secure.uwf.edu · 12/4/2019 · uwf foundation, inc. board of directors meeting . applied science...
TRANSCRIPT
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Opening Remarks and Introduction
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UWF Foundation, Inc. Board of Directors Meeting
Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m.
Agenda
Opening Remark/ Introduction Gail Dorsey, BOD Chair Call to Order / Agenda
Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary
Information Reports
University Update Martha Saunders, UWF President
Advancement Report Howard Reddy, VP for Advancement
Career Development & Community Engagement: Lauren Loeffler, Executive Director CDCE Partnership opportunities for the Foundation Board
Student Presentation Sam Brown, UWF Co-Op Student - Toyota
Alumni Report Eric Brammer, Alumni Assoc. President
CFO’s Report Daniel Lucas, Chief Financial Officer
Committee/Officers Reports Executive Committee Gail Dorsey, BOD Chair
Actions of the Executive Committee*
Investment Committee James Hosman, Vice Chair Investment Cmte Quarterly Performance Report Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee*
Audit Budget Committee David Hightower, BOD Treasurer Actions of the Audit Budget Committee* Budget to Actual Reports
Housing & Foundation Statement of Functional Expenses Unspent Budget Report
Review of Internal Controls and Fraud Responsibilities
Grant Committee Tim Haag, Chair Grant Committee Actions of the Grant Committee
Nominating Committee Gordon Sprague, BOD Immediate Past Chair
Gail Dorsey, BOD Chair
Gail Dorsey, BOD Chair
Will meet March 5, 2020
Other Business
Closing Remarks from Chair Adjourn
*Indicates possible action item for the Board.
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UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING
Pensacola Main Campus Building 70 Classroom September 18, 2019 @ 3:30 p.m. – 5:00 p.m.
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DRAFT Present Members: Chair Gail Dorsey, Rich Byars, Jamie Calvert, Dave Cleveland, Jason Crawford, DeeDee Davis, Megan Fry, John Gormley, Tim Haag, Chad Henderson, James Hosman, Amber McClure, David Peaden, Bill Rone, Martha Saunders, Gordon Sprague, Rodney Sutton, Bruce Vredenburg, Todd Zaborski, Dr. Matthew Crow (Interim Faculty Senate V.P.) and Joining via conference call: Connie Bookman, Eric Brammer, David Hightower, Trip Maygarden and John Peacock. Staff: Howard Reddy, Daniel Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Geri Battist, Missy Grace, Brett Berg, Tori Bennett, Candice Lane, Gina Sharp, Marisa Elmore and Teresa Burgess. Guests: Dr. Brandon Frye, Neil McMillion, Dr. Ed Ranelli, Marissa Agerton (student presenter), Margaret Stopp, Diane Martinez, Allison Jones, Molly Murphy, Foundation Student Fellows Hunter McCabe and Suzanna Daughtry. Call to Order: Chair Gail Dorsey called the meeting to order at 3:31 p.m. and thanked everyone for attending. Roll Call and Approval of the Minutes: Staff verified that a quorum had been established. The Board reviewed the minutes of the meeting held on June 17, 2019. Gordon Sprague made a motion to approve the minutes as submitted. Bill Rone seconded the motion with all members voting in favor. Opening Remarks: Gail Dorsey introduced the new Board members and Foundation Student Fellows that were present. All members briefly introduced themselves. Information Reports: University Update: President Saunders presented the University update which included some of the following highlights: UWF was recently recognized by U.S. News and World Report for earning four badges of distinction and was also named a 2019 Great College to Work For from the Chronicle of Higher Education (for the seventh time). The University now has nine National Merit Scholars. Former President Dr. Judy Bense will be named to the Florida Women’s Hall of Fame next month. Bense is the first from the Panhandle to receive this distinction. Dr. Kristen “Brent” Venable was recently hired as Director of the new Ph.D program in Intelligent Systems and Robotics. The first class in this program has officially launched. Some other recent high points for the University include: the launch of the new Guardian App for student safety; the Argo Tots Program which engages UWF Engineering students to modify kiddie cars for children with disabilities; the Small Business Development Center (SBDC) was named 2019 Florida SBDC Region of the Year. Dr. Saunders reported that a recent football economic impact survey revealed that UWF Football has had a 9.7-million-dollar impact in Escambia County and has created approximately 94 jobs. The 1st Amendment Lecture Series was held last week; guest speaker Carl
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UWF Foundation, Inc. Board of Directors Meeting Minutes September 19, 2019
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Hiaasen’s lecture was well received. In conclusion, the new Lab Sciences Annex will have a ribbon cutting ceremony tomorrow - there is much enthusiasm across the campus community over this new facility. Advancement Report: Howard Reddy discussed several University Advancement highlights and began with a summary of FY19. Gifts received as of 06/30/19 totaled $8,362,214, which was $3.86 million over goal. There were 62 Major Gifts ($10,000 and up), and 449 donors gave at the Nautilus Level ($1000). The new fiscal year is off to a strong start and to date $1,280,984 in Cash, New Pledges and Planned Gifts have been received. Among the new major gifts are the $500,000 Linda B. Cassaly Charitable Lead Annuity Trust, The O’Kelley Hemminghaus Foundation Chemistry Endowed Scholarship in the amount of $200,000, and the Harriet L. Rosasco CRUT in the amount of $109,773. The target goal for 2019-20 is $4.7 million. Howard reviewed the KPI reports and noted that eight Foundation Board members have made gifts this year. There’s big news in that the Alumni Association Board has just reached 100% of its giving goal. There will be a lot of extra effort this year to get Alumni participation up to 5%. This year’s Day of Giving and other events will focus on Alumni. The UWF Historic Trust/WUWF has reached 72% of their major gifts goal to date. Capital Campaign planning is underway and the four major gift officers will be compiling a list of top prospects to focus on between now and December. He added that audit season in the Foundation is wrapping up – kudos to Dan Lucas and the Foundation Team for all the extra work with the auditors. Howard concluded by thanking the Board for their advocacy and asked that members continue to seek out new leads and opportunities for growth within the community. Review of Audited Financial Statements: Auditors Molly Murphy, Diane Martinez and Allison Jones of Saltmarsh, Cleaveland & Gund were present. The change in reporting structure this year (from FASB to GASB) required additional time, but the draft is now complete. Another change is that the Foundation now falls under the Florida State Single Audit, which is a different level of audit. There were no findings or compliance items to report and a clean opinion was issued. A high-level overview of several parts of the report were discussed. Although the report is a draft, the Auditors do not expect any further changes to come about. Student Presentation: Grant Committee Chair Tim Haag briefly described the function of that committee and how it evaluates travel grant application packages and awards students with scholarships. These scholarships are funded by the Foundation and go towards covering various study abroad programs. Tim then introduced Art/Anthropology student Marissa Agerton. Marissa is a recent grant recipient who spent four weeks last summer in the “Irish Experience” program. She believes that a trip like this would not have been possible at this point in her life had it not been for the scholarship. Marissa added that this was not only her first time travelling abroad, but her first time on an airplane. Some highlights from her time in Ireland included taking two classes: Oil Painting and Print Making (both new mediums for her), and visiting monastic sites, castles, and national parks all across the country. She is truly appreciative for this amazing opportunity, and it has made a lasting impression on her.
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UWF Foundation, Inc. Board of Directors Meeting Minutes September 19, 2019
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Sunshine Notice Review: Foundation Attorney Margaret Stopp was present to review the Florida Sunshine Public Records Laws for the benefit of new members, as well as to provide a refresher for all present. Some highlights include: all open public meetings must be noticed in advance; notes and minutes must be taken and available for review; and private discussions regarding possible voting items cannot take place among board members. On the topic of quorum: physical presence is required at meetings and calling in does not count towards quorum requirements. Alumni Report: New Alumni Board President Eric Brammer reported that 100% of board members have already made a gift this year. He’s very happy to serve in this capacity and looks forward to encouraging alumni engagement and participation in all upcoming events. Eric thanked Alumni Relations Director Missy Grace and past President Brett Barrow for their accomplishments and for laying the foundation for success. Upcoming events include an Alumni booth at Gallery Night this Friday, Tailgates at home football games, and a new Homecoming event called the Welcome Home Block Party. This will take place on Museum Plaza on 10/04/19 from 5:00 – 8:00 p.m. Eric thanked the Board for its support of alumni events and efforts. CFO’s Report: Dan Lucas began the CFO report by introducing Hunter McCabe and Suzanna Daughtry; both are participating in the Foundation Student Fellow Program this year. This program will allow Hunter and Suzanna to gain hands on experience to add to their professional portfolios by working with the Investment Committee and the opportunity to attend Foundation Board meetings and extra events. Dan reiterated that the audit season is wrapping up. In addition to the Foundation’s full financial statement audit, a License Fee audit and a Major Gift audit have also taken place. The University also went through an operational audit. Dan went on to introduce the Foundation staff members that were in attendance: Director E. Jan Butts, and Accountants Candice Lane, Marisa Elmore, and Gina Sharp. Dan reported that the Moody’s rating review went well; he then turned it over to Neil McMillion of Housing. Neil reported that Housing is at 101% of goal with 1436 beds filled. They are already starting to work on next year’s marketing to ensure continued success. Neil was happy to report that with the revenue being generated, money will be put towards reserves in the future. Dan thanked Housing, Financial Aid and Enrollment for the team effort that made this possible. This concluded the CFO report. Reports of Board Officers & Committees: Executive Committee: Gail Dorsey presented the slate of officers for 2019-20 fiscal year: Chair Gail Dorsey, Vice Chair Jason Crawford, Secretary John Gormley, Treasurer David Hightower, Immediate Past Chair Gordon Sprague. She put forth the motion to vote on the officer list; James Hosman voted in favor and Tim Haag seconded the motion. The motion carried with all voting in favor. Gail encouraged all members to stay as involved with UWF events as possible, and this concluded her report.
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UWF Foundation, Inc. Board of Directors Meeting Minutes September 19, 2019
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Investment Committee: Jason Crawford began by reporting on the investment pool performance. The portfolio value at the end of the quarter was 93.6 million, with 3.5% growth for the quarter, achieving the CPI + 4 benchmark. Jason recognized Rodney Sutton and Chad Henderson as new members to the committee. Outside advisor Atlanta Consulting Group has continued to perform well for the past fifteen years. They are nearing the end of the current 5-year engagement and the review process will begin again next fiscal year. Jason briefly discussed the most recent Investment Manager Breakfast with Conestoga & Eagle Capital as guest speakers. This was another successful event, well attended by community members and business leaders. He looks forward to continuing this event in the coming fiscal year. At the last Investment committee meeting, the decision to remove Dodge and Cox from cautionary status was made. Jason stated that he is serving on the COB Dean search committee. He encouraged fellow board members to attend any open sessions if possible, to see the candidates and provide feedback. This concluded Jason’s report. Audit/Budget Committee: David Hightower stated that Neil’s presentation on Housing combined with the highlights provided earlier by the Saltmarsh Auditors addressed the news and happenings for this committee. Dan Lucas added that the variances for the Budget to Actuals for both the Housing financials and the Foundation financials were all in line. Dan asked for the Board to approve the draft audit as presented – subject to any material changes due to timing of the alternative investment’s confirmations of value. If any material value changes arise, Dan will bring the report back to the Board. Todd Zaborski made the motion to vote in favor of approving the Audit, Bill Rone seconded the motion and the motion carried with all voting in favor. Grant Committee: Tim Haag stated that he was happy to step into the role of Chair for the coming fiscal year. The first meeting for the year will be held on November 14, 2019, and he is looking forward to working with the committee again. Nominating Committee: Gordon Sprague presented a proposed timeline for selecting two new board members (presidential appointments) for the next fiscal year, as both he and David Hightower prepare to roll off. He asks that members begin submitting letters of introduction/interest now to Howard, with a cutoff date of February 1, 2020. The ranking of the nominees will take place at the March 5, 2020 committee meetings. He hopes to establish a pool of candidates to fill any future openings that may occur and has asked President Saunders to assist in getting the word out via various social media announcements. Other Business: Gail Dorsey reminded all members to complete and turn in their annual Conflict of Interest forms before leaving and to utilize the Contact Info Change form if any changes are necessary. Gail asked that all the Directors continue to advocate for UWF and to remember to make their Nautilus Level Gifts. She then shared a “fun fact” that the poem by Oliver Wendell Holmes titled “The Chambered Nautilus” was the inspiration for the nautilus shell’s significance
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UWF Foundation, Inc. Board of Directors Meeting Minutes September 19, 2019
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on the UWF campus. In short, it represents growth and progress which correlates to student, faculty, and staff success and growth. Adjournment: Chair Dorsey thanked the Board members for their participation in the meeting. There being no further business, the meeting was adjourned at 5:14 pm. Minutes recorded by Lisa Mrahi on September 19, 2019.
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Executive Committee Reports
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UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING
Global Online Training Room November 21, 2019, 3:30 p.m. – 5:00 p.m.
Present: Members: Chair Gail Dorsey, David Hightower, Dave Cleveland, Dr. Martha Saunders. Staff: Howard Reddy, Dan Lucas, E. Jan Butts, Candice Lane, Lisa Mrahi. Call to Order: Chair Dorsey called the meeting to order at 3:30 p.m. Staff confirmed attendance and that a quorum was present. Minutes: The committee members reviewed the minutes of the meeting held on August 29, 2019. David Hightower made a motion to accept the minutes as presented. Dave Cleveland seconded the motion, and the motion carried with all voting in favor. University Update: President Saunders provided a University update which included the following highlights: Mort O’Sullivan will be the guest speaker at Commencement on December 14, 2019 and also be awarded the Presidential Medal of Honor. UWF is currently interviewing candidates for the master plan and obtaining estimates for fieldhouse renovations. In legislative news, we are seeking funds for cybersecurity, fieldhouse renovations as well as an operational budget increase. Dr. Saunders was recently invited to a summit and to participate in the Miami Panel of Influencers, which was a successful gathering of educational professionals from across the state. Advancement Report: Howard Reddy discussed several University Advancement highlights, and stated that fiscal year-to-date total gifts received is $8,468,994 which includes Cash Gifts, New Pledges and Planned Gifts. We have received an anonymous gift of $6 million dollars. Another anonymous $347,000 gift was made to the First-Generation Scholarship Fund. An in-kind gift sculpture valued at $160,000 was donated to The Historic Trust/PMA by Hal Holder. Other major gifts include: $128,000 from Pen Air Federal Credit Union and $115,209 from Consumer Credit Counseling Service of West FL. As mentioned at the Donor Dinner, the recent passing of Valmae Besser led to a gift to the University worth approximately $2 million dollars. To date, 12 Foundation Board members have made gifts - this remains an important goal that remains front and center. There is also a focus on Alumni participation. CFO Report: Daniel Lucas reported that there were no changes to the financial statement audit report that was approved at the last board meeting, everything has now been finalized. It is 990 tax season and Jan Butts is preparing the IRS forms and returns. Housing is currently at 101% occupancy. UWF is close to finalizing the arrangements for new cable and internet service. The recent Donor Recognition Dinner was the largest dinner yet and a huge success. Dan added that the aforementioned Val Besser gift also contained real estate and other tangible property which will go through probate to be settled.
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Committee Reports: Investment Committee: Dave Cleveland stated that the portfolio value at the close of the quarter was $92,974,297. Most of our funds this quarter out-performed their benchmarks and the year-to-date total return is just under 12%. The committee discussed recommendations made by Rod Hennek of Atlanta Consulting Group (ACG) and voted to approve the following action items:
• Continuing to invest in the Private Sector (Private equity, debt and real estate) with an additional $4 million dollars to Portfolio Advisors Secondary Fund VI. Moving closer towards the target of 20% of the portfolio.
• Liquidate 50% of Ironwood holdings and invest those funds in the Canyon Balanced Fund and Conway Renaissance Institutional Equities Fund (split equally).
• A vote was cast to maintain the 4% spending allocation rate. Audit/Budget Committee: David Hightower stated that Housing is doing a great job and acknowledged the positive variance in revenues. Occupancy should continue to trend upward. Other business: Gail stated that the Donor Recognition Dinner was very successful and well attended, and that the student videos were impactful. She encouraged members to make their annual donations and attend as many of the upcoming events as possible including the annual Holiday Fest scheduled for December 12th on the Museum Plaza. Adjournment: There being no further business, the meeting was adjourned at 4:03 p.m. Minutes recorded by Lisa Mrahi on November 21, 2019
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Investment Committee
Reports
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Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305
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University of West Florida Foundation Third Quarter 2019
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Table of Contents ______________________________________________________________________________________
SECTION 1 University of West Florida Foundation
SECTION 2 University of West Florida Planned Giving
SECTION 3 Private Markets Allocation and Recommendation
SECTION 4 Hedge Fund Recommendation
SECTION 5 Performance Update – October 2019
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
ACG Market Review Third Quarter 2019
Global Highlights:
Economy – Evidence of a global slowdown intensifies as economic data weakens amid headwinds from tariffs and uncertainty.
Equities – Domestic equities displayed resilience through an onslaught of negative news while overseas markets experienced a larger impact from increased rhetoric surrounding trade war.
Fixed Income – Yields across the globe continued to fall at the Federal Reserve and other central banks shifted to a more accommodative policy stance in response to the potential damage from trade wars.
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ACG Market Review Third Quarter 2019
For institutional client use only – not for distribution
Is the U.S. Economy in Limbo?
Amid crumbling trade negotiations, increasing rhetoric, and fears of escalating tariffs between the U.S. and China, the U.S. Economic Policy Uncertainty Index spiked to a multi-year high during the third quarter as signs of slowing economic growth intensified.
U.S. GDP for Q2 2019 was reported at +2.0%, matching the second lowest level recorded over the trailing 12 quarters. According to the September report from the Institute of Supply Management (ISM), the overall economy grew for the 125th consecutive month but the U.S. manufacturing sector contracted for the second month in a row. Prior to August’s Purchasing Managers Index (PMI) reading of 49.1, the U.S. manufacturing sector experienced 35 months of consecutive expansion. A PMI reading below 50 indicates a
environment.
Analysts’ estimate a year-over-year earnings decline for the S&P 500 at -3.7% for the third quarter compared to a 5-year average growth rate of +7.3%. Despite an estimated earnings decline for Q3 2019, the 2019 calendar year earnings have a projected growth rate of +1.3% followed by double digit (+10.5%) earnings growth in 2020.The Q3 2019 year-over-year projected revenue growth rate is estimated at +2.8%, well below the 5-year average revenue growth rate of +3.5% and would be the lowest level recorded in three years.
Despite growing concerns of earnings strength and the escalating negative effect of trade tension on the U.S. manufacturing sector, the consumer and consumption levels remain robust.
Coordinated drone attacks on oil facilities in Saudi Arabia temporarily took 6% of global oil supply offline during September. During the first trading day after the attack, Oil, as measured by West Texas Intermediate (WTI) crude oil prices, jumped to $62.90 from its previous close of $54.85. Since then, the price of oil has steadily declined and ended the third quarter at $56.49, roughly $2 less than where the price of oil began at the end of the second quarter.
The “Upside Down”
Yields across the globe continued to fall as the Federal Reserve and other central banks around the world shifted to a more accommodative policy stance in response to the potential damage from trade wars. As of the end of the third quarter, the total amount of negative yielding sovereign debt surpassed $16 trillion while over 50% of total outstanding global government debt is yielding less than 1%! In the recent “ACG Insights: Even Lower Rates” we go into further detail surrounding the anemic bond yields seen across the globe, a brief history of low/negative interest rate policy and how we got to this point.
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ACG Market Review Third Quarter 2019
For institutional client use only – not for distribution
During the July FOMC meeting, the Federal Reserve lowered the Federal Funds target rate by 25 basis points, an expected move, but the first rate cut since the Global Financial Crisis in 2008. The Fed cut the Federal Funds rate by another 25 bps at the September FOMC meeting due to lingering concerns over the impact of tariffs and slowing global growth on the U.S. economy.
During the third quarter, the 10-year Treasury and 2-year Treasury yields inverted for the first time since before the Global Financial Crisis. The inversion was temporary as the 10-year Treasury yield ended the quarter at 1.68%, 5 basis points above the 2-year Treasury. While an inversion of 10s/2s has historically acted as an early indicator for an upcoming recession, many believe that the Fed’s prolonged quantitative easing policy has undermined the reliability of this warning signal.
Fixed Income posted a strong third quarter as the Bloomberg Barclays Aggregate Bond Index gained +2.27%, pushing year-to-date returns up to +8.52%. Government Bond prices around the globe posted positive returns as yields fell. The Citigroup World Government Bond Index gained 0.85% during the third quarter, bringing year-to-date returns for global bonds up to +6.27%.
Equity Resilience
Almost seemingly daily fluctuations between positive and negative news resulted in an erratic third quarter. From attacks
on Saudi Arabian oil facilities, to increasing signs of slowing economic growth, crumbling trade negotiations and even a presidential impeachment inquiry, U.S. markets somehow withstood an onslaught of negative news to end the third quarter on a positive note. The S&P 500 posted a third quarter gain of +1.70%, bringing year-to-date returns to +20.55%.
The second week of September saw the largest weekly relative outperformance of value stocks vs. growth stocks since August 2009. As a result, defensive sectors led the way during the third quarter as yield hungry investors pushed up the prices of Utilities (+9.33%), Real Estate (+7.71%) and Consumer Staples (+6.11%). Energy, on the other hand, was the worst performing sector losing -6.30%, followed by Healthcare (-2.25%) and Materials (-0.12%).
Small Cap stocks lost -2.40% during the third quarter, bringing year-to-date returns down to +14.18%.
Equity volatility experienced in August was temporary as the VIX, a measure of the stock market’s implied volatility, sank to 14 for much of September after surpassing 24 the month prior.
Overseas Attraction?
Valuations across Domestic, International and Emerging Markets have increased during 2019. Historically, Developed International stocks have traded at a similar valuation to domestic stocks but over the last few years the difference in
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ACG Market Review Third Quarter 2019
For institutional client use only – not for distribution
forward Price/Earnings Ratios between the two regions has widened. On a valuation basis, the MSCI EAFE Index (13.3x) is currently trading at an abnormally large discount compared to the S&P 500 (17.0x).
While the performance of U.S. equities vs. non-U.S. equities has been cyclical, U.S. markets have outperformed non-U.S. for quite some time now. On a rolling three year basis, U.S. stocks have outperformed overseas companies for 38 straight quarters, the longest period observed over the last 50 years. One key reason for the recent outperformance of U.S. stocks has been the difference in sector exposures between the two regions. U.S. markets have benefitted from higher weightings to many of the sectors that have been market leaders in the current bull market while international markets have suffered from higher exposure to traditional value sectors which have lagged. For example, the Information Technology sector represents 21.5% of the S&P 500 while only accounting for 8.1% of the MSCI ACWI ex USA Index. On the other hand, Financials make up 13.1% of the S&P 500 while they represent nearly a quarter of the MSCI ACWI ex USA Index.
Developed international equities, as measured by the MSCI EAFE Index, ended the quarter down -1.07%, dragging year-to-date returns to +12.80%. International small cap, as measured by the MSCI EAFE Small Cap lost -0.44% during the third quarter dragging year-to-date returns to +12.05%.
While the Chinese economy has slowed over the past decade, recent tariffs and uncertainty of an increased trade war has negatively impacted the nation’s GDP from year-over-year Real
GDP growth of 6.8% seen at the beginning of 2018 to 6.2% printed during Q2 2019. As a result, China has allowed the value of the Yuan to fall in hopes to make their products more competitive across the globe to counteract the negative effects of U.S. tariffs.
As a result, Emerging Markets saw the largest decline of all major asset classes during the third quarter as the MSCI Emerging Markets Index lost -4.25%, pulling year-to-date returns down to +5.89%
Would a Recession be a Self-Fulfilling Prophecy?
Historically, the number of news articles mentioning the word “recession” has been closely correlated with an actual recession in the real economy. With the growth of social media and the internet, Google search activity has been a similar barometer more recently. One fear is that all the talk becomes a self-fulfilling prophecy and leads us into a recession. JP Morgan even created an index to monitor the impact of Trump's tweets. Their so called “Volfefe” Index shows that, along with an increase in the number of tweets, these tweets have also had an increasing effect on the underlying volatility of the markets.
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Returns include dividends; 3-year, 5-year and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results
Market Index Review – September 2019
Source: Morningstar, ACG
Major Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 1.87 1.70 20.55 4.25 13.39 10.84 13.24 MSCI EAFE 2.87 -1.07 12.80 -1.34 6.48 3.27 4.90Russell 2000 2.08 -2.40 14.18 -8.89 8.23 8.19 11.19 MSCI Europe 2.72 -1.80 13.72 -0.75 6.57 2.38 4.61Russell 3000 1.76 1.16 20.09 2.92 12.83 10.44 13.08 MSCI Pacific 3.14 0.23 11.43 -2.17 6.54 5.11 5.61MSCI ACWI 2.10 -0.03 16.20 1.38 9.71 6.65 8.35 MSCI EAFE Small Cap 2.81 -0.44 12.05 -5.93 5.94 6.02 7.45MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 6.33 2.90 4.46 MSCI Emerging Markets 1.91 -4.25 5.90 -2.02 5.97 2.33 3.37BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 2.92 3.38 3.75 MSCI Frontier Markets -1.95 -1.09 10.66 5.87 7.02 -1.28 3.61
Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsRussell 1000 1.73 1.42 20.53 3.87 13.19 10.62 13.23 FTSE T-Bill 3 Months 0.17 0.57 1.79 2.36 1.52 0.96 0.52Russell 1000 Growth 0.01 1.49 23.30 3.71 16.89 13.39 14.94 BBgBarc US Municipal TR -0.80 1.58 6.75 8.55 3.19 3.66 4.16Russell 1000 Value 3.57 1.36 17.81 4.00 9.43 7.79 11.46 BBgBarc US Govt/Credit TR -0.76 2.64 9.72 11.32 3.16 3.61 3.94Russell MidCap 1.97 0.48 21.93 3.19 10.69 9.10 13.07 BBgBarc US Govt/Credit Int TR -0.36 1.37 6.41 8.17 2.40 2.68 3.05Russell MidCap Growth -1.14 -0.67 25.23 5.20 14.50 11.12 14.08 BBgBarc US Credit 1-3 Yr TR 0.08 0.93 4.20 5.13 2.40 2.11 2.39Russell MidCap Value 4.06 1.22 19.47 1.60 7.82 7.55 12.29 BBgBarc US Credit Long TR -1.47 5.62 21.92 19.91 6.46 6.90 7.78Russell 2000 Growth -0.82 -4.17 15.34 -9.63 9.79 9.08 12.25 BBgBarc US Corporate High Yield TR 0.36 1.33 11.41 6.36 6.07 5.37 7.94Russell 2000 Value 5.13 -0.57 12.82 -8.24 6.54 7.17 10.06 FTSE WGBI -1.30 0.85 6.27 8.13 1.19 1.80 1.69
Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 Materials 3.16 -0.12 17.11 2.70 9.01 5.37 9.23 HFRI FOF: Diversified Index -0.72 -0.69 5.33 0.48 3.25 1.98 2.76S&P 500 Consumer Discretionary 0.86 0.51 22.46 2.36 15.82 14.03 17.68 HFRI FOF: Conservative Index -0.03 -0.05 4.60 1.21 3.14 2.05 2.73S&P 500 Consumer Staples 1.69 6.11 23.28 16.85 7.89 9.26 12.29 HFRI FOF: Strategic Index -0.70 -2.14 5.29 -1.52 3.09 1.86 2.76S&P 500 Energy 3.77 -6.30 6.00 -19.21 -2.67 -5.06 3.33 HFRI Equity Hedge Index 0.39 -1.10 8.06 -1.12 4.80 3.49 4.45S&P 500 Financials 4.64 2.01 19.60 3.92 15.46 10.51 10.77 Wilshire Liquid Alternative TR USD 0.14 0.43 5.04 1.13 1.85 0.85 1.92S&P 500 Health Care -0.17 -2.25 5.64 -3.57 9.64 9.46 14.48 FTSE EPRA/NAREIT Global TR USD 2.39 3.45 19.38 13.66 6.91 7.66 8.97S&P 500 Industrials 3.02 0.99 22.58 1.39 11.31 9.73 13.43 Alerian MLP TR USD 0.71 -5.02 11.08 -8.13 -2.46 -8.65 6.25S&P 500 Information Technology 1.51 3.34 31.37 8.60 22.55 18.21 17.11 Bloomberg Commodity Index TR USD 1.17 -1.84 3.13 -6.58 -1.50 -7.18 -4.32S&P 500 Real Estate 0.95 7.71 29.71 24.74 -- -- --S&P 500 Communication Services 0.42 2.22 21.74 5.69 3.28 5.17 9.49S&P 500 Utilities 4.26 9.33 25.40 27.10 13.59 12.89 12.51
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Source: Hedgeye, ACG
Q3 2019: Dangers Lurking
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Source: CEIC, Goldman Sachs, JP Morgan, ACG* This index is comprised of three components; volume of news coverage of policy-related economic uncertainty, the number of federal tax code provisions set to expire in future years, and disagreement among economic forecasters** This index, named after Trump’s famous “covfefe” tweet, analyzed more than 10,000 tweets since inauguration to gauge their impact on market volatility
Tariff (and Tweet) Induced Uncertainty
JP Morgan’s “Volfefe” Index**
U.S Economic Policy Uncertainty Index*
• Amid increasing rhetoric andfears of escalating tariffs in theongoing trade negotiations withChina, the U.S. EconomicPolicy Uncertainty Index spikedduring the third quarter of 2019
• JP Morgan even created anindex to monitor the impact ofTrump's tweets. Their so called“Volfefe” Index shows that,along with an increase in thenumber of tweets, these tweetshave also had an increasingeffect on the underlying volatilityof the markets
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Source: U.S. Department of Labor, Thomson Reuters, Markit, ACG* The LEI is a composite of leading economic indicators used by economic participants to predict the direction of economic activity in the near future.
Signs of a Slowdown?U.S Leading Economic Indicators (LEI) Index*
• The Index of Leading EconomicIndicators recently declined. Thisis the third time that we have seena decline during this cycle. Theindex is still above levels that havesignaled recession in the past andit remains to be seen whichdirection the index goes from here
• As more real-time measures ofeconomic activity, such as thePurchasing Manager’s Index(PMI), have declined, governmentbond yields have also come downas Central Banks shifted theirstance to be more accommodativein an effort to boost growth
Purchasing Manager Index vs. Bond Yields(Developed Markets)
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Source: Federal Reserve Bank of St. Louis, Duke / Fuqua School of Business, ACG
The U.S. Yield Curve Inversion Gets Deeper
• As a result of the sharp move down ininterest rates in August, the 10-Year vs. 2-Year Treasury inverted for the first time inover a decade. Many strategists point to thisindicator as a more accurate predictor ofrecession than the 10-Year vs. 3-Monthinversion that occurred earlier in 2019
“The yield curve reflects investors’ beliefs about economic risks. That said, I believe this time may be different. The yield curve is constantly in the news. The number of internet searches for “yield curve” has spiked, raising the possibility of a self-fulfilling prophesy. That is, the awareness that a yield curve inversion has preceded each of the last seven recessions causes people to change their behavior.”
U.S. Yield Curve (10-Year minus 2-Year Treasury Yields)
– Prof. Campbell Harvey. Professor of Finance at the Fuqua School of Business, Duke University and a Research Associate of the National Bureau of Economic Research.
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Source: Schwab, National Bureau of Economic Research, ACG
Can We Learn from Past Recessions?
• Whether the yield curveinversion leads to a recessionremains to be seen. Looking atpast recessions we can see thatit has been particularly tough tosee them coming. In fact, overthe last five recessions, theactual official announcement ofrecession did not occur until itwas already well underway
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Source: Bank of Montreal (BMO), Blackrock, ACG
Low Rates Are A Global Phenomenon
• As global central banks cut rates in reactionto the economic damage from tariffuncertainty, the total amount of negativeyielding sovereign debt has reached $16trillion
• Although the spread between U.S. bondyields and the rest of the world is still wide,it has narrowed. After the recent fall in U.S.rates, more than 80% of global governmentdebt is now yielding less than 2%
$ Amount of Negative Yielding Debt(Developed Market Sovereign Debt)
Global Bond Yield Distribution(Developed Market Sovereign Yields)
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Source: Ed Yardeni, Thomson Reuters (Refinitiv), I/B/E/S, ACG
Valuations & Earnings Expectations
• Valuations across the U.S.,Developed International andEmerging markets increased in2019. MSCI EAFE stocks, whichhistorically trade at a similarvaluation or sometimes slightpremium to the S&P 500, arecurrently at an historically largediscount
• Recent earnings forecasts havebeen fairly similar across theseregions. In 2019, earnings acrossthe globe were negativelyimpacted by fears of tariff inducedslowing growth. 2020 earningsforecasts firmed around 10% year-over-year earnings growth with theoverseas region even showingslightly increased expectations
Forward Price/Earnings Ratios
Earnings Growth Forecasts(MSCI ACWI ex USA)
Earnings Growth Forecasts(S&P 500)
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Source: MSCI, Standard & Poor’s, ACG
Foreign versus Domestic Equities
• The outperformance of U.S.versus non-U.S. equity is thelongest such period observed inthe last 50 years
• One key reason for recentoutperformance has been thesector makeup of the differentregions. U.S. stocks have ahigher weighting in many of theareas that have been marketleaders in the current bull market,while overseas markets have ahigher weight to traditional valuesectors which have lagged
Sectors ACWI ex –U.S. S&P 500
Financials 23.3 13.1
Industrials 11.5 9.4
Consumer Discretionary 11.2 10.2
Consumer Staples 9.6 7.3
Health Care 8.1 14.2
Technology 8.1 21.5
Materials 7.4 2.8
Communications 6.8 10.2
Energy 6.7 5.0
Real Estate 3.3 3.1
Utilities 3.2 3.3
Other 0.7 0.1
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Source: Bloomberg, Russell Investment Group, Standard & Poor’s, JP Morgan, ACG
Value vs. Growth
• During the week of September 9th, themarkets saw the largest weekly relativeoutperformance of value vs. growth stockssince August 2009. While many strategistssee possible signs of a change in styleleadership, idiosyncratic events such as theattack on Saudi Arabia and Fed actionsboosted Energy and Financials stocks
Weekly Relative Performance(Russell 1000 Value minus Russell 1000 Growth)
• Value has underperformed since the GlobalFinancial Crisis in 2008. The broad marketnow trades at a Price to Earnings Ratio morethan seven points higher than the Valueindex. The last time the premium was thishigh was during the Tech and Telecom bubbleof 1999 / 2000
S&P 500 Premium vs. Value Stocks(Forward P/E Ratio, S&P 500 minus Value)
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Source: National Bureau of Statistics (China), Bloomberg, ACG
How is the Tariff Uncertainty Effecting China?
• The Chinese economy, as measured by theirofficial GDP statistics, has been slowing forthe last decade. Recently, the tariffs andassociated uncertainty have also had a smallnegative impact on their official growthnumbers
6.8%
6.7%
6.5%
6.4% 6.4%
6.2%
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Chinese Exchange Rate(Value of Chinese Yuan in US. Dollars)
Chinese Real GDP(Year-over Year Change)
• As a result, the Chinese have allowed theircurrency to fall. Their hope is this will maketheir products cheaper and more competitiveglobally, helping to counteract the negativeeffects of U.S. tariffs
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Source: The Economist, Federal Reserve Bank of St. Louis, Google Trends, RBC, ACG
Risks: We Talk Ourselves Into Recession
• Historically, the number ofnews articles mentioning theword “recession” has beenclosely correlated with anactual recession in the realeconomy
• With the growth of socialmedia and the internet,Google search activity hasbeen a similar barometermore recently. One fear isthat all of the talk becomes aself-fulfilling prophecy andleads us into a recession
Google searches for “Recession” (Indexed to 100 as of peak in 2008)
Number of News Articles Mentioning “Recession” (Thousands of Mentions)
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Source: ACG
Appendix: 17 pullbacks of 5% or more since 2009
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DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has notindependently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actualperformance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
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INDEX DEFINITIONS
Asset class and reference benchmarks:
ASSET CLASS BENCHMARK
U.S. Equity S&P 500 TR
International Developed Equity MSCI EAFE NR
Emerging Market Equity MSCI EM NR
U.S. Fixed Income Bloomberg Barclays U.S. Aggregate Bond TR
Cash & Cash Alternatives Citi Treasury Bill 3 Mon USD
Alerian MLP: The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization- weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).
Bloomberg Barclay 10-Year U.S. Treasuries: Measures the performance of U.S. Treasury securities that have a remaining maturity of 10 years.
Bloomberg Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment- grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Bloomberg Barclays Global Aggregate ex-U.S. Dollar Bond Index: Tracks an international basket of bonds that currently contains 65% government, 14% corporate, 13% agency and 8% mortgage-related bonds.
Bloomberg Barclays High Yield: Covers the universe of fixed-rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC-registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.
Bloomberg Barclays U.S. Corporate High Yield: Composed of fixed-rate, publicly issued, non-investment grade debt.
The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities.
Dow Jones U.S. Total Stock Market Index, which comprises all U.S. equity securities with readily available prices.
FTSE 3-Month Treasury-Bill Index: This is an unmanaged index of three-month Treasury bills.
FTSE EPRA/NAREIT Global Real Estate Index: Designed to represent general trends in eligible listed real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income producing real estate.
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INDEX DEFINITIONS
Gross Domestic Product (GDP) is the annual market value of all goods and services produced domestically by the US.
HFRI Fund of Funds Conservative: FOFs classified as 'Conservative' exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more 'conservative' strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Conservative Index shows generally consistent performance regardless of market conditions.
HFRI Fund of Funds Diversified: FOFs classified as 'Diversified' exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates generally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets.
HFRI Fund of Funds Strategic: FOFs classified as 'Strategic' exhibit one or more of the following characteristics: seeks superior returns by primarily investing in funds that generally engage in more opportunistic strategies such as Emerging Markets, Sector specific, and Equity Hedge; exhibits a greater dispersion of returns and higher volatility compared to the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Strategic Index tends to outperform the HFRI Fund of Fund Composite Index in up markets and underperform the index in down markets.
MSCI All Country World Index Ex-U.S Index.: A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets.
MSCI EAFE Index (Europe, Australasia, Far East): A free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The EAFE consists of the country indices of 21 developed nations.
MSCI EAFE Growth Index: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the growth style.
MSCI EAFE Small-Cap Index: An unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada.
MSCI EAFE Value: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the value style.
MSCI Emerging Markets Index: Designed to measure equity market performance in 25 emerging market indexes. The three largest industries are materials, energy and banks.
The NASDAQ Composite Index is an unmanaged index of all stocks traded on the NASDAQ over-the-counter market. Price Earnings Ratio (P/E) is the price of the stock divided by its earnings per share.
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INDEX DEFINITIONS
Russell 1000 Index: Measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investible U.S. equity market.
Russell 1000 Value Index: Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 1000 Growth Index: Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell Mid-Cap Index: Measures the performance of the 800 smallest companies of the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.
Russell Mid-Cap Value Index: Measures the performance of those Russell Mid-cap companies with lower price-to-book ratios and lower forecasted growth values.
Russell Mid-Cap Growth Index: Measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2000 Index: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the total market capitalization of the Russell 3000 Index.
Russell 2000 Value Index: Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Growth Index: Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 3000 Index: Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Standard & Poor's 500 (S&P 500): Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. Represents approximately 68% of the investable U.S. equity market.
Wilshire Liquid Alternative Index: The Wilshire Liquid Alternative IndexSM measures the collective performance of the five Wilshire Liquid Alternative strategies that make up the Wilshire Liquid Alternative Universe. The Wilshire Liquid Alternative Index (WLIQA) is designed to provide a broad measure of the liquid alternative market by combining the performance of the Wilshire Liquid Alternative Equity Hedge IndexSM (WLIQAEH), Wilshire Liquid Alternative Global Macro IndexSM (WLIQAGM), Wilshire Liquid Alternative Relative Value IndexSM (WLIQARV), Wilshire Liquid Alternative Multi-Strategy IndexSM (WLIQAMS), and Wilshire Liquid Alternative Event Driven IndexSM (WLIQAED).
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University of West Florida Foundation Performance Summary
Q3 2019
The Foundation started the quarter with a market value of $94,217,664 and ended the quarter with a value of $92,974,297 including a cash outflow of $559,401. For the quarter, the Foundation returned -0.72% versus -0.18% for a balanced index that reflects the underlying asset allocation of the total fund. Underperformance for the quarter was driven by active large cap (Eagle Capital), International Small Cap, and Global Bonds.
Large Cap Equity: Eagle Capital underperformed for the quarter (-1.42% vs. 1.70%) while the Vanguard 500 Index performed in line.
• Recommendation: Put Eagle Capital on Caution as the strategy now lags the index over thetrailing 5-year time period
Small Cap Equity: Conestoga underperformed the Russell 2000 Index while Fuller & Thaler outperformed for the quarter. Conestoga returned -3.69% and Fuller & Thaler returned 0.52% while the Russell 2000 returned -2.40%.
International Equity: Both international managers outperformed the MSCI ACWI ex USA for the quarter. Dodge & Cox returned -1.66% and WCM Focused International Growth returned -0.58% while the MSCI ACWI ex US returned -1.80% during the quarter.
International Small Cap Equity: T. Rowe Price International Small Cap fund underperformed for the quarter returning -2.61% versus -1.19% for the MSCI ACWI ex US Small Cap Index.
Emerging Markets Equity: DFA Emerging Markets outperformed the MSCI Emerging Markets Index for the quarter (-4.18% vs. -4.25%).
Master Limited Partnerships: Tortoise MLP & Pipeline outperformed the Alerian Index for the quarter (-2.91% vs. -5.02%).
Fixed Income: Barrow Hanley slightly underperformed the Barclays Aggregate Index for the quarter (2.18% vs. 2.27%). Templeton Global Bond underperformed the FTSE WGBI Index for the quarter (-3.34% vs. 0.85%). Chartwell Short Duration High Yield strategy outperformed the ICE BofAML US Corp and HY 1-3 yr Index for the quarter (1.20% vs. 1.00%).
Alternatives: Ironwood outperformed the HFRI FOF Conservative index for the quarter (0.41% vs.-0.08%).
