cfa institute the great debate – passive vs. active may 22nd€¦ · the great debate – passive...
TRANSCRIPT
1
CFA Institute
The Great Debate ndash Passive vs Active
May 22nd 2019
Mike Welker CFA
2
Investment ldquoBucketsrdquo Today
Source MSCI
3
According to Morningstar passively managed funds had inflows over $485 billion in 2018
What asset classes represent the largest allocation to passively managed vehicles
Over 50 of the $65 trillion in passive mutual funds and ETFS are US Equity
According to a report by Moodyrsquos Investors at current rates passively managed funds will comprise 50 of US assets under management between 2021 and 2024
US Mutual Funds amp ETFs as of December 31 2018Fund Type Active (billions) Passive (billions) Active PassiveAllocation $11619 $732 941 59Alternative $1433 $531 730 270Commodities $275 $620 307 693International Equity $16718 $11653 589 411Municipal Bond $6751 $352 950 50Sector Equity $3697 $4370 458 542Taxable Bond $25953 $11877 686 314US Equity $37845 $35843 514 486All Funds $104292 $65979 613 387
Source Morningstar
Passive Investing - 2018
4
Number of Individual Strategies
US Equity Intl Equity Fixed Income
Category CountUS Equity 2203Intl Equity 1195Fixed Income 1957Total 5355
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
Mutual Fund Strategies by Asset Class ndash Active Investment
5
$0
$2000
$4000
$6000
$8000
$10000
$12000
$14000
$16000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
AUM
(billi
ons)
US Mutual Fund AUM (USD)
US Equity Intl Equity Fixed Income
$611461
$240593
$401386
Mutual Fund Assets Under Management ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680256194710475593546742136181937969046463946712911727864571685325852002719535512545810277002473261903707871545172025019976785597980854650937681178578392056179104097786609984787075662262903827976793692762007681869496653939056813505330933181988911109906655356793935438400404969985095984866934959585955393591682197862308115495995295590958403018922016616780065958800222456324991886610082192425608853161516721831968217025982034375285036882190787283381431177701906859164334196556117811865515777416476439518592027245873331838008104468715444121178460891409209886346598905190953754513227671130198533382486571966698635769820715872531367918000648912074282777672018716449021742709077095293778426266121476299399446819224434648104449353106884411095485765772186111815808352967426105852158127020211082757402707401610761600140806094118029073240124341174364608939919611034007152570258114332107728686311939881412329068127153583724923361228096958086326612602448677950505132210807906874891282719848652140713457220934022041321306300402729212981000485458871123562611510672051220214767714629111989727363301395127056678156454161319484585586603314897975931823915156947624899560481524076254219926150421730224248761533469250006831414873549418291931156798275438092551667962371274078817358684712174476182626208272598021788046998459584817074067910143654178857818976066341764315164360383617760891942894721633527144074271617433357505839943177225189632582491666070215662476216489024077250459159048781809263641516359856448104145671535044264791429053730535010314224424482595111141129105746727431461202085323687414752448064168136534879854312441394780729277522714597426636202115151127641256323613186464352445393127187129568361091277535451552942512105196164474431222554300398208611865276335169451113471757253859061147965951996969711520881870593925114529167959444891190800309116095711711627074007037113884045110241631141015905473605811170282384851404112435211022799531294808521068910811490303747447816115608155244681931143384946382235510645881357228436100124172129784099551730319124352894926049747629406968211106471437169914878724158061492868633990758056107218558600238991076908964282594610568439220632907101861074853344841020783878990511009392703131295595410105168504344866965969963951018004530204900707863374024757392898162174025449608978158335924569666780012701335706175013194198956912786344629170012698312446561725494185872204519372062881391480199436128509611457064171832592936403475658095568499915195677050170760680992649714645435512946788643971871155568471600135571631763681425334390437766864033756903983455377128975439835012618577815157489950636439068970083241423287701685608633131979957171342318805251666736403431835845685817419000607226550917743825945873947495706464084754265919492838067545614208937201481434803815119814789303210949225957505013701972296277706487289374467928995755193146779643262363791045772216228451283467475216116350735871139821567589134695304162857866796028113448461477867283674000757968910965803647306706567350611069239232824026202713710181904993591484108662285854144611183697844719868711457431939049334116225681078064641169585352550506111819483103724338115740179258139831176340224099239311665851438471275116400093320112821232581010504631912295397359796478121222500275135271199348133421658211749679645388177130962953426807531345943311024895214031364274453907148940892248707431482195244826496214945532519271865148420832430440581425558423536808143214470064932941464954820716482147864927462430631440414659587092714436253958108258137417161202969991361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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
2
Investment ldquoBucketsrdquo Today
Source MSCI
3
According to Morningstar passively managed funds had inflows over $485 billion in 2018
What asset classes represent the largest allocation to passively managed vehicles
Over 50 of the $65 trillion in passive mutual funds and ETFS are US Equity
According to a report by Moodyrsquos Investors at current rates passively managed funds will comprise 50 of US assets under management between 2021 and 2024
US Mutual Funds amp ETFs as of December 31 2018Fund Type Active (billions) Passive (billions) Active PassiveAllocation $11619 $732 941 59Alternative $1433 $531 730 270Commodities $275 $620 307 693International Equity $16718 $11653 589 411Municipal Bond $6751 $352 950 50Sector Equity $3697 $4370 458 542Taxable Bond $25953 $11877 686 314US Equity $37845 $35843 514 486All Funds $104292 $65979 613 387
Source Morningstar
Passive Investing - 2018
4
Number of Individual Strategies
US Equity Intl Equity Fixed Income
Category CountUS Equity 2203Intl Equity 1195Fixed Income 1957Total 5355
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
Mutual Fund Strategies by Asset Class ndash Active Investment
5
$0
$2000
$4000
$6000
$8000
$10000
$12000
$14000
$16000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
AUM
(billi
ons)
US Mutual Fund AUM (USD)
US Equity Intl Equity Fixed Income
$611461
$240593
$401386
Mutual Fund Assets Under Management ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
3
According to Morningstar passively managed funds had inflows over $485 billion in 2018
What asset classes represent the largest allocation to passively managed vehicles
Over 50 of the $65 trillion in passive mutual funds and ETFS are US Equity
According to a report by Moodyrsquos Investors at current rates passively managed funds will comprise 50 of US assets under management between 2021 and 2024
US Mutual Funds amp ETFs as of December 31 2018Fund Type Active (billions) Passive (billions) Active PassiveAllocation $11619 $732 941 59Alternative $1433 $531 730 270Commodities $275 $620 307 693International Equity $16718 $11653 589 411Municipal Bond $6751 $352 950 50Sector Equity $3697 $4370 458 542Taxable Bond $25953 $11877 686 314US Equity $37845 $35843 514 486All Funds $104292 $65979 613 387
Source Morningstar
Passive Investing - 2018
4
Number of Individual Strategies
US Equity Intl Equity Fixed Income
Category CountUS Equity 2203Intl Equity 1195Fixed Income 1957Total 5355
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
Mutual Fund Strategies by Asset Class ndash Active Investment
5
$0
$2000
$4000
$6000
$8000
$10000
$12000
$14000
$16000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
AUM
(billi
ons)
US Mutual Fund AUM (USD)
US Equity Intl Equity Fixed Income
$611461
$240593
$401386
Mutual Fund Assets Under Management ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
4
Number of Individual Strategies
US Equity Intl Equity Fixed Income
Category CountUS Equity 2203Intl Equity 1195Fixed Income 1957Total 5355
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
Mutual Fund Strategies by Asset Class ndash Active Investment
5
$0
$2000
$4000
$6000
$8000
$10000
$12000
$14000
$16000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
AUM
(billi
ons)
US Mutual Fund AUM (USD)
US Equity Intl Equity Fixed Income
$611461
$240593
$401386
Mutual Fund Assets Under Management ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
5
$0
$2000
$4000
$6000
$8000
$10000
$12000
$14000
$16000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
AUM
(billi
ons)
US Mutual Fund AUM (USD)
US Equity Intl Equity Fixed Income
$611461
$240593
$401386
Mutual Fund Assets Under Management ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
6
Active vs Passive Summarized
PASSIVEStrengths
Low Cost Implementation
Efficiency Consistency of
Returns (you ldquoget the marketrdquo)
Difficult to beat net of fees
ldquoSaferdquo choice for decision makers and plan sponsors
Weaknesses Aggregate of the
market No potential for
excess return Cap weighted
benchmarks are inefficient
Subject to market fads
Net of fees typically underperform index it is tracking
ACTIVEStrengths
Potential for above market return
Potentially more efficient portfolio than passive
Opportunity to avoid market fads
Can be critical in low-return environments
Compounding positive relative returns can be powerful advantage over the long-term
Weaknesses Higher Cost Difficult to identify
managers who can consistently outperform
Potential for periods of large underperformance
Requires patience and long-term perspective
Requires additional due diligence
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
7
Passive Investing ndash Capitalization Weighted
Can get investors exposed to potential market fads In the late 90rsquos the technology sector was 40 of the Russell
1000 Growth Index In early 2007 the financial sector was 36 of the Russell 1000
Value Index which then declined 21 in 2007 and 50 in 2008 Currently Japan and the United Kingdom are nearly 45 of the
MSCI EAFE Current Market Considerations Apple Inc Amazon Inc
Alphabet Inc Microsoft Corp and Facebook Inc ndash combinedare $4095 trillion versus $402 trillion for the bottom 282companies
Source Morningstar Direct
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680256194710475593546742136181937969046463946712911727864571685325852002719535512545810277002473261903707871545172025019976785597980854650937681178578392056179104097786609984787075662262903827976793692762007681869496653939056813505330933181988911109906655356793935438400404969985095984866934959585955393591682197862308115495995295590958403018922016616780065958800222456324991886610082192425608853161516721831968217025982034375285036882190787283381431177701906859164334196556117811865515777416476439518592027245873331838008104468715444121178460891409209886346598905190953754513227671130198533382486571966698635769820715872531367918000648912074282777672018716449021742709077095293778426266121476299399446819224434648104449353106884411095485765772186111815808352967426105852158127020211082757402707401610761600140806094118029073240124341174364608939919611034007152570258114332107728686311939881412329068127153583724923361228096958086326612602448677950505132210807906874891282719848652140713457220934022041321306300402729212981000485458871123562611510672051220214767714629111989727363301395127056678156454161319484585586603314897975931823915156947624899560481524076254219926150421730224248761533469250006831414873549418291931156798275438092551667962371274078817358684712174476182626208272598021788046998459584817074067910143654178857818976066341764315164360383617760891942894721633527144074271617433357505839943177225189632582491666070215662476216489024077250459159048781809263641516359856448104145671535044264791429053730535010314224424482595111141129105746727431461202085323687414752448064168136534879854312441394780729277522714597426636202115151127641256323613186464352445393127187129568361091277535451552942512105196164474431222554300398208611865276335169451113471757253859061147965951996969711520881870593925114529167959444891190800309116095711711627074007037113884045110241631141015905473605811170282384851404112435211022799531294808521068910811490303747447816115608155244681931143384946382235510645881357228436100124172129784099551730319124352894926049747629406968211106471437169914878724158061492868633990758056107218558600238991076908964282594610568439220632907101861074853344841020783878990511009392703131295595410105168504344866965969963951018004530204900707863374024757392898162174025449608978158335924569666780012701335706175013194198956912786344629170012698312446561725494185872204519372062881391480199436128509611457064171832592936403475658095568499915195677050170760680992649714645435512946788643971871155568471600135571631763681425334390437766864033756903983455377128975439835012618577815157489950636439068970083241423287701685608633131979957171342318805251666736403431835845685817419000607226550917743825945873947495706464084754265919492838067545614208937201481434803815119814789303210949225957505013701972296277706487289374467928995755193146779643262363791045772216228451283467475216116350735871139821567589134695304162857866796028113448461477867283674000757968910965803647306706567350611069239232824026202713710181904993591484108662285854144611183697844719868711457431939049334116225681078064641169585352550506111819483103724338115740179258139831176340224099239311665851438471275116400093320112821232581010504631912295397359796478121222500275135271199348133421658211749679645388177130962953426807531345943311024895214031364274453907148940892248707431482195244826496214945532519271865148420832430440581425558423536808143214470064932941464954820716482147864927462430631440414659587092714436253958108258137417161202969991361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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
8
Active vs Passive ndash Performance and Universe Ranking
SampP 500 Index (135) (39) (44) (44) 93 (32) 85 (33) 127 (36) 131 (43) 78 (51) 56 (66) 91 (57)
5th Percentile (92) 29 120 109 150 162 98 88 1151st Quartile (124) (19) 97 89 132 140 85 72 99Median (141) (51) 83 76 121 127 78 61 923rd Quartile (157) (79) 68 60 108 114 69 52 8495th Percentile (178) (122) 46 39 86 95 54 40 71
Population 2895 2836 2589 2376 2187 1918 1378 746 374
Russell Midcap Index (154) (31) (91) (44) 70 (41) 63 (31) 115 (30) 140 (27) 89 (32) 85 (49) 102 (40)SampP MidCap 400 Index (173) (61) (111) (58) 77 (34) 60 (35) 112 (37) 137 (34) 89 (31) 90 (38) 109 (26)
5th Percentile (127) 11 116 92 138 159 107 113 1261st Quartile (150) (53) 86 66 118 142 92 96 109Median (167) (101) 62 51 105 129 81 84 943rd Quartile (182) (134) 43 35 92 116 69 72 8495th Percentile (221) (195) 14 12 74 98 55 53 71
Population 1151 1128 1006 904 794 658 445 223 80
1 YR 3 YR 5 YR 7 YR
15 YR 20 YR 25 YR
Large Cap Equity Managers - Annualized Returns as of 123118
Mid Cap Equity Managers - Annualized Returns as of 123118QTR 1 YR 3 YR 5 YR
10 YR
7 YR 10 YR
