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Annualized Performance of Mondrian International Small Cap Composite Versus Value and Growth Indices

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Annualized Performance of Mondrian International Small Cap Composite Versus Value and Growth Indices Memorandum To: Board of Trustees, Fresno County Employees’ Retirement Association From: Jeffrey MacLean, CEO & Senior Consultant Date: June 2, 2021 RE: Existing Manager Presentation: Mondrian Emerging Markets and International Small Cap Strategies As part of the ongoing Board due diligence and education, Verus and FCERA staff coordinate visits from existing investment managers to discuss investment philosophy, market conditions and organizational updates. Below, please find a brief refresher on the Mondrian Emerging Markets and International Small Cap strategies. Mondrian Emerging Markets Mandate: Emerging Markets Equity Portfolio Size (as of 3/31/2021): $188,418,974 million (3.3% of FCERA’s total portfolio) Mondrian International Small‐Cap Mandate: International Small Cap Equity Portfolio Size (as of 3/31/2021): $192,502,897 million (3.4% of FCERA’s total portfolio) Strategy Overview The Mondrian strategies are predicated on a value‐driven, defensive investment philosophy where dividend yield and future real growth play a central role in the decision‐making process. Mondrian’s security selection process is based on market and security valuations where top‐ down and bottom‐up analysis accounts for equal portions of its approach. To measure the fair value of a company, the team utilizes a dividend discount model of inflation‐adjusted future income streams across all markets, industries, and sectors. Stocks and/or regions that are significantly undervalued relative to the model are potential buy candidates. The International Small‐Cap strategy utilizes more of a bottom‐up focus relative to the emerging markets strategy due to the niche supply/demand influences that tend to accompany those companies on the small‐cap end of the market. Performance Overview The Mondrian Emerging Markets strategy outperforms the MSCI Emerging Markets Index over the 1‐year and 3‐year annualized periods. When measured against the MSCI Emerging Markets Value Index, the strategy compares more favorable outperforming the style benchmark over the 1‐year, 3‐year, 5‐year, and 10‐year annualized periods. On a since inception basis (Nov. 2005), the strategy is underperforming the MSCI Emerging Markets Index by 50 basis points but outperforming the value index by 70 basis points. S E A T T L E | L O S A N G E L E S | S A N F R A N C I S C O | VERUSINVESTMENTS.COM The International Small‐Cap strategy has underperformed the S&P Developed Ex‐U.S. Small‐Cap Index over the 1‐year, 5‐year, and 10‐year annualized periods. Over the long‐term, the strategy has returned meaningful alpha. Since inception for FCERA (Nov. 2009), the strategy has added 60 basis points of excess return. Net Returns: Calendar Years and Annualized Annualized 2020 2019 2018 2017 2016 1 Yr. 3 Yr. 5 Yr. 10 Yr. S.I. Mondrian Emerging Markets 15.2 18.3 ‐13.8 27.2 9.0 62.0 6.8 9.6 3.5 6.5 Nov‐05 MSCI Emerging Markets 18.3 18.4 ‐14.6 37.3 11.2 58.4 6.5 12.1 3.7 7.0 Nov‐05 MSCI Emerging Markets Value 5.5 12.0 ‐10.7 28.1 14.9 52.5 2.6 8.4 1.0 5.8 Nov‐05 Difference from EM Index ‐3.1 ‐0.1 0.8 ‐10.1 ‐2.2 3.6 0.3 ‐2.5 ‐0.2 ‐0.5 Difference from EM Value Index 9.7 6.3 ‐3.1 ‐0.9 ‐5.9 9.54.21.22.50.7 As of M arch 31, 2021 Net Returns: Calendar Years and Annualized Annualized 2020 2019 2018 2017 2016 1 Yr. 3 Yr. 5 Yr. 10 Yr. S.I. Mondrian International Small‐Cap 10.3 25.1 ‐14.6 32.4 0.1 58.4 7.4 9.5 7.4 9.7 Nov‐09 S&P Developed Ex‐U.S. SmallCap 13.7 24.7 ‐18.4 32.4 3.8 66.0 6.7 10.5 7.69.1Nov‐09 Difference ‐3.4 0.4 3.8 0.0 ‐3.7 ‐7.6 0.7 ‐1.0 ‐0.2 0.6 As of M arch 31, 2021 2 Past performance is no guarantee of future results. This document is provided for informational purposes only and is directed to institutional clients and eligible institutional counterparties only and is not intended for retail investors. Nothing herein constitutes investment, legal, accounting or tax investment vehicle or any trading strategy. This document may include or imply estimates, outlooks, projections and other “forward‐looking statements.” No assurance can be given that future results described or implied by any forward looking information will be achieved. Investing entails risks, including possible loss of principal. Verus Advisory Inc. and Verus Investors, LLC (“Verus”) file a single form ADV under the United States Investment Advisors Act of 1940, as amended. Verus – also known as Verus Advisory™ or Verus Investors™. 