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
Summary of Cash FlowsThird Quarter Year-To-Date One Year Three Years Five Years Ten Years Inception
3/31/99_
Beginning Market Value $94,217,664 $83,742,231 $93,128,750 $80,085,709 $71,504,536 $51,298,993 $53,608,325Net Cash Flow -$559,401 -$861,122 -$1,469,399 -$6,537,730 -$1,922,918 -$9,534,147 -$27,022,655Net Investment Change -$683,967 $10,093,187 $1,314,945 $19,426,317 $23,392,678 $51,209,450 $66,388,626Income $247,945 $766,005 $2,283,675 $5,153,882 $8,004,721 $13,011,733 $31,566,883Ending Market Value $92,974,297 $92,974,297 $92,974,297 $92,974,297 $92,974,297 $92,974,297 $92,974,297
_
CurrentBalance
CurrentAllocation Policy Policy Range
_
US Stock Large $21,614,927 23.25% 22.50% 20.00% - 30.00%US Stock Small $9,879,147 10.63% 10.00% 7.50% - 15.00%International $13,306,162 14.31% 15.00% 10.00% - 20.00%International Small Stocks $5,935,518 6.38% 7.50% 2.50% - 10.00%International Emerging Stocks $5,304,940 5.71% 5.00% 2.50% - 7.50%Fixed $11,414,976 12.28% 15.00% 10.00% - 25.00%MLP $4,324,310 4.65% 0.00% 0.00% - 10.00%Fund of Funds $9,019,471 9.70% 5.00% 0.00% - 10.00%Real Estate $3,027,175 3.26% 7.50% 0.00% - 15.00%Private Equity $2,743,746 2.95% 7.50% 0.00% - 10.00%Private Debt $1,065,870 1.15% 5.00% 0.00% - 10.00%Cash/Short Term Fixed Income $5,338,057 5.74% 0.00% 0.00% - 10.00%Total $92,974,297 100.00% 100.00%
XXXXX
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CurrentBalance
CurrentAllocation Policy Policy Range Difference Within IPS
Range?_
US Stock Large $21,614,927 23.25% 22.50% 20.00% - 30.00% 0.75% YesEagle Capital Management $10,541,366 11.34%Vanguard 500 Index Admiral $11,073,561 11.91%
US Stock Small $9,879,147 10.63% 10.00% 7.50% - 15.00% 0.63% YesConestoga Small Cap Investors $5,078,559 5.46%Fuller & Thaler Behav Sm-Cp Eq Inst $4,800,587 5.16%
International $13,306,162 14.31% 15.00% 10.00% - 20.00% -0.69% YesDodge & Cox International Stock $6,350,448 6.83%WCM Focused International Growth Instl $6,955,713 7.48%
International Small Stocks $5,935,518 6.38% 7.50% 2.50% - 10.00% -1.12% YesT. Rowe Price International Discovery $5,935,518 6.38%
International Emerging Stocks $5,304,940 5.71% 5.00% 2.50% - 7.50% 0.71% YesDFA Emerging Markets Core Equity I $5,304,940 5.71%
Fixed $11,414,976 12.28% 15.00% 10.00% - 25.00% -2.72% YesBarrow Hanley $5,807,102 6.25%Templeton Global Bond Fund $2,684,415 2.89%Chartwell Short Duration High Yield $2,923,459 3.14%
MLP $4,324,310 4.65% 0.00% 0.00% - 10.00% 4.65% YesTortoise MLP & Pipeline Instl $4,324,310 4.65%
Fund of Funds $9,019,471 9.70% 5.00% 0.00% - 10.00% 4.70% YesIronwood International Ltd. $9,019,471 9.70%
Real Estate $3,027,175 3.26% 7.50% 0.00% - 15.00% -4.24% YesHarbert US RE Fund V LP $1,013,846 1.09%Harbert US RE Fund VI LP $1,967,937 2.12%Harbert US RE Fund IV LP $45,391 0.05%
Private Equity $2,743,746 2.95% 7.50% 0.00% - 10.00% -4.55% YesPortfolio Advisors PE Offshore V $263,770 0.28%Portfolio Advisors PE VII $695,922 0.75%Portfolio Advisors Secondary Fund III, L.P. $1,193,806 1.28%StepStone Pioneer Capital III, L.P. $590,248 0.63%
Private Debt $1,065,870 1.15% 5.00% 0.00% - 10.00% -3.85% YesPortfolio Advisors Direct Credit II $665,870 0.72%Golub Capital Partners Intl 12 LP $400,000 0.43%
Cash/Short Term Fixed Income $5,338,057 5.74% 0.00% 0.00% - 10.00% 5.74% YesPIMCO Short-Term Instl $5,301,149 5.70%Cash $36,908 0.04%
Total $92,974,297 100.00% 100.00%
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019
$96,051,931$3,077,634Outside Cash Reserves
Total with Outside Cash
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Foundation 92,974,297 100.00 1.06 -0.72 11.99 1.41 4.66 7.56 5.42 7.39 5.02 Mar-99Balanced Index 1.31 -0.18 11.62 1.05 4.16 6.75 5.05 6.99 4.88 Mar-99CPI+4% 0.41 1.23 5.24 5.77 6.07 6.15 5.58 5.81 6.26 Mar-99US Stock Large 21,614,927 23.25 1.65 0.15 19.99 3.38 10.59 13.69 10.58 -- 10.54 Dec-13
S&P 500 1.87 1.70 20.55 4.25 10.87 13.39 10.84 13.24 10.89 Dec-13Eagle Capital Management 10,541,366 11.34 1.43 -1.42 19.42 2.51 10.21 13.95 10.32 -- 13.30 Oct-12
S&P 500 1.87 1.70 20.55 4.25 10.87 13.39 10.84 13.24 13.21 Oct-12Vanguard 500 Index Admiral 11,073,561 11.91 1.87 1.69 20.54 4.22 10.84 13.35 10.80 -- 13.21 Sep-12
S&P 500 1.87 1.70 20.55 4.25 10.87 13.39 10.84 13.24 13.23 Sep-12US Stock Small 9,879,147 10.63 1.00 -1.69 18.25 -4.10 7.05 11.54 9.33 -- 6.66 Dec-13
Russell 2000 2.08 -2.40 14.18 -8.89 2.47 8.23 8.19 11.19 6.25 Dec-13Conestoga Small Cap Investors 5,078,559 5.46 -1.43 -3.69 18.86 -3.57 11.30 17.26 15.74 -- 11.43 Apr-14
Russell 2000 2.08 -2.40 14.18 -8.89 2.47 8.23 8.19 11.19 6.07 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,800,587 5.16 3.71 0.52 17.61 -4.65 -- -- -- -- 1.97 Mar-18
Russell 2000 2.08 -2.40 14.18 -8.89 2.47 8.23 8.19 11.19 -1.13 Mar-18International 13,306,162 14.31 1.52 -1.09 17.62 0.82 -0.21 6.88 2.86 -- 2.83 Dec-13
MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 0.26 6.33 2.90 4.46 2.52 Dec-13Dodge & Cox International Stock Caution 4Q17 6,350,448 6.83 4.41 -1.66 11.00 -2.75 -4.01 5.26 0.64 4.96 1.91 Dec-07
MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 0.26 6.33 2.90 4.46 1.19 Dec-07WCM Focused International Growth Instl 6,955,713 7.48 -0.97 -0.58 -- -- -- -- -- -- 12.34 Mar-19
MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 0.26 6.33 2.90 4.46 2.48 Mar-19International Small Stocks 5,935,518 6.38
T. Rowe Price International Discovery 5,935,518 6.38 0.66 -2.61 12.26 -5.02 -0.87 7.07 -- -- 7.82 Sep-16MSCI ACWI ex US Small Cap 2.43 -1.19 10.28 -5.63 -1.96 4.64 3.98 6.13 5.41 Sep-16
International Emerging Stocks 5,304,940 5.71DFA Emerging Markets Core Equity I Caution 3Q17 5,304,940 5.71 2.74 -4.18 4.96 -1.75 -2.12 4.86 1.92 -- 4.04 Dec-11
MSCI Emerging Markets 1.91 -4.25 5.90 -2.02 -1.42 5.97 2.33 3.37 3.84 Dec-11Fixed 11,414,976 12.28 0.00 0.58 5.69 6.45 2.74 1.98 2.79 -- 3.05 Dec-13
BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 3.75 3.65 Dec-13Barrow Hanley 5,807,102 6.25 -0.48 2.18 8.55 9.71 4.09 2.95 3.37 3.80 4.21 Apr-03
BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 3.75 4.16 Apr-03Templeton Global Bond Fund 2,684,415 2.89 0.74 -3.34 -0.67 1.04 -0.53 -- -- -- -0.24 Apr-17
FTSE WGBI TR -1.30 0.85 6.27 8.13 3.19 1.19 1.80 1.69 4.05 Apr-17
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Chartwell Short Duration High Yield 2,923,459 3.14 0.28 1.20 6.37 5.40 3.25 -- -- -- 3.35 May-17ICE BofAML US Corp and High Yield 1-3 Yr 0.14 1.00 4.75 5.22 3.20 2.95 2.67 3.25 3.18 May-17
MLP 4,324,310 4.65Tortoise MLP & Pipeline Instl 4,324,310 4.65 3.59 -2.91 17.22 -2.42 0.23 -0.07 -3.80 -- -1.16 Apr-14
Alerian MLP TR USD 0.71 -5.02 11.08 -8.13 -1.83 -2.46 -8.65 6.25 -5.61 Apr-14Fund of Funds 9,019,471 9.70
Ironwood International Ltd. 9,019,471 9.70 -0.09 0.41 5.24 2.59 4.07 5.10 3.66 5.91 4.35 Mar-05HFRI FOF: Conservative Index -0.06 -0.08 4.57 1.18 2.40 3.13 2.04 2.73 2.32 Mar-05
Real Estate 3,027,175 3.26 -0.36 -0.36 2.54 4.03 8.34 10.42 15.99 -- 14.78 Dec-13FTSE NAREIT All Equity REIT 1.88 7.73 28.49 20.70 12.20 8.89 10.99 13.55 11.90 Dec-13Harbert US RE Fund V LP 1,013,846 1.09 -1.37 -1.37 2.31 1.47 6.15 8.79 14.23 -- 11.89 Nov-13
FTSE NAREIT All Equity REIT 1.88 7.73 28.49 20.70 12.20 8.89 10.99 13.55 10.56 Nov-13Harbert US RE Fund VI LP 1,967,937 2.12 0.00 0.00 2.85 6.41 -- -- -- -- 10.60 Nov-17
FTSE NAREIT All Equity REIT 1.88 7.73 28.49 20.70 12.20 8.89 10.99 13.55 12.69 Nov-17Harbert US RE Fund IV LP 45,391 0.05
Private Equity 2,743,746 2.95 0.00 0.00 2.36 6.43 13.16 13.54 10.41 -- 10.90 Dec-13Cambridge Assoc. U.S. PE Index 0.00 0.00 4.81 3.04 10.56 12.81 10.65 13.74 11.10 Dec-13Portfolio Advisors PE Offshore V 263,770 0.28 0.00 0.00 -2.95 0.52 8.74 10.14 7.51 9.98 7.48 Dec-08
Cambridge Assoc. U.S. PE Index 0.00 0.00 4.81 3.04 10.56 12.81 10.65 13.74 13.41 Dec-08Portfolio Advisors PE VII 695,922 0.75 0.00 0.00 4.92 13.26 17.89 16.22 11.98 -- 13.04 Apr-13
Cambridge Assoc. U.S. PE Index 0.00 0.00 4.81 3.04 10.56 12.81 10.65 13.74 12.23 Apr-13Portfolio Advisors Secondary Fund III, L.P. 1,193,806 1.28 0.00 0.00 3.01 10.54 10.76 -- -- -- 31.30 Aug-17
Cambridge Assoc. U.S. PE Index 0.00 0.00 4.81 3.04 10.56 12.81 10.65 13.74 10.72 Aug-17StepStone Pioneer Capital III, L.P. 590,248 0.63 0.00 0.00 1.31 -1.86 9.35 8.19 7.94 -- 14.77 Dec-09
Cambridge Assoc. U.S. PE Index 0.00 0.00 4.81 3.04 10.56 12.81 10.65 13.74 14.04 Dec-09Private Debt 1,065,870 1.15 0.00 0.00 6.42 8.70 15.96 -- -- -- 13.11 Oct-16
BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 3.75 3.30 Oct-16Portfolio Advisors Direct Credit II 665,870 0.72 0.00 0.00 6.40 8.71 15.97 -- -- -- 13.11 Oct-16
BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 3.75 3.30 Oct-16Golub Capital Partners Intl 12 LP 400,000 0.43 0.00 0.00 6.49 -- -- -- -- -- 6.49 Dec-18
Cliffwater Direct Lending Index 0.00 0.00 5.09 5.97 7.64 8.18 7.93 10.37 5.09 Dec-18Cash/Short Term Fixed Income 5,338,057 5.74
PIMCO Short-Term Instl 5,301,149 5.70 0.29 0.73 2.30 1.95 2.19 2.36 -- -- 2.52 Jan-16FTSE T-Bill 3 Months TR 0.17 0.57 1.79 2.36 1.97 1.52 0.96 0.52 1.29 Jan-16
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Cash 36,908 0.04XXXXX
- Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TRUSD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / Cliffwater Direct Lending Index / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR- CPI+4% = Consumer Price Index+0.00327 100- Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index- Cliffwater Direct Lending Index = Cliffwater Direct Lending Index
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
29
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RISK RETURN STATISTICS1 Year
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.94 6.29Minimum Return -5.55 -5.74Annualized Return 1.41 1.05Total Return 1.41 1.05Annualized Excess ReturnOver Risk Free -0.86 -1.21
Annualized Excess Return 0.36 0.00
RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 7.04 7.01Downside Deviation 7.85 6.20
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 12.37 12.47
Alpha 0.03 0.00Sharpe Ratio -0.07 -0.10Excess Return Over Market/ Risk 0.03 0.00
Tracking Error 1.26 0.00Information Ratio 0.29 --
CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICS3 Years
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 5.94 6.29Minimum Return -5.55 -5.74Annualized Return 7.56 6.75Total Return 24.43 21.65Annualized Excess ReturnOver Risk Free 6.01 5.21
Annualized Excess Return 0.81 0.00
RISK SUMMARY STATISTICSBeta 0.98 1.00Upside Deviation 4.63 4.43Downside Deviation 7.06 6.99
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 7.94 8.02
Alpha 0.07 0.00Sharpe Ratio 0.76 0.65Excess Return Over Market/ Risk 0.10 0.00
Tracking Error 1.19 0.00Information Ratio 0.68 --
CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
FoundationAs of September 30, 2019
Prepared by The Atlanta Consulting Group30
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RISK RETURN STATISTICS5 Years
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 60 60Maximum Return 5.94 6.29Minimum Return -5.55 -5.74Annualized Return 5.42 5.05Total Return 30.22 27.95Annualized Excess ReturnOver Risk Free 4.45 4.08
Annualized Excess Return 0.37 0.00
RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 4.88 4.78Downside Deviation 6.05 6.17
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 7.88 7.85
Alpha 0.03 0.00Sharpe Ratio 0.56 0.52Excess Return Over Market/ Risk 0.05 0.00
Tracking Error 1.11 0.00Information Ratio 0.33 --
CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICSSince Inception
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 246 246Maximum Return 7.11 6.75Minimum Return -13.67 -12.61Annualized Return 5.02 4.88Total Return 173.12 165.61Annualized Excess ReturnOver Risk Free 3.27 3.13
Annualized Excess Return 0.14 0.00
RISK SUMMARY STATISTICSBeta 1.01 1.00Upside Deviation 5.32 5.32Downside Deviation 7.77 7.30
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 9.94 9.75
Alpha 0.01 0.00Sharpe Ratio 0.33 0.32Excess Return Over Market/ Risk 0.01 0.00
Tracking Error 1.43 0.00Information Ratio 0.10 --
CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
FoundationAs of September 30, 2019
Prepared by The Atlanta Consulting Group31
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
32
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019 Fiscal Year End: June
33
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019
34
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University of West Florida
FoundationAs of September 30, 2019
Cash Flows from InceptionQuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Mar-99 -- $0 $0 $0 $53,608,325 $53,608,325Jun-99 $53,608,325 -$743,004 $0 $418,078 $2,434,180 $55,299,501Sep-99 $55,299,501 -$754,175 $0 $372,158 -$1,480,157 $53,065,169Dec-99 $53,065,169 $102,766 $0 $191,672 $5,764,152 $58,932,087Mar-00 $58,932,087 $242,744 $0 $447,309 $942,080 $60,116,911Jun-00 $60,116,911 -$560,001 $0 $346,958 -$156,583 $59,400,327Sep-00 $59,400,327 -$897,431 -$8,857 $350,457 $140,608 $58,643,504Dec-00 $58,643,504 -$561,633 -$36,824 $350,071 -$2,507,443 $55,574,428Mar-01 $55,574,428 -$375,251 -$22,203 $406,691 -$4,182,435 $51,016,742Jun-01 $51,016,742 -$365,927 -$21,840 $371,235 $2,216,697 $52,867,512Sep-01 $52,867,512 -$663,768 -$21,567 $441,221 -$4,592,364 $47,611,380Dec-01 $47,611,380 -$1,502,838 -$10,135 $587,524 $2,830,376 $48,938,918Mar-02 $48,938,918 -$15,173 -$20,037 $359,943 $699,111 $49,622,856Jun-02 $49,622,856 -$511,193 -$20,132 $372,089 -$2,642,350 $46,469,313Sep-02 $46,469,313 -$461,137 -$10,326 $367,433 -$5,406,592 $40,601,584Dec-02 $40,601,584 -$305,884 -$8,656 $470,499 $1,944,714 $42,240,414Mar-03 $42,240,414 -$655,362 -$38,784 $302,011 -$1,599,613 $39,985,439Jun-03 $39,985,439 -$778,780 -$13,903 $333,918 $4,622,010 $43,828,669Sep-03 $43,828,669 -$662,389 -$17,967 $238,831 $1,365,464 $44,531,744Dec-03 $44,531,744 -$399,999 -$47,455 $446,659 $4,610,030 $48,741,775Mar-04 $48,741,775 -$543,579 -$39,390 $216,156 $1,097,837 $49,296,033Jun-04 $49,296,033 -$109,883 -$39,387 $265,045 $138,340 $49,324,490Sep-04 $49,324,490 -$1,009,371 -$38,556 $224,704 $9,559 $48,324,678Dec-04 $48,324,678 -$784,131 -$40,289 $1,231,367 $4,362,977 $51,903,524Mar-05 $51,903,524 -$656,830 -$40,122 $251,014 -$535,279 $50,711,415Jun-05 $50,711,415 -$584,889 -$34,647 $236,790 $508,118 $50,634,644Sep-05 $50,634,644 -$8,484 -$35,672 $225,922 $2,193,834 $52,819,994Dec-05 $52,819,994 -$8,387 -$8,664 $1,673,866 $1,142,041 $53,953,648Mar-06 $53,953,648 -$711,443 -$35,909 $258,749 $2,982,889 $56,225,094Jun-06 $56,225,094 -$150,700 -$37,052 $279,282 -$455,018 $55,619,376Sep-06 $55,619,376 -$619,204 -$37,906 $257,905 $1,959,980 $56,960,152
Prepared by The Atlanta Consulting Group35
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University of West Florida
FoundationAs of September 30, 2019
QuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Dec-06 $56,960,152 -$259,001 -$38,682 $2,063,223 $3,295,891 $59,997,042Mar-07 $59,997,042 -$8,817 -$40,216 $279,221 $1,353,294 $61,341,519Jun-07 $61,341,519 -$760,397 -$41,417 $272,732 $3,135,778 $63,716,900Sep-07 $63,716,900 -$1,008,735 -$53,847 $266,342 $226,739 $62,934,904Dec-07 $62,934,904 -$959,825 -$49,127 $1,248,780 -$1,068,882 $60,906,197Mar-08 $60,906,197 -$10,042 -$46,120 $250,632 -$3,191,700 $57,704,455Jun-08 $57,704,455 -$499,998 -$48,727 $255,465 -$151,860 $57,052,597Sep-08 $57,052,597 $585,757 -$45,037 $257,621 -$5,558,584 $52,079,770Dec-08 $52,079,770 -$27,930 -$41,208 $628,017 -$8,704,556 $43,347,284Mar-09 $43,347,284 $460,309 -$34,186 $240,805 -$2,719,546 $41,088,047Jun-09 $41,088,047 $18,824 -$33,104 $234,150 $4,983,802 $46,090,673Sep-09 $46,090,673 $36,683 -$36,990 $262,605 $5,171,637 $51,298,993Dec-09 $51,298,993 -$977,471 -$37,425 $346,394 $2,056,832 $52,378,354Mar-10 $52,378,354 $21,655 -$30,856 $223,781 $1,903,830 $54,303,839Jun-10 $54,303,839 $103,822 -$53,645 $195,451 -$3,540,221 $50,867,440Sep-10 $50,867,440 $131,756 -$42,592 $214,909 $4,484,851 $55,484,047Dec-10 $55,484,047 $175,042 -$43,432 $370,586 $4,227,161 $59,886,250Mar-11 $59,886,250 -$837,606 -$47,478 $230,071 $2,052,173 $61,100,817Jun-11 $61,100,817 $138,311 -$49,563 $204,447 $411,277 $61,650,405Sep-11 $61,650,405 -$87,638 -$50,173 $229,755 -$7,494,731 $54,068,036Dec-11 $54,068,036 $387,014 -$44,939 $326,664 $3,294,906 $57,749,956Mar-12 $57,749,956 $105,094 -$46,135 $219,525 $4,386,376 $62,241,426Jun-12 $62,241,426 -$1,839,680 -$45,081 $226,018 -$1,974,413 $58,427,333Sep-12 $58,427,333 -$1,822,658 -$42,326 $199,084 $2,632,789 $59,237,464Dec-12 $59,237,464 -$27,735 -$42,704 $471,816 $1,645,834 $60,855,563Mar-13 $60,855,563 -$98,538 -$44,366 $153,679 $3,250,742 $64,007,767Jun-13 $64,007,767 -$1,862,723 -$45,603 $192,329 $635,692 $62,780,736Sep-13 $62,780,736 $18,498 -$45,965 $216,059 $3,337,883 $66,137,117Dec-13 $66,137,117 -$299,980 -$47,478 $402,765 $3,924,654 $69,761,791Mar-14 $69,761,791 -$587,766 -$49,911 $189,387 $948,471 $70,122,496Jun-14 $70,122,496 -$326,452 -$37,086 $213,400 $2,362,733 $72,158,777Sep-14 $72,158,777 $75,826 -$37,270 $180,892 -$730,067 $71,504,536
Prepared by The Atlanta Consulting Group36
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University of West Florida
FoundationAs of September 30, 2019
QuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Dec-14 $71,504,536 -$22,845 -$27,895 $1,102,090 $749,766 $72,231,457Mar-15 $72,231,457 -$28,279 -$27,496 $139,418 $1,578,684 $73,781,862Jun-15 $73,781,862 $324,851 -$28,452 $176,783 $156,312 $74,263,025Sep-15 $74,263,025 -$12,826 -$27,644 $180,454 -$5,115,727 $69,134,472Dec-15 $69,134,472 $84,429 -$28,653 $708,198 $1,392,509 $70,611,410Mar-16 $70,611,410 $4,924,041 -$28,909 $159,866 $109,986 $75,645,437Jun-16 $75,645,437 -$140,258 -$29,517 $210,119 $1,697,746 $77,202,925Sep-16 $77,202,925 -$514,301 -$30,494 $173,911 $3,397,085 $80,085,709Dec-16 $80,085,709 -$681,182 -$31,704 $554,397 $1,012,120 $80,416,647Mar-17 $80,416,647 $119,141 -$32,584 $164,409 $3,767,164 $84,302,952Jun-17 $84,302,952 $1,190,909 -$33,371 $237,005 $2,458,418 $87,952,279Sep-17 $87,952,279 -$167,740 $0 $205,111 $3,691,890 $91,476,429Dec-17 $91,476,429 -$1,896,654 -$26,870 $1,067,475 $3,277,624 $92,857,399Mar-18 $92,857,399 -$1,462,821 -$31,969 $153,210 -$157,218 $91,237,360Jun-18 $91,237,360 -$1,003,472 -$30,938 $254,995 $1,456,415 $91,690,303Sep-18 $91,690,303 -$1,166,512 -$31,649 $233,604 $2,604,960 $93,128,750Dec-18 $93,128,750 -$608,277 -$29,521 $1,517,670 -$8,778,241 $83,742,231Mar-19 $83,742,231 -$12,573 -$25,883 $206,506 $7,373,098 $91,102,756Jun-19 $91,102,756 -$289,148 -$28,135 $311,554 $3,404,055 $94,217,664Sep-19 $94,217,664 -$559,401 -$29,654 $247,945 -$683,967 $92,974,297
XXXXX
Prepared by The Atlanta Consulting Group37
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Universe Name: Large Cap MStar MF# of Observations: 1,005 (9/30/2019)
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Eagle Capital Management -1.42 89 19.42 52 2.51 55 13.95 28 10.32 39 -- --S&P 500 1.70 35 20.55 34 4.25 32 13.39 34 10.84 28 13.24 27
Over/Under -3.12 -1.13 -1.74 0.56 -0.52XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Eagle Capital Management -5.24 22.66 10.10 1.75 12.28 35.80 -- -- -- --S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.86 0.83 -1.86 0.37 -1.41 3.41XXXXX
Prepared by The Atlanta Consulting Group
University of West Florida
Eagle Capital ManagementAs of September 30, 2019
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Eagle Capital Management 12.37% -0.89% 1.07 106.04% 109.22% 1.02 3.50% 0.01 S&P 500 11.10% 0.00% 1.00 100.00% 100.00% 1.13 0.00% --
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Prepared by The Atlanta Consulting Group
Best PerformersWeight % Return %
_
FISERV (FISV) 1.33% 13.64%ALPHABET A (GOOGL) 0.54% 12.78%ALPHABET 'C' (GOOG) 8.19% 12.78%WELLS FARGO & CO (WFC) 4.74% 7.77%COMCAST A (CMCSA) 4.37% 7.14%AERCAP HOLDINGS N V (AER) 1.65% 5.27%CHARTER COMMS.CL.A (CHTR) 2.07% 4.29%GOLDMAN SACHS GP. (GS) 5.23% 1.91%LIBERTY BROADBAND SR.A (LBRDA) 2.40% 1.63%GCI LIBERTY A (GLIBA) 2.47% 0.99%Total 32.99%
_
CharacteristicsPortfolio S&P 500
Number of Holdings 34 505Weighted Avg. Market Cap. ($B) 195.88 230.50Median Market Cap. ($B) 56.99 22.53Price To Earnings 16.86 20.51Price To Book 2.93 3.65Price To Sales 1.68 2.11Return on Equity (%) 14.97 26.53Yield (%) 1.14 1.96Beta 1.11 1.00R-Squared 0.94 1.00
Worst PerformersWeight % Return %
_
LIBERTY TRIP ADVI.HDG. SR.A (LTRPA) 0.17% -24.11%TRIPADVISOR 'A' (TRIP) 1.14% -16.44%MOHAWK INDUSTRIES (MHK) 1.94% -15.87%GENERAL ELECTRIC (GE) 4.01% -14.77%FOX B (FOX) 0.91% -13.05%DISH NETWORK 'A' (DISH) 1.67% -11.30%MARRIOTT INTL.'A' (MAR) 4.02% -11.02%UNITEDHEALTH GROUP (UNH) 2.58% -10.53%LIBERTY GLOBAL SR.C (LBTYK) 3.19% -10.33%AMAZON.COM (AMZN) 5.25% -8.33%Total 24.89%
_
Sector Portfolio S&P 500
INDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 0.00 4.64Materials 1.13 2.71Industrials 6.69 9.39Consumer Discretionary 14.95 10.12Consumer Staples 0.00 7.37Health Care 2.58 13.63Financials 29.85 13.11Information Technology 13.13 21.92Communication Services 30.04 10.49Utilities 0.00 3.42Real Estate 0.00 3.19
Performance By Sectors
7/1/2019 - 9/30/2019
GICS Sector PortfolioWeight
IndexWeight
ExcessWeight
PortfolioUSD Return
IndexUSD Return
ExcessReturn
AllocationEffect
(Local)
SelectionEffect
(Local)
TotalContrib.
_
Energy 0.94% 5.05% -4.11% 8.65% -6.11% 14.76% 0.30% 0.14% 0.05%Materials 1.27% 2.80% -1.53% 0.54% -0.12% 0.66% 0.03% 0.00% -0.02%Industrials 5.68% 9.38% -3.70% -7.29% 0.90% -8.18% 0.05% -0.38% -0.41%Consumer Discretionary 18.54% 10.19% 8.35% -8.81% 0.48% -9.29% -0.09% -1.74% -1.96%Consumer Staples 0.00% 7.27% -7.27% -- 6.12% -- -0.32% 0.00% 0.00%Health Care 3.27% 14.20% -10.93% -10.53% -2.26% -8.27% 0.44% -0.28% -0.40%Financials 31.09% 13.07% 18.02% 0.83% 2.00% -1.17% 0.08% -0.38% -0.25%Information Technology 5.98% 21.48% -15.50% 0.78% 3.32% -2.54% -0.25% -0.12% -0.02%Communication Services 33.25% 10.19% 23.06% 0.49% 2.21% -1.72% 0.11% -0.59% -0.42%Utilities 0.00% 3.31% -3.31% -- 9.36% -- -0.25% 0.00% 0.00%Real Estate 0.00% 3.05% -3.05% -- 7.71% -- -0.18% 0.00% 0.00%Total -1.76% 1.69% -3.44% -0.09% -3.35% -3.44%
XXXXX
University of West Florida
Eagle Capital ManagementAs of September 30, 2019
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University of West Florida
Vanguard 500 Index AdmiralAs of September 30, 2019
Universe Name: Large Cap MStar MF# of Observations: 1,005 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19MICROSOFT CORP 4.29%APPLE INC 3.84%AMAZON.COM INC 2.91%FACEBOOK INC A 1.73%BERKSHIRE HATHAWAY INC B 1.60%JPMORGAN CHASE & CO 1.52%ALPHABET INC CLASS C 1.49%ALPHABET INC A 1.47%JOHNSON & JOHNSON 1.38%PROCTER & GAMBLE CO 1.26%
Sector Allocation as of 9/30/19BASIC MATERIALS 2.40%COMMUNICATION SERVICES 3.41%CONSUMER CYCLICAL 11.77%CONSUMER DEFENSIVE 8.13%ENERGY 4.53%FINANCIAL SERVICES 15.67%HEALTHCARE 13.54%INDUSTRIALS 10.40%REAL ESTATE 3.22%TECHNOLOGY 23.34%UTILITIES 3.59%
Fund Information as of 9/30/19Fund Name VANGUARD 500 INDEX
ADMIRALTicker VFIAXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.04%Fund Assets ($mm) 294,858.71Share Class Inception Date 11/13/2000Manager Tenure 4
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Vanguard 500 Index -4.43 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 26.62S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.05 -0.04 -0.03 -0.02 -0.05 -0.06 -0.04 -0.03 -0.01 0.16XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Vanguard 500 Index 11.93% -0.03% 1.00 99.87% 100.05% 0.83 0.01% -2.86 S&P 500 11.93% 0.00% 1.00 100.00% 100.00% 0.83 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Vanguard 500 Index 1.69 36 20.54 35 4.22 33 13.36 35 10.80 28 13.21 28S&P 500 1.70 35 20.55 34 4.25 32 13.39 34 10.84 28 13.24 27
Over/Under -0.01 -0.01 -0.03 -0.03 -0.04 -0.03XXXXX
Description:The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widelyrecognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attemptsto replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.
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University of West Florida
Conestoga Small Cap InvestorsAs of September 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 526 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19EXPONENT INC 4.29%THE DESCARTES SYSTEMS GROUP INC 3.61%CANTEL MEDICAL CORP 3.19%SIMPSON MANUFACTURING CO INC 2.98%OMNICELL INC 2.84%MESA LABORATORIES INC 2.82%TREX CO INC 2.77%NEOGEN CORP 2.69%FOX FACTORY HOLDING CORP 2.63%PROS HOLDINGS INC 2.57%
Sector Allocation as of 9/30/19BASIC MATERIALS 8.38%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 8.83%CONSUMER DEFENSIVE 5.07%ENERGY 0.00%FINANCIAL SERVICES 0.00%HEALTHCARE 16.10%INDUSTRIALS 23.02%REAL ESTATE 1.87%TECHNOLOGY 36.74%UTILITIES 0.00%
Fund Information as of 9/30/19Fund Name CONESTOGA SMALL CAP
INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 857.99Share Class Inception Date 10/1/2002Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Conestoga Small Cap 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Conestoga Small Cap 16.08% 8.29% 0.91 110.02% 78.22% 0.92 6.71% 1.12 Russell 2000 16.16% 0.00% 1.00 100.00% 100.00% 0.45 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Conestoga Small Cap -3.69 75 18.86 24 -3.57 22 17.26 4 15.73 2 14.70 6Russell 2000 -2.40 57 14.18 60 -8.89 62 8.23 53 8.19 48 11.19 56
Over/Under -1.29 4.68 5.32 9.03 7.54 3.51XXXXX
Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.
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University of West Florida
Fuller & Thaler Behav Sm-CpAs of September 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 526 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19JABIL INC 3.82%HELEN OF TROY LTD 3.67%LANDSTAR SYSTEM INC 3.63%HANCOCK WHITNEY CORP 3.34%FTI CONSULTING INC 2.44%MURPHY USA INC 2.43%FULTON FINANCIAL CORP 2.42%DECKERS OUTDOOR CORP 2.31%WESCO INTERNATIONAL INC 2.30%MEDPACE HOLDINGS INC 2.27%
Sector Allocation as of 9/30/19BASIC MATERIALS 4.03%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 12.35%CONSUMER DEFENSIVE 5.00%ENERGY 0.57%FINANCIAL SERVICES 22.98%HEALTHCARE 11.17%INDUSTRIALS 21.05%REAL ESTATE 5.71%TECHNOLOGY 16.78%UTILITIES 0.36%
Fund Information as of 9/30/19Fund Name FULLER & THALER
BEHAVIORAL SM-CP EQ INSTTicker FTHSXMorningstar Category Small BlendBenchmark Russell 2000Expense Ratio 0.85%Fund Assets ($mm) 1,619.08Share Class Inception Date 9/8/2011Manager Tenure 8
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Fuller & Thaler Behav Sm-Cp -13.17 17.35 29.82 -3.48 11.00 36.12 20.22 -- -- --Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under -2.16 2.70 8.51 0.93 6.10 -2.70 3.87XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Fuller & Thaler Behav Sm-Cp 15.26% 2.27% 0.89 87.94% 82.38% 0.56 5.57% 0.24 Russell 2000 16.16% 0.00% 1.00 100.00% 100.00% 0.45 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Fuller & Thaler Behav Sm-Cp 0.52 14 17.61 33 -4.65 29 10.57 28 9.52 30 -- --Russell 2000 -2.40 57 14.18 60 -8.89 62 8.23 53 8.19 48 11.19 56
Over/Under 2.92 3.43 4.24 2.34 1.33XXXXX
Description:The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalizationcompanies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and itsatisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assetsare primarily located in the U.S., or it derives the majority of its revenue from the U.S.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 198 (9/30/2019)
University of West Florida
Dodge & Cox InternationalAs of September 30, 2019
Top Holdings as of 9/30/19SANOFI SA 3.27%BNP PARIBAS 2.97%ICICI BANK LTD 2.91%ROCHE HOLDING AG DIVIDEND RIGHT CERT. 2.85%UBS GROUP AG 2.84%MITSUBISHI ELECTRIC CORP 2.76%BAYER AG 2.69%CREDIT SUISSE GROUP AG 2.53%UNICREDIT SPA 2.47%GLAXOSMITHKLINE PLC 2.43%
Sector Allocation as of 9/30/19BASIC MATERIALS 5.95%COMMUNICATION SERVICES 4.43%CONSUMER CYCLICAL 7.97%CONSUMER DEFENSIVE 1.10%ENERGY 9.26%FINANCIAL SERVICES 30.43%HEALTHCARE 15.98%INDUSTRIALS 6.45%REAL ESTATE 0.87%TECHNOLOGY 16.52%UTILITIES 1.04%
Fund Information as of 9/30/19Fund Name DODGE & COX
INTERNATIONAL STOCKTicker DODFXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 0.63%Fund Assets ($mm) 47,225.36Share Class Inception Date 5/1/2001Manager Tenure 19
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Dodge & Cox International -1.66 63 11.00 74 -2.75 55 5.26 62 0.64 97 4.92 45MSCI ACWI ex USA -1.80 70 11.56 64 -1.23 31 6.33 25 2.90 63 4.46 74
Over/Under 0.14 -0.56 -1.52 -1.07 -2.26 0.46XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Dodge & Cox International -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 47.46MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under -3.78 -3.25 3.76 -5.69 3.95 11.02 4.20 -2.26 2.54 6.01XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Dodge & Cox International 14.93% -2.66% 1.14 109.99% 119.16% -0.02 4.96% -0.46 MSCI ACWI ex USA 12.48% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
XXXXX
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term growth of principal and income. Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, includingcommon stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into commonstocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-establishedcompanies based on standards of the applicable market.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 198 (9/30/2019)
University of West Florida
WCM Focused Intl GrowthAs of September 30, 2019
Top Holdings as of 7/31/19CSL LTD 4.24%ACCENTURE PLC CLASS A 4.22%CANADIAN PACIFIC RAILWAY LTD 4.17%EXPERIAN PLC 4.03%LVMH MOET HENNESSY LOUIS VUITTON SE 4.03%SHOPIFY INC A 4.01%ADIDAS AG 3.89%NESTLE SA 3.71%KEYENCE CORP 3.56%METTLER-TOLEDO INTERNATIONAL INC 3.56%
Sector Allocation as of 7/31/19BASIC MATERIALS 6.57%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 11.93%CONSUMER DEFENSIVE 10.98%ENERGY 0.00%FINANCIAL SERVICES 10.88%HEALTHCARE 20.25%INDUSTRIALS 12.71%REAL ESTATE 0.00%TECHNOLOGY 26.68%UTILITIES 0.00%
Fund Information as of 7/31/19
Fund NameWCM FOCUSEDINTERNATIONAL GROWTHINSTL
Ticker WCMIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.06%Fund Assets ($mm) 8,928.19Share Class Inception Date 5/31/2011Manager Tenure 8
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
WCM Focused Intl Growth -0.58 19 23.32 1 8.07 1 11.76 1 9.81 1 -- --MSCI ACWI ex USA -1.80 70 11.56 64 -1.23 31 6.33 25 2.90 63 4.46 74
Over/Under 1.22 11.76 9.30 5.43 6.91XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
WCM Focused Intl Growth -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -- -- --MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under 6.90 4.05 -3.83 11.45 3.57 6.43 -4.36XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
WCM Focused Intl Growth 11.78% 7.48% 0.81 91.71% 54.81% 0.76 6.61% 1.05 MSCI ACWI ex USA 12.48% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts ofnon-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investmentsin equity securities may include common stocks and depository receipts. It generally invests in securities of companies located indifferent regions and in at least three different countries.
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Universe Name: Foreign Small/Mid Blend Mstar MF# of Observations: 29 (9/30/2019)
University of West Florida
T. Rowe Price InternationalAs of September 30, 2019
Top Holdings as of 9/30/19COUNTRY GARDEN SERVICES HOLDINGS CO LTD 2.71%SHOPIFY INC A 1.94%AMPLIFON SPA 1.62%MERCADOLIBRE INC 1.32%ASCENTIAL PLC 1.20%INTERMEDIATE CAPITAL GROUP PLC 1.13%INMOBILIARIA COLONIAL SOCIMI SA 1.02%ELEKTA AB CLASS B 1.01%OCADO GROUP PLC 0.97%FISHER & PAYKEL HEALTHCARE CORP LTD 0.96%
Sector Allocation as of 9/30/19BASIC MATERIALS 7.29%COMMUNICATION SERVICES 0.69%CONSUMER CYCLICAL 21.28%CONSUMER DEFENSIVE 4.97%ENERGY 1.44%FINANCIAL SERVICES 7.81%HEALTHCARE 14.87%INDUSTRIALS 12.56%REAL ESTATE 7.69%TECHNOLOGY 20.40%UTILITIES 0.99%
Fund Information as of 9/30/19Fund Name T. ROWE PRICE
INTERNATIONAL DISCOVERYTicker PRIDXMorningstar Category Foreign Small/Mid GrowthBenchmark MSCI ACWI ex US Small CapExpense Ratio 1.20%Fund Assets ($mm) 4,523.23Share Class Inception Date 12/30/1988Manager Tenure 21
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
T. Rowe Price International -2.61 85 12.26 34 -5.02 27 7.07 8 7.24 1 9.08 12MSCI ACWI ex US Small Cap -1.19 38 10.28 57 -5.63 29 4.64 47 3.98 62 6.13 74
Over/Under -1.42 1.98 0.61 2.43 3.26 2.95XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
T. Rowe Price International -17.47 39.01 0.95 9.88 -0.43 24.37 26.00 -14.08 20.47 55.69MSCI ACWI ex US Small Cap -18.20 31.65 3.91 2.60 -4.03 19.73 18.52 -18.50 25.21 62.91
Over/Under 0.73 7.36 -2.96 7.28 3.60 4.64 7.48 4.42 -4.74 -7.22XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
T. Rowe Price International 11.76% 3.62% 0.91 95.42% 76.79% 0.54 3.92% 0.83 MSCI ACWI ex US Small Cap 12.29% 0.00% 1.00 100.00% 100.00% 0.25 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- tomedium-sized companies outside the U.S. The managers expect to primarily invest outside the U.S. and to diversify broadly across a variety of industries in developed andemerging market countries throughout the world. Normally, at least 80% of the fund's net assets (including any borrowings forinvestment purposes) will be invested in non-U.S. stocks.
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Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 236 (9/30/2019)
University of West Florida
DFA Emerging Markets CoreAs of September 30, 2019
Top Holdings as of 8/31/19SAMSUNG ELECTRONICS CO LTD 3.95%TENCENT HOLDINGS LTD 1.81%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.72%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.26%ALIBABA GROUP HOLDING LTD ADR 0.88%SK HYNIX INC 0.86%VALE SA 0.82%PING AN INSURANCE (GROUP) CO. OF CHINA LTD CLASS H 0.75%RELIANCE INDUSTRIES LTD 0.75%PETROLEO BRASILEIRO SA PETROBRAS PARTICIPATINGPREFERRED 0.65%
Sector Allocation as of 8/31/19BASIC MATERIALS 10.67%COMMUNICATION SERVICES 4.07%CONSUMER CYCLICAL 11.14%CONSUMER DEFENSIVE 7.41%ENERGY 6.62%FINANCIAL SERVICES 18.33%HEALTHCARE 2.96%INDUSTRIALS 8.08%REAL ESTATE 3.97%TECHNOLOGY 23.18%UTILITIES 3.54%
Fund Information as of 8/31/19Fund Name DFA EMERGING MARKETS
CORE EQUITY ITicker DFCEXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 0.52%Fund Assets ($mm) 26,893.61Share Class Inception Date 4/5/2005Manager Tenure 10
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
DFA Emerging Markets Core -4.18 72 4.96 80 -1.75 71 4.85 55 2.07 55 3.74 49MSCI Emerging Markets -4.25 73 5.90 73 -2.02 73 5.97 38 2.33 48 3.37 59
Over/Under 0.07 -0.94 0.27 -1.12 -0.26 0.37XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
DFA Emerging Markets Core -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62 83.58MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51
Over/Under -0.67 -0.73 1.16 0.06 1.28 -0.04 2.27 -2.23 4.74 5.07XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
DFA Emerging Markets Core 14.95% -0.14% 0.95 96.42% 98.39% 0.08 2.67% -0.10 MSCI Emerging Markets 15.56% 0.00% 1.00 100.00% 100.00% 0.09 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontiermarkets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund AdvisorsLP's (the "Advisor") Investment Committee ("Approved Markets"), with a greater emphasis on small capitalization, value, and highprofitability companies.
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University of West Florida
FixedAs of September 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 120 (9/30/2019)
Prepared by The Atlanta Consulting Group
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Fixed 0.58 99 5.69 89 6.45 97 1.98 91 2.79 85 -- --BBgBarc US Aggregate TR 2.27 39 8.52 46 10.30 37 2.92 47 3.38 32 3.75 59
Over/Under -1.69 -2.83 -3.85 -0.94 -0.59XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Fixed 0.17 3.11 3.20 0.45 5.02 -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under 0.16 -0.43 0.55 -0.10 -0.95
Since Inception Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Fixed 2.40% 0.84% 0.60 72.96% 59.78% 0.93 1.98% -0.31 BBgBarc US Aggregate TR 3.01% 0.00% 1.00 100.00% 100.00% 0.95 0.00% --
Name Market Value % of Portfolio
Fixed $11,414,976 100.00%Barrow Hanley $5,807,102 50.87%Templeton Global Bond Fund $2,684,415 23.52%Chartwell Short Duration High Yield $2,923,459 25.61%
Total $11,414,976 100.00%
Composite BBgBarc Agg
3.16 2.272.54 6.21
SEC Yield Average Duration Average Maturity 4.59 13.11
AAA 34.97 71.98AA 3.40 3.46A 13.30 10.68BBB 17.74 13.86BB 26.09 0.00B 5.17 0.00Below B 0.00 0.00Not Rated -0.68 0.00
*Credit Quality as of 9/30/2018
Fund Characteristics as of 9/30/2019
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Universe Name: Intermediate Core Bond MStar MF# of Observations: 120 (9/30/2019)
Prepared by The Atlanta Consulting Group
University of West Florida
Barrow HanleyAs of September 30, 2019
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Barrow Hanley 2.18 62 8.55 46 9.71 65 2.95 45 3.37 32 3.80 57BBgBarc US Aggregate TR 2.27 39 8.52 46 10.30 37 2.92 47 3.38 32 3.75 59
Over/Under -0.09 0.03 -0.59 0.03 -0.01 0.0590% BBgBarc Agg/10%BBgBarc High Yield 2.18 62 8.82 32 9.92 59 3.25 18 3.59 16 4.18 30
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Barrow Hanley -0.55 4.03 3.20 0.45 5.02 -1.48 5.56 7.10 6.36 8.17BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.56 0.49 0.55 -0.10 -0.95 0.54 1.35 -0.74 -0.18 2.24
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Barrow Hanley 3.49% 0.04% 1.00 100.90% 100.28% 0.85 0.80% 0.07 BBgBarc US Aggregate TR 3.39% 0.00% 1.00 100.00% 100.00% 0.86 0.00% --
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University of West Florida
Templeton Global Bond FundAs of September 30, 2019
Universe Name: World Bond MStar MF# of Observations: 54 (9/30/2019)
Fund Information as of 6/30/19Fund Name TEMPLETON GLOBAL BOND
ADVTicker TGBAXMorningstar Category Nontraditional BondBenchmark FTSE WGBI TRExpense Ratio 0.69%Fund Assets ($mm) 18,428.26Share Class Inception Date 1/2/1997Manager Tenure 18
Fixed Income Sectors as of 6/30/19GOVERNMENT 58.66%MUNICIPAL 0.00%CORPORATE 0.09%SECURITIZED 0.00%CASH & EQUIVALENTS 41.24%DERIVATIVE 0.00%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) 0.54Average Duration -2.82Average Coupon 8.64%Average Effective Maturity 1.20R-Squared (3 Year) 0.10Alpha (3 Year) 0.42%Beta (3 Year) -0.35
Credit Quality as of 6/30/19AAA 24.50%AA 6.54%A 18.45%BBB 26.22%BB 19.01%B 8.17%Below B 0.00%Not Rated -2.88%
Prepared by The Atlanta Consulting Group
Description:The investment seeks current income with capital appreciation and growth of income. Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debt obligations of anymaturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governments, government-relatedentities and government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are ratedbelow investment grade or, if unrated determined by the investment manager to be of comparable quality. It is non-diversified.
