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Sussex County, Delaware Sussex County, Delaware Quarterly Performance Report as of June 30, 2021 TABLE OF CONTENTS EXHIBITS Marquette Update ............................................................................................................................. I Market Environment .......................................................................................................................... II Sussex County Employee Pension Plan ............................................................................................ III Sussex County OPEB Plan ................................................................................................................ IV Investment Managers ........................................................................................................................V DISCLOSURE Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. Marquette Update [Page Intentionally Left Blank] Marquette Update 3Q 2021 RECENT HIRES RECENT PROMOTIONS $ th Josh Cabrera, CFA Brett Graffy, CAIA 297B 99% 35 Sr. Research Analyst Sr. Research Analyst Matt Nowak, AIF® Trent Smith assets under advisement client retention rate year in business Sr. Private Client Analyst Defined Contribution Specialist Nick Cristiano Mike Snooks Client Analyst, OCIO Client Analyst Samuel Frymier Mike Barry, CFA Client Analyst Client Analyst Brendan Hopkins Client Analyst + 120 23 11 years Jacob Schwister employees full-time partners avg. client tenure Client Analyst Jack Sannes Client Analyst Firm and client statistics as of March 31, 2021. Employees as of June 30, 2021. Client retention rate calculated 2011–2020. Ben Wright Client Analyst UPCOMING SPEAKING ENGAGEMENTS Olivia Parks f Ben Mohr speaking on “How is Fixed Income Allocation Changing?” panel at Institutional Client Analyst Investor’s Fixed Income Forum Senior Delegate Virtual Roundtable 7/22 Miguel Morales f Ben Mohr speaking on “Global Fixed Income” Markets Group roundtable 7/27 Sr. Performance Analyst f Jessica Noviskis speaking on “The Death of 60/40 and the New Perfect Portfolio” panel at Save the date: November 12th Mary Kate Baehl Portfolio Summits’ Portfolio Construction and Asset Allocation Summit 8/5 Sr. RFP Coordinator Please save the date for our 2021 Investment f Greg Leonberger moderating “Defining the Modern Allocator/Consultant/Manager Hayley Kane Symposium, being held at the Palmer House Research Associate Relationship” panel at Institutional Investor Institute’s Regional Roundtable 8/11 in Chicago. We’re excited to welcome Dr. ñ f Brett Graffy speaking on “Managers’ Perspectives: Constructing a Granular Portfolio in Jean Twenge and Ted Seides as featured Rodrigo De La Pe a Alanis Research Associate Turbulent Times” panel at LPGP’s Private Debt Chicago Conference 9/8 speakers, plus two series of flash talks by our research team that will brief attendees Tanner Maupin on popular topics and encourage timely Research Associate Halftime Market Insights Video: July 22nd conversations with our consultants. Full agenda coming in September. Follow us on Youtube Twitter LinkedIn Subscribe to email alerts at MarquetteAssociates.com Marquette Associates is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. INDEPENDENT INVESTMENT CONSULTING 3 [Page Intentionally Left Blank] Market Environment U.S. Economy U.S. Real GDP Growth • While economic activity maintained its robust pace in Q2, 12.5 growth was below economist expectations, at 6.5%. Moving 10.0 Q3 was 33.4 7.5 (capped for scaling purposes) forward, growth is expected to moderate over the next several 5.0 2.5 quarters as fiscal spending is set to become contractionary, 0.0 (2.5) based on current policy measures. (5.0) Percent, (%) (7.5) Q2 was -31.4 (10.0) (capped for scaling purposes) • If fiscal policy does become a drag on economic growth, it will be imperative for the recovery in the private sector to Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 continue. Quarterly Year-Over-Year Fiscal Contribution to GDP Growth • According to Morgan Stanley estimates, consumers are 6.0 sitting on more than $2 trillion is excess savings relative to the 5.0 4.0 pre-pandemic trend, while business inventories reside at multi- 3.0 decade lows. Both estimates argue that the private sector is 2.0 1.0 positioned to take the baton from the public sector as the 0.0 economy heads into 2022. (1.0) (2.0) Rolling 1yr Rolling 1yr (%) average, (3.0) Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 2008 2010 2012 2014 2016 2018 2020 2022 Sources: Hutchins Center, Refinitiv and The Wall Street Journal. Striped bars reflect estimates. 6 U.S. Economy Inflation • Currently, 5-year breakeven inflation remains higher than 20.0 10-year breakeven inflation (as measured by the TIPS market), 15.0 continuing to imply that inflation over the next 5 years will be 10.0 higher than inflation in the latter half of the next decade. 5.0 0.0 • The actual data appear to bear this out. According to the Month Month Change % - (5.0) Federal Reserve Bank of Atlanta, the institution’s flexible-price 12 (10.0) consumer price index (CPI)—a weighted basket of items that change price relatively frequently—increased 12.4% over the past Dec-67 Dec-71 Dec-75 Dec-79 Dec-83 Dec-87 Dec-91 Dec-95 Dec-99 Dec-03 Dec-07 Dec-11 Dec-15 Dec-19 Flexible CPI Sitcky CPI year, while their sticky CPI—a weighted basket of items that Short-Term Interest Rates change price relatively slowly—increased just 2.7% over the same 6.0 period. 5.0 4.0 • A strong economic backdrop and recent inflationary 3.0 pressures have driven a shift in the Federal Reserve’s outlook for 2.0 short-term interest rates. As of June, the Federal Reserve (%) Percent, 1.0 anticipates raising rates at least once before the end of 2023. The 0.0 futures market, on the other hand, continues to expect multiple rate hikes over the same period. Actual Fed June
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