15 YR 20 YR 25 YRQTR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680256194710475593546742136181937969046463946712911727864571685325852002719535512545810277002473261903707871545172025019976785597980854650937681178578392056179104097786609984787075662262903827976793692762007681869496653939056813505330933181988911109906655356793935438400404969985095984866934959585955393591682197862308115495995295590958403018922016616780065958800222456324991886610082192425608853161516721831968217025982034375285036882190787283381431177701906859164334196556117811865515777416476439518592027245873331838008104468715444121178460891409209886346598905190953754513227671130198533382486571966698635769820715872531367918000648912074282777672018716449021742709077095293778426266121476299399446819224434648104449353106884411095485765772186111815808352967426105852158127020211082757402707401610761600140806094118029073240124341174364608939919611034007152570258114332107728686311939881412329068127153583724923361228096958086326612602448677950505132210807906874891282719848652140713457220934022041321306300402729212981000485458871123562611510672051220214767714629111989727363301395127056678156454161319484585586603314897975931823915156947624899560481524076254219926150421730224248761533469250006831414873549418291931156798275438092551667962371274078817358684712174476182626208272598021788046998459584817074067910143654178857818976066341764315164360383617760891942894721633527144074271617433357505839943177225189632582491666070215662476216489024077250459159048781809263641516359856448104145671535044264791429053730535010314224424482595111141129105746727431461202085323687414752448064168136534879854312441394780729277522714597426636202115151127641256323613186464352445393127187129568361091277535451552942512105196164474431222554300398208611865276335169451113471757253859061147965951996969711520881870593925114529167959444891190800309116095711711627074007037113884045110241631141015905473605811170282384851404112435211022799531294808521068910811490303747447816115608155244681931143384946382235510645881357228436100124172129784099551730319124352894926049747629406968211106471437169914878724158061492868633990758056107218558600238991076908964282594610568439220632907101861074853344841020783878990511009392703131295595410105168504344866965969963951018004530204900707863374024757392898162174025449608978158335924569666780012701335706175013194198956912786344629170012698312446561725494185872204519372062881391480199436128509611457064171832592936403475658095568499915195677050170760680992649714645435512946788643971871155568471600135571631763681425334390437766864033756903983455377128975439835012618577815157489950636439068970083241423287701685608633131979957171342318805251666736403431835845685817419000607226550917743825945873947495706464084754265919492838067545614208937201481434803815119814789303210949225957505013701972296277706487289374467928995755193146779643262363791045772216228451283467475216116350735871139821567589134695304162857866796028113448461477867283674000757968910965803647306706567350611069239232824026202713710181904993591484108662285854144611183697844719868711457431939049334116225681078064641169585352550506111819483103724338115740179258139831176340224099239311665851438471275116400093320112821232581010504631912295397359796478121222500275135271199348133421658211749679645388177130962953426807531345943311024895214031364274453907148940892248707431482195244826496214945532519271865148420832430440581425558423536808143214470064932941464954820716482147864927462430631440414659587092714436253958108258137417161202969991361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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
9
Active vs Passive ndash Performance and Universe Ranking
Russell 2000 Index (202) (56) (110) (47) 74 (49) 44 (52) 104 (59) 120 (73) 75 (75) 74 (93) 83 (96)SampP SmallCap 600 Index (201) (52) (85) (28) 95 (24) 63 (22) 122 (27) 136 (43) 92 (32) 93 (59) NA
5th Percentile (143) 14 137 88 147 170 109 123 1261st Quartile (185) (77) 94 61 123 147 95 108 118Median (200) (116) 73 46 109 133 86 96 1103rd Quartile (214) (154) 49 27 95 117 75 85 9595th Percentile (245) (201) 14 (10) 63 93 54 70 83
Population 926 912 856 788 721 633 433 280 112
Small Cap Equity Managers - Annualized Returns as of 1231187 YR 10 YR 15 YR 20 YR 25 YRQTR 1 YR 3 YR 5 YR
Source Investment Metrics ndash Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680256194710475593546742136181937969046463946712911727864571685325852002719535512545810277002473261903707871545172025019976785597980854650937681178578392056179104097786609984787075662262903827976793692762007681869496653939056813505330933181988911109906655356793935438400404969985095984866934959585955393591682197862308115495995295590958403018922016616780065958800222456324991886610082192425608853161516721831968217025982034375285036882190787283381431177701906859164334196556117811865515777416476439518592027245873331838008104468715444121178460891409209886346598905190953754513227671130198533382486571966698635769820715872531367918000648912074282777672018716449021742709077095293778426266121476299399446819224434648104449353106884411095485765772186111815808352967426105852158127020211082757402707401610761600140806094118029073240124341174364608939919611034007152570258114332107728686311939881412329068127153583724923361228096958086326612602448677950505132210807906874891282719848652140713457220934022041321306300402729212981000485458871123562611510672051220214767714629111989727363301395127056678156454161319484585586603314897975931823915156947624899560481524076254219926150421730224248761533469250006831414873549418291931156798275438092551667962371274078817358684712174476182626208272598021788046998459584817074067910143654178857818976066341764315164360383617760891942894721633527144074271617433357505839943177225189632582491666070215662476216489024077250459159048781809263641516359856448104145671535044264791429053730535010314224424482595111141129105746727431461202085323687414752448064168136534879854312441394780729277522714597426636202115151127641256323613186464352445393127187129568361091277535451552942512105196164474431222554300398208611865276335169451113471757253859061147965951996969711520881870593925114529167959444891190800309116095711711627074007037113884045110241631141015905473605811170282384851404112435211022799531294808521068910811490303747447816115608155244681931143384946382235510645881357228436100124172129784099551730319124352894926049747629406968211106471437169914878724158061492868633990758056107218558600238991076908964282594610568439220632907101861074853344841020783878990511009392703131295595410105168504344866965969963951018004530204900707863374024757392898162174025449608978158335924569666780012701335706175013194198956912786344629170012698312446561725494185872204519372062881391480199436128509611457064171832592936403475658095568499915195677050170760680992649714645435512946788643971871155568471600135571631763681425334390437766864033756903983455377128975439835012618577815157489950636439068970083241423287701685608633131979957171342318805251666736403431835845685817419000607226550917743825945873947495706464084754265919492838067545614208937201481434803815119814789303210949225957505013701972296277706487289374467928995755193146779643262363791045772216228451283467475216116350735871139821567589134695304162857866796028113448461477867283674000757968910965803647306706567350611069239232824026202713710181904993591484108662285854144611183697844719868711457431939049334116225681078064641169585352550506111819483103724338115740179258139831176340224099239311665851438471275116400093320112821232581010504631912295397359796478121222500275135271199348133421658211749679645388177130962953426807531345943311024895214031364274453907148940892248707431482195244826496214945532519271865148420832430440581425558423536808143214470064932941464954820716482147864927462430631440414659587092714436253958108258137417161202969991361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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
10
Active vs Passive ndash Performance and Universe Ranking
Source Investment Metrics ndash International Developed Mutual Funds International Emerging Markets Separate Accounts Commingled Fund and Mutual Funds - Past Performance is no guarantee of future results
MSCI EAFE Index (125) (34) (134) (24) 34 (36) 10 (34) 62 (32) 68 (42) 52 (39) 40 (60) 50 (56)
5th Percentile (83) (92) 72 44 93 113 84 95 821st Quartile (118) (136) 41 17 66 80 59 61 62Median (135) (159) 25 03 54 64 48 44 533rd Quartile (154) (184) 08 (09) 44 53 39 32 4495th Percentile (191) (234) (13) (26) 23 36 25 12 22
Population 2215 2116 1813 1441 1241 1002 562 321 91
MSCI Emerging Markets Index (74) (48) (142) (32) 97 (20) 20 (34) 36 (52) 84 (43) 83 (45) 88 (58) 50 (67)
5th Percentile (19) (80) 124 55 92 117 105 121 791st Quartile (56) (134) 91 25 52 94 91 106 66Median (76) (161) 73 13 37 82 81 93 613rd Quartile (92) (189) 56 00 22 70 70 80 4595th Percentile (118) (232) 10 (31) (10) 54 57 60 32
Population 1331 1269 1123 898 684 448 223 140 35
International Developed Market Equity Managers - Annualized Returns as of 123118
International Emerging Market Equity Managers - Annualized Returns as of 123118
10 YR 15 YR 20 YR 25 YR7 YRQTR 1 YR 3 YR
10 YR 15 YR 20 YR
5 YR
25 YRQTR 1 YR 3 YR 5 YR 7 YR
Chart1
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend2
ampBPeer Group AnalysisIM US Broad Market Fixed Income (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart3
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Data Legend4
ampBPeer Group AnalysisIM US Broad Market Core+ Fixed Income (SA+CF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on quarterly periodicity
Chart5
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend6
ampBPeer Group AnalysisIM International Equity Developed Markets (MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart7
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend8
ampBPeer Group AnalysisIM Emerging Markets Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart9
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend10
ampBPeer Group AnalysisIM US Large Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart11
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend12
ampBPeer Group AnalysisIM US Mid Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Chart13
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
Data Legend14
ampBPeer Group AnalysisIM US Small Cap Equity (SA+CF+MF)As of December 31 2018None
Parentheses contain percentile rankingsCalculation based on monthly periodicity
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr4346543373432814319043100430084291642825427354264342551424604236942277421854209442004419124182041729416394154741455413644127441182410904099940908408164072440633405434045140359402684017840086399943990339813397213962939538394473935539263391723908238990388983880738717386253853338442383523826038168380773798637894378023771137621375293743737346372563716437072369813689136799367073661636525364333634136250361603606835976358853579535703356113552035430353383524635155350643497234880347893469934607345153442434334342423415034059339693387733785336943360333511334193332833238331463305432963328733278132689325983250832416323243223332142320503195831867317773168531593315023141231320312283113731047309553086330772306813058930497304063031630224301323004129951298592976729676295862949429402293112922029128290362894528855287632867128580284902839828306282152812528033279412785027759276672757527484273942730227210271192702926937268452675426664265722648026389262982620626114260232593325841257492565825568254762538425293252032511125019249282483724745246532456224472243802428824197241072401523923238322374223650235582346723376232842319223101230112291922827227362264622554224622237122281221892209722006219152182321731216402155021458213662127521185210932100120910208202072820636205452045420362202702017920089199971990519814197241963219540194491935919267191751908418993189011880918718186281853618444183531826318171180791798817898178061771417623175321744017348172571716717075169831689216802561947104755935467421361819379690464639467129117278645716853258520027195355125458102770024732619037078715451720250199767855979808546509376811785783920561791040977866099847870756622629038279767936927620076818694966539390568135053309331819889111099066553567939354384004049699850959848669349595859553935916821978623081154959952955909584030189220166167800659588002224563249918866100821924256088531615167218319682170259820343752850368821907872833814311777019068591643341965561178118655157774164764395185920272458733318380081044687154441211784608914092098863465989051909537545132276711301985333824865719666986357698207158725313679180006489120742827776720187164490217427090770952937784262661214762993994468192244346481044493531068844110954857657721861118158083529674261058521581270202110827574027074016107616001408060941180290732401243411743646089399196110340071525702581143321077286863119398814123290681271535837249233612280969580863266126024486779505051322108079068748912827198486521407134572209340220413213063004027292129810004854588711235626115106720512202147677146291119897273633013951270566781564541613194845855866033148979759318239151569476248995604815240762542199261504217302242487615334692500068314148735494182919311567982754380925516679623712740788173586847121744761826262082725980217880469984595848170740679101436541788578189760663417643151643603836177608919428947216335271440742716174333575058399431772251896325824916660702156624762164890240772504591590487818092636415163598564481041456715350442647914290537305350103142244244825951111411291057467274314612020853236874147524480641681365348798543124413947807292775227145974266362021151511276412563236131864643524453931271871295683610912775354515529425121051961644744312225543003982086118652763351694511134717572538590611479659519969697115208818705939251145291679594448911908003091160957117116270740070371138840451102416311410159054736058111702823848514041124352110227995312948085210689108114903037474478161156081552446819311433849463822355106458813572284361001241721297840995517303191243528949260497476294069682111064714371699148787241580614928686339907580561072185586002389910769089642825946105684392206329071018610748533448410207838789905110093927031312955954101051685043448669659699639510180045302049007078633740247573928981621740254496089781583359245696667800127013357061750131941989569127863446291700126983124465617254941858722045193720628813914801994361285096114570641718325929364034756580955684999151956770501707606809926497146454355129467886439718711555684716001355716317636814253343904377668640337569039834553771289754398350126185778151574899506364390689700832414232877016856086331319799571713423188052516667364034318358456858174190006072265509177438259458739474957064640847542659194928380675456142089372014814348038151198147893032109492259575050137019722962777064872893744679289957551931467796432623637910457722162284512834674752161163507358711398215675891346953041628578667960281134484614778672836740007579689109658036473067065673506110692392328240262027137101819049935914841086622858541446111836978447198687114574319390493341162256810780646411695853525505061118194831037243381157401792581398311763402240992393116658514384712751164000933201128212325810105046319122953973597964781212225002751352711993481334216582117496796453881771309629534268075313459433110248952140313642744539071489408922487074314821952448264962149455325192718651484208324304405814255584235368081432144700649329414649548207164821478649274624306314404146595870927144362539581082581374171612029699913615371314361235130144184303987661342595669084152413865390778222842141286479837388961419974150750178414894016378984333149681736934863321517839176370470314938392670150646152306737229798161512491256744945614704044810652906144088561481241731458063796382331715265895071943781152194362970910821545794427002991117137158909206861686626484770570415609039089583998156737180035886541573294740126514147696892660705861430388963638049715068159712322228138022812672490514155002555333862136612900858209321487196852339416314546866162216611348456054850715113366158180072496131100511695667171449130654925749812979104675837051189249139584489611886921972455045106606617238331761120140538957739114620186706308581208709765300486412251424782641231248284668801813513085439757786666134419957701360071387140202681518313130900027560566127793159511068171179674643256862910830215566014957106848293810239531048699884600319310079827907486694138047599821276011315417298354675211874109103668529153996297274007881247471694932793411726272969291341067593058527960278009345003170257272198510002247974337595860817007611227349905496545066716190508091538352527547527826445691845691833512269560514863489219069689815059032864111381029466131084941408396904384037674740083147861033721356749424155439866502614710282300438195547940212326941678560071864744429165885186268895470460915080464696076032346927760268276089317004089052792249618131779527126565467457224330 