Opening Remarks and Introduction UWF Foundation, Inc. Board of Directors Meeting Administration and Law Building 70, Room #115 September 18, 2019 3:30 – 5:00 p.m.
Agenda
Opening Remark/ Introduction Gail Dorsey, BOD Chair Call to Order / Agenda
Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary
Information Reports
University Update Martha Saunders, UWF President
Advancement Report Howard Reddy, VP for Advancement
Audited Financial Statements* Molly Murphy and Allison Jones
Student Presentation Marissa Agerton, Study Abroad Grant Recipient
Updated Sunshine Notice Margaret Stopp, Foundation Attorney
Alumni Report Eric Brammer, Alumni Assoc. President
CFO’s Report Dan Lucas, Chief Financial Officer
Housing Update Neil McMillion
Committee/Officers Reports Executive Committee Gail Dorsey, BOD Chair Actions of the Executive Committee*
Investment Committee Jason Crawford, BOD Vice Chair Quarterly Performance Report Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee*
Audit Budget Committee David Hightower, BOD Treasurer Actions of the Audit Budget Committee* Budget to Actual Reports Housing & Foundation Statement of Functional Expenses Unspent Budget Report Grant Committee Tim Haag, Chair Meeting – Thursday, November 14, 2019 Nominating Committee Gordon Sprague, BOD Immediate Past Chair Meeting – Thursday, November 21, 2019
Other Business Gail Dorsey, BOD Chair Conflict of Interest Policy & Disclosure form Contact Information Updates form
Closing Remarks from Chair Gail Dorsey, BOD Chair Adjourn *Indicates possible action item for the Board. UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING Alumni Conference Room June 17, 2019 @ 3:30 p.m. – 5:00 p.m.
Present Members: Gail Dorsey (Chair), Connie Bookman (via conference call), Jamie Calvert, Dave Cleveland, Jason Crawford, Dee Dee Davis, Megan Fry, Tim Haag, David Hightower (via conference call), James Hosman, Kathie Jeffcoat, Trip Maygarden, David Peaden, Bill Rone, Chris Roney, Martha Saunders, Bruce Vredenburg
Staff: Howard Reddy, Daniel Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Missy Grace, Brett Berg, Tori Bennett, Candice Lance, Teresa Burgess
Guests: Dr. Jim Hurd, Dr. Brandon Frye, Dr. Kim LeDuff, Neil McMillion, Shana Gore, Katie Condon, and Angel Patane (student)
Call to Order: Gail Dorsey called the meeting to order at 3:32 p.m. and thanked everyone for attending. A special welcome and a brief introduction for incoming SGA Vice President Jamie Calvert took place as she will serve on the Board for fiscal year 2019-20. At this time, Gail also asked that all members complete the Board Engagement Assessment before the conclusion of the meeting.
Roll Call and Approval of the Minutes: Staff verified that a quorum had been established. The Board reviewed the minutes of the meeting held on March 13, 2019. Trip Maygarden made a motion to approve the minutes as submitted. Bruce Vredenburg seconded the motion with all members voting to approve the motion.
Information Reports:
University Update: Dr. Saunders presented the report on the University. After accountability reports were presented to the Board of Governors, it was revealed that UWF had received an all- time high score of 94, placing second in the State for Performance-Based Funding. UWF finished one point behind the University of Florida, which is a testament to the hard work done here every day. The UWF robotics team finished second out of 41 teams in the annual IEEE SoutheastCon hardware competition held in April, outperforming every team competing from the Florida University System. Recently in Orlando, Dr. Saunders was selected for the prestigious Career Services Champion Award by the National Association of Colleges and Employers (NACE). This award is given to university presidents who establish and demonstrate forward-thinking leadership in support of career services education. Regarding personnel investment, Dr. Saunders announced that Shelly Blake and Dr. Kim LeDuff will now permanently retain the duties they took on after the departure of Dr. Joffrey Gaymon, which includes much of student affairs, financial aid and the registrar’s office. Recent travel was highlighted including: a trip to Japan showcasing the JiKei partnership; Montgomery, AL for the National Security Forum; and a visit to Washington D.C. for an alumni relations event. Dr. Saunders reported that UWF’s student Dance Marathon raised approximately $55,000 for Children’s Miracle Network, and that a grand
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
opening was held in April for the UWF Center for Cyber Security. In closing, the first ever UWF Landscaping Master Plan is in progress and the goal is to make the campus feel very welcoming.
Advancement Report: Howard Reddy shared highlights from the Division of University Advancement providing an update on the gifts, pledges, and planned gifts, which totaled $8,266,980 as of June 14, 2019. Special mention was made that there are sixty new major gifts in excess of $10,000, year to date. University Advancement has seen exceptional results across the board, proof that a strong presence within the community helps increase fundraising success. The return of “Phone-a-Thon” (a student-led calling campaign) yielded $33,735 in donations from alumni. This represents a 64% increase in alumni participation. The second annual Day of Giving held on April 18, 2019 was a collaborative campus-wide effort with Missy Grace and Kathleen Norwood leading the way. The event was a great success whereby $130,000 was raised in twenty- four hours. Donors giving $30 or more received a special pair of UWF socks as a “thank you”; the promotion went over very well and was heavily documented on social media. Stewardship events and donor receptions remain areas of focus. Howard concluded by recognizing both Director of Advancement Services Margi Baker and Assistant Director of Prospect Research Summer Reilly for recently receiving the prestigious designation of Blackbaud’s Raiser’s Edge Professional Certification. Raiser’s Edge is the top industry-wide software used for tracking donor records. Professional development of staff within the Division continues to remain an important focus.
Student Presentation: Angel Patane, a nursing student in her junior year, was recently named Lead Student Ambassador. A native of Pensacola, Angel enjoyed participating in the Student Government Association while in high school, so pursuing SGA in college seemed like a natural fit. Angel spent her first year of college at the University of South Alabama, but quickly missed her home city of Pensacola and wasted no time returning and enrolling at UWF. She is immersing herself in activities on campus, excelling in her course work and enjoying being connected to the campus community. She looks forward to the coming academic year and all the wonderful experiences the Student Ambassador Program will provide.
