.14
Total Fund Policv 0.00 100.00 100.00 0.00 N/A 0.03 I.00 7.91
~~ BOGDAHN
19
GROUP
-12.0 -4.0 40 12A 2011
Tequesta General Employees'
Dana Core Equity
September 30, 2009
.. t ~
Market Value Net Capital Market Value
As of Transfers Contributions Distribufions Fees Expenses Income Apprec./ Deprec. As of
6/30/2009 9/30/2009
Dana Core Equity 1,112 -7R 53 -13 -I -I R 7R 1,157
Market Value Net Capital Market Value
.4s of Transfers Contributions Distributions Fees Expenses Income .lpprec./ Deprec. .4s of
9/30/2008 9/30/2009
Dana Core Equity 1057 -119 227 -I3 -I -13 31 -12 1.157
30.00
20 ~0 -
10.00-
0.00- ®®,
5 -10.00-
-20A0-~'
-30.00 ~ ~ ~ ~ ~
1 Oct-2008 1 2 3 i
Quarter To fear Years Years Years Years
Sep-2009
^ Dana Core Equity 1 329 (84) -R.19 (75) -R.19 (75) -14.12 (53) -4.RR (52) N/A N/A
~ S$P 500 15.61 (371 -6.91 (59) -6.91 (59) -14.77 (69) -5.43 (701 -L61 (70) 1.02 (R3)
$ 145.0
$1300
$ 115.0
$1(10.0
$R5.0
$70.0
$55 0
i:~
Median 15.35 -6.48 -6~1R -14.05 -4JR -I.IS 2.02 -Dana Core Equity S&P 500
t t ~ ' 1
1 1 1 1 I 1
Quarter Quarter Quarter Quarter Quarter Quarter
Endin); Ending F,nding Ending Ending Ending
Jun-2009 Mar-20(19 Dec-2008 Sep-2008 .lun-2008 Mar-2008
Dana Core Equity 14.19 (70) -R.59 (2R) -22.36 (6R) -9.R6 (65) 0.67 (211 -9.43 (47)
S&V 500 15.93 (40) -11.01 (G9) -21.94 160) -R37 (4(11 -2.73 (82) -9.44 (49)
US Core/Large Cap Equity ISA+CF) Median 15.52 -10.47 -21.67 -R.99 -1.19 -9.46
~~ BOGDAHN
20 GROUP
12/05 9/06 G/07 3/08 12/08 9/09
so
00
-s.o -
'`a -10.0-
W
- -u.o
c
~ -2(1.0
-_ 0 0
~ <)ver I'crFo mpnce ~ l'nder Perfbrnnuuc ~ Uec-2008
Tequesta General Employees'
Dana Core Equity
September 30, 2009
,~ ~.
o.oo
~¢ ticp-'_009
lulw
0 (lU
_ -1000
c
~ _?000
z
zs o0
A
z
~ ~ ~
~s not • ~ ~ ~ ~ • • ~ • ~ ~ • • ~ ~ ~ ~ '~:
i I
x
100.00 ~-r - - - r - - - -- r -- - - ---r i - ~ .
12/04 12/05 12/06 12/07 12 OS ~~09
Total Period 5-25 25-;V1etlian 1ledian-75 75-95
Cmmt Count ('punt Count
^ Dana (:ore Equip 4 0 (0°nl 2(>0%n) 2 1>0°a) 0 10°-0)
~ S&P s00 20 0 (0°0) (1 10"0l 13 IGS°ol 7 GS"col
t t
15.00 --- - - -_- ---
10 00
s .00
~ 0.00
-5.00
z
-;0,(10 . - -_ 1 - __ __ f._-_~- (.. -10.00 ~. - _. - _--r---_ r.. _..__-_ -- -_.. ( _ _--r __
0.00 10.00 20.00 30 00 1000 5.00 10.00 15.00 20 00 25.00 30.00
Risk (Standard Devia tion '%) Risk (Sta nda rd De~ia[ ion "/.~)
Return Standard Deviation Return Standard Deviafion
^ Uana Corc Gquih~ -1.88 20.21 ^Uana Core Equity N-A )\;.A
• S&P 5(10 -s A3 21.28 • S&P s00 1.02 17.43
- Median -4.78 21.18 -Median 2.02 17.37
1
"f racking Sharpe Downside
F;rror Market Market Alpha 1R Ratio Beta Risk
Caphve Capture
Uana Curc Gquit~~ 3.61 ~)'.i5 9G-02 0.36 0.14 -0.31 0.96 15J9
sx~r So(1 0 0o i no uo l o0 ou n oo ~ :~ -n 33 1 0o i > x i
t
Tracking 6 D Sharpe Downside
Errnr ~1a
et arket :11pha 1R Ratio Reta Risk
<'apturc Capture
Dana Corel'.quuv A.:1 Art ~,A y:1 A';1 N/A \rA A,~
tiKp ip(1 0.00 100.00 1110.0(1 0 00 ~-:A -0 04 1.00 l2 45
~~ Tt rn,
~, ~ BOGDAHN
GROUP
-I s 0 -10.0 -5.0 0.0 5.(1
S&P 5001'% )
zz
Tequesta General Employees'
Dana Int'1
September 30, 2009
.. t t ~
Market ~"aloe ~Tarket Value
Net Capital As of
As of Contributions Distributions Fees Expenses Income Apprec./ Deprec.