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680299683329818577526106141190917305791035302822113075610466079826884922106983070305739959525439919399381995986808550817759966652554048481610159802532596519102211456761236899817347626831241993825792515943361037358050185264210707704385567496107990322290594031105045827982305111341043176476041123139397976471411533261289533137112472278573234611109100002352716510736232104043108105427775651034891082535087086860110805591422712135114404744056249911616809180770925116997624269005841097812626211565110813022557484576109658293650356281087620050071840310714386845639368106718590922518791066934568962463111587465525564911112364429036846851102452232979085310760941831835602103154515889680951099891737970577511730984949999112123679112327202312778135330094198129609133201946461308428478115988412901927581655514127954808880964991248092127247037912356805194589038122211878080175081236672377156218212735698804029628129700161141135251240132672698717212886838624148167137492981801240471375419209195303312731496525487795123725069482064641220255777138730111415460916259024114929408607822521074243128981313710675636558067247106457929858061021149028803586920112050924969296917122496939614004321203986851751091112612291276516086124050226527848921322749811145298413910775571360334145429181283428313888528691256475137345977067069071320107681971827113292776004925489129219670090034781268111708072452412031458021755492125657876442121681284526089706597121335681497232171204901245268226312049707891549932114975654828131331186163839392031611780063067498393113210709272489011099746527351617210701647757088949106186008598609721061083380314777910215539941699014996160714853424521001965940438698299803289650808544101161873815960110474632315117983105916567728324691064645631733482910810371203108527108799178699972471116085494270848611181526857835443102588080519979241027482956533751810265512615775151102185581829432161023030330864969210175831260873558101965428851812381054516104753584610455698042196303103085746238675610455441757835636100103752911164899256317610157296971530244009461979996662707717263210390648647915967104559627668965761047388275688943111241407328870157106340008684880481075564842893097598674110480637225980893405517886319978441340691235396899504826371654947182117451734849086218362197495794989628938684447969948344372189029469100596196366198478875131844177991558756007637851035767968199490210798019058313991107190623227325310999054479217229105002521814560271001356160012589797477076351636818932953491354511229497967013045126899161069228779866981991812557652111064510193525309810716834762705751108939940890920410840027671183904108635918986505610547069844983061087282062922545511231117140401349113678214117795871110935310543221810877940504100536110707636420341661052581335698077310661215444296746108410972332335441095457636663286211080398556842152110276093549004361132369473364838111339404837383649105335095777979510551551084681797102203533910318441021735125453446710964970228169047108248431355065121019864558152188100614714168414611112289931453434117461457331050412003769648221851122942944441981621207690465472090912596364215827549134664088077771851363321300800310913783088413121746139765372085240981350850586080321112815466497168138130276071074768361306351472877078712541318923444965122084314742666119241830705375091197748372498224112012060068291808119225033507333041279404898643421412925834036944362123256388121514751257585900265052512678887540531371350104229322099912948308037567458120241178755108321137706728766463410817225637529159105412863334218411064045540311333611301854561585255114919692946824812017962994185428124811373991088781270661930550303113526545411562662130378828301756191320488428218067312824356670763892123720967839038071241005281827236612363657093526893118582834628987431406649100710975132587225612209811229056256622416144765383231014951355789872843842213278676014210289124280250318396631075754481393551610377770827830934102709684804271229308539332275644991910751304828953835078867632026349206979032191320378130780555988182254052155163571832317275896830118476746279521485486063524436427397862897109907840948382929546474171584826140637349834881964161571175969764743253600084297288414751946597100565605301715661000716156813441410456038874518448108580606371360351022898537831748940 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8391330825588710278560173944108106400125534594321044459352852400450 Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell 2000 Index | -2020 | (56) | -1101 | (47) | -1101 | (47) | 736 | (49) | 441 | (52) | 1044 | (59) | 1197 | (73) | 750 | (75) | 740 | (93) | 828 | (96) | |||||||||||||||||||||
| SampP SmallCap 600 Index | -2010 | (52) | -848 | (28) | -848 | (28) | 946 | (24) | 634 | (22) | 1218 | (27) | 1361 | (43) | 919 | (32) | 931 | (59) | NA | NA | |||||||||||||||||||||
| 5th Percentile | -1432 | NA | 140 | NA | 140 | NA | 1369 | NA | 882 | NA | 1466 | NA | 1696 | NA | 1092 | NA | 1226 | NA | 1257 | NA | |||||||||||||||||||||
| 1st Quartile | -1848 | NA | -773 | NA | -773 | NA | 938 | NA | 607 | NA | 1232 | NA | 1472 | NA | 954 | NA | 1082 | NA | 1178 | NA | |||||||||||||||||||||
| Median | -2005 | NA | -1160 | NA | -1160 | NA | 727 | NA | 456 | NA | 1089 | NA | 1327 | NA | 856 | NA | 960 | NA | 1104 | NA | |||||||||||||||||||||
| 3rd Quartile | -2141 | NA | -1543 | NA | -1543 | NA | 490 | NA | 273 | NA | 946 | NA | 1174 | NA | 749 | NA | 848 | NA | 954 | NA | |||||||||||||||||||||
| 95th Percentile | -2450 | NA | -2014 | NA | -2014 | NA | 143 | NA | -104 | NA | 629 | NA | 932 | NA | 544 | NA | 703 | NA | 830 | NA | |||||||||||||||||||||
| Population | 926 | NA | 912 | NA | 912 | NA | 856 | NA | 788 | NA | 721 | NA | 633 | NA | 433 | NA | 280 | NA | 112 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -245024163415 | -214080704468 | -200462570334 | -184827314047 | -143242034497 | -202014416368 | -201017056123 | ||||||||
| QTR | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | -20137615794 | -154315554644 | -116000236307 | -77263226801 | 1403733039 | -110139103984 | -84817942659 | ||||||||
| YTD | 14344753715 | 4900697947 | 72705696003 | 93838831282 | 136892942872 | 73639575298 | 94601101974 | ||||||||
| 1 YR | -10356309775 | 2732105127 | 45571833947 | 60675375137 | 88168655268 | 44105033383 | 63367140571 | ||||||||
| 1 YR | 62898445924 | 94600388048 | 108882742278 | 12320368464 | 146619183931 | 104422215573 | 121750527661 | ||||||||
| 3 YR | 93249055815 | 117376689497 | 13273747791 | 147193908745 | 169636253992 | 119726546075 | 136051992964 | ||||||||
| 3 YR | 54400062967 | 74935227375 | 85630445234 | 95394147681 | 109215483021 | 74957978343 | 91945618759 | ||||||||
| 5 YR | 70262183473 | 84833853266 | 96042125316 | 108228463984 | 122630372271 | 74043899259 | 9313809015 | ||||||||
| 5 YR | 83048804097 | 95444175361 | 110372973472 | 1178005351 | 125705170011 | 82819444087 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Russell Midcap Index | -1537 | (31) | -906 | (44) | -906 | (44) | 704 | (41) | 626 | (31) | 1149 | (30) | 1403 | (27) | 889 | (32) | 847 | (49) | 1019 | (40) | |||||||||||||||||||||
| SampP MidCap 400 Index | -1728 | (61) | -1108 | (58) | -1108 | (58) | 766 | (34) | 603 | (35) | 1125 | (37) | 1368 | (34) | 890 | (31) | 897 | (38) | 1088 | (26) | |||||||||||||||||||||
| 5th Percentile | -1271 | NA | 112 | NA | 112 | NA | 1159 | NA | 916 | NA | 1385 | NA | 1586 | NA | 1075 | NA | 1131 | NA | 1262 | NA | |||||||||||||||||||||
| 1st Quartile | -1503 | NA | -531 | NA | -531 | NA | 856 | NA | 664 | NA | 1179 | NA | 1416 | NA | 918 | NA | 955 | NA | 1090 | NA | |||||||||||||||||||||
| Median | -1669 | NA | -1011 | NA | -1011 | NA | 624 | NA | 506 | NA | 1053 | NA | 1285 | NA | 809 | NA | 842 | NA | 939 | NA | |||||||||||||||||||||
| 3rd Quartile | -1823 | NA | -1341 | NA | -1341 | NA | 431 | NA | 349 | NA | 924 | NA | 1164 | NA | 694 | NA | 716 | NA | 841 | NA | |||||||||||||||||||||
| 95th Percentile | -2205 | NA | -1947 | NA | -1947 | NA | 141 | NA | 118 | NA | 736 | NA | 978 | NA | 549 | NA | 528 | NA | 711 | NA | |||||||||||||||||||||
| Population | 1151 | NA | 1128 | NA | 1128 | NA | 1006 | NA | 904 | NA | 794 | NA | 658 | NA | 445 | NA | 223 | NA | 80 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | Value7 | |||||||||
| QTR | -220547109784 | -182305552557 | -166946614108 | -150267617623 | -127136980978 | -153722058112 | -172768223363 | ||||||||
| QTR | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | -194707165653 | -134116693668 | -101108935051 | -53145759508 | 11200943047 | -9058024046 | -110835391977 | ||||||||
| YTD | 14077899613 | 43054508881 | 62439973258 | 85608459972 | 115905931515 | 70437200209 | 766288622 | ||||||||
| 1 YR | 11775802271 | 34932212233 | 50616496839 | 66396197508 | 91586119058 | 62612865625 | 60289799613 | ||||||||
| 1 YR | 73633906856 | 92390582874 | 10531811104 | 117852156895 | 138494414195 | 114905157272 | 112476758731 | ||||||||
| 3 YR | 97773592276 | 116391299602 | 128546533948 | 141580931772 | 15862577288 | 140266468141 | 136826735799 | ||||||||
| 3 YR | 54906374218 | 69409755718 | 80949104147 | 91793338508 | 107458864265 | 88857576267 | 88965104681 | ||||||||
| 5 YR | 52764466662 | 71617620546 | 84233241401 | 95539206578 | 11310492805 | 84704327771 | 89747159534 | ||||||||
| 5 YR | 71074369858 | 84088969033 | 93908590801 | 109004492369 | 126224832787 | 101898927452 | 108804864971 |
| Large Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| SampP 500 Index | (135) | (39) | (44) | (44) | 93 | (32) | 85 | (33) | 127 | (36) | 131 | (43) | 78 | (51) | 56 | (66) | 91 | (57) | |||||||||||||||||||
| 5th Percentile | (92) | NA | 29 | NA | 120 | NA | 109 | NA | 150 | NA | 162 | NA | 98 | NA | 88 | NA | 115 | NA | |||||||||||||||||||
| 1st Quartile | (124) | NA | (19) | NA | 97 | NA | 89 | NA | 132 | NA | 140 | NA | 85 | NA | 72 | NA | 99 | NA | |||||||||||||||||||
| Median | (141) | NA | (51) | NA | 83 | NA | 76 | NA | 121 | NA | 127 | NA | 78 | NA | 61 | NA | 92 | NA | |||||||||||||||||||
| 3rd Quartile | (157) | NA | (79) | NA | 68 | NA | 60 | NA | 108 | NA | 114 | NA | 69 | NA | 52 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (178) | NA | (122) | NA | 46 | NA | 39 | NA | 86 | NA | 95 | NA | 54 | NA | 40 | NA | 71 | NA | |||||||||||||||||||
| Population | 2895 | 2836 | 2589 | 2376 | 2187 | 1918 | 1378 | 746 | 374 | ||||||||||||||||||||||||||||
| Mid Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell Midcap Index | (154) | (31) | (91) | (44) | 70 | (41) | 63 | (31) | 115 | (30) | 140 | (27) | 89 | (32) | 85 | (49) | 102 | (40) | |||||||||||||||||||
| SampP MidCap 400 Index | (173) | (61) | (111) | (58) | 77 | (34) | 60 | (35) | 112 | (37) | 137 | (34) | 89 | (31) | 90 | (38) | 109 | (26) | |||||||||||||||||||
| 5th Percentile | (127) | NA | 11 | NA | 116 | NA | 92 | NA | 138 | NA | 159 | NA | 107 | NA | 113 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (150) | NA | (53) | NA | 86 | NA | 66 | NA | 118 | NA | 142 | NA | 92 | NA | 96 | NA | 109 | NA | |||||||||||||||||||
| Median | (167) | NA | (101) | NA | 62 | NA | 51 | NA | 105 | NA | 129 | NA | 81 | NA | 84 | NA | 94 | NA | |||||||||||||||||||
| 3rd Quartile | (182) | NA | (134) | NA | 43 | NA | 35 | NA | 92 | NA | 116 | NA | 69 | NA | 72 | NA | 84 | NA | |||||||||||||||||||
| 95th Percentile | (221) | NA | (195) | NA | 14 | NA | 12 | NA | 74 | NA | 98 | NA | 55 | NA | 53 | NA | 71 | NA | |||||||||||||||||||
| Population | 1151 | 1128 | 1006 | 904 | 794 | 658 | 445 | 223 | 80 | ||||||||||||||||||||||||||||
| Small Cap Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| Russell 2000 Index | (202) | (56) | (110) | (47) | 74 | (49) | 44 | (52) | 104 | (59) | 120 | (73) | 75 | (75) | 74 | (93) | 83 | (96) | |||||||||||||||||||
| SampP SmallCap 600 Index | (201) | (52) | (85) | (28) | 95 | (24) | 63 | (22) | 122 | (27) | 136 | (43) | 92 | (32) | 93 | (59) | NA | NA | |||||||||||||||||||
| 5th Percentile | (143) | NA | 14 | NA | 137 | NA | 88 | NA | 147 | NA | 170 | NA | 109 | NA | 123 | NA | 126 | NA | |||||||||||||||||||
| 1st Quartile | (185) | NA | (77) | NA | 94 | NA | 61 | NA | 123 | NA | 147 | NA | 95 | NA | 108 | NA | 118 | NA | |||||||||||||||||||
| Median | (200) | NA | (116) | NA | 73 | NA | 46 | NA | 109 | NA | 133 | NA | 86 | NA | 96 | NA | 110 | NA | |||||||||||||||||||
| 3rd Quartile | (214) | NA | (154) | NA | 49 | NA | 27 | NA | 95 | NA | 117 | NA | 75 | NA | 85 | NA | 95 | NA | |||||||||||||||||||
| 95th Percentile | (245) | NA | (201) | NA | 14 | NA | (10) | NA | 63 | NA | 93 | NA | 54 | NA | 70 | NA | 83 | NA | |||||||||||||||||||
| Population | 926 | 912 | 856 | 788 | 721 | 633 | 433 | 280 | 112 | ||||||||||||||||||||||||||||
| International Developed Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI EAFE Index | (125) | (34) | (134) | (24) | 34 | (36) | 10 | (34) | 62 | (32) | 68 | (42) | 52 | (39) | 40 | (60) | 50 | (56) | |||||||||||||||||||
| 5th Percentile | (83) | NA | (92) | NA | 72 | NA | 44 | NA | 93 | NA | 113 | NA | 84 | NA | 95 | NA | 82 | NA | |||||||||||||||||||
| 1st Quartile | (118) | NA | (136) | NA | 41 | NA | 17 | NA | 66 | NA | 80 | NA | 59 | NA | 61 | NA | 62 | NA | |||||||||||||||||||
| Median | (135) | NA | (159) | NA | 25 | NA | 03 | NA | 54 | NA | 64 | NA | 48 | NA | 44 | NA | 53 | NA | |||||||||||||||||||
| 3rd Quartile | (154) | NA | (184) | NA | 08 | NA | (09) | NA | 44 | NA | 53 | NA | 39 | NA | 32 | NA | 44 | NA | |||||||||||||||||||
| 95th Percentile | (191) | NA | (234) | NA | (13) | NA | (26) | NA | 23 | NA | 36 | NA | 25 | NA | 12 | NA | 22 | NA | |||||||||||||||||||
| Population | 2215 | 2116 | 1813 | 1441 | 1241 | 1002 | 562 | 321 | 91 | ||||||||||||||||||||||||||||
