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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 02_02/04/2008VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION PLAN December 2007 THE ~l BOGDAHN `~ GROUP simplifying your investment F~ fiduciary decisions Performance Evaluation for Village of Tequesta Public Safety Officers' Pension Trust Fund Rockwood Capital Advisors For the Period Ending December 31, 2007 Presented by: Bogdahn Consulting, LLC 1 ~ Village of Tequesta Public Safety Officers Pension Trust Fund Executive Summary Report Explanation The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, ' and relative to the investment policy. These are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The methodology is to segregate the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to the policy's is the up market capture ratio. The ratio of the fund's return in down markets to the policy's is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio than down market capture ratio. Village of Tequesta Public Safety Officers' Pension Trust Fund Executive Summary Account Reconciliation 12/31 /2007 2007 04/30/2005 Qtr YTD Incept Beg~nrt:ing V~lwe 4 2$5 3 54f} 2 444: Net Flows 125 4$4 1,'12? Ihvestriienf G/L =28 35:7 81:Q:: Ending Value . 4;381 4 38:1 4,381' Investment Policy Index Weight Trailing Returns through December 31, 2007 Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Ftt:hd:::::::: ::: _ ::0:64 :.... ;7 :: 9 9.. ::::8:6 3 P.:ohcy :: t~. -0:83 6.40 .: '11.f30 ;.. I Doff 0:19 3:30.. -2:3:7 RCIUI I IJ III IJFJ IVICII RCW 04/30/2005 1 Yr 2 Yr Incept ............. ............. ................ ................ .................... .................... ................... ................... .............. ............. Pohcy ': ............... ................ 7.3::: ..................... .................... ..:12:x';..: . >::: .................. ................... :<: . ;... ;.11,8: Rafiii:::::: ............. ::::::142:8:::: ............... :::105:1 ::::::::::: ..................... :::::::::::1:09:;7: .................. Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Rockwood assumed account on April 4th 2005 Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept .............. u d n .............. .............. .............. ............... ~0:~ :: ............... ............... ............... ..................... > ~~ ;g:::::::: ..................... ..................... ..................... ................. ;:1:: :: < : ~. ................. .................. ................. .............. .............. Polio :::::: y ............... ............... :.: =0:g:::: ..................... .................... : :::_1:.6 :::::::::::: .................. .................. ::::::::::: :1:;6: I'2atio ::::::: ::::::7'7::'f :::: ::::98::1:::::::::::: ::::::::::::98:1: 2 Village of Tequesta Public Safety Officers' Pension Plan Asset Allocation as of December 31, 2007 Equity 58% At Cost Equity 54% Fixed Income 39% Fixed Income 43% 3 At Market Cash &Equiv 3% Cash &Equiv 3% ' Village of Tequesta Public Safety Officers' Pension Trust Fund ' Universe Comparison Report Explanation The universe compares the fund's returns to a group of other investment portfolios, called a universe. Ideally the universe is comprised of many other investment funds with similar investment profiles. Comparisons are provided over many different time periods. Trailing Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available. The returns for the fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. For example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods. Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time. It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the performance in different market environments. A high policy return indicates a bull market, and a low policy return indicates a bear market. All rates of return are annualized if the period for which theyare calculated exceeds one year. 4 Village of Tequesta Public Safety Officers' Pension Trust Fund Universe Comparisons 60% Broad Large Cap Core & 40% PSNIGIFI I railing Keturns through December 31, ZUUt 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Eund Return 3.49 5.44 9.70 9.17 -tile 10 22 ~ Polley T. . Return 1.55 5.31 6.40 8.68 -tile 35 36 [Jniverse. 