Fixed Income Management€¦ · Fixed Income Management Quarter Ended March 31, 2020 5 Houston Center 1401 McKinney, Suite 1600 . Houston, TX 77010. Tel: (713) 853-2359. Fax: (713)
22
Fixed Income Management Quarter Ended March 31, 2020 5 Houston Center 1401 McKinney, Suite 1600 Houston, TX 77010 Tel: (713) 853-2359 Fax: (713) 853-2300 [email protected]www.GarciaHamiltonAssociates.com Awards/rankings may not represent client experiences and are not indicative of future performance. Go to www.garciahamiltonassociates.com/awards/ for additional information on each award. Presented By: Gilbert A. Garcia, CFA Managing Partner Ruby Muñoz Dang Partner
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Presented By
Gilbert A Garcia CFAManaging Partner
Ruby Muntildeoz DangPartner
Founded in 1988 Firm is 100 employee-owned and certified as an MBE firm ESGRI Manager and a Principles for Responsible Investment (PRI) signatory Firm has 34 employees located in HoustonTexas The 10 members of the investment team have over 200 years of investment experience and over 90 years
with the firm combined Firm manages approximately $15 billion in assets under management High-quality fixed income strategies designed to prevent ldquonegative surprisesrdquo No debt
Organization
1
Asset Breakdown
Data as of March 31 2020
Otherlt1
Mutual Fund5
Corp Retirement5
Insurance2
Corp Non-Erisa8
EndowmentFoundation
8
Jointly Trusteed10
Public62
By Client
Fixed Income Aggregate
70
Fixed Income Short Duration
5
Fixed Income Intermediate GovtCredit
12
Fixed Income Enhanced Cash
2Fixed Income Intermediate Aggregate
4Other Fixed Income Products
7
By Type
Partners
2
MORGAN DOYLEClient Relations Manager BS University of TexasYear Hired 2014Industry Experience 6 yrsOwnership 10
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
Founded in 1988 Firm is 100 employee-owned and certified as an MBE firm ESGRI Manager and a Principles for Responsible Investment (PRI) signatory Firm has 34 employees located in HoustonTexas The 10 members of the investment team have over 200 years of investment experience and over 90 years
with the firm combined Firm manages approximately $15 billion in assets under management High-quality fixed income strategies designed to prevent ldquonegative surprisesrdquo No debt
Organization
1
Asset Breakdown
Data as of March 31 2020
Otherlt1
Mutual Fund5
Corp Retirement5
Insurance2
Corp Non-Erisa8
EndowmentFoundation
8
Jointly Trusteed10
Public62
By Client
Fixed Income Aggregate
70
Fixed Income Short Duration
5
Fixed Income Intermediate GovtCredit
12
Fixed Income Enhanced Cash
2Fixed Income Intermediate Aggregate
4Other Fixed Income Products
7
By Type
Partners
2
MORGAN DOYLEClient Relations Manager BS University of TexasYear Hired 2014Industry Experience 6 yrsOwnership 10
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1992
82
78
74
NM
-
-
2
35
470
7
1993
108
104
98
NM
-
-
3
62
741
8
1994
-33
-38
-29
NM
-
-
3
60
1079
6
1995
188
185
185
NM
-
-
4
89
1490
6
1996
33
31
36
NM
-
-
3
84
1785
5
1997
89
87
97
NM
-
-
3
107
2219
5
1998
98
95
87
NM
-
-
3
117
3543
3
1999
-21
-23
-08
NM
-
-
4
127
3893
3
2000
118
116
116
NM
-
-
3
102
3704
3
2001
79
77
84
NM
-
-
3
99
3496
3
2002
104
102
103
NM
-
-
3
85
3280
3
2003
41
39
41
NM
-
-
3
88
4628
2
2004
49
48
43
NM
-
-
4
98
4710
2
2005
38
36
24
NM
-
-
4
121
4152
3
2006
42
40
43
NM
-
-
4
126
3025
4
2007
86
84
70
01
-
-
6
184
2215
8
2008
59
57
52
02
-
-
9
248
1538
16
2009
121
119
59
17
-
-
16
419
1939
22
2010
82
80
65
04
-
-
27
653
2382
27
2011
53
51
78
03
35
28
42
983
2704
36
2012
105
103
42
02
31
24
47
1084
3227
34
2013
01
-01
-20
02
34
27
59
1372
3387
40
2014
80
78
60
02
28
26
111
2485
4962
50
2015
08
07
06
01
32
29
146
3768
6340
59
2016
32
30
27
01
33
30
168
5080
8016
63
2017
38
36
35
01
31
28
185
7135
10071
71
2018
10
08
00
02
25
28
205
8287
12590
66
2019
73
71
87
05
23
29
250
10113
14997
67
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
1988
24
23
23
NM
-
-
1
30
80