| International Emerging Market Equity Managers - Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||
| QTR | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR | 25 YR | |||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | (74) | (48) | (142) | (32) | 97 | (20) | 20 | (34) | 36 | (52) | 84 | (43) | 83 | (45) | 88 | (58) | 50 | (67) | |||||||||||||||||||
| 5th Percentile | (19) | NA | (80) | NA | 124 | NA | 55 | NA | 92 | NA | 117 | NA | 105 | NA | 121 | NA | 79 | NA | |||||||||||||||||||
| 1st Quartile | (56) | NA | (134) | NA | 91 | NA | 25 | NA | 52 | NA | 94 | NA | 91 | NA | 106 | NA | 66 | NA | |||||||||||||||||||
| Median | (76) | NA | (161) | NA | 73 | NA | 13 | NA | 37 | NA | 82 | NA | 81 | NA | 93 | NA | 61 | NA | |||||||||||||||||||
| 3rd Quartile | (92) | NA | (189) | NA | 56 | NA | 00 | NA | 22 | NA | 70 | NA | 70 | NA | 80 | NA | 45 | NA | |||||||||||||||||||
| 95th Percentile | (118) | NA | (232) | NA | 10 | NA | (31) | NA | (10) | NA | 54 | NA | 57 | NA | 60 | NA | 32 | NA | |||||||||||||||||||
| Population | 1331 | 1269 | 1123 | 898 | 684 | 448 | 223 | 140 | 35 |
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -1778453332 | -156830121574 | -140785232292 | -124156404536 | -92490511858 | -135198635866 | |||||||
| QTR | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | -122225491954 | -79497561497 | -50675050922 | -19017430337 | 28648235721 | -4384326472 | |||||||
| YTD | 45708412517 | 67673086112 | 83467264314 | 96718812011 | 119614069557 | 92573322998 | |||||||
| 1 YR | 38614948602 | 5970449791 | 75665962125 | 89331741434 | 108876350378 | 84944574741 | |||||||
| 1 YR | 86215617922 | 107987639369 | 120829652531 | 131968519282 | 150308330606 | 126959239179 | |||||||
| 3 YR | 94962760334 | 114074134919 | 127395437535 | 14002345319 | 161934656572 | 131185736616 | |||||||
| 3 YR | 53604728029 | 69299364324 | 77886629068 | 85409078623 | 98039184458 | 77671460151 | |||||||
| 5 YR | 40161446085 | 52263350481 | 60773922838 | 71526859117 | 8769529817 | 56194710476 | |||||||
| 5 YR | 70775891031 | 83701695257 | 91937165785 | 99069610905 | 114609370782 | 90746371288 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI Emerging Markets Index | -740 | (48) | -1425 | (32) | -1425 | (32) | 965 | (20) | 203 | (34) | 361 | (52) | 839 | (43) | 826 | (45) | 885 | (58) | 496 | (67) | |||||||||||||||||||||
| 5th Percentile | -194 | NA | -799 | NA | -799 | NA | 1242 | NA | 552 | NA | 923 | NA | 1169 | NA | 1055 | NA | 1214 | NA | 795 | NA | |||||||||||||||||||||
| 1st Quartile | -562 | NA | -1342 | NA | -1342 | NA | 914 | NA | 250 | NA | 523 | NA | 943 | NA | 913 | NA | 1062 | NA | 662 | NA | |||||||||||||||||||||
| Median | -756 | NA | -1608 | NA | -1608 | NA | 725 | NA | 134 | NA | 367 | NA | 815 | NA | 808 | NA | 933 | NA | 609 | NA | |||||||||||||||||||||
| 3rd Quartile | -921 | NA | -1888 | NA | -1888 | NA | 560 | NA | 004 | NA | 221 | NA | 704 | NA | 702 | NA | 797 | NA | 452 | NA | |||||||||||||||||||||
| 95th Percentile | -1185 | NA | -2322 | NA | -2322 | NA | 103 | NA | -308 | NA | -102 | NA | 543 | NA | 571 | NA | 602 | NA | 317 | NA | |||||||||||||||||||||
| Population | 1331 | NA | 1269 | NA | 1269 | NA | 1123 | NA | 898 | NA | 684 | NA | 448 | NA | 223 | NA | 140 | NA | 35 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -118470450155 | -9209996463 | -75635070311 | -56157657386 | -19396314815 | -74024570524 | |||||||
| QTR | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | -232244864431 | -188777547814 | -160780215288 | -134168104099 | -79937336435 | -142457750095 | |||||||
| YTD | 10288553215 | 55995349837 | 72540684463 | 9137620708 | 124242352414 | 96506759326 | |||||||
| 1 YR | -30752133768 | 0042017215 | 134375707 | 25018413691 | 55217220661 | 20252433514 | |||||||
| 1 YR | -102399095 | 2210698463 | 36738766534 | 52252719007 | 92297247892 | 36099972581 | |||||||
| 3 YR | 54280528407 | 7044927589 | 8151788632 | 94344746035 | 116883418191 | 83895317999 | |||||||
| 3 YR | 57146897248 | 70183038729 | 80817793223 | 91293901745 | 105471190174 | 82645960293 | |||||||
| 5 YR | 60158117237 | 79711107092 | 93348321462 | 106208290876 | 121430950502 | 88483675929 | |||||||
| 5 YR | 31724119237 | 45215094627 | 60902242768 | 66155003572 | 79467480847 | 49566613086 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| MSCI EAFE Index | -1250 | (34) | -1336 | (24) | -1336 | (24) | 338 | (36) | 100 | (34) | 624 | (32) | 681 | (42) | 522 | (39) | 396 | (60) | 504 | (56) | |||||||||||||||||||||
| 5th Percentile | -831 | NA | -918 | NA | -918 | NA | 716 | NA | 444 | NA | 929 | NA | 1133 | NA | 836 | NA | 949 | NA | 822 | NA | |||||||||||||||||||||
| 1st Quartile | -1181 | NA | -1355 | NA | -1355 | NA | 407 | NA | 165 | NA | 657 | NA | 800 | NA | 594 | NA | 615 | NA | 618 | NA | |||||||||||||||||||||
| Median | -1352 | NA | -1588 | NA | -1588 | NA | 253 | NA | 029 | NA | 544 | NA | 636 | NA | 484 | NA | 444 | NA | 527 | NA | |||||||||||||||||||||
| 3rd Quartile | -1542 | NA | -1840 | NA | -1840 | NA | 081 | NA | -094 | NA | 442 | NA | 530 | NA | 388 | NA | 318 | NA | 445 | NA | |||||||||||||||||||||
| 95th Percentile | -1905 | NA | -2344 | NA | -2344 | NA | -134 | NA | -265 | NA | 228 | NA | 361 | NA | 247 | NA | 122 | NA | 217 | NA | |||||||||||||||||||||
| Population | 2215 | NA | 2116 | NA | 2116 | NA | 1813 | NA | 1441 | NA | 1241 | NA | 1002 | NA | 562 | NA | 321 | NA | 91 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -190505382591 | -154231386258 | -135203542153 | -118072736318 | -83061500584 | -124988936003 | |||||||
| QTR | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -234393112736 | -184015693752 | -158769342811 | -135537013034 | -91792234977 | -133575926158 | |||||||
| YTD | -13443160221 | 08076003753 | 2526152348 | 40673347702 | 71642325439 | 33787974706 | |||||||
| 1 YR | -26480885987 | -09362059816 | 02920143252 | 16508307097 | 44446412023 | 100260359 | |||||||
| 1 YR | 22806522015 | 44162092269 | 5438303754 | 65679078623 | 92883937606 | 6243364391 | |||||||
| 3 YR | 36105878373 | 52972194973 | 63585358365 | 80010434 | 113302303574 | 68134357995 | |||||||
| 3 YR | 24665629146 | 38771715905 | 48446212689 | 59407388306 | 83628379279 | 52196796036 | |||||||
| 5 YR | 1224752746 | 31818598964 | 44380395022 | 61493896976 | 94895724115 | 39570316654 | |||||||
| 5 YR | 21732224748 | 44468321667 | 52707683168 | 61807618731 | 82223191796 | 50426331395 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| 80 US Agg 20 US Corp HY | 039 | (62) | -039 | (49) | -039 | (49) | 309 | (48) | 281 | (70) | 288 | (73) | 502 | (66) | 455 | (70) | 502 | (82) | 552 | (77) | |||||||||||||||||||||
| 5th Percentile | 163 | NA | 107 | NA | 107 | NA | 533 | NA | 403 | NA | 497 | NA | 824 | NA | 618 | NA | 682 | NA | 688 | NA | |||||||||||||||||||||
| 1st Quartile | 117 | NA | 009 | NA | 009 | NA | 359 | NA | 344 | NA | 382 | NA | 635 | NA | 516 | NA | 577 | NA | 615 | NA | |||||||||||||||||||||
| Median | 070 | NA | -043 | NA | -043 | NA | 304 | NA | 306 | NA | 321 | NA | 560 | NA | 475 | NA | 531 | NA | 575 | NA | |||||||||||||||||||||
| 3rd Quartile | 012 | NA | -093 | NA | -093 | NA | 252 | NA | 274 | NA | 284 | NA | 482 | NA | 449 | NA | 509 | NA | 556 | NA | |||||||||||||||||||||
| 95th Percentile | -255 | NA | -256 | NA | -256 | NA | 207 | NA | 230 | NA | 231 | NA | 399 | NA | 413 | NA | 472 | NA | 523 | NA | |||||||||||||||||||||
| Population | 148 | NA | 148 | NA | 148 | NA | 145 | NA | 142 | NA | 140 | NA | 125 | NA | 99 | NA | 63 | NA | 30 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -25452243349 | 01200127902 | 07015537211 | 1173942994 | 16272835943 | 03854495638 | |||||||
| QTR | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | -25625182617 | -09318054878 | -04332148551 | 00943646845 | 10746371254 | -03880479308 | |||||||
| YTD | 20748842187 | 25175474322 | 30351607404 | 3588638618 | 53309245633 | 30938990897 | |||||||
| 1 YR | 2298771501 | 27421228221 | 3056742608 | 34441040382 | 40330216509 | 28053877981 | |||||||
| 1 YR | 23125699694 | 28402344835 | 32113539547 | 38200408036 | 49720461595 | 28847148465 | |||||||
| 3 YR | 39853912051 | 48172073823 | 56003877465 | 63522689502 | 82371885124 | 50155593447 | |||||||
| 3 YR | 41326842999 | 44938306938 | 47478748289 | 51611991969 | 61756556259 | 45536880589 | |||||||
| 5 YR | 47158366011 | 50944480786 | 53147411952 | 5768318808 | 68200141076 | 50178647191 | |||||||
| 5 YR | 52307160514 | 55559736376 | 57479170009 | 61545455333 | 68800776014 | 55197927185 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 240 Months13Ending13Dec-2018 | 300 Months13Ending13Dec-2018 | ||||||||||||||||||||||||||||||||
| Blmbg Barc US Aggregate Index | 164 | (9) | 001 | (27) | 001 | (27) | 206 | (70) | 252 | (52) | 210 | (80) | 348 | (89) | 387 | (69) | 455 | (71) | 509 | (72) | |||||||||||||||||||||
| 5th Percentile | 173 | NA | 124 | NA | 124 | NA | 514 | NA | 393 | NA | 467 | NA | 783 | NA | 567 | NA | 605 | NA | 621 | NA | |||||||||||||||||||||
| 1st Quartile | 130 | NA | 003 | NA | 003 | NA | 320 | NA | 300 | NA | 325 | NA | 563 | NA | 466 | NA | 524 | NA | 565 | NA | |||||||||||||||||||||
| Median | 071 | NA | -064 | NA | -064 | NA | 248 | NA | 255 | NA | 264 | NA | 467 | NA | 420 | NA | 486 | NA | 532 | NA | |||||||||||||||||||||
| 3rd Quartile | -036 | NA | -149 | NA | -149 | NA | 195 | NA | 205 | NA | 218 | NA | 402 | NA | 377 | NA | 446 | NA | 504 | NA | |||||||||||||||||||||
| 95th Percentile | -289 | NA | -373 | NA | -373 | NA | 120 | NA | 129 | NA | 139 | NA | 299 | NA | 261 | NA | 374 | NA | 449 | NA | |||||||||||||||||||||
| Population | 1538 | NA | 1471 | NA | 1471 | NA | 1290 | NA | 1113 | NA | 983 | NA | 807 | NA | 595 | NA | 365 | NA | 189 | NA | |||||||||||||||||||||
| Value1 | Value2 | Value3 | Value4 | Value5 | Value6 | ||||||||
| QTR | -28934190972 | -03645474464 | 07081808326 | 12976214105 | 17286139608 | 16355465637 | |||||||
| QTR | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | -37293923329 | -14936525128 | -06364256632 | 00324837124 | 12403254059 | 00115272542 | |||||||
| YTD | 11975852485 | 19497100596 | 24829001592 | 32036659627 | 51404965717 | 20558151815 | |||||||
| 1 YR | 12866278208 | 20504041515 | 25477816756 | 29958527576 | 39288917055 | 2520817455 | |||||||
| 1 YR | 13854412004 | 21780840912 | 26398321479 | 32459943977 | 46677751593 | 20976876181 | |||||||
| 3 YR | 29944356105 | 40213534865 | 46704126782 | 56252744 | 78310532107 | 34770148876 | |||||||
| 3 YR | 26061968972 | 37677920949 | 41972416978 | 46613211084 | 56691734352 | 38674614032 | |||||||
| 5 YR | 37421601202 | 44615645984 | 4855618206 | 5238267603 | 60533085674 | 4549331343 | |||||||
| 5 YR | 44883259446 | 50352853851 | 53192824936 | 56482181298 | 62130563967 | 50885239602 |
11
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
iShares Russell Mid-Cap Index K BRMKX 007 Russell Midcap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Northern International Equity Index NOINX 025 MSCI EAFE NR USD
Northern Emerging Markets Equity Index NOEMX 031 MSCI EM NR USD
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr4346543373432814319043100430084291642825427354264342551424604236942277421854209442004419124182041729416394154741455413644127441182410904099940908408164072440633405434045140359402684017840086399943990339813397213962939538394473935539263391723908238990388983880738717386253853338442383523826038168380773798637894378023771137621375293743737346372563716437072369813689136799367073661636525364333634136250361603606835976358853579535703356113552035430353383524635155350643497234880347893469934607345153442434334342423415034059339693387733785336943360333511334193332833238331463305432963328733278132689325983250832416323243223332142320503195831867317773168531593315023141231320312283113731047309553086330772306813058930497304063031630224301323004129951298592976729676295862949429402293112922029128290362894528855287632867128580284902839828306282152812528033279412785027759276672757527484273942730227210271192702926937268452675426664265722648026389262982620626114260232593325841257492565825568254762538425293252032511125019249282483724745246532456224472243802428824197241072401523923238322374223650235582346723376232842319223101230112291922827227362264622554224622237122281221892209722006219152182321731216402155021458213662127521185210932100120910208202072820636205452045420362202702017920089199971990519814197241963219540194491935919267191751908418993189011880918718186281853618444183531826318171180791798817898178061771417623175321744017348172571716717075169831689216802561947104755935467421361819379690464639467129117278645716853258520027195355125458102770024732619037078715451720250199767855979808546509376811785783920561791040977866099847870756622629038279767936927620076818694966539390568135053309331819889111099066553567939354384004049699850959848669349595859553935916821978623081154959952955909584030189220166167800659588002224563249918866100821924256088531615167218319682170259820343752850368821907872833814311777019068591643341965561178118655157774164764395185920272458733318380081044687154441211784608914092098863465989051909537545132276711301985333824865719666986357698207158725313679180006489120742827776720187164490217427090770952937784262661214762993994468192244346481044493531068844110954857657721861118158083529674261058521581270202110827574027074016107616001408060941180290732401243411743646089399196110340071525702581143321077286863119398814123290681271535837249233612280969580863266126024486779505051322108079068748912827198486521407134572209340220413213063004027292129810004854588711235626115106720512202147677146291119897273633013951270566781564541613194845855866033148979759318239151569476248995604815240762542199261504217302242487615334692500068314148735494182919311567982754380925516679623712740788173586847121744761826262082725980217880469984595848170740679101436541788578189760663417643151643603836177608919428947216335271440742716174333575058399431772251896325824916660702156624762164890240772504591590487818092636415163598564481041456715350442647914290537305350103142244244825951111411291057467274314612020853236874147524480641681365348798543124413947807292775227145974266362021151511276412563236131864643524453931271871295683610912775354515529425121051961644744312225543003982086118652763351694511134717572538590611479659519969697115208818705939251145291679594448911908003091160957117116270740070371138840451102416311410159054736058111702823848514041124352110227995312948085210689108114903037474478161156081552446819311433849463822355106458813572284361001241721297840995517303191243528949260497476294069682111064714371699148787241580614928686339907580561072185586002389910769089642825946105684392206329071018610748533448410207838789905110093927031312955954101051685043448669659699639510180045302049007078633740247573928981621740254496089781583359245696667800127013357061750131941989569127863446291700126983124465617254941858722045193720628813914801994361285096114570641718325929364034756580955684999151956770501707606809926497146454355129467886439718711555684716001355716317636814253343904377668640337569039834553771289754398350126185778151574899506364390689700832414232877016856086331319799571713423188052516667364034318358456858174190006072265509177438259458739474957064640847542659194928380675456142089372014814348038151198147893032109492259575050137019722962777064872893744679289957551931467796432623637910457722162284512834674752161163507358711398215675891346953041628578667960281134484614778672836740007579689109658036473067065673506110692392328240262027137101819049935914841086622858541446111836978447198687114574319390493341162256810780646411695853525505061118194831037243381157401792581398311763402240992393116658514384712751164000933201128212325810105046319122953973597964781212225002751352711993481334216582117496796453881771309629534268075313459433110248952140313642744539071489408922487074314821952448264962149455325192718651484208324304405814255584235368081432144700649329414649548207164821478649274624306314404146595870927144362539581082581374171612029699913615371314361235130144184303987661342595669084152413865390778222842141286479837388961419974150750178414894016378984333149681736934863321517839176370470314938392670150646152306737229798161512491256744945614704044810652906144088561481241731458063796382331715265895071943781152194362970910821545794427002991117137158909206861686626484770570415609039089583998156737180035886541573294740126514147696892660705861430388963638049715068159712322228138022812672490514155002555333862136612900858209321487196852339416314546866162216611348456054850715113366158180072496131100511695667171449130654925749812979104675837051189249139584489611886921972455045106606617238331761120140538957739114620186706308581208709765300486412251424782641231248284668801813513085439757786666134419957701360071387140202681518313130900027560566127793159511068171179674643256862910830215566014957106848293810239531048699884600319310079827907486694138047599821276011315417298354675211874109103668529153996297274007881247471694932793411726272969291341067593058527960278009345003170257272198510002247974337595860817007611227349905496545066716190508091538352527547527826445691845691833512269560514863489219069689815059032864111381029466131084941408396904384037674740083147861033721356749424155439866502614710282300438195547940212326941678560071864744429165885186268895470460915080464696076032346927760268276089317004089052792249618131779527126565467457224330 