5th %-tile 10.65 10.94 9.48 9.57 11.53 7.81 6.57 7.22 25th %-tile 7.09 8.94 7.61 7.88 10.03 6.48 5.12 5.35 50th %-tile 5.89 8.44 6.98 7.26 9.43 5.79 4.35 3.74 75th %-tile 4.89 7.90 6.57 6.83 9.01 5.34 3.90 3.25 95th %-tile 2.81 6.60 5.66 6.01 8.26 4.41 2.81 2.47 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 Flanri >.. r Return -0.64 9.70 8.63 % the 31 10 80 ' P..ohcy .: Return -0.83 6.40 11.00 ' -tile 44 35 50 Univ~rs ;: 1 5th %-tile 0.41 10.65 14.31 7.59 25th %-tile -0.49 7.09 11.89 5.42 ' 50th %-tile -0.91 5.89 11.00 4.32 75th %-tile -1.42 4.89 9.51 3.43 r 95th %-tile -2.34 2.81 4.95 1.66 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is April 30, 2005 to December 31, 2007 Rockwood assumed account on April 4th 2005 ' S Village of Tequesta Public Safety Officers' Fixed Income Executive Summary Account Reconciliation 12/31 /2007 2007 04/30/2005 Qtr YTD Incept .......................... ~egirn:ir~:g:V~liae ::: .......................... .......................... ................ 1:;550 :: ............... ................ .............. :::1;18: .............. .............. ............ 970 ............ ............ .......................... .......................... Net Flouvs ............... ................ 724: .............. .............. 2:93 ............ ............ 582: frtvestirient G/L 46 1 Q8 1:67 EridingValue .: 1;71.9 1,719 1,7T9: Investment Policy Index Weight ' Trailing Returns through December 31, 2007 ' Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 F.:und 7 42. 3:64 Palicy 2:91 7 40 : 4 9:7 ...:. . Doff 0:12 0.02 : ::. -0:4:7. . Returns in Up Markets Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept f=und 7.9 7.9 7:2 Policy 7.5: $.1 7,3: Ratio.:.. 104.0 9:7 8 .::::: 98:,4 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 04/30/2005 1 Yr 2 Yr Incept fund 0.4 X0:7 1:f? Polacy -0:1 -0:5 1 'f ~ Ratio....:. ...292.9.....: :.134:0 96.E 6 Village of Tequesta Public Safety Officers' Equity Executive Summary Account Reconciliation 12/31/2007 2007 04/30/2005 Qtr YTD Incept 13eg-nnirag Val~ie 2 555 2 013 --, , 1,393 Net I=1o~NS 65 23©: 524 fnvestrrienf G{L:: =76 24:a 626 Enctirig Value 2;543. 254:3:' 2,543'. Investment Policy Index Weight S&P 5:00: 100.00 Total 'f DD.Oa . ' Trailing Returns through December 31, 2007 04/30/2005 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Fund .. 11::78 1:2.3.2 ,>: > >. 13.72::: Policy b.49. 10 53 `l ~ .45 f~~ff 6.29 179 ,: 227:, Calendar Year Returns Returns in Up Markets 04/30/2005 1 Yr 2 Yr Incept ............. Fund ............... ; : ..15:1 :: ..................... 20.4 ................... 19.7: :Policy 9;1 18 0 16:$: Ratio 16.5.8 11:3.2 1:16:7 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept .............................. ............................. und.. ................ ................. -4:5. ...................... ..................... 4.5 Policy . -3:3 47 4 7:: Ratio 87.7 95:3 9b:8 7 Village of Tequesta Public Safety Officers' Eq u qty Universe Comparisons Pure Large Cap Core Trailing Returns through December 31, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fund Return 2.01 5.43 11.78 12.32 -tile 8 19 7 14 ~?olicy Return -1.37 4.82 5.49 10.53 -tile 26 25 31 34 ~1-iverse 5th %-tile 3.77 10.56 12.81 13.80 11.68 11.71 14.85 8.41 7.08 7.71 25th %-tile -1.37 4.82 5.64 10.83 9.15 9.83 13.24 6.97 4.30 4.33 50th %-tile -1.60 4.52 5.22 10.32 8.52 9.05 12.65 5.90 3.18 1.69 75th %-tile -3.42 2.62 3.76 9.76 8.02 8.52 12.16 5.54 2.80 1.38 95th %-tile -8.45 -3.38 -2.63 5.53 5.05 6.23 10.03 4.27 0.26 0.91 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999,, Furt~i .: Return -2.92 11.78 12.87 -tile 21 7 75 Pollcy Return -3.33 5.49 15.80 -tile 44 31 30 ........................................................................................................................................... aJniveCSe 5th %-tile -1.66 12.81 20.97 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 25th %-tile -3.09 5.64 16.19 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 50th %-tile -3.36 5.22 15.48 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 75th %-tile -3.72 3.76 12.74 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 95th %-tile -6.49 -2.63 4.79 1.07 5.14 ~ 20.58 -26.60 -19.10 -14.67 6.13 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is April 30, 2005 to December 31, 2007 8 Village of Tequesta Public Safety Officers' Equity Executive Summary Account Reconciliation 12/31/2007 2007 -~ 04/30/2005 Qtr YTD Incept Begir-nfir~g Value 2;555 2;01 -~ 1 393 Net Flows 65 2~4 52 fnvestrrient G/L -76 . :: 24:© 626 ~' Ending Value :: .2;543 254:3 ,2;543 Investment Policy i rauiny rcer.urns mrougn uecern~er 3 i, ~uu~ Calendar Year Returns Returns in Up Markets 04/30/2005 2 Yr Incept .................................. 