G/30/2009 Transfers 9/30/2009
_ I (, 9G
Dana Int'I - SU - - - -
• , I ~ tt' II. t 't t• I II'
' Market ~'alne Capital Market Value
1c ot, Net Contributions Distributions Fees Expenses Income As of
"Transfers lpprec/ Deprec• 9/30/2009
9/311/20UR
Dann Intl - RO - - - - - IG 9G
~, ~
t t I I t
$125.0
30.OU
1590-,
~
_
090-.
L
~i
-15.00-~
-;0.00
1
Quarter
^ Dana Int'I 20.SG 120)
• EAPF 19.52 (;G)
S 1209
Oct-211118 1 2 3
To fear ~"ears fears
ScIrZOl19
N/A N/A N/A N/A
3.80 (45) 3.R0 (45) -14.84 (43) -3.12 (541
Years Years
N/A N/A
2.13 (64) G.57 (70) $100.0
Median 13.87 3.11 3.11 -15-G2 -2J8 2SR 7.65 -Danalnt'I -~•---EAFF.
I t. t
I 1 I I I l
Quarter Quarter Quarter Quarter Quarter Quarter
Ending Finding Ending Ending Ending Ending
lun-ZIIII`) Mar-2009 Dec-2008 Sep-21108 Jun-2008 Mar-2008
Dana Int'1 N/A N/A N!A NG~ N/:1 N/A
I:~V'l£ 25.R5 135) -13.85 (GS) -19.90 (411 -20 SU ('9) -1.93 IG81 -8.82 (49)
International Core lr:quits ISA CTI Median 23.79 -13.09 -20.33 -21.88 -1.14 -8.87
~~ BOGDAHN
23
GROUP
G/09 9/09
Tequesta General Employees'
Total Fixed Portfolio
September 30, 2009
~• t t~ ~
1larket Value
Net
Capital Market ~~alue
:1< of Transfers ('ontributions Distributions Fees Expenses Income ppprec./ Deprec. As of
6/30/2009 9/30/2009
Total Fixcd Portfolio 1.122 - G6 -13 -I -I I R 94 I CGS
Slarkrt Value Market Value
Net Capital
`~~ of Transfers Contributions Distributions Fees Expenses Income ;~I~prec./ Deprec. :1s of
9/311/21108 9/311/211119
Total Fixcd Porttblio LObI - 252 -59 -I -22 31 4 L'_(5
0.00
^ Total Filed Portfolio
• Total Fixcd Palicv
1
Quarter
2.93 (971
3.25 (`1'-)
Oct-2008
To
Sep-2009
9.2d (91)
10.01 189)
~ --- ------I.__. _ i . 1..
I 2 3 J 5
Year fears Years Years Years
9.24 (91) (.83 (66) 6.30 (GS) 5.53 (71) 4.71 179j
10.01 189) GSI (74) G.IS (70) 5A9 (72) 490 (741
Median -1.80 12.54 12.54 7.62 G.73 6.00 5.40
8130.0
8120.0
8I 10.0
8 100.0
890.0 ~._ _ _.. --t--- ~ T-
3/04 G!OS 9/06 12/07
Total Fixed Portfolio --•-Total Fixed Policy
127 J
] 25.3
9.09
I I 1 1 1 I
Quarter Quarter Quarter Quurter Qaarhr Quarter
Ending Ending Ending Ending Ending Ending
.tun-2009 Sl:v-2009 Dcc-2008 tiep-2008 .tun-211118 Star-211118
Total Fixed Portfolio -0.25 (100) 0.13 (64) 6.26 (14) 0.17 (10) -1.28 178) 2.93 (151
'total Pixcd Policy L67 18R1 -0.0> (721 4.84 (34) -1.19 (45) -L53 (89) 3.00 111)
US Broad Market Core Fixed Income (SA+CF) Median 3.34 0.48 3.R3 -1-42 -0.95 2.02
~~ TFU.