Alumni Report: Missy Grace reported that the UWF Alumni Association was busy engaging students and alumni at fifteen different events during the quarter. Some of the highlights include: Commencement ceremony with 1233 new graduates, Spring Grad Fair with 552 new graduates attending, Historic Trust Open House with 200 attendees, Founders Week of Play with 100 attendees and High Heeled Happy Hour with 61 GOLD alumni in attendance. It was a record- breaking year with 452 Senior class gifts made in exchange for graduation medallions. Outreach efforts led the Alumni staff to Tampa, Jacksonville, Orlando, and Washington D.C. in order to connect across the country and a Blue Wahoos game garnered 150 responses from interested local alumni. In all, 2,656 total alumni and friends engaged from March to June. The Board recruited two new alumni board members: Hong Potomski, 2007 MBA and Chasidy Hobbs, 2003 BS/MS Environmental Studies. Their terms begin July 1, 2019. Eric Brammer will be new President and Nicole Stacey will be new Vice President. Teresa Burgess, Alumni Relations Coordinator, was
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
awarded the President’s Award for Leadership in Diversity. The Student Ambassadors served over 3,600 and completed over 138 university and community events for the 2018-19 academic year. They are the first Student Organization to have members complete UWF’s Cross Cultural Competency Class.
CFO’s Report: Dan Lucas presented the CFO’s Report. The conversion from FASB to GASB took place and the audit is currently in progress. The new Housing programs and scholarships recently introduced are getting good traction. Finally, preparations for the next campaign are underway with emphasis being placed on systems and personnel improvements.
Reports of Board Officers & Committees:
Executive Committee: Gail Dorsey noted that a copy of the minutes was sent to each Board member. It was reported that no actions were taken by the Executive Committee. She then deferred to Jason Crawford, Chair of the Investment Committee, for his report.
Investment Committee: Jason Crawford reported that the ending market value of investments was $90,878,801 as of June 30, 2019. Performance for the quarter was 8.72% and the 10-year- to- date performance was 9.46%. Atlanta Consulting Group (ACG) continues to perform well. They helped the committee meet its goal of expanding board member knowledge on investments and financial matters. ACG has also had a significant role in the success of the Investment Manager Breakfasts, which led to increased community engagement – another high priority for the committee. The breakfast meetings proved to be great networking events, well- attended by business owners and community leaders as well as donors. All board members are encouraged to attend and to refer names for future invitation lists. Student fellowship is another important component to engagement. James Hosman helped form a subcommittee to implement a new student fellowship program in conjunction with the College of Business. Students selected for the inaugural program are Suzanna Daughtry and Hunter McCabe. They will be invited to attend full board meetings, committee meetings and other events, as well as take part in several mentorship programs. Jamie Calvert, this year’s SGA Foundation Board representative, will assist as a liaison for the students. Dave Cleveland added that this program is not only valuable for the students but also aligns well with the High-Impact Practices (HIPs) metrics requirement set forth by the Board of Governors.
Jason shared that the Investment Committee voted on changing the policy ranges for liquidity in the portfolio from 0 – 5% to 0- 10% to align with spending needs. Jason brought forth the motion to increase the percentage. It was seconded by James Hosman and the motion carried with all members voting in favor. The Endowment Allocations and Administrative Fee Policy was discussed. Keeping the operating budget at 1.75% as opposed to reducing it to 1.50% allows for more room for staff development and retention. Kathie Jeffcoat made the motion to set the Policy to 1.75% and Bruce Vredenburg seconded the motion and the motion carried.
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
Audit/Budget Committee: Dan Lucas presented the Audit/Budget Committee report for David Hightower which included the 2019-20 budgets for both Housing Operations and the Foundation. Jason Crawford made a motion to approve the Housing Budget and it was seconded by Bill Rone. All voted in favor and the motion carried. New scholarships for meals and housing are being awarded as planned. There is an increase in the First Time in College (FTIC) population as well as out-of-state registrations and transfer students. Bill Rone made the motion to pass the Foundation’s budget; it was seconded by Bruce Vredenburg and the motion carried with all voting in favor.
Neil McMillion discussed Housing occupancy, which is up compared to last year, and the financial aid leveraging that is taking place to help increase contracts. To date Housing is 200 contracts ahead of where it was last year at the same time and are on track for meeting goals.
Nominating Committee: Trip Maygarden reported all four of the nominees put before the committee were vetted and approved at the last meeting. Gail Dorsey stated that there has been an inactive member. Gail made a motion to remove this member from the Board. Jason Crawford seconded and the motion carried with all members in favor. Trip then presented a motion to approve the full slate of nominees effective July 1, 2019 as follows: Presidential Appointees: Rodney Sutton and Caryl Greene; Alumni Board Appointee: Amber McClure; Nominating Committee Appointee: Chad Henderson. Reappointments are: Trip Maygarden, Kathie Jeffcoat and Jason Crawford. In addition, Eric Brammer is the new Alumni Board representative and the new SGA representative is Jamie Calvert.
Dee Dee Davis seconded and the motion passed with all voting in favor with a recommendation of the same to the BOT.
Recognitions: Gail Dorsey recognized the three members whose terms are expiring effective June 30, 2019: Richard Peterson, Doug Dobson and Brett Barrow. They were not present at the meeting, but she recognized their years of dedicated service.
Other Business: Gail Dorsey reminded all members to complete their Board Engagement Assessments before leaving, and advised that new headshots for the website were now being taken outside by Claire Stewart. Gail asked that all members plan to attend the next Investment Manager Breakfast in August as well as any other UWF related events when they are able.
Adjournment: Chair Dorsey thanked the Board members for their participation in the meeting. There being no further business, the meeting was adjourned at 5:21 pm.
Minutes recorded by Lisa Mrahi on June 17, 2019.
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Information Reports
FLORIDA’S SUNSHINE AND PUBLIC RECORDS LAWS AND THE UNIVERSITY OF WEST FLORIDA FOUNDATION BOARD
Prepared by Margaret T. Stopp Moore, Hill & Westmoreland, P.A. Maritime Place 350 W. Cedar St., Suite 100 Pensacola, FL 32502 www.mhw-law.com
Florida’s Sunshine Law was passed by the Florida legislature in 1967. This law is considered one of the most broad and strongest in the nation when it comes to open government. The Law requires that all meetings related to government decision-making be noticed and held in an accessible public place, with limited exceptions.