20:;4 1:9:x': .................................. .................................. .................................. .................................. .................................. 18:1 ::::::::::::::::::::::::1 7::7 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept fund =2:9: ............................. 4.5 .................... 4.a .................. ............................ Pglicj~:::::::: ::::-3;3:::: .................... :::::=53 :::::::::::::::::::: ................... ::::::::::::: : X5;3: F2atio ::: ::::::::::87;4::::: ............................. :: 85::7:::::: .................... 85:7: .................. 9 Village of Tequesta Public Safety Officers' Equity Universe Comparisons Broad Large Cap Core I ralnny rceturns utr~uyn uecernu~i ~ ~, ~~~~ 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fu.nd:: Return 2.01 5.43 11.78 i 12.32 -tile 11 29 10 18 Polley Return -1.84 3.82 5.15 10.31 -tile 61 66 55 49 Universe 5th %-tile 3.78 11.15 13.55 14.60 13.00 13.23 16.54 9.72 7.22 7.93 25th %-tile -0.73 6.11 7.56 ~ 11.15 9.75 10.20 13.81 7.28 4.78 4.83 50th %-tile -1.57 4.57 5.25 10.27 8.55 9.09 12.70 6.03 3.27 1.91 75th %-tile -3.04 2.96 3.90 9.70 8.07 8.60 12.23 5.53 2.81 1.33 95th %-tile -6.49 -0.81 0.04 7.22 6.35 7.13 10.86 3.79 0.76 -0.14 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 Fund.... Return -2.92 11.78 12.87 ~ -tile 33 10 74 :Polley .: Return -3.34 5.15 15.72 -tile 50 55 36 .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... e ::: < ;:: iv Un ers.. . .......................................................................................................................................... .......................................................................................................................................... 5th %-tile -0.96 13.55 21.03 11.35 15.79 35.07 -14.92 0.68 15.49 38.53 25th %-tile -2.56 7.56 16.81 7.45 11.97 ' 29.63 -20.08 -8.76 0.28 23.55 50th %-tile -3.35 5.25 15.40 5.38 10.46 27.91 -22.27 -12.05 -6.69 20.37 75th %-tile -3.71 3.90 12.43 4.27 8.33 25.20 -23.67 -13.64 -9.58 15.90 95th %-tile -5.60 0.04 4.95 1.07 5.06 20.90 -26.71 -19.24 -14.72 6.66 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is April 30, 2005 to December 31, 2007 10 Village of Tequesta Public Safety Officers' Pension Trust Fund Up Market Returns 2o.oo°i° - _-- --- - 15.00% -----~ I 10.00% -------' --- ------- 5.00% -- --- ----- ---------- 0 00% 1 Yr 2 Yr Incept Fund (%) 10.41 13.60 12.93 Policy (%) 7.29 12.94 11.79 Difference (%) 3.12 0.66 1.14 Ratio 142.80 105.10 109.67 # Up Qtrs 3.00 6.00 8.67 Down Market Returns 0.00% -0.50% -1.00% -1.50% -2.00% 1 Yr 2 Yr Incept Fund (%) -0.64 -1.57 -1.57 Policy (%) -0.83 -1.60 -1.60 Difference (%) 0.19 i 0.03 0.03 Ratio 77.11 98.13 98.13 # Down Qtrs 1.00 2.00 2.00 ^ Fund (%) ~ Policy (%) Rockwood assumed account on April 4th 2005 11 Village of Tequesta Public Safety Officers' Pension Trust Fund Objective Comparison v a I u e Inception date is April 30, 2005 All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 12 /1U~ JUV JVJ UVJ IVIVV JVV JVV VVV IVIVI JVI UVI VVI Quarter Ending ^ Fund ~ Policy Q Nominal 8% ^ CPI + 3% Village of Tequesta Public Safety Officers' Pension Trust Fund Attributions of Returns Report Explanation Performance attribution concentrates on evaluating the effect of the manager's decisions on asset allocation and security selection. This allows the investor to see whether the manager is adding value by adjusting the actual asset allocation or by picking individual securities. This information is valuable in helping determine the amount of freedom that might be given to the manager in regard to asset allocation ranges. The result of these skills are shown for multiple time periods. The top section shows the returns for both the account and the investment policy and the results of the manager's contribution. The fund's return is thus attributed to the policy and the manager. The bottom section divides the manager's contribution into two components: asset allocation and security selection. The asset allocation effect measures the value that was added by varying the actual asset allocation from the target allocation. This is done by assuming investments, in amounts equal to the actual asset allocation weights, were made in the policy's indices so that security selection has no effect. The difference between this return and the policy's return is the asset allocation effect. The security selection is the remainder of the manager's contribution that is not explained by asset allocation. 