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Templeton Global Bond Fund -3.34 99 -0.67 99 1.04 94 3.84 10 0.80 78 3.82 16FTSE WGBI TR 0.85 25 6.27 34 8.13 17 1.19 61 1.80 39 1.69 74
Over/Under -4.19 -6.94 -7.09 2.65 -1.00 2.13XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Templeton Global Bond Fund 1.44 2.62 6.61 -4.03 1.84 2.41 16.15 -2.21 13.00 19.21FTSE WGBI TR -0.84 7.49 1.60 -3.57 -0.48 -4.00 1.65 6.35 5.17 2.55
Over/Under 2.28 -4.87 5.01 -0.46 2.32 6.41 14.50 -8.56 7.83 16.66
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Templeton Global Bond Fund 6.68% 1.42% -0.34 -27.46% -56.74% -0.02 9.64% -0.10 FTSE WGBI TR 5.35% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
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University of West Florida
Chartwell Short Dur High YieldAs of September 30, 2019
Universe Name: High Yield Bond MStar MF# of Observations: 196 (9/30/2019)
Fund Information as of 7/31/19Fund Name CHARTWELL SHORT
DURATION HIGH YIELDTicker CWFIXMorningstar Category High Yield Bond
Benchmark ICE BofAML US Corp and HighYield 1-3 Yr
Expense Ratio 0.49%Fund Assets ($mm) 78.77Share Class Inception Date 7/15/2014Manager Tenure 5
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Chartwell Short Dur High Yield 1.20 61 6.37 93 5.40 54 3.66 96 3.09 95 -- --ICE BofAML US Corp andHigh Yield 1-3 Yr 1.00 74 4.75 96 5.22 59 2.95 99 2.67 99 3.25 99
Over/Under 0.20 1.62 0.18 0.71 0.42XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Chartwell Short Dur High Yield 0.36 3.39 7.62 -2.64 -- -- -- -- -- --ICE BofAML US Corp and High Yield 1-3Yr 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 19.37
Over/Under -1.28 1.01 3.71 -3.40
3 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Chartwell Short Dur High Yield 1.82% -0.12% 1.28 125.98% 143.38% 1.20 1.35% 0.52 ICE BofAML US Corp and HighYield 1-3 Yr 0.97% 0.00% 1.00 100.00% 100.00% 1.52 0.00% --
XXXXX
Fixed Income Sectors as of 7/31/19GOVERNMENT 0.00%MUNICIPAL 0.00%CORPORATE 96.97%SECURITIZED 0.00%CASH & EQUIVALENTS 3.03%DERIVATIVE 0.00%
Fund Characteristics as of 7/31/19Sharpe Ratio (3 Year) 1.32Average Duration 1.40Average Coupon 5.38%Average Effective Maturity 1.65R-Squared (3 Year) 0.46Alpha (3 Year) 0.01%Beta (3 Year) 1.33
Credit Quality as of 7/31/19AAA 1.65%AA 0.00%A 0.00%BBB 7.45%BB 84.50%B 6.39%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in highyield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories atthe time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of itsassets in U.S. dollar denominated securities of issuers based outside of the U.S.
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University of West Florida
Tortoise MLP & Pipeline InstlAs of September 30, 2019
Universe Name: Energy Limited Partnership Mstar MF# of Observations: 35 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19ONEOK INC 8.67%WILLIAMS COMPANIES INC 8.59%KINDER MORGAN INC CLASS P 8.15%CHENIERE ENERGY INC 7.56%TC ENERGY CORP 6.79%TARGA RESOURCES CORP 6.23%ENBRIDGE INC 4.87%PEMBINA PIPELINE CORP 4.73%PLAINS GP HOLDINGS LP CLASS A 4.45%ENERGY TRANSFER LP 4.15%
Sector Allocation as of 9/30/19BASIC MATERIALS 0.12%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 0.00%CONSUMER DEFENSIVE 0.00%ENERGY 99.88%FINANCIAL SERVICES 0.00%HEALTHCARE 0.00%INDUSTRIALS 0.00%REAL ESTATE 0.00%TECHNOLOGY 0.00%UTILITIES 0.00%
Fund Information as of 9/30/19Fund Name TORTOISE MLP & PIPELINE
INSTLTicker TORIXMorningstar Category Energy Limited PartnershipBenchmark Alerian MLP TR USDExpense Ratio 0.93%Fund Assets ($mm) 3,544.00Share Class Inception Date 5/31/2011Manager Tenure 6
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Tortoise MLP & Pipeline Instl -15.14 -1.03 42.12 -35.80 11.66 28.60 9.58 -- -- --Alerian MLP TR USD -12.42 -6.52 18.31 -32.59 4.80 27.58 4.80 13.88 35.85 76.41
Over/Under -2.72 5.49 23.81 -3.21 6.86 1.02 4.7850% Alerian/50% ML High Yield -7.04 0.39 18.24 -19.41 3.84 17.33 10.20 9.15 25.24 67.15
XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Tortoise MLP & Pipeline Instl 18.90% 3.91% 0.89 100.69% 87.15% -0.25 8.09% 0.60 Alerian MLP TR USD 19.27% 0.00% 1.00 100.00% 100.00% -0.50 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Tortoise MLP & Pipeline Instl -2.91 12 17.22 9 -2.42 6 -0.07 7 -3.81 4 -- --Alerian MLP TR USD -5.02 64 11.08 59 -8.13 57 -2.46 50 -8.65 82 6.25 --
Over/Under 2.11 6.14 5.71 2.39 4.84
Description:The investment seeks total return. The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPsand pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies thatown and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refinedpetroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified.
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Prepared by The Atlanta Consulting Group
University of West Florida
Fund of FundsAs of September 30, 2019
QTD(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
_
Fund of Funds 0.41 5.24 2.59 4.75 2.68 4.79HFRI Fund of Funds Composite Index -0.82 5.29 0.08 3.18 1.96 2.68
Over/Under 1.23 -0.05 2.51 1.57 0.72 2.11S&P 500 1.70 20.55 4.25 13.39 10.84 13.24
XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Fund of Funds 0.93 6.59 1.83 -1.58 4.02 13.55 9.22 -1.81 7.97 --HFRI Fund of Funds Composite Index -4.02 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 11.47
Over/Under 4.95 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Fund of Funds 3.94% 2.74% 0.90 115.19% 69.33% 1.36 1.80% 1.33 HFRI Fund of Funds Composite Index 3.93% 0.00% 1.00 100.00% 100.00% 0.75 0.00% --
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Prepared by The Atlanta Consulting Group
University of West Florida
Ironwood International Ltd.As of September 30, 2019
QTD(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
_
Ironwood International Ltd. 0.41 5.24 2.59 5.10 3.66 5.91HFRI FOF: Conservative Index -0.08 4.57 1.18 3.13 2.04 2.73
Over/Under 0.49 0.67 1.41 1.97 1.62 3.18XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Ironwood International Ltd. 1.32 6.91 2.30 1.84 7.03 11.72 10.01 1.80 9.15 16.99HFRI FOF: Conservative Index -0.87 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 9.65
Over/Under 2.19 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 7.34XXXXX
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Ironwood International Ltd. 5.40% 1.32% 1.31 140.20% 108.07% 0.58 2.18% 0.93 HFRI FOF: Conservative Index 3.88% 0.00% 1.00 100.00% 100.00% 0.28 0.00% --
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Ironwood Monthly Commentary July 2019
GENERAL COMMENTARY1
U.S. equity markets rose modestly in July. Gains were bolstered by the Federal Reserve, which lowered U.S. interest rates for the first time since 2008; trade negotiations, as tensions eased after the U.S. temporarily suspended additional tariffs on $300 billion of Chinese imports; and corporate earnings, which have largely beat analysts’ estimates for Q2 indicating fundamentals remain broadly intact. In U.S. corporate credit markets, both high-yield and investment-grade bonds ended July slightly higher as investors bid up yield-bearing assets. Outside of the U.S., equity markets in Europe ended the month flat-to-positive in local terms as political and policy-related uncertainty remained in focus. Notable progress was made in July, however, including the UK’s appointment of Boris Johnson as prime minister and the ECB’s nomination of Christine Lagarde from the IMF to replace Mario Draghi as its next president. Additionally, the ECB signaled it is prepared to take near-term stimulative measures, including cutting interest rates and potentially re-starting its bond buying program. In emerging markets, equity returns by country were mixed and EM indices ended July in negative territory overall. U.S. dollar strength, disappointing growth data out of China, and volatile oil prices contributed to EM’s losses.
For the month, the S&P 500 returned +1.4% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +0.2% and +0.6%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -0.1%, -0.4%, and -1.0%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in July. The best-performing sectors were market neutral & low net equity, where numerous industry sectors helped drive positive attribution, and relative value, where a variety of sub-strategies contributed to performance. Our second quarter letter, which was recently distributed, provides greater detail on how the portfolio is currently positioned. If you would like a copy of this letter, please contact Ironwood Investor Relations ([email protected]).
On August 1st, Ironwood added a new market neutral & low net equity manager to the portfolio. This manager seeks to generate attractive risk-adjusted alpha-based returns by combining its extensive industry knowledge, detailed research process, and sector-focused investing (technology & healthcare) approach. Ironwood’s investment in the manager complements our current objectives and views on opportunities, and increases our exposure to tightly-hedged, market-neutral equity strategies.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +1.1% to -1.1%. Market neutral fundamental long/short equity, fixed income arbitrage, relative value macro, and systematic strategies were the largest contributors of positive attribution.
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Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +2.4% to +0.9%. The sector’s multi-manager platforms, new quantitative market neutral manager, and single-strategy equity manager all generated positive performance in July. Leading industry sectors included consumer and technology. Statistical arbitrage and primary strategies were also profitable during the month.
Ironwood’s event driven sector was roughly flat for the month and the range of returns for managers within the sector was +0.2% to -0.3%. At the underlying position level, Gannett was a notable contributor in July as the stock traded up on news that the company was in advanced merger discussions with New Media Investment Group. Norwegian Cruise Line, which fell after lowering its forward guidance to reflect headwinds stemming from a recent ban on cruise travel to Cuba, was a notable position-level detractor in July.
Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was +0.2% to -0.7%. At the underlying position level, a notable contributor in July included Steinhoff International bonds, which traded up after the company announced better-than-expected operating results, appointed a new CFO, and approved an agreement with creditors to restructure Conforama, a subsidiary focused on home furnishings.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
July 2019
JUL QTD YTD Fund ($ millions)0.42% 0.42% 5.40%0.35% 0.35% 5.18%0.36% 0.36% 5.17% Ironwood Partners L.P. 1,1220.10% 0.10% 4.74% Ironwood Insurance Fund 371.44% 1.44% 20.24% Ironwood Inst. Multi-Strategy Fund LLC 2,4930.22% 0.22% 6.35% Ironwood Capital Management $3,652
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation JUL QTD YTD JUL QTD YTDRelative Value 41.34% 0.59% 0.59% 6.69% 0.23% 0.23% 2.69%Market Neutral & Low Net Equity 25.82% 1.46% 1.46% 8.79% 0.36% 0.36% 1.87%Event Driven 19.83% -0.06% -0.06% 6.03% -0.01% -0.01% 1.14%Distressed & Credit Securities 13.01% -0.32% -0.32% 4.18% -0.04% -0.04% 0.54%
100.00% 0.42% 0.42% 5.40%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
13.1% Eligibility: Qualified Purchasers 9.7% ERISA Eligible: Yes 9.5% Minimum Investment: $1,000,000 9.4% Contributions: Monthly 8.4% Liquidity: Semi-annual on investment ann. with 95 days notice 7.0% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.5% Tax Reporting: Schedule K-1 6.2% Advisory Fees: 1.20% 5.3% Performance Fees: None 5.3%
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 8/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 8/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalCerberus AssociatesHolocene Advisors Certain Expenses: 0.25% annual expense reimbursement
Risk Arbitrage2.7% Statistical
Arbitrage5.8%
Event Equities6.0%
Fundamental Market
Neutral Equities36.6%
Fixed Income &Interest Rates
12.4%
Structured Credit7.3%
Distressed Situations
10.6%
Event Credit5.7%
Convertible Bond Arbitrage
1.2%
Private Securities3.3%
Portfolio Protection
1.2%
Other7.2%
United States70.1%
Asia8.2%
Europe18.8%
Emerging Markets
2.9%
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Ironwood Monthly Commentary August 2019
GENERAL COMMENTARY1
U.S. equity markets traded lower in August as fears of a global economic slowdown weakened demand for risk assets. As volatility in equity markets returned, investors rotated capital to perceived safe-haven assets such as U.S. Treasuries, pushing interest rates down in August. Notably, the 30-year Treasury yield fell roughly 0.5% and closed the month yielding less than 2.0% for the first time ever. In U.S. corporate credit markets, both investment-grade and high-yield bonds generated profits, with gains largely attributable to declining yields. Returns for investment-grade bonds outperformed high-yield bonds for the month, as weak U.S. manufacturing data, a sharp decline in the price of oil, and escalating trade tensions drove credit spreads on riskier bonds wider. Outside of the U.S., equity markets in Europe traded lower in August amid myriad headwinds facing the region. In emerging markets, equity markets experienced widespread losses in August. A number of idiosyncratic events, such as the unexpected election results in Argentina, as well as external factors, such as continued U.S. Dollar strength, trade uncertainty, and oil declines, weighed on risk assets across EM.
For the month, the S&P 500 returned -1.6% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +2.6% and +0.4%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -1.1%, -3.3%, and -2.5%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in August. The best-performing sectors included market neutral & low net equity, where every manager within the sector generated a positive return, and relative value, where a variety of sub-strategies contributed to performance.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +1.4% to -0.3%. Market neutral fundamental long/short equity, fixed income arbitrage, relative value macro, and systematic strategies were the largest contributors of positive attribution.
Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +2.4% to +0.6%. The sector’s multi-manager platforms, quantitative market neutral manager, and single-strategy low-net equity manager all generated positive performance in August. Leading industry sectors included consumer and industrials. Statistical arbitrage and primary strategies were also profitable during the month.
Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +0.2% to +0.1%. At the underlying position level, notable contributors in August included RR Donnelley, which traded up after a large shareholder publically pushed for new directors and a dividend increase, and Sempra Energy, which reached a preliminary agreement with the Mexican government to increase the fees it receives on gas shipped through its pipelines.
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Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was -0.8% to -2.5%. At the underlying position level, notable detractors in August included PG&E bonds, which traded down due to a ruling that increased the likelihood that the company will face additional liabilities, and Ditech Holdings, which declined after the bankruptcy judge denied the company’s reorganization proposal.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
August 2019
AUG QTD YTD Fund ($ millions)0.20% 0.62% 5.62%0.15% 0.50% 5.34%0.16% 0.52% 5.34% Ironwood Partners L.P. 1,1220.28% 0.54% 5.23% Ironwood Insurance Fund 37-1.58% -0.17% 18.34% Ironwood Inst. Multi-Strategy Fund LLC 2,5302.59% 2.82% 9.11% Ironwood Capital Management $3,689
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation AUG QTD YTD AUG QTD YTDRelative Value 40.37% 0.36% 0.95% 7.07% 0.14% 0.38% 2.84%Market Neutral & Low Net Equity 27.88% 1.41% 2.89% 10.33% 0.38% 0.74% 2.28%Event Driven 19.31% 0.10% 0.04% 6.13% 0.02% 0.01% 1.16%Distressed & Credit Securities 12.44% -1.71% -2.03% 2.40% -0.21% -0.26% 0.31%
100.00% 0.20% 0.62% 5.62%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
13.0% Eligibility: Qualified Purchasers 9.9% ERISA Eligible: Yes 9.5% Minimum Investment: $1,000,000 9.4% Contributions: Monthly 8.5% Liquidity: Semi-annual on investment ann. with 95 days notice 6.9% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.5% Tax Reporting: Schedule K-1 6.3% Advisory Fees: 1.20% 5.4% Performance Fees: None 5.2%
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculatedas a percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety bythe information included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund orany other fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly priorto making any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalHolocene AdvisorsCerberus Associates Certain Expenses: 0.25% annual expense reimbursement
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have anoverall investment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 9/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 9/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Risk Arbitrage2.7% Statistical
Arbitrage6.4%
Event Equities5.5%
Fundamental Market
Neutral Equities36.1%
Fixed Income &Interest Rates
12.4%
Structured Credit7.7%
Distressed Situations
10.8%
Event Credit5.9%
Convertible Bond Arbitrage
1.3%
Private Securities3.5%
Portfolio Protection
1.1%
Other6.6%
United States70.3%
Asia7.9%
Europe19.1%
Emerging Markets
2.7%
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Ironwood Monthly Commentary September 2019
GENERAL COMMENTARY1
U.S. equity markets were profitable in September even as growth concerns and escalating geopolitical tensions weighed on sentiment. Despite muted volatility for markets overall, a sharp rotation out of growth and into value stocks occurred under the surface. Sentiment in the U.S. improved in late September following the Federal Reserve’s decision to cut its target interest rate by 25 basis points for the second time this year. In corporate credit markets, investment-grade bonds generated a slightly negative return while high-yield bonds were modestly profitable. Outside of the U.S., equity markets in Europe traded higher in September, bolstered by accommodative central bank policies. In an effort to boost the region’s stalling economy, the European Central Bank restarted its quantitative easing program and reduced its short-term rates further into negative territory. In emerging markets, equity market returns varied by country, but produced a positive return overall. Several factors led to the dispersion in EM returns, including a drone attack in Saudi Arabia that created a short-term spike in oil prices; ongoing unrest in Hong Kong; and accommodative action by the People’s Bank of China which relaxed its reserve requirements for the third time this year.
For the month, the S&P 500 returned +1.9% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished -0.5% and +0.4%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +4.3%, +3.2%, and +1.5%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was roughly flat in September. Ironwood made money within our distressed & credit securities, relative value, and event driven sectors, but gains were offset by moderate losses sustained in our market neutral & low net equity sector. We will discuss our broader positioning and forward-looking views in greater detail in our third quarter letter.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +2.0% to -0.9%. Fixed income arbitrage, relative value macro, and systematic strategies were the largest contributors of positive attribution.
Ironwood’s market neutral & low net equity sector was negative for the month and the range of returns for managers within the sector was +0.6% to -4.0%. The sector’s low-net equity manager drove the bulk of the negative attribution in September. Performance across our multi-manager platform, fundamental equity market neutral managers, and quantitative market neutral manager was mixed, but generated a slightly negative return overall. Detracting industry sectors included consumer and technology.
Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +0.8% to -0.1%. At the underlying position level, notable contributors in September included AT&T, which traded up after one of Ironwood’s managers disclosed an activist stake and outlined a number of value-creating opportunities for the telecommunications
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company, and JPJ Group, which successfully completed its roughly £490 million acquisition of Gamesys.
Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +2.9% to +0.4%. At the underlying position level, notable contributors in September included Ditech Holding, which traded higher after the company received court approval for its previously announced asset sale agreements with New Residential Investment and Mortgage Assets Management, and non-performing loans, where positive attribution was driven by a diversified portfolio of loans in Europe.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
September 2019
SEP QTD YTD Fund ($ millions)-0.04% 0.59% 5.58%-0.09% 0.41% 5.24%-0.08% 0.44% 5.25% Ironwood Partners L.P. 1,102-0.21% -0.25% 4.39% Ironwood Insurance Fund 371.87% 1.70% 20.55% Ironwood Inst. Multi-Strategy Fund LLC 2,546-0.53% 2.27% 8.53% Ironwood Capital Management $3,685
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation SEP QTD YTD SEP QTD YTDRelative Value 40.45% 0.36% 1.31% 7.46% 0.14% 0.52% 2.99%Market Neutral & Low Net Equity 27.56% -1.09% 1.77% 9.12% -0.30% 0.44% 1.96%Event Driven 19.37% 0.36% 0.40% 6.51% 0.07% 0.08% 1.24%Distressed & Credit Securities 12.62% 1.47% -0.59% 3.91% 0.18% -0.07% 0.50%
100.00% -0.04% 0.59% 5.58%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
13.2% Eligibility: Qualified Purchasers 10.0% ERISA Eligible: Yes 9.8% Minimum Investment: $1,000,000 9.6% Contributions: Monthly 8.8% Liquidity: Semi-annual on investment ann. with 95 days notice 7.0% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.5% Tax Reporting: Schedule K-1 6.2% Advisory Fees: 1.20% 5.5% Performance Fees: None 5.5%
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 10/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 10/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalCerberus AssociatesHolocene Advisors Certain Expenses: 0.25% annual expense reimbursement
Risk Arbitrage2.8% Statistical
Arbitrage6.3%
Event Equities4.6%
Fundamental Market
Neutral Equities35.4%
Fixed Income &Interest Rates
12.7%
Structured Credit8.0%
Distressed Situations
10.8%
Event Credit6.5%
Convertible Bond Arbitrage
1.5%
Private Securities3.6%
Portfolio Protection
1.5%
Other6.3%
United States70.6%
Asia7.3%
Europe19.4%
Emerging Markets
2.7%
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Sector Definitions
Strategy Definitions
Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financialdistress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing ofrecoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while otherinvestors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities,structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yieldand related credit markets.Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect oncorporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of thestock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiringcompany. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of thetransaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between thevalue of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies andopportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations.Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relativelyunderpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, thedetermination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complexstatistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers thattarget well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value ofstocks they are long.Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relativevalue strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds,currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities ofthe same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervaluedsenior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategiesinclude fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies.
Convertible Bond Arbitrage: Involves purchasing a convertible bond and selling short a varying percentage (“delta hedge”) of the stock into whichthe bond is convertible. In the event that the price of the stock rises, the increase in value of the bond’s conversion option is anticipated to more thanoffset the loss in the short stock position. In the event that the price of the stock falls, the gain on the short stock position should more than offset theloss on the bond, because the value of the bond is anticipated not to fall below the price investors are willing to pay for the non-convertible debt of theissuer. Ironwood’s managers invest in the entire range of convertible bonds from “deep-in-the-money” bonds to “busted” bonds. Managers set uppositions with hedges against numerous other factors including, but not limited to, interest rates, implied volatility, and credit risk.Distressed Situations: Involves the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities maybe attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers mayobtain voting rights or control blocks and actively participate in the bankruptcy/reorganization process, while others may remain passive investors.Event Credit: Exploits inefficiencies in credit securities (i.e. loans, bonds, CDS, etc.) derived from activities such as legal situations, covenantamendments, activist strategies, and corporate activity. Managers will initiate investments when they identify a defined catalyst or event that mayimpact the price of the security.Event Equities: Involves the purchase and/or sale of securities involved in corporate events such as restructurings, asset sales, proxy contests, andliquidations. Managers will generally enter these types of investments when they identify a specific theme or catalyst that may affect the price of anindividual stock or situation.Fixed Income & Interest Rates: Strategies that deploy capital in the developed fixed income and interest-rate markets, focusing on liquid productsincluding nominal and inflation-protected government bonds, interest-rate swaps, futures, and options. The strategies are primarily concentrated indeveloped markets, and combine macroeconomic analysis, quantitative modeling, and portfolio construction techniques.Fundamental Market Neutral Equities: Involves the purchase of a stock, or basket of stocks, that is relatively underpriced and selling short a stock,or basket of stocks, that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock isoverpriced/underpriced can be made through fundamental analysis or by complex statistical models that examine numerous factors that affect the priceof a stock. Ironwood favors long/short managers who use a “dollar balanced” approach, i.e., they are short approximately the same dollar value ofstocks that they are long.Portfolio Protection: A variety of strategies and positions intended to protect a manager’s portfolio against unusual market movements and tail riskevents. These “protection trades” are intended to help protect trading strategies that should not otherwise be affected (i.e., are already hedged) but cancome under pressure from market liquidations, abnormal volatility, and general macro risks. Protection strategies can include, but are not limited to,the use of options, futures, indices, exchange traded funds, credit default swaps, and certain individual corporate and sovereign securities.Private Securities: Involves an investment made in a company outside of the public markets. Managers will generally enter these types ofinvestments when they discover a theme that cannot adequately be captured through public market investments. Managers may either make a passiveinvestment or take a more active role in the management of the target company.Risk Arbitrage: Seeks to profit from the spread between the current and projected values of securities involved in a corporate event. The mostcommon form of this strategy is merger arbitrage, which involves the purchase of the stock of a target company involved in a potential merger and, inthe case of a stock-for-stock offer, the short sale of the stock of the acquiring company (positions may be reversed if the manager feels the acquisitionmay not close). The target’s stock typically trades at a discount to the offer price due to the uncertainty of the completion of the transaction. Thisstrategy is largely dependent upon the manager’s ability to correctly analyze the outcome and completion date of a proposed transaction. Otherexamples of risk arbitrage trades include spin-offs, multi-share capital arbitrage, and tender offers.
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Strategy Definitions Continued
Additional Disclosures
Index Definitions
FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC.
Returns of underlying managers cited are net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable toIronwood Capital Management as well as other expenses.
Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's Explanatoryor Informational Memorandum (the "PPM"). Read the PPM carefully prior to investing.
Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time.Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Suchrisks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debtcapital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as theremay be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions ontransfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offsetprofits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributingimportant tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended onlyfor investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging marketsare located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictablefinancial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging marketsinvestments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks,settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise andinvolve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange ratemovements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.
Barclays Aggregate Bond Index: The Barclays Aggregate Bond Index, formerly the Lehman Brothers Aggregate Index, is an unmanaged, market-value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage backedsecurities, with maturities of one year or more. For more information, please visit www.barcap.com.HFRI FOF: Conservative Index: The HFRI FOF: Conservative Index is an equal-weighted index representing funds of funds that invest withmultiple managers focused on consistent performance and lower volatility via absolute return strategies. The Index includes funds of funds tracked byHedge Fund Research, Inc. The Index is a proxy for the performance of the universe of conservative funds of funds focused on absolute returnstrategies. Returns are net of fees and are denominated in USD. For more information, please visit www.hedgefundresearch.com.S&P 500: The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. Itis intended as an indicator of large-cap public U.S. equities. For more information, please visit www.standardandpoors.com.Note: Index performance is shown for illustrative purposes only and does not represent the performance of any specific investment. Index returns donot include expenses, fees or charges, which would lower performance. The indices are unmanaged and an investor cannot invest directly in an index.In reviewing the performance of the Fund, investors should not consider any of the indices presented herein to be performance benchmarks.
Statistical Arbitrage: Systematic trading strategies intended to exploit short- and long-term pricing inefficiencies between securities. Managers relyon mathematical models to identify the temporal convergence and/or divergence of price movements of a pair or basket of stocks. These highlytechnical strategies typically involve large numbers of securities, short holding periods, and substantial computational and trading activity.Structured Credit: Strategies that invest primarily in residential and commercial mortgage-backed securities (RMBS and CMBS), other non-mortgage related asset-backed securities (ABS), collateralized debt obligations, structured notes, and other structured products. The most commonstrategies involve long and short positions in RMBS, CMBS, ABS, and related derivatives and indices.Other: Certain other non-core strategies such as, but not limited to, energy trading, global rates, real estate, global macro, and reinsurance.
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University of West Florida
PIMCO Short-Term InstlAs of September 30, 2019
Universe Name: Ultrashort Bond MStar MF# of Observations: 71 (9/30/2019)
Fund Information as of 6/30/19Fund Name PIMCO SHORT-TERM INSTLTicker PTSHXMorningstar Category Ultrashort BondBenchmark FTSE T-Bill 3 Months TRExpense Ratio 0.50%Fund Assets ($mm) 9,770.07Share Class Inception Date 10/7/1987Manager Tenure 9
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
PIMCO Short-Term Instl 0.73 23 2.30 65 1.95 95 2.37 12 1.96 11 1.85 22FTSE T-Bill 3 Months TR 0.57 94 1.79 99 2.36 82 1.52 94 0.96 93 0.52 96
Over/Under 0.16 0.51 -0.41 0.85 1.00 1.33
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
PIMCO Short-Term Instl 1.51 2.43 2.57 1.37 0.97 0.84 3.44 0.35 1.93 9.44FTSE T-Bill 3 Months TR 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 0.17
Over/Under -0.35 1.59 2.30 1.34 0.94 0.79 3.37 0.27 1.80 9.27
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
PIMCO Short-Term Instl 0.97% 1.64% 0.33 204.95% -- 1.07 0.98% 1.02 FTSE T-Bill 3 Months TR 0.26% 0.00% 1.00 100.00% -- 0.14 0.00% --
Fixed Income Sectors as of 6/30/19GOVERNMENT 45.76%MUNICIPAL 0.09%CORPORATE 12.86%SECURITIZED 5.67%CASH & EQUIVALENTS 33.74%DERIVATIVE 1.87%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) 1.69Average Duration 0.46Average Coupon 2.91%Average Effective Maturity 1.20R-Squared (3 Year) 0.06Alpha (3 Year) 0.29%Beta (3 Year) -0.74
Asset Allocation as of 6/30/19US Bond 48.56%Non-US Bond 13.46%Convertible 0.48%Cash 34.37%Other 3.13%
Prepared by The Atlanta Consulting Group
Description:The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities,which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed IncomeInstruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
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Investment Expense AnalysisAs Of 9/30/19
Name Market Value % of Portfolio Expense Ratio Estimated Expense Median ExpenseRatio
Difference Fund v.Median Universe
Eagle Capital Management $10,541,366 11.3% 0.87% $91,710 0.73% 0.14% Large Cap MStar MFVanguard 500 Index Admiral $11,073,561 11.9% 0.04% $4,429 0.73% -0.69% Large Cap MStar MFConestoga Small Cap Investors $5,078,559 5.5% 1.10% $55,864 0.98% 0.12% Small Cap MStar MFFuller & Thaler Behav Sm-Cp Eq Inst $4,800,587 5.2% 0.85% $40,805 0.98% -0.13% Small Cap MStar MFDodge & Cox International Stock $6,350,448 6.8% 0.63% $40,008 0.84% -0.21% Foreign Large Blend MStar MFWCM Focused International Growth Instl $6,955,713 7.5% 1.03% $71,644 0.84% 0.19% Foreign Large Blend MStar MFT. Rowe Price International Discovery $5,935,518 6.4% 1.20% $71,226 1.11% 0.09% Foreign Small/Mid Blend Mstar MFDFA Emerging Markets Core Equity I $5,304,940 5.7% 0.52% $27,586 1.15% -0.63% Diversified Emerging Mkts MStar MFBarrow Hanley $5,807,102 6.2% 0.38% $21,777 0.45% -0.08% Intermediate Core Bond MStar MFTempleton Global Bond Fund $2,684,415 2.9% 0.69% $18,522 0.69% 0.00% World Bond MStar MFChartwell Short Duration High Yield $2,923,459 3.1% 0.49% $14,325 0.73% -0.24% High Yield Bond MStar MFTortoise MLP & Pipeline Instl $4,324,310 4.7% 0.93% $40,216 1.30% -0.37% Energy Limited Partnership Mstar MFIronwood International Ltd. $9,019,471 9.7% 1.00% $90,195Harbert US RE Fund V LP $1,013,846 1.1% 1.50% $15,208Harbert US RE Fund VI LP $1,967,937 2.1% 1.50% $29,519Harbert US RE Fund IV LP $45,391 0.0% 1.50% $681Portfolio Advisors PE Offshore V $263,770 0.3% 0.88% $2,308Portfolio Advisors PE VII $695,922 0.7% 0.88% $6,089Portfolio Advisors Secondary Fund III, L.P. $1,193,806 1.3% 0.85% $10,147StepStone Pioneer Capital III, L.P. $590,248 0.6% 1.00% $5,902Portfolio Advisors Direct Credit II $665,870 0.7% 1.50% $9,988Golub Capital Partners Intl 12 LP $400,000 0.4%PIMCO Short-Term Instl $5,301,149 5.7% 0.50% $26,506 0.36% 0.14% Ultrashort Bond MStar MFCash $36,908 0.0%Total $92,974,297 100.0% 0.75% $694,655
XXXXX
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of September 30, 2019
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Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of September 30, 2019 Fiscal Year End: June
Summary of Cash FlowsThird Quarter Year-To-Date One Year Three Years Five Years Ten Years Inception
7/31/08_
Beginning Market Value $3,013,591 $2,783,305 $3,074,009 $2,951,388 $142,136 $133,994 $125,597Net Cash Flow $27,210 -$74,933 -$126,740 -$456,913 $2,297,728 $2,241,630 $2,250,132Net Investment Change $15,567 $347,996 $109,098 $561,892 $616,503 $680,743 $680,638Income $7,529 $24,777 $118,181 $277,217 $291,342 $319,951 $326,620Ending Market Value $3,056,367 $3,056,367 $3,056,367 $3,056,367 $3,056,367 $3,056,367 $3,056,367
_
Asset AllocationCurrent
BalanceCurrent
Allocation_
US Stock Large $865,183 28.3%Alger Capital Appreciation Instl I $271,108 8.9%Diamond Hill Large Cap A $292,715 9.6%Schwab® S&P 500 Index $301,360 9.9%
US Stock Small $207,566 6.8%Conestoga Small Cap Investors $124,724 4.1%American Beacon Small Cp Val Inv $82,843 2.7%
International $315,752 10.3%American Beacon Intl Equity Inv $143,847 4.7%Artisan International Investor $171,905 5.6%
International Emerging Stocks $109,997 3.6%Harding Loevner Emerging Markets Advisor $109,997 3.6%
US Fixed Income $1,037,277 33.9%JPMorgan Strategic Income Opports A $220,055 7.2%Virtus Seix Total Return Bond I $291,408 9.5%Schwab U.S. Aggregate Bond Index Fund $296,804 9.7%Western Asset Intermediate Bond $229,010 7.5%
Alternative Investments $463,922 15.2%Blackrock Systematic Multi Strat A $222,337 7.3%DWS RREEF Real Assets S $241,585 7.9%
Cash $56,670 1.9%Cash $56,670 1.9%
Total $3,056,367 100.0%XXXXX
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Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
Inception(%)
InceptionDate
_
Planned Giving 3,056,367 100.00 0.77 0.51 12.57 3.87 4.93 6.43 4.56 5.75 Jul-08Balanced Index 0.94 0.73 11.99 3.73 4.91 6.61 4.88 5.98 Jul-08US Stock Large 865,183 28.31
Alger Capital Appreciation Instl I 271,108 8.87 -0.86 -1.15 20.29 1.09 12.72 15.34 -- 11.34 Nov-14Russell 1000 Growth 0.01 1.49 23.30 3.71 14.45 16.89 13.39 12.77 Nov-14
Diamond Hill Large Cap A 292,715 9.58 3.02 0.98 22.02 5.38 7.77 11.81 -- 8.86 Nov-14Russell 1000 Value 3.57 1.36 17.81 4.00 6.69 9.43 7.79 7.11 Nov-14
Schwab® S&P 500 Index 301,360 9.86 1.85 1.70 20.52 4.21 10.83 13.41 10.95 12.96 Dec-09S&P 500 1.87 1.70 20.55 4.25 10.87 13.39 10.84 12.93 Dec-09
US Stock Small 207,566 6.79Conestoga Small Cap Investors 124,724 4.08 -1.43 -3.69 18.86 -3.57 11.30 17.29 15.70 14.86 Dec-09
Russell 2000 2.08 -2.40 14.18 -8.89 2.47 8.23 8.19 11.47 Dec-09American Beacon Small Cp Val Inv 82,843 2.71 5.40 -1.19 12.68 -10.89 -1.17 5.31 5.79 4.18 Jun-14
Russell 2000 2.08 -2.40 14.18 -8.89 2.47 8.23 8.19 6.41 Jun-14International 315,752 10.33
American Beacon Intl Equity Inv 143,847 4.71 3.85 -2.32 9.25 -6.17 -2.47 4.02 1.34 4.03 Dec-09MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 0.26 6.33 2.90 4.31 Dec-09
Artisan International Investor 171,905 5.62 1.12 0.40 19.82 6.29 5.37 8.62 4.29 6.41 Dec-09MSCI ACWI ex USA 2.57 -1.80 11.56 -1.23 0.26 6.33 2.90 4.31 Dec-09
International Emerging Stocks 109,997 3.60Harding Loevner Emerging Markets Advisor 109,997 3.60 1.23 -3.50 12.11 0.73 -1.86 5.46 3.04 4.43 Dec-09
MSCI Emerging Markets 1.91 -4.25 5.90 -2.02 -1.42 5.97 2.33 2.76 Dec-09US Fixed Income 1,037,277 33.94
JPMorgan Strategic Income Opports A 220,055 7.20 0.18 0.35 3.19 1.74 -- -- -- 2.12 Nov-17BBgBarc US Universal TR -0.43 2.12 8.80 10.07 4.39 3.23 3.62 4.52 Nov-17
Virtus Seix Total Return Bond I 291,408 9.53 -0.70 2.20 7.72 9.97 3.57 2.40 2.94 3.70 Dec-09BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 3.71 Dec-09
Schwab U.S. Aggregate Bond Index Fund 296,804 9.71 -0.54 2.29 8.50 10.21 4.32 -- -- 4.20 Apr-17BBgBarc US Aggregate TR -0.53 2.27 8.52 10.30 4.38 2.92 3.38 4.28 Apr-17
Western Asset Intermediate Bond 229,010 7.49 -0.32 1.32 7.13 8.17 3.81 -- -- 4.32 Mar-17BBgBarc US Govt/Credit Int TR -0.36 1.37 6.41 8.17 3.50 2.40 2.68 3.72 Mar-17
Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of September 30, 2019 Fiscal Year End: June
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Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
Inception(%)
InceptionDate
_
Alternative Investments 463,922 15.18Blackrock Systematic Multi Strat A 222,337 7.27 0.99 1.37 -- -- -- -- -- 1.48 Jun-19
ICE BofAML 91 Days T-Bills TR 0.18 0.56 1.81 2.39 1.99 1.54 0.98 0.58 Jun-19DWS RREEF Real Assets S 241,585 7.90 1.19 1.49 17.07 9.19 6.84 5.56 -- 3.15 Nov-14
Morningstar Mod Tgt Risk TR USD 1.47 0.92 13.11 5.41 5.71 7.43 5.91 5.93 Nov-14Cash 56,670 1.85
Cash 56,670 1.85XXXXX
- Balanced Index = Weighted Average of Russell 1000 Growth / Russell 1000 Value / S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI Emerging Markets / BBgBarc US Universal TR / BBgBarc US Aggregate TR / BBgBarc US Govt/Credit Int TR / ICEBofAML 91 Days T-Bills TR / Morningstar Mod Tgt Risk TR USD / FTSE T-Bill 1 Month TR
Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of September 30, 2019 Fiscal Year End: June
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RISK RETURN STATISTICS1 Year
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 3.87 3.73Total Return 3.87 3.73Annualized Excess ReturnOver Risk Free 1.61 1.46
Annualized Excess Return 0.14 0.00
RISK SUMMARY STATISTICSBeta 1.02 1.00Upside Deviation 5.76 5.56Downside Deviation 6.52 6.23
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 10.47 10.27
Alpha 0.01 0.00Sharpe Ratio 0.15 0.14Excess Return Over Market/ Risk 0.01 0.00
Tracking Error 0.69 0.00Information Ratio 0.20 --
CORRELATION STATISTICSR-Squared 1.00 1.00Correlation 1.00 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICS3 Years
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 6.43 6.61Total Return 20.56 21.15Annualized Excess ReturnOver Risk Free 4.89 5.06
Annualized Excess Return -0.17 0.00
RISK SUMMARY STATISTICSBeta 1.01 1.00Upside Deviation 3.86 3.68Downside Deviation 6.18 5.91
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 6.60 6.49
Alpha -0.02 0.00Sharpe Ratio 0.74 0.78Excess Return Over Market/ Risk -0.03 0.00
Tracking Error 0.63 0.00Information Ratio -0.27 --
CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 1.00 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
Planned GivingAs of September 30, 2019
Prepared by The Atlanta Consulting Group70
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RISK RETURN STATISTICS5 Years
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 60 60Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 4.56 4.88Total Return 24.98 26.92Annualized Excess ReturnOver Risk Free 3.59 3.91
Annualized Excess Return -0.32 0.00
RISK SUMMARY STATISTICSBeta 0.97 1.00Upside Deviation 4.11 4.20Downside Deviation 5.17 5.17
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 6.48 6.61
Alpha -0.02 0.00Sharpe Ratio 0.55 0.59Excess Return Over Market/ Risk -0.05 0.00
Tracking Error 0.78 0.00Information Ratio -0.41 --
CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICSSince Inception
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 134 134Maximum Return 6.51 6.58Minimum Return -10.09 -9.36Annualized Return 5.75 5.98Total Return 86.65 91.32Annualized Excess ReturnOver Risk Free 5.25 5.48
Annualized Excess Return -0.23 0.00
RISK SUMMARY STATISTICSBeta 1.00 1.00Upside Deviation 5.00 4.79Downside Deviation 7.17 6.60
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 8.51 8.33
Alpha -0.02 0.00Sharpe Ratio 0.62 0.66Excess Return Over Market/ Risk -0.03 0.00
Tracking Error 1.60 0.00Information Ratio -0.15 --
CORRELATION STATISTICSR-Squared 0.96 1.00Correlation 0.98 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
Planned GivingAs of September 30, 2019
Prepared by The Atlanta Consulting Group71
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University of West Florida - Planned Giving
Alger Capital Appreciation Instl IAs of September 30, 2019
Universe Name: Large Growth MStar MF# of Observations: 332 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 8/31/19MICROSOFT CORP 9.94%AMAZON.COM INC 8.69%VISA INC CLASS A 5.23%FACEBOOK INC A 4.72%SALESFORCE.COM INC 4.52%ALPHABET INC CLASS C 4.07%ADOBE INC 3.78%APPLE INC 3.39%ALIBABA GROUP HOLDING LTD ADR 3.18%BOSTON SCIENTIFIC CORP 2.34%
Sector Allocation as of 8/31/19BASIC MATERIALS 2.80%COMMUNICATION SERVICES 0.72%CONSUMER CYCLICAL 20.49%CONSUMER DEFENSIVE 1.71%ENERGY 0.00%FINANCIAL SERVICES 12.54%HEALTHCARE 15.52%INDUSTRIALS 7.93%REAL ESTATE 1.29%TECHNOLOGY 36.99%UTILITIES 0.00%
Fund Information as of 8/31/19Fund Name ALGER CAPITAL
APPRECIATION INSTL ITicker ALARXMorningstar Category Large GrowthBenchmark Russell 1000 GrowthExpense Ratio 1.15%Fund Assets ($mm) 2,076.62Share Class Inception Date 11/8/1993Manager Tenure 15
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Alger Capital Appreciation -0.87 31.02 0.46 6.23 13.30 34.81 18.11 -1.03 13.48 49.12Russell 1000 Growth -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21
Over/Under 0.64 0.81 -6.62 0.56 0.25 1.33 2.85 -3.67 -3.23 11.91
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Alger Capital Appreciation 13.69% -2.24% 1.04 98.87% 109.66% 0.78 3.12% -0.57 Russell 1000 Growth 12.88% 0.00% 1.00 100.00% 100.00% 0.97 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Alger Capital Appreciation -1.15 71 20.29 65 1.09 65 15.26 49 11.63 53 13.71 50Russell 1000 Growth 1.49 19 23.30 26 3.71 39 16.89 25 13.39 18 14.94 14
Over/Under -2.64 -3.01 -2.62 -1.63 -1.76 -1.23XXXXX
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companiesof any market capitalization that the adviser believes demonstrate promising growth potential.
