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Investment Manager Summary Item No. 6: Annual Presentation by Pyramis Global Advisors - International Developed Growth Equity Manager (October 14, 2015, Regular Retirement Board Meeting) INVESTMENT MANAGER SUMMARY MANAGEMENT Firm Name Pyramis Global Advisors Manager Tenure with Fund 11 Years Investment Strategy/Vehicle International Developed Growth Equity Contract Expiration 07/31/2016 ASSETS Total Firm AUM (06/30/2015) $220.2 Billion Total Firm Assets in Strategy (06/30/2015) $8.8 Billion Total Assets Managed for WPERP (08/31/2015) RP- $507.0 Million HP- $84.8 Million PERFORMANCE As of 08/31/2015 YTD 1 Year 3 Year Inception Pyramis (gross) 0.93% -5.81% 9.46% 5.87% Pyramis (est. net) 0.76% -6.04% 9.15% 5.50% MSCI World ex US IMI Net -1.08% -8.84% 7.86% 4.82% Difference (net of fees) 1.84% 2.80% 1.29% 0.68% Fees Schedule 28 basis points on the first $650 million 22.5 basis points on the next $350 million 20 basis points on the balance Current Blended Fee 0.28% WATCH STATUS N/A PREVIOUSLY DISCLOSED LITIGATION N/A 6 Pyramis Global Advisors® International Growth October 14, 2015 PRESENTATION TO: Los Angeles Department of Water & Power Brian Hoesly, CFA Co-Lead Portfolio Manager Sue Curran Senior Vice President, Relationship Manager 401-292-4722 [email protected] © 2015 FMR LLC. All rights reserved. 738219.1.0 For Institutional Use Only Table of Contents 1. Pyramis Overview 2. Pyramis International Growth Investment Process 3. Investment Performance & Positioning 4. Portfolio Review and Characteristics 5. International Growth Holdings by Region 6. Appendix A. Important Information B. Biographies See "Important Information" for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation, and other information related to this presentation. 2 For Institutional Use Only 201508-18035 Pyramis Overview Our Clients and Assets Serving a diversified client base across all major asset classes PYRAMIS focuses on serving corporate retirement plans, public plans, E&F, Taft-Hartley, sovereign entities, and central banks worldwide. Pyramis Assets $220.2 $93.0B $88.4B $34.1B $4.5B International/ Fixed Income3 US Equity Other4 BILLION1,2 Global Equity Pyramis Client Relationships 310 95 165 77 38 689 Defined Benefit Defined Contribution Sub-Advised/SWF/ Endowments and Taft-Hartley CLIENTS Plans Plans Other Clients5 Foundations As of 06/30/2015. 1 Due to rounding, the total may not add up to 100% of total assets. 2 Pyramis assets under management include $74.3B of asset allocation assets, which may be invested in other Pyramis or affiliated products. Source for asset and client data: Pyramis Global Advisors as of 06/30/2015. All currency is in US dollars. 3 Fidelity Investments total fixed income bond assets are $382.9B as of 06/30/2015. 4 Includes real estate debt and REIT investment strategies. Fidelity Investments total REIT and real estate debt assets are over $20B as of 06/30/2015. 5 Includes FIL Limited retail accounts, insurance accounts, high-net-worth accounts, VEBAs, and Pyramis private investment funds. 4 For Institutional Use Only 201508-18035 Pyramis Global Advisors An institutionally focused asset manager and vehicle for Fidelity’s broad global capabilities Global organization Breadth and depth Comprehensive, Delivering Comprehensive nearly 800 associates of investment globally integrated multi-asset class and rigorous around the world offerings research platform solutions customized approach to in equity, fixed to client objectives investment and our income, and asset risk management difference allocation strategies Client-Focused Alignment Global offices in Wide array of Access to more Ability to package Investment Boston, Smithfield, global investment than 400 research offerings into capabilities aligned London, Hong Kong, capabilities, driven by professionals around customized solutions by investment style, Diverse Investment Capabilities Tokyo, Montreal, fundamental analysis the globe with for our clients capitalization, and and Toronto and security selection teams dedicated to geographic regions fundamental equity Breadth and Depth of Research and credit research for institutional clients Customized Solutions Culture of Excellence Helping our clients achieve their investment and business objectives by harnessing our deep and diverse capabilities. Research resources described herein include the combined resources of Pyramis and Fidelity Investments. 