An Advisory Legal Opinion was released by the Florida Attorney General’s office on April 20, 2005 outlining the applicability of the Sunshine Law to a community college foundation. Although the opinion was in response to a question related to a community college foundation, the UWF Foundation is a statutory direct support organization organized and operated for the benefit of a state university in Florida, as a community college foundation is organized and operated for the benefit of a community college.
The UWF Foundation Board must comply with the Sunshine Law as outlined in Section 286.011 of the Florida Statutes, and to a limited extent, with the Public Records Act found in Chapter 119 of the Florida Statutes. Written communications in whatever format they might be in are subject to disclosure where those communications relate to official acts of the Board that must be approved at open meetings.
All meetings of the Board where official acts are taken must be public meetings. The Board must provide reasonable notice of all meetings of the Board or committees of the Board that will consider matters that will be brought to the full Board for action.
Furthermore, minutes of meetings must be taken, and are open to public inspection upon request. However, pursuant to a specific statutory exemption, Foundation documents other than the auditor’s report (and related information), are confidential and exempt from disclosure, including identity of donors who desire to remain anonymous (names are redacted if included in the auditor’s report).
If the Board takes formal action in a meeting not open to the public, that action is not binding unless it is cured by remedial action.
Under the Sunshine Law, because the public has a right to be present during any discussions of matters that will be voted upon by the Board, two or more Board members cannot discuss any matter on which foreseeable action may be taken by the Board. The public has a right to know how and why officials make decisions, not just to know the final decision of the Board.
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The outline below is a summary to assist Board members in complying with the Sunshine Law. For a more in-depth analysis, a Government-in-the-Sunshine Manual is published by the First Amendment Foundation and updated on an annual basis. For more information on this publication, as well as on the Sunshine Law, see www.floridafaf.org.
Finally, although the Board must comply with the Sunshine Law, service to the Foundation for the benefit of UWF is not impaired significantly. The staff notices meetings on behalf of the Board and is responsible for taking and maintaining minutes. Board members need only remember that they must limit communications between and among themselves to publicly noticed meetings if the communications relate to matters that may come before the Board for action.
I. Types of Meetings covered
A. Formal or informal gatherings of two or more Board members where matters that foreseeably will be brought before the full Board for action are discussed.
B. A staff member cannot act as a conduit or a liaison between members of the Board to relay information between or among Board members.
II. Meetings not covered
A. Meetings between individuals who are members of different boards.
B. Non-voting staff or officials meeting with an individual Board member.
C. Social meetings where matters that may come before Board members are not discussed.
III. Forms of communication covered
A. Meetings conducted through electronic means must allow for access to the public where the public can hear all discussion of the Board members; generally, a quorum cannot be established unless enough Board members are physically present at the meeting.
B. Memoranda reflecting the views of Board members if they are circulated for comment, approval, or disapproval.
C. Electronic mail among Board members on issues that foreseeably may come before the Board for action. This includes all e-mails to or from Board members when sent in connection with the transaction of official business. This also includes e-mails from personal accounts and sent/received on home computers.
D. Website blogs and message boards whether created on a public or private computer when the content relates to official business of the Foundation. Twitter is a type of “micro-blogging” and could constitute a public record depending upon content. Page 2 of 4
E. Facebook accounts if the communicated information made or received is in connection with the transmission of official business.
F. Text messages if used to communicate official business; those text messages must be preserved before they are deleted, which requires specialized software. If a records request is made for texts related to official business of the Board involving a vote, a forensic review of the Board member’s phone could be required if texts were made or received between Board members on the topic.
IV. Requirements for voting
A. No use of secret ballots.
B. The minutes must report voting results by either recording the vote of each individual member or counting the votes and reporting the totals.
C. All Board members must vote except where there is a conflict of interest.
V. Meeting places
A. Meetings may not take place at any facility which discriminates on the basis of sex, age, race, color, national origin, creed, religion, or economic status, or which operates in a manner that unreasonably restricts public access.
B. The meeting facilities should accommodate the anticipated turnout.
VI. Public attendance and participation
A. The public may not be deprived of the right to be present at meetings where decisions affecting the public are being made.
B. The public must be given a reasonable opportunity to be heard on a proposition before the Board. However, the opportunity to be heard need not be at the same meeting at which the Board takes official action so long as the opportunity occurs at a meeting that is during the decision-making process and is within reasonable proximity in time before the meeting at which the Board takes official action.
C. The opportunity to be heard does not apply to emergency situations affecting the public health, welfare, or safety if granting the opportunity would cause an unreasonable delay, ministerial acts such as approval of minutes and ceremonial proclamations, or when the Board is acting in a quasi-judicial capacity.
D. The Board’s authority to establish rules governing the opportunity to be heard is limited to the establishment of guidelines regarding the amount of time an individual has to address the Board, procedures for allowing representatives of groups to address the Board when large numbers of individuals want to be Page 3 of 4
heard, procedures for informing the Board of a desire to be heard, and a period of time for public comment.
E. The Board may adopt reasonable rules and policies insuring the orderly conduct of a public meeting.
F. Non-disruptive cameras or silent tape recording devices cannot be prohibited.
VII. Minutes of public meetings
A. Minutes must be promptly prepared and available for public inspection.
B. A written transcript of a recorded meeting may be used as the minutes; the tape recording must be maintained as a public record as well.
VIII. Penalties for violation of the Sunshine Law
A. No resolution, rule, regulation, or formal action is binding unless it is promulgated in a public meeting.
B. Knowingly violating Sunshine Law is a second degree misdemeanor.
C. A violation could subject a Board member to a non-criminal infraction punishable by a fine not exceeding $500 and possible removal from office.
D. The Foundation Board could be assessed attorney’s fees and court costs if it violates the Sunshine Law. In a case decided in 2009 in Circuit Court involving the City of Venice, City Council members did not copy the City Clerk with e-mails involving City business from their personal e-mail accounts, and the Council members deleted those e-mails from their personal computers. As a result, the City was assessed over $700,000 in attorneys’ fees and costs.
If you have questions or concerns, contact Dan Lucas, Chief Financial Officer, UWF Foundation, at 850-474-3380 or [email protected]
Rev. 8/27/19
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Executive Committee Reports
UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING Global Online Training Room August 29, 2019, 3:30 p.m. – 5:00 p.m.