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680299683329818577526106141190917305791035302822113075610466079826884922106983070305739959525439919399381995986808550817759966652554048481610159802532596519102211456761236899817347626831241993825792515943361037358050185264210707704385567496107990322290594031105045827982305111341043176476041123139397976471411533261289533137112472278573234611109100002352716510736232104043108105427775651034891082535087086860110805591422712135114404744056249911616809180770925116997624269005841097812626211565110813022557484576109658293650356281087620050071840310714386845639368106718590922518791066934568962463111587465525564911112364429036846851102452232979085310760941831835602103154515889680951099891737970577511730984949999112123679112327202312778135330094198129609133201946461308428478115988412901927581655514127954808880964991248092127247037912356805194589038122211878080175081236672377156218212735698804029628129700161141135251240132672698717212886838624148167137492981801240471375419209195303312731496525487795123725069482064641220255777138730111415460916259024114929408607822521074243128981313710675636558067247106457929858061021149028803586920112050924969296917122496939614004321203986851751091112612291276516086124050226527848921322749811145298413910775571360334145429181283428313888528691256475137345977067069071320107681971827113292776004925489129219670090034781268111708072452412031458021755492125657876442121681284526089706597121335681497232171204901245268226312049707891549932114975654828131331186163839392031611780063067498393113210709272489011099746527351617210701647757088949106186008598609721061083380314777910215539941699014996160714853424521001965940438698299803289650808544101161873815960110474632315117983105916567728324691064645631733482910810371203108527108799178699972471116085494270848611181526857835443102588080519979241027482956533751810265512615775151102185581829432161023030330864969210175831260873558101965428851812381054516104753584610455698042196303103085746238675610455441757835636100103752911164899256317610157296971530244009461979996662707717263210390648647915967104559627668965761047388275688943111241407328870157106340008684880481075564842893097598674110480637225980893405517886319978441340691235396899504826371654947182117451734849086218362197495794989628938684447969948344372189029469100596196366198478875131844177991558756007637851035767968199490210798019058313991107190623227325310999054479217229105002521814560271001356160012589797477076351636818932953491354511229497967013045126899161069228779866981991812557652111064510193525309810716834762705751108939940890920410840027671183904108635918986505610547069844983061087282062922545511231117140401349113678214117795871110935310543221810877940504100536110707636420341661052581335698077310661215444296746108410972332335441095457636663286211080398556842152110276093549004361132369473364838111339404837383649105335095777979510551551084681797102203533910318441021735125453446710964970228169047108248431355065121019864558152188100614714168414611112289931453434117461457331050412003769648221851122942944441981621207690465472090912596364215827549134664088077771851363321300800310913783088413121746139765372085240981350850586080321112815466497168138130276071074768361306351472877078712541318923444965122084314742666119241830705375091197748372498224112012060068291808119225033507333041279404898643421412925834036944362123256388121514751257585900265052512678887540531371350104229322099912948308037567458120241178755108321137706728766463410817225637529159105412863334218411064045540311333611301854561585255114919692946824812017962994185428124811373991088781270661930550303113526545411562662130378828301756191320488428218067312824356670763892123720967839038071241005281827236612363657093526893118582834628987431406649100710975132587225612209811229056256622416144765383231014951355789872843842213278676014210289124280250318396631075754481393551610377770827830934102709684804271229308539332275644991910751304828953835078867632026349206979032191320378130780555988182254052155163571832317275896830118476746279521485486063524436427397862897109907840948382929546474171584826140637349834881964161571175969764743253600084297288414751946597100565605301715661000716156813441410456038874518448108580606371360351022898537831748940 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8391330825588710278560173944108106400125534594321044459352852400450 Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
12
Passive Investing Fees
Source Morningstar as of 12-31-18
Fund Name Ticker Net Expense Ratio Tracking Index
Vanguard 500 Index Admiral VFIAX 004 SampP 500 Index
Vanguard Mid Cap Index I VMCIX 004 CRSP US Mid Cap Index
Vanguard SampP Mid-Cap 400 Index I VSPMX 008 SampP MidCap 400 Index
Vanguard Russell 2000 Index I VRTIX 008 Russell 2000 Index
Vanguard SampP Small-Cap 600 Index I VSMSX 008 SampP SmallCap 600 Index
Vanguard Developed Markets Index I VTMNX 005 FTSE Developed ex US All Cap Index
Vanguard Emerging Mkts Stock Idx I VEMIX 010 FTSE Emerging Markets All Cap Index
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr4346543373432814319043100430084291642825427354264342551424604236942277421854209442004419124182041729416394154741455413644127441182410904099940908408164072440633405434045140359402684017840086399943990339813397213962939538394473935539263391723908238990388983880738717386253853338442383523826038168380773798637894378023771137621375293743737346372563716437072369813689136799367073661636525364333634136250361603606835976358853579535703356113552035430353383524635155350643497234880347893469934607345153442434334342423415034059339693387733785336943360333511334193332833238331463305432963328733278132689325983250832416323243223332142320503195831867317773168531593315023141231320312283113731047309553086330772306813058930497304063031630224301323004129951298592976729676295862949429402293112922029128290362894528855287632867128580284902839828306282152812528033279412785027759276672757527484273942730227210271192702926937268452675426664265722648026389262982620626114260232593325841257492565825568254762538425293252032511125019249282483724745246532456224472243802428824197241072401523923238322374223650235582346723376232842319223101230112291922827227362264622554224622237122281221892209722006219152182321731216402155021458213662127521185210932100120910208202072820636205452045420362202702017920089199971990519814197241963219540194491935919267191751908418993189011880918718186281853618444183531826318171180791798817898178061771417623175321744017348172571716717075169831689216802115250784222873151178950436329777711814215177767352119482292908290611827927624832114116450343012677321144384802622338114499114465786531107081576961701511054665433036504110021400411806741100246034571503611353154113829289113946232490380841125703358105516511647456095330245121990967529341141231536953909999711473383819370998111126947383279109835256234850131044034716173600710428894093731888101858390256349919770944281718897299816085503564587991799334374854351001297828041456598408420370285086965893035620775111005285480870745710054554295798045101509283031662391014226436697143210278048533673045100646349245263389871192188769706397038196821934477919705596988642438712068924616534889875454611653369718410610116222910062862316414979104336439827316331054410419976268210653514745188408107983279761111321066497753647612810991563479286671097308562897905110562967947904456104830598471874931029265079730290510334805605022289104423002485607871035998210219246710485407206956011028502313282730910439127795007419105058873583383271062209805265648110455665761274391104950448569608451023593698687548310494100343520474106158271408305571124337490270042110007300196475210934236204004488108689743311191511141929309413334311263480896636157119526378330107481243776924407820112315979390597187124948214959459171223299727553626112013325138811325121396696076828691212106131585411120157627784900361177565630588681612379248726652058125190677535450771232138867984298312108670561960544116259625578472711405815500148142111985513586566831108240569669831610925659749983874107443439895634541079959366632936510784129525795661077031423094332410865866944159874106772090289213081101633042152350211192073201099806114430909568198571181671714247309911971006994066592118408280601909121174385632606851411521378355458722116494420232460921154744673425847211608051550042763117868616965051341167581246194857611856125326284151185190244680558511645251565767856116178713473819931234728451927316122904284454669931250611933012009112725125330219912749979002312294123914611433951111221622868346363712135448699371887119454942365590181209651191401528411936095669279891273585722620467212571946637646047124857234959352651194979659649877511898635049174434115446150029780311146655962554552511237193723304383110243712362479761138197814397998711477291831415437113345835011098971142820675808062711157675686581637114862215086467771166674052906349111603733811119653115763215269961041150381386283163511742047625974816116006741412157731151412403445264411690524072550001117138753653459381114179006394655511582931036722432116789004549117121151136128966672211287199918171552112145260624861191035303077841702710445266119489194103686233862891891069693336212189610635749092603231996310324921818591034006601201205102912312219318061096412881838711105348523771220849874565605434737596740857254816071920609553844051839552982662560172196992331182008229988295829370915519837362212876609497655940314715473997650542729879851066720271065360110828691342912911996674934301533539885364902991987910507349664041676105055848449024051077549185218813611159939315547152107664882844128231270838288298525912422648658399351184679276877758113470702632165409121184954962806341169605811828356111569247657097071004011676579203997550643812834394975297195842319559013223608182951183566881908182076836688798952116568865158579618359679904510096087344835638904729076878678692049663517688662517324769485920277098322213059418451188686782891652203637288219567269557974867796765159825761948991433071611515971007771830061212698500350068025719758391330825588710278560173944108106400125534594321044459352852400450 Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
13
Is this really ldquopassiverdquo investing
Here is a chart of the top ten largest ETFs and their average holding period
Name TickerAverage Holding
Period (Days)SPDRreg SampP 500 ETF SPY 1464iShares Core SampP 500 ETF IVV 14702Vanguard Total Stock Market ETF VTI 32527Vanguard SampP 500 ETF VOO 17256Vanguard FTSE Developed Markets ETF VEA 19410iShares MSCI EAFE ETF EFA 5723Invesco QQQ Trust QQQ 1159iShares Core US Aggregate Bond ETF AGG 18040Vanguard FTSE Emerging Markets ETF VWO 13631iShares Core MSCI EAFE ETF IEFA 11684
Source Morningstar - As of 12-31-18
ldquoPassiverdquo Investments
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 Yr434654337343281431904310043008429164282542735426434255142460423694227742185420944200441912418204172941639415474145541364412744118241090409994090840816407244063340543404514035940268401784008639994399033981339721396293953839447393553926339172390823899038898388073871738625385333844238352382603816838077379863789437802377113762137529374373734637256371643707236981368913679936707366163652536433363413625036160360683597635885357953570335611355203543035338352463515535064349723488034789346993460734515344243433434242341503405933969338773378533694336033351133419333283323833146330543296332873327813268932598325083241632324322333214232050319583186731777316853159331502314123132031228311373104730955308633077230681305893049730406303163022430132300412995129859297672967629586294942940229311292202912829036289452885528763286712858028490283982830628215281252803327941278502775927667275752748427394273022721027119270292693726845267542666426572264802638926298262062611426023259332584125749256582556825476253842529325203251112501924928248372474524653245622447224380242882419724107240152392323832237422365023558234672337623284231922310123011229192282722736226462255422462223712228122189220972200621915218232173121640215502145821366212752118521093210012091020820207282063620545204542036220270201792008919997199051981419724196321954019449193591926719175190841899318901188091871818628185361844418353182631817118079179881789817806177141762317532174401734817257171671707516983168921680256194710475593546742136181937969046463946712911727864571685325852002719535512545810277002473261903707871545172025019976785597980854650937681178578392056179104097786609984787075662262903827976793692762007681869496653939056813505330933181988911109906655356793935438400404969985095984866934959585955393591682197862308115495995295590958403018922016616780065958800222456324991886610082192425608853161516721831968217025982034375285036882190787283381431177701906859164334196556117811865515777416476439518592027245873331838008104468715444121178460891409209886346598905190953754513227671130198533382486571966698635769820715872531367918000648912074282777672018716449021742709077095293778426266121476299399446819224434648104449353106884411095485765772186111815808352967426105852158127020211082757402707401610761600140806094118029073240124341174364608939919611034007152570258114332107728686311939881412329068127153583724