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University of West Florida - Planned Giving
Diamond Hill Large Cap AAs of September 30, 2019
Universe Name: Large Value MStar MF# of Observations: 311 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19CITIGROUP INC 4.43%ABBOTT LABORATORIES 4.17%ALPHABET INC A 3.27%BERKSHIRE HATHAWAY INC B 3.22%METLIFE INC 3.03%MEDTRONIC PLC 2.90%TJX COMPANIES INC 2.89%AMERICAN INTERNATIONAL GROUP INC 2.88%UNITED TECHNOLOGIES CORP 2.81%PHILIP MORRIS INTERNATIONAL INC 2.74%
Sector Allocation as of 9/30/19BASIC MATERIALS 3.43%COMMUNICATION SERVICES 3.80%CONSUMER CYCLICAL 17.06%CONSUMER DEFENSIVE 10.76%ENERGY 3.54%FINANCIAL SERVICES 28.53%HEALTHCARE 13.98%INDUSTRIALS 9.23%REAL ESTATE 0.00%TECHNOLOGY 9.67%UTILITIES 0.00%
Fund Information as of 9/30/19Fund Name DIAMOND HILL LARGE CAP ATicker DHLAXMorningstar Category Large ValueBenchmark Russell 1000 ValueExpense Ratio 0.96%Fund Assets ($mm) 1,178.42Share Class Inception Date 6/29/2001Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Diamond Hill Large Cap A -9.88 19.95 14.26 -1.10 10.42 36.33 12.29 2.35 9.29 30.21Russell 1000 Value -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69
Over/Under -1.61 6.29 -3.08 2.73 -3.03 3.80 -5.22 1.96 -6.22 10.52
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Diamond Hill Large Cap A 13.18% 1.09% 1.08 111.99% 103.01% 0.65 3.06% 0.55 Russell 1000 Value 11.92% 0.00% 1.00 100.00% 100.00% 0.58 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Diamond Hill Large Cap A 0.98 69 22.02 5 5.38 26 11.77 11 9.49 10 11.72 28Russell 1000 Value 1.36 57 17.81 39 4.00 36 9.43 60 7.79 42 11.46 35
Over/Under -0.38 4.21 1.38 2.34 1.70 0.26XXXXX
Description:The investment seeks to provide long-term capital appreciation. The fund normally invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviserbelieves are undervalued. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billionor greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. TheAdviser focuses on estimating a company's value independent of its current stock price.
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University of West Florida - Planned Giving
Schwab® S&P 500 IndexAs of September 30, 2019
Universe Name: Large Cap MStar MF# of Observations: 1,005 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19MICROSOFT CORP 4.26%APPLE INC 3.82%AMAZON.COM INC 2.89%FACEBOOK INC A 1.72%BERKSHIRE HATHAWAY INC B 1.64%JPMORGAN CHASE & CO 1.51%ALPHABET INC CLASS C 1.48%ALPHABET INC A 1.47%JOHNSON & JOHNSON 1.37%PROCTER & GAMBLE CO 1.25%
Sector Allocation as of 9/30/19BASIC MATERIALS 2.40%COMMUNICATION SERVICES 3.41%CONSUMER CYCLICAL 11.76%CONSUMER DEFENSIVE 8.12%ENERGY 4.52%FINANCIAL SERVICES 15.68%HEALTHCARE 13.57%INDUSTRIALS 10.39%REAL ESTATE 3.22%TECHNOLOGY 23.33%UTILITIES 3.59%
Fund Information as of 9/30/19Fund Name SCHWAB® S&P 500 INDEXTicker SWPPXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.02%Fund Assets ($mm) 39,400.13Share Class Inception Date 5/19/1997Manager Tenure 7
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Schwab® S&P 500 Index -4.42 21.79 11.82 1.29 13.57 32.27 15.91 2.07 14.97 26.25S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.04 -0.04 -0.14 -0.09 -0.12 -0.12 -0.09 -0.04 -0.09 -0.21XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Schwab® S&P 500 Index 11.91% -0.06% 1.00 99.65% 100.02% 0.83 0.05% -1.48 S&P 500 11.93% 0.00% 1.00 100.00% 100.00% 0.83 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Schwab® S&P 500 Index 1.70 35 20.52 35 4.21 33 13.34 35 10.76 30 13.16 29S&P 500 1.70 35 20.55 34 4.25 32 13.39 34 10.84 28 13.24 27
Over/Under 0.00 -0.03 -0.04 -0.05 -0.08 -0.08XXXXX
Description:The investment seeks to track the total return of the S&P 500® Index. The fund generally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in thesestocks; typically, the actual percentage is considerably higher. It generally will seek to replicate the performance of the index by giving thesame weight to a given stock as the index does.
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University of West Florida - Planned Giving
Conestoga Small Cap InvestorsAs of September 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 526 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19EXPONENT INC 4.29%THE DESCARTES SYSTEMS GROUP INC 3.61%CANTEL MEDICAL CORP 3.19%SIMPSON MANUFACTURING CO INC 2.98%OMNICELL INC 2.84%MESA LABORATORIES INC 2.82%TREX CO INC 2.77%NEOGEN CORP 2.69%FOX FACTORY HOLDING CORP 2.63%PROS HOLDINGS INC 2.57%
Sector Allocation as of 9/30/19BASIC MATERIALS 8.38%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 8.83%CONSUMER DEFENSIVE 5.07%ENERGY 0.00%FINANCIAL SERVICES 0.00%HEALTHCARE 16.10%INDUSTRIALS 23.02%REAL ESTATE 1.87%TECHNOLOGY 36.74%UTILITIES 0.00%
Fund Information as of 9/30/19Fund Name CONESTOGA SMALL CAP
INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 857.99Share Class Inception Date 10/1/2002Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Conestoga Small Cap Investors 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Conestoga Small Cap Investors 16.08% 8.29% 0.91 110.02% 78.22% 0.92 6.71% 1.12 Russell 2000 16.16% 0.00% 1.00 100.00% 100.00% 0.45 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Conestoga Small Cap Investors -3.69 75 18.86 24 -3.57 22 17.26 4 15.73 2 14.70 6Russell 2000 -2.40 57 14.18 60 -8.89 62 8.23 53 8.19 48 11.19 56
Over/Under -1.29 4.68 5.32 9.03 7.54 3.51
Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.
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University of West Florida - Planned Giving
American Beacon Small Cp Val InvAs of September 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 526 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19FUTURE ON RUSSELL 2000 DEC19 3.48%DIODES INC 1.14%PORTLAND GENERAL ELECTRIC CO 1.12%BROOKS AUTOMATION INC 0.98%SERITAGE GROWTH PROPERTIES CLASS A 0.96%ENSTAR GROUP LTD 0.94%VISHAY INTERTECHNOLOGY INC 0.86%AVNET INC 0.84%MGIC INVESTMENT CORP 0.80%PROSPERITY BANCSHARES INC 0.76%
Sector Allocation as of 9/30/19BASIC MATERIALS 5.52%COMMUNICATION SERVICES 0.06%CONSUMER CYCLICAL 16.57%CONSUMER DEFENSIVE 2.34%ENERGY 4.25%FINANCIAL SERVICES 26.96%HEALTHCARE 2.90%INDUSTRIALS 18.51%REAL ESTATE 5.40%TECHNOLOGY 14.78%UTILITIES 2.70%
Fund Information as of 9/30/19Fund Name AMERICAN BEACON SMALL
CP VAL INVTicker AVPAXMorningstar Category Small ValueBenchmark Russell 2000Expense Ratio 1.14%Fund Assets ($mm) 435.24Share Class Inception Date 2/26/1999Manager Tenure 21
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
American Beacon Small Cp Val -15.89 8.34 26.36 -5.35 4.31 39.63 16.08 -4.41 25.67 34.94Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under -4.88 -6.31 5.05 -0.94 -0.59 0.81 -0.27 -0.23 -1.18 7.77
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
American Beacon Small Cp Val 17.07% -2.68% 1.03 96.06% 106.24% 0.28 4.02% -0.61 Russell 2000 16.16% 0.00% 1.00 100.00% 100.00% 0.45 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
American Beacon Small Cp Val -1.19 38 12.68 73 -10.89 78 5.30 84 5.72 77 10.11 80Russell 2000 -2.40 57 14.18 60 -8.89 62 8.23 53 8.19 48 11.19 56
Over/Under 1.21 -1.50 -2.00 -2.93 -2.47 -1.08XXXXX
Description:The investment seeks long-term capital appreciation and current income. Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) areinvested in equity securities of small market capitalization U.S. companies. These companies have market capitalizations of $5 billion orless at the time of investment. The fund's investments may include common stocks, real estate investment trusts ("REITs"), AmericanDepositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, "stocks").
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Universe Name: Foreign Large Blend MStar MF# of Observations: 198 (9/30/2019)
University of West Florida - Planned Giving
American Beacon Intl Equity InvAs of September 30, 2019
Top Holdings as of 9/30/19MSCI EAFE DEC19 IFUS 20191220 4.53%SAMSUNG ELECTRONICS CO LTD 2.51%VOLKSWAGEN AG PARTICIPATING PREFERRED 2.02%NOVARTIS AG 2.00%BNP PARIBAS 1.82%SANOFI SA 1.74%TAKEDA PHARMACEUTICAL CO LTD 1.71%PRUDENTIAL PLC 1.68%BP PLC 1.64%VODAFONE GROUP PLC 1.62%
Sector Allocation as of 9/30/19BASIC MATERIALS 8.74%COMMUNICATION SERVICES 7.61%CONSUMER CYCLICAL 8.79%CONSUMER DEFENSIVE 8.01%ENERGY 9.46%FINANCIAL SERVICES 18.92%HEALTHCARE 11.10%INDUSTRIALS 15.58%REAL ESTATE 2.65%TECHNOLOGY 6.58%UTILITIES 2.57%
Fund Information as of 9/30/19Fund Name AMERICAN BEACON
INTERNATIONAL EQ INVTicker AAIPXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 1.07%Fund Assets ($mm) 215.12Share Class Inception Date 8/1/1994Manager Tenure 26
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
American Beacon Intl Equity Inv -2.32 83 9.25 90 -6.17 94 4.03 85 1.00 95 3.97 87MSCI ACWI ex USA -1.80 70 11.56 64 -1.23 31 6.33 25 2.90 63 4.46 74
Over/Under -0.52 -2.31 -4.94 -2.30 -1.90 -0.49XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
American Beacon Intl Equity Inv -16.64 24.40 -0.09 -2.08 -7.35 24.06 21.16 -11.90 6.42 29.39MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under -2.44 -2.79 -4.59 3.58 -3.48 8.77 4.33 1.81 -4.73 -12.06XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
American Beacon Intl Equity Inv 12.52% -1.80% 0.97 92.05% 103.09% 0.01 3.37% -0.56 MSCI ACWI ex USA 12.48% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in commonstocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countrieslocated outside the United States. It primarily invests in countries comprising the Morgan Stanley Capital International® EuropeAustralasia and Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equity securities of companies fromvarious industrial sectors whose primary trading markets are located outside the United States.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 198 (9/30/2019)
University of West Florida - Planned Giving
Artisan International InvestorAs of September 30, 2019
Top Holdings as of 9/30/19DEUTSCHE BOERSE AG 6.49%LINDE PLC 6.45%WIRECARD AG 5.07%NESTLE SA 4.19%AIR LIQUIDE SA 3.84%AIA GROUP LTD 3.60%AIRBUS SE 3.60%AON PLC 3.15%DEUTSCHE POST AG 2.82%MEDTRONIC PLC 2.73%
Sector Allocation as of 9/30/19BASIC MATERIALS 15.60%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 4.79%CONSUMER DEFENSIVE 6.92%ENERGY 4.35%FINANCIAL SERVICES 31.84%HEALTHCARE 12.24%INDUSTRIALS 13.59%REAL ESTATE 0.00%TECHNOLOGY 10.66%UTILITIES 0.00%
Fund Information as of 9/30/19Fund Name ARTISAN INTERNATIONAL
INVESTORTicker ARTIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.18%Fund Assets ($mm) 3,905.03Share Class Inception Date 12/28/1995Manager Tenure 24
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Artisan International Investor 0.40 8 19.82 2 6.29 1 8.61 3 4.08 11 6.77 6MSCI ACWI ex USA -1.80 70 11.56 64 -1.23 31 6.33 25 2.90 63 4.46 74
Over/Under 2.20 8.26 7.52 2.28 1.18 2.31XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Artisan International Investor -10.86 31.02 -9.66 -3.85 -0.97 25.18 25.39 -7.26 5.91 39.77MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under 3.34 3.83 -14.16 1.81 2.90 9.89 8.56 6.45 -5.24 -1.68XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Artisan International Investor 12.15% 1.53% 0.88 91.09% 86.05% 0.26 5.48% 0.21 MSCI ACWI ex USA 12.48% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks maximum long-term capital growth. The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the timeof purchase in emerging and less developed markets. Under normal market conditions, it is substantially fully invested in commonstocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-U.S. companies.
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Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 236 (9/30/2019)
University of West Florida - Planned Giving
Harding Loevner Emerging Markets AdvisorAs of September 30, 2019
Top Holdings as of 9/30/19TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 5.23%TENCENT HOLDINGS LTD 4.31%ALIBABA GROUP HOLDING LTD ADR 4.25%SAMSUNG ELECTRONICS CO LTD GDR 3.81%PJSC LUKOIL ADR 2.68%NOVATEK PJSC GDR 2.67%AIA GROUP LTD 2.63%SBERBANK OF RUSSIA PJSC ADR 2.62%HOUSING DEVELOPMENT FINANCE CORP LTD 2.45%ENN ENERGY HOLDINGS LTD 2.22%
Sector Allocation as of 9/30/19BASIC MATERIALS 0.00%COMMUNICATION SERVICES 1.06%CONSUMER CYCLICAL 13.86%CONSUMER DEFENSIVE 9.16%ENERGY 8.55%FINANCIAL SERVICES 28.18%HEALTHCARE 1.23%INDUSTRIALS 6.45%REAL ESTATE 0.00%TECHNOLOGY 29.23%UTILITIES 2.29%
Fund Information as of 9/30/19
Fund NameHARDING LOEVNEREMERGING MARKETSADVISOR
Ticker HLEMXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 1.40%Fund Assets ($mm) 4,130.18Share Class Inception Date 11/9/1998Manager Tenure 21
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Harding Loevner Emerging -3.50 53 12.11 23 0.73 51 5.45 48 3.00 33 4.90 27MSCI Emerging Markets -4.25 73 5.90 73 -2.02 73 5.97 38 2.33 48 3.37 59
Over/Under 0.75 6.21 2.75 -0.52 0.67 1.53XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Harding Loevner Emerging -18.72 35.22 13.20 -13.55 -1.66 4.18 22.73 -17.52 20.98 63.46MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51
Over/Under -4.14 -2.06 2.01 1.37 0.53 6.78 4.51 0.90 2.10 -15.05XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Harding Loevner Emerging 15.27% 0.80% 0.94 96.69% 94.88% 0.14 4.31% 0.16 MSCI Emerging Markets 15.56% 0.00% 1.00 100.00% 100.00% 0.09 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation through investments in equity securities of companies based in emergingmarkets. The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, andinvestment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued bycompanies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts),and investment companies that invest in the types of securities in which the Portfolio would normally invest.
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University of West Florida - Planned Giving
JPMorgan Strategic Income Opports AAs of September 30, 2019
Universe Name: Nontraditional Bond MStar MF# of Observations: 94 (9/30/2019)
Fund Information as of 9/30/19Fund Name JPMORGAN STRATEGIC
INCOME OPPORTS ATicker JSOAXMorningstar Category Nontraditional BondBenchmark BBgBarc US Universal TRExpense Ratio 1.04%Fund Assets ($mm) 1,123.49Share Class Inception Date 10/10/2008Manager Tenure 11
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
JPMorgan Strategic IncomeOpports A 0.35 76 3.19 84 1.74 84 2.63 71 2.47 67 3.03 64
BBgBarc US Universal TR 2.12 6 8.80 11 10.07 4 3.23 59 3.62 25 4.14 38Over/Under -1.77 -5.61 -8.33 -0.60 -1.15 -1.11
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
JPMorgan Strategic Income Opports A 0.43 3.08 8.92 -2.37 -0.14 2.78 7.82 -0.28 5.06 18.68BBgBarc US Universal TR -0.26 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16 8.60
Over/Under 0.69 -1.01 5.01 -2.80 -5.70 4.13 2.29 -7.68 -2.10 10.08
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
JPMorgan Strategic IncomeOpports A 2.27% 2.08% 0.11 43.77% 7.68% 0.69 3.40% -0.34
BBgBarc US Universal TR 2.87% 0.00% 1.00 100.00% 100.00% 0.94 0.00% --
Fixed Income Sectors as of 9/30/19GOVERNMENT 4.16%MUNICIPAL 0.00%CORPORATE 33.17%SECURITIZED 18.50%CASH & EQUIVALENTS 44.11%DERIVATIVE 0.07%
Fund Characteristics as of 9/30/19Sharpe Ratio (3 Year) 0.80Average Duration 0.37Average Coupon 3.76%Average Effective Maturity 4.02R-Squared (3 Year) 0.00Alpha (3 Year) 0.21%Beta (3 Year) 0.02
Credit Quality as of 9/30/19AAA 51.16%AA 3.90%A 14.98%BBB 10.38%BB 4.84%B 0.00%Below B 14.74%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks high total return. The fund has an absolute return orientation which means that it is not managed relative to an index. It has flexibility to allocate itsassets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectorsincluding cash, money market instruments and short-term investments. The fund may invest up to 100% of its total assets insecurities that are rated below investment grade or the unrated equivalent.
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University of West Florida - Planned Giving
Virtus Seix Total Return BondAs of September 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 120 (9/30/2019)
Fund Information as of 9/30/19Fund Name VIRTUS SEIX TOTAL RETURN
BOND ITicker SAMFXMorningstar Category Intermediate Core-Plus BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.46%Fund Assets ($mm) 256.73Share Class Inception Date 12/30/1997Manager Tenure 18
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Virtus Seix Total Return Bond 2.20 57 7.72 73 9.97 56 2.38 82 2.94 78 3.70 64BBgBarc US Aggregate TR 2.27 39 8.52 46 10.30 37 2.92 47 3.38 32 3.75 59
Over/Under -0.07 -0.80 -0.33 -0.54 -0.44 -0.05
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Virtus Seix Total Return Bond -0.32 2.67 3.09 0.19 6.38 -3.04 4.96 9.79 6.49 7.22BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.33 -0.87 0.44 -0.36 0.41 -1.02 0.75 1.95 -0.05 1.29
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Virtus Seix Total Return Bond 3.19% -0.47% 1.01 92.84% 101.04% 0.63 0.75% -0.58 BBgBarc US Aggregate TR 3.08% 0.00% 1.00 100.00% 100.00% 0.80 0.00% --
Fixed Income Sectors as of 9/30/19GOVERNMENT 42.55%MUNICIPAL 0.00%CORPORATE 12.23%SECURITIZED 36.99%CASH & EQUIVALENTS 2.05%DERIVATIVE 6.18%
Fund Characteristics as of 9/30/19Sharpe Ratio (3 Year) 0.26Average Duration 5.79Average Coupon 3.13%Average Effective Maturity 9.28R-Squared (3 Year) 0.94Alpha (3 Year) -0.05%Beta (3 Year) 1.00
Credit Quality as of 9/30/19AAA 83.89%AA 3.50%A 6.02%BBB 6.59%BB 0.00%B 0.00%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to maximize long term total return through a combination of current income and capital appreciation, consistentwith capital preservation. The fund invests in various types of income-producing debt securities including mortgage- and asset-backed securities, governmentand agency obligations, corporate obligations and floating rate loans. It normally invests at least 80% of its net assets (plus anyborrowings for investment purposes) in fixed income securities.
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University of West Florida - Planned Giving
Schwab U.S. Aggregate Bond Index FundAs of September 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 120 (9/30/2019)
Fund Information as of 9/30/19Fund Name SCHWAB US AGGREGATE
BOND INDEXTicker SWAGXMorningstar Category Intermediate Core BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.04%Fund Assets ($mm) 3,017.05Share Class Inception Date 2/23/2017Manager Tenure 3
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Schwab U.S. Aggregate Bond 2.29 35 8.50 47 10.21 41 -- -- -- -- -- --BBgBarc US Aggregate TR 2.27 39 8.52 46 10.30 37 2.92 47 3.38 32 3.75 59
Over/Under 0.02 -0.02 -0.09
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Schwab U.S. Aggregate Bond -0.13 -- -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.14
Fund Inception Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Schwab U.S. Aggregate Bond 3.10% -0.05% 0.99 98.65% 100.08% 0.81 0.16% -0.55 BBgBarc US Aggregate TR 3.12% 0.00% 1.00 100.00% 100.00% 0.84 0.00% --
Fixed Income Sectors as of 9/30/19GOVERNMENT 43.22%MUNICIPAL 0.61%CORPORATE 24.37%SECURITIZED 28.55%CASH & EQUIVALENTS 3.24%DERIVATIVE 0.00%
Fund Characteristics as of 9/30/19Sharpe Ratio (3 Year)Average Duration 5.76Average Coupon 3.27%Average Effective Maturity 7.86R-Squared (3 Year)Alpha (3 Year)Beta (3 Year)
Credit Quality as of 9/30/19AAA 73.28%AA 2.90%A 10.29%BBB 13.53%BB 0.00%B 0.00%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to track as closely as possible, before fees and expenses, the total return of an index composed of the totalU.S. investment grade bond market. The fund generally invests at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) insecurities included in the Bloomberg Barclays U.S. Aggregate Bond Index. The index is a broad-based benchmark measuring theperformance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds,mortgage pass-through securities, commercial MBS, and ABS that are publicly available for sale in the United States.
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University of West Florida - Planned Giving
Western Asset Intermediate BondAs of September 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 120 (9/30/2019)
Fund Information as of 9/30/19Fund Name WESTERN ASSET
INTERMEDIATE BOND ITicker WATIXMorningstar Category Intermediate Core BondBenchmark BBgBarc US Govt/Credit Int TRExpense Ratio 0.54%Fund Assets ($mm) 663.58Share Class Inception Date 7/1/1994Manager Tenure 10
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Western Asset Interm Bond 1.32 88 7.13 79 8.17 81 3.09 33 3.33 40 4.13 35BBgBarc US Govt/Credit IntTR 1.37 84 6.41 82 8.17 81 2.40 82 2.68 90 3.05 88
Over/Under -0.05 0.72 0.00 0.69 0.65 1.08
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Western Asset Interm Bond 0.20 4.02 3.15 1.50 3.88 -0.78 7.10 5.35 8.76 17.24BBgBarc US Govt/Credit Int TR 0.88 2.14 2.08 1.07 3.13 -0.86 3.89 5.80 5.89 5.24
Over/Under -0.68 1.88 1.07 0.43 0.75 0.08 3.21 -0.45 2.87 12.00
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Western Asset Interm Bond 2.23% 0.84% 0.93 108.17% 83.75% 1.08 0.74% 0.89 BBgBarc US Govt/Credit IntTR 2.26% 0.00% 1.00 100.00% 100.00% 0.78 0.00% --
XXXXX
Fixed Income Sectors as of 9/30/19GOVERNMENT 31.04%MUNICIPAL 0.05%CORPORATE 34.83%SECURITIZED 29.35%CASH & EQUIVALENTS 4.69%DERIVATIVE 0.05%
Fund Characteristics as of 9/30/19Sharpe Ratio (3 Year) 0.69Average Duration 4.31Average Coupon 3.49%Average Effective Maturity 7.85R-Squared (3 Year) 0.91Alpha (3 Year) 0.07%Beta (3 Year) 0.93
Credit Quality as of 9/30/19AAA 53.69%AA 8.85%A 21.73%BBB 17.05%BB 0.46%B 0.00%Below B 0.00%Not Rated -1.78%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least80% of its net assets in debt and fixed income securities. Although it may invest in debt and fixed income securities of any maturity,under normal market conditions the target dollar-weighted average effective duration for the fund, as estimated by the fund'ssubadviser, is expected to range within 20% of the duration of its benchmark.
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University of West Florida - Planned Giving
Blackrock Systematic Multi Strat AAs of September 30, 2019
Universe Name: Multialternative MStar MF# of Observations: 103 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19UNITED STATES TREASURY NOTES 1.5% 4.42%UNITED STATES TREASURY NOTES 1.88% 3.14%UNITED STATES TREASURY NOTES 1.88% 2.24%FEDERAL HOME LOAN MORTGAGE CORPORATION 4.5% 1.69%COMM MTG TR 2014-TWC 2.86% 0.94%AVANT LOANS FUNDING TRUST 2.72% 0.89%FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 0.77%ALTRIA GROUP INC 0.74%FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 0.73%UNITED STATES TREASURY NOTES 2.38% 0.71%
Sector Allocation as of 9/30/19BASIC MATERIALS 6.11%COMMUNICATION SERVICES 1.08%CONSUMER CYCLICAL 20.21%CONSUMER DEFENSIVE 9.44%ENERGY 9.15%FINANCIAL SERVICES 10.65%HEALTHCARE 7.73%INDUSTRIALS 13.58%REAL ESTATE 5.10%TECHNOLOGY 9.20%UTILITIES 7.74%
Fund Information as of 9/30/19Fund Name BLACKROCK SYSTEMATIC
MULTI-STRAT INV ATicker BAMBXMorningstar Category MultialternativeBenchmark ICE BofAML 91 Days T-Bills TRExpense Ratio 1.21%Fund Assets ($mm) 72.06Share Class Inception Date 5/19/2015Manager Tenure 4
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Blackrock Systematic Multi Strat 1.51 9.72 5.61 -- -- -- -- -- -- --ICE BofAML 91 Days T-Bills TR 1.87 0.86 0.33 0.05 0.03 0.07 0.11 0.10 0.13 0.21
Over/Under -0.36 8.86 5.28
Description:The investment seeks total return comprised of current income and capital appreciation. The fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on fixed and floating ratedebt securities and equity securities. It will normally invest in both U.S. and non-U.S. securities, including securities of companies locatedin emerging markets.
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Blackrock Systematic MultiStrat 1.37 29 8.81 27 9.73 3 6.36 11 -- -- -- --
ICE BofAML 91 Days T-BillsTR 0.56 51 1.81 82 2.39 37 1.54 68 0.98 79 0.54 99
Over/Under 0.81 7.00 7.34 4.82XXXXX
3 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Blackrock Systematic Multi Strat 2.76% 2.34% 2.60 412.20% -- 1.77 2.72% 1.77 ICE BofAML 91 Days T-BillsTR 0.22% 0.00% 1.00 100.00% -- 0.28 0.00% --
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University of West Florida - Planned Giving
DWS RREEF Real Assets SAs of September 30, 2019
Universe Name: Multialternative MStar MF# of Observations: 103 (9/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 9/30/19CAYMAN REAL ASSETS FUND LTD. 8.82%AMERICAN TOWER CORP 2.70%CROWN CASTLE INTERNATIONAL CORP 2.55%UNITED STATES TREASURY NOTES 1.38% 2.03%TC ENERGY CORP 2.00%UNITED STATES TREASURY NOTES 1.62% 1.95%CHENIERE ENERGY INC 1.47%SEVERN TRENT PLC 1.47%SEMPRA ENERGY 1.31%GOLD 100 OZ DEC19 1.30%
Sector Allocation as of 9/30/19BASIC MATERIALS 8.33%COMMUNICATION SERVICES 1.38%CONSUMER CYCLICAL 0.97%CONSUMER DEFENSIVE 1.14%ENERGY 17.47%FINANCIAL SERVICES 0.00%HEALTHCARE 0.00%INDUSTRIALS 10.44%REAL ESTATE 41.12%TECHNOLOGY 0.90%UTILITIES 18.25%
Fund Information as of 9/30/19Fund Name DWS RREEF REAL ASSETS STicker AAASXMorningstar Category World Allocation
Benchmark Morningstar Mod Tgt Risk TRUSD
Expense Ratio 1.07%Fund Assets ($mm) 257.95Share Class Inception Date 7/30/2007Manager Tenure 5
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
DWS RREEF Real Assets -5.17 14.83 4.20 -9.66 3.32 0.91 9.52 -3.09 12.45 25.81Morningstar Mod Tgt Risk TR USD -4.76 14.66 8.57 -1.79 4.89 14.31 12.04 0.59 12.33 21.77
Over/Under -0.41 0.17 -4.37 -7.87 -1.57 -13.40 -2.52 -3.68 0.12 4.04
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
DWS RREEF Real Assets 7.72% -1.63% 0.90 79.66% 97.32% 0.36 4.66% -0.48 Morningstar Mod Tgt Risk TRUSD 6.87% 0.00% 1.00 100.00% 100.00% 0.73 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
DWS RREEF Real Assets 1.49 24 17.07 1 9.19 3 6.92 4 3.69 15 4.48 28Morningstar Mod Tgt Risk TRUSD 0.92 35 13.11 4 5.41 17 7.43 3 5.91 2 7.51 2
Over/Under 0.57 3.96 3.78 -0.51 -2.22 -3.03
Description:The investment seeks total return in excess of inflation through capital growth and current income. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination ofinvestments that the Advisor believes offer exposure to "real assets." It generally invests between 25% and 75% of fund assets insecurities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets.
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Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of September 30, 2019
Universe Name: InvMetrics Trust Funds Balanced NetAUM Band All# of Observations: 47 (9/30/2019)Median/Average/Total Member MV: 21.7 M / 60.6 M / 2,788.4 M
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Annual Return 1 Year 5 Year 10 Year
-10% $2,556,746 $1,094,817 -$87,053
-6% $2,661,679 $1,420,913 $230,742
0% $2,830,973 $2,072,853 $1,125,203
6% $3,007,990 $2,949,966 $2,855,571
10% $3,126,057 $3,664,922 $4,702,765
* Return assumptions are based off quarterly annuity payments and investment returns. Return assumptions do not include any new or terminated gifts over the timeperiod.
Portfolio Snapshot as of 10/9/2019University of W Florida Foundation - Univ of W Fl CGA Seg Res
34.7%
13.9%
34.4%
15.3%
1.7%
0%
10%
20%
30%
40%
50%
60%
DomesticEquities
InternationalEquities
Fixed Income Alternative Cash &Equivalents
IPS Monitor
Actual Target Lower Limit Upper Limit
12
Total Number of Active CGAs
Total Gift Amount
Market Value
New Gift(s) Total (1 Year) Terminated Gift(s) Total (1 Year)
Average Gift Amount
Unique Donors
Annual Annuity
4
$3,240,000 $270,000
$80,000
$3,020,503 $189,530
$0
$1,846,072 $184,607
$0
$3,020,503
$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K
Portfolio
FL
Reserve Requirement
Reserve Required Surplus Market Value
$0K
$500K
$1000K
$1500K
$2000K
$2500K
$3000K
$3500K
<75 75-80 80-85 85-90 90-95 95+0
1
2
3
Donor Age & Gift Amount
Unique Donors Market Value
0 0
1
2
1 1 1 1
0
1
0
2
4
6
8
10
12
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Active CGA History
State Reserve Requirements and Healthcheck
CGA Breakdown
Charitable Gift Annuity Summary
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Asset CategoryCurrent
ValueCurrentPercent
StrategicTarget
AllocationPercent
VarianceDomestic Equities $1,099,226 34.1% 35.0% (0.9%)International Equities $435,465 13.5% 15.0% (1.5%)Fixed Income $1,140,318 35.4% 32.0% 3.4%Alternative $481,253 14.9% 13.0% 1.9%Cash & Equivalents $68,336 2.1% 5.0% (2.9%)Total $3,224,598 100.0% 100.0%
Account Name Account Type6/30/19
Value Contributions WithdrawalsNet
Investment Gain9/30/19
ValueUniversity of West Florida Seg Res CGA $3,013,591 $80,000 ($52,790) $15,567 $3,056,367University of West Florida - Zimmers NIM CRUT $123,602 $0 ($624) $1,761 $124,739University of West Florida - HughGarnett
NIM CRUT $43,324 $0 ($479) $647 $43,492
University of West Florida $3,180,516 $80,000 ($53,892) $17,975 $3,224,598
Aggregated Account Summary
University of West Florida As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 88
![Page 106: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/106.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $1,072,749 35.1% 35.0% 0.1%International Equities $425,750 13.9% 15.0% (1.1%)Fixed Income $1,037,277 33.9% 32.0% 1.9%Alternative $463,922 15.2% 13.0% 2.2%Cash & Equivalents $56,670 1.9% 5.0% (3.1%)Total $3,056,367 100.0% 100.0%
Asset Allocation
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 89
![Page 107: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/107.jpg)
Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Alger Capital Appreciation Instl I 8.9% $274,255 $0 $0 ($3,148) $271,108American Beacon Small Cp Val Inv 2.7% $83,836 $0 $0 ($994) $82,843Conestoga Small Cap Investors 4.1% $129,497 $0 $0 ($4,774) $124,724Diamond Hill Large Cap A 9.6% $289,885 $0 $0 $2,830 $292,715Schwab® S&P 500 Index 9.9% $296,334 $0 $0 $5,026 $301,360
Domestic Equities Total 35.1% $1,073,809 $0 $0 ($1,060) $1,072,749
International EquitiesAmerican Beacon Intl Equity Inv 4.7% $147,266 $0 $0 ($3,419) $143,847Artisan International Investor 5.6% $171,218 $0 $0 $687 $171,905Harding Loevner Emerging Markets Advisor 3.6% $113,986 $0 $0 ($3,989) $109,997
International Equities Total 13.9% $432,470 $0 $0 ($6,720) $425,750
Fixed IncomeJPMorgan Strategic Income Opps A 7.2% $220,632 $0 ($1,346) $769 $220,055Schwab U.S. Aggregate Bond Index Fund 9.7% $292,229 $0 ($2,116) $6,691 $296,804Virtus Seix Total Return Bond I 9.5% $286,542 $0 ($1,419) $6,284 $291,408Western Asset Intermediate Bond I 7.5% $227,576 $0 ($1,569) $3,003 $229,010
Fixed Income Total 33.9% $1,026,979 $0 ($6,450) $16,748 $1,037,277
AlternativeBlackrock Systematic 7.3% $219,321 $0 $0 $3,015 $222,337Deutsche Real Assets Fd 7.9% $238,036 $0 $0 $3,549 $241,585
Alternative Total 15.2% $457,357 $0 $0 $6,565 $463,922
Cash & EquivalentsCash 1.9% $22,976 $86,450 ($52,790) - $56,670
Total 100.0% $3,013,591 $80,000 ($52,790) $15,567 $3,056,367
University of West Florida Seg Res (CGA)From June 30, 2019 to September 30, 2019
Quarterly Cashflow
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 90
![Page 108: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/108.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap ValueDiamond Hill Large Cap A (DHLAX) 9.6% $292,715 1.0%
Large Cap Value Total 9.6% $292,715 1.0%Russell 1000 Value 1.4%
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 9.9% $301,360 1.7%
Large Cap Core Total 9.9% $301,360 1.7%S&P 500 Composite 1.7%
Large Cap GrowthAlger Capital Appreciation Instl I (ALARX) 8.9% $271,108 (1.1%)
Large Cap Growth Total 8.9% $271,108 (1.1%)Russell 1000 Growth 1.5%
Small Cap ValueAmerican Beacon Small Cp Val Inv (AVPAX) 2.7% $82,843 (1.2%)
Small Cap Value Total 2.7% $82,843 (1.2%)Russell 2000 Value (0.6%)
Small Cap GrowthConestoga Small Cap Investors (CCASX) 4.1% $124,724 (3.7%)
Small Cap Growth Total 4.1% $124,724 (3.7%)Russell 2000 Growth (4.3%)
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 5.6% $171,905 0.4%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 91
![Page 109: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/109.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnInternational Equities
Intl Core PlusIntl Core Plus Total 5.6% $171,905 0.4%
MSCI All Country World Index X - US Net (1.8%)
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 4.7% $143,847 (2.3%)
Intl Large Cap Value Total 4.7% $143,847 (2.3%)MSCI EAFE Value Net (1.7%)
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 3.6% $109,997 (3.5%)
Emerging Markets Total 3.6% $109,997 (3.5%)MSCI EM (Emerging Markets) Net (4.2%)
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 7.2% $220,055 0.3%
Unconstrained Fixed Income Total 7.2% $220,055 0.3%Bloomberg Barclays US Aggregate 2.3%
Core BondSchwab U.S. Aggregate Bond Index Fund (SWAGX) 9.7% $296,804 2.3%Virtus Seix Total Return Bond I (SAMFX) 9.5% $291,408 2.2%Western Asset Intermediate Bond I (WATIX) 7.5% $229,010 1.3%
Core Bond Total 26.7% $817,222 2.0%Bloomberg Barclays US Aggregate 2.3%
AlternativeLiquid Real Assets
Deutsche Real Assets Fd (AAASX) 7.9% $241,585 1.5%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 92
![Page 110: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/110.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnAlternative
Liquid Real AssetsLiquid Real Assets Total 7.9% $241,585 1.5%
S&P Real Assets 1.1%
Absolute ReturnBlackrock Systematic (BAMBX) 7.3% $222,337 1.4%
HFRX Aggregate Index (0.1%)
Absolute Return Total 7.3% $222,337 1.4%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsTaxable Money Market
Cash (CASH) 1.9% $56,670 -
Taxable Money Market Total 1.9% $56,670 -
Total 100.0% $3,056,367 0.5%Blended 50 Eq (Blended Benchmark) 0.9%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 93
![Page 111: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/111.jpg)
Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceThird Quarter 2019 0.5% $3,013,591 $27,210 $15,567 $3,056,367 0.9%Second Quarter 2019 3.7% $2,957,924 ($51,583) $107,249 $3,013,591 3.0%First Quarter 2019 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 7.8%Fourth Quarter 2018 (7.8%) $3,074,009 ($51,806) ($238,898) $2,783,305 (7.0%)Third Quarter 2018 2.6% $3,047,152 ($51,799) $78,656 $3,074,009 2.4%Second Quarter 2018 1.1% $3,064,932 ($51,882) $34,102 $3,047,152 1.1%First Quarter 2018 (0.7%) $3,136,764 ($51,859) ($19,974) $3,064,932 (1.0%)Fourth Quarter 2017 2.9% $3,098,928 ($51,783) $89,620 $3,136,764 3.1%Third Quarter 2017 2.9% $2,984,179 $29,375 $85,373 $3,098,928 3.1%Second Quarter 2017 2.7% $2,956,193 ($50,579) $78,565 $2,984,179 2.5%First Quarter 2017 3.5% $2,904,629 ($50,535) $102,099 $2,956,193 3.5%Fourth Quarter 2016 0.1% $2,951,388 ($50,612) $3,853 $2,904,629 0.6%
Historical Quarterly Performance Total ($457,424) $562,403
Historical Annual Performance for Last 3 Years2019 * 12.7% $2,783,305 ($75,945) $349,007 $3,056,367 * 12.1%2018 (5.0%) $3,136,764 ($207,346) ($146,114) $2,783,305 (4.6%)2017 12.5% $2,904,629 ($123,522) $355,657 $3,136,764 12.8%2016 1.5% $113,970 $2,759,634 $31,025 $2,904,629 6.8%
Historical Annual Performance for Last3 Years Total
$2,352,822 $589,575
Inception to Date (Annualized)12/31/2009 - 09/30/2019 6.1% 6.5%
Inception to Date (Cumulative)12/31/2009 - 09/30/2019 78.6% 85.5%
* Partial period return
University of West Florida Seg Res (CGA)
Historical Performance
University of West Florida Seg Res As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 94
![Page 112: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/112.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $18,100 14.5% 14.0% 0.5%International Equities $7,312 5.9% 6.0% (0.1%)Fixed Income $76,270 61.1% 65.0% (3.9%)Alternative $12,301 9.9% 10.0% (0.1%)Cash & Equivalents $10,755 8.6% 5.0% 3.6%Total $124,739 100.0% 100.0%
Asset Allocation
University of West Florida - Zimmers As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 95
![Page 113: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/113.jpg)
Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Schwab Small Cap Index 2.6% $3,363 $0 $0 ($81) $3,282Schwab® S&P 500 Index 11.9% $14,570 $0 $0 $247 $14,818
Domestic Equities Total 14.5% $17,933 $0 $0 $167 $18,100
International EquitiesAmerican Beacon Intl Equity Inv 2.0% $2,516 $0 $0 ($58) $2,458Artisan International Investor 2.2% $2,716 $0 $0 $11 $2,727Harding Loevner Emerging Markets Advisor 1.7% $2,205 $0 $0 ($77) $2,127
International Equities Total 5.9% $7,437 $0 $0 ($125) $7,312
Fixed IncomeJPMorgan Strategic Income Opps A 6.5% $8,097 $0 ($49) $28 $8,076Virtus Seix Total Return Bond I 54.7% $67,056 $0 ($332) $1,471 $68,194
Fixed Income Total 61.1% $75,153 $0 ($381) $1,499 $76,270
AlternativeBlackrock Systematic 9.8% $12,088 $0 $0 $166 $12,255Eaton Vance Glbl Macr Abs Ret A 0.0% $46 $0 $0 $1 $47
Alternative Total 9.9% $12,134 $0 $0 $167 $12,301
Cash & EquivalentsCash 2.1% $2,835 $433 ($624) - $2,645Payden Ltd Maturity Fund 6.5% $8,110 $0 ($52) $52 $8,110
Cash & Equivalents Total 8.6% $10,945 $381 ($624) $52 $10,755
Total 100.0% $123,602 $0 ($624) $1,761 $124,739
University of West Florida - Zimmers (NIM CRUT)From June 30, 2019 to September 30, 2019
Quarterly Cashflow
University of West Florida - Zimmers As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 96
![Page 114: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/114.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 11.9% $14,818 1.7%
Large Cap Core Total 11.9% $14,818 1.7%S&P 500 Composite 1.7%
Small Cap BroadSchwab Small Cap Index (SWSSX) 2.6% $3,282 (2.4%)
Small Cap Broad Total 2.6% $3,282 (2.4%)Russell 2000 (2.5%)
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 2.2% $2,727 0.4%
Intl Core Plus Total 2.2% $2,727 0.4%MSCI All Country World Index X - US Net (1.8%)
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $2,458 (2.3%)
Intl Large Cap Value Total 2.0% $2,458 (2.3%)MSCI EAFE Value Net (1.7%)
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.7% $2,127 (3.5%)
Emerging Markets Total 1.7% $2,127 (3.5%)MSCI EM (Emerging Markets) Net (4.2%)
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 6.5% $8,076 0.3%
University of West Florida - Zimmers (NIM CRUT)
Manager Performance
University of West Florida - Zimmers As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 97
![Page 115: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/115.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnFixed Income
Unconstrained Fixed IncomeUnconstrained Fixed Income Total 6.5% $8,076 0.3%
Bloomberg Barclays US Aggregate 2.3%
Core BondVirtus Seix Total Return Bond I (SAMFX) 54.7% $68,194 2.2%
Core Bond Total 54.7% $68,194 2.2%Bloomberg Barclays US Aggregate 2.3%
AlternativeAbsolute Return
Blackrock Systematic (BAMBX) 9.8% $12,255 1.4%HFRX Aggregate Index (0.1%)
Eaton Vance Glbl Macr Abs Ret A (EAGMX) 0.0% $47 1.9%
Absolute Return Total 9.9% $12,301 1.4%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsShort Term Bond
Payden Ltd Maturity Fund (PYLMX) 6.5% $8,110 0.6%
Short Term Bond Total 6.5% $8,110 0.6%Bloomberg Barclays US Government / Credit 1 - 3Y 0.7%
Taxable Money MarketCash (CASH) 2.1% $2,645 -
Taxable Money Market Total 2.1% $2,645 -
Total 100.0% $124,739 1.4%Blended 20 Eq (Blended Benchmark) 1.6%
University of West Florida - Zimmers (NIM CRUT)
Manager Performance
University of West Florida - Zimmers As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 98
![Page 116: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/116.jpg)
Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceThird Quarter 2019 1.4% $123,602 ($624) $1,761 $124,739 1.6%Second Quarter 2019 2.7% $120,553 ($220) $3,268 $123,602 2.9%First Quarter 2019 4.7% $116,655 ($1,494) $5,392 $120,553 4.8%Fourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (2.3%)Third Quarter 2018 1.0% $119,469 ($219) $1,226 $120,476 1.0%Second Quarter 2018 0.4% $119,643 ($619) $444 $119,469 0.4%First Quarter 2018 (0.8%) $122,356 ($1,720) ($992) $119,643 (1.2%)Fourth Quarter 2017 1.3% $120,952 ($221) $1,624 $122,356 1.5%Third Quarter 2017 1.6% $119,280 ($219) $1,891 $120,952 1.8%Second Quarter 2017 1.9% $117,684 ($616) $2,212 $119,280 1.8%First Quarter 2017 2.4% $116,872 ($1,909) $2,721 $117,684 1.9%Fourth Quarter 2016 (0.6%) $117,811 ($217) ($722) $116,872 (1.2%)
Historical Quarterly Performance Total ($8,296) $15,224
Historical Annual Performance for Last 3 Years2019 * 9.1% $116,655 ($2,338) $10,422 $124,739 * 9.6%2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (2.1%)2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.2%2016 4.4% $114,637 ($2,771) $5,007 $116,872 4.1%
Historical Annual Performance for Last3 Years Total
($10,851) $20,952
Inception to Date (Annualized)12/31/2009 - 09/30/2019 5.2% 5.0%
Inception to Date (Cumulative)12/31/2009 - 09/30/2019 64.1% 61.6%
* Partial period return
University of West Florida - Zimmers (NIM CRUT)
Historical Performance
University of West Florida - Zimmers As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 99
![Page 117: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/117.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $8,377 19.3% 14.0% 5.3%International Equities $2,404 5.5% 6.0% (0.5%)Fixed Income $26,770 61.6% 65.0% (3.4%)Alternative $5,030 11.6% 10.0% 1.6%Cash & Equivalents $911 2.1% 5.0% (2.9%)Total $43,492 100.0% 100.0%
Asset Allocation
University of West Florida - Hugh Garnett As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 100
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Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Schwab Small Cap Index 2.6% $1,178 $0 $0 ($28) $1,150Schwab® S&P 500 Index 16.6% $7,107 $0 $0 $121 $7,228
Domestic Equities Total 19.3% $8,285 $0 $0 $92 $8,377
International EquitiesAmerican Beacon Intl Equity Inv 2.0% $881 $0 $0 ($20) $861Artisan International Investor 2.5% $1,079 $0 $0 $4 $1,084Harding Loevner Emerging Markets Advisor 1.1% $476 $0 $0 ($17) $459
International Equities Total 5.5% $2,436 $0 $0 ($33) $2,404
Fixed IncomeJPMorgan Strategic Income Opps A 10.9% $4,754 $0 ($29) $17 $4,741Virtus Seix Total Return Bond I 50.7% $21,661 $0 ($107) $475 $22,029
Fixed Income Total 61.6% $26,415 $0 ($136) $492 $26,770
AlternativeEaton Vance Glbl Macr Abs Ret A 11.6% $4,935 $0 $0 $96 $5,030
Cash & EquivalentsCash 2.1% $1,252 $136 ($479) - $911
Total 100.0% $43,324 $0 ($479) $647 $43,492
University of West Florida - Hugh Garnett (NIM CRUT)From June 30, 2019 to September 30, 2019
Quarterly Cashflow
University of West Florida - Hugh Garnett As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 101
![Page 119: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/119.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 16.6% $7,228 1.7%
Large Cap Core Total 16.6% $7,228 1.7%S&P 500 Composite 1.7%
Small Cap BroadSchwab Small Cap Index (SWSSX) 2.6% $1,150 (2.4%)
Small Cap Broad Total 2.6% $1,150 (2.4%)Russell 2000 (2.5%)
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 2.5% $1,084 0.4%
Intl Core Plus Total 2.5% $1,084 0.4%MSCI All Country World Index X - US Net (1.8%)
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $861 (2.3%)
Intl Large Cap Value Total 2.0% $861 (2.3%)MSCI EAFE Value Net (1.7%)
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.1% $459 (3.5%)
Emerging Markets Total 1.1% $459 (3.5%)MSCI EM (Emerging Markets) Net (4.2%)
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 10.9% $4,741 0.3%
University of West Florida - Hugh Garnett (NIM CRUT)
Manager Performance
University of West Florida - Hugh Garnett As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 102
![Page 120: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/120.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnFixed Income
Unconstrained Fixed IncomeUnconstrained Fixed Income Total 10.9% $4,741 0.3%
Bloomberg Barclays US Aggregate 2.3%
Core BondVirtus Seix Total Return Bond I (SAMFX) 50.7% $22,029 2.2%
Core Bond Total 50.7% $22,029 2.2%Bloomberg Barclays US Aggregate 2.3%
AlternativeAbsolute Return
Eaton Vance Glbl Macr Abs Ret A (EAGMX) 11.6% $5,030 1.9%
Absolute Return Total 11.6% $5,030 1.9%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsTaxable Money Market
Cash (CASH) 2.1% $911 -
Taxable Money Market Total 2.1% $911 -
Total 100.0% $43,492 1.5%Blended 20 Eq (Blended Benchmark) 1.6%
University of West Florida - Hugh Garnett (NIM CRUT)
Manager Performance
University of West Florida - Hugh Garnett As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 103
![Page 121: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/121.jpg)
Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceThird Quarter 2019 1.5% $43,324 ($479) $647 $43,492 1.6%Second Quarter 2019 2.8% $42,226 ($77) $1,175 $43,324 2.9%First Quarter 2019 4.7% $40,597 ($263) $1,892 $42,226 4.8%Fourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (2.3%)Third Quarter 2018 1.0% $41,586 ($77) $429 $41,939 1.0%Second Quarter 2018 0.4% $41,907 ($477) $156 $41,586 0.4%First Quarter 2018 (0.8%) $42,598 ($343) ($348) $41,907 (1.2%)Fourth Quarter 2017 1.4% $42,106 ($77) $569 $42,598 1.5%Third Quarter 2017 1.6% $41,520 ($77) $662 $42,106 1.8%Second Quarter 2017 1.9% $41,221 ($476) $775 $41,520 1.8%First Quarter 2017 2.4% $40,677 ($409) $953 $41,221 1.9%Fourth Quarter 2016 (0.6%) $41,006 ($76) ($253) $40,677 (1.2%)
Historical Quarterly Performance Total ($2,906) $5,392
Historical Annual Performance for Last 3 Years2019 * 9.2% $40,597 ($819) $3,714 $43,492 * 9.6%2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (2.1%)2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.2%2016 4.4% $39,895 ($972) $1,754 $40,677 4.9%
Historical Annual Performance for Last3 Years Total
($3,802) $7,399
Inception to Date (Annualized)12/31/2009 - 09/30/2019 5.4% 5.1%
Inception to Date (Cumulative)12/31/2009 - 09/30/2019 66.5% 63.0%
* Partial period return
University of West Florida - Hugh Garnett (NIM CRUT)
Historical Performance
University of West Florida - Hugh Garnett As of September 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 104
![Page 122: secure.uwf.edu · 12/4/2019 · UWF Foundation, Inc. Board of Directors Meeting . Applied Science & Technology Bldg. 70, Room #115 December 4, 2019 3:30 – 5:00 p.m. Agenda . Opening](https://reader035.vdocument.in/reader035/viewer/2022071219/60543f39303123231d47a5cb/html5/thumbnails/122.jpg)
cornerstone-companies.com
DisclosuresSecurities offered through M Holdings Securities, Inc., MEMBER FINRA/SIPC
Investment Advisory Services are offered through Cornerstone Advisors Asset Management, LLC, which is independently owned and operated.