2a ~ BOGDAHN
GROUP
R.0 ~-
Ovcr
7.0 ~ Pcrtixnuvi cc
O ~
.`
i 3.0
I 0 L
F 10
^^
Tequesta General Employees'
Total Fixed Portfolio
September 30, 2009
,~ ~.
s nnn ~- --
c 25.00
S
~i
^ c 50.00
^ d 7-
3.0 5 0
Total Filed Policy ('% )
~ ^
^
^` • •
7
~ ~ ^
E ~.00-
Under Y ~~ ~ ~ '.
Pertbnruncc 100.00 -~ - , - -- r~~- ~ i i
~- ~ 12;04 12,05 12/06 f2'07 COx ~~ Oo
7.0 KO
Total Period
5-25
25-Median
Median-7S
75-95
Count Count Cmmt Count
^ Tolal Fred Po~Yfolio I1 2 (lR`%o) 2 (l8%1 3 127°-fil 4 136%)
• Total Fixed Policy I I I (9"0l 3 (27) 5 (45%) 2 (18"io)
~ t
~ 750
G 00
J
50
.
-
~ 3.00 -
C
f-UnderPerfornk~nce fOverPerfr:rntmce -Mar-2007 Sep-2009
t2oo
R 00~
690
4 UO
~ 2.00
5
0.00
0 on
T ~
2.50 5.00 7.50 10.00
Risk (Standard Deviation % )
Return Standard Deviation
~ 1.50 1-
12.50 2.00
~ i i
d 00 6.00 8.00
Risk(StandardDeviation %~)
Return Standard Deviation
L 0.00
^ '1'o~nl Fixed Portfolio G.30 3.93 ^ Total Fixed PaYfolio 4.71 3.50
• Total Fixed Policv G.15 3.75 • Total Fixed Policy 4.90 3.G0
- Median 6.73 4.18 -Median 5.40 3.90
t '
Trackin
g
Up
Down
Sharpe
B
ta
Downside
Error 1larket ;1Farket Alpha IR Ratio e Risk
Capture Capture
Total Fixed Portfolio 1.51 89.65 SZ79 I?9 0.03 1.07 0.79 0.99
Total Fixed Police 0.00 100.00 100.OU O.UO N-A O.R9 1.00 1.68
1 '
'T'racking (' p Down Sharpe Downside
Error Market Market Alpha IR Ratio Bela Rick
Capture Capture
ibtal Fixed Portfolio L50 82.02 56.32 1.09 -0.14 0.60 OJ3 0.95
Total Fixed Policy 0.00 100.00 100.00 0.00 N/A 0.54 L00 1.G8
~~ TFIF.
25 ~ BOGDAHN
GROUP
Tequesta General Employees'
Dana's Fixed Portfolio
September 30, 2009
~ 1 1
Market Value
As of
6!30/2009
Net ('ontributions Distributions Fees
Transfers
Expenses lncome Laprtal
lpprec./ Ueprec'
Market Value
ps of
9/30/2009
Dan:isPisedPoi1folio 1.112 -7R Si -13 -I -I R 7R 1,157
~ 1 1 ~ 1 1' ~ ~ i 1 1 1 ~ ~ ~~
Alarket Value Net Capital 1larket Value
~'s of Transfers Contributions Distributions Fees Expenses Income ppprec./ Deprec. As of
9!.30/2008 9/311/211119
Dana's Fixed Portfolio 1,057 -119 227 -13 -I -13 31 -I2 I,I57
1 1 11 1 1 ' 1
$ 13 0.0
20.00 ~ --- -- _. -_
~~3:~
15.00 ~ $120.0
10.00 ~, M ,!
.~. ~ ^
~ $1 10.(1 -{
0.' ~ ~ i
5.00
$1000
0.00 - i -. i - i i -- ~- -- - - -1- -
1 Oct-21108 1 2 3 a 5
Quarter To ti'ear Years Years Years Years
Sep-20119
^ Dana's Fred Portfolio 2.93 (97) 9.24 (91) 924 191j 6.83 (66) G.30 (G51 N1.4 N/A g90.p
• Barwp Intermediate U_5 Go~emmenUCredit 325 (92) 10.01 (89) 10 01 (R9) 6.51 (74) 6.15 (70) 5.49 (72) 4.68 (80) 12/05 9i06 6/07 3/08 12/08 9/09
Dana's Fixed Portfolio
Median 4.80 12.54 12.54 7.62 G.73 G.00 5.40 - ~ Rarcap Internxdiate U_S. GovemnxntiCredit
1 1 1
I 1 1 1 1 1
Quarter Quarter Quarter Quarter Quarter Quarter
Ending Ending Ending Emling Ending Ending
dun-21109 Mar-2009 Dec-2008 Sep-20(18 Jun-2008 Mar-2008
Dana's Fixed Portfolio -0.25 (1110) 0.13 (64) 6.26 (14) 0.17 (10) -1.28 (78) 2.93 QS)
Barcap 6trenncdiatc. U.$. Go~'amment/Credit I.G7 (88) -0.05 (72) 4.84 (34) -1.19 (45) -1.53 (R9) 3.00 (] 1)
US Broad Market Core Fixed Income (SA+CFI Median 3.34 (1.48 3.83 -1.42 -0.95 2.02
~~ •r1IF.