923361228096958086326612602448677950505132210807906874891282719848652140713457220934022041321306300402729212981000485458871123562611510672051220214767714629111989727363301395127056678156454161319484585586603314897975931823915156947624899560481524076254219926150421730224248761533469250006831414873549418291931156798275438092551667962371274078817358684712174476182626208272598021788046998459584817074067910143654178857818976066341764315164360383617760891942894721633527144074271617433357505839943177225189632582491666070215662476216489024077250459159048781809263641516359856448104145671535044264791429053730535010314224424482595111141129105746727431461202085323687414752448064168136534879854312441394780729277522714597426636202115151127641256323613186464352445393127187129568361091277535451552942512105196164474431222554300398208611865276335169451113471757253859061147965951996969711520881870593925114529167959444891190800309116095711711627074007037113884045110241631141015905473605811170282384851404112435211022799531294808521068910811490303747447816115608155244681931143384946382235510645881357228436100124172129784099551730319124352894926049747629406968211106471437169914878724158061492868633990758056107218558600238991076908964282594610568439220632907101861074853344841020783878990511009392703131295595410105168504344866965969963951018004530204900707863374024757392898162174025449608978158335924569666780012701335706175013194198956912786344629170012698312446561725494185872204519372062881391480199436128509611457064171832592936403475658095568499915195677050170760680992649714645435512946788643971871155568471600135571631763681425334390437766864033756903983455377128975439835012618577815157489950636439068970083241423287701685608633131979957171342318805251666736403431835845685817419000607226550917743825945873947495706464084754265919492838067545614208937201481434803815119814789303210949225957505013701972296277706487289374467928995755193146779643262363791045772216228451283467475216116350735871139821567589134695304162857866796028113448461477867283674000757968910965803647306706567350611069239232824026202713710181904993591484108662285854144611183697844719868711457431939049334116225681078064641169585352550506111819483103724338115740179258139831176340224099239311665851438471275116400093320112821232581010504631912295397359796478121222500275135271199348133421658211749679645388177130962953426807531345943311024895214031364274453907148940892248707431482195244826496214945532519271865148420832430440581425558423536808143214470064932941464954820716482147864927462430631440414659587092714436253958108258137417161202969991361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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
14
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
2646 1000
1549 585
435 164
2632 1000
1212 461
382 145
2051 1000
823 401
464 226
US Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
15
Total
Survivors
Outperformers
10 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
20 Years
977 1000
624 639
306 313
752 1000
411 547
164 218
786 1000
314 400
165 210
International Equity Survivorship and Outperformance ndash Active Investment
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
16
Total
Survivors
Outperformers
20 Years
Total
Survivors
Outperformers
15 Years
Total
Survivors
Outperformers
10 Years
1763 1000
1234 700
720 408
1919 1000
1022 533
328 171
2025 1000
846 418
221 109
Fixed Income Survivorship and Outperformance ndash Active Management
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees as of 12-31-18
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
17
0
10
20
30
40
50
60
70
80
90
100
10 Year 15 Year 20 Year
The Effect of Fees on Outperformance
US Equity Gross US Equity Net International Equity Gross
International Equity Net Fixed Income Gross Fixed Income Net
Source Morningstar
Survivor Performance ndash Gross and Net of Fees (Active Investment)
Median FeeTimer Period US Equity International Equity Fixed Income10 Years 095 106 07015 Year 096 110 07020 Year 096 110 071
Source Morningstar ndash Open End Fund US Category Group as of 12-31-18
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
18
Survivor Performance - Peer Group Rank Consistency
0
10
20
30
40
50
60
70
80
90
100
Total Top Quartile Period 1 Top Quartile Period 1 and Period 2
10 Year Periodic Peer Group Ranking
US Equity International Equity Fixed Income
Period 2 112014 ndash 12312018Period 1 112009 ndash 12312013
Source Morningstar ndash Open End Fund US Category Group Returns Measured Net of Fees Peer Group Ranking Measured Versus Morningstar Category as of 12-31-18
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
19
Smart BetaFactor Investing
Strategies that construct portfolios based on attributesrdquofactorsrdquo that havebeen associated with producing returns over long periods of time that arehigher than the broad equity market
Factors Strategy Seeks
Value Captures excess returns of stocks that have low prices relative to their fundamental value
Low Size (Small Cap)
Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts
Momentum Captures excess returns of stocks with stronger past performance
Low Volatility Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk
Dividend Yield Captures excess returns of stocks that have higher-than-average dividend yields
Quality Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics
Source MSCI amp Investopedia
Chart1
SampP 500 Rolling Returns
20 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Yr43465433734328143190431004300842916428254273542643425514246042369422774218542094420044191241820417294163941547414554136441274411824109040999409084081640724406334054340451403594026840178400863999439903398133972139629395383944739355392633917239082389903889838807387173862538533384423835238260381683807737986378943780237711376213752937437373463725637164370723698136891367993670736616365253643336341362503616036068359763588535795357033561135520354303533835246351553506434972348803478934699346073451534424343343424234150340593396933877337853369433603335113341933328332383314633054329633287332781326893259832508324163232432233321423205031958318673177731685315933150231412313203122831137310473095530863307723068130589304973040630316302243013230041299512985929767296762958629494294022931129220291282903628945288552876328671285802849028398283062821528125280332794127850277592766727575274842739427302272102711927029269372684526754266642657226480263892629826206261142602325933258412574925658255682547625384252932520325111250192492824837247452465324562244722438024288241972410724015239232383223742236502355823467233762328423192231012301122919228272273622646225542246222371222812218922097220062191521823217312164021550214582136621275211852109321001209102082020728206362054520454203622027020179200891999719905198141972419632195401944919359192671917519084189931890118809187181862818536184441835318263181711807917988178981780617714176231753217440173481725717167170751698316892168029801502142881002310164141496542145100841702853001091024526846014694910131555199350695100024470627904311006535299258959310026404799413701101703237600275781021582272884062899278959115574281977918638096995968882936137391949618409423098551599277839993296091988600289924421829917334860941373698459722051940979990264855857081379881159976632725299711260550246159987157038584864929847960436725333798931829085067147980698701682793941009026758142814710035326238322861958889253410528759282962981704479920931267675459969622043143261006396218429721718568976069473018277389737254844393872293864557080129316973275254538743449463154920333183394668991614554887910755668234990528919316679224408591978590629463675997586744513656510412360110287299106552509705092111100870952469374910978464765878604107113895270727341075802907530263410637555930500975105787663730601661039945810007660810383957894383556104524472594295971052363766121382610603396843761193108515789454210141095473703141580711030053101780268113187774564008631149108774323308611666103993771682115838769468114671147873593476791511093650159402491108260032713572811113783418273758115237724490687031193582722259549612015791530240971118797532696632412497611233474682123611596991954011278409745531128313139950205866825134173408168814841357097157353988113624451878314293135324638650665021393060556926839413678159019024271135814804036356271314735801736388513238686422961354134334340831857591313326584276819313136081952915223129856123060005491266387489215503612609911252478912510601642994757119953437805606851196255929964100811956457336834836120094760244480411203266011460693120636243146684521193752500399401120548301797007481193735907830624212134161558381852123117680819535341221861688604570912136336355929567123033574484056951261391792253954212766843846170195128727506219995971296030347175669612865576092753761123726278633566891236905105484300512399248323073531119908868600874681182146703047608612332625357873162117823567934802311183134363828919411726785182461729119298220083265751175132135553380611207745097951992113322732982396261147047472480509120527459736645921146923545472751115013850906392271113347681165331107176439668723810399077612522910467205343889631081710126388541910707450413225118106664364100328651066864903429054611059457280330843113495885715203751091937833411840211011202762359872106642225572728841054645178876454310752729303877341083757261971416410630446297036201118103822898104161125920819139802910593374701136572117182866295124641067909443552759210636627118175589101615257388222319498539410012796293259020574984355949672380020896168924160931471281185074183503998988781179359248393998260478332891430975559239236828724760200870247700337734778454475543877022727688413228812007958923166488193135738299561880472239526112599834683315608251068448046669329878488552067724278594894133054695132059200547588953366391854295387437279935425941717966589492329800070198389722585281801326
123118
Sheet1
Sheet2
Sheet3
Sheet4
image1jpeg
image2png
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| Factors | Strategy Seeks | Commonly Captured by | |||
| Value | Captures excess returns of stocks that have low prices relative to their fundamental value | Book to price earnings to price book value sales earnings cash earnings net profit dividends cash flow | |||
| Low Size (Small Cap) | Captures excess returns of smaller companies (by market capitalization) relative to their larger counterparts | Market capitalization (full or free float) | |||
| Momentum | Captures excess returns of stocks with stronger past performance | Relative returns (3-mth 6-mth 12-mth sometimes with last 1 mth excluded) historical alpha | |||
| Low Volatility | Captures excess returns of stocks with lower than average volatility beta andor idiosyncratic risk | Standard deviation (1-yr 2-yrs 3-yrs) Downside standard deviation standard deviation of idiosyncratic returns Beta | |||
| Dividend Yield | Captures excess returns of stocks that have higher-than-average dividend yields | Dividend yield | |||
| Quality | Captures excess returns of stocks that are characterized by low debt stable earnings growth and other ldquoqualityrdquo metrics | ROE earnings stability dividend growth stability strength of balance sheet financial leverage accounting policies strength of management accruals cash flows |
| 12 Month Trailing Price Earnings Ratio | 12 Month Trailing Price Earnings Ratio | ||||||||||||
| As of 13119 | 15 YR Average | As of 13119 | 15 YR Average | ||||||||||
| US Equities (SampP 500) | 184 | 174 | US Equities (SampP 500) | 184 | 174 | ||||||||
| Non US Developed (MSCI EAFE) | 130 | 145 | Large Cap Growth (Russell 1000 Growth) | 227 | 206 | ||||||||
| Non US Emerging (MSCI EM) | 119 | 128 | Large Cap Value (Russell 1000 Value) | 150 | 151 | ||||||||
| DEVELOPED MARKETS | EMERGING MARKETS | |||||||||||||||
| Americas | Europe amp Middle East | Pacific | Americas | Europe Middle East amp Africa | Asia | |||||||||||
| Canada United States | Austria Belgium Denmark Finland France Germany Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom | Australia Hong Kong Japan New Zealand Singapore | Brazil Chile Columbia Mexico Peru | Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey United Arab Emirates | China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | |||||||||||
| Brazil Chile Columbia Mexico Peru | ||||||||||||||||
| Czech Republic Egypt Greece Hungary Poland Qatar Russia South Africa Turkey united Arab emirates | ||||||||||||||||
| China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand | ||||||||||||||||
| Americas Europe and Middle East Pacific | ||||||||||||||||
| Americas Europe Middle East and Africa Asia | ||||||||||||||||
| Developed markets Emerging markets |
| Asset Class | Strategic Weight | Historic Return | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 1000 | 600 | ||||
| Core Fixed Income | 4000 | 727 | 291 | ||||
| 891 | |||||||
| Asset Class | Strategic Weight | Forward Looking Average | Contribution to Total Fund Return | ||||
| Large Cap Equity | 6000 | 630 | 378 | ||||
| Core Fixed Income | 4000 | 400 | 160 | ||||
| 538 | |||||||
| SampP 500 Index Rolling 20 Year Returns Since 1926 | ||||||||||||||||||||||||
| Highest 20 year period | 1826 | |||||||||||||||||||||||
| Average of all 20 year periods | 1099 | |||||||||||||||||||||||
| Lowest 20 year period | 219 | 744 | 789 | 785 | ||||||||||||||||||||
| SampP 500 Index Rolling 30 Year Returns Since 1926 | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | Blmbg Barc US Aggregate Index | |||||||||||||||||||||
| Highest 30 year period | 1454 | 40 Yr | 30 Yr | 20 Yr | ||||||||||||||||||||
| Average of all 30 year periods | 1121 | 12312015 | 768 | 12312005 | 875 | 12311995 | 1007 | |||||||||||||||||
| Lowest 30 year period | 781 | 03312016 | 765 | 03312006 | 859 | 03311996 | 976 | |||||||||||||||||
| SampP 500 Index Rolling 40 Year Returns Since 1926 | 06302016 | 768 | 06302006 | 855 | 06301996 | 973 | ||||||||||||||||||
| Highest 40 year period | 1347 | 09302016 | 758 | 09302006 | 853 | 09301996 | 959 | |||||||||||||||||
| Average of all 40 year periods | 1093 | 12312016 | 736 | 12312006 | 838 | 12311996 | 947 | |||||||||||||||||
| Lowest 40 year period | 799 | 03312017 | 740 | 03312007 | 846 | 03311997 | 948 | |||||||||||||||||
| SampP 500 Index Rolling 50 Year Returns Since 1926 | 06302017 | 736 | 06302007 | 834 | 06301997 | 951 | ||||||||||||||||||
| Highest 50 year period | 1393 | 09302017 | 736 | 09302007 | 840 | 09301997 | 965 | |||||||||||||||||
| Average of all 50 year periods | 1084 | 12312017 | 737 | 12312007 | 852 | 12311997 | 981 | |||||||||||||||||
| Lowest 50 year period | 756 | 03312018 | 732 | 03312008 | 858 | 03311998 | 987 | |||||||||||||||||
| SampP 500 Index Rolling Period Returns Since 1926 | 06302018 | 732 | 06302008 | 855 | 06301998 | 1001 | ||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | 09302018 | 725 | 09302008 | 844 | 09301998 | 1009 | |||||||||||||||
| Highest rolling period | 1826 | 1454 | 1347 | 1393 | 12312018 | 733 | 12312008 | 865 | 12311998 | 1019 | ||||||||||||||
| Average of all rolling periods | 1099 | 1121 | 1093 | 1084 | ||||||||||||||||||||
| Lowest rolling period | 219 | 781 | 799 | 756 | ||||||||||||||||||||
| SampP 500 Index | SampP 500 Index | SampP 500 Index | SampP 500 Index | |||||||||||||||||||||
| 20 Yr | 30 Yr | 40 Yr | 50 Yr | |||||||||||||||||||||