Performance quoted is past performance and is no guarantee of future results.
Unless otherwise noted, data obtained from Callan Associates.
All indices are unmanaged and not available for direct investment.
Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC have exercised reasonable care in the preparation
of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all
information within, we disclaim all responsibility for any errors that may occur due to third party information and data.
The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except
as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this
information, data, analyses or opinions or their use. Please read the prospectus carefully before investing. It is not a replacement for any
account statement or transaction confirmation issued by the provider. Please compare this document to your custodial statement for accuracy,
as applicable.
All materials, including advertising, sales promotion, or demonstration materials which refer directly to the Russell Indexes shall expressly state
that Frank Russell Company is the owner of the Russell Marks in language consistent with and substantially similar to the following example:
Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a
trademark of Frank Russell Company.
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
University of West Florida Foundation:Private Markets AllocationQ3 2019
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EXECUTIVE SUMMARY
Portfolio Characteristics as of 6/30/2019
As of June 30, 2019
Fund Strategy VintageYear
CommitmentSize Called Capital Distributions to
Paid in CapitalRemaining
Value
Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,263 136.4% $964,807 $287,992StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 93.7% $936,775 97.3% $911,316 $637,188Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $956,781 191.7% $1,834,213 $41,637Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,083 65.5% $426,916 $720,374Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 89.9% $1,798,495 84.6% $1,522,399 $1,089,846Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 93.9% $938,823 40.7% $382,355 $687,339Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 50.7% $1,014,030 25.7% $260,273 $1,005,274Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 85.9% $1,717,323 5.8% $98,919 $2,037,527Golub Capital Partners 12 Private Credit 2018 $2,000,000 20.0% $400,000 0.0% $8,522 $405,258Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000 0.0% $0 0.0% $0 $0
$18,000,000 $9,121,573 $6,409,720 $6,912,435
Fund Capital Called During the Quarter
Distributions During the Quarter
Quarter-over-Quarter Change in Total Value Net IRR Net MOIC
Portfolio Advisors Private Equity Fund V $0 $21,430 -$7,235 10.6% 1.88X
StepStone Pioneer Capital III $0 $0 $1,955 13.7% 1.90x
Harbert US Real Estate Fund IV $0 $0 -$430 21.3% 1.95X
Portfolio Advisors Private Equity Fund VII $0 $38,008 $45,962 14.6% 1.90X
Harbert US Real Estate Fund V $0 $250,602 $30,464 12.7% 1.46X
Portfolio Advisors Direct Credit Fund II $112,426 $11,570 $127,430 11.7% 1.21X
Portfolio Advisors Secondary Fund III $0 $0 $35,455 47.5% 1.31X
Harbert US Real Estate Fund VI $145,935 $0 $187,530 11.5% 1.24X
Golub Capital Partners 12 $200,000 $0 $205,258 N/A N/A
Portfolio Advisors Private Equity Fund X $0 $0 $0 N/A N/A
$458,361 $321,610 $626,388
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PORTFOLIO ADVISORS
• Portfolio Advisors has leveraged their flagship Private Equity Fund of Funds platformand longstanding relationships with General Partners to build a successfulSecondaries business
• Secondary transactions provide increased diversification and mitigation of j-curverisk through immediate exposure to seasoned funds resulting in a faster deploymentof capital and potential for earlier realization of liquidity
• The strategy aims to construct a highly diversified portfolio (>250 funds) targetingbuyout, venture and distressed funds across multiple industries and geographies tohelp mitigate downside risk
• Portfolio Advisors Secondary Fund VI will utilize a small allocation of co-investmentsto compliment the secondary transactions to drive multiple return
Fund SummaryFirm Inception 1994 Vintage Year 2019
Firm AUM $23.5 billion Target Size $1.5 Billion
Strategy Diversified Secondaries Series I Mgmt Fee 1.125% on Invested Capital*
Vintage Portfolio Advisors Secondary Fund IV Series II Mgmt Fee 0.80% on Committed Capital*
Availability Currently Fundraising Hurdle / Carried Interest 10% / 10%
*Early Close Fee Incentive available through 3/31/2020.Both Series I and II Management Fees move to 1.125% after conclusion of Investment Period
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• To further diversify and build out the private market allocation for University of WestFlorida Foundation, ACG is recommending the following a $4 million commitment toPortfolio Advisors Secondary Fund IV
RECOMMENDATION
Fund Strategy Vintage Year AmountPortfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000
StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000
Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000
Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000
Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000
Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000
Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000
Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000
Golub Capital Partners 12 Private Credit 2018 $2,000,000
Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000
Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2019 $4,000,000
Total $22,000,000
Asset Class Remaining Value Portfolio %
Private Equity $2,650,828 2.87%Private Credit $1,092,597 1.18%Real Estate $3,169,010 3.43%Total $6,912,435 7.47%
Remaining Market Value as of 6/30/2019Portfolio % as of 9/30/2019 total market value
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PROJECTED CAPITAL CALLS
Called Capital as of 6/30/2019. Projected Capital Calls and Distributions are estimates as of 9/30/2019 and subject to material change.
Projected capital callsCapital called FY 2020 FY 2021
Investment Vintage Commitment % $ % $ % $
HarbertU.S. Real Estate IV 2009 $ 1,000,000 95.7% $ 956,781 0% $0 0% $0U.S. Real Estate V 2012 $ 2,000,000 89.9% $ 1,798,495 0% $0 0% $0U.S. Real Estate VI 2016 $ 2,000,000 85.9% $ 1,717,323 10% $200,000 5% $100,000
Portfolio AdvisorsPrivate Equity V 2007 $ 1,000,000 70.7% $ 707,263 0% $0 0% $0Private Equity VII 2011 $ 1,000,000 65.2% $ 652,083 0% $0 0% $0Direct Credit II 2015 $ 1,000,000 93.9% $ 938,823 0% $0 0% $0Secondary Fund III 2016 $ 2,000,000 50.7% $ 1,014,030 25% $500,000 15% $300,000Private Equity X 2019 $ 5,000,000 0.0% $ - 10% $500,000 10% $500,000Secondary Fund IV 2019 $ 4,000,000 0.0% $ - 0% $0 35% $1,400,000
StepstonePioneer Capital III, LP 2009 $ 1,000,000 93.7% $ 936,775 0% $0.00 0% $0.00
GolubCapital Partners 12 2018 $ 2,000,000 20.0% $ 400,000 30% $600,000.00 30% $600,000.00
SubTotal $ 22,000,000 41.5% $ 9,121,573 8% $1,800,000 13% $2,900,000
Projected DistributionsProjected Distributions FY 2020 FY 2021
Salary & Fringe Benefits (Salaries of Foundation and UWF personnel) $3,100,000 $3,100,000UWF Operations (Travel, postage, and other items to support program) $1,800,000 $1,800,000Scholarships (Disbursed by Financial Aid and reimbursed by Foundation) $2,200,000 $2,200,000Other Operations (Expenses paid directly by Foundation) $2,900,000 $2,900,000
SubTotal $10,000,000 $10,000,000
Projected Cash Contributions $4,000,000 $4,320,000
Total $7,800,000 $8,580,000
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APPENDIX
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PA Platform
Employee owned and independent
Global footprint and client base
Multi-asset class investing
Deep team of senior investment professionals
Extensive GP Relationships
Strong general partner relationships
Viewed by the GP community as a strategic secondary buyer, as PA invests an average of $2.5B in private markets per year
72% of funds in the PASF vehicles represent existing sponsor relationships through fund-of-funds or advisory business
>90% of the transactions in the PASF vehicles have been either exclusive, GP directed, carve-outs or limited auctions
Propriety Database
Proprietary PRIVILEGe® database contains information for over 2,000 fund interests managed by over 700 GPs
Platform and relationships lead to extensive private equity data and intelligence, allowing PA to more accurately price transactions
Attractive Fee Structure
Portfolio Advisors Secondary Fund IV (“PASF IV” or the “Fund”) has an attractive fee structure relative to the broader market
Option to pay management fees on invested capital, 10% preferred return and 10% carried interest after full return of invested capital
Strategy & Performance
Established team with extensive experience; evaluated more than $200B of secondary opportunities as of 2008
Focus on middle-market secondaries (deals between $5MM and $75MM)
Targeted $1.5B fund size allows team to selectively deploy capital
Broadly diversified by strategy, vintage and industry
Predecessor funds are generating strong returns without the use of leverage
PASF I returns: 1.8x gross TVPI / 1.7x net TVPI; 16.3% gross IRR / 13.7% net IRR1
PASF II returns: 1.6x gross TVPI / 1.4x net TVPI; 20.0% gross IRR / 16.1% net IRR1
PASF III returns: 1.3x gross TVPI / 1.3x net TVPI; 41.9% gross IRR / 41.7% net IRR1
Executive Summary
1 As of March 31, 2019. Past performance is not indicative of future results and there can be no assurance that the Fund will achieve comparable results and/or its investment objective. Please see the “Secondary Performance Endnotes” as well as the Disclosure Statement, in the Appendix for additional information. The returns for each investor in the Fund(s) may be materially different from those shown herein due to different fee schedules and timing on investment. This performance information is estimated and unaudited.
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Portfolio Advisors: A Global Presence
Key Statistics
1994 ~$23.5 Billion Year Founded Assets Under
Management1
100+ 250+ Professionals GP Relationships
200+ >2,000 Advisory Board Seats Funds Tracked in
Proprietary Database
Investor Relations
Darien
Office Location - Investment / Investor Relations
Zurich
Hong Kong
Independent, employee-owned investment firm
SEC-registered investment advisor; qualified professional asset manager
Focus on private markets investing: private equity, private credit and private real estate
Over $18 billion of limited partner commitments to commingled funds
Average of $2.5 billion invested in private markets per year (2013 - 2018)
Funds management, advisory, and administration and reporting services
1 As of December 31, 2018; assets under management is measured as adjusted reported value plus unfunded commitment.
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Note: Numbers reflect historic limited partner commitments to each strategy as of June 2019.
Multi-Asset Class Private Markets Platform
$7.1B $2.0B $1.1B $3.4B $4.1B
Direct Credit Opportunities Fund – Direct, privatejunior debt investments
Credit Strategies Fund – Credit fund secondaries and co-investments
In market: PACSF Up to $500M Target, PADCOF III $1.0B Target, and PASCOF $300M Target
Focus on mid-market and growth capital strategies
Primaries
Secondaries
In market: PAAF VI $400MM Target
Flexible “menu-driven” structure
Value add & opportunistic investments
Primaries
Secondaries
Co-investments
In market: PAGIF $250MM Target, and PAREF VII $650MM Target
Focused on purchasing existing limited partnership interests on secondary market
Focus on mid-sized transactions
Utilize platform to source and execute
In market: PASF IV $1.5B Target
Flexible “menu-driven” structure
Relationships with sponsors of funds
Attractive fee structure
Co-investments
Exposure to secondaries to help minimize J-curve
In market: PAPEF X $900MM Target
Global Private Equity
Funds
Global Real Estate
Funds
Asia Private Equity
Funds
U.S. / Global Credit Funds
Global Secondary
Funds
Focus on U.S. middle-market private equity transactions with core sponsors
Utilize platform to source and execute
Attractive fee structure
Coming to market Q1 2020: PCIF IV $750M Target
$1.2B
U.S. Equity Co-Investment
Funds
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Experienced team that has invested across multiple economic cycles
Senior Investment Team has an average of 12 years of private markets experience and 11 years at PA
Investment Committee has an average of 19 years experience and 13 years at PA
1 Denotes a member of Portfolio Advisors’ Management Committee
Dedicated Secondaries Investment Team
Brian Murphy1
Bill Indelicato1
Adam Clemens1 Hugh Perloff Greg Garrett John Kyles Ken Binick Patrick Gerbracht Ben Hur Justin Lux
Resources
Finance – 9 professionals Marketing – 17 professionals Legal/Compliance – 6 professionals Technology – 4 professionals
Patrick Brown Senior Associate
1 year experience 1 year at PA
Investment Committee
Additional Pool of Six Junior Investment Professionals
Jorge Rossello Senior Associate
3 years experience 3 years at PA
Justin Lux Senior Vice President
8 years experience 8 years at PA
Tim Henn Vice President
5 years experience 5 years at PA
Hugh Perloff Managing Director
Head of Secondaries 21 years experience
21 years at PA
Patrick Gerbracht Managing Director
14 years experience 9 years at PA
Secondaries Investment Professionals
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i As of March 31, 2019. Past Performance is not a guarantee of future success. Gross returns are not reflective of the Net Returns realized by any investor in the Fund as Gross Returns do not include the deduction of management fees, performance fees and other Fund expenses. The Gross returns and Net Returns of other accounts and funds may be materially different from those shown herein. Please see the “Secondary Performance Endnotes” in the Appendix hereto for more information. Additional information available upon request.
Historical Secondaries Investment Experience
Portfolio Advisors Secondary Investment Funds
PA has executed more than $5.5B of secondary transactions across 24 vehicles since 2002
PA can provide a complete liquidity solution to multi-asset class private market sellers
Predecessor PASF vehicles have generated strong returns for limited partners across different pricing environments
PASF Secondaries Track Record ($MM)i
PASF IV 2020
PAREF VII Secondaries
2018
PAPEF III Secondaries
2004
PASF I 2008
PA Asia IV Secondaries
2013
Asia I Secondaries
2006
PAPEF VI Secondaries
2009
PAPEF VII Secondaries
2011
PASF II 2012
PAREF V Secondaries
2013
PASF III 2016
PAPEF IX Secondaries
2016
PAPEF VIII Secondaries
2013
PACSF Secondaries
2013
PAREF IV Secondaries
2011
PAREF VI Secondaries
2015
PAPEF II Secondaries
2002
PAPEF IV Secondaries
2006
PAPEF V Secondaries
2007
Asia II Secondaries
2008
Asia III Secondaries
2010
PA Asia V Secondaries
2016
PA Growth and Income
2017
PAPEF X Secondaries
2018
PA Asia VI Secondaries
2018
Predecessor Fund
Vintage Year
Fund Size
Total Exposure(3) Contributions(3) Distributions(3)
Reported Value(3)
Total Value(3)
Gross Multiple(3)
Gross IRR(1,2)
Net Multiple(3)
Net IRR(1,2)
PASF I 2008 $1,128.4 $1,150.6 $1,017.8 $1,551.1 $263.5 $1,814.6 1.78x 16.3% 1.65x 13.7%
PASF II 2012 $910.3 $1,023.6 $796.6 $835.4 $407.9 $1,243.3 1.56x 20.0% 1.44x 16.1%
PASF III 2016 $1,518.2 $1,084.3 $792.3 $229.4 $812.6 $1,041.9 1.32x 41.9% 1.30x 41.7%
Total $3,258.5 $2,606.7 $2,615.9 $1,483.9 $4,099.9 1.57x 18.2% 1.48x 15.4%
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$119 $105 $228
$687
$134
$416
$292 $361 $324
$246
$724
-
1.0%
2.0%
3.0%
-
$200
$400
$600
$800
$1,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PA Deal Volume % of Total Market
$26 $34 $33 $28
$44 $50 $2
$8 $7 $9
$14
$24
$20
$10
$23 $25 $25 $28
$42 $40 $37
$58
$74
-
$10
$20
$30
$40
$50
$60
$70
$80
$90
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
LP-Led GP-Led
Annual Secondary Market Volume1 ($B)
PA’s Highly Selective Approach ($MM)
As secondary volume has grown, many secondary buyers have therefore increased fund sizes and average transaction sizes
PA’s consistent fund size provides the flexibility to selectively deploy capital (average market share of 1.0% since 2008)
The secondary market has grown at a CAGR of approximately 25% since the global financial crisis
Recent volume growth driven by large ($500MM+) LP portfolio sales and GP-led transactions
1 Source: Greenhill, “Global Secondary Market Trends & Outlook, January 2019”
Secondaries Transaction Volume Hits Record Levels confidential
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$50 $50
$10 $10
$40
$60
RDNAV
PRDGains
NAVat Close
Purchase Price
82% 80%
87%
92% 90% 89% 93% 92%
86% 84%
91%
96% 94% 95% 99% 97%
74%
73%
79% 81%
75% 78%
83% 83%
70%
74%
83% 90% 90%
88%
93%
89%
65%
70%
75%
80%
85%
90%
95%
100%
2011 2012 2013 2014 2015 2016 2017 2018
All Strategies Buyout Venture Real Estate
Average Annual Secondary Market Pricing (% of NAV)1
PA seeks to invest in high-quality, growth-oriented assets through detailed, bottom-up analysis of underlying portfolio companies
Value appreciation in underlying assets prior to closing a transaction can lead to meaningful effective discounts
Navigating an Elevated Pricing Environment
Elevated headline pricing driven by supportive macro conditions and increased supply of post-2012 vintage funds
Average pricing across all strategies stabilized in 2018 as a result of public market volatility and increasing supply of tail-end funds
† Excludes co-investments. Please see the “Performance of PASF I, II & III Secondary Transactions Endnotes” in the Appendix hereto for additional information. 1 Source: Greenhill, “Global Secondary Market Trends & Outlook, January 2019” 2 As of March 31, 2019. Past Performance is not a guarantee of future success. Gross returns are not reflective of the Net Returns realized by any investor in the Fund as Gross Returns do not
include the deduction of management fees, performance fees and other Fund expenses. The Gross returns and Net Returns of other accounts and funds may be materially different from those shown herein. Please see the “Secondary Performance Endnotes” in the Appendix hereto for additional information.
PASF Returns by Discount2† Illustrative Effective Discount
PA’s Highly Selective Approach ($MM)
30% Effective Disc. 20% Headline Disc. 1.60x
1.40x 1.60x
18.8% 14.4%
30.7%
-
10%
20%
30%
40%
50%
-
0.50x
1.00x
1.50x
2.00x
>=10% Discount < 10% Discount StructuredTransactions
Gross TVPI Gross IRR
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$7,100 $10,100 $12,000
$3,000 $4,400 $7,500 $8,000
$910 $1,518 $1,500
$1,024 $1,102 $1,447
$400 $500 $600
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Group A
Group B
PA
Group C
Group D
PA’s Differentiated Position in the Secondary Market
PE Platform Secondaries Only
Historical Fund Sizes of Select Secondary Buyers ($MM)1
Pressure to deploy large pools of capital
$500MM+ LP portfolios
Concentrated, GP-led transactions
Fund- and transaction-level leverage
Price taking
Secondary-only programs
Highly competitive part of the market
Limited relationships
Inferior information
Insufficient scale to compete for larger transactions
Broad PE platform
Longstanding relationships
Fund size allows for flexibility and selectivity
1 Sources: Preqin.com, accessed September 2019, and Pitchbook.com, accessed September 2019. Note: Additional secondary funds and managers were in the market during the time period referenced above. Information on other managers is available upon request. Past performance is
no guarantee of future success.
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Secondary Market Opportunities
Description
Opportunity
Typical Deal Size
PA Fit
PA Approach
Active Portfolio Management
Ongoing LP interest sales to shift allocation;
CIO turnover
Carve out LP interests from larger portfolios
$5MM - $300MM+
Strong fit; participate in limited
competition sales
Leverage PA’s platform to carve out interests
managed by high-quality GPs
GP-Led Transactions
Whole / partial portfolio sales; fund
restructurings; LP tender offers
Buy shorter duration, high-quality assets
from fatigued LP bases
$5MM - $1B+
Moderate fit; lead small transactions,
participate in high-quality syndicated
transactions
Leverage PA’s relationships and
platform to source high-quality
opportunities
Fund-of-Funds Wind Downs
Older vintage funds; potential LP fatigue
Buy diversified portfolios at larger
discounts
$5MM - $75MM+
Strong fit; participate in high-quality, off-market
transactions
Utilize PA information advantage to diligence
underlying fund exposures; participate
in limited auctions
Market Dislocation /
Distressed Sales
Change in market conditions creating strong interest in
liquidity
Buy high-quality assets at an attractive
headline discount
$5MM - $100MM+
Strong fit; participate in limited
competition transactions for high-
quality assets
Leverage entire global platform to source
quality assets with cash flow
Tail-End Portfolio Sales
“Orphan” GP relationships; majority
of original value distributed
Buy higher IRR, shorter duration LP interests
$5MM - $50MM+
Moderate fit; participate in
transactions where PA has an information
advantage
Leverage internal resources to identify
cash flowing assets, bid selectively
Note: The foregoing displays PA’s view of the current state of the private equity secondary market. This analysis is not intended to be complete and material aspects of the foregoing may change at any time
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PA Secondaries Strategy Overview
PA believes that this proven strategy can generate attractive, risk-adjusted returns in all market environments
GP relationships: 250+
Advisory Board seats: 200+
Annual deployment in private markets: $2.5B
Information advantage
Transfer approvals from restrictive GPs
Leverage Extensive GP Relationships
PA average volume (% of total reviewed): 2%
Existing GP relationships (% of purchased): 72%
PASF I gains from value appreciation1: 78%
PASF II gains from value appreciation1: 82%
Selectively Purchase
Quality Assets
Perform detailed, bottom-up analysis
PASF I average headline discount1: 22%
PASF II average headline discount1 : 10%
PASF I gains from discount1: 22%
PASF II gains from discount1: 18%
Maintain Pricing
Discipline
Average # funds (PASF I-III): >250
Average # companies (PASF I-III): >3,100
Targeted strategies: buyout, venture, distressed
Diversified by industry and geography
Diversification mitigates downside risk
Construct Highly
Diversified Portfolios
1 As of March 31, 2019. Past performance is not indicative of future results and there can be no assurance that the Fund will achieve comparable results and/or its investment objective. Please see the “Secondary Performance Endnotes” as well as the Disclosure Statement, in the Appendix for additional information. The returns for each investor in the Fund(s) may be materially different from those shown herein due to different fee schedules and timing on investment. This performance information is estimated and unaudited.
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Extensive General Partner Relationships
Note: Relationships shown represent the cross section of key GP relationships for the Secondaries sector. This is not an exclusive list and there is no guarantee that the fund will invest with one or more of these relationships in the future. No endorsement of PA has been made by any of the names shown herein. Highlighted funds denotes funds for which PA employees hold an advisory board seat.
Select Portfolio Advisors GP Relationships
PA has purchased LP interests managed by all of the GPs above in the secondary market
72% of closed investments in PASF vehicles represent existing sponsor relationships through one or more of our primary investing platforms
The 250+ GP relationships across the PA platform provide the secondaries team with both a higher probability of gaining transfer approvals and an information advantage to more accurately price and execute transactions
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Relationships Generate an Information Advantage
1 As of December 31, 2018; assets under management is measured as adjusted reported value plus unfunded commitment.
Illustrative Transaction Due Diligence Materials
Data Room PRIVILEGe® PA Platform
PA Information Advantage
Available to All Bidders
Record Date Financial Statements
Record Date Capital Account
Post Record Date Cash Flows
Advisory Board Materials
Annual Meeting Materials
LP Update Meeting Materials
GP Calls
Primary Due Diligence Materials (Data Room Access)
Primary Investment Memos
Inception to Date Financial Statements
Inception to Date Quarterly Reports
Inception to Date Cash Flows (Updated Daily)
Inception to Date Fund Returns
Predecessor / Successor Fund Information
PA Platform and PRIVILEGe® Database
PA’s platform consists of ~$23.5 billion of client assets1, primary relationships with over 250 GPs and over 200 advisory board seats
PRIVILEGe® is PA’s proprietary administration and reporting system from PA’s primary and advisory GP relationships (more comprehensive database compared to other pure-play secondary players)
PRIVILEGe® contains underlying portfolio company detail and daily cash flow data for approximately 2,000 fund interests managed by over 700 GPs
PA leverages its GP relationships and information advantage to more accurately price secondary transactions
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Foundation/ Endowment
27% Pension Plan
20%
Financial Institution
15%
Public Vehicle
12%
Fund of Funds 12% Family
Office 10%
Other 4%
Carve Out (Limited Auction)
38%
Exclusive 24%
GP Directed 21%
Limited Auction
10%
GP Directed Portion (Limited
Auction) 5%
Broken Auction 1%
Secondary Relationship
1%
Developing Sourcing Leads Through PA’s Platform
1 As of March 31, 2019. Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto.
LOI 503 deals
$66.6B exposure
Closed 121 deals $4.8B exp.
Reviewed 1,690 deals
$252.7B exposure
Historical Deal Flow (2008 – Q2 2019) PA Sourcing Overview1
Deal Source (% of Total Exposure)
Seller Type (% of Total Exposure)
Since 2008, the secondary investment team has reviewed >1,600 deals representing ~$237B of exposure
Over 90% of the transactions in the PASF vehicles are either exclusive, GP directed, carve-outs or limited auctions
2% “Hit-Rate”
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1 Past performance is not indicative of future results and there can be no assurance that the Fund will achieve comparable results and/or its investment objective. Please see the “Secondary Performance Endnotes” as well as the Disclosure Statement, in the Appendix for additional information. The returns for each investor in the Fund(s) may be materially different from those shown herein due to different fee schedules and timing on investment. This performance information is estimated and unaudited.
2 As of the Record Date the value is derived 100% from the discount. PASF I was launched in 2008. PASF II was launched in 2012.
Investing in Growth-Oriented Assets PASF I Value Attribution Summary (as of March 31, 2019)1,2
PASF II Value Attribution Summary (as of March 31, 2019)1,2
PASF I was invested post-Global Financial Crisis and benefitted from higher headline discounts to NAV (~22% on average)
As holding periods lengthened, PASF I has generated significant additional gains from value appreciation in underlying assets
PASF II was invested during a period of strong economic recovery, leading to lower headline discounts to NAV (~10% on average)
Despite the higher-priced environment, PASF II has benefitted from robust value appreciation over shorter holding periods
100%
55% 51% 38% 30% 27% 26% 24% 22% 22%
45% 49% 62% 70% 73% 74% 76% 78% 78%
Record Date 2Q'12 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'18 1Q'19
Gains from Purchase Price Discount Gains from Value Appreciation
100%
32% 29% 21% 18% 18%
68% 71% 79% 82% 82%
Record Date 3Q'16 4Q'16 4Q'17 4Q'18 1Q'19
Gains from Purchase Price Discount Gains from Value Appreciation
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Constructing Highly-Diversified Portfolios
Geographic Region (% of Reported Value)2 Industry (% of Reported Value)2 Strategy (% of Total Exposure)1
1 As March 31, 2019. Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto. 2 “Reported Value” reflects the value of PASF I, PASF II’ and PASF III’s remaining underlying investments as of March 31, 2019 as reported on the underlying investments’ financial statements
and includes co-investment transactions. As the foregoing chart presents the underlying investment industry and region composition of the remaining PASF I, II and III portfolio, note that the diversification percentages reported herein would differ if presented on the basis of ‘total exposure’ at the time each investment was made.
PA’s secondary investment team has constructed a diversified portfolio of assets with an emphasis on PA’s core expertise, the North American, middle-market buyout sector
The prior PASF vehicles are comprised of buyout funds (57% of exposure), venture funds (23% of exposure), distressed / special situations funds (8% of exposure) and other opportunistic investments (13% of exposure)
The PASF vehicles are highly diversified by underlying industry and geographic region, mitigating downside risk
Computer/ Electronics
23%
Medical/Health 19%
Services 17%
Industrial Products
10%
Communication 9%
Financial Services
6%
Consumer Products
4% Fund of Funds
3% Energy 2%
Other 7%
US 82%
Europe 11%
ROW 7%
Middle-Market Buyout
41%
Large Buyout 16%
Early-Stage Venture
8% Late-Stage
Venture 7%
Multi-Stage Venture
7% Distressed
7% Natural Resources 5%
Special Situations
1%
Fund of Funds / Other
8%
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Consistent Performance Through Economic Cycles PASF Returns by Investment Vintage Year1
Net TVPI Trend Comparison: PASF I, PASF II & PASF III2 Net IRR Trend Comparison: PASF I, PASF II & PASF III3
By maintaining its disciplined and selective approach, PA seeks to achieve consistent returns regardless of macroeconomic backdrop
Predecessor PASF vehicles have experienced similar valuation growth trajectories in diverse economic environments
1 As of March 31, 2019. Past performance is not indicative of future results and there can be no assurance that the Fund will achieve comparable results and/or its investment objective. Please see the “Secondary Performance Endnotes” as well as the Disclosure Statement, in the Appendix for additional information. The returns for each investor in the Fund(s) may be materially different from those shown herein due to different fee schedules and timing on investment. This performance information is estimated and unaudited.
2 As of March 31, 2019. Chart begins with the first reporting period of associated value. 3 As of March 31, 2019. Due to the volatility of early reporting period IRRs, graph displays data starting with the fifth reporting period for each respective vehicle.
0.9x1.0x1.1x1.2x1.3x1.4x1.5x1.6x1.7x1.8x1.9x
PASF I PASF II PASF III10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PASF I PASF II PASF III
1.7x
2.0x
1.7x 1.8x 1.6x 1.5x 1.5x
1.4x 1.6x
1.3x 1.3x 1.1x
1.6x
11% 20% 16% 18% 16%
23% 21% 18%
63%
NM NM NM 18% 15%
-
20%
40%
60%
80%
-
1.0x
2.0x
3.0x
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total PASFProgram
Gross TVPI Gross IRR Net IRR
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$37
$406
$176 $26 -
2
17
8
3
-
5
10
15
20
-
$100
$200
$300
$400
$500
0.00x - 0.50x 0.51x - 0.99x 1.00x - 1.50x 1.51x - 2.00x >2.00x
Contributed Capital # of Investments
$16
$418
$205
$48 -
2
15 15
5
-
5
10
15
20
-
$100
$200
$300
$400
$500
0.00x - 0.50x 0.51x - 0.99x 1.00x - 1.50x 1.51x - 2.00x >2.00x
Contributed Capital # of Investments
$31 $12
$234
$384
$225 2 1
14
21
10
-
10
20
30
-
$100
$200
$300
$400
$500
0.00x - 0.50x 0.51x - 0.99x 1.00x - 1.50x 1.51x - 2.00x >2.00x
Contributed Capital # of Investments
PASF Risk Adjusted Return Profile
Note: As of March 31, 2019; excludes co-investments. Please see “Secondary Performance Endnotes” in the Appendix hereto for complete details. There is no guarantee that PASF IV will have the same investment and return profile due to market conditions and other factors. An investor could lose some or all of their investment in the Fund. This information is estimated and unaudited. Gross returns are not reflective of the Net Returns realized by any investor in the Fund as Gross Returns do not include the deduction of management fees, performance fees and other Fund expenses. The Gross returns and Net Returns of other accounts and funds may be materially different from those shown herein.
PASF I Gross Multiple Distribution ($MM)
PASF II Gross Multiple Distribution ($MM)
PASF III Gross Multiple Distribution ($MM)
48 total secondary investments in PASF I currently marked at a 1.75x gross multiple
PASF I loss ratio: 2.8%
31 of 48 investments, representing 68.8% of contributed capital, are above a 1.50x gross multiple
37 total secondary investments in PASF II currently marked at a 1.53x gross multiple
PASF II loss ratio: 0.3%
23 of 37 investments, representing 76.2% of contributed capital, are above a 1.40x gross multiple
30 total secondary investments in PASF III currently marked at a 1.36x gross multiple
PASF III loss ratio: 0.0%
Early performance is tracking well for 2018 and 2019 investments
2 investments marked under a 1.00x gross multiple; both marked at 0.99x
Commentary
Commentary
Commentary
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PASF III Portfolio
Note: As of June 30, 2019. PASF III has committed $31 million to PAPEF VIII-D, L.P. and $150 million to PAPEF IX-D, L.P. (i.e., the “Co-investment Sector” of PAPEF VIII and PAPEF IX, respectively). The foregoing Total Exposure reflects the entire $181 million of commitments; however, no additional management fees or performance allocation are being charged by PAPEF VIII-D, L.P. and PAPEF IX-D, L.P. to PASF III with respect to these commitments.
1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto.
Transaction # of Funds Underlying
Investments Total Exposure
($MM)1 Type % Funded Closing Date Source
Adventure 20 225 $31.2 Buyout/Growth/Venture 98% March 2016 Exclusive Runway 2 41 13.6 Buyout 92% June 2016 Limited Auction – Carve Out Pixel 2 27 6.8 Venture 82% November 2016 GP Directed Hillary 1 4 3.3 Venture 84% November 2016 Exclusive Saffron 40 313 132.3 Diversified 96% December 2016 Limited Auction – Carve Out Beehive 1 25 18.3 Buyout 94% December 2016 Exclusive Funnel 2 61 8.1 Fund of Funds 97% December 2016 Limited Auction – Carve Out Dynamite 1 11 14.7 Distressed 96% March 2017 Limited Auction – Carve Out Ursa 2 65 4.5 Growth 99% June 2017 Exclusive Austin 7 140 49.2 Diversified 91% June 2017 Limited Auction – Carve Out Community 3 53 6.7 Fund of Funds 98% December 2017 Limited Auction – Carve Out Nepal 2 38 16.6 Buyout 79% December 2017 Exclusive Navy 22 74 73.7 Buyout/Venture 95% December 2017 Limited Auction Keiko 2 40 14.9 Fund of Funds/Venture 100% March 2018 Limited Auction – GP Directed Pegasus 4 118 46.4 Buyout/Growth 84% March 2018 Limited Auction – Carve Out Goldmine 19 276 33.3 Diversified 95% March 2018 Limited Auction Foster 29 460 37.7 Diversified 96% June 2018 Limited Auction Zeus 1 9 39.9 Buyout 62% June 2018 Exclusive – GP Directed Wildcat 2 14 4.8 Buyout 96% June 2018 Exclusive Clone 1 1 7.5 Growth 100% September 2018 GP Directed Sierra 47 242 72.7 Diversified 91% September 2018 Limited Auction Titan 47 294 26.4 Buyout/Growth/Venture 96% December 2018 Exclusive Thunderbird 4 145 72.6 Fund of Funds 77% December 2018 Exclusive Helix 1 31 50.0 Growth 73% December 2018 GP Directed Haig 1 37 8.0 Fund of Funds 91% December 2018 Limited Auction – Carve Out Blaze 11 150 16.1 Diversified 95% December 2018 Limited Auction Orange 1 23 25.2 Fund of Funds 98% December 2018 Limited Auction – Carve Out Diamond 16 150 39.0 Diversified 93% December 2018 Limited Auction – Carve Out Rocky 3 28 23.1 Buyout/Special 67% January 2019 Limited Auction – Carve Out Formula 2 107 5.0 Venture 93% March 2019 Exclusive Spectrum 13 147 82.5 Diversified 88% March 2019 Limited Auction – Carve Out Buck 1 2 3.8 Venture 98% April 2019 Exclusive Coil 1 52 3.9 Venture 100% May 2019 Exclusive Twister 1 15 30.4 Buyout 78% June 2019 Limited Auction – Carve Out Co-Investments -- 46 180.7 Buyout 100% Various GP Directed
Total 312 3,464 $1,202.9 92%
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Note: As of March 31, 2019. PASF III has committed $31 million to PAPEF VIII-D, L.P. and $150 million to PAPEF IX-D, L.P. (i.e., the “Co-investment Sector” of PAPEF VIII and PAPEF IX, respectively). The foregoing Total Exposure reflects the entire $181 million of commitments; however, no additional management fees or performance allocation are being charged by PAPEF VIII-D, L.P. and PAPEF IX-D, L.P. to PASF III with respect to these commitments.
1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto. 2 Please see “Secondary Performance Endnotes” in the Appendix hereto for complete details. Investments that recently closed and have not yet generated meaningful performance are
deemed Not Meaningful “NM”.
