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TMRS Investment Staff Report Q2 2018 | August 24, 2108

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TMRS Investment Staff Report Q2 2018 | August 24, 2108 I. Performance and Asset Allocation V. Real Return • Asset Allocation: Current and Target Allocations (page 4) • Asset Class Overview (page 32) • Performance by Asset Class (page 5) • Portfolio Management Structure (pages 33-34) • Allocation (page 35) II. Public Equities • Performance (pages 36-37) • Asset Class Overview (page 7) • Portfolio Management Structure (page 8) VI. Absolute Return • Allocation (pages 9-10) • Asset Class Overview (page 39) Portfolio Management Structure (page 40) • Performance (pages 11-12) • • Allocation (page 41) • Performance (page 42) III. Fixed Income • Core Fixed Income VII. Private Equity • Asset Class Overview (page 14) • Asset Class Overview (pages 44) • Portfolio Management Structure (page 15) • Portfolio Management Structure (page 45) • Allocation (page 16) • Allocation (page 46) • Performance (page 17) • Performance (page 47) • Non-Core Fixed Income • Asset Class Overview (page 18) VIII. Compliance • Portfolio Management Structure (page 19) • Compliance Overview (page 49) • Allocation (page 20) • Investment Guideline Compliance (page 50) • Committed Allocation (page 21) • Compliance Update (page 51) • New and Amended Investment Management Guidelines (page 52) • Performance (pages 22-23) IX. Risk Management IV. Real Estate • Overview (page 54) • Asset Class Overview (page 25) • Evolution of Risk Over Time (page 55) • Portfolio Management Structure (page 26) • Total Fund Risk by Asset Class (page 56) • Allocation (page 27) • IPS Guideline Implied Risk Ranges (page 57) • Performance (pages 28-30) • Active Risk Due to Allocation Decisions (page 58) • Active Risk Due to Selection Decisions (page 59) • Total Fund & Asset Class Regional Exposures (page 60) 2 I. Performance and Asset Allocation 3 TMRS Investment Portfolio Asset Allocation as of 6/30/2018 25.0% 20.0% 15.0% Percent Allocated 10.0% 5.0% 0.0% Core Fixed Non-Core US Equities Non-US Real Return Real Estate Absolute Private Cash Income Fixed Income Equities Return Equity Equivalents Current Allocation Target Allocation Source: State Street Investment Analytics-Final 4 1 Year Performance 5 Year Performance 40.0% 40.0% TMRS 35.0% 35.0% TMRS 35.0% Benchmark 35.0% Benchmark 30.0% 30.0% 25.0% 25.0% 20.0% 20.0% 14.5% 14.8% 15.0% 17.0% 17.0% 10.9% 13.0% 9.0% 15.0% 13.3% 12.6% 7.8% 8.1% 10.0% 7.5% 7.1% 6.9% 11.4% 4.4% 4.6% 5.2% 5.3% 3.5% 10.0% 7.0% 5.0% 7.0% 6.7% 6.4% 3.0% 4.7% 4.7% 5.0% 2.4% 3.6% 3.8% 0.0% 2.3% 2.4% -0.1% -0.4% -5.0% 0.0% *Real Estate and Private Equity return as of prior quarter end (returns are available on a quarterly basis only) +Absolute Returns are as of prior month end. ^Non-Core Fixed Income, Absolute Return and Private Equity performance are the annualized return since inception, given their performance history are less than 5 years 5 Source: State Street Investment Analytics-Final 6 US Equity Objective Intended to provide capital appreciation and is structured using a Core-Satellite Approach with the overall objective of exceeding its benchmark performance net of fees over rolling five year periods. Satellite strategies (Active and Rules-Based strategies with an active component) are expected to add excess return within established tracking error limits and will meet quality, diversification, and liquidity guidelines as specified in the Managers’ contracts or otherwise agreed to in writing between TMRS and the Investment Manager. International Equity Objective Intended to provide capital appreciation and diversification, and is structured using a Core- Satellite Approach with the overall objective of exceeding its benchmark performance net of fees over rolling five year periods. Satellite strategies (Active and Rules-Based strategies with an active component) are expected to add excess return within established tracking error limits and will meet quality, diversification, and liquidity guidelines as specified in the Managers’ contracts or otherwise agreed to in writing between TMRS and the Investment Manager. 