38
1989
158
152
128
NM
-
-
2
31
157
20
1990
103
98
92
NM
-
-
5
37
207
18
1991
179
173
147
NM
-
-
5
66
311
21
1992
79
74
72
03
-
-
7
85
470
18
1993
114
109
88
NM
-
-
1
7
741
1
1994
-38
-43
-19
NM
-
-
4
38
1079
4
1995
167
161
153
NM
-
-
3
42
1490
3
1996
40
35
41
01
-
-
11
84
1785
5
1997
79
74
79
01
-
-
14
289
2219
13
1998
86
81
84
02
-
-
15
400
3543
11
1999
-01
-06
04
04
-
-
12
284
3893
7
2000
105
99
101
02
-
-
11
189
3704
5
2001
87
82
90
03
-
-
11
172
3496
5
2002
98
93
98
02
-
-
9
154
3280
5
2003
42
37
43
03
-
-
12
166
4628
4
2004
39
34
30
02
-
-
14
223
4710
5
2005
24
19
16
01
-
-
18
294
4152
7
2006
44
41
41
01
-
-
18
307
3025
10
2007
83
80
74
01
-
-
19
340
2215
15
2008
54
51
51
02
-
-
19
269
1538
17
2009
109
106
52
05
-
-
28
443
1939
23
2010
73
71
59
02
-
-
32
495
2382
21
2011
37
34
58
01
35
26
34
623
2704
23
2012
96
94
39
02
32
22
34
651
3227
20
2013
12
10
-09
02
33
21
32
556
3387
16
2014
47
45
31
02
24
19
38
774
4962
16
2015
15
13
11
01
23
21
42
825
6340
13
2016
31
29
21
02
24
22
48
1057
8016
13
2017
23
21
21
01
22
21
51
1145
10071
11
2018
13
11
09
01
19
21
57
1284
12590
10
2019
61
59
68
02
16
20
72
1577
14997
11
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2009
64
63
11
NM
-
-
1
80
1939
4
2010
32
30
24
NM
-
-
2
72
2382
3
2011
25
22
16
NM
-
-
2
74
2704
3
2012
52
50
05
01
13
07
6
196
3227
6
2013
12
10
04
NM
14
05
2
27
3387
1
2014
21
19
06
NM
12
04
2
27
4962
1
2015
12
12
06
NM
12
06
1
1
6340
lt1
2016
24
23
09
NM
11
08
3
40
8016
1
2017
16
14
05
NM
10
08
1
29
10071
lt1
2018
16
15
16
NM
07
09
4
122
12590
1
2019
35
34
36
NM
04
10
4
87
14997
1
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US Intermediate
Aggregate
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2008
54
51
49
NM
-
-
4
136
1538
9
2009
115
112
65
NM
-
-
5
130
1939
7
2010
73
70
62
01
-
-
7
201
2382
8
2011
40
38
60
03
33
23
9
203
2704
8
2012
89
86
36
01
30
19
11
235
3227
7
2013
11
09
-10
01
31
20
16
250
3387
7
2014
53
51
41
01
24
20
16
269
4962
5
2015
17
16
12
01
24
21
18
267
6340
4
2016
32
30
20
01
25
21
20
287
8016
4
2017
22
20
23
01
23
20
22
331
10071
3
2018
16
14
09
01
19
21
23
379
12590
3
2019
59
57
67
01
16
20
26
462
14997
3
Year End
Annual Composite Performance Results
Standard Deviation (3-yr)
Composite Assets
Firm Assets
Gross Composite
Total Return ( US$)
Net Composite
Total Return ( US$)
Bloomberg Barclays US
1-3 Year Govrsquot
Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot
Index ()
Number of Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2004
29
27
11
NM
-
-
1
22
4710
lt 1
2005
26
25
17
NM
-
-
1
42
4152
lt 1
2006
46
45
41
NM
-
-
1
44
3025
1
2007
71
69
71
NM
-
-
1
47
2215
2
2008
73
71
67
NM
-
-
1
50
1538
3
2009
23
22
14
NM
-
-
1
51
1939
3
2010
28
27
24
NM
-
-
1
56
2382
2
2011
33
31
16
NM
12
10
1
56
2704
2
2012
15
13
05
NM
10
07
1
29
3227
lt 1
2013
04
03
04
NM
09
05
2
64
3387
2
2014
15
14
06
NM
09
04
1
55
4962
1
2015
11
09
06
NM
11
06
1
55
6340
1
2016
19
18
09
NM
11
08
1
56
8016
1
2017
14
13
05
NM
10
08
2
67
10071
1
2018
16
15
16
NM
08
09
2
68
12590
1
2019
23
22
36
NM
03
10
2
66
14997
lt 1
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Bloomberg Barclays US GovernmentCredit Index Return ()
Composite Dispersion
()
Composite
()
Bloomberg Barclays US GovernmentCredit Index ()
Number of
Portfolios
Composite Assets
Period End
(US$ mil)
Total Firm Assets
Period End
(US$ mil)
of
Firm Assets
2005
30
29
24
NM
-
-
1
101
4152
2
2006
40
38
38
NM
-
-
2
105
3025
3
2007
84
82
72
NM
-
-
2
9
2215
lt 1
2008
68
65
57
NM
-
-
3
15
1538
lt 1
2009
88
85
45
NM
-
-
3
15
1939
lt 1
2010
81
78
66
NM
-
-
2
11
2382
lt 1
2011
61
59
87
NM
38
34
2
13
2704
lt 1
2012
115
112
48
NM
34
30
2
14
3227
lt 1
2013
-02
-05
-24
NM
37
32
2
12
3387
lt 1
2014
85
82
60
NM
32
30
1
6
4962
lt 1
2015
08
06
02
NM
36
33
3
93
6340
1
2016
30
28
31
NM
38
35
4
138
8016
2
2017
42
40
40
NM
36
33
5
145
10071
1
2018
06
04
-04
NM
30
32
5
163
12590
1
2019
89
87
97
05
30
33
10
484
14997
3
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