PASF III Portfolio Investment PerformanceTransaction
Total Exposure ($MM)1
Gross DPI2 Gross RVPI2 Gross TVPI2 Gross IRR2 Net IRR
Adventure $31.2 0.92x 0.83x 1.75x 31.3%
Runway 13.6 0.87x 0.68x 1.55x 68.5%
Pixel 6.8 0.22x 1.31x 1.54x 21.7%
Hillary 3.3 2.45x 0.27x 2.72x >100%
Saffron 132.3 0.91x 0.59x 1.51x >100%
Beehive 18.3 0.89x 1.30x 2.19x 52.2%
Funnel 8.1 0.58x 0.70x 1.27x 25.6%
Dynamite 14.7 0.56x 1.43x 1.98x 86.1%
Ursa 4.5 0.43x 0.96x 1.39x 26.9%
Austin 49.2 0.37x 0.85x 1.21x 15.8%
Community 6.7 0.42x 1.13x 1.54x 49.3%
Nepal 16.6 0.25x 0.97x 1.23x 23.3%
Navy 73.7 0.58x 0.57x 1.14x 16.3%
Keiko 14.9 0.44x 1.20x 1.64x 88.7%
Pegasus 46.4 0.16x 1.48x 1.64x 69.7%
Goldmine 33.3 0.35x 0.93x 1.28x 39.9%
Foster 37.7 0.28x 1.02x 1.30x 55.4%
Zeus 39.9 0.12x 0.87x 1.00x (0.7%)
Wildcat 4.8 0.06x 1.13x 1.19x 31.5%
Clone 7.5 - 1.00x 1.00x (0.2%)
Sierra 72.7 0.11x 1.09x 1.21x 68.7%
Titan 26.4 - 2.05x 2.05x >100%
Thunderbird 72.6 0.05x 1.33x 1.38x 90.7%
Helix 50.0 - 1.18x 1.18x 64.2%
Haig 8.0 0.04x 1.37x 1.41x >100%
Blaze 16.1 0.06x 1.31x 1.37x >100%
Orange 25.2 0.09x 1.24x 1.33x >100%
Diamond 39.0 0.14x 1.04x 1.18x 95.3%
Rocky 23.1 0.08x 1.00x 1.08x 60.8%
Spectrum 82.5 - 1.12x 1.12x NM
Co-Investments 180.7 0.18x 1.01x 1.19x 15.1%
Total $1,159.8 0.29x 1.03x 1.32x 41.9% 41.7%
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PASF IV Overview & Key Terms
PASF IV Key Terms1
Investment Period Commitments may be made through the 5th anniversary of the Fund’s final closing date
GP Commitment 3.0% of total commitments
Preferred Return 10.0% preferred return
Carried Interest 10.0% on net gains, payable only after full return of invested capital
Management Fee Series I Fees
(Closed investment option) Series II Fees
(LP commitment option)
Description Investment Period (% of value of closed
investments)
Thereafter (% of NAV of the Fund)
Investment Period (% of value of LP’s
commitments)
Thereafter (% of NAV of the Fund)
Standard Fee Schedule 1.25% 1.25% 0.85% 1.25%
Large Investor (˃$50MM USD) Incentive 1.125% 1.125% 0.80% 1.125%
Early Closer Incentive (before 3/31/2020) 1.125% 1.125% 0.80% 1.125%
Early Closer & Large Investor Incentive 1.00% 1.00% 0.75% 1.00%
PASF IV Overview
Expected launch in Q4 2019
Target: $1.5B
LP-friendly fee structure based on closed investments
Similar size and strategy as PASF I, II and III
Fund offers U.S. (“Onshore”) vehicle and Cayman Islands (“Offshore”) vehicle for non-U.S. investors
Exposure to co-investments
1 See the PASF IV LPA for complete details.
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$1.4 $1.6
$3.0 $2.7 $1.9
$4.6
$2.4 $1.9
$4.3
$1.7 $2.0
$3.7 $2.5
$1.5
$4.0 $3.4
$1.8
$5.2
$2.4 $2.4
$4.9
$0.0
$2.0
$4.0
$6.0
Mgmt Fees Carried Interest Total Fees
PASF IV Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6
(48%) (42%) (17%) (44%) (59%) (43%) (13%) (15%) (19%) +7% (9%) (33%) (34%) (30%) (18%) (25%) (42%) (38%)
PASF IV vs. Competitors PASF IV vs. Competitors PASF IV vs. Competitors
$2.2 $1.6
$3.7
$1.4 $1.6
$3.0
$0.0
$1.0
$2.0
$3.0
$4.0
Mgmt Fees Carried Interest Total Fees
Based on Committed Based on Closed Investments (PA)
(36.6%) +5.2% (19.3%)
Management Fee & Carried Interest Comparison
Hypothetical PASF IV Fee Comparison ($MM)1
PASF IV Fees vs. Competitors ($MM) 2
PA believes that PASF IV’s management fee structure on closed investments is expected to result in lower overall fees paid by its limited partners
Majority of compensation to PA is through carried interest, resulting in a further alignment of interest with its limited partners
1 Hypothetical Fee comparison based on $25 million in committed capital. Assumes fee of 1.25% on closed investments as defined in the PASF IV LPA. 2 The aforementioned represents Portfolio Advisors current view of its competitors. Competitor management fee & carried interest information is based on fund private placement
memorandums and fund marketing materials. Projected Fees utilize PASF IV’s projected cash flows and layer in competitor fund fees. PA’s management fee assumes standard fee of 1.25% on closed investments as defined in the PASF IV LPA. A change in assumptions and a change in fee options would lead to different outcomes. Past performance is not indicative of future results and there can be no assurance that the Fund will achieve comparable results and/or its investment objective .
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PASF II PortfolioTransaction # of Funds
Underlying Investments
Total Exposure ($MM)1 Type % Funded Closing Date Source
Globe 1 12 $2.6 Distressed 82% September 2012 Limited Auction - Carve Out Carnival 4 98 9.7 Diversified 85% September 2012 Limited Auction - Carve Out House 3 29 15.1 Buyout/Energy 78% December 2012 Exclusive Minerva 6 62 13.7 Diversified 92% March 2013 Limited Auction - Carve Out Duo 2 69 12.0 Buyout 75% March 2013 Exclusive Hollywood 1 12 6.0 Buyout 83% March 2013 Limited Auction - GP Directed Portion Mayonnaise 2 19 36.9 Buyout 79% March 2013 Exclusive Taurus 1 13 3.0 Venture 100% June 2013 Limited Auction - Carve Out Tag 1 6 7.5 Buyout 84% June 2013 Exclusive Atlas 9 133 216.2 Buyout/Energy 76% September 2013 Exclusive Ptah 3 19 3.7 Buyout/Venture 94% June 2014 Limited Auction - Carve Out Empire 1 9 7.7 Buyout 99% June 2014 Limited Auction - Carve Out Equinox 5 43 12.4 Energy 95% June 2014 Exclusive Copper 1 13 33.0 Buyout 89% September 2014 Exclusive Vicarage 23 149 51.8 Venture 99% September 2014 Limited Auction - Carve Out Hudson 6 74 26.7 Venture 94% December 2014 Limited Auction - Carve Out Emergence 2 5 11.5 Venture 100% December 2014 GP Directed Lion 21 327 18.2 Diversified 96% December 2014 Limited Auction Elysium 1 7 6.1 Buyout 87% December 2014 Limited Auction - Carve Out Amazon 11 156 18.9 Diversified 95% December 2014 Exclusive Pebble 1 6 13.1 Buyout 95% December 2014 Limited Auction - Carve Out Mercury 1 3 5.0 Venture 50% March 2015 Exclusive Celebrity 10 152 56.2 Buyout 81% March 2015 Limited Auction - Carve Out Vista 4 74 18.4 Venture 92% March 2015 Limited Auction - Carve Out World 1 N/A 12.7 Venture 0% June 2015 GP Directed Royal 13 150 62.0 Buyout/Venture 94% June 2015 Limited Auction - Carve Out Iris 1 70 9.4 Fund of Funds 95% June 2015 Limited Auction - Carve Out Panther 17 180 26.3 Venture 98% September 2015 Exclusive Butler 21 163 30.8 Buyout/Venture 96% September 2015 Limited Auction - Carve Out Pelican 1 19 3.4 Venture 54% December 2015 GP Directed Eagle 14 85 8.1 Buyout/Venture 99% December 2015 Limited Auction Cadabra 5 37 20.5 Buyout 64% December 2015 Limited Auction Adventure 20 225 31.2 Buyout/Growth/Venture 98% March 2016 Exclusive Autobahn 2 76 5.3 Fund of Funds 88% June 2016 Limited Auction - Carve Out Runway 2 41 13.6 Buyout 92% June 2016 Limited Auction - Carve Out Pixel 2 27 6.8 Venture 92% December 2016 Exclusive Saffron 40 313 44.1 Diversified 96% December 2016 Limited Auction - Carve Out Co-Investments -- 39 141.5 Buyout 100% Various GP Directed
Total 259 2,915 $1,021.1 90%
Note: As of June 30, 2019. In December 2012, PASF II committed $50 million to PAPEF VII-D, L.P. (i.e., the “co-investment sector” of PAPEF VII) and in September 2013, PASF II committed $34.5 million to PAPEF VIII-D, L.P. In June 2014, PASF II committed an additional $52.0 million to PAPEF VIII-D, L.P. The foregoing Total Exposure reflects the entire $136.5 million of commitments, however, no additional management fees or performance allocation are being charged by PAPEF VII-D, L.P. or PAPEF VIII-D to PASF II with respect to these commitments. In addition to the $136.5 million of aforementioned commitments, PASF II committed $5.0 million for a co-investment in TCP Templar in June 2013.
1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto.
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Note: As of March 31, 2019. In December 2012, PASF II committed $50 million to PAPEF VII-D, L.P. (i.e., the “co-investment sector” of PAPEF VII) and in September 2013, PASF II committed $34.5 million to PAPEF VIII-D, L.P. In June 2014, PASF II committed an additional $52.0 million to PAPEF VIII-D, L.P. The foregoing Total Exposure reflects the entire $136.5 million of commitments, however, no additional management fees or performance allocation are being charged by PAPEF VII-D, L.P. or PAPEF VIII-D to PASF II with respect to these commitments. In addition to the $136.5 million of aforementioned commitments, PASF II committed $5.0 million for a co-investment in TCP Templar in June 2013.
1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto. 2 Please see “Secondary Performance Endnotes” in the Appendix hereto for complete details.
PASF II Portfolio Investment PerformanceTransaction
Total Exposure ($MM)1
Gross DPI2 Gross RVPI2 Gross TVPI2 Gross IRR2 Net IRR
Globe $2.6 0.01x 0.83x 0.84x (2.7%)
Carnival 9.7 1.76x 0.63x 2.39x 26.1%
House 15.1 1.54x 0.16x 1.70x 24.3%
Minerva 13.7 1.12x 0.43x 1.55x 16.9%
Duo 12.0 1.69x 0.22x 1.91x 34.5%
Hollywood 6.0 1.83x 0.31x 2.14x 30.6%
Mayonnaise 36.9 1.67x 0.60x 2.28x 41.7%
Taurus 3.0 1.22x 0.37x 1.60x 18.6%
Tag 7.5 1.06x 0.21x 1.27x 8.1%
Atlas 216.2 1.12x 0.33x 1.45x 20.1% Ptah 3.7 2.11x 0.11x 2.22x 46.0% Empire 7.7 1.17x 0.17x 1.33x 11.7% Equinox 12.4 0.93x 0.19x 1.12x 8.9% Copper 33.0 1.76x 0.02x 1.78x 34.0% Vicarage 51.8 1.21x 0.27x 1.48x 20.2% Hudson 26.7 0.78x 1.05x 1.83x 18.1% Emergence 11.5 1.21x 0.30x 1.51x 16.4% Lion 18.2 0.95x 0.33x 1.28x 12.1% Elysium 6.1 1.31x 0.00x 1.32x 30.4% Amazon 18.9 1.23x 0.35x 1.58x 23.6% Pebble 13.1 1.01x 0.02x 1.02x 2.0% Mercury 5.0 - 2.08x 2.08x 24.7% Celebrity 56.2 1.12x 0.33x 1.45x 24.3% Vista 18.4 0.60x 0.30x 0.90x (4.8%) World 12.7 0.58x 1.37x 1.94x 28.8% Royal 62.0 0.86x 0.48x 1.33x 14.0% Iris 9.4 1.16x 0.81x 1.96x 38.4% Panther 26.3 1.21x 0.31x 1.52x 20.8% Butler 30.8 1.13x 0.27x 1.40x 34.8% Pelican 3.4 0.45x 0.80x 1.25x 9.0% Eagle 8.1 1.10x 0.27x 1.37x 21.3% Cadabra 20.5 0.65x 0.61x 1.26x 11.9% Adventure 31.2 0.92x 0.83x 1.75x 31.3% Autobahn 5.3 0.87x 0.45x 1.32x 23.5% Runway 13.6 0.87x 0.68x 1.55x 68.5% Pixel 6.8 0.22x 1.31x 1.54x 21.7% Saffron 44.1 0.91x 0.59x 1.51x >100% Co-Investments 141.5 0.85x 0.84x 1.69x 16.1% Total $1,021.1 1.05x 0.51x 1.56x 20.0% 16.1%
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PASF I PortfolioTransaction # of Funds
Underlying Investments
Total Exposure
($MM)1 Type % Funded Closing Date Source
Lonestar 2 7 $7.1 Buyout 100% March 2008 Broken Auction
Sideline 3 25 2.8 Growth 90% June 2008 GP Directed
Vintage 2 4 28.3 Buyout 74% June 2008 Secondary Relationship
Mercury 4 90 9.7 Buyout/Venture 75% September 2008 GP Directed
Leeds 2 7 8.2 Buyout 66% September 2008 GP Directed
Adam 9 200 41.7 Buyout/Distressed 55% December 2008 Limited Auction - GP Directed Portion
Lamp 4 61 16.9 Buyout 80% December 2008 Limited Auction - Carve Out
Bus 27 500 36.7 Diversified 80% March 2009 Limited Auction - GP Directed Portion
Mayflower 15 280 31.2 Diversified 45% March 2009 Exclusive
Bear 1 9 3.4 Buyout 45% June 2009 Exclusive
Voyager 1 33 5.8 Venture 85% June 2009 Limited Auction
Preferred Transaction 1 35 20.0 Preferred N/A September 2009 GP Directed
Striker 1 6 6.3 Buyout 60% December 2009 Limited Auction - Carve Out
Portsmouth 1 7 4.1 Buyout 99% March 2010 GP Directed
Harper 1 150 6.4 Distressed 100% June 2010 Limited Auction - Carve Out
Raintree 1 71 9.8 Special 84% June 2010 Limited Auction - GP Directed Portion
Element 1 18 3.1 Venture 80% September 2010 Limited Auction
Energy 1 12 5.9 Energy 68% September 2010 Exclusive
EPF 1 14 24.0 Distressed 63% September 2010 GP Directed
Dome 3 47 27.7 Buyout/Venture 44% December 2010 Limited Auction - Carve Out
Boston 2 22 17.8 Buyout 43% December 2010 Exclusive
Quaker 5 59 39.6 Buyout/Venture 89% December 2010 Broken Auction
Culzean 13 176 41.0 Diversified 68% December 2010 Limited Auction
Nautilus 1 8 10.9 Buyout 52% December 2010 Limited Auction - Carve Out
Sparta 1 4 20.2 Buyout 47% December 2010 Limited Auction - Carve Out
Link 1 3 4.2 Buyout 94% December 2010 GP Directed
Oak 1 42 12.9 Venture 71% December 2010 Limited Auction
Helen 18 300 74.0 Diversified 75% March 2011 Limited Auction - Carve Out
Alpha 1 29 25.0 Buyout 75% March 2011 Limited Auction - Carve Out
Seagull 1 17 5.1 Buyout 95% March 2011 Limited Auction - Carve Out
Gamma 5 53 15.7 Buyout 82% June 2011 Limited Auction - GP Directed Portion
Ace 2 36 31.4 Buyout 42% June 2011 Limited Auction - Carve Out
Tana 1 18 9.7 Buyout 95% June 2011 Limited Auction - Carve Out
Barbeque 1 31 24.8 Buyout 85% September 2011 Limited Auction - Carve Out
Energize 4 36 28.7 Diversified 76% September 2011 Exclusive
Blue 4 198 40.5 Diversified 76% September 2011 Exclusive
Spencer 2 130 20.9 Growth 80% September 2011 Limited Auction - Carve Out
Sword 11 84 60.3 Diversified 92% September 2011 Limited Auction - Carve Out
Jivago 11 113 50.0 Buyout 65% December 2011 Exclusive
Hanse 1 135 2.7 Special 93% December 2011 Limited Auction - Carve Out
Gold 1 17 39.8 Distressed 67% December 2011 Limited Auction - Carve Out
Palin 3 78 26.9 Diversified 68% December 2011 Exclusive
Raider 5 63 16.1 Venture 99% March 2012 Limited Auction - Carve Out
Boise 1 18 6.3 Venture 73% March 2012 Exclusive
Griffin 1 8 15.4 Buyout 98% June 2012 Limited Auction - Carve Out
Pasar 2 19 6.6 Venture 95% June 2012 Limited Auction - Carve Out
Element II 6 175 27.8 Diversified 78% June 2012 Limited Auction - Carve Out
Magnolia 3 27 26.9 Buyout 90% June 2012 Limited Auction - GP Directed Portion
Co-Investments -- 19 152.1 Buyout 100% Various GP Directed
Total 189 3,494 $1,152.4 76%
Note: As of June 30, 2019. 1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto.
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Note: As of March 31, 2019. 1 Please see the defined term for “Total Exposure without adjustments” in the “PASF Transaction Endnotes” in the Appendix hereto. 2 Please see “Secondary Performance Endnotes” in the Appendix hereto for complete details.
PASF I Portfolio Investment PerformanceTransaction
Total Exposure ($MM)1
Gross DPI2 Gross RVPI2 Gross TVPI2 Gross IRR2 Net IRR
Lonestar $7.1 1.51x - 1.51x 11.9%
Sideline 2.8 1.57x 0.12x 1.69x 14.6%
Vintage 28.3 0.25x - 0.25x (23.8%)
Mercury 9.7 1.45x 0.17x 1.62x 9.1%
Leeds 8.2 1.08x 0.32x 1.40x 6.2%
Adam 41.7 1.91x 0.21x 2.12x 18.3%
Lamp 16.9 3.11x 0.17x 3.28x 30.6%
Bus 36.7 2.02x 0.21x 2.23x 22.1%
Mayflower 31.2 1.76x 0.37x 2.14x 18.7%
Bear 3.4 2.06x - 2.06x 17.1%
Voyager 5.8 0.93x 0.11x 1.04x 0.7%
Preferred Transaction 20.0 1.38x - 1.38x 27.2%
Striker 6.3 1.93x - 1.93x 29.8%
Portsmouth 4.1 1.46x - 1.46x 23.5%
Harper 6.4 1.73x 0.07x 1.81x 15.8%
Raintree 9.8 1.60x 0.50x 2.11x 23.2%
Element 3.1 0.64x 0.47x 1.10x 1.8%
Energy 5.9 0.29x 0.04x 0.33x (19.0%)
EPF 24.0 1.64x 0.01x 1.65x 20.0%
Dome 27.7 1.51x 0.41x 1.92x 15.0% Boston 17.8 1.59x 0.30x 1.89x 15.1% Quaker 39.6 1.80x 0.01x 1.81x 31.5% Culzean 41.0 1.41x 0.29x 1.70x 16.2% Nautilus 10.9 1.61x 0.28x 1.89x 16.7% Sparta 20.2 1.33x 0.03x 1.36x 8.8% Link 4.2 1.74x - 1.74x 24.3% Oak 12.9 0.82x 0.26x 1.08x 1.6% Helen 74.0 1.25x 0.11x 1.36x 11.5% Alpha 25.0 1.71x - 1.71x 19.4% Seagull 5.1 1.37x 0.04x 1.42x 21.2% Gamma 15.7 1.28x 0.24x 1.52x 11.6% Ace 31.4 1.45x 0.27x 1.72x 16.6% Tana 9.7 1.23x - 1.23x 7.6% Barbeque 24.8 1.91x 0.15x 2.06x 19.4% Energize 28.7 1.16x 0.18x 1.34x 7.2% Blue 40.5 1.67x 0.28x 1.96x 19.5% Spencer 20.9 1.19x 0.60x 1.80x 16.2% Sword 60.3 1.30x 0.05x 1.35x 12.6% Jivago 50.0 1.56x 0.18x 1.74x 17.3% Hanse 2.7 1.90x 0.01x 1.91x 34.2% Gold 39.8 1.80x 1.10x 2.90x 38.3% Palin 26.9 1.96x 0.67x 2.63x 27.8% Raider 16.1 0.85x 0.00x 0.85x (3.7%) Boise 6.3 0.72x 0.42x 1.15x 2.7% Griffin 15.4 1.40x 0.02x 1.41x 15.6% Pasar 6.6 1.34x 0.90x 2.24x 20.8% Element II 27.8 1.53x 0.17x 1.70x 21.8% Magnolia 26.9 1.83x 0.01x 1.85x 30.7% Co-Investments 152.1 1.59x 0.35x 1.93x 16.7%
Total $1,152.4 1.52x 0.26x 1.78x 16.3% 13.7%
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
University of West Florida Foundation: Hedge Fund RecommendationQ3 2019
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HEDGE FUND RECOMMENDATION
• Ironwood• Core holding of conservative, diversified fund of hedge funds
• Canyon Balanced• Credit-focused, multi-strategy Hedge Fund with track record demonstrating ability
to navigate multiple credit markets with a low correlation to US equity markets
• Renaissance Technologies Institutional Equities Fund (“RIEF”)• Systematic long/short equity hedge fund seeking to generate alpha in the equity
markets• Exhibits low correlation to US equity markets with half the volatility
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IRONWOOD
Terms shown are for the registered fund. Ironwood also manages private funds with higher minimum investments. See offering documents for full terms.
• Firm AUM: $3.4bn (as of December 2018)
• Strategy Inception: 1996
• Strategy AUM: $3.4bn (across all vehicles employing the same strategy)
• Investment Minimum: $50,000
• Fees: 1.2% management fee + fund expenses
• Liquidity: One year soft lock-up (5% early redemption fee); Semi annual redemptionswith 95 days notice
• Fund Administrator: Bank of New York Mellon
• Auditor: Ernst & Young
• Custodian: Bank of New York Mellon
• Legal Counsel: Shearman & Sterling
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CANYON BALANCED FUND
See offering documents for full terms.
• Firm AUM: $26.1bn (as of April 2019)
• Strategy Inception: 2004
• Strategy AUM: $3.1bn for Canyon Balanced; $13.8bn for all multi-strategy hedgefunds (as of April 2019)
• Investment Minimum: $250,000
• Fees: 1.5% management fee, 20% performance fee
• Liquidity: Quarterly redemptions with one quarter notice subject to a 25% investorlevel gate
• Fund Administrator: International Fund Services, LLC
• Auditor: Deloitte & Touche LLP
• Prime Brokers/Custodians: Deutsche Bank; CSFB; JP Morgan; Bank of America;Northern Trust
• Legal Counsel: Sidley Austin LLP (domestic); Maples and Caider (Cayman)
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Canyon Partners Fact Sheet |
Growth of $1,000 Since CBF Inception8
Canyon Balanced Funds
October 2019
Firm Overview
Performance-Driven | Over its 14-year history, CBF has generated a net return
1.3x that of the S&P 500 with ~ 2/3 the volatility and little to no leverage
Experienced | Founded in 1990, and SEC registered since 19943,4
Significant | $25.5 billion in firm-wide assets ($3.0 billion in CBF) with 246
employees (50 investment professionals in our Hedge Fund / Distressed / CLO /
Long-Only strategies and 28 in Real Estate)5
Global | Headquartered in Los Angeles with offices in Hong Kong, London, New
York, Seoul, Shanghai and Tokyo
Stable | Average tenure at Canyon of Investment Partners & Real Estate Co-
Heads is 14 years (with 24 years of industry experience)
Aligned | Canyon employees and management are collectively the largest
investor across Canyon’s commingled funds
Unconstrained | Fundamental, value-oriented approach across asset classes,
including loans, bonds, converts, equity, and securitized products
Specialized | Focus on securities characterized by complexity, transitioning
buyer bases, restructurings, & other forms of disruption that can disconnect
prices from intrinsic value
Current CBF Asset Allocation1
2000 Avenue of the Stars, 11th Floor | Los Angeles, CA 90067 | Tel: 310.272.1000 | www.canyonpartners.com
CBF Upside / Downside Capture vs. S&P 5007
Since CBF Inception (6/1/2004)
Upside Capture Downside Capture
CBF Historical Risk/Return Profile6
Cumulative
Returns
Annualized
ReturnsVolatility
Sharpe
Ratio
2019 YTD 8.9% - - -
Trailing 3 Year 24.9% 7.7% 5.8% 1.07
Trailing 10 Year 124.0% 8.4% 6.4% 1.23
Since Inception
(Jun 2004)334.7% 10.1% 9.1% 0.96
65%
-36%-40%
-20%
0%
20%
40%
60%
80%
Loans 23%
Securitized Assets
(mostly RMBS) 17%
Post-Reorg Equities 10%
Value Equities 19%
Risk Arb 5%
Corp. Bonds 25%
CBs, Privates & Munis 8%
Credit Hedges -6%
Equity Hedges -1%-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Process-
Oriented /
Event-Driven
~40%
Bal last2
~40%
Higher-Return
Seeking
~ 30%
Hedges~5%
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000CBF (Net)
S&P 500 (Gross)
Barclays US HY (Gross)
CS LL Index (Gross)$3,568 (8.8%)
$4,347 (10.1%)
$1,993 (4.6%)
$3,048 (7.6%)
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$25.5BFirm-Wide AUM5
This document is not an offering of securities for sale in any jurisdiction. These materials are qualified in their entirety by any offering memorandum and subscription
documents prepared by or on behalf of Canyon in connection with any offering to invest in a fund managed by it. Any investment in the funds discussed above involves
significant risk, including the risk of loss of all or a portion of your investment. 1 CBF asset allocation data is based on estimates as of 10/1/2019. CBF’s gross long and short
exposures (excluding macro/hedges) are 110% and -3%, respectively. 2 Canyon categorizes “ballast” assets as loans, cash, liquidation, and securitized assets. 3 Canyon
Capital Management, L.P. was the predecessor investment advisor to Canyon Capital Advisors, LLC and registered with the SEC in 1994. 4 Registration with the SEC as an
investment adviser, does not, in and of itself, imply a certain level of risk or training. 5 Assets Under Management (“AUM”) are as of 9/1/2019 and include redemptions and
subscriptions associated with the 8/31/2019-9/1/2019 dealing date, respectively. The Canyon Value Realization Funds AUM is inclusive of both onshore and offshore vehicles.
The onshore vehicle, the Canyon Value Realization Fund, L.P. (“VRF”), was launched in November 1993. The offshore vehicle, the Canyon Value Realization Fund (Cayman),
Ltd. (“CVRF”), was launched in January 1995. AUM figures for drawdown vehicles are inclusive of uncalled capital. 6 Returns and volatility (annualized standard deviation) are
calculated through 9/30/2019. All fund returns are total returns and include the reinvestment of dividends and other earnings from securities or other investments held by
the Fund. Returns are based on estimates for an investor who has been invested in the fund since its inception date through 9/30/2019. 7 Net returns are for an investor who
has been invested in the fund since the find’s inception through 9/30/2019. Upside capture is calculated by taking the fund’s monthly return during months when the index
had a positive return and dividing it by the benchmark return during that same month. Downside capture is calculated by taking the fund’s monthly return during the
periods of negative benchmark performance and dividing it by the index return. Past performance is not indicative of future performance. The S&P 500 is provided for
informational purposes only as an indicator of how the broader US financial market performed during the time periods displayed. 8 The hypothetical growth of $1,000
assumes an investment in CBF or the respective index since the fund’s inception. Investors entering the fund at a date other than inception may have different returns or
rates of growth than those shown above. Performance fees are not charged during periods of loss carry forward until such time as the losses are made up.
CBF Fact Sheet | October 2019
$13.6B
Open-End Multi-Strategy Hedge Funds
$10.6BCanyon Value Realization Funds
Diversified, Value-Oriented Multi-Strategy with a Credit Focus
$3.0BCanyon Balanced Funds
More Concentrated, Value / Event-Driven Multi-Strategy
$3.2B
Limited-Life Distressed Funds & Managed Accounts
$1.3BCanyon Distressed Opportunity
Funds & Hybrid Distressed Accounts
Distressed, Special Situations
$1.9BSingle Investor &
Separately Managed Accounts
Multi-Strategy
$4.4BUS Performing Credit
Canyon CLOs
$2.0BReal Estate Debt and Equity
Canyon Partners Real Estate
$1.6BLong-Biased Credit
River Canyon
$0.7BInternational / EM Credit
ICE Canyon
CBF Fund Terms
Joshua Friedman & Mitchell JulisFounding Partners & Co-CIOs
Investment Partners Years at
Canyon
Sector Coverage
Jonathan Heller 11 Financials / Tech / Municipals /
Consumer Products
Raj Iyer 14 Energy / Power / Retail /
Transportation / Asian Special
Situations
George Jikovski 12 Head of Structured Products &
Long Only
Todd Lemkin 16 Co-CIO of Corporate Investments/
European Special Situations /
Media / Telecom / Cable
Chaney Sheffield 11 Gaming / Lodging / Packaging /
Healthcare
Chris Heine 14 Co-Head of Trading (Equity)
Desmond Lynch 26 Co-Head of Trading (Debt)
Investment Partners
Inception Date June 2004
Description Created to provide investors with a vehicle that has a
nimble and relatively flexible mandate across Canyon’s
investment universe. Asset allocation shifts are more
pronounced in CBF versus Canyon’s larger flagship
fund, and CBF has a higher volatility tolerance and
higher return target.
Investment
Focus Full spectrum of asset classes, including bank loans, HY
bonds, distressed / special situation securities & claims,
munis, converts, equities, CDS, and securitized assets
(RMBS, CMBS, NPLs, CLOs, aircraft ABS, etc.)
Strategies Event-driven & performing credit, restructurings,
catalyst-driven equities, risk arb, primary capital
solutions, liquidations & litigation plays, among others
Geographic
Focus
Developed markets (predominately US and European
assets, with a growing footprint in Asia).
Liquidity Quarterly, with prior written notice required on or
before the last business day of the immediately
preceding fiscal quarter; 25% investor-level gate
Fees 1.5% / 20% (high water mark)
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RENAISSANCE INSTITUTIONAL EQUITIES FUND (“RIEF”)
See offering documents for full terms.
• Firm AUM: $84bn (as of May 2019)
• Strategy Inception: 2005
• Strategy AUM: $29.3bn (as of May 2019)
• Option A:• Investment Minimum: $100,000• Fees: 0.85% access/management fee, 10% performance fee
• Option B:• Investment Minimum: $1 million• Fees: 0.75% access/management fee, 10% performance fee
• Liquidity: Monthly redemptions with 2 months + 10 business days notice
• Fund Administrator: Bank of New York Melon
• Auditor: PwC
• Custodians: Bank of New York Mellon; Wells Fargo
• Prime Brokers: Deutsche Bank; JP Morgan; Morgan Stanley
• Legal Counsel: Katten Muchin Rosenman LLP
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FIRM OVERVIEWFIRM FACTS
Manager Name Location
Ownership
Firm Inception Firm Assets (M)
STRATEGY OVERVIEW STRATEGY FACTS
Inception Date Strategy AUM (M)
Strategy Investment StyleEquity Long/Short
Subscription RedemptionMonthly
Lock-Up Soft-LockNo
Management Fee Incentive Fee
Benchmark 1
Benchmark 2
S&P 500 TR (1989)
ANNUAL PERFORMANCE vs. BENCHMARKS
2019 2017 2016Fund 10.92% 15.36% 21.63%BM 8.05% 13.29% 5.47%BM2 20.55% 21.83% 11.96%
BENCHMARK RELATIVE
BM2Up Capture 0.51Down Capture 0.16Annualized Alpha 8.80%Beta 0.31
MONTHLY PERFORMANCE - NET OF FEES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Dec BM1 BM2
2019 3.12% 0.60% 0.93% 2.03% (2.86%) 1.42% 1.88% 0.93% 2.49% 8.05% 20.55%
2018 2.13% (2.99%) 2.59% (0.97%) (0.52%) 1.24% 4.21% 2.51% 1.46% (2.34%) (2.06%) (7.13%) (4.38%)
2017 (0.95%) 3.47% 0.77% 2.56% 4.44% (2.49%) 1.20% 1.72% (0.64%) 4.21% (2.28%) 13.29% 21.83%
2016 6.95% 2.94% 2.42% (4.07%) 0.60% 4.63% 3.12% (1.83%) (1.89%) 3.40% 5.78% 5.47% 11.96%
2015 2.00% (0.55%) 0.71% (1.39%) (2.07%) (1.62%) 6.78% (0.22%) 7.63% 4.46% 1.45% (0.96%) 1.38%
2014 (4.98%) 1.80% 4.21% (0.10%) 0.98% (3.28%) (0.07%) 1.70% 3.01% 6.39% 1.10% 1.81% 13.69%
2013 4.68% 2.29% 3.72% 1.53% (3.05%) (0.43%) 1.81% (4.79%) 1.68% 8.66% (0.07%) 14.28% 32.39%
2012 0.05% 3.46% 4.97% 0.99% (1.32%) (0.19%) 1.82% (1.25%) 1.70% (1.69%) (1.76%) 7.41% 16.00%
2011 0.70% 3.16% 4.40% 4.80% 3.30% 1.63% (1.22%) 4.88% 0.89% 4.54% 1.71% (8.38%) 2.11%
2010 (1.73%) 2.89% 3.75% 0.74% (4.42%) 2.42% 3.20% (2.88%) 7.65% 3.77% (0.49%) 10.45% 15.06%
1.10% 17.78%
2.51% 9.42%
1.60% 34.73%
1.01% 16.42%
The performance figures above represent the Fund’s performance net of the Fund’s annual management fee and expenses. Please consult the
Fund’s legal documents for more information. PAST PERFORMANCE SHOULD NOT BE CONSIDERED INDICATIVE OF FUTURE RESULTS.
(0.36%) 17.52%
YTD
10.92%
3.32% 8.58%
3.55% 14.68%
Quantitative
August 2005 $32,400
0.35% 10.0%
2.68% 15.36%
(1.66%) 21.63%
RIEF is a systematic, long-biased, long/short equity strategy with a long-term time horizon. The investment objective of the Fund
is to exceed the S&P 500 Index ("Index") returns over time with lower volatility by investing in U.S. and non-U.S. equity securities
publicly traded on U.S. exchanges. It seeks to achieve this objective by systematically capitalizing on medium to long term market
inefficiencies that produce alpha over time. Specifically, RIEF seeks a higher Sharpe ratio than the Index and a beta of 0.4 or lower
to the Index. Since inception, volatility has been approximately 60% that of the S&P 500. The investment process is automated
and employs proprietary statistical models of price prediction, risk and trading costs to build a portfolio of thousands of long and
short positions. The portfolio has a net long exposure of 100% and accomplishes this by targeting gross long exposure of 175% and
a gross short exposure of 75%. RIEF has approximately 30 prediction signals approximately 40% are technical based, 40% are
fundamental based and 20% are categorized as other or miscellaneous. The predictive models are all bottom-up, focusing on
individual stocks.
September 30, 2019
RIEF LP ONSHORE
Renaissance
Technologies
New York, NY
100% Employee-Owned
None
Monthly
0.75
8.58%(7.13%)(4.38%)
2018
BM1
HFRI Equity Hedge (Total) Index
(0.12)10.41%0.32
Nov
1982 $114,000
Renaissance Technologies (“Rentec”) was founded in 1982 by James Simons, PhD., a renowned mathematician and former government
code breaker. Dr. Simons left academia to develop a systematic investment strategy based on proprietary research. Since its inception,
the firm has continued to develop investment strategies that are based on the statistical analysis of fundamental, technical and other
deeply rooted mathematical approaches. The firm’s flagship fund, The Medallion Fund, was launched in 1989 and has been closed to
new investors since 1993. From 2002 to 2005, all non-employee capital was returned to outside investors and is now completely made
up of internal capital. In 2004, David Lippe, was tasked with developing market signals with longer investment horizons than that of
the Medallion Fund. The longer-term models were used to launch a series of funds that were released in 2005 when the firm opened
the Renaissance Institutional Equity Fund (RIEF). Currently, Rentec has three funds that are open today, the RIEF, the Renaissance
Institutional Diversified Alpha Fund (RIDA) and the Renaissance Institutional Diversified Global Equity Fund (RIDGE). Rentec is a
Registered Investment Adviser with the SEC and is CFTC/NFA registered as a CTA, CPO and a Swap Firm.
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19
CUMULATIVE RETURN
RIEF LP Onshore
HFRI Equity Hedge (Total) Index
S&P 500 TR (1989)
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1 Mo 3 Mo 1 Year 2 Year 3 Year 5 YearSince
Incep.
Since
Incep.
Ann'lzed
2013 2015 2016 2018 2019
2.49% 5.39% 9.61% 12.22% 14.33% 17.21% 364.08% 11.44% 17.78% 17.52% 21.63% 8.58% 10.92%
0.39% (1.10%) (1.12%) 1.84% 4.80% 3.49% 78.86% 4.19% 14.28% (0.96%) 5.47% (7.13%) 8.05%
1.87% 1.70% 4.25% 10.87% 13.39% 10.84% 224.55% 8.67% 32.39% 1.38% 11.96% (4.38%) 20.55%
BM1 BM2
Annualized Return 4.19% 8.67%
Standard Deviation 8.10% 14.07%
Sharpe (3.00%) 0.15 0.40
Sortino Ratio (3.00%) 0.20 0.56
Down Dev. (0.00%) 5.72% 9.66%
Maximum Drawdown (30.59%) (50.95%)
# Positive Monthly Returns 110 117
-- as a % of Total Returns 64.71% 68.82%
Avg. Positive Monthly Return 1.68% 2.85%
# Negative Monthly Returns 60 53
-- as a % of Total Returns 35.29% 31.18%
Avg. Negative Monthly Return (2.03%) (3.80%)
Annual Volatility - 1 Year 9.97% 18.75%
Annual Volatility - 3 Year 6.37% 12.18%
Annual Volatility - 5 Year 6.41% 11.93%
7.32%
8.00%
9.40%
(2.20%)
11.44%
9.98%
0.85
1.38
5.72%
(34.58%)
113
66.47%
2.54%
57
33.53%
Fund
RISK ANALYSIS
Fund 14.68% 15.36%
Benchmark 1 1.81% 13.29%
Benchmark 2 13.69% 21.83%
2014 2017
September 30, 2019
RIEF LP ONSHORE
The performance figures above represent the Fund’s performance net of the Fund’s annual management fee and expenses. Please consult the
Fund’s legal documents for more information. PAST PERFORMANCE SHOULD NOT BE CONSIDERED INDICATIVE OF FUTURE RESULTS.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Aug-05 Nov-06 Feb-08 May-09 Aug-10 Nov-11 Feb-13 May-14 Aug-15 Nov-16 Feb-18 May-19
DRAWDOWNS & RUN UPS
Drawdowns Run Ups
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
-22.
1%
-19
.2%
-16
.3%
-13.
5%
-10
.6%
-7.7
%
-4.8
%
-1.9
%
0.9
%
3.8
%
6.7%
9.6
%
12.5
%
15.4
%
18.2
%
21.1%
24.0
%
DISTRIBUTION OF RETURNS
RIEF LP Onshore Norm Distribution
-18%
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
Oct-08 Feb-09 Dec-18 Sep-08 Jun-08
5 WORST S&P 500 MONTHS
RIEF LP Onshore HFRI Equity Hedge (Total) Index S&P 500 TR (1989)
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Oct
-14
Jan
-15
Ap
r-15
Jul-
15
Oct
-15
Jan
-16
Ap
r-16
Jul-
16
Oct
-16
Jan
-17
Ap
r-17
Jul-
17
Oct
-17
Jan
-18
Ap
r-18
Jul-
18
Oct
-18
Jan
-19
Ap
r-19
Jul-
19
MONTHLY RETURNS LAST 5 YEARS
RIEF LP Onshore
RIEF LP Onshore
HFRI Equity Hedge
(Total) Index
S&P 500 TR (1989)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Co
mp
ou
nd
RO
R
Standard Deviation
RISK/RETURN
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APPENDIX
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Summary Statistics - Common Time PeriodTime Period: Since Common Inception (1/1/2006) to 9/30/2019 Calculation Benchmark: S&P 500 TR USD
AnnualizedReturn Std Dev Sharpe
Ratio
LossStdDev
MaxDrawdown Beta Gain/Loss
Ratio
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
3.84 5.47 0.47 7.22 -30.19 0.22 1.87
9.36 9.41 0.85 8.61 -30.30 0.44 2.34
10.08 10.72 0.82 6.48 -37.92 0.32 1.99
7.80 6.15 1.06 6.50 -27.74 0.32 2.70
7.14 5.90 0.99 6.64 -27.85 0.30 2.63
4.34 3.20 0.96 1.92 -3.83 0.00 2.83
2.36 4.82 0.23 4.31 -21.75 0.24 1.48
8.78 14.23 0.52 11.42 -50.95 1.00 1.66
2.14 3.92 0.23 4.30 -20.37 0.18 1.58
Source: Morningstar Direct147
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Correlation MatrixTime Period: Since Common Inception (1/1/2006) to 9/30/2019