| 12312018 | 562 | 997 | 1153 | 980 | 03312009 | 857 | 03311999 | 1003 | ||||||||||||||||
| 09302018 | 742 | 1061 | 1179 | 1016 | 06302009 | 849 | 06301999 | 977 | ||||||||||||||||
| 06302018 | 646 | 1035 | 1181 | 1008 | 09302009 | 867 | 09301999 | 987 | ||||||||||||||||
| 03312018 | 646 | 1047 | 1195 | 1025 | 12312009 | 879 | 12311999 | 1004 | ||||||||||||||||
| 12312017 | 720 | 1070 | 1183 | 1013 | 03312010 | 918 | 03312000 | 1066 | ||||||||||||||||
| 09302017 | 700 | 953 | 1165 | 1000 | 06302010 | 868 | 06302000 | 981 | ||||||||||||||||
| 06302017 | 715 | 960 | 1144 | 1007 | 09302010 | 902 | 09302000 | 1035 | ||||||||||||||||
| 03312017 | 786 | 967 | 1145 | 1003 | 12312010 | 892 | 12312000 | 1050 | ||||||||||||||||
| 12312016 | 768 | 1016 | 1107 | 1017 | 03312011 | 892 | 03312001 | 1064 | ||||||||||||||||
| 09302016 | 791 | 1022 | 1105 | 1022 | 06302011 | 901 | 06302001 | 1069 | ||||||||||||||||
| 06302016 | 787 | 982 | 1100 | 993 | 09302011 | 930 | 09302001 | 1117 | ||||||||||||||||
| 03312016 | 798 | 994 | 1100 | 978 | 12312011 | 898 | 12312001 | 1061 | ||||||||||||||||
| 12312015 | 819 | 1037 | 1135 | 969 | 03312012 | 885 | 03312002 | 1041 | ||||||||||||||||
| 09302015 | 814 | 1071 | 1139 | 962 | 06302012 | 882 | 06302002 | 1045 | ||||||||||||||||
| 06302015 | 891 | 1080 | 1126 | 993 | 09302012 | 839 | 09302002 | 996 | ||||||||||||||||
| 03312015 | 939 | 1105 | 1165 | 989 | 12312012 | 810 | 12312002 | 959 | ||||||||||||||||
| 12312014 | 985 | 1134 | 1220 | 992 | 03312013 | 798 | 03312003 | 949 | ||||||||||||||||
| 09302014 | 959 | 1123 | 1232 | 985 | 06302013 | 784 | 06302003 | 954 | ||||||||||||||||
| 06302014 | 979 | 1153 | 1147 | 990 | 09302013 | 781 | 09302003 | 945 | ||||||||||||||||
| 03312014 | 953 | 1125 | 1111 | 988 | 12312013 | 774 | 12312003 | 937 | ||||||||||||||||
| 12312013 | 922 | 1109 | 1098 | 997 | 03312014 | 779 | 03312004 | 950 | ||||||||||||||||
| 09302013 | 880 | 1074 | 1044 | 987 | 06302014 | 794 | 06302004 | 948 | ||||||||||||||||
| 06302013 | 866 | 1054 | 1043 | 985 | 09302014 | 764 | 09302004 | 919 | ||||||||||||||||
| 03312013 | 853 | 1083 | 1019 | 989 | 12312014 | 744 | 12312004 | 884 | ||||||||||||||||
| 12312012 | 822 | 1081 | 977 | 981 | 03312015 | 742 | 03312005 | 869 | ||||||||||||||||
| 09302012 | 850 | 1144 | 998 | 1009 | 06302015 | 707 | 06302005 | 841 | ||||||||||||||||
| 06302012 | 834 | 1162 | 992 | 1004 | 09302015 | 704 | 09302005 | 826 | ||||||||||||||||
| 03312012 | 859 | 1170 | 1001 | 959 | 12312015 | 675 | 12312005 | 788 | ||||||||||||||||
| 12312011 | 781 | 1098 | 984 | 928 | 03312016 | 659 | 03312006 | 745 | ||||||||||||||||
| 09302011 | 764 | 1081 | 966 | 921 | 06302016 | 662 | 06302006 | 738 | ||||||||||||||||
| 06302011 | 873 | 1097 | 1005 | 962 | 09302016 | 656 | 09302006 | 745 | ||||||||||||||||
| 03312011 | 872 | 1088 | 1005 | 962 | 12312016 | 634 | 12312006 | 735 | ||||||||||||||||
| 12312010 | 914 | 1071 | 1015 | 976 | 03312017 | 631 | 03312007 | 734 | ||||||||||||||||
| 09302010 | 905 | 1067 | 1014 | 974 | 06302017 | 642 | 06302007 | 741 | ||||||||||||||||
| 06302010 | 767 | 1067 | 1028 | 939 | 09302017 | 655 | 09302007 | 771 | ||||||||||||||||
| 03312010 | 866 | 1159 | 1006 | 973 | 12312017 | 636 | 12312007 | 756 | ||||||||||||||||
| 12312009 | 821 | 1124 | 987 | 946 | 03312018 | 618 | 03312008 | 748 | ||||||||||||||||
| 09302009 | 800 | 1102 | 970 | 947 | 06302018 | 613 | 06302008 | 736 | ||||||||||||||||
| 06302009 | 777 | 1076 | 920 | 911 | 09302018 | 606 | 09302008 | 723 | ||||||||||||||||
| 03312009 | 743 | 1032 | 871 | 892 | 12312018 | 609 | 12312008 | 743 | ||||||||||||||||
| 12312008 | 843 | 1100 | 899 | 920 | 03312009 | 737 | ||||||||||||||||||
| 09302008 | 994 | 1173 | 972 | 998 | 06302009 | 706 | ||||||||||||||||||
| 06302008 | 1044 | 1237 | 1006 | 1041 | 09302009 | 719 | ||||||||||||||||||
| 03312008 | 1095 | 1278 | 1043 | 1066 | 12312009 | 701 | ||||||||||||||||||
| 12312007 | 1182 | 1296 | 1054 | 1101 | 03312010 | 715 | ||||||||||||||||||
| 09302007 | 1059 | 1308 | 1065 | 1098 | 06302010 | 714 | ||||||||||||||||||
| 06302007 | 1083 | 1290 | 1080 | 1071 | 09302010 | 722 | ||||||||||||||||||
| 03312007 | 1076 | 1280 | 1066 | 1076 | 12312010 | 689 | ||||||||||||||||||
| 12312006 | 1180 | 1248 | 1099 | 1064 | 03312011 | 677 | ||||||||||||||||||
| 09302006 | 1174 | 1236 | 1097 | 1058 | 06302011 | 680 | ||||||||||||||||||
| 06302006 | 1103 | 1222 | 1056 | 1040 | 09302011 | 671 | ||||||||||||||||||
| 03312006 | 1143 | 1237 | 1048 | 1038 | 12312011 | 650 | ||||||||||||||||||
| 12312005 | 1194 | 1274 | 1029 | 1045 | 03312012 | 659 | ||||||||||||||||||
| 09302005 | 1272 | 1297 | 1033 | 1052 | 06302012 | 648 | ||||||||||||||||||
| 06302005 | 1228 | 1240 | 1044 | 1060 | 09302012 | 634 | ||||||||||||||||||
| 03312005 | 1260 | 1289 | 1036 | 1085 | 12312012 | 634 | ||||||||||||||||||
| 12312004 | 1322 | 1375 | 1049 | 1095 | 03312013 | 612 | ||||||||||||||||||
| 09302004 | 1283 | 1375 | 1029 | 1103 | 06302013 | 586 | ||||||||||||||||||
| 06302004 | 1346 | 1273 | 1044 | 1132 | 09302013 | 575 | ||||||||||||||||||
| 03312004 | 1321 | 1237 | 1051 | 1149 | 12312013 | 574 | ||||||||||||||||||
| 12312003 | 1298 | 1220 | 1062 | 1167 | 03312014 | 599 | ||||||||||||||||||
| 09302003 | 1236 | 1142 | 1046 | 1158 | 06302014 | 615 | ||||||||||||||||||
| 06302003 | 1220 | 1149 | 1050 | 1148 | 09302014 | 613 | ||||||||||||||||||
| 03312003 | 1199 | 1074 | 1024 | 1109 | 12312014 | 620 | ||||||||||||||||||
| 12312002 | 1271 | 1068 | 1049 | 1108 | 03312015 | 603 | ||||||||||||||||||
| 09302002 | 1319 | 1065 | 1062 | 1111 | 06302015 | 563 | ||||||||||||||||||
| 06302002 | 1490 | 1149 | 1124 | 1152 | 09302015 | 559 | ||||||||||||||||||
| 03312002 | 1569 | 1205 | 1100 | 1194 | 12312015 | 534 | ||||||||||||||||||
| 12312001 | 1524 | 1225 | 1093 | 1202 | 03312016 | 559 | ||||||||||||||||||
| 09302001 | 1504 | 1204 | 1087 | 1188 | 06302016 | 567 | ||||||||||||||||||
| 06302001 | 1533 | 1261 | 1142 | 1250 | 09302016 | 560 | ||||||||||||||||||
| 03312001 | 1487 | 1241 | 1126 | 1236 | 12312016 | 529 | ||||||||||||||||||
| 12312000 | 1568 | 1323 | 1195 | 1278 | 03312017 | 536 | ||||||||||||||||||
| 09302000 | 1668 | 1391 | 1244 | 1314 | 06302017 | 524 | ||||||||||||||||||
| 06302000 | 1736 | 1454 | 1232 | 1342 | 09302017 | 512 | ||||||||||||||||||
| 03312000 | 1826 | 1389 | 1249 | 1357 | 12312017 | 498 | ||||||||||||||||||
| 12311999 | 1788 | 1373 | 1223 | 1362 | 03312018 | 483 | ||||||||||||||||||
| 09301999 | 1707 | 1320 | 1201 | 1353 | 06302018 | 470 | ||||||||||||||||||
| 06301999 | 1789 | 1329 | 1214 | 1393 | 09302018 | 448 | ||||||||||||||||||
| 03311999 | 1764 | 1292 | 1212 | 1368 | 12312018 | 455 | ||||||||||||||||||
| 12311998 | 1776 | 1268 | 1202 | 1358 | ||||||||||||||||||||
| 09301998 | 1634 | 1203 | 1178 | 1315 | ||||||||||||||||||||
| 06301998 | 1743 | 1257 | 1238 | 1324 | ||||||||||||||||||||
| 03311998 | 1772 | 1285 | 1252 | 1343 | ||||||||||||||||||||
| 12311997 | 1666 | 1213 | 1232 | 1313 | ||||||||||||||||||||
| 09301997 | 1649 | 1205 | 1211 | 1314 | ||||||||||||||||||||
| 06301997 | 1590 | 1205 | 1163 | 1299 | ||||||||||||||||||||
| 03311997 | 1516 | 1150 | 1141 | 1266 | ||||||||||||||||||||
| 12311996 | 1457 | 1186 | 1120 | 1261 | ||||||||||||||||||||
| 09301996 | 1429 | 1178 | 1108 | 1251 | ||||||||||||||||||||
| 06301996 | 1422 | 1132 | 1093 | 1200 | ||||||||||||||||||||
| 03311996 | 1411 | 1100 | 1074 | 1196 | ||||||||||||||||||||
| 12311995 | 1461 | 1070 | 1080 | 1196 | ||||||||||||||||||||
| 09301995 | 1475 | 1062 | 1078 | 1201 | ||||||||||||||||||||
| 06301995 | 1365 | 1061 | 1077 | 1203 | ||||||||||||||||||||
| 03311995 | 1395 | 1022 | 1087 | 1206 | ||||||||||||||||||||
| 12311994 | 1460 | 996 | 1068 | 1194 | ||||||||||||||||||||
| 09301994 | 1511 | 1002 | 1102 | 1205 | ||||||||||||||||||||
| 06301994 | 1319 | 998 | 1119 | 1194 | ||||||||||||||||||||
| 03311994 | 1272 | 1012 | 1144 | 1213 | ||||||||||||||||||||
| 12311993 | 1278 | 1047 | 1182 | 1231 | ||||||||||||||||||||
| 09301993 | 1211 | 1059 | 1197 | 1222 | ||||||||||||||||||||
| 06301993 | 1223 | 1065 | 1184 | 1214 | ||||||||||||||||||||
| 03311993 | 1187 | 1081 | 1174 | 1230 | ||||||||||||||||||||
| 12311992 | 1135 | 1088 | 1152 | 1261 | ||||||||||||||||||||
| 09301992 | 1148 | 1116 | 1165 | 1277 | ||||||||||||||||||||
| 06301992 | 1152 | 1118 | 1155 | 1287 | ||||||||||||||||||||
| 03311992 | 1145 | 1026 | 1161 | 1296 | ||||||||||||||||||||
| 12311991 | 1191 | 1027 | 1179 | 1287 | ||||||||||||||||||||
| 09301991 | 1171 | 1027 | 1168 | 1237 | ||||||||||||||||||||
| 06301991 | 1139 | 1022 | 1186 | 1237 | ||||||||||||||||||||
| 03311991 | 1141 | 1023 | 1185 | 1240 | ||||||||||||||||||||
| 12311990 | 1117 | 1018 | 1165 | 1199 | ||||||||||||||||||||
| 09301990 | 1124 | 1020 | 1162 | 1182 | ||||||||||||||||||||
| 06301990 | 1295 | 1055 | 1235 | 1233 | ||||||||||||||||||||
| 03311990 | 1149 | 1046 | 1229 | 1178 | ||||||||||||||||||||
| 12311989 | 1156 | 1031 | 1251 | 1183 | ||||||||||||||||||||
| 09301989 | 1143 | 1046 | 1273 | 1173 | ||||||||||||||||||||
| 06301989 | 1065 | 1001 | 1275 | 1193 | ||||||||||||||||||||
| 03311989 | 1001 | 993 | 1239 | 1175 | ||||||||||||||||||||
| 12311988 | 955 | 972 | 1222 | 1121 | ||||||||||||||||||||
| 09301988 | 949 | 1000 | 1214 | 1133 | ||||||||||||||||||||
| 06301988 | 968 | 1039 | 1195 | 1147 | ||||||||||||||||||||
| 03311988 | 991 | 1046 | 1210 | 1205 | ||||||||||||||||||||
| 12311987 | 929 | 1047 | 1194 | 1147 | ||||||||||||||||||||
| 09301987 | 1072 | 1124 | 1274 | 1150 | ||||||||||||||||||||
| 06301987 | 1077 | 1063 | 1257 | 1113 | ||||||||||||||||||||
| 03311987 | 1057 | 1076 | 1249 | 1072 | ||||||||||||||||||||
| 12311986 | 1019 | 987 | 1195 | 1040 | ||||||||||||||||||||
| 09301986 | 1021 | 981 | 1190 | 1047 | ||||||||||||||||||||
| 06301986 | 1009 | 998 | 1154 | 1082 | ||||||||||||||||||||
| 03311986 | 954 | 969 | 1147 | 1071 | ||||||||||||||||||||
| 12311985 | 867 | 947 | 1124 | 1067 | ||||||||||||||||||||
| 09301985 | 800 | 909 | 1102 | 1067 | ||||||||||||||||||||
| 06301985 | 863 | 950 | 1138 | 1106 | ||||||||||||||||||||
| 03311985 | 816 | 970 | 1148 | 1135 | ||||||||||||||||||||
| 12311984 | 782 | 947 | 1133 | 1092 | ||||||||||||||||||||
| 09301984 | 780 | 985 | 1143 | 1101 | ||||||||||||||||||||
| 06301984 | 750 | 992 | 1116 | 1066 | ||||||||||||||||||||
| 03311984 | 786 | 1036 | 1149 | 1055 | ||||||||||||||||||||
| 12311983 | 831 | 1080 | 1167 | 1075 | ||||||||||||||||||||
| 09301983 | 859 | 1107 | 1160 | 1084 | ||||||||||||||||||||
| 06301983 | 881 | 1100 | 1158 | 1063 | ||||||||||||||||||||
| 03311983 | 851 | 1050 | 1150 | 1181 | ||||||||||||||||||||
| 12311982 | 833 | 1001 | 1174 | 1126 | ||||||||||||||||||||
| 09301982 | 810 | 975 | 1160 | 1059 | ||||||||||||||||||||
| 06301982 | 771 | 933 | 1151 | 1172 | ||||||||||||||||||||
| 03311982 | 650 | 950 | 1169 | 1068 | ||||||||||||||||||||
| 12311981 | 679 | 992 | 1171 | 1064 | ||||||||||||||||||||
| 09301981 | 685 | 982 | 1114 | 1016 | ||||||||||||||||||||
| 06301981 | 764 | 1065 | 1158 | 950 | ||||||||||||||||||||
| 03311981 | 777 | 1072 | 1168 | 933 | ||||||||||||||||||||
| 12311980 | 835 | 1089 | 1151 | 950 | ||||||||||||||||||||
| 09301980 | 835 | 1084 | 1129 | 892 | ||||||||||||||||||||
| 06301980 | 749 | 1086 | 1121 | 851 | ||||||||||||||||||||
| 03311980 | 701 | 1055 | 1035 | 781 | ||||||||||||||||||||
| 12311979 | 686 | 1087 | 1045 | 826 | ||||||||||||||||||||
| 09301979 | 717 | 1123 | 1037 | 756 | ||||||||||||||||||||
| 06301979 | 667 | 1137 | 1070 | 760 | ||||||||||||||||||||
| 03311979 | 686 | 1111 | 1064 | 773 | ||||||||||||||||||||
| 12311978 | 655 | 1088 | 996 | 770 | ||||||||||||||||||||
| 09301978 | 739 | 1107 | 1034 | 812 | ||||||||||||||||||||
| 06301978 | 754 | 1053 | 1029 | 819 | ||||||||||||||||||||
| 03311978 | 755 | 1066 | 1096 | 805 | ||||||||||||||||||||
| 12311977 | 814 | 1084 | 1053 | 835 | ||||||||||||||||||||
| 09301977 | 789 | 1095 | 987 | 845 | ||||||||||||||||||||
| 06301977 | 751 | 1108 | 967 | 886 | ||||||||||||||||||||
| 03311977 | 777 | 1103 | 921 | 894 | ||||||||||||||||||||
| 12311976 | 793 | 1132 | 955 | 920 | ||||||||||||||||||||
| 09301976 | 796 | 1134 | 970 | 919 | ||||||||||||||||||||
| 06301976 | 772 | 1053 | 988 | 935 | ||||||||||||||||||||
| 03311976 | 748 | 1055 | 984 | 949 | ||||||||||||||||||||
| 12311975 | 711 | 1022 | 977 | 897 | ||||||||||||||||||||
| 09301975 | 695 | 1022 | 998 | |||||||||||||||||||||
| 06301975 | 796 | 1096 | 1067 | |||||||||||||||||||||
| 03311975 | 787 | 1082 | 1083 | |||||||||||||||||||||
| 12311974 | 689 | 1020 | 997 | |||||||||||||||||||||
| 09301974 | 707 | 1006 | 989 | |||||||||||||||||||||
| 06301974 | 923 | 1111 | 1051 | |||||||||||||||||||||
| 03311974 | 1018 | 1175 | 1051 | |||||||||||||||||||||
| 12311973 | 1087 | 1200 | 1078 | |||||||||||||||||||||
| 09301973 | 1184 | 1229 | 1116 | |||||||||||||||||||||
| 06301973 | 1146 | 1208 | 1077 | |||||||||||||||||||||
| 03311973 | 1162 | 1260 | 1271 | |||||||||||||||||||||
| 12311972 | 1170 | 1347 | 1242 | |||||||||||||||||||||
| 09301972 | 1182 | 1363 | 1185 | |||||||||||||||||||||
| 06301972 | 1157 | 1378 | 1347 | |||||||||||||||||||||
| 03311972 | 1176 | 1398 | 1212 | |||||||||||||||||||||
| 12311971 | 1167 | 1351 | 1170 | |||||||||||||||||||||
| 09301971 | 1164 | 1282 | 1116 | |||||||||||||||||||||
| 06301971 | 1233 | 1303 | 1004 | |||||||||||||||||||||
| 03311971 | 1230 | 1306 | 976 | |||||||||||||||||||||
| 12311970 | 1212 | 1254 | 975 | |||||||||||||||||||||
| 09301970 | 1199 | 1221 | 901 | |||||||||||||||||||||
| 06301970 | 1175 | 1192 | 836 | |||||||||||||||||||||
| 03311970 | 1310 | 1198 | 837 | |||||||||||||||||||||
| 12311969 | 1346 | 1201 | 887 | |||||||||||||||||||||
| 09301969 | 1403 | 1192 | 799 | |||||||||||||||||||||
| 06301969 | 1489 | 1279 | 836 | |||||||||||||||||||||
| 03311969 | 1482 | 1293 | 868 | |||||||||||||||||||||
| 12311968 | 1495 | 1233 | 887 | |||||||||||||||||||||
| 09301968 | 1484 | 1258 | 920 | |||||||||||||||||||||
| 06301968 | 1426 | 1268 | 942 | |||||||||||||||||||||
| 03311968 | 1432 | 1350 | 917 | |||||||||||||||||||||
| 12311967 | 1465 | 1295 | 957 | |||||||||||||||||||||
| 09301967 | 1479 | 1202 | 968 | |||||||||||||||||||||
| 06301967 | 1440 | 1138 | 991 | |||||||||||||||||||||
| 03311967 | 1444 | 1082 | 1008 | |||||||||||||||||||||
| 12311966 | 1374 | 1054 | 985 | |||||||||||||||||||||
| 09301966 | 1362 | 1064 | 976 | |||||||||||||||||||||
| 06301966 | 1301 | 1130 | 1028 | |||||||||||||||||||||
| 03311966 | 1343 | 1149 | 1064 | |||||||||||||||||||||
| 12311965 | 1387 | 1202 | 1044 | |||||||||||||||||||||
| 09301965 | 1413 | 1248 | ||||||||||||||||||||||
| 06301965 | 1420 | 1271 | ||||||||||||||||||||||
| 03311965 | 1489 | 1353 | ||||||||||||||||||||||
| 12311964 | 1497 | 1304 | ||||||||||||||||||||||
| 09301964 | 1518 | 1320 | ||||||||||||||||||||||
| 06301964 | 1494 | 1282 | ||||||||||||||||||||||
| 03311964 | 1523 | 1237 | ||||||||||||||||||||||
| 12311963 | 1512 | 1241 | ||||||||||||||||||||||
| 09301963 | 1470 | 1236 | ||||||||||||||||||||||
| 06301963 | 1441 | 1186 | ||||||||||||||||||||||
| 03311963 | 1458 | 1407 | ||||||||||||||||||||||
| 12311962 | 1527 | 1326 | ||||||||||||||||||||||
| 09301962 | 1522 | 1229 | ||||||||||||||||||||||
| 06301962 | 1546 | 1448 | ||||||||||||||||||||||
| 03311962 | 1714 | 1356 | ||||||||||||||||||||||
| 12311961 | 1687 | 1328 | ||||||||||||||||||||||
| 09301961 | 1561 | 1243 | ||||||||||||||||||||||