5 For Institutional Use Only 201508-18035 Significant Institutional Commitment and Experience As of June 30, 2015 REPRESENTATIVE CLIENTS Municipal/Public Corporate Taft-Hartley California State Teachers’ Retirement System Agilent Technologies Building Trades United Pension Fund El Paso Fireman & Policemen’s Pension Fund American Honda Ironworkers Local 549-550 Pension Plan Illinois Municipal Retirement Fund BASF Corporation PacifiCorp/IBEW Local Union 57 Kansas City Firefighter’s Pension Fund Caterpillar Pipeline Industry Benefit Fund Kern County Employees' Retirement Association Cox Enterprises Sheet Metal Workers Local No. 19 Marin County Employees’ Retirement Association GATX Corporation Minnesota State Board of Investment General Motors New Mexico Educational Retirement Board Kinder Morgan New York City Police Pension Fund Lexmark International Endowment/Foundation Orange County Employees' Retirement System NCR Corp. Massachusetts Taxpayers Foundation Oregon Investment Council Northern Trust Retirement Board of Allegheny County PPL Corporation San Francisco Employees' Retirement System Saint-Gobain Corporation San Mateo County Employees’ Retirement Association Verizon St. Louis Public School Retirement System State of Alabama State of Michigan Retirement System Tulare County Employees' Retirement Association Represents International Equity Clients This list is made up of Pyramis’ clients, chosen through a combination of geographic location, size, and plan type, if applicable, who have consented to disclosing their names. It is not known whether the listed clients approve or disapprove of Pyramis or the advisory services provided. 6 For Institutional Use Only 201508-18035 682476.7.0 Pyramis International Growth Investment Process Pyramis International Growth Portfolio Management TOTAL PORTFOLIO Chris Steward Brian Hoesly Co-Lead Portfolio Manager Co-Lead Portfolio Manager Industry: 1987 Industry: 1989 Pyramis: 2006 Pyramis: 2006 Regional Sub-Portfolios Europe Growth Asia Growth Canada Growth Peter Hadden Eileen Dibb Joe Overdevest Portfolio Manager Portfolio Manager Portfolio Manager Industry: 1988 Industry: 1996 Industry: 2002 Pyramis: 2005 Pyramis/Fidelity: 2005 Pyramis: 2002 ASSOCIATE PORTFOLIO MANAGERS Europe Growth Japan Growth Pacific Basin ex-Japan Growth Jonathan Cummins Camille Carlstrom Bruce MacDonald Associate Portfolio Associate Portfolio Associate Portfolio Manager/Analyst Manager/Analyst Manager/Analyst Industrials Financials Industrials Industry: 1998;Pyramis: 2008 Industry: 1992; Pyramis: 2012 Industry: 1995; Pyramis: 2012 Illustration does not indicate reporting hierarchy. 8 For Institutional Use Only 201508-18035 683246.11.0 Pyramis International Growth Aligned Resources Europe Asia Canada Associate Portfolio Managers/Analysts Japan Pacific Basin Ex-Japan London Hong Kong Jonathan Cummins Camille Carlstrom Bruce MacDonald Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Industrials Financials Industrials Product Analysts London Hong Phillip Clark Fei Chen Tom Quarmby Kong Access to 11 Canadian Consumer Discretionary Industrials, Materials Financials Fundamental Analysts Hong Robert Lee Kong Consumer Discretionary Hong Benny Lo Kong Technology Illustration does not indicate reporting hierarchy. As of June 30, 2015. 9 For Institutional Use Only 201508-18035 683246.11.0 Pyramis International Growth Investment Process PYRAMIS/FIDELITY REGIONAL PORTFOLIO FUNDAMENTAL RESEARCH MANAGEMENT LEAD PORTFOLIO MANAGEMENT TEAM Ongoing Coverage Stock Selection of > 1,300 non-US Stocks Regional Portfolio Asset Allocation Construction International Growth Opinions Maintained Total Portfolio Portfolio on All Stocks Covered Identify Best Level Risk Portfolio Candidates Management Deep Sector Expertise • Total Portfolio Oversight • >5,000 in-house company • Experienced Regional • Client Focused Resource visits annually Portfolio Managers • Assisted by Associate PMs • >24,000 non-US research and Product Analysts aligned notes published annually with the portfolio For illustrative purposes only. Research resources described herein include the combined resources of Pyramis and Fidelity Investments. 10 For Institutional Use Only 201508-18035 683246.11.0 International Growth Asset Allocation Process Lead PM team determines regional asset allocation utilizing Fidelity’s broad and deep resources Qualitative inputs are the primary focus, leveraging Fidelity’s vast global network of research analysts, supported by quantitative and technical inputs • Economic Insight from Locally-Based Research – Utilize vast fundamental research resources of the Fidelity global enterprise – Capitalize on the competitive strength of the firm–fundamental research – Generate insights across the global supply chain • Unique Regional Perspective Combining Portfolio Management and Macroeconomic Research – Integrate views of International Growth regional PMs and other regional experts – Employ the macroeconomic modeling and expertise of FMR’s Asset Allocation Research Team (AART) – Incorporate macroeconomic
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