Present: Members: Chair Gail Dorsey, Gordon Sprague, Jason Crawford, David Hightower, John Gormley, and Tim Haag.
Staff: Howard Reddy, Dan Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Geri Battist, and Candice Lane.
Call to Order: Chair Dorsey called the meeting to order at 3:35 p.m. Staff confirmed attendance and that a quorum was present.
Minutes: The committee members reviewed the minutes of the meeting held on May 16, 2019. Gordon Sprague made a motion to accept the minutes as presented. John Gormley seconded the motion, and the motion carried with all voting in favor.
Advancement Report: Howard Reddy discussed several University Advancement highlights, and began with a summary of FY19. Gifts received as of 06/30/19 totaled $8,362,214, which was $3.86 million over goal. There were 62 Major Gifts ($10,000 and up), and 449 donors gave at the Nautilus Level ($1000). The new fiscal year is off to a strong start and to date $1,094,925 in cash, new pledges and planned gifts have been received including: The O’Kelley Hemminghaus Foundation gift of $200,000 and the Harriet L. Rosasco CRUT in the amount of $109,773. The target goal for 2019-20 is $4.5 million. Six Foundation Board members have already made gifts. The Alumni Association Board has reached 76% of its giving goal, and UWF Historic Trust/ WUWF has reached 55% of its major gifts goal during this quarter. There will be a large focus this year on alumni participation as the target goal is 5% of all alumni. With Capital Campaign planning underway, the four major gift officers will be compiling a list of top prospects to focus on, between now and December. Howard concluded by thanking the Board for their advocacy and asked that members continue to seek out new leads and opportunities for growth within the community.
CFO Report: Dan Lucas advised that the audit is not yet complete. The auditors stated that the conversion from FASB to GASB caused statements and reports to take longer to complete. Drafts are expected to be ready in approximately one week. Housing occupancy is currently at 101%. There was a recent follow-up Moody’s call and the rating moved from A2 negative to A2 stable, due to the notable increase in housing occupancy. The new Foundation Student Fellow Program has officially launched. Suzanna Daughtry and Hunter McCabe attended both the Investment Breakfast and the Investment Committee meeting earlier in the day, and will be at the full board meeting on September 18th.
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Investment Committee: Committee Chair Jason Crawford began his report with a brief synopsis of the Investment Manager Breakfast which was held that morning. The guest speakers were investment managers from Conestoga (small cap investments) and Eagle Capital (large equity). Combined, these two asset classes make up roughly 16.5% of the Foundation’s investment pool. Jason added that both firms have produced above benchmark returns for the portfolio. The Q&A panel-style presentation was well received and attendees seemed engaged and interested. Jason concluded the report by advising of the two new board members joining the Investment Committee this year: Chad Henderson and Rodney Sutton. He also added that he will encourage the committee to make their donation to the Foundation early in the fiscal year. Breaking the donation down into multiple gifts is a convenient way for members to reach the Nautilus level of giving, which is asked of every board member. Gail concurred that giving early rather than later is preferred and that reaching out to members regarding their financial commitment to the board should be top of mind.
Audit/Budget Committee: Chair David Hightower praised Housing and Financial Aid, as well as all other areas involved in achieving 101% occupancy this semester. He stated that the net effect should result in a significant contribution to reserves this year. David reiterated the challenges and the tight timeframe in which the auditors had to work, and looks forward to them presenting their draft at the upcoming full board meeting. There being no action items resulting from the day’s committee meeting, his concluded his report.
Nominating Committee: The committee did not meet today, but Chair Gordon Sprague provided a brief update. Currently there are no board vacancies, but he and David Hightower will both roll off the Board on June 30, 2020. Being that there are no candidates left in the pool, the nomination search process should start as soon as possible. Gordon asked that everyone give this some thought and advise of any potential nominees. He will consult with President Saunders on this as well for her feedback.
Grant Committee: The committee did not meet today, but Chair Tim Haag stated that he looks forward to chairing this committee in the coming year. The first meeting will take place on November 14th at 10:00 a.m. on campus. Chris Roney is a returning member and there will be four new members joining the committee. The scheduled speaker for the next full board meeting on September 18th will be a student who received an international travel grant last year. Tim concluded stating that the work this committee does is very worthwhile and rewarding, and a true benefit to the student body.
Other business: Gail Dorsey took the opportunity to remind the chairs that reaching out to their committee members and encouraging them to get involved in our community goes a long way. She also encouraged them to identify a vice chair to ensure continuity at meetings, etc. if a chair has to be absent. Please let Lisa Mrahi know if you designate a vice chair. Gail shared some of the goals and/or suggestions she has for the Executive Committee for the coming year which Page 2 of 3
included: engaging within the community as often as possible; communicating socially with committee members (and within Sunshine Law framework) to encourage good relations among board members; implementing a brief board member spotlight at future meetings and the continuation of the “fun facts” segment. Gail thanked Dan for bringing in members of the Foundation staff today (Candice Lane and Giovanni Volpara) so the board members could see some of the behind-the-scenes people who make the Foundation a success. Gail is also looking forward to following up on a suggestion made by David Hightower regarding possible internship connections that can be made between board members and UWF students. The December full board meeting will address this topic and a presentation by the Career Development and Community Engagement staff is being planned. If board members are interested in campus golf cart tours they are free to let Lisa know so she can help coordinate. Howard Reddy acknowledged Gordon Sprague for donating a golf cart to the athletics department, to use for parent/student tours. Jason Crawford is on the COB Dean search committee with Howard, he would like for you to contact him if you have any input that may be helpful. Gail brought to the attention of the committee the current calendar of events and happenings and encouraged members to attend events as schedules permit.
Adjournment: Chair Dorsey thanked the Executive Committee for their participation. There being no further business, the meeting was adjourned at 4:40 p.m.
Minutes recorded by Lisa Mrahi on August 29, 2019
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Investment Committee Reports
1
University of West Florida Foundation Second Quarter 2019
Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 P 404.240.6747 | T 888.317.2810 | F 470.823.3178 theatlantaconsultinggroup.com
1 Table of Contents ______
SECTION 1 University of West Florida Foundation
SECTION 2 University of West Florida Planned Giving
SECTION 3 Private Markets Allocation
SECTION 4 Performance Update – July 31, 2019
SECTION 5 Appendix
- ACG Insights: Diversification
- Performance During Recessionary Periods
2 ACG Market Review Second Quarter 2019
Global Highlights: • Economy – Recent data shows slowing across both manufacturing and services areas of the economy.