1 2 3 4 5 6 7 8 9
1.00
0.75 1.00
0.22 0.09 1.00
0.82 0.79 0.64 1.00
0.87 0.80 0.59 1.00 1.00
-0.10 0.03 0.13 0.05 0.03 1.00
0.86 0.79 0.26 0.81 0.84 -0.03 1.00
0.56 0.67 0.43 0.73 0.73 0.00 0.70 1.00
0.94 0.81 0.23 0.83 0.86 -0.07 0.96 0.65 1.00
1 Ironwood Intl. Ltd.
2 Canyon Balanced Fund
3 RenTec RIEF
4 40% Ironwood 30% RIEF 30% Canyon
5 50% Ironwood 25% RIEF 25% Canyon
6 BBgBarc US Agg Bond TR USD
7 HFRI FoF Diversified
8 S&P 500 TR USD
9 HFRI FoF Conservative
Source: Morningstar Direct148
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Trailing Annualized ReturnsAs of Date: 9/30/2019
1 Year 3 Years 5 Years 7 Years 10 Years
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
2.11 4.99 3.59 5.62 5.82
1.45 7.65 4.09 7.12 8.38
8.92 13.51 16.54 13.99 15.87
4.00 8.40 7.66 8.68 9.82
3.68 7.83 6.98 8.17 9.16
10.30 2.92 3.38 2.72 3.75
0.49 3.25 1.98 3.21 2.76
4.25 13.39 10.84 13.26 13.24
1.19 3.13 2.04 3.19 2.73
Calendar Year Returns
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
0.90 7.07 2.34 1.77 7.17 11.60 10.48 1.24 9.02 16.37 -30.15
-2.61 15.20 8.96 -8.39 6.09 20.19 20.52 -4.55 15.12 75.70 -28.39
7.13 14.31 21.17 16.62 13.59 16.89 7.61 34.50 13.60 -7.52 -18.41
1.71 11.68 9.97 3.18 8.77 15.76 12.63 9.48 12.23 27.00 -26.10
1.58 10.92 8.70 2.94 8.51 15.07 12.27 8.11 11.69 25.23 -26.78
0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 5.24
-3.29 6.87 0.44 -0.18 3.42 9.04 4.80 -5.01 5.47 11.45 -20.84
-4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00
-0.88 4.12 1.88 0.36 3.13 7.70 4.23 -3.57 5.08 9.65 -19.87
Source: Morningstar Direct149
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Three Year RiskTime Period: 10/1/2016 to 9/30/2019
Return Std DevLossStdDev
Beta Alpha R2 SharpeRatio
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
4.99 2.24 1.45 0.12 1.90 39.96 1.48
7.65 5.78 4.96 0.42 0.98 78.23 1.03
13.51 8.69 3.23 0.36 7.31 24.83 1.35
8.40 4.15 2.89 0.28 3.26 66.78 1.61
7.83 3.73 2.71 0.25 3.03 67.67 1.64
2.92 3.35 2.13 -0.04 1.82 2.38 0.38
3.25 3.52 2.64 0.24 -1.19 69.09 0.46
13.39 12.18 9.95 1.00 0.00 100.00 0.95
3.13 2.16 1.71 0.14 -0.11 58.04 0.69
Three Year Risk-RewardTime Period: 10/1/2016 to 9/30/2019
Std Dev
0.0 3.0 6.0 9.0 12.0 15.0
0.0
3.0
6.0
9.0
12.0
15.0
18.0 Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
Retu
rn
Five Year Risk-RewardTime Period: 10/1/2014 to 9/30/2019
Std Dev
0.0 3.0 6.0 9.0 12.0 15.0
0.0
3.0
6.0
9.0
12.0
15.0
18.0
21.0 Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
Retu
rn
Five Year RiskTime Period: 10/1/2014 to 9/30/2019
Return Std DevLossStdDev
Beta Alpha R2 SharpeRatio
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
3.59 2.67 1.83 0.12 1.38 27.44 0.95
4.09 6.29 5.15 0.41 -0.92 60.91 0.48
16.54 10.26 3.74 0.24 12.53 7.46 1.50
7.66 3.88 2.56 0.24 4.03 54.68 1.69
6.98 3.45 2.38 0.22 3.59 58.01 1.71
3.38 3.08 1.86 -0.04 2.75 2.34 0.76
1.98 3.50 2.48 0.23 -1.29 60.65 0.27
10.84 11.93 8.88 1.00 0.00 100.00 0.81
2.04 2.31 1.58 0.13 -0.31 47.75 0.44
Source: Morningstar Direct150
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Seven Year RiskTime Period: 10/1/2012 to 9/30/2019
Return Std DevLossStdDev
Beta Alpha R2 SharpeRatio
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
5.62 2.64 1.78 0.12 3.28 25.07 1.84
7.12 6.04 4.91 0.40 1.33 55.08 1.05
13.99 10.67 4.96 0.32 8.98 11.28 1.23
8.68 4.02 2.47 0.27 4.37 54.03 1.96
8.17 3.56 2.23 0.24 4.18 56.74 2.07
2.72 3.02 1.87 -0.03 2.32 0.98 0.65
3.21 3.40 2.27 0.24 -0.52 61.71 0.72
13.26 11.10 7.93 1.00 0.00 100.00 1.12
3.19 2.24 1.51 0.14 0.67 48.06 1.08
Seven Year Risk-RewardTime Period: 10/1/2012 to 9/30/2019
Std Dev
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
0.0
3.0
6.0
9.0
12.0
15.0
18.0 Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
Retu
rn
Ten Year Risk-RewardTime Period: 10/1/2009 to 9/30/2019
Std Dev
0.0 3.0 6.0 9.0 12.0 15.0
0.0
3.0
6.0
9.0
12.0
15.0
18.0
21.0 Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
Retu
rn
Ten Year RiskTime Period: 10/1/2009 to 9/30/2019
Return Std DevLossStdDev
Beta Alpha R2 SharpeRatio
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
5.82 2.82 1.98 0.13 3.47 33.99 1.86
8.38 6.43 5.30 0.36 3.11 49.87 1.21
15.87 10.19 4.88 0.31 10.81 14.71 1.50
9.82 4.17 2.46 0.25 5.70 57.72 2.21
9.16 3.77 2.27 0.23 5.33 59.96 2.27
3.75 2.95 1.85 -0.05 3.77 3.86 1.08
2.76 3.57 2.49 0.23 -0.64 62.84 0.61
13.24 12.55 8.25 1.00 0.00 100.00 1.01
2.73 2.55 1.97 0.15 0.25 54.98 0.85
Source: Morningstar Direct151
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Risk Measures - Last Three YearsTime Period: 10/1/2016 to 9/30/2019
# ofUp
Months
# ofDown
Months
AverageGain
AverageLoss
UpCaptureReturn
DownCaptureReturn
BestQuarter
WorstQuarter
UpCapture
Ratio
DownCapture
RatioR2
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
28 8 0.68 -0.53 0.56 -0.23 2.85 -2.94 22.79 5.04 39.96
27 9 1.31 -1.44 1.20 -1.75 7.25 -6.72 48.51 38.11 78.23
25 11 2.49 -2.12 1.48 -0.67 8.78 -1.81 60.26 14.70 24.83
28 8 1.18 -1.08 1.04 -0.81 4.64 -3.71 42.06 17.71 66.78
28 8 1.08 -0.92 0.96 -0.72 4.30 -3.59 38.89 15.61 67.67
22 14 0.80 -0.64 0.15 0.61 3.08 -2.98 6.14 -13.32 2.38
24 12 0.81 -0.80 0.60 -1.12 4.32 -4.60 24.52 24.33 69.09
29 7 2.46 -4.59 2.46 -4.59 13.65 -13.52 100.00 100.00 100.00
27 9 0.53 -0.55 0.44 -0.48 3.14 -3.25 17.70 10.44 58.04
Summary Statistics - Last Three YearsTime Period: 10/1/2016 to 9/30/2019
Return Std Dev SharpeRatio
LossStdDev
MaxDrawdown
ExcessReturn
TrackingError
BattingAverage
InformationRatio Alpha
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
4.99 2.24 1.48 1.45 -2.94 -8.40 10.90 30.56 -0.68 1.90
7.65 5.78 1.03 4.96 -6.72 -5.75 7.56 36.11 -0.67 0.98
13.51 8.69 1.35 3.23 -3.98 0.11 10.91 52.78 0.01 7.31
8.40 4.15 1.61 2.89 -3.71 -5.00 9.10 38.89 -0.48 3.26
7.83 3.73 1.64 2.71 -3.59 -5.56 9.35 38.89 -0.52 3.03
2.92 3.35 0.38 2.13 -3.11 -10.47 13.12 22.22 -0.70 1.82
3.25 3.52 0.46 2.64 -5.55 -10.14 9.46 25.00 -0.95 -1.19
13.39 12.18 0.95 9.95 -13.52 0.00 0.00 100.00 — 0.00
3.13 2.16 0.69 1.71 -3.25 -10.26 10.62 27.78 -0.85 -0.11
Source: Morningstar Direct152
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Risk Measures - Last Five YearsTime Period: 10/1/2014 to 9/30/2019
# ofUp
Months
# ofDown
Months
AverageGain
AverageLoss
UpCaptureReturn
DownCaptureReturn
BestQuarter
WorstQuarter
UpCapture
Ratio
DownCapture
RatioR2
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
41 19 0.71 -0.60 0.51 -0.30 2.89 -3.26 20.90 8.96 27.44
40 20 1.31 -1.60 1.10 -1.75 7.25 -8.18 44.92 51.45 60.91
40 20 2.97 -2.01 1.39 1.01 15.33 -5.79 56.42 -29.61 7.46
46 14 1.10 -0.95 0.96 -0.32 4.64 -3.71 39.05 9.30 54.68
46 14 0.98 -0.80 0.89 -0.31 4.30 -3.59 36.06 9.23 58.01
37 23 0.79 -0.54 0.19 0.51 3.08 -2.98 7.90 -14.91 2.34
39 21 0.74 -0.90 0.57 -0.94 4.32 -4.60 23.16 27.78 60.65
44 16 2.45 -3.40 2.45 -3.40 13.65 -13.52 100.00 100.00 100.00
42 18 0.52 -0.65 0.41 -0.49 3.14 -3.25 16.62 14.32 47.75
Summary Statistics - Last Five YearsTime Period: 10/1/2014 to 9/30/2019
Return Std Dev SharpeRatio
LossStdDev
MaxDrawdown
ExcessReturn
TrackingError
BattingAverage
InformationRatio Alpha
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
3.59 2.67 0.95 1.83 -5.15 -7.25 10.77 36.67 -0.61 1.38
4.09 6.29 0.48 5.15 -16.65 -6.74 8.05 40.00 -0.76 -0.92
16.54 10.26 1.50 3.74 -6.06 5.70 13.46 53.33 0.38 12.53
7.66 3.88 1.69 2.56 -3.71 -3.17 9.41 41.67 -0.30 4.03
6.98 3.45 1.71 2.38 -3.59 -3.85 9.55 40.00 -0.36 3.59
3.38 3.08 0.76 1.86 -3.28 -7.46 12.76 30.00 -0.53 2.75
1.98 3.50 0.27 2.48 -6.53 -8.86 9.46 35.00 -0.85 -1.29
10.84 11.93 0.81 8.88 -13.52 0.00 0.00 100.00 — 0.00
2.04 2.31 0.44 1.58 -4.55 -8.79 10.47 35.00 -0.76 -0.31
Source: Morningstar Direct153
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Risk Measures - Last Ten YearsTime Period: 10/1/2009 to 9/30/2019
# ofUp
Months
# ofDown
Months
AverageGain
AverageLoss
UpCaptureReturn
DownCaptureReturn
BestQuarter
WorstQuarter
UpCapture
Ratio
DownCapture
RatioR2
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
90 30 0.85 -0.64 0.73 -0.16 3.97 -3.41 25.54 4.89 33.99
88 32 1.54 -1.68 1.43 -1.14 8.72 -9.14 49.76 34.89 49.87
80 40 2.90 -2.02 1.67 0.20 15.33 -5.79 57.96 -6.06 14.71
93 27 1.27 -0.88 1.23 -0.30 7.12 -3.71 42.95 9.24 57.72
94 26 1.16 -0.79 1.15 -0.28 6.43 -3.59 40.10 8.50 59.96
79 41 0.77 -0.57 0.21 0.55 3.82 -2.98 7.26 -16.72 3.86
76 44 0.85 -0.85 0.68 -0.87 4.32 -4.60 23.81 26.73 62.84
85 35 2.87 -3.27 2.87 -3.27 13.65 -13.87 100.00 100.00 100.00
85 35 0.60 -0.69 0.52 -0.49 3.14 -3.92 18.14 15.03 54.98
Summary Statistics - Last Ten YearsTime Period: 10/1/2009 to 9/30/2019
Return Std Dev SharpeRatio
LossStdDev
MaxDrawdown
ExcessReturn
TrackingError
BattingAverage
InformationRatio Alpha
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
5.82 2.82 1.86 1.98 -5.15 -7.42 11.14 36.67 -0.59 3.47
8.38 6.43 1.21 5.30 -16.65 -4.86 9.21 44.17 -0.47 3.11
15.87 10.19 1.50 4.88 -7.82 2.63 12.78 50.00 0.18 10.81
9.82 4.17 2.21 2.46 -3.71 -3.42 9.75 42.50 -0.31 5.70
9.16 3.77 2.27 2.27 -3.59 -4.08 9.91 40.83 -0.36 5.33
3.75 2.95 1.08 1.85 -3.67 -9.49 13.44 32.50 -0.62 3.77
2.76 3.57 0.61 2.49 -7.06 -10.48 9.95 33.33 -0.93 -0.64
13.24 12.55 1.01 8.25 -16.26 0.00 0.00 100.00 — 0.00
2.73 2.55 0.85 1.97 -5.40 -10.51 10.79 34.17 -0.86 0.25
Source: Morningstar Direct154
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Risk Measures - Common Time PeriodTime Period: Since Common Inception (1/1/2006) to 9/30/2019
# ofUp
Months
# ofDown
Months
AverageGain
AverageLoss
UpCaptureReturn
DownCaptureReturn
BestQuarter
WorstQuarter
UpCapture
Ratio
DownCapture
RatioR2
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
121 44 0.96 -1.44 0.75 -0.66 5.84 -19.29 26.34 16.68 31.78
117 47 1.92 -2.09 1.75 -1.46 31.31 -15.94 61.24 36.94 44.71
105 60 2.67 -2.39 1.49 -0.70 15.33 -8.99 51.91 17.82 18.55
122 43 1.38 -1.47 1.31 -0.88 10.53 -14.64 45.68 22.12 54.20
123 42 1.28 -1.45 1.22 -0.84 9.64 -15.42 42.50 21.19 52.87
109 56 0.84 -0.58 0.31 0.46 4.58 -2.98 10.79 -11.57 0.00
106 59 0.98 -1.21 0.76 -1.06 5.28 -10.23 26.64 26.86 49.70
114 51 2.86 -3.96 2.86 -3.96 15.93 -21.94 100.00 100.00 100.00
114 50 0.72 -1.05 0.58 -0.71 3.94 -11.47 20.11 17.96 43.19
Summary Statistics - Common Time PeriodTime Period: Since Common Inception (1/1/2006) to 9/30/2019
Return Std Dev SharpeRatio
LossStdDev
MaxDrawdown
ExcessReturn
TrackingError
BattingAverage
InformationRatio Alpha
Ironwood Intl. Ltd.
Canyon Balanced Fund
RenTec RIEF
40% Ironwood 30% RIEF 30% Canyon
50% Ironwood 25% RIEF 25% Canyon
BBgBarc US Agg Bond TR USD
HFRI FoF Diversified
S&P 500 TR USD
HFRI FoF Conservative
3.84 5.47 0.47 7.22 -30.19 -4.94 12.06 39.39 -0.38 0.93
9.36 9.41 0.85 8.61 -30.30 0.57 10.61 47.88 0.05 4.55
10.08 10.72 0.82 6.48 -37.92 1.29 13.67 49.70 0.09 6.31
7.80 6.15 1.06 6.50 -27.74 -0.99 10.57 46.06 -0.09 3.87
7.14 5.90 0.99 6.64 -27.85 -1.64 10.75 43.64 -0.14 3.38
4.34 3.20 0.96 1.92 -3.83 -4.44 14.60 36.36 -0.28 3.08
2.36 4.82 0.23 4.31 -21.75 -6.42 11.40 38.18 -0.52 -0.72
8.78 14.23 0.52 11.42 -50.95 0.00 0.00 100.00 — 0.00
2.14 3.92 0.23 4.30 -20.37 -6.65 12.07 36.36 -0.51 -0.50
Source: Morningstar Direct155
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Prepared by The Atlanta Consulting Group
Monthly Capital Markets Review - October 2019 ACG Atlanta Consulting Group
MTD YTD 1 Yr 3 Yr 5 Yr2.17 23.16 14.33 14.91 10.782.12 23.09 14.15 14.73 10.551.05 23.21 13.72 12.28 8.672.63 17.18 4.90 10.96 7.372.15 22.68 13.49 14.47 10.313.71 26.06 14.77 18.20 13.64
MTD YTD 1 Yr 3 Yr 5 Yr0.30 8.85 11.51 3.29 3.240.67 7.03 9.54 2.77 2.130.57 13.25 14.88 4.83 4.430.07 7.74 10.99 2.66 2.720.28 11.71 8.38 6.03 5.180.18 6.94 9.42 3.62 3.550.54 6.84 9.92 2.55 1.96
MTD YTD 1 Yr 3 Yr 5 Yr3.49 15.45 11.27 8.07 3.82
Russell Style Returns (%) - MTDValue Core Growth
3.59 16.86 11.04 8.48 4.31 Large 1.40 2.12 2.824.22 10.36 11.86 7.36 2.93 Mid 0.54 1.05 1.85
Small 2.42 2.63 2.85MTD YTD 1 Yr 3 Yr 5 Yr0.45 5.76 3.56 3.43 2.180.29 5.34 3.57 2.05 0.87
Russell Style Returns (%) - YTDValue Core Growth
2.50 22.81 20.29 8.58 5.97 Large 19.46 23.09 26.77-6.22 Mid 20.11 23.21 27.55
Other Index Returns (%)HFRI Fund of Funds Composite IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Developed NR USDAlerian MLP TR USDBloomberg Commodity Index TR USD 2.02
4.18 -6.36 -3.06 -8.965.21 -2.59 -0.68 -6.65 Small 15.55 17.18 18.62
Market Highlights
Fixed Income Returns (%)BBgBarc US Aggregate TRBBgBarc Global Aggregate TRBBgBarc US Credit TRBBgBarc US Govt TRBBgBarc US High Yield TRBBgBarc US Municipal TRFTSE WGBI
Index Returns (%)
S&P Sector Returns (%)Equity Returns (%)S&P 500Russell 1000Russell MidCapRussell 2000Russell 3000NASDAQ Composite TR
International Equity Returns (%)MSCI ACWI ex USAMSCI EAFEMSCI Emerging Markets
• During October, equity markets globally continuedtheir year-to-date gains
• International markets, particularly emerging markets,outperformed relative to the US
• Within equities, emerging markets are the worstperforming year-to-date, but strong October pushed year-to-date returns into double digit territory
• Developed international markets continued thepositive trajectory during October extending year-to-date returns to 16.86% for the MSCI EAFE index
• In the US, small cap equities outperformed large capand growth outperformed value
• Energy continued its downward slide as a negativeoutlier for the US sectors although it is still positive year-to-date while information technology continues to be the best performing sector year-to-date with returns nearing 40%
• US fixed income markets continued on their positivepath buoyed by a much-anticipated rate cut in the US on October 31, marking the third cut by the FOMC this year
• Global fixed income was also positive during themonth
• Within alternatives, only the Alerian MLP Index wasnegative in October
Sources: Morningstar Direct
‐20 0 20 40
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Communication Services
Utilities
MTD YTD
2.17
1.05
2.63
3.59
4.22
0.3
0.67
23.1
6
23.2
1
17.1
8
16.8
6
10.3
6
8.85
7.0310.7
8
8.67
7.37
4.31
2.93
3.24
2.13
0
5
10
15
20
25
S&P 500 Russell MidCap Russell 2000 MSCI EAFE MSCI EmergingMarkets
BBgBarc USAggregate TR
BBgBarc GlobalAggregate TR
MTD
YTD
5 Years
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Prepared by The Atlanta Consulting Group
Market Index Review - October 2019 ACG Atlanta Consulting Group
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years2.17 2.17 23.16 14.33 14.91 10.78 13.70 3.59 3.59 16.86 11.04 8.48 4.31 5.412.63 2.63 17.18 4.90 10.96 7.37 12.27 3.21 3.21 17.37 10.90 8.89 3.58 5.072.15 2.15 22.68 13.49 14.47 10.31 13.62 4.24 4.24 16.16 11.52 7.97 5.80 6.212.74 2.74 19.38 12.59 11.33 7.08 8.81 4.54 4.54 17.15 8.82 8.55 7.39 8.123.49 3.49 15.45 11.27 8.07 3.82 4.94 4.22 4.22 10.36 11.86 7.36 2.93 3.78
Major Market IndicesS&P 500Russell 2000Russell 3000MSCI ACWIMSCI ACWI ex USABBgBarc US Aggregate TR 0.30 0.30 8.85 11.51 3.29 3.24 3.73
International IndicesMSCI EAFEMSCI EuropeMSCI PacificMSCI EAFE Small CapMSCI Emerging MarketsMSCI Frontier Markets 0.81 0.81 11.56 10.64 7.45 -0.22 4.00
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years2.12 2.12 23.09 14.15 14.73 10.55 13.72 0.17 0.17 1.96 2.35 1.57 0.99 0.532.82 2.82 26.77 17.10 18.92 13.43 15.41 0.18 0.18 6.94 9.42 3.62 3.55 4.401.40 1.40 19.46 11.21 10.51 7.61 11.96 0.28 0.28 10.03 12.61 3.59 3.46 3.941.05 1.05 23.21 13.72 12.28 8.67 13.70 0.40 0.40 6.83 8.74 2.67 2.61 3.041.85 1.85 27.55 18.93 16.80 10.92 14.76 0.39 0.39 4.61 5.51 2.53 2.13 2.360.54 0.54 20.11 10.08 8.90 6.95 12.90 0.55 0.55 22.59 25.09 7.40 6.61 7.862.85 2.85 18.62 6.40 13.22 8.38 13.38 0.28 0.28 11.71 8.38 6.03 5.18 7.78
Russell IndicesRussell 1000Russell 1000 GrowthRussell 1000 ValueRussell MidCapRussell MidCap GrowthRussell MidCap ValueRussell 2000 GrowthRussell 2000 Value 2.42 2.42 15.55 3.22 8.60 6.24 11.08
Bond IndicesFTSE T-Bill 3 MonthsBBgBarc US Municipal TRBBgBarc US Govt/Credit TRBBgBarc US Govt/Credit Int TRBBgBarc US Credit 1-3 Yr TRBBgBarc US Credit Long TRBBgBarc US Corporate High Yield TRFTSE WGBI 0.54 0.54 6.84 9.92 2.55 1.96 1.73
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years0.04 0.04 17.16 13.50 9.81 5.92 9.83 0.20 0.20 5.60 3.43 3.47 2.15 2.790.34 0.34 22.88 15.76 16.87 13.62 18.01 0.85 0.85 5.45 3.61 3.33 2.40 2.79
-0.15 -0.15 23.10 14.05 8.12 8.46 12.13 0.93 0.93 6.87 4.19 3.73 2.26 2.94-2.29 -2.29 3.57 -11.04 -2.47 -4.95 2.76 1.31 1.31 9.25 4.85 5.47 3.73 4.642.41 2.41 22.49 11.72 15.50 10.39 11.72 0.29 0.29 5.34 3.57 2.05 0.87 1.945.12 5.12 11.04 8.63 14.02 9.41 15.31 2.79 2.79 22.71 21.69 9.90 6.96 9.421.08 1.08 23.91 14.91 12.47 9.17 14.09 -6.22 -6.22 4.18 -6.36 -3.06 -8.96 5.273.89 3.89 36.48 22.59 24.14 18.71 17.60
Other IndicesHFRI FOF: Diversified IndexHFRI FOF: Conservative IndexHFRI FOF: Strategic IndexHFRI Equity Hedge IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Global TR USDAlerian MLP TR USDBloomberg Commodity Index TR USD 2.02 2.02 5.21 -2.59 -0.68 -6.65 -4.44
-0.11 -0.11 29.57 26.73 12.41 -- --3.02 3.02 25.42 15.52 6.66 5.61 10.22
Sector IndicesS&P 500 MaterialsS&P 500 Consumer DiscretionaryS&P 500 Consumer StaplesS&P 500 EnergyS&P 500 FinancialsS&P 500 Health CareS&P 500 IndustrialsS&P 500 Information TechnologyS&P 500 Real EstateS&P 500 Communication ServicesS&P 500 Utilities -0.76 -0.76 24.44 23.71 12.97 10.98 12.77
Returns include dividends; 3-year, 5-year, and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results.
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CurrentBalance
CurrentAllocation Policy Policy Range Difference Within IPS
Range?_
US Stock Large $22,278,443 23.53% 22.50% 20.00% - 30.00% 1.03% YesEagle Capital Management $10,965,423 11.58%Vanguard 500 Index Admiral $11,313,020 11.95%
US Stock Small $9,925,231 10.48% 10.00% 7.50% - 15.00% 0.48% YesConestoga Small Cap Investors $4,995,002 5.28%Fuller & Thaler Behav Sm-Cp Eq Inst $4,930,230 5.21%
International $13,678,215 14.45% 15.00% 10.00% - 20.00% -0.55% YesDodge & Cox International Stock $6,573,652 6.94%WCM Focused International Growth Instl $7,104,563 7.50%
International Small Stocks $6,202,368 6.55% 7.50% 2.50% - 10.00% -0.95% YesT. Rowe Price International Discovery $6,202,368 6.55%
International Emerging Stocks $5,516,601 5.83% 5.00% 2.50% - 7.50% 0.83% YesDFA Emerging Markets Core Equity I $5,516,601 5.83%
Fixed $11,420,180 12.06% 15.00% 10.00% - 25.00% -2.94% YesBarrow Hanley $5,818,769 6.15%Templeton Global Bond Fund $2,677,992 2.83%Chartwell Short Duration High Yield $2,923,419 3.09%
MLP $4,136,741 4.37% 0.00% 0.00% - 10.00% 4.37% YesTortoise MLP & Pipeline Instl $4,136,741 4.37%
Fund of Funds $9,047,431 9.55% 5.00% 0.00% - 10.00% 4.55% YesIronwood International Ltd. $9,047,431 9.55%
Real Estate $3,274,674 3.46% 7.50% 0.00% - 15.00% -4.04% YesHarbert US RE Fund V LP $1,013,846 1.07%Harbert US RE Fund VI LP $2,215,436 2.34%Harbert US RE Fund IV LP $45,391 0.05%
Private Equity $3,919,134 4.14% 7.50% 0.00% - 10.00% -3.36% YesPortfolio Advisors PE Offshore V $269,579 0.28%Portfolio Advisors PE VII $747,384 0.79%Portfolio Advisors PE Offshore X $1,118,117 1.18%Portfolio Advisors Secondary Fund III, L.P. $1,193,806 1.26%StepStone Pioneer Capital III, L.P. $590,248 0.62%
Private Debt $1,047,663 1.11% 5.00% 0.00% - 10.00% -3.89% YesPortfolio Advisors Direct Credit II $647,663 0.68%Golub Capital Partners Intl 12 LP $400,000 0.42%
Cash/Short Term Fixed Income $4,241,401 4.48% 0.00% 0.00% - 10.00% 4.48% YesPIMCO Short-Term Instl $4,204,460 4.44%Cash $36,940 0.04%
Total $94,688,082 100.00% 100.00%
University of West Florida
FoundationAs of October 31, 2019
Prepared by The Atlanta Consulting Group158
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
FiscalYTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Foundation 94,688,082 100.00 1.51 1.51 0.98 13.90 9.20 4.86 8.58 5.65 7.66 5.09 Mar-99Balanced Index 1.67 1.67 1.48 13.48 8.99 4.40 7.92 5.19 7.31 4.94 Mar-99CPI+4% 0.33 0.33 1.56 5.59 5.59 6.10 6.11 5.64 5.80 6.25 Mar-99US Stock Large 22,278,443 23.53 3.07 3.07 3.22 23.67 14.04 10.79 15.13 10.89 -- 10.95 Dec-13
S&P 500 2.17 2.17 3.90 23.16 14.33 10.78 14.91 10.78 13.70 11.14 Dec-13Eagle Capital Management 10,965,423 11.58 4.02 4.02 2.54 24.22 13.77 10.73 15.30 10.98 -- 13.77 Oct-12
S&P 500 2.17 2.17 3.90 23.16 14.33 10.78 14.91 10.78 13.70 13.39 Oct-12Vanguard 500 Index Admiral 11,313,020 11.95 2.16 2.16 3.89 23.14 14.30 10.74 14.87 10.74 -- 13.38 Sep-12
S&P 500 2.17 2.17 3.90 23.16 14.33 10.78 14.91 10.78 13.70 13.41 Sep-12US Stock Small 9,925,231 10.48 0.47 0.47 -1.23 18.80 9.06 6.04 13.31 8.51 -- 6.65 Dec-13
Russell 2000 2.63 2.63 0.17 17.18 4.90 3.37 10.96 7.37 12.27 6.63 Dec-13Conestoga Small Cap Investors 4,995,002 5.28 -1.65 -1.65 -5.27 16.90 7.21 8.58 18.82 13.23 -- 10.92 Apr-14
Russell 2000 2.63 2.63 0.17 17.18 4.90 3.37 10.96 7.37 12.27 6.46 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,930,230 5.21 2.70 2.70 3.23 20.78 11.01 -- -- -- -- 3.54 Mar-18
Russell 2000 2.63 2.63 0.17 17.18 4.90 3.37 10.96 7.37 12.27 0.52 Mar-18International 13,678,215 14.45 2.80 2.80 1.67 20.90 13.47 0.78 8.02 3.60 -- 3.27 Dec-13
MSCI ACWI ex USA 3.49 3.49 1.63 15.45 11.27 1.04 8.07 3.82 4.94 3.09 Dec-13Dodge & Cox International Stock Caution 4Q17 6,573,652 6.94 3.51 3.51 1.80 14.90 7.22 -2.20 5.92 1.70 5.66 2.19 Dec-07
MSCI ACWI ex USA 3.49 3.49 1.63 15.45 11.27 1.04 8.07 3.82 4.94 1.47 Dec-07WCM Focused International Growth Instl 7,104,563 7.50 2.14 2.14 1.55 -- -- -- -- -- -- 14.75 Mar-19
MSCI ACWI ex USA 3.49 3.49 1.63 15.45 11.27 1.04 8.07 3.82 4.94 6.05 Mar-19International Small Stocks 6,202,368 6.55
T. Rowe Price International Discovery 6,202,368 6.55 4.50 4.50 1.77 17.30 10.07 0.48 9.53 -- -- 9.12 Sep-16MSCI ACWI ex US Small Cap 4.05 4.05 2.82 14.75 8.77 -0.91 6.98 5.31 6.67 6.61 Sep-16
International Emerging Stocks 5,516,601 5.83 DFA Emerging Markets Core Equity I Caution 3Q17 5,516,601 5.83 3.99 3.99 -0.36 9.15 11.61 -1.73 6.20 2.61 -- 4.52 Dec-11
MSCI Emerging Markets 4.22 4.22 -0.21 10.36 11.86 -1.08 7.36 2.93 3.78 4.34 Dec-11Fixed 11,420,180 12.06 0.05 0.05 0.63 5.74 6.66 2.80 2.28 2.59 -- 3.01 Dec-13
BBgBarc US Aggregate TR 0.30 0.30 2.58 8.85 11.51 4.51 3.29 3.24 3.73 3.65 Dec-13Barrow Hanley 5,818,769 6.15 0.20 0.20 2.38 8.77 10.97 4.16 3.31 3.20 3.74 4.20 Apr-03
BBgBarc US Aggregate TR 0.30 0.30 2.58 8.85 11.51 4.51 3.29 3.24 3.73 4.16 Apr-03
University of West Florida
FoundationAs of October 31, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group159
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
FiscalYTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Templeton Global Bond Fund 2,677,992 2.83 -0.24 -0.24 -3.57 -0.90 -0.90 -0.36 -- -- -- -0.33 Apr-17FTSE WGBI TR 0.54 0.54 1.39 6.84 9.92 3.74 2.55 1.96 1.73 4.13 Apr-17
Chartwell Short Duration High Yield 2,923,419 3.09 0.00 0.00 1.20 6.37 5.89 3.18 -- -- -- 3.23 May-17ICE BofAML US Corp and High Yield 1-3Yr 0.41 0.41 1.42 5.18 5.71 3.36 3.05 2.70 3.18 3.24 May-17
MLP 4,136,741 4.37Tortoise MLP & Pipeline Instl 4,136,741 4.37 -4.34 -4.34 -7.12 12.14 0.46 0.12 0.25 -4.12 -- -1.93 Apr-14
Alerian MLP TR USD -6.22 -6.22 -10.93 4.18 -6.36 -2.90 -3.06 -8.96 5.27 -6.61 Apr-14Fund of Funds 9,047,431 9.55
Ironwood International Ltd. 9,047,431 9.55 0.31 0.31 0.73 5.57 3.74 3.65 5.07 3.92 5.86 4.35 Mar-05HFRI FOF: Conservative Index 0.85 0.85 0.77 5.45 3.61 2.43 3.33 2.40 2.79 2.36 Mar-05
Real Estate 3,274,674 3.46 0.00 0.00 2.64 5.63 7.16 9.96 11.51 16.68 -- 15.14 Dec-13FTSE NAREIT All Equity REIT 1.08 1.08 8.90 29.88 25.32 12.74 11.21 9.33 14.19 11.93 Dec-13Harbert US RE Fund V LP 1,013,846 1.07 0.00 0.00 -1.37 2.31 1.47 6.15 8.79 14.23 -- 11.71 Nov-13
FTSE NAREIT All Equity REIT 1.08 1.08 8.90 29.88 25.32 12.74 11.21 9.33 14.19 10.60 Nov-13Harbert US RE Fund VI LP 2,215,436 2.34 0.00 0.00 4.75 7.73 11.46 -- -- -- -- 12.74 Nov-17
FTSE NAREIT All Equity REIT 1.08 1.08 8.90 29.88 25.32 12.74 11.21 9.33 14.19 12.74 Nov-17Harbert US RE Fund IV LP 45,391 0.05
Private Equity 3,919,134 4.14 0.00 0.00 3.41 5.85 10.06 15.08 14.82 11.16 -- 11.37 Dec-13Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.81 3.63 9.59 12.24 10.59 13.51 10.93 Dec-13Portfolio Advisors PE Offshore V 269,579 0.28 0.00 0.00 2.05 -0.97 2.57 9.84 10.89 7.95 10.20 7.62 Dec-08
Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.81 3.63 9.59 12.24 10.59 13.51 13.30 Dec-08Portfolio Advisors PE VII 747,384 0.79 0.00 0.00 11.96 17.47 26.80 24.74 20.68 14.53 -- 14.83 Apr-13
Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.81 3.63 9.59 12.24 10.59 13.51 12.07 Apr-13Portfolio Advisors PE Offshore X 1,118,117 1.18Portfolio Advisors Secondary Fund III, L.P. 1,193,806 1.26 0.00 0.00 0.00 3.01 10.54 10.76 -- -- -- 29.92 Aug-17
Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.81 3.63 9.59 12.24 10.59 13.51 10.29 Aug-17StepStone Pioneer Capital III, L.P. 590,248 0.62 0.00 0.00 0.00 1.31 -1.86 9.35 8.19 7.94 -- 14.64 Dec-09
Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.81 3.63 9.59 12.24 10.59 13.51 13.91 Dec-09Private Debt 1,047,663 1.11 0.00 0.00 0.00 6.42 8.70 15.96 12.77 -- -- 12.72 Oct-16
BBgBarc US Aggregate TR 0.30 0.30 2.58 8.85 11.51 4.51 3.29 3.24 3.73 3.31 Oct-16Portfolio Advisors Direct Credit II 647,663 0.68 0.00 0.00 0.00 6.40 8.71 15.97 12.77 -- -- 12.72 Oct-16
BBgBarc US Aggregate TR 0.30 0.30 2.58 8.85 11.51 4.51 3.29 3.24 3.73 3.31 Oct-16
University of West Florida
FoundationAs of October 31, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group160
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
FiscalYTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Golub Capital Partners Intl 12 LP 400,000 0.42 0.00 0.00 0.00 6.49 -- -- -- -- -- 6.49 Dec-18Cliffwater Direct Lending Index 0.00 0.00 0.00 5.09 5.97 7.64 8.18 7.93 10.37 5.09 Dec-18
Cash/Short Term Fixed Income 4,241,401 4.48 PIMCO Short-Term Instl 4,204,460 4.44 0.09 0.09 0.82 2.39 1.83 2.05 2.27 -- -- 2.49 Jan-16
FTSE T-Bill 3 Months TR 0.17 0.17 0.74 1.96 2.35 2.01 1.57 0.99 0.53 1.31 Jan-16Cash 36,940 0.04
XXXXX
- Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TRUSD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / Cliffwater Direct Lending Index / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR- CPI+4% = Consumer Price Index+0.00327 100- Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Legacy Index- Cliffwater Direct Lending Index = Cliffwater Direct Lending Index
University of West Florida
FoundationAs of October 31, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group161
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DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has not independently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
We urge you to take a moment to compare the account balances contained in this report to those balances reflected on the statements that you receive directly from your account’s custodian. Please contact us or the account custodian with any questions you may have. Also, please notify us promptly if you do not receive statements on all accounts from the custodian on at least a quarterly basis.
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The University of West Florida Foundation, Inc.Earnings vs Expenses Obligated
As of September 30, 2019
Investment Earnings 9/30/2019 12/31/19 03/31/20 06/30/20 To DateInterest Income 31,086.14$ 31,086.14$ Dividend Income 238,412.90 238,412.90 Realized Gain/Loss 267,068.53 267,068.53 Unrealized Gain/Loss (1,185,792.63) (1,185,792.63) Rental Income - -
Other Charges & Fees (2,797.77) (2,797.77) Investment Fees (34,654.08) (34,654.08) Consultant Fees (23,413.69) (23,413.69)
Total (710,090.60)$ -$ -$ -$ (710,090.60)$
Expenses Obligated
Spending Rate @ 4.00%FY 19/20
Spending Rate @ 4.00%
FY 18/19
Spending Rate @ 4.00%
FY 17/18
Spending Rate @ 4.00%
FY 16/17
Spending Rate @ 4.00%
FY 15/16Investment Earnings $ (710,090.60) $ 3,422,523.82 $ 6,829,701.07 $ 10,473,662.14 $ (2,061,514.57)
Dept. Allocated Spending 2,730,281.77 2,606,226.38 2,451,182.84 2,218,141.35 2,169,804.07 Operating Budget 1,507,752.00 1,366,719.00 1,333,148.00 1,298,107.00 1,249,987.00 Non-Endowed Budget 626,000.00 591,000.00 511,000.00 473,000.00 429,000.00
Total Committed Expenses 4,864,033.77 4,563,945.38 4,295,330.84 3,989,248.35 3,848,791.07
Income Versus Expenses (5,574,124.37)$ (1,141,421.56)$ 2,534,370.23$ 6,484,413.79$ (5,910,305.64)$
X:\FOUNDATION -Board Stuff\FDN - Investment Committee\FY 2020 Invest Minutes and Agendas\11.21.19\Earnings vs Expenses 9.30.19
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Other UWF Foundation Assets
Charitable Gift Annuity
Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization'spromise to make fixed annual payments to you for life. Annuity payments can begin immediately or can bedeferred to some future date.
9/30/2019
Cornerstone 3,056,367.28$
Annuitant 1 -$
Annuitant 2 13,901.39$
Annuitant 3 2,927,651.62$
Annuitant 4 114,814.28$
6/30/2019
Commitment AgeAnnuitant 1 -$ Deceased
Annuitant 2 8,579.60$ ** 89 @ 06.30.19
Annuitant 3 2,123,810.50$ ** 93 @ 06.30.19
Annuitant 4 57,112.68$ ** 77 @ 06.30.19
**6.30.19 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone fiscal year end.
InsuranceInsurance Commitments as of 6/30/2019 ***
Face Value Cash Value Interest Credit Cost Per Year
Insurant 1 100,000$ 47,524.74$ 2,344.83$ 870.80$
Insurant 3 175,000$ 14,513.61$ 14,513.61$ 20,000.00$
Insurant 4 100,000$ 15,637.50$ 290.17$ 962.14$
Insurant 5 1,000,000$ 228,299.57$ 6,887.70$ 65,000.00$
***Numbers represent 6.30.19 balances as information is only supplied at year end from insurance companies.
Current Assets held by the UWF Foundation as of
Annuity Commitments as of
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Audit Budget Committee
Reports
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University of West Florida FoundationIncome Statement
Housing Budget to Actual for the UWF Foundation Board
Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 6/30/2020 Notes
Revenues 97-42113 INTEREST INCOME - HOUSING $7,101.33 $8,000.00 ($898.67) (11.23%) $7,101.33 $8,000.00 ($898.67) (11.23%) $30,500.00 1 97-42114 INTEREST INCOME - SPIA $29,195.00 $21,250.00 $7,945.00 37.39% $29,195.00 $21,250.00 $7,945.00 37.39% $125,000.00 97-43012 RENTAL INCOME - HOUSING $4,274,134.49 $4,192,342.33 $81,792.16 1.95% $4,274,134.49 $4,192,342.33 $81,792.16 1.95% $9,667,224.13 97-44000 CONCESSIONS REVENUE $5,028.35 $3,384.43 $1,643.92 48.57% $5,028.35 $3,384.43 $1,643.92 48.57% $50,000.00 97-45000 OTHER INCOME - HOUSING $93,671.11 $51,407.72 $42,263.39 82.21% $93,671.11 $51,407.72 $42,263.39 82.21% $205,000.00Total Revenues $4,409,130.28 $4,276,384.48 $132,745.80 3.10% $4,409,130.28 $4,276,384.48 $132,745.80 3.10% $10,077,724.13
Expenses 97-51010 SALARIES - FACULTY & STAFF $208,328.04 $217,650.00 $9,321.96 4.28% $208,328.04 $217,650.00 $9,321.96 4.28% $933,027.64 97-51137 OPS - STAFF $101,722.78 $125,000.00 $23,277.22 18.62% $101,722.78 $125,000.00 $23,277.22 18.62% $1,156,404.76 97-52110 TRAVEL $298.00 $4,000.00 $3,702.00 92.55% $298.00 $4,000.00 $3,702.00 92.55% $10,000.00 97-53150 CONCESSION EXP - HOUSING $17,306.52 $19,352.66 $2,046.14 10.57% $17,306.52 $19,352.66 $2,046.14 10.57% $55,000.00 97-54100 PROFESSIONAL DEVELOPMENT $820.00 $2,272.00 $1,452.00 63.91% $820.00 $2,272.00 $1,452.00 63.91% $6,750.00 97-54110 MEMBERSHIPS & DUES $1,203.00 $1,200.00 ($3.00) (0.25%) $1,203.00 $1,200.00 ($3.00) (0.25%) $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $1,500.00 $1,500.00 100.00% $0.00 $1,500.00 $1,500.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $0.00 $1,200.00 $1,200.00 100.00% $0.00 $1,200.00 $1,200.00 100.00% $2,000.00 97-70100 OFFICE EXPENSES - COPYING $795.02 $1,028.71 $233.69 22.72% $795.02 $1,028.71 $233.69 22.72% $3,000.00 97-70110 OFFICE EXPENSES - POSTAGE $21.11 $300.00 $278.89 92.96% $21.11 $300.00 $278.89 92.96% $1,000.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $2,196.97 $1,200.00 ($996.97) (83.08%) $2,196.97 $1,200.00 ($996.97) (83.08%) $3,000.00 2 97-70130 OFFICE EXPENSES - MKTG COMM $9,053.59 $5,500.00 ($3,553.59) (64.61%) $9,053.59 $5,500.00 ($3,553.59) (64.61%) $17,000.00 3 97-70140 OFFICE SUPPLIES $1,448.13 $2,039.98 $591.85 29.01% $1,448.13 $2,039.98 $591.85 29.01% $6,000.00 97-70220 COMPUTER - SOFTWARE SUPPORT $10,169.88 $12,000.00 $1,830.12 15.25% $10,169.88 $12,000.00 $1,830.12 15.25% $82,920.00 97-70300 TELEPHONE $2,552.85 $3,100.00 $547.15 17.65% $2,552.85 $3,100.00 $547.15 17.65% $12,450.00 97-71100 EQUIPMENT - GENERAL $13.82 $550.00 $536.18 97.49% $13.82 $550.00 $536.18 97.49% $1,500.00 97-71200 EQUIPMENT - COMPUTER $3,401.16 $4,000.00 $598.84 14.97% $3,401.16 $4,000.00 $598.84 14.97% $8,000.00 97-72110 CLEANING SUPPLIES $9,182.31 $6,000.00 ($3,182.31) (53.04%) $9,182.31 $6,000.00 ($3,182.31) (53.04%) $20,000.00 4 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $5,939.87 $6,800.00 $860.13 12.65% $5,939.87 $6,800.00 $860.13 12.65% $20,000.00 97-72210 HSG REPAIR & MAINT.- TOOLS $86.14 $1,500.00 $1,413.86 94.26% $86.14 $1,500.00 $1,413.86 94.26% $2,500.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $9,974.22 $2,500.00 ($7,474.22) (298.97%) $9,974.22 $2,500.00 ($7,474.22) (298.97%) $4,000.00 5 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $400.76 $7,478.43 $7,077.67 94.64% $400.76 $7,478.43 $7,077.67 94.64% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $1,269.05 $600.00 ($669.05) (111.51%) $1,269.05 $600.00 ($669.05) (111.51%) $1,000.00 6 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $8,051.88 $200.00 ($7,851.88) (3925.94%) $8,051.88 $200.00 ($7,851.88) (3925.94%) $1,000.00 7 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $8,758.81 $6,500.00 ($2,258.81) (34.75%) $8,758.81 $6,500.00 ($2,258.81) (34.75%) $15,000.00 8 97-72240 HSG REPAIR & MAINT. - ELEVATORS $42,050.16 $500.00 ($41,550.16) (8310.03%) $42,050.16 $500.00 ($41,550.16) (8310.03%) $1,000.00 9 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $2,383.20 $2,189.17 ($194.03) (8.86%) $2,383.20 $2,189.17 ($194.03) (8.86%) $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $2,772.50 $1,911.36 ($861.14) (45.05%) $2,772.50 $1,911.36 ($861.14) (45.05%) $9,000.00 10 97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $1,500.00 $1,500.00 100.00% $0.00 $1,500.00 $1,500.00 100.00% $3,000.00 97-72310 HOUSING - VEHICLE GAS $1,933.95 $2,410.96 $477.01 19.79% $1,933.95 $2,410.96 $477.01 19.79% $7,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $4,608.16 $3,075.85 ($1,532.31) (49.82%) $4,608.16 $3,075.85 ($1,532.31) (49.82%) $10,000.00 11 97-72400 OPER EXP - HOUSING SUPPLIES $18,918.30 $10,790.85 ($8,127.45) (75.32%) $18,918.30 $10,790.85 ($8,127.45) (75.32%) $32,000.00 12 97-72900 RENEWAL & REPLACEMENT $71,271.03 $79,023.90 $7,752.87 9.81% $71,271.03 $79,023.90 $7,752.87 9.81% $300,000.00 97-72910 CONTINGENCY & IMPROVEMENT EXP $283,687.50 $205,038.21 ($78,649.29) (38.36%) $283,687.50 $205,038.21 ($78,649.29) (38.36%) $600,000.00 13 97-73100 DEPREC/AMORT EXPENSE - OFFICE $1,845.33 $1,845.33 $0.00 0.00% $1,845.33 $1,845.33 $0.00 0.00% $7,381.30 97-73205 DEPRECIATION EXP - VILLAGE WEST $101,839.05 $101,839.05 $0.00 0.00% $101,839.05 $101,839.05 $0.00 0.00% $407,356.16 97-73210 DEPRECIATION EXP - VILLAGE EAST $138,170.16 $138,170.16 $0.00 0.00% $138,170.16 $138,170.16 $0.00 0.00% $552,680.62 97-73215 DEPRECIATION EXP - ARGO HALL $55,489.26 $55,489.26 $0.00 0.00% $55,489.26 $55,489.26 $0.00 0.00% $221,957.10 97-73220 DEPRECIATION EXP - MARTIN $79,070.10 $79,070.10 $0.00 0.00% $79,070.10 $79,070.10 $0.00 0.00% $307,247.78 97-73225 DEPRECIATION EXP - PACE HALL $53,803.86 $53,803.86 $0.00 0.00% $53,803.86 $53,803.86 $0.00 0.00% $215,215.39
Quarter Ending Year to Date
Quarter Ending Year to Date
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Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 6/30/2020 Notes
97-73230 DEPRECIATION EXP - HERITAGE $133,806.75 $133,806.75 $0.00 0.00% $133,806.75 $133,806.75 $0.00 0.00% $535,227.01 97-73235 DEPRECIATION EXP - PRESIDENTS $189,203.58 $189,203.58 $0.00 0.00% $189,203.58 $189,203.58 $0.00 0.00% $756,814.31 97-74200 INTEREST EXPENSE - HOUSING ($143,936.02) ($143,936.02) $0.00 0.00% ($143,936.02) ($143,936.02) $0.00 0.00% $1,600,716.00 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $307.02 $2,265.06 $1,958.04 86.45% $307.02 $2,265.06 $1,958.04 86.45% $4,500.00 97-74310 HOUSING - OTHER MISC. OPER EXP $29,944.04 $32,350.00 $2,405.96 7.44% $29,944.04 $32,350.00 $2,405.96 7.44% $35,700.00 97-74315 HOUSING - MEAL PLANS $6,000.00 $9,000.00 $3,000.00 33.33% $6,000.00 $9,000.00 $3,000.00 33.33% $14,000.00 97-75005 HOUSING UTILITIES - ELECTRICAL $197,872.96 $202,950.00 $5,077.04 2.50% $197,872.96 $202,950.00 $5,077.04 2.50% $750,000.00 97-75010 HOUSING UTILITIES - GAS $3,266.83 $4,313.60 $1,046.77 24.27% $3,266.83 $4,313.60 $1,046.77 24.27% $32,000.00 97-75015 HOUSING UTILITIES - SEWER $14,698.86 $18,360.00 $3,661.14 19.94% $14,698.86 $18,360.00 $3,661.14 19.94% $120,000.00 97-75020 HOUSING UTILITIES - WATER $367.22 $613.70 $246.48 40.16% $367.22 $613.70 $246.48 40.16% $3,800.00 97-75025 HOUSING UTILITIES - GARBAGE $12,167.25 $14,000.00 $1,832.75 13.09% $12,167.25 $14,000.00 $1,832.75 13.09% $50,000.00 97-75030 HOUSING UTILITIES - CABLE $29,425.38 $44,175.00 $14,749.62 33.39% $29,425.38 $44,175.00 $14,749.62 33.39% $170,000.00 97-75100 HOUSING - INSURANCE $6,859.91 $0.00 ($6,859.91) 0.00% $6,859.91 $0.00 ($6,859.91) 0.00% $10,600.00 97-75110 INSURANCE - BOND $0.00 $0.00 $0.00 0.00% $0.00 $0.00 $0.00 0.00% $70,000.00 97-75115 INSURANCE - AUTOMOBILE ($18.00) $0.00 $18.00 0.00% ($18.00) $0.00 $18.00 0.00% $24,000.00 97-75120 INSURANCE - PROPERTY $80,161.29 $90,000.00 $9,838.71 10.93% $80,161.29 $90,000.00 $9,838.71 10.93% $90,000.00 97-75200 BOND EXPENSES $0.00 $3,762.50 $3,762.50 100.00% $0.00 $3,762.50 $3,762.50 100.00% $21,000.00 97-76060 PROFESSIONAL SERVICES $2,250.00 $10,000.00 $7,750.00 77.50% $2,250.00 $10,000.00 $7,750.00 77.50% $26,000.00 97-76110 BANK SERVICE CHARGES $1,352.89 $1,254.01 ($98.88) (7.89%) $1,352.89 $1,254.01 ($98.88) (7.89%) $3,250.00 97-76115 ADMINISTRATIVE FEE - SPIA $974.70 $887.64 ($87.06) (9.81%) $974.70 $887.64 ($87.06) (9.81%) $7,000.00 97-76117 ADMINISTRATIVE FEE - HSG ($13,147.64) $0.00 $13,147.64 0.00% ($13,147.64) $0.00 $13,147.64 0.00% $125,972.18Total Expenses $1,812,393.49 $1,783,135.66 ($29,257.83) (1.64%) $1,812,393.49 $1,783,135.66 ($29,257.83) (1.64%) $9,515,770.25
Notes1 INTEREST INCOME - HOUSING Interest on Synovous bank account lower than estimated. 2 OFFICE EXPENSES - PRINT/DUPL Increased effort in marketing to new and existing students to keep occupancy high3 OFFICE EXPENSES - MKTG COMM Increased effort in marketing to new and existing students to keep occupancy high4 CLEANING SUPPLIES Cleaning up after summer camps resulted in higher than expected cleaning costs5 HSG REPAIR & MAINT. - LOCKS & KEYS Our key cutting machine required replacement and we changed the locks and keys in Argo, Martin and Pace Halls to enable use of master and sub-master key system. 6 HSG REPAIR & MAINT. - PLUMBING Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line.7 HSG REPAIR & MAINT. - FIRE ALARM Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line.8 HSG REPAIR & MAINT. - AIR HANDLERS Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line.9 HSG REPAIR & MAINT. - ELEVATORS Annual cost of the elevator repair service contract. This is in the budget under the Renewal and Replacement line
10 HSG REPAIR & MAINT. - PEST CONTROL The contract we were under the last five years has expired and the new contract is not in place so we are experiencing higher costs. 11 HOUSING - VEHICLE REPAIR & MAINT. Our aging fleet of repair vehicles are experiencing increasing costs to maintain. We will begin replacing them this year and over the next several years. 12 OPER EXP - HOUSING SUPPLIES We have experienced an increase in appliances that have required replacement13 CONTINGENCY & IMPROVEMENT EXP Costs of summer repairs have put this line over budget.