| 06301961 | 1567 | 1076 | ||||||||||||||||||||||
| 03311961 | 1573 | 1038 | ||||||||||||||||||||||
| 12311960 | 1477 | 1027 | ||||||||||||||||||||||
| 09301960 | 1430 | 931 | ||||||||||||||||||||||
| 06301960 | 1507 | 919 | ||||||||||||||||||||||
| 03311960 | 1380 | 835 | ||||||||||||||||||||||
| 12311959 | 1416 | 921 | ||||||||||||||||||||||
| 09301959 | 1366 | 781 | ||||||||||||||||||||||
| 06301959 | 1487 | 823 | ||||||||||||||||||||||
| 03311959 | 1455 | 832 | ||||||||||||||||||||||
| 12311958 | 1348 | 848 | ||||||||||||||||||||||
| 09301958 | 1337 | 861 | ||||||||||||||||||||||
| 06301958 | 1311 | 863 | ||||||||||||||||||||||
| 03311958 | 1449 | 838 | ||||||||||||||||||||||
| 12311957 | 1298 | 848 | ||||||||||||||||||||||
| 09301957 | 1189 | 882 | ||||||||||||||||||||||
| 06301957 | 1189 | 976 | ||||||||||||||||||||||
| 03311957 | 1066 | 973 | ||||||||||||||||||||||
| 12311956 | 1120 | 1006 | ||||||||||||||||||||||
| 09301956 | 1146 | 1001 | ||||||||||||||||||||||
| 06301956 | 1209 | 1046 | ||||||||||||||||||||||
| 03311956 | 1225 | 1086 | ||||||||||||||||||||||
| 12311955 | 1248 | 1023 | ||||||||||||||||||||||
| 09301955 | 1309 | |||||||||||||||||||||||
| 06301955 | 1344 | |||||||||||||||||||||||
| 03311955 | 1387 | |||||||||||||||||||||||
| 12311954 | 1313 | |||||||||||||||||||||||
| 09301954 | 1278 | |||||||||||||||||||||||
| 06301954 | 1180 | |||||||||||||||||||||||
| 03311954 | 1083 | |||||||||||||||||||||||
| 12311953 | 1068 | |||||||||||||||||||||||
| 09301953 | 1049 | |||||||||||||||||||||||
| 06301953 | 1008 | |||||||||||||||||||||||
| 03311953 | 1380 | |||||||||||||||||||||||
| 12311952 | 1315 | |||||||||||||||||||||||
| 09301952 | 1187 | |||||||||||||||||||||||
| 06301952 | 1540 | |||||||||||||||||||||||
| 03311952 | 1247 | |||||||||||||||||||||||
| 12311951 | 1173 | |||||||||||||||||||||||
| 09301951 | 1068 | |||||||||||||||||||||||
| 06301951 | 780 | |||||||||||||||||||||||
| 03311951 | 727 | |||||||||||||||||||||||
| 12311950 | 743 | |||||||||||||||||||||||
| 09301950 | 611 | |||||||||||||||||||||||
| 06301950 | 507 | |||||||||||||||||||||||
| 03311950 | 384 | |||||||||||||||||||||||
| 12311949 | 446 | |||||||||||||||||||||||
| 09301949 | 227 | |||||||||||||||||||||||
| 06301949 | 219 | |||||||||||||||||||||||
| 03311949 | 286 | |||||||||||||||||||||||
| 12311948 | 311 | |||||||||||||||||||||||
| 09301948 | 384 | |||||||||||||||||||||||
| 06301948 | 479 | |||||||||||||||||||||||
| 03311948 | 424 | |||||||||||||||||||||||
| 12311947 | 471 | |||||||||||||||||||||||
| 09301947 | 479 | |||||||||||||||||||||||
| 06301947 | 560 | |||||||||||||||||||||||
| 03311947 | 589 | |||||||||||||||||||||||
| 12311946 | 609 | |||||||||||||||||||||||
| 09301946 | 603 | |||||||||||||||||||||||
| 06301946 | 761 | |||||||||||||||||||||||
| 03311946 | 792 | |||||||||||||||||||||||
| 12311945 | 713 |
20
Smart BetaFactor Investing
Source Investment Metrics
1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 15 YR15 YR
Standard Deviation
MSCI USA High Dividend Yield Index -323 706 968 709 841 1140 1112 1137 1173 1223 775 1241
MSCI USA Minimum Volatility Index 087 929 947 831 976 1207 1180 1182 1204 1258 859 1068
MSCI USA Momentum Index -202 1596 1206 1121 1181 1524 1510 1385 1428 1456 988 1483
MSCI USA Quality Index -312 1018 923 853 907 1270 1245 1185 1186 1364 854 1227
MSCI USA Value Weighted Index -855 404 788 505 635 1055 1140 992 1064 1225 667 1458
MSCI USA Small Cap Index -1040 228 762 456 506 989 1095 904 1095 1349 792 1776
SampP 500 Index -494 729 859 657 783 1146 1199 1062 1103 1240 710 1343
Annualized Returns as of 123118
Data
Calendar Year Ranks
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
23
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | Since Inception | |||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | 1323 | |||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | 1128 | |||||||||||||||
| -312 | 2119 | 1510 | 492 | 1385 | 3403 | 1533 | 772 | 1657 | 2783 | -3063 | 854 | 1108 | |||||||||||||||
| -323 | 1845 | 1089 | 069 | 1269 | 3276 | 1430 | 548 | 1477 | 2625 | -3618 | 792 | 982 | |||||||||||||||
| -504 | 1841 | 984 | -032 | 1171 | 3179 | 1095 | 136 | 1463 | 1747 | -3757 | 775 | 895 | |||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 717 | 845 | |||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | 642 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | |||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | |||||||||||||||||||||||||||
| MSCI USA (Net) |
| Annualized Returns as of 123118 | |||||||||||||||||||||||||||||||||||||||
| 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 15 YR Standard Deviation | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||
| MSCI USA High Dividend Yield Index | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | 1241 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||
| MSCI USA Minimum Volatility Index | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 1068 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||
| MSCI USA Momentum Index | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 1483 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||
| MSCI USA Quality Index | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 1227 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||
| MSCI USA Value Weighted Index | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 1458 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||
| MSCI USA Small Cap Index | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | 1776 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||
| MSCI USA | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 1348 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||
| SampP 500 Index | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 1343 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
21
Smart BetaFactor Investing
Source Investment Metrics
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 15 YR
087 3724 1915 870 1576 3764 1752 1313 2748 3907 -2620 988
Volatility Momentum Small Cap Momentum Volatility Small Cap Small Cap Yield Small Cap Small Cap Volatility Momentum
-202 2532 1598 647 1425 3421 1662 1194 1776 3103 -2852 859
Momentum Quality Value Quality Momentum Value Value Volatility Momentum Quality Yield Volatility
-312 2110 1510 492 1385 3403 1522 772 1657 2783 -3063 854
Quality SampP 500 Yield Volatility Yield Momentum SampP 500 Quality Value Value Quality Quality
-323 1845 1123 075 1299 3276 1430 548 1437 2555 -3618 792
Yield Yield SampP 500 SampP 500 SampP 500 Quality Momentum Momentum SampP 500 SampP 500 Small Cap Small Cap
-494 1841 984 -032 1171 3155 1095 147 1463 1747 -3744 775
SampP 500 Volatility Volatility Yield Value SampP 500 Quality SampP 500 Yield Volatility SampP 500 Yield
-855 1837 735 -299 1125 2765 1020 006 1383 1711 -4017 710
Value Value Quality Value Quality Yield Volatility Value Volatility Momentum Value SampP 500
-1040 1675 464 -411 707 2437 948 -343 1192 1687 -4112 667
Small Cap Small Cap Momentum Small Cap Small Cap Volatility Yield Small Cap Quality Yield Momentum Value
Data
Calendar Year Ranks
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
23
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- Slide Number 4
- Slide Number 5
- Slide Number 6
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-
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 15 YR | ||||||||||||||
| 087 | 3724 | 1915 | 870 | 1576 | 3764 | 1752 | 1313 | 2748 | 3907 | -2620 | 988 | ||||||||||||||
| Volatility | Momentum | Small Cap | Momentum | Volatility | Small Cap | Small Cap | Yield | Small Cap | Small Cap | Volatility | Momentum | ||||||||||||||
| -202 | 2532 | 1598 | 647 | 1425 | 3421 | 1662 | 1194 | 1776 | 3103 | -2852 | 859 | ||||||||||||||
| Momentum | Quality | Value | Quality | Momentum | Value | Value | Volatility | Momentum | Quality | Yield | Volatility | ||||||||||||||
| -312 | 2110 | 1510 | 492 | 1385 | 3403 | 1522 | 772 | 1657 | 2783 | -3063 | 854 | ||||||||||||||
| Quality | SampP 500 | Yield | Volatility | Yield | Momentum | SampP 500 | Quality | Value | Value | Quality | Quality | ||||||||||||||
| -323 | 1845 | 1123 | 075 | 1299 | 3276 | 1430 | 548 | 1437 | 2555 | -3618 | 792 | ||||||||||||||
| Yield | Yield | SampP 500 | SampP 500 | SampP 500 | Quality | Momentum | Momentum | SampP 500 | SampP 500 | Small Cap | Small Cap | ||||||||||||||
| -494 | 1841 | 984 | -032 | 1171 | 3155 | 1095 | 147 | 1463 | 1747 | -3744 | 775 | ||||||||||||||
| SampP 500 | Volatility | Volatility | Yield | Value | SampP 500 | Quality | SampP 500 | Yield | Volatility | SampP 500 | Yield | ||||||||||||||
| -855 | 1837 | 735 | -299 | 1125 | 2765 | 1020 | 006 | 1383 | 1711 | -4017 | 710 | ||||||||||||||
| Value | Value | Quality | Value | Quality | Yield | Volatility | Value | Volatility | Momentum | Value | SampP 500 | ||||||||||||||
| -1040 | 1675 | 464 | -411 | 707 | 2437 | 948 | -343 | 1192 | 1687 | -4112 | 667 | ||||||||||||||
| Small Cap | Small Cap | Momentum | Small Cap | Small Cap | Volatility | Yield | Small Cap | Quality | Yield | Momentum | Value | ||||||||||||||
| -49441094259 | 211031530306 | 112271550515 | 07459334764 | 129944130516 | 315457334006 | 152180096389 | 14728815628 | 143742049828 | 255547119108 | -374388918782 | |||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | Yield | ||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | Volatility | ||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | Momentum | ||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | Quality | ||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | Value | ||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | Small Cap | ||||||||||||||||||||||||
| MSCI USA (Net) | MSCI USA |
| MTH | QTR | YTD | 1 YR | 2 YR | 3 YR | 4 YR | 5 YR | 6 YR | 7 YR | 8 YR | 9 YR | 10 YR | 15 YR | 20 yr | 25 yr | 30 yr | 35 yr | 40 yr | Inception | Inception13Date | |||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -825 | -853 | -323 | -323 | 706 | 968 | 709 | 841 | 1140 | 1112 | 1137 | 1173 | 1223 | 775 | NA | NA | NA | NA | NA | 642 | 01012001 | ||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | -717 | -768 | 087 | 087 | 929 | 947 | 831 | 976 | 1207 | 1180 | 1182 | 1204 | 1258 | 859 | 641 | 902 | 973 | NA | NA | 982 | 06011988 | ||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -771 | -1567 | -202 | -202 | 1596 | 1206 | 1121 | 1181 | 1524 | 1510 | 1385 | 1428 | 1456 | 988 | 805 | 1217 | 1358 | 1309 | 1360 | 1323 | 01011975 | ||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -831 | -1386 | -312 | -312 | 1018 | 923 | 853 | 907 | 1270 | 1245 | 1185 | 1186 | 1364 | 854 | 598 | 1045 | 1116 | 1180 | 1206 | 1128 | 12011975 | ||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -1013 | -1365 | -855 | -855 | 404 | 788 | 505 | 635 | 1055 | 1140 | 992 | 1064 | 1225 | 667 | 549 | 873 | 938 | 1009 | 1086 | 1108 | 12011974 | ||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1131 | -1889 | -1040 | -1040 | 228 | 762 | 456 | 506 | 989 | 1095 | 904 | 1095 | 1349 | 792 | NA | NA | NA | NA | NA | 845 | 01012001 | ||||||||||||||||||||||
| MSCI USA (Net) | -905 | -1381 | -504 | -504 | 727 | 847 | 647 | 768 | 1137 | 1193 | 1055 | 1101 | 1245 | 717 | 489 | 851 | 936 | 994 | 1049 | 895 | 01011970 | ||||||||||||||||||||||
| SampP 500 Index (Net) | -907 | -1366 | -494 | -494 | 729 | 859 | 657 | 783 | 1146 | 1199 | 1062 | 1103 | 1240 | 710 | 501 | NA | NA | NA | NA | 501 | 01011999 | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | -323 | 1845 | 1510 | -032 | 1385 | 2765 | 948 | 1313 | 1463 | 1687 | -2852 | ||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 087 | 1841 | 984 | 492 | 1576 | 2437 | 1020 | 1194 | 1383 | 1747 | -2620 | ||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | -202 | 3724 | 464 | 870 | 1425 | 3403 | 1430 | 548 | 1776 | 1711 | -4112 | ||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | -312 | 2532 | 735 | 647 | 1125 | 3276 | 1095 | 772 | 1192 | 3103 | -3063 | ||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | -855 | 1837 | 1598 | -299 | 1171 | 3421 | 1662 | 006 | 1657 | 2783 | -4017 | ||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | -1040 | 1675 | 1915 | -411 | 707 | 3764 | 1752 | -343 | 2748 | 3907 | -3618 | ||||||||||||||||||||||||||||||||
| MSCI USA (Net) | -504 | 2119 | 1089 | 069 | 1269 | 3179 | 1533 | 136 | 1477 | 2625 | -3757 | ||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | -494 | 2110 | 1123 | 075 | 1299 | 3155 | 1522 | 147 | 1437 | 2555 | -3744 | ||||||||||||||||||||||||||||||||
| 10 YR StandardDeviation | 15 YR StandardDeviation | 20 YR StandardDeviation | 25 YR StandardDeviation | 30 YR StandardDeviation | Since Inception StandardDeviation | Inception13Date | |||||||||||||||||||||||||||||||||||||
| MSCI USA High Dividend Yield Index (Net) | 1302 | 1241 | NA | NA | NA | 1262 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Minimum Volatility Index (Net) | 1068 | 1068 | 1122 | 1133 | 1128 | 1124 | 06011988 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Momentum Index (Net) | 1351 | 1483 | 1540 | 1572 | 1567 | 1645 | 01011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Quality Index (Net) | 1245 | 1227 | 1339 | 1381 | 1390 | 1473 | 12011975 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Value Weighted Index (Net) | 1487 | 1458 | 1524 | 1495 | 1458 | 1486 | 12011974 | ||||||||||||||||||||||||||||||||||||
| MSCI USA Small Cap Index (Net) | 1753 | 1776 | NA | NA | NA | 1855 | 01012001 | ||||||||||||||||||||||||||||||||||||
| MSCI USA (Net) | 1354 | 1348 | 1454 | 1452 | 1424 | 1504 | 01011970 | ||||||||||||||||||||||||||||||||||||
| SampP 500 Index (Net) | 1355 | 1343 | 1444 | NA | NA | 1444 | 01011999 |
22
Important Disclosure Information
This presentation is the proprietary work product of AndCo Consulting It is being provided forinformational and educational purposes but is not intended to be reproduced and should not be regardedas investment advice or as a recommendation regarding any particular course of action and additionallyis not intended to provide and should not be relied upon for legal or tax advice
Opinions expressed reflect prevailing market conditions at the time this material was completed and aresubject to change Additionally the material provided herein is valid as of the date of distribution and notas of any future date and will not be updated or otherwise revised to reflect information that subsequentlybecomes available or circumstances existing or changes occurring after such date
This presentation may contain forward-looking statements or projections which may be subject to variousuncertainties whereby the actual outcomes or results could differ from those indicated
Certain information is based on sources and data believed to be reliable but AndCo cannot guaranteethe accuracy adequacy or completeness of the information The source for all data charts and graphs isAndCo Consulting unless otherwise stated
AndCo Consulting is an investment adviser registered with the US Securities and Exchange Commission(ldquoSECrdquo) Registration as an investment adviser does not constitute an endorsement for the firm bysecurities regulators nor does it indicate that the adviser has attained a particular level of skill or ability
23
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23
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