• Equities –After a strong rebound in Q1 and into April, equities reacted negatively to tariff escalations and lackluster economic data in May and then rebounded sharply in June on news of more accommodative policies from the Federal Reserve and other Central Banks.
• Fixed Income – Yields fell precipitously after the Federal Reserve suggested that they could be accommodative in the event that tariffs start to materially slow the economy. Credit spreads were volatile but ended the quarter near recent lows.
309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 3
ACG Market Review Second Quarter 2019
Economy The U.S. manufacturing sector continued its downward trend with the monthly manufacturing Purchasing Manager Index The economic expansion that has followed the 2008 global (“PMI”) reading of 51.7. This reading still reflects a growing financial crisis celebrated its 10‐year anniversary during the economy but at a slower rate of change. Comments from the second quarter. The current expansion is now the longest ISM panel reflected continued expanding business strength dating back to the 1940s. However, the recovery has also been (particularly among smaller companies), but albeit at soft the slowest with respect to GDP growth. levels. Outside of the U.S., the Global ex‐U.S. PMI Index dipped just below 50.0, suggesting slight contraction. According to the Bureau of Economic Analysis, real GDP in the US increased at an annual rate of 3.1% during the first quarter Markets of 2019. For the calendar year 2018, the US economy grew at 2.9%; its highest rate since 2015. Core CPI printed at 1.8% in The S&P 500 posted a second quarter gain of 4.3%. High beta May, down from 2.1% as energy weighed negatively with oil stocks lagged during the quarter, a trend that has persisted prices trading off during the quarter. Oil prices recovered some over the last twelve months. The multi‐year trend of growth during the latter half of June. outperforming value continued in the second quarter.
As of the end of May, the U.S. unemployment rate was 3.6%. Financials and materials were the best performing sectors, Monthly job gains have averaged 164,000 in 2019 compared returning 8.0% and 6.3%, respectively. All other sectors were with an average gain of 223,000 per month in 2018. Thus far in positive with the exception of energy. Energy traded down by 2019, average hourly earnings have increased 3.1%. 2.8%
The U.S. imposed a tariff increase on Chinese goods in May. The International developed markets also generated positive increase in tensions surrounding tariffs is weighing on results as the MSCI EAFE Index returned 3.68% during the consumer and business confidence. According to Raymond quarter. Emerging markets lagged the rest of the world with an James, the tariff escalation is likely to subtract approximately MSCI Emerging Markets Index return of 0.61%. one half of a percentage point from U.S. economic growth this year. At the end of June President Trump and President Xi met Fixed income benefited during the quarter from rates declining at the G‐20 Summit and agreed to hold off on new tariffs and and spreads tightening. The Bloomberg Barclays US Aggregate to restart trade negotiations. Bond Index returned 3.08% during the second quarter. The FTSE World Government Bond Index returned 3.57%.
For institutional client use only – not for distribution 4
ACG Market Review Second Quarter 2019
Tariff Talks The Changing Fed
U.S. tariffs on imported goods from China have had a wide‐ The Fed held interest rates steady at the June FOMC meeting ranging impact. U.S. imports from China have declined but indicated a rate cut was possible in the near future. This is precipitously as a result of the tariffs on Chinese goods. As a complete reversal from twelve months ago when rates companies and supply chains have adjusted to the new regime, seemed to be only headed up. It is also a change from recent imports from other Southeast Asian nations have increased. months when patience was emphasized with respect to a potential rate cut. In a market in equilibrium more or less of a tariff will be borne by consumers depending on the elasticity of demand for a Federal Reserve Chairman Jerome Powell noted a downturn in product. The tariffs’ impact on consumer prices has been indicators of global growth and a worsening of trade tensions, clearly visible. Since the tariffs were announced, many which are causing concerns globally, as the reason for the more categories of goods where tariffs were enacted have increased dovish stance. The day following the FOMC meeting, US equity in price as companies have passed on the higher costs to markets rallied to new highs and the 10‐year Treasury yield consumers. In contrast, CPI for all other core goods has dipped below 2% for the first time since 2016. declined. Further, global manufacturing has been negatively impacted by the tariffs as the U.S. and Global manufacturing The Fed’s dot plot is divided with eight Fed members indicating Purchasing Manager Indexes (PMIs) have declined to the point one rate cut this year is appropriate, eight members believe no where they are barely expansionary (U.S.) or show slight change is the correct approach, and one outlier believes a rate contraction (Global ex‐U.S.). hike is the right move. Markets are pricing in a 100% probability of a rate cut in July and are showing expectations of 3 rate cuts, The impact of the tariffs can be seen in the markets as well. for a total cut of 75 basis points, by the end of the year. Stocks with the highest relative revenue exposure to China have underperformed. Stocks with exposure to rare earth minerals also underperformed given China is the largest producer of rare earth minerals.
For institutional client use only – not for distribution 5
ACG Market Review Second Quarter 2019
Risks
The corporate debt to GDP ratio has continued to increase in 2019 and is now at an all‐time high. Prior peaks in corporate debt have coincided with recessionary periods, with the most recent all‐time high occurring in 2008.
As a result of the equity market pull‐back in the fourth quarter of 2018, frothy valuations became more fairly valued. The strong equity performance in 2019 has caused valuations to climb once again, most notably within the software industry group. Enterprise value to sales is approximately 2x for all companies in the Russell 3000 index while this ratio sits at over 6x for the software industry group.