13 Village of Tequesta Public Safety Officers' Pension Trust Fund Attribution of Returns Attribution of Performance to show Manager Contribution licy .... ... .... ... .... ... :::: __ ............................... ............................... ............................... ............................... ............................... ............................... ::::::Mariager:Conarikiution : nd Current Quarter -0.83 ::: : :::::::::% ::::0:9:9: -0.64 Year to Date 6.40 :::: .... .... .... .... .... ::: :::::::::::::::::: : 3:3Q:: ............................... .............................. ............................... .............................. ............................... 9.70 1 Year 6.40 ::: .... .... .... .... .... .... ::::::::::::::::: x:30:: .............................. ............................... .............................. ............................... .............................. ............................... 9.70 2 Years i 8.68 ::::: :::::: ::::::::::::::: :0:49:: 9.17 Incept 8.82 ::::::: ::::::::::::::: :::: :::::::.0:9:1:: 9.73 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection NlaRager:Contri~iution:: Current Quarter 0.15 0.04 0;1:9:: Year to Date -3.07 6.37 3::3~: 1 Year -3.07 6.37 :: 3:3Q 2 Years -4.03 4.52 Q.:49 Incept -4.02 4.93 D9:'f Asset Allocation + Security Selection =Manager Contribution Rockwood assumed account on April 4th 2005 14 15.00% 2 10.00% r c e n t 5.00% E f f e 0.00% c t -5.00% 15.00% P e 10.00% r c e n t 5.oo°i° Village of Tequesta Public Safety Officers' Pension Trust Fund Asset Allocation Effect i J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending Security Selection Effect E f f e 0.00% c t -5.00% ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ~ Quarterly Effect Cumulative Effect Rockwood assumed account on April 4th 2005 15 ~ ~~ /~.~ Village of Tequesta Public Safety Officers' Pension Trust Fund Asset Allocation vs Targets ' 7o.oo°r° --- -.. -- ' 6o.oo°i° ------- --- --- - -------- -- - - -- - ---------------------------------------------- 50.00% - - - -- --------- - - ---------------------------------------- ---------- -- 40.00% - - - ---- - ----- - - - ---------- -------------- - -- -- -- ------------------------------------------------------- 30.00% -- -- - - --- --- - - ----------------- - -------- --- 20.00% ----- ----- - ---------- - - - --- - ----------- - - ------ ------ 10.00% --_ - - ---- - ----- --- -- -- ------------------------- - - - ----------- - ------- -- _ - - -- ' 0.00% J5 S5 D5 6 J6 S6 D6 07 J S7 D7 Quarter Ending ~ Cash & Equiv -~ Target ' 70 ' 60 50 ' 40 30 20 10 ' O JU5 JUb UU5 MUb JUb JUb UUb MU/ JU/ JU/ UU/ Quarter Ending ' .Equity ~ Target 70.00% - ' 60.00% - ---------------------------- -- ------------------------------ ------ 50.00% ---------------- ------------- - --------- --- --- - ---------------------------------------------------------------------------------------------------- ' 40.00% - ~ - ----- ------------- - --- ---- ---------- - 30.00% -- -- -- - - -- -- -- ---- --- ------------------ 20.00% -- ~-- ~ -- ---- - -- --- ------------ - 10.00% ~- ~-- - - -- - -- --- --------------- ----- - -------- ----- ----- 0'00% J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ' ^ Fixed Income ~ Target Rockwood assumed account on April 4th 2005 ' 16 5.oo°i° 4.00% 3.00% R 2.00% e t 1.00% u r 0.00% n -1.00% -2.00% -3.00% $ $ $ $ v a $ I u e $ Village of Tequesta Public Safety Officers' Pension Trust Fund Manager Contribution .' ~5 S05 D05 M06 JO6 S06 D06 M07 J07 507 u0/ Quarter Ending ~ Quarterly Cumulative 1 Growth of $100 Fund vs Policy Rockwood assumed account on April 4th 2005 17 /1V:J JV:7 JVV VV:J IVIVV JVV JVV VVV IVIV/ JV! JVI VV/ Quarter Ending ^ Fund ^ Policy 