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Prepared by: _________________________________Reviewed by: _________________________________
6/30/2020 Notes:Housing Income per Housing Statement of Revenue and Expenses 10,240,254.55 State Interest RecaptureHousing Expense per Housing Statement of Revenue and Expenses (9,546,859.52) Total Revenue 10,240,254.55 Adjusted Net Income (Loss) 693,395.03
DEPRECIATION EXP--TRUCK 7,381.30Add: DEPRECIATION EXP--VILLAGE WEST 407,356.16 Interest Expense 1,600,716.00 DEPRECIATION EXP--VILLAGE EAST 552,680.64 Amortization Expense - DEPRECIATION EXP--SOUTHSIDE - Depreciation Expense 3,003,879.69 DEPRECIATION EXP--MARTIN 307,247.78 Contingency and Improvement DEPRECIATION EXP--ARGO 221,957.10 Renewals & Replacements 267,496.07 DEPRECIATION EXP-- PACE 215,215.39 Adjusted Net Revenue 5,565,486.78 DEPRECIATION EXP-- HERITAGE 535,227.01
DEPRECIATION EXP-- PRESIDENTS 756,814.31 Debt Service 2019-2020 2005 Bond Principal - OPERATING EXPENSES-PAYROLL 2,059,206.05 2005 Bond Interest INTEREST EXPENSE - HOUSING 1,600,716.00 Rev of prior year acrual (145,313.95) AMORTIZATION EXPENSE - HOUSING - Interest Payable 124,748.00 OPERATING EXPENSES- R&M 1,184,414.98 2009 Bond Principal - OPERATING EXPENSES-Admin & Gen 407,853.40 2009 Bond Interest - OPERATING EXPENSES- Utilities 1,099,186.20 2010/2015 Bond Interest - OPERATING EXPENSES- Insurance 191,603.20 2010/2015 Bond Principal - OPERATING EXPENSES- Other 2011 Bond Interest - CONSTRUCTION EXP - 2011 Bond Principal - 2015 Bond Initerest - Total Expenditure 9,546,859.52 2015 Bond Principal - 2016A Bond Initerest 1,061,481.26 2016A Bond Principal 1,210,000.00 2016B Bond Initerest 185,102.50 Net Income 693,395.03 2016B Bond Principal 670,500.00 2016C Bond Initerest 354,131.82 9,546,859.52 2016C Bond Principal 799,871.00 4,604,595.69 Less Capitalized Interest - 4,942,263.83 Total Debt Service 2019-2020 4,260,520.63
Net Revenue 5,565,486.78 Total Debt Service 4,260,520.63 Debt Coverage Ratio# 1.31
#Debt Coverage Ratio is stated at 1.20 per bond documents.
Bond Convenant Calcuation
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Actual Other Program Student HSG Expenses Budget
Scholarship Services System Fundraising General & Admin 9/30/2019 9/30/2019 Variance % Unspent Operating Budget
Advancement Services $0.00 $0.00 $0.00 $0.00 $2,248.15 $2,248.15 $6,825.00 $4,576.85 67.06%
Alumni Relations $0.00 $0.00 $0.00 $0.00 $29,737.41 $29,737.41 $30,000.00 $262.59 0.88%
Board of Directors $0.00 $0.00 $0.00 $0.00 $15,211.71 $15,211.71 $16,000.00 $788.29 4.93%
Development $8,818.90 $0.00 $0.00 $94,857.12 $103,676.02 $143,819.25 $40,143.23 27.91%
Foundation $0.00 $0.00 $0.00 $0.00 $99,636.15 $99,636.15 $129,754.74 $30,118.59 23.21%
Total Adv. Division Lines $8,818.90 $0.00 $0.00 $94,857.12 $146,833.42 $250,509.44 $326,398.99 $75,889.55 23.25%
Executive $0.00 $0.00 $0.00 $0.00 $29,550.46 $29,550.46 $57,551.49 $28,001.03 48.65%
Total $0.00 $0.00 $0.00 $0.00 $29,550.46 $29,550.46 $57,551.49 $28,001.03 48.65%
Total of Operating Budget $8,818.90 $0.00 $0.00 $94,857.12 $176,383.88 $280,059.90 $383,950.48 $103,890.58 19.85%
Non-Endowed Budget
Non-Endowed Budget $0.00 $105,034.60 $0.00 $2,500.00 $64,959.27 $172,493.87 $183,999.99 $11,506.12 6.25%
Total Non-Endowed Budget $0.00 $105,034.60 $0.00 $2,500.00 $64,959.27 $172,493.87 $183,999.99 $11,506.12 6.25%
Other Areas
Admistrative Fee $0.00 $0.00 $0.00 $0.00 $0.00 $74,385.24 $85,000.00 $10,614.76 12.49%
Housing $0.00 $0.00 $1,812,393.00 $0.00 $0.00 $1,812,393.00 $1,783,135.66 ($29,257.34) (1.64%)
Other University Accounts $2,000.01 $106,493.79 $0.00 $0.00 $604.23 $109,098.03 $109,098.03 $0.00 0.00%
Total $2,000.01 $106,493.79 $1,812,393.00 $0.00 $604.23 $1,995,876.27 $1,977,233.69 ($18,642.58) (0.94%)
Total Other Areas $2,000.01 $106,493.79 $1,812,393.00 $0.00 $604.23 $1,995,876.27 $1,977,233.69 ($18,642.58) (0.94%)
Grand Total $10,818.91 $211,528.39 $1,812,393.00 $97,357.12 $241,947.38 $2,448,430.04 $2,545,184.16 $96,754.12 3.80%
University of West Florida FoundationA COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA
BUDGETED STATEMENT OF FUNCTIONAL EXPENSES
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Carried Forward FundsTotal Carried Forward Budget 306,282.84
Expensed During 19/20Commitment for meal plan scholarships 50,000.00
Alexander Haas & Gernerate (Consultants) 18,938.48 Freewill, Co. 7,753.42 Comm. Garden 7,000.00 Comm. Engagement 8,000.00 HAAS Center 4,000.00
Total FY 19/20 Expenses to Date 95,691.90
Net FY 19/20 Activity 210,590.94
Net Carry Forward FY 19/20 210,590.94$
The University of West Florida Foundation, Inc.Prior Years Unspent Budget Report
As of September 30, 2019
Unspent Division of Advancement Lines
X:\FOUNDATION -Board Stuff\FDN - Audit Budget Committee\2020 Audit Budget Minues & Agendas\11.21.19\Prior Years Unspent Budget Report 2019.09.30 (FDN)
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Internal Control: A Tool for the Audit Committee
PURPOSE OF THIS TOOL: Internal control over financial reporting continues to be a major area of importance in the governance of an organization. This tool is intended to give audit committees basic information about internal control to understand what it is, what it is not, how it can be used most effectively in the organization, and the requirements of management with respect to the system of internal control over financial reporting. Note that the primary responsibility of the audit committee with respect to internal control is the system of internal control over financial reporting.
Basics of Internal Control In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO)1 published a document called Internal Control—Integrated Framework,2 which defined ` as “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives” in the following three categories:
1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations
Internal control can be judged as effective in each of these categories if the board of directors and management have reasonable assurance that
1. they understand the extent to which the organization’s operations objectives are being achieved. 2. published financial statements are being prepared reliably. 3. applicable laws and regulations are being complied with.
The COSO framework consists of five interrelated components as follows:
1. Control environment. Sometimes referred to as the “tone at the top” of the organization, meaning the integrity, ethical values, and competence of the organization’s people; management’s philosophy and operating style; the way management assigns authority and responsibility and organizes and develops its people; and the attention and direction provided by the board of directors. It is the foundation for all other components of internal control, providing discipline and structure.
2. Risk assessment. The identification and analysis of relevant risks to achieve the objectives that form the basis to determine how risks should be managed. This component should address the risks, both internal and external, that must be assessed. Before conducting a risk assessment, objectives must be set and linked at different levels.
1 The Committee of Sponsoring Organizations of the Treadway Commission (COSO) consists of the AICPA, the Institute of Management Accountants, the Institute of Internal Auditors, Financial Executives International, and the American Accounting Association. 2 The COSO publication Internal Control—Integrated Framework (product code no. 990012), may be purchased through the AICPA store at www.cpa2biz.com. The proceeds from the sale of the framework are used to support the continuing work of COSO.
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3. Control activities. Policies and procedures that help ensure that management directives are carried out. Control activities occur throughout the organization at all levels in all functions. These include activities such as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets, and segregation of duties.
4. Information and communication. Addresses the need in the organization to identify, capture, and communicate information to the right people to enable them to carry out their responsibilities. Information systems within the organization are key to this element of internal control. Internal information, as well as external events, activities, and conditions must be communicated to enable management to make informed business decisions and for external reporting purposes.
5. Monitoring. The internal control system must be monitored by management and others in the organization. This is the framework element that is associated with the internal audit function in the organization, as well as other means of monitoring such as general management activities and supervisory activities. It is important that internal control deficiencies are reported upstream, and that serious deficiencies are reported to top management and the board of directors.
These five components are linked together, thus forming an integrated system that can react dynamically to changing conditions. The internal control system is intertwined with the organization’s operating activities, and is most effective when controls are built into the organization’s infrastructure, becoming part of the very essence of the organization.
Key Terms in Internal Control A few common internal control terms are described as follows:
Significant deficiency. Defined by Statement on Auditing Standards (SAS) No. 115, Communicating Internal Control Related Matters Identified in an Audit (AICPA, Professional Standards, vol. 1. AU sec. 325), a significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Material weakness. Defined by SAS No. 115 as a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis.
Compensating controls. Some organizations, by virtue of their size, are not able to implement basic controls such as segregation of duties. In these cases, it is important that management institute compensating controls to cover for the lack of a basic control, or if a basic control is not able to function for some period of time.
What Internal Control Cannot Do As important as an internal control structure is to an organization, an effective system is not a guarantee that the organization will be successful. An effective internal control structure will keep the right people informed about the organization’s progress (or lack of progress) in achieving its objectives, but it cannot turn a poor manager into a good one. Internal control cannot ensure success, or even survival.
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Internal control is not an absolute assurance to management and the board about the organization’s achievement of its objectives. It can only provide reasonable assurance due to limitations inherent in all internal control systems. For example, breakdowns in the internal control structure can occur due to simple error or mistake, as well as faulty judgments that could be made at any level of management. In addition, controls can be circumvented by collusion or by management override. Finally, the design of the internal control system is a function of the resources available, meaning that a cost-benefit analysis must be in the design of the system.
Roles and Responsibilities Everyone in the organization has some role to play in the organization’s internal control system.
CEO/president/executive director. The CEO has ultimate responsibility and “ownership” of the internal control system. The individual in this role sets the tone at the top that affects the integrity and ethics and other factors that create the positive control environment needed for the internal control system to thrive. Aside from setting the tone at the top, much of the day-to-day operation of the control system is delegated to other senior managers in the organization, under the leadership of the CEO.
CFO/vice president of finance/director of finance. Much of the internal control structure flows through the accounting and finance area of the organization under the leadership of the CFO. In particular, controls over financial reporting fall within the domain of the CFO. The audit committee should use interactions with the CFO and others as a basis for their comfort level on the internal control over financial reporting.
This is not intended to suggest that the CFO must provide the audit committee with a level of assurance regarding the system of internal control over financial reporting. Rather, through interactions with the CFO and others, the audit committee should get a gut feeling about the completeness, accuracy, validity, and maintenance of the system of internal control over financial reporting.
Controller/director of accounting or finance. Much of the basics of the control system come under the domain of this position. It is key that the controller understands the need for the internal control system, is committed to the system, and communicates the importance of the system to all people in the accounting organization. Further, the controller must demonstrate respect for the system though his or her actions.
Internal audit. A main role for the internal audit team is to evaluate the effectiveness of the internal control system and contribute to its ongoing effectiveness. With the internal audit team reporting directly to the audit committee of the board of directors or the most senior levels of management, or both, it is often this function that plays a significant role in monitoring the internal control system. It is important to note that many not-for-profits are not large enough to employ an internal audit team. Each organization should assess the need for this team in light of available resources.
Board of directors/audit committee. A strong, active board is necessary. This is particularly important when the organization is controlled by an executive or management team with tight reins over the organization and the people within the organization. The board should recognize that its scope of oversight of the internal control system applies to all the three major areas of control: over operations, over compliance with laws and regulations, and over financial reporting. The audit committee is the board’s first line of defense with respect to the system of internal control over financial reporting.
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All other personnel. The internal control system is only as effective as the employees throughout the organization that must comply with it. Employees throughout the organization should understand their role in internal control and the importance of supporting the system through their own actions and encouraging respect for the system by their colleagues throughout the organization.
Compensating Controls It is important to realize that both the design and compliance with the internal control system is important. The audit committee should be tuned-in to the tone at the top of the organization as a first indicator of the functioning of the internal control system.
In addition, audit committees should realize that the system of internal control should be scaled to the organization. Some organizations will be so small, for example, that they will not be able to have appropriate segregation of duties. The message here is that the lack of segregation of duties is not automatically a material weakness, or even a reportable condition, depending on the compensating controls that are in place.
For example, suppose an organization’s accounting department is so small that it is not possible to segregate duties between the person who does the accounts payable and the person who reconciles the bank statements. In this case, that person is one and the same, so the implication is that there are no checks and balances on the accounts payable person, who could be writing checks to a personal account, then passing on them during the bank reconciliation process (that is, there is no one to raise the red flag that personal checks are being written on the organization account).
Compensating controls could make up for this apparent breach in the internal control system. The following are some examples of compensating controls in this situation:
1. All checks are hand signed by an officer of the organization, rather than using a signature plate that is in the control of the person that prepared the checks.
2. The bank reconciliation may be reviewed by the preparer’s manager. 3. A periodic report of all checks that are cleared at the bank could be prepared by the bank and
forwarded to an officer of the organization for review.
Audit committees should be aware of situations like this and be prepared to ask questions and evaluate the answers when an apparent breach in internal control is surfaced.
Management Override of Controls Another area that an audit committee needs to focus on is the ability of management to override internal controls over financial reporting to perpetrate a fraud. Examples of techniques used by management in overriding internal controls over the financial reporting function include the following:
Back dating or forward dating documents to a different period Making adjusting entries during the financial reporting closing process Reclassifying items improperly between the statement of activity and the statement of financial
condition
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An audit committee has the responsibility to help prevent or deter a management override of controls. It is important for the audit committee to understand that a system exists to uncover an override, as well as follow-up to determine its appropriateness. Questions about management override, and the controls over management override, as well as audit steps to detect if a management override has occurred, should be addressed to the CEO, CFO, and external auditor during the respective executive (in-camera) sessions with the audit committee as noted elsewhere in this toolkit.
Conclusion This tool was intended to provide a summary of what is meant by internal control. The concepts are not complex, but sometimes the application of internal control can be a challenge in an organization, depending on its size and culture. However, it is vitally important to design the system of internal control to achieve the objectives of (1) effectiveness and efficiency of operations, (2) reliability of financial reporting, and (3) compliance with applicable laws and regulations.
Simply stated, a strong system of internal control (both in its design and compliance) is good business.
Internal Control—A Tool for the Audit Committee The following tool, “Internal Control—A Tool for the Audit Committee,” contains questions modeled on those found in the COSO report, Internal Control—Integrated Framework.
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Internal Control—A Tool for the Audit Committee
INSTRUCTIONS FOR USING THIS TOOL: This tool is created around the five interrelated components of an internal control structure. Within each component is a series of questions that the audit committee should focus on to assure itself that controls are in place and functioning. These questions should be discussed in an open forum with the individuals who have a basis for responding to the questions. The audit committee should ask for detailed answers and examples from the management team, including key members of the financial management team, internal auditors, and external auditors to assure itself that the system is operating as management represents. Evaluation of the internal control structure is not a one-time, but rather a continuous, activity for the audit committee—the audit committee should always have its eyes and ears open for potential weaknesses in internal control and should continuously probe the responsible parties regarding the operation of the system. These questions are written in a manner such that a “no response” indicates a weakness that must be addressed.
Not Control Environment—Tone at the Top Yes No Sure Comments
Integrity and Ethical Values 1. Does the organization have a comprehensive
code of conduct or other policies addressing acceptable business practice, conflicts of interest, and expected standards of ethical and moral behavior?
X
2. Is the code distributed to all employees? X
3. Are all employees required to annually acknowledge that they have read, understood, and complied with the code?
X
4. Does management demonstrate through actions its own commitment to the code of conduct?
X
5. Are dealings with clients and other constituents, customers, suppliers, employees, and other parties based on honesty and fair business practices?
X
6. Does management take appropriate action in response to violations of the code of conduct?
X
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Not Control Environment—Tone at the Top Yes No Sure Comments
Integrity and Ethical Values (cont.) 7. Is management explicitly prohibited from
overriding established controls? What controls are in place to provide reasonable assurance that controls are not overridden by management? Are deviations from this policy investigated and documented? Are violations (if any) and the results of investigations brought to the attention of the audit committee?
X Management documents any minor exceptions
to policies.
8. Is the organization proactive in reducing fraud opportunities by (1) identifying and measuring fraud risks, (2) taking steps to mitigate identified risks, (3) identifying a position within the organization to “own” the fraud prevention program, and (4) implementing and monitoring appropriate preventative and detective internal controls and other deterrent measures?
X
9. Does the organization use an anonymous ethics and fraud hotline and, if so, are procedures in place to investigate and report results to the audit committee? (See also the tool “Sample Whistle-Blower Tracking Report,” in this toolkit.)
X
Commitment to Competence 1. Are the level of competence and the requisite
knowledge and skills defined for each job in the accounting and internal audit departments?
X
2. Does management make an effort to determine whether the accounting and internal audit departments have adequate knowledge and skills to do their jobs?
X
(continued)
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Not Control Environment—Tone at the Top Yes No Sure Comments
Board of Directors and/or Audit Committee 1. Are the audit committee’s responsibilities
defined in a charter? If so, is the charter updated annually and approved by the board of directors? (See also the tool “Audit Committee Charter Matrix,” in this toolkit.)
X
2. Are audit committee members independent of the organization and of management? Do audit committee members have the knowledge, industry experience, and financial expertise to serve effectively in their role?
X
3. Are a sufficient number of meetings held, and are the meetings of sufficient length and depth to cover the agenda and provide healthy discussion of issues?
X
4. Does the audit committee constructively challenge management’s planned decisions, particularly in the area of financial reporting, and probe the evaluation of past results?
X Foundation and Housing budgets & financial
reports are reviewed quarterly. The Annual Budget,
Audited Financial Statements, and 990 are reviewed by the
committee and presented &
approved by the full Board each year.
5. Are regular meetings held between the audit committee and the CFO, the chief audit executive (internal audit), other key members of the financial management and reporting team, and the external auditors? Are executive sessions conducted on a regular basis? (See also the tool “Conducting an Audit Committee Executive Session: Guidelines and Questions,” in this toolkit.)
X
6. Does the audit committee approve internal audit’s annual audit plan?
X BOT approves internal audits plan
7. Does the audit committee receive key information from management in sufficient time in advance of meetings to prepare for discussions at the meetings?
X Generally 7 – 10 days in advance.
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Not Control Environment—Tone at the Top Yes No Sure Comments
Board of Directors and/or Audit Committee (cont.) 8. Does a process exist for informing audit
committee members about significant issues on a timely basis and in a manner conducive to the audit committee having a full understanding of the issues and their implications? (See also the tool “Significant Issues, Estimates, and Judgments: Management’s Report to the Audit Committee” in this toolkit.)
X
9. Is the audit committee informed about personnel turnover in key functions including the audit team (both internal and the external auditors), senior executives, and key personnel in the financial accounting and reporting teams? Are unusual employee turnover situations observed for patterns or other indicators of problems?
X
Management’s Philosophy and Operating Style 1. Is the accounting department viewed as a
team of competent professionals bringing information, order, and controls to decision-making?
X
2. Is the selection of accounting practices made in the long-term best interest of the organization (as opposed to short-term benefits)?
X
3. Are assets, including intellectual assets, protected from unauthorized access and use?
X
4. Do managers respond appropriately to unfavorable signals and reports?
X
5. Are estimates and budgets reasonable and achievable?
X
(continued)
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Not Control Environment—Tone at the Top Yes No Sure Comments
Organizational Structure 1. Is the organizational structure within the
accounting function and the internal audit function appropriate for the size of the organization?
X
2. Are key managers in the accounting and internal audit functions given adequate definition of their responsibilities?
X
3. Do sufficient numbers of employees exist, particularly at the management levels in the accounting and internal audit functions, to allow those individuals to effectively carry out their responsibilities?
X
Assignment of Authority and Responsibility 1. Is the authority delegated appropriate for the
responsibilities assigned? X
2. Are job descriptions in place for management and supervisory personnel in the accounting and internal audit functions?
X
3. Do senior managers get involved as needed to provide direction, address issues, correct problems, and implement improvements?
X
Human Resources Policies and Practices 1. Are policies and procedures in place for
hiring, training, promoting, and compensating employees in the accounting and internal audit functions?
X The Foundation follows UWF HR policies.
2. Do employees understand that sub-standard performance will result in remedial action?
X
3. Is remedial or corrective action taken in response to departures from approved policies?
X
4. Do employees understand the performance criteria necessary for promotions and salary increases?
X
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Not Control Environment—Tone at the Top Yes No Sure Comments
Risk Assessment 1. Has the organization conducted a systematic
assessment of the risk of failure in its internal control environment and identified the likely areas of weakness? (See the “Enterprise Risk Management—The COSO Framework: A Primer and Tool for the Audit Committee” in this toolkit.)
X
2. Does the organization consider risks from external sources such as creditor demands, economic conditions, regulation, or labor relations?
X
3. Does the organization consider risks from internal sources such as cash management, investment management and documentation, information systems security, and backup systems?
X
4. Is the risk of a misstatement of the financial statements considered, and are steps taken to mitigate that risk?
X
5. If applicable, are the risks associated with foreign and offshore operations considered, including their impact on the financial reporting process?
X
Control Activities 1. Does the organization have a process in
place to ensure that controls as described in its policy and procedures manuals are applied as they are meant to be applied? Do the policy and procedures manuals document all important policies and procedures? Are these policies and procedures reviewed and updated on a regular basis? If so, by whom?
X We have multiple policies and procedures. Processes are
reviewed at least annually and the
written procedures updated if necessary.
Board policies are updated as required.
2. Do supervisory personnel review the functioning of controls? If so, how is that review conducted and how are the results used? Is appropriate and timely follow-up action taken on exceptions?
X Review is incorporated into controls and effectiveness is monitored on a continual basis.
Function of controls also reviewed
annually by auditors.
(continued)
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Not Control Environment—Tone at the Top Yes No Sure Comments
Information and Communication 1. Is a process in place to collect information
from external sources, such as industry, economic, and regulatory information, that could have an impact on the organization or the financial reporting process, or both?
X Management regularly receive & review publications from
AICPA, CASE, IRS, etc., participate in list
serves, attend various conferences (CASE, SUS FL Fnd)
2. Are milestones to achieve financial reporting objectives monitored to ensure that timing deadlines are met?
X Monitor FL BOG requests calendar, Foundation calendar, University
deadlines, etc.
3. Is necessary operational and financial information communicated to the right people in the organization on a timely basis and in a format that facilitates its use, including new or changed policies and procedures?
X
4. Is a process in place to respond to new information needs in the organization on a timely basis?
X
5. Is a process in place to collect and document errors or complaints to analyze, determine cause, and prevent a problem from recurring in the future?
X
6. Is a process established and communicated to officers, employees, and others, about how to communicate suspected instances of wrongdoing by the organization or employees of the organization? Further, does a process exist to ensure that anyone making such a report is protected from retaliation for making one? (See also the tool “Sample Whistle-Blower Tracking Report,” in this toolkit.)
X Employees are encouraged to bring
problems to the attention of others.
There is a link to the whistleblower site on
the Foundation website.
Monitoring 1. Do officers and employees understand
their obligation to communicate observed weaknesses in design or compliance with the internal control structure of the organization to the appropriate supervisory or management personnel?
X
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Not Control Environment—Tone at the Top Yes No Sure Comments
Monitoring (cont.) 2. Are interactions with external stakeholders
periodically evaluated to determine if they are indicative of a weakness in the internal control structure? (For example, consider the frequency of complaints about incorrect invoices, statements, and acknowledgments.)
X
3. Is there follow-up on recommendations from the internal and external auditors for improvements to the internal control system?
X
4. Are personnel required to sign off, indicating their performance of critical control activities such as performing reconciliations?
X
5. Does the internal audit team have the right number of competent and experienced staff? Do they have access to the board of directors and audit committee? Is the reporting structure in place to ensure their objectivity and independence? Is the work of the internal audit team appropriate to the organization’s needs, and prioritized with the audit committee’s direction?
X
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Fraud and the Responsibilities of the Audit Committee: An Overview
PURPOSE OF THIS TOOL: An audit committee should take an active role in the prevention and deterrence of fraud, as well as an effective ethics and compliance program. The audit committee should constantly challenge management and the auditors to ensure that the organization has appropriate antifraud programs and controls in place to identify potential fraud and ensure that investigations are undertaken if fraud is detected. The audit committee should take an interest in ensuring that appropriate action is taken against known perpetrators of fraud.
This tool is intended to make audit committee members aware of their responsibilities as they undertake this important role. This tool highlights areas of activity that may require additional scrutiny by the audit committee.
Fraud can be very costly to all types of organizations, including not-for-profit organizations. According to the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose an estimated 7 percent of annual revenues to fraud.1 Their research also indicates that there is anecdotal evidence that fraud at not-for-profit organizations may be even higher. This is due to the fact that not-for-profit organizations are not implementing the most effective fraud controls, such as whistle-blower hotlines and management review of financial statements, and are focusing their resources on the least effective fraud controls.2 The cost of fraud not only includes the financial cost, but also costs such as damage to the organization’s reputation, potential loss of donors or other resource providers, loss of management and board expertise, and many other nonfinancial costs.
Definition and Categories of Fraud An understanding of fraud is essential for the audit committee to carry out its responsibilities. The term fraud is defined in Black’s Law Dictionary (Sixth Edition, 1990) as
An intentional perversion of truth for the purpose of inducing another in reliance upon it to part with some valuable thing belonging to him or to surrender a legal right. A false representation of a matter of fact, whether by words or by conduct, by false or misleading allegations, or by concealment of that which should have been disclosed, which deceives and is intended to deceive another so that he shall act upon it to his legal injury … A generic term, embracing all multifarious means which human ingenuity can devise, and which are resorted to by one individual to get advantage over another by false suggestions or by suppression of truth, and includes all surprise, trick, cunning, dissembling, and any unfair way by which another is cheated.
1 Association of Certified Fraud Examiners (ACFE), 2008 Report to the Nation on Occupational Fraud and Abuse, Austin, TX: ACFE, 2008, p 8. 2 ACFE, 2008 Report to the Nation on Occupational Fraud and Abuse, Austin, TX: ACFE, 2008, p 40.
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The ACFE defines occupational fraud as
The use of one’s occupation for personal enrichment through deliberate misuse or misapplication of the employing organization’s resources or assets3
The audit committee also needs to be aware that fraud affecting the organization often falls within one of the following three categories:
Management fraud, which involves senior management’s intentional misrepresentation of financial statements, or theft or improper use of an organization’s resources.
Employee fraud, which involves nonsenior employee theft or improper use of an organization’s resources.
External fraud, which involves theft or improper use of resources by people who are neither management, nor employees of the firm.
This categorization of fraud is useful, but not absolute. Middle management employees may intentionally misrepresent financial statement transactions, for example, to improve their apparent performance, or outside individuals may collude with organization management or employees.
Roles of the Audit Committee in the Prevention, Deterrence, Investigation, and Discovery or Detection of Fraud The members of the audit committee should understand their role of ensuring that the organization has antifraud programs and controls in place to help prevent fraud, and aid in its discovery if it does occur, to properly fulfill their fiduciary duties of the following:
1. Monitoring the financial reporting process 2. Monitoring the internal control system 3. Overseeing the external audit and internal audit functions 4. Reporting findings to the board of directors 5. Monitoring and overseeing the whistle-blower policy and hotline
Guidance to boards of directors and trustees, audit committees, and management to help prevent, deter, and detect fraud is contained in the AICPA’s Antifraud & Corporate Responsibility Resource Center available at www.aicpa.org/antifraud/homepage.htm. The information contained in the center can be viewed from different user perspectives for a personalized focus on the issues.
Not-for-profit organizations can use the specific requirements for audit committees as outlined in the Sarbanes-Oxley Act and the Securities and Exchange Commission rules as a guide. The requirements can be obtained from the AICPA Web site at www.aicpa.org/sarbanes/index.asp.
The audit committee should ensure that the organization has implemented an effective ethics and compliance program, and that it is periodically tested. Because the occurrence of significant frauds can frequently be attributed to an override of internal controls, the audit committee plays an important role to ensure that internal controls address the appropriate risk areas and are functioning as designed.
3 ACFE, 2008 Report to the Nation on Occupational Fraud and Abuse, Austin, TX: ACFE, 2008, p 6.
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Fraud and the Responsibilities of the Audit Committee: An Overview
97 Copyright © 2010. AICPA Inc. All Rights Reserved. Permission is granted to download the tools and tailor or customize for internal use.
Internal auditors and external auditors can serve a vital role in aiding in fraud prevention and deterrence. Internal audit staff and external auditors that are experienced and trained in fraud prevention and deterrence can help to provide assurance that (1) risks are effectively identified and monitored, (2) organizational processes are effectively controlled and tested periodically, and (3) appropriate follow-up action is taken to address control weaknesses. The audit committee needs to ensure that internal and external auditors are carrying out their responsibilities in connection with potential fraud.
Whistle-Blowers According to the ACFE, the most effective method for detection of fraud has historically been tips.4 In many cases, these tips are obtained through the use of whistle-blower policies and hotlines. Not-for-profit organizations must establish procedures for the receipt, retention, and treatment of complaints received by the organization regarding accounting, internal accounting controls, or auditing matters; and the confidential, anonymous submission by employees of the organization of concerns regarding questionable accounting or auditing matters (see Sarbanes-Oxley Act of 2002, Title III, Section 301.) In many organizations, the audit committee is significantly involved monitoring the whistle-blower process. The audit committee chair or the entire committee may be involved in the primary investigation and review of the whistle-blower complaints and reporting. In addition, some organizations have designated the audit committee chair or an audit committee member as the individual who initially receives whistle-blower reports. See also the “Sample Whistle-Blower Tracking Report” in this toolkit.
When Fraud Is Discovered Fraud can be discovered through many sources, namely, internal or external auditors, forensic accounting consultants, employees, vendors, and others. Establishing a confidential hotline can also be an important source of information leading to fraud discovery, as part of an organization’s overall ethics, compliance, and fraud prevention program. Although a confidential hotline is something that could be accomplished internally, a variety of outside service providers can be engaged to provide this service for the organization.
If fraud or improprieties are asserted or discovered, the audit committee—through the external auditors, internal auditors, or forensic accounting consultants, as appropriate—should investigate, and, if necessary, retain legal counsel to assert claims on the organization’s behalf. Forensic accounting consultants, in particular, may be needed to provide the depth of skills necessary to conduct a fraud investigation and, if it is desirable, to get an external assessment.
If fraud is discovered or there is a reasonable basis to believe that fraud may have occurred, the audit committee is responsible for ensuring that an investigation is undertaken. Criteria should be in place describing the audit committee’s level of involvement, based on the severity of the offense. Most audit committees will also want to obtain information about all violations of the law and the organization’s policies.
Forensic accounting consultants can also frequently provide audit committees with other related advisory services, namely, (1) evaluations of controls designs and operating effectiveness through compliance verification, (2) creation of special investigations units , (3) incident management committees, (4) disclosure risk controls, (5) ethics hotlines, (6) code of conduct, and other antifraud measures.
The audit committee can engage the audit firm to carry out a forensic or fraud investigation. If CPA forensic accountants are engaged by the organization’s general counsel, rather than the audit committee, they may potentially attain attorney-client privilege status, not otherwise available under normal circumstances. 4 ACFE, 2008 Report to the Nation on Occupational Fraud and Abuse, Austin, TX: ACFE, 2008, p 20.
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The AICPA Audit Committee Toolkit: Not-for-Profit Organizations
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Copyright © 2010. AICPA Inc. All Rights Reserved. Permission is granted to download the tools and tailor or customize for internal use.
Expertise of Forensic Accounting Consultants In some situations, it may be necessary for an organization to look beyond the external audit team for expertise in the fraud area. In such cases, forensic accounting consultants can provide additional assurance or advanced expertise because they have special training and experience in fraud prevention, deterrence, investigation, and detection. Forensic accounting consultants may also provide fresh insights into the organization’s operations, control systems, and risks. The work of forensic accounting consultants may also provide comfort for the organization’s CEO and CFO. Forensic accounting consultants, however, cannot act as an insurer to prevent or detect fraud.
Many forensic accountants have obtained specific training in the identification and detection of fraud and may have additional designations such as certified fraud examiner. More information about certified fraud examiners may be located at the Web site for the ACFE at www.acfe.com
Conclusion The public is demanding greater vigilance from all parties involved in organizational governance, thus increasing the need to fight fraud. Audit committees are required to play a pivotal role in the prevention and deterrence of fraud, and to take appropriate action in the discovery of fraud. External public accountants, hired by audit committees, and internal auditors will continue to play an important part in the process. Forensic accounting consultants have emerged, however, as vital, newly recognized allies. Qualified forensic accounting consultants have the education, training, and experience to provide additional assistance to audit committees so they may better carry out their fiduciary responsibilities in the fight against fraud.
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Nominating Committee
Reports
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Nominating Committee Charge – 2020
Each year the Nominating Committee is charged with nominating “Directors as well as the officers of the Foundation. All such nominations are to be advanced to the President of the Foundation thirty (30) days prior to the Board’s June meeting.” Pursuant to the Bylaws, “The number of Elected Directors must be no fewer than five (5) or more than twenty-two.” Ten are elected upon nomination of the University President, ten are elected by the other members of the Board of Directors, and the remaining two are elected upon nomination by the Alumni Association. Process: In accordance with the Bylaws, “the Nominating Committee shall consist of no fewer than six (6) Directors with the Foundation’s Immediate Past Chair acting as the Chair. The Nominating Committee shall meet and nominate Directors as well as the officers of the Foundation. All such nominations are to be advanced to the President of the Foundation thirty (30) days prior to the Board’s June meeting.” Committee members review the Board Member Position Description and consider potential names they would be willing to recommend for service. Staff may also provide potential names for Committee consideration. Once a list of potential members is agreed upon, Nominating Committee members or the Foundation President will follow-up with the nominees to gage their interest in serving. In this process, the potential Board members should be provided with a copy of the Board Member Position Description, and their interest in serving on the Board would be assessed. At the May meeting, the Nominating Committee will consider and vote on which names to put forward for membership at the June meeting of the full Board of Directors. Officer and Committee Assignments: Upon consideration of the experience, qualifications, and preferences of Board members, the Chair of the Foundation Board, in consultation with the President of the Foundation and the Foundation CFO, will make committee assignments for each year. Officers are recommended by the Nominating Committee each year at the June meeting for approval by vote of the full Board. Summary of Board Composition: As of June 30, 2020, the Board will have the following open positions.
Presidential Appointments President Saunders has 2 Board positions to fill and 3 will be up for reappointment. Rick Byars Eligible for reappointment Full 4-year term (7/1/20 - 6/30/2024) John Gormley Eligible for reappointment Full 4-year term (7/1/20 - 6/30/2024) Todd Zaborski Eligible for reappointment Full 4-year term (7/1/20 - 6/30/2024) David Hightower Not eligible for reappointment Full 4-year term (7/1/20 - 6/30/2024) Gordon Sprague Not eligible for reappointment Full 4-year term (7/1/20 - 6/30/2024)
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Resulting Composition of the Board 10 positions appointed by the Board 10 positions appointed by the President 2 positions appointed by the Alumni Association Officers:
• Chair – Gail Dorsey currently holds this position and is in her second year of a two-year term. • Vice Chair – Jason Crawford currently holds this position and was appointed by Chair Gail
Dorsey. He is in his second year of his two-year term. • Secretary – John Gormley currently holds this position. He is in his first year of his first two-year
term. • Treasurer – David Hightower currently holds this position. He is completing the
second year of his second two-year term and will roll off the Board on 06/30/20. • Immediate Past Chair –Gordon Sprague currently holds this position. He is completing the
second year of his two-year term and will roll off the Board on 06/30/20.
Terms of office:
Chair and Vice Chair – shall be two years or until a successor is chosen and qualifies. Secretary and Treasurer – shall be within the limits of the term of their appointment and is two years or until a successor is chosen and qualifies.
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Other Business
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UWF Foundation, Inc. Board Calendar FY19-20 updated 10.01.19 - lfm Date: 2019-2020 Meeting Time Location Attendees
August 08, Thursday Board Orientation Workshop 8:30 a.m. – 10:30 a.m. Bldg. 12 Alumni Conf. Rm. New Board Members August 29, Thursday Investment Manager Breakfast 7:30 a.m. – 9:00 a.m. Pensacola Yacht Club All invited August 29, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. UWF’s Global Online Bldg.
630 E. Government Street Committee Member
August 29, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested August 29, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member September 18, Wed Board of Directors Meeting
*UWF Main Campus, Bldg 70* 3:30 p.m. – 5:00 p.m. UWF Bldg 70 “Applied
Science & Technology” Classroom
All Board Members & Requested
November 14, Thursday Donor Dinner 5:30 p.m. – 9:00 p.m. Sanders Beach – C. Jones All invited November 14, Thursday Grant Committee Meeting 10:00 a.m.- 12:00 p.m. UWF Bldg. 12 Conf. Rm. Committee Member & Requested November 21, Thursday Investment Managers Breakfast 7:30 – 9 a.m. Pensacola Yacht Club All invited November 21, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member November 21, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Committee Member November 21, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested November 21, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member December 4, Wed. Board of Directors Meeting 3:30 p.m. – 5:00 p.m. UWF Building 70 Classroom All Board Members & Requested December 12, Thursday UWF 2019 Holiday Fest 5:30 – 7:30 p.m. PNS Historic Village All invited December 14, Saturday Fall 2019 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies March 5, Thursday Investment Manager Breakfast 7:30 – 9:00 a.m. Skopelos at New World All invited March 5, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member March 5, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Committee Member March 5, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested March 5, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member TBA Grant Committee Meeting TBA UWF Bldg. 12 Conf. Rm. Committee Member & Requested March 17, Tuesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. UWF Building 70 Classroom All Board Members & Requested May 2, Saturday Spring 2020 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies May 14, Thursday Investment Managers Breakfast 7:30 a.m. – 9:30 a.m. Pensacola Yacht Club All invited May 14, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member May 14, Thursday Nominating Committee 1:00 p.m. – 2:00 p.m. Committee Member May 14, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested May 14, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member June 17, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. UWF Building 70 Classroom All Board Members & Requested
O:uwffoundation/FOUNDATION-Board Stuff/Calendars
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UWF Events and Happenings Updated: 11/15/19 LFM December 2019 5 Radio Live 6:00 p.m. Museum of Commerce 8 Lunch and a Show: A Christmas Carol, UWF Center for Fine and Performing Arts Lunch 1:00 p.m. and matinee at 2:30 p.m. (Ticket purchase is required) uwf.edu/alumni 12 UWF Holiday Fest* 5:30 – 7:00 p.m. UWF Historic Trust Museum Plaza 14 Fall 2019 Commencement 9:30 a.m. – 7:00 p.m. Pensacola Bay Center 23 WUWF Holiday Concerts: Tidings of Comfort & Joy 6:00 p.m. and 8:00 p.m. First United Methodist Church *Denotes committee members presence requested