For institutional client use only – not for distribution 6 Market Index Review – June 2019
Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 7.05 4.30 18.54 10.42 14.19 10.71 14.70 MSCI Emerging Markets 6.24 0.61 10.59 1.21 10.66 2.49 5.81 Dow Jones Industrial Average 7.31 3.21 15.40 12.20 16.80 12.29 15.03 MSCI Europe 6.72 5.58 17.02 2.95 9.49 1.48 7.10 NASDAQ Composite TR 7.51 3.87 21.33 7.78 19.56 13.97 17.19 MSCI Pacific 4.63 2.43 11.17 -0.17 9.38 4.29 6.90 MSCI EAFE 5.93 3.68 14.03 1.08 9.11 2.25 6.90 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 9.39 2.16 6.54 Russell 2000 7.07 2.10 16.98 -3.31 12.30 7.06 13.45 MSCI EAFE Small Cap 4.24 1.71 12.55 -6.35 9.06 4.40 9.67 Dow Jones U.S. Total Stock Market 7.01 4.09 18.70 8.88 13.99 10.13 14.68 MSCI Frontier Markets 2.30 4.69 11.88 4.92 8.35-0.76 4.79
Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Russell 1000 7.02 4.25 18.84 10.02 14.15 10.45 14.77 FTSE T-Bill 3 Months 0.20 0.61 1.21 2.29 1.36 0.84 0.46 Russell 1000 Growth 6.87 4.64 21.49 11.56 18.07 13.39 16.28 BBgBarc US Municipal TR 0.37 2.14 5.09 6.71 2.55 3.64 4.72 Russell 1000 Value 7.18 3.84 16.24 8.46 10.19 7.46 13.19 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 2.31 2.95 3.90 Russell MidCap 6.87 4.13 21.35 7.82 12.16 8.63 15.16 BBgBarc US Govt/Credit TR 1.48 3.53 6.90 8.52 2.41 3.11 4.09 Russell MidCap Growth 7.02 5.40 26.08 13.94 16.49 11.10 16.02 BBgBarc US Govt/Credit Int TR 1.07 2.59 4.97 6.93 1.99 2.39 3.24 Russell MidCap Value 6.75 3.19 18.02 3.68 8.95 6.72 14.56 BBgBarc US Corporate High Yield TR 2.28 2.50 9.94 7.48 7.52 4.70 9.24 Russell 2000 Growth 7.70 2.75 20.36 -0.49 14.69 8.63 14.41 BBgBarc Global Aggregate TR 2.22 3.30 5.57 5.85 1.62 1.20 2.89 Russell 2000 Value 6.37 1.37 13.47 -6.24 9.81 5.39 12.40 FTSE WGBI 2.33 3.57 5.38 5.48 1.00 0.85 2.21
Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 Materials 11.71 6.31 17.26 3.20 10.38 5.44 11.39 HFRI FOF: Diversified Index 1.39 1.68 6.07 1.79 4.10 2.19 3.27 S&P 500 Consumer Discretionary 7.78 5.28 21.84 10.17 16.74 13.97 19.72 HFRI FOF: Conservative Index 0.91 1.64 4.88 2.28 3.87 2.16 3.13 S&P 500 Consumer Staples 5.22 3.72 16.18 16.39 4.84 8.39 12.83 HFRI FOF: Strategic Index 2.77 1.89 8.21 0.59 5.21 2.37 3.56 S&P 500 Energy 9.27 -2.83 13.13 -13.25 0.20 -5.54 5.01 Wilshire Liquid Alternative TR USD 1.62 1.29 4.23 1.29 2.05 0.60 2.24 S&P 500 Financials 6.74 8.00 17.24 6.31 16.42 10.58 13.09 FTSE EPRA/NAREIT Global TR USD 2.36 0.37 15.41 9.02 6.42 6.11 11.07 S&P 500 Health Care 6.64 1.38 8.07 12.99 10.82 11.13 15.79 Alerian MLP TR USD 2.64 0.12 16.96 3.09 -0.42 -7.20 8.21 S&P 500 Industrials 7.85 3.57 21.38 10.43 12.46 9.28 15.59 Bloomberg Commodity Index TR USD 2.69 -1.19 5.06 -6.75 -2.18 -9.15 -3.74 S&P 500 Information Technology 9.13 6.06 27.13 14.34 26.20 18.53 18.57 S&P 500 Real Estate 1.76 2.46 20.42 16.80 ------S&P 500 Communication Services 4.27 4.49 19.09 13.66 0.58 5.34 9.85 S&P 500 Utilities 3.32 3.48 14.70 19.03 8.05 10.00 12.17
Source: Morningstar, ACG Returns include dividends; 3-year, 5-year and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results 7 Q2 2019: Tariffs Take Their Toll
Source: Hedgeye, ACG
8 The Impact of Tariff Talk
U.S. Imports by Country Consumer Price Index (Year-over-year Change %) (Index, Feb 2018 = 100)
• U.S. imports from China have declined • The impact on consumer prices is clearly precipitously as a result of the tariffs on visible. Since the tariffs were announced, Chinese goods. As companies and supply many categories of goods where tariffs chains have adjusted to the new regime, were enacted have increased in price as imports from other southeast Asian nations companies have passed on the higher have increased costs to consumers
Source: CEIC, Goldman Sachs, U.S. Department of Labor, ACG
9 The Impact of Tariff Talk
Performance vs. Russell 1000 Index Purchasing Manager Indexes (“PMI”) (Indexed to 100 as of Dec 2017) (U.S. and Global ex-U.S)
• The impact of the U.S. – China trade spat • Global manufacturing has been most can be seen in the market as stocks with impacted by the tariff issues. U.S. and high China revenue exposure have Global Purchasing Manager Indexes underperformed. Stocks with exposure to (PMIs) have declined to the point where rare earth minerals (of which China is the they are now barely expansionary (U.S.) or biggest producer) also underperformed show slight contraction (Global – ex U.S.)