1 Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis ($) End ng Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Apr 2005 2,444 2,444 0 2,444 0 2,444 0 Jun 2005 2,587 2,530 58 2,499 88 2,480 107 Sep 2005 2,864 2,768 97 2,737 128 2,743 122 Dec 2005 2,910 2,880 30 2,861 49 2,806 104 Mar 2006 3,027 2,992 35 2,961 66 2,916 111 Jun 2006 3,039 3,009 30 3,059 -21 3,026 13 Sep 2006 3,345 3,353 -8 3,319 26 3,247 98 Dec 2006 3,540 3,580 -40 3,463 78 3,334 207 Mar 2007 3,756 3,689 67 3,602 154 3,487 268 Jun 2007 3,903 3,902 1 3,749 154 3,640 263 Sep 2007 4,285 4,213 72 4,034 250 3,890 394 Dec 2007 4,381 4,302 80 4,240 142 4,073 309 All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 18 Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis (%) Period Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Ending Sep 2005 3.41 1.97 1.44 1.94 1.47 2.96 0.45 Dec 2005 -0.88 1.47 -2.35 1.94 -2.82 -0.26 -0.62 Mar 2006 2.49 2.36 0.13 1.94 0.55 2.35 0.14 Jun 2006 -0.94 -0.77 -0.17 1.94 -2.88 2.35 -3.29 Sep 2006 3.41 4.67 -1.26 1.94 1.47 0.74 2.67 Dec 2006 3.46 4.41 -0.95 1.94 1.52 0.24 3.22 Mar 2007 4.04 1.04 3.00 1.94 2.10 2.45 1.59 Jun 2007 1.89 3.70 -1.81 1.94 -0.05 2.15 -0.26 Sep 2007 4.15 2.40 1.75 1.94 2.21 1.04 3.11 Dec 2007 -0.64 -0.83 0.19 1.94 -2.58 1.44 -2.08 Incept. 9.73 8.82 0.91 8.00 1.73 6.03 3.70 Returns for periods exceeding one year are annualized. Rockwood assumed account on April 4th 2005 19 Village of Tequesta Public Safety Officers Pension Trust Fund Risk Measures Report Explanation The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two ' pages are used to determine the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for both the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. ' # Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero, and the number of positive quarters is the number of quarterly returns which were greater or equal to ' zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has ' beaten the policy and the percent of the quarters the policy has beat the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. ' Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. ' Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be ' zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. ' Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusting for beta. The higher the alpha, the better. R-squared measures the relationship between the policy and the fund. A high r-squared means the returns of the fund can largely be explained by movements of the policy. The higher the r-squared, the more reliable the alpha and the beta. R-squared may range from 0 to 100. Beta, alpha and ' r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha. Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers 1 are better, indicating more return for the level of risk that was experienced. ' 20 ', Village of Tequesta Public Safety Officers' Pension Trust Fund Risk Measures 'I 1'r Rind : :: Policy Diffi # of Negative Qtrs 1.00 1.00 0.00 # of Positive Qtrs 3.00 3.00 0.00 Batting Average 75.00 25.00 50.00 Worst Qtr -0.64 -0.83 0.19 Best Qtr 4.15 3.70 0.45 Range 4.79 4.53 0.26 Worst 4 Qtrs 9.70 6.40 3.30 Standard Deviation 5.73 5.33 0.40 Beta 0.92 1.00 -0.08 Annualized Alpha 3.29 0.00 3.29 R-Squared 0.73 1.00 -0.27 Sharpe Ratio 0.87 0.31 0.56 Treynor Ratio 5.39 1.66 3.73 Tracking Error 2.98 0.00 2.98 Information Ratio 1.11 2 Yr :: furid: , : Policy Diffi # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 6.00 6.00 0.00 Batting Average 50.00 50.00 0.00 Worst Qtr -0.94 -0.83 -0.11 Best Qtr ~ 4.15 4.67 -0.52 Range 5.09 5.50 -0.41 Worst 4 Qtrs 8.63 6.40 2.23 Standard Deviation 4.89 4.53 0.36 Beta 0.89 1.00 -0.11 Annualized Alpha 0.88 0.00 0.88 R-Squared 0.68 1.00 -0.32 Sharpe Ratio 0.90 0.87 0.03 Treynor Ratio 4.97 3.93 1.04 Tracking Error 2.77 0.00 2.77 Information Ratio 0.18 ........................... :Incept::; ............ ~~tnd : ............. :: Policy ............ Diff:: # of Negative Qtrs 3.00 2.00 1.00 # of Positive Qtrs 7.67 8.67 -1.00 Batting Average 53.14 46.86 6.28 Worst Qtr -0.94 -0.83 -0.11 Best Qtr 4.87 4.67 0.20 Range 5.81 5.50 0.31 Worst 4 Qtrs 4.07 5.09 -1.02 Standard Deviation 5.57 4.45 1.12 Beta 1.05 1.00 0.05 Annualized Alpha 0.69 0.00 0.69 R-Squared 0.70 1.00 -0.30 Sharpe Ratio 0.96 1.00 -0.04 Treynor Ratio 5.09 4.43 0.66 Tracking Error 3.08 0.00 3.08 Information Ratio 0.30 Rockwood assumed account on April 4th 2005 21 Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through December 31, 2007 13.00% 12.00% 11.00% A 10.00% n n u a ~ 9.00% z e d 8.00% R e t u r 7.00% n 6.00% 5.00% 4 00°/ -I i ~S&P 500 I I Fund 1 - - I ICI i i ALB Gov/Corp ', 3 Mo TBill !, i 8.