7 Asset Class Manager Strategy Portfolio Benchmark Domestic Equities Northern Trust Asset Management Passive Broad Market Index Russell 3000 Index US Core/Passive US Rules-Based State Street Global Advisors Passive Fundamental Index Russell RAFI US Index US Rules-Based UBS Global Asset Management Passive Minimum Volatility MSCI US Min Vol Index US Satellite/Active Epoch Investment Partners, Inc. US Traditional All Cap Russell 3000 Index US Satellite/Active Sasco Capital, Inc. US Opportunistic All Cap Russell Mid Cap Value Index US Satellite/Active The Boston Company US Mid Cap Opportunistic Russell Mid Cap Index US Satellite/Active Champlain Investment Partners US Mid Cap Core Russell Mid Cap Index US Satellite/Active The Boston Company US Small Cap Opportunistic Russell 2000 Index US Satellite/Active Wellington Management US Small Cap Opportunities Russell 2000 Index International Equities All Country World (ACW) Northern Trust Asset Management Passive Broad Market Index Non-US Core/Passive ex US Investable Market Index (IMI) Non-US Rules-Based State Street Global Advisors Passive Fundamental Index Russell RAFI Global ex US Index Non-US Rules-Based UBS Global Asset Management Passive Minimum Volatility MSCI World ex US Min Vol Index Non-US Opportunistic Relative Non-US Satellite/Active Wellington Management MSCI ACWI ex US Index Value Non-US Satellite/Active Lazard Asset Management Non-US Opportunistic Core MSCI ACWI ex US Index Non-US Satellite/Active Acadian Asset Management Non-US Emerging Markets MSCI Emerging Markets (EM) Index Non-US Satellite/Active William Blair & Company Non-US Emerging Markets MSCI Emerging Markets (EM) Index Non-US Satellite/Active Wellington Management Non-US Small Cap Opportunities MSCI EAFE Small Cap Index Non-US Satellite/Active Wasatch Advisors Non-US Small Cap Growth MSCI AC World ex. US Small Cap Index 8 % of Total Fund as of 6/30/2018 % of Total % of Total PASSIVE Portfolio Mgrs Market Value ACTIVE Portfolio Mgrs Market Value Portfolio Portfolio US PASSIVE EQUITY: US RULES-BASED EQUITY: $ 803,557,305 2.8% $ 3,262,196,373 11.4% NTAM Russell 3000 US ACTIVE EQUITY: $ 1,822,725,774 6.4% NON-US PASSIVE EQUITY: NON-US RULES-BASED EQ: $ 592,041,649 2.1% NTAM ACW ex. US IMI $ 2,757,913,742 9.6% NON-US ACTIVE EQUITY: $ 1,581,808,252 5.5% TOTAL: $ 6,020,110,115 21.0% TOTAL: $ 4,800,132,981 16.8% Total Equity Portfolio Current Allocation Target Allocation 30.0% 21.0% 20.0% 17.5% 16.8% 17.5% 40.0% 37.8% 10.0% 35.0% 3.5% 35.0% 0.0% -0.7% 30.0% -10.0% PASSIVE Portfolio ACTIVE Portfolio 25.0% Current Allocation Current Active Current RB Target Allocation Difference 20.0% Target Allocation Difference 10% 0.4% 15.0% 8% 2.8% 8.75% 8.75% 6% 2.1% 10.0% 4% 6.4% 5.5% 2% 5.0% 2.8% 0% -2% -1.2% 0.0% US non-US ACTIVE ACTIVE Portfolio Portfolio 9 NOTE: Percentages may not be exact due to rounding Current Allocation By Asset Category Current Allocation by Manager vs. Total Portfolio vs. Total Equity Portfolio Russell 3000 US Passive Non-US ACWI ex. US IMI 11.4% Passive 9.6% SSgA Global ex. US UBS World ex. US MV Wellington Intl Horizons Lazard Intl Equity Plus Russell 3000 ACW ex. US IMI Acadian EM US Passive non-US Passive William Blair EM 30.8% 25.9% 2.6% Wasatch Intl SC Wellington Intl SC 2.9% Epoch US RB Active Non-US RB 2.3% Sasco 2.8% Active 2.1% 3.8% 2.1% The Boston Co. MC Champlain 3.6% 2.3% 3.2% 2.2% The Boston Co. SC US Active Non-US Active 3.2% 2.9% Wellington US SC 6.4% 5.5% 2.9% 2.1% 2.3% SSgA US Fund 2.3% 2.8% UBS US MV 10 Incept MKT VAL % of plan 1 Month 3 Months YTD 1 Yr. 3 Yrs. 5 Yrs. 7 Yrs. 10 Yrs. ITD Date NGR0A02 - TMRS - TOTAL EQUITY 10,820,254,088.74 37.8 -0.63 0.63 0.39 11.93 9.22 10.42 9.01 6.61 5.45 01-01-08 EQUITY ACTIVE WEIGHTED INDEX (DAILY) -0.57 0.84 -0.01 11.45 9.08 10.32 8.90 6.52 5.34 01-01-08 Excess -0.06 -0.21 0.40 0.48 0.14 0.10 0.11 0.09 0.11 NGR0A06 - TMRS - TOTAL DOMESTIC EQUITY 5,888,488,478.74 20.6 0.58 3.94 3.18 14.52 11.21 12.95 12.75 10.04 8.77 01-01-08 TMRS - RUSSELL 3000 DAILY 0.65 3.89 3.22 14.78 11.58 13.29 13.01 10.23 8.94 01-01-08 Excess -0.07 0.05 -0.04 -0.26 -0.37 -0.35 -0.26 -0.19 -0.17 NGR6 - TMRS - RUSSELL 3000 INDEX FUND (NL) 3,262,196,373.12 11.4 0.65 3.88 3.20 14.73 11.57 13.27 12.99 15.02 12-01-08 RUSSELL 3000 (DAILY) 0.65 3.89 3.22 14.78 11.58 13.29 13.01 15.04 12-01-08 Excess -0.01 -0.01 -0.02 -0.04 -0.01 -0.03 -0.03 -0.02 NGTM - SSGA RUSSELL RAFI US 392,974,830.61 1.4 0.49 3.66 1.23 13.14 10.40 11.89 12.78 02-01-13 Russell RAFI U.S. Index 0.52 3.75 1.29 13.23 10.56 12.03 12.94 02-01-13 Excess -0.03 -0.09 -0.06 -0.09 -0.15 -0.14 -0.16 NGTN - UBS US EQUITY MIN VOL FUND NL 410,582,474.59 1.4 1.66 2.86 1.73 10.77 11.98 12.69 14.04 01-01-13 MSCI USA Minimum Volatility Index-Net 1.61 2.70 1.44 10.16 11.33 12.04 13.37 01-01-13 Excess 0.05 0.15 0.29 0.61 0.65 0.65 0.67 NGTY - EPOCH U.S.
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