Source: Goldman Sachs, Datastream, Markit, ACG
10 The Changing Interest Rate Outlook
Expected Change in Fed Funds Target Rate Federal Funds Rate vs. Market Expectations (Basis Point Change by year-end 2019) (At various points in time)
Actual Fed Funds Rate Market Expectations for Fed Funds Rate
• In the face of the global trade and tariff • The market and many strategists have uncertainty as well as continued signs of switched their outlook to rate cuts, slowing growth, the Federal Reserve however, a quick revue of the history of continued to shift to a more accommodative interest rate expectations shows that the policy. The market now expects almost 75 market is often wrong in their short-term bps of cuts by the end of the year outlook on rates
Source: Bloomberg, Deutsche Bank, Haver Analytics, ACG
11 Reasons to Remain Optimistic
Yield Curve Inversion Data Table
• While many headlines have pointed out the yield curve inversion, it is important to note that the inversion was for a relatively brief time and it was between the 3 Month and 10 Year Treasury only. Typically, there is a more sustained inversion prior to recessions
• In addition, despite the economic recovery celebrating its 10 year anniversary during the second quarter, the strength of the expansion has been much lower than past expansions
Source: Charles Schwab, Bloomberg, BofA Merrill Lynch, Bureau of Economic Analysis, ACG
12 Low Correlation Could Provide Tailwind to Stock Pickers
• For the first time in eight years, correlations between stocks are lower than correlations between sectors. In the past, this shift has led to outperformance by fundamental stock pickers (active managers)
Source: ACG
13 Risks: Corporate Debt to GDP Ratio Elevated
Corporate Debt to GDP Ratio (U.S. Corporations)
Global ??? Financial Dot.com Crisis Bubble
Savings & Loan Crisis
• The ratio of corporate debt to Gross Domestic Product in the U.S. is now at an all-time high
• Prior peaks in corporate debt coincided with recessionary periods
Source: Bloomberg, ACG
14 Risks: Selected Valuations
Enterprise Value / Sales (Software Companies vs. Russell 3000 Index)
• The median Enterprise Value to Sales ratio for companies in the Russell 3000 has risen to approximately 2x
• Within the Software Industry group, this valuation is now near 6x and approaching levels last seen during the Technology bubble of the late 1990s / early 2000s
Source: Goldman Sachs, ACG
15 Risks: Escalation Into All-out Trade War
Production of Rare Earth Minerals Ownership of Rare Earth Minerals (2018) (2018)
3% 1% 8% 4%
9% 6%
10% 38% 12%
19% 71%
19%
China Australia USA Other China Brazil Vietnam Russia Indonesia Australia USA Other
• Rare Earth Minerals have become a hot topic again as a result of the trade negotiations
• Further escalation of the trade conflict to an all-out trade war could risk supply disruption of these elements which are crucial to the production of many technology devices
Note: ‘Rare Earth Minerals’ (REM) refers to a set of about 17 minerals with certain magnetic and conductive properties which are essential in powering most electronic devices, smartphones, tablets, laptops, all the way through to satellites and solar panels. Most modern electronic devices cannot be produced without them.
Source: Scotiabank, U.S. Geological Survey, ACG
16 Appendix: U.S. – China Trade War Recap
Source: Bloomberg, Reuters, ACG
17
DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has not independently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward- looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
18
INDEX DEFINITIONS
Asset class and reference benchmarks:
ASSET CLASS BENCHMARK U.S. Equity S&P 500 TR International Developed Equity MSCI EAFE NR Emerging Market Equity MSCI EM NR U.S. Fixed Income Bloomberg Barclays U.S. Aggregate Bond TR Cash & Cash Alternatives Citi Treasury Bill 3 Mon USD
Alerian MLP: The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization- weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-t ime on a price-return basis (AMZ) and on a total-return basis (AMZX).
Bloomberg Barclay 10-Year U.S. Treasuries: Measures the performance of U.S. Treasury securities that have a remaining maturity of 10 years.
Bloomberg Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment- grade fix ed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-ba cked securities.
Bloomberg Barclays Global Aggr egate ex-U.S. Dollar Bond Index : Tracks an international basket of bonds that currently contains 65% government, 14% corporate, 13% agency and 8% mortgage-related bonds.
Bloomberg Barclays High Yield : Covers the universe of fixed-rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countr ies designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC-registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.
Bloomberg Barclays U.S. Corporate High Yield : Composed of fixed-rate, publicly issued, non-investment grade debt.
The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities.
Dow Jones U.S. Total Stock Market Index , which comprises all U.S. equity securities with readily available prices.
FTSE 3-Month Treasury-Bill Index : This is an unmanaged index of three-month Treasury bills.
FTSE EPRA/NAREIT Global Real Estate Index : Designed to represent general trends in eligible listed real es tate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income producing real estate.
19
INDEX DEFINITIONS
Gross Domestic Product (GDP) is the annual market value of all goods and services produced domestically by the US.
HFRI Fund of Funds Conservative : FOFs classified as 'Conservative' exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more 'conservative' strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Conservative Index shows generally consi stent performance regardless of market conditions.
HFRI Fund of Funds Diversified : FOFs classified as 'Diversified' exhibit one or more of the following characteristics: invests in a variety of strategies amo ng multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates g enerally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minim al loss in down markets while achieving superior returns in up markets.
HFRI Fund of Funds Strategic : FOFs classified as 'Strategic' exhibit one or more of the following characteristics: seeks superior returns by primarily inve sting in funds that generally engage in more opportunistic strategies such as Emergi ng Markets, Sector specific, and Equity Hedge; exhibits a great er dispersion of returns and higher volatility compared to the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Strategic Index tends to outperform the HFRI Fund of Fund Composite Index in up markets and underperform the index in down markets.
MSCI All Country World Index Ex-U.S Index .: A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets.
MSCI EAFE Index (Europe, Australasia, Far East): A free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The EAFE consists of the country indices of 21 developed nations.
MSCI EAFE Growth Index : Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the growth style.
MSCI EAFE Small-Cap Index : An unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada.
MSCI EAFE Value : Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those s ecurities classified by MSCI as most representing the value style.
MSCI Emerging Markets Index : Designed to measure equity market performance in 25 emerging market indexes. The three largest industries are materials, ener gy and banks.
The NASDAQ Composite Index is an unmanaged index of all stocks traded on the NASDAQ over-the-counter market. Price Earnings Ratio (P/E) is the price of th e stock divided by its earnings per share.
20
INDEX DEFINITIONS
Russell 1000 Index : Measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investible U.S. equity market.
Russell 1000 Value Index : Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 1000 Growth Index : Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values .
Russell Mid-Cap Index : Measures the performance of the 800 smallest companies of th e Russell 1000 Index, which represent approximately 30% of the to tal market capitalization of the Russell 1000 Index.
Russell Mid-Cap Value Index : Measures the performance of those Russell Mid-cap companies with lower price-to-book ratios and lower forecasted growth value s.
Russell Mid-Cap Growth Index : Measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth val ues.
Russell 2000 Index : Measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the t otal market capitalization of the Russell 3000 Index.
Russell 2000 Value Index : Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Growth Index : Measures the performance of those Russell 2000 companies with hi gher price-to-book ratios and higher forecasted growth values .