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.UU% Risk (Annualized Std Dev) Policy Rockwood assumed account on April 4th 2005 22 Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through December 31, 2007 11.00% 1 Year 10.00% 9.00% R e 8.00% t u r 7.00% n s 6.00% ~ Fund 2 Years 12.00% 11.00% 10.00% R 9.00% e t 8.00% u r 7.00% n s 6.00% 5.00% 4 00°/ ~S&P 500 LB 5.00% - 3 Mo TBill 4.00°/ 5.00% 5.00% 10.00% 15.00% Risk (Annualized Std Dev) 50C ° 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) Incept 13.00% 12.00% 11.00% 10.00% R e 9.00% t u 8.00% r n 7.00% s 6.00% 5.00% 4.00% 1.00% 3.00% 5.00% 7.00% 9.00% 0.0 0% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) } Policy Rockwood assumed account on April 4th 2005 23 Village of Tequesta Public Safety Officers' Pension Trust Fund Policy: 04/30/2005-12/31 /2007 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: Second Objective Universe Data: 04/30/2005-12/31 /2007 04/30/2005-12/31 /2007 Annual Return of 8.00% 100.00 US Consumer Price Index + 3.00 annual adder 60% Broad Large Cap Core & 40% PSNIGIFI 04/30/2005-12/31/2007 40.00 PSN Investment Grade FI Intermediate User 60.00 Broad Large Cap Core 24 The Market Environment Asset Class Performance Period Ended December 31, 2007 Quarter Performance MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill -6.0% Source: MSCI Capital Markets, Russell Co., HFR, Lehman, &Bogdahn Consulting, LLC. MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T•Bill -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Bogdahn Consulting, LLC. ~~ -3.0% 0.0% 3.0% 6.0% Year-to-Date Market Performance The Market Environment Asset Class Performance Period Ended December 31, 2007 ~ve Year Annualized Performance MSCI EAFE MSCI Emerg. Mkta. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% .4niirra~ MSC:i C'anital Markatc R~ic.call ('.n HFR 1 ahman ~itirnrn R Rnnrlahn (;nn.c~~ltinn I I C; Ten Year Annualized Performance MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T•Bill 0.0% 3.0% 6.0% 9.0% 12.0% Bogdahn Consulting, LLC. ~~ 15.0% The Market Environment Equity Sector Performance Period Ended= December 31, 2007 Sector Performance as of 12131 /2007 ENERGY MATERIALS INDUSTRIALS CONSUMER DISCR CONSUMER STAPLES HEALTH CARE FINANCIALS INFORMATION TECH TELECOM SVC UTILITIES 5.0% 34.4% 1.4% 26.5% -3.8% 13.4% -10.4% -11.4% 3.4% 13.9% -0.1% 8.0% -13.0% -17.3% -0.5% 15.1% -6.0% 10.5% 6.5% 17.5% O QTD ^ YTD Source: MSCl~arra & ~ogdahn Consulting, LLC. Bo Jahn Consultin T~ILC. ~~ g g, The Market Environment Equity Style Performance Period Ended= December 31, 2007 Source: Frank Russell Co. Russell All Cap Style Performance 25 20 15 10 5 0 -5 -10 •15 - - --- ----- ------- -- Qtr YTD lyr Syr Syr l0yr ^ 3000 Growth ^ 3000 Indea ^ 3000 Value Russell Large Cap Style Performance 25 -. - _. - -- --- - -- -- 20 _ - - 13.4 14.6 15 11.8 11.8 12.1 g,7 9.1 9.3 10 ~''- 5.8 5.8 0 -6 - -0.8 =3.2 .10 -5.8 ---~ i _- ~ 6:2 7.7 ~o , -15 - - - _.- _. Qtr YTD 25 20 15 10 5 0 •5 •10 -15 -'~ . 3 Qtr ^ 2000 Growth ^ 2000 Index ^ 2000 Value Bo dahn Consultin LLC. ~~ g g~ lyr Syr Syr l0yr ^ 1000 Growth m 1000 Index ^ 1000 Value !, Russell Small Cap Style Performance 16.5 16.3 15_f3 -9.8 -9.8 YTD lyr Syr Syr I 7.1 9.1 l0yr The Market Environment Trends for Stocks and Bonds Period Ended December 31, 2007 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% 30.0% O O N °') V LL] (O I~ m W O N M ~' ~ (D f~ O m O .- N M d' ~ (u ~ I~ a0 a0 a0 m O O m O OJ m O Q~ O O O O O O O O O O O O O O O O O Q~ O O~ O~ W W 07 O O O 6~ m m W W 01 O~ 01 O O O O O O O O O O r .- r ~ r '- ~ .- .- .-- ~ r- r r r .-- .- .- r '- r ~ ~ ~ ` ` ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ` ~ ` \ N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N r r ~ r ~ ~ r r r r r ~ ~ r ~ r ~ ~ r r r r r r r ~ r r r ~-Value Growth Source: Frank Russell Co. & Bogdahn Consulting, LLC. 7 6 5 4 3 2 1 0 Treasury Yield Curve ~. ~ c- ~ ~-- _.~.__. o ~- -- .. . 