3 June 2, 2021 Representing Mondrian: Andrew Miller Chief Investment Officer Emerging Markets Equities Presentation to : Managing Partner James F. Brecker III Fresno County Employees' Head of Global Client Services and Business Development Managing Partner Retirement Association Laura A. Conlon Executive Client Service and Mondrian Emerging Markets Business Development Officer Partner Equity Fund, L.P. A g e n d a 4 Organization 10 Investment Philosophy 15 Performance 22 Investment Strategy 29 Appendix Mondrian Investment Partners Limited Mondrian Investment Partners (U.S.), Inc. Mondrian Investment Group (U.S.), Inc. Fifth Floor 201 King of Prussia Road, Suite 620 1105 N. Market Street, Suite 1300 10 Gresham Street Radnor, PA 19087 Wilmington, DE 19801 London EC2V 7JD Telephone: (215) 825-4500 Telephone: (302) 428-3839 Telephone: 020 7477 7000 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority www.mondrian.com Authorized only for use with Qualified Purchasers Biographies M O N D R I A N I N V E S T M E N T P A R T N E R S Andrew Miller Chief Investment Officer Emerging Markets Equities, Managing Partner Mondrian Investment Partners Limited London Mr. Miller has a BA (Hons) degree in History from the University of Birmingham. Prior to joining Mondrian in 2000, he worked in the Investment Management department of PricewaterhouseCoopers, where he was responsible for the analysis and audit of various investment vehicles. Whilst at Mondrian, Mr. Miller has specialized in Emerging Markets and he is now the Chief Investment Officer for this product. Mr. Miller holds the ASIP designation and is a member of the CFA Institute and the CFA Society of the UK. James F. Brecker III, CFA Head of Global Client Services and Business Development, Managing Partner Mondrian Investment Partners (U.S.), Inc. Philadelphia Mr. Brecker is a graduate of the University of Richmond, where he earned a Bachelor of Science degree in Business Administration. He joined Mondrian’s former US affiliate in 2000. He leads Mondrian’s global client service, consultant relations and business development efforts. He is also a product specialist for Mondrian’s emerging markets equity strategies. Mr. Brecker is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. Laura A. Conlon, CFA Executive Client Service and Business Development Officer, Partner Mondrian Investment Partners (U.S.), Inc. Philadelphia Ms. Conlon is a Summa Cum Laude graduate of Rosemont College where she earned a Bachelor of Science degree in Business Administration. Ms. Conlon worked at Morgan, Lewis & Bockius, LLP before joining Mondrian’s former affiliate in 1997. In her present role, she is responsible for client service, consultant relations, and business development, focusing primarily on small cap equity strategies. Ms. Conlon is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. 2 Fund Disclosure Summary Mondrian Emerging Markets Equity Fund, L.P. The Fund involves a variety of risks, including, but not limited to, the following. An investment in the Fund is not suitable for all investors and involves the risk of loss. There can be no assurance that the Fund will be able to achieve its investment objectives. The investment return and value of interests in the Fund will fluctuate. When a withdrawal is made, the interests may be worth more or less than when originally purchased. Registration - The Fund is not, and does not intend to become, registered as an investment company under the 1940 Act, as amended. Consequently, the Fund as a whole is subject to less federal or state regulation and supervision than registered investment companies. Other Activities - The investment manager manages the investment activities of the Fund and other investment funds and accounts and expects to manage other funds and accounts in the future, including other funds and accounts with objectives similar to those of the Fund. International Investing - Prospective investors should understand and consider carefully the greater risks involved in investing internationally. Investing in securities of non-U.S. issuers, positions which generally are denominated in foreign currencies, and utilization of forward foreign currency contracts, involve both opportunities and risks not typically associated with investing in U.S. securities. The Fund may invest in emerging markets. The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. The cost of investing in securities of non-U.S. issuers can be higher than the cost of investing in U.S. securities. Strategy Risks - Other strategy risks include investing in equity securities, foreign custody arrangements, market risks, currency risks, forward contracts on foreign currencies and foreign exchange risks. Portfolio Illiquidity - The Fund may invest in securities that later become illiquid or otherwise restricted.
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