2s ~ BOGDAHN
GROUP
Tequesta General Employees'
Dana's Fixed Portfolio
September 30, 2009
7 n _ _ - o.oo -
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Pertiirmvtcc ^
6.G ~ ~ c 39.00 ~
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Bareap Intermediate U.S. Government/Credit ('% )
f- Under PertomNnce -f Over Pcrfo rnwncc ~ Dec-2008 ¢ Sep-3009
90.00
n`.
~ 79D0 ~,
x 100 00 ~ ~~ -~~ ~-~~~-rte -~---i
12104 12/09 12,06 12!07 12/08 9/09
Total Period 5-25 25-Dledian Median-75 75-95
Count Count Count Count
^ Dana's Pi~cd Portfolio 4 2 (90°0l 0 (0%) 2 (90%1 0 (0%)
• Barcap Intermediate U.S. GovernmenUCredit 20 0 (0 io) ~ (29%) 2 (10 %) 13 (G9°'o)
1 1 1 1
_ ___
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8 00 ~ - ~-- 6.00 - - -
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2 ,.00~
C
0.00 ~- ----~
0.00 2.50
'~-- -- r -
5 00 7.50
Risk (Standard Deviation'%)
Return
^ Dana's Pised Portfolio 6.30
~ Barcap Intermediate U.S. Govennuent/Credit 6.19
-Median 6.73
~--
1000 1250
Standard Deviation
3.93
3.79
4.18
4.50
c
~ ; 00
C
I i0
L00
4.00 G.00
Risk (Standard De~~ation % )
Return
8 00
10.00
^ Dnna's Fired Por7Foho NiA
• Barcap Intermediate U.S. Governnent/Credit 4.68
- Mediae 9.40
Standard Deviation
N%:~
3.49
3.90
t
Tracking
IMP
Down
1R
Sharpe
Bete
Downside
Market Market 41 ha
P Ra[io Risk
Error Capture Capture _
Dana's Fired Portfolio 1.51 89.65 97.79 L39 0.08 LU7 0.79 0-99
Barcap Intermediate I ~.ti. GocernmendCredit 0.00 IUO.OU 100.00 0.00 N/A 489 1.00 I-68
t
Tracking
IMP
Down
IR
Sharpe
Reta
Downside
Market Market AI ha
P Ratio Risk
En'ar Capture Capture
Uana's Fired Portfolio N/A N/A N/A N/A N/A N/A N/~: '~/'~
Barcap Intermediate I'S. Govemrent/Credit Q00 100 00 IOOAO 0.00 N/A 0.91 1.00 1.54
~~ THF.
z, (~ BOGDAHN
GROUP
Tequesta General Employees'
Benchmark History
As of September 30, 2009
zs
TI IF'.
BOGDAHN
~' GROUP
Statistics Definitions
Statistics Description
Return -- Compounded rate of return for the period.
Standard Deviation -- A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over a
specified time period.
Sharpe Ratio -Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is
the absolute rate of return per emit of risk. The higher the value. the better the product's historical risk-adjusted performance.
Alpha -- A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured
by beta. [t is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's
non-systematic return.
Beta -- A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or
systematic risk.
R-Squared -- The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a
higher correlation of the portfolio's performance to the appropriate benchmark.
Treynor Ratio -- Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over
the risk free rate divided by the beta. The result is the absolute rate of return per emit of risk. The higher the value, the better the
product's historical risk-adjusted performance.
Downside Risk -- A measure similar to standard deviation, but focuses only on the negative movements of the retw•n series. It is calculated by
taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product.
Tracking Error -- A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market
benchmark.
Information Ratio -- Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added
contribution by the manager.
Consistency -- The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency
figure, the more value a manager has contributed to the product's performance.
Excess Return -- Arithmetic difference between the managers return and the risk-free return over a specified time period.
Active Return -- Arithmetic difference between the managers return and the benchmark return over a specified time period.
Excess Risk -- A measure of the standard deviation of a portfolio's performance relative to the risk free return.
Up Market Capture -- The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate
better product performance.
Down Market Capture -- The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate
better product performance.
Calculation based on monthly periodicity.
29
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