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Source: tJS Dept. of Treasury ~ ~ 12/31 /2007 f-12/29/2006 Source: Federal Reserve Bo Jahn Consultin LLC. ~~ g g, Growth vs. Value Russell 1000 Excess Return Rolling 12 Month Periods Laur, Betty rom: Dave West [davew cLDbogdahnconsulting.com] nt: Thursday, January 24, 2008 4:45 PM o: Laur, Betty Cc: Donna Sullivan Subject: Tequesta Public Safety Attachments: Tequesta Public Safety (4Q Rockwood attributioncommentary) 2008-1-23 (2).doc Betty- Please find the enclosed summary for the Public Safety Plan. We were not able to obtain all data on the manager by the report mail out deadline. Thanks! Regards, Dave David E. West, CFA ~~,. x~~~,~(~ `~a simplifying your investment & fiduciary decisions 40 Central Ave., Suite 300 inter Haven, FL. 33880 hone: 863-293-8289 Fax:863-292-8717 E-mail: davevt~Ca boadahl~cansultil~ .~oi~i Please read this warning: All email sent to or from this address will be received or otherwise rernrded by the Bogdahn Consulting, LLC. email system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone otlier than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. °** eSafe scanned tY,is email for malicious content *** *** INiPORT~INT: Do not open attachments from unrecognized senders *** • • Attribution Supplement 4Q07 Performance Comparison Total program results for the quarter were negative influenced by poor equity market returns of - 3.33% asmeasured by the S & P 500. Bonds provided a positive offset of 2.91% as measured by the Lehman Intermediate Government Credit Index. With an allocation bias to equities of 54%, overall program returns were slightly negative. Relative performance was good with both equity and bond strategies slightly outperforming benchmarks. This effort resulted in a net return of -0.64% which placed the fund in the top 31St percentile of peers for the quarter. The calendar year return of 9.7% remains above the benchmark, the actuarial required rate of return, and results in a top decile peer group placement. Key elements of equity manager attribution are as follows: Note to analysis.• We used Thomson Portfolio Analytics for the holdings-based attribution analysis, which is based on monthly holdings for the Rockwood "composite "portfolio. Holdings-based attribution can help to ident~ active elements of the investment manager. The analysis does not reflect the impact of cash flows or management fees; actual portfolio returns may differ. o Based on holdings attribution from Thomson (excluding cash), Rockwood beat the S&P 500 Index by 48 basis points (bps) during the first fiscal quarter of 2008 (-2.85% vs. -3.33%). GICS Sector Analysis o A significant under-weight to and excellent stock selection in the Financials sector provided • the largest contribution to the outperformance during 4Q. During the quarter, the portfolio had an average allocation to the Financials sector of 6.0% (versus 18.6% for the index). This under-weight contributed +146 basis points, while stock selection contributed an additional 129 bps. o An overweight and stock selection the Materials sector combined to contribute an additional 80 bps. U.S. Steel Corp. returned 12.3% during the quarter and contributed 35 bps to performance. o Poor stock selection in the Consumer Discretionary and Technology sectors were the primary detractors to performance. Within the Consumer Discretionary sector, Echostar Communication, General Motors, and Wendy's International combined to detract 106 basis points. Cisco, Ebay, and Infineon Technologies returned -18.24%, -14.94%, and -31.08%, respectively. Market Cap Value Analysis o An overweight (28.3% vs. 8.5%) to mid capitalization stocks, defined as market caps between $10 billion and $2 billion, detract 94 bps from the quarterly performance. Recommendations: o No recommendations at this time. r ~ U a • Materials 15.34 3.29 1.95 O.D7 0.29 O.OD 0.42 0.38 D.80 BAYER A G 2.88 0.00 9.50 0.00 0.40 0.00 0.00 0.52 0,52 BAYER A G 1.10 0.00 5.02 0.00 0.15 0.00 0.00 0.02 0.02 BALL CORP 2.19 0.04 -16.10 -16.10 -0.37 -0.01 0.00 -0.34 -0.34 DOW CHEM CO 2.14 0.31 -7.50 -7.50 -0.19 -0.02 0.00 -0.05 -0.05 INTERNATIONAL FLAVORS& 2.39 0.03 -8.51 -8.51 -0.21 0 00 0.00 -0.21 -0.21 PRAXAIR INC 2.96 0.21 6.28 6.28 0.18 0.01 0.00 0.11 0.11 UNITED STATES STL CORP 1.68 0.09 12.30 14.37 0.32 0.01 0.00 0.35 0.35 Industrials 18.72 1153 -4.34 -4.62 -0.83 -0.54 -0.09 0.07 -0.03 BOEING CO 2.27 0.56 -16.40 -16.40 -0.41 -0.10 0.00 -D.18 -0.18 ROCKWELL COLLINS INC 1.6B 0.09 -3.59 -1.25 -0.09 0.00 0.00 0.00 0.00 LOCKHEED MARTIN CORP 3.22 0.29 -2.61 -2.61 -0.08 -0.01 0.00 0.05 0.05 PRECISION CASTPARTS CO 4.20 0.15 -6.25 -6.25 -0.16 -0.01 0.00 0.02 0.02 STERI CYCLE INC 3.71 0.00 3.92 0.00 0.14 0.00 0.00 0.30 0.30 TYCO INTL LTD BERMUDA 0.23 016 -7.15 -10.24 -0.05 -0.02 0.00 -0.03 -0.03 VOLVO AKTIEBOLAGET 3.40 0.00 -3.24 0.00 -0.18 0.00 0.00 0.01 0.01 Consumer Discretionary 6.E10 8.92 -26.63 -10.00 -1.70 -0.91 0.24 -i.Ofi -0.82 ECHOSTAR COMMUNICATION 2.65 0.00 -19.42 0.00 -0.56 0.00 0.00 -0.27 -0.27 GENERAL MTRS CORP 2.03 0.14 -31.64 -31.64 -0.72 -0.05 0.00 -0.46 -0.46 WENDYS INTL INC 1.33 0.02 -19.41 -25.70 -0.43 -0.01 0.00 -0.30 -0.30 Consumer Staples 7A7 9.94 4.58 3.64 0.3D 0.38 -0.36 0.07 -029 KONI NKLIIKE AHOLD N V 0.82 0.00 -0.58 0.00 -0.02 0.00 0.00 -0.06 -0.06 ANHEUSER BUSCH COS INC 2.29 0.29 5.39 5.39 0.12 0.02 0.00 0.03 0.03 HEI NZ H J CO 2.18 0.11 1.87 1.87 0.05 0.00 0.00 -0.04 -0.04 SAFEWAY INC 0.87 0.11 2.69 3.52 0.07 0.00 0.00 0.02 0.02 UNI LEVER N V 0.91 0.00 2.94 O.OD 0.08 0.00 0.00 0.10 0.10 • Health Care 16.73 11.95 0.60 -0.03 -0.02 0.01 0.09 0.10 0.19 BAMER INTL INC 0.88 0.29 -2.69 3.52 -0.07 0.01 0.00 0.00 0.00 SCHEIN HENRY INC 2.56 0.00 0.92 0.00 0.02 0.00 0.00 0.02 0.02 SCHERING PLOUGH CORP 2.36 0.37 -15.60 -15.60 -0.39 -0.06 0.00 -0.28 -0.28 SMITH & NEPHEW PLC 2.42 0.00 -5.69 0.00 -0.16 0.00 0.00 -0.15 -0.15 THERMO FISHER SCIENTIF 2.64 0.19 -D.07 -0.07 -0.01 0.00 0.00 0.00 0.00 WATERS CORP 2.92 0.06 18.16 18.16 0.47 0.01 0.00 0.45 0.45 VCA ANTECH INC 2.96 0.00 5.94 0.00 0.12 0.00 0.00 0.14 0.14 Financials 6A1 18.64 6.43 -14.33 0.44 -2.82 1.46 129 2.75 LOEWS CORP 2.96 0.16 4.26 4.26 0.13 0.01 0.00 0.51 0.51 PRICE T ROWE GROUP INC 3.06 0.12 9.74 9.74 0.31 0.01 0.00 0.77 0.77 Information Technology 17.88 16.56 -5.71 OA8 -1.01 -D.02 0.04 -1.01 -0.97 CISCO SYS INC 2.30 1.39 -18.24 -18.24 -0.46 -0.28 0.00 -0.16 -0.16 DELL INC 0.72 DA6 -0.12 -11.20 0.00 -0.05 0.00 0.02 0.02 EBAY INC 2.47 0.30 -14.94 -14.94 -0.40 -0.05 0.00 -0.36 -0.36 FISERV INC 0.74 0.07 8.93 9.10 0.16 0.01 0.00 0.02 0.02 HEWLETT PACKARD CO 3.11 1.00 1.54 1.54 0.05 0.01 0.00 0.03 0.03 I NTERNATIONAL BUSINESS 2.43 1.14 -7.90 -7.90 -0.20 -0.09 0.00 -0.09 -0.09 INFI NEON TECHNOLOGI ES 1.25 0.00 -31.08 0.00 -0.71 0.00 D.00 -0.67 -0.67 METT LER TOLEDO INTERNA 1.92 0.00 7.O1 0.00 0.19 0.00 0.00 0.36 0.36 VERISIGN INC 2.93 0.06 11.47 11.47 0.35 0.01 0.00 0.31 0.31 Telecamm Service 5.95 3.62 -8.40 -5.08 -D.64 -0.19 -0.12 -0.21 -0.34 CENTURYTEL INC 2.04 0.04 -10.16 -10.16 -0.21 D.00 0.00 -0.09 -0.09 SPRI NT NEXTEL CORP 1.31 0.35 -18.32 -30.78 -0.40 -0.12 0.00 -O-OB -O.DB AT&T INC 2.60 1.87 -0.95 -0.95 -0.03 -0.02 0.00 0.02 0.02 Utilities 4.64 3S1 8.28 7.55 0.52 0.25 0.17 0.03 0.20 ALLIANT ENERGY CORP 0.70 0.00 5.23 0.00 0.10 0.00 0.00 -0.03 -0.03 PG&E CORP 0.75 0.12 2.36 -9.11 0.05 -0.01 0.00 -0.06 -0.06 PPL CORP 3.19 0.15 13.15 13.15 0.37 0.02 0.00 0.14 0.14 NJA 1.66 O.OII -7.74 0.00 -0.19 D.00 -0.OB 0.~ -0.08 • KONINKWKE AHOLD NV 1.66 D.00 -7.74 0.00 -019 0.00 0.00 0.00 0.00 b GICS Sector Attribution Rockwood Gaital Strate¢ic Equity • • • Market Cap Attribution Mkt Cap Buckets 2 28.26 8.52 0.18 Mkt Cap Buckets 3 21.13 14.45 -1.36 Mkt Cap Buckets 4 46.02 62.73 -5.2d Mkt Cap Buckets 5 2.92 14.18 -0.72 N/A 1.66 0.00 -7.74 11 1 ' 1 i~ Mkt Cap Bucket 1 (small cap) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .. . . . . . . . . . . . . . 2,000,OOD,DOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mkt Cap Bucket 2 (mid cap} ................................................. ............................................... $ .............. 10,000,000,000 ...... . .... . . . . .. . Mkt Cap Bucket 3 (midllarge cap) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .. . . . . . . . . . . . . . .. ............... .......... ...... . ..... . 20,000,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mkt Cap Bucket 4 (large cap) ................................................................................... ............ $ ........ ... . . . . . 200,000,000,000 . .. . . Mkt Cap Bucket 5 ("mega" cap) .. . .. ..... .......................... ................Y. Infinit C -7.96 0.21 -0.63 -0.94 2.23 1.29 -3.64 -0.12 -0.45 0.02 0.46 0.48 -2.62 -2.56 -1.59 -0.13 -1.10 -1.23 -2.78 -0.19 -0.66 0.00 0.02 0.02 7.29 -0.19 0.00 -0.09 D.00 -0.09