Russell 3000 Index : Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approxima tely 98% of the investable U.S. equity market.
Standard & Poor's 500 (S&P 500) : Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. Represents approximately 68% of the investable U.S. equity market.
Wilshire Liquid Alternative Index : The Wilshire Liquid Alternative IndexSM measures the collective performance of the five Wilshire Liquid Alternative strategie s that make up the Wilshire Liquid Alternative Universe. The Wilshire Liquid Alternative Index (WLIQA) is designed to provide a broad measu re of the liquid alternative market by combining the performance of the Wilshire Liquid Alternative Equity Hedge IndexSM (WLIQAEH), Wilshire Liquid Alternative Global Macro Ind exSM (WLIQAGM), Wilshire Liquid Alternative Relative Value IndexSM (WLIQARV), Wilshire Liquid Alternative Multi-Strategy IndexSM (WLIQAMS), and Wilshire Liquid Alternative Event Driven IndexSM (WLIQAED).
21 University of West Florida Foundation Performance Summary June 2019
We started the quarter with a market value of $90,902,756 and we ended the quarter with a value of $93,654,743. Total earnings for the second quarter were $3,243,082. For the quarter, the Foundation returned 3.58% versus 2.31% for a balanced index that reflects the underlying asset allocation of the total fund. Outperformance for the quarter was driven by the active domestic equity managers as well as WCM Focused International Growth.
Large Cap Equity: Eagle Capital outperformed for the quarter (6.76% vs. 4.30%) while the Vanguard 500 Index performed in line.
• Recommendation: Take Eagle Capital off Caution as the strategy now beats the index over the trailing 3-year and 5-year time periods.
Small Cap Equity: Our small cap managers both outperformed versus the Russell 2000 for the quarter. Conestoga returned 9.34% and Fuller & Thaler returned 4.55% while the Russell 2000 returned 2.10%.
International Equity: Our international managers were mixed versus the benchmark for the quarter. Dodge & Cox returned 2.81% and WCM Focused International Growth returned 9.92% while the MSCI ACWI ex US returned 2.98% during the quarter. T. Rowe Price International Small Cap fund outperformed for the quarter returning 2.88% versus 1.21% for the MSCI ACWI ex US Small Cap Index.
Emerging Markets Equity: DFA Emerging Markets outperformed the MSCI Emerging Markets Index for the quarter (0.86% vs. 0.61%).
Master Limited Partnerships: Tortoise MLP & Pipeline underperformed the Alerian Index for the quarter (-0.43% vs. 0.12%).
Fixed Income: Barrow Hanley slightly outperformed the Barclays Aggregate Index for the quarter (3.11% vs. 3.08%). Templeton Global Bond underperformed for the quarter (0.77% vs. 3.57%). Chartwell Short Duration High Yield strategy slightly underperformed for the quarter returning 1.48% vs. 1.56%.
Alternatives: For the quarter, Ironwood outperformed the HFRI FOF Conservative index by returning 2.13% vs. 1.48%.
22 University of West Florida Foundation As of June 30, 2019 Fiscal Year End: June
Current Current Policy Policy Range Balance Allocation
_ US Stock Large $21,583,068 23.05% 22.50% 20.00% - 30.00% US Stock Small $10,048,744 10.73% 10.00% 7.50% - 15.00% International $13,453,343 14.36% 15.00% 10.00% - 20.00% International Small Stocks $6,094,675 6.51% 7.50% 2.50% - 10.00% International Emerging Stocks $5,536,413 5.91% 5.00% 2.50% - 7.50% Fixed $11,349,259 12.12% 15.00% 10.00% - 25.00% MLP $4,453,903 4.76% 0.00% 0.00% - 10.00% Fund of Funds $8,982,267 9.59% 5.00% 0.00% - 10.00% Real Estate $3,097,382 3.31% 7.50% 0.00% - 15.00% Private Equity $2,574,539 2.75% 7.50% 0.00% - 10.00% Private Debt $672,335 0.72% 5.00% 0.00% - 10.00% Cash/Short Term Fixed Income $5,808,815 6.20% 0.00% 0.00% - 10.00% Total $93,654,743 100.00% 100.00%
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Summary of Cash Flows Inception Second Quarter Year-To-Date One Year Three Years Five Years Ten Years 3/31/99 _ Beginning Market Value $90,902,756 $83,542,231 $91,690,303 $77,202,925 $72,158,777 $46,090,673 $53,608,325 Net Cash Flow -$491,096 -$495,147 -$2,469,937 -$6,886,056 -$1,681,117 -$9,331,489 -$26,856,680 Net Investment Change $3,243,082 $10,607,658 $4,434,377 $23,337,874 $23,177,083 $56,895,559 $66,903,098 Income $306,296 $504,281 $2,255,555 $5,066,068 $7,923,888 $13,012,613 $31,305,158 Ending Market Value $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743 _
Prepared by The Atlanta Consulting Group 23 University of West Florida Foundation As of June 30, 2019 Current Current Within IPS Policy Policy Range Difference Balance Allocation Range?
_ US Stock Large $21,583,068 23.05% 22.50% 20.00% - 30.00% 0.55% Yes Eagle Capital Management $10,693,655 11.42% Vanguard 500 Index Admiral $10,889,413 11.63% US Stock Small $10,048,744 10.73% 10.00% 7.50% - 15.00% 0.73% Yes Conestoga Small Cap Investors $5,272,941 5.63% Fuller & Thaler Behav Sm-Cp Eq Inst $4,775,803 5.10% International $13,453,343 14.36% 15.00% 10.00% - 20.00% -0.64% Yes Dodge & Cox International Stock $6,457,400 6.89% WCM Focused International Growth Instl $6,995,943 7.47% International Small Stocks $6,094,675 6.51% 7.50% 2.50% - 10.00% -0.99% Yes T. Rowe Price International Discovery $6,094,675 6.51% International Emerging Stocks $5,536,413 5.91% 5.00% 2.50% - 7.50% 0.91% Yes DFA Emerging Markets Core Equity I $5,536,413 5.91% Fixed $11,349,259 12.12% 15.00% 10.00% - 25.00% -2.88% Yes Barrow Hanley $5,683,385 6.07% Templeton Global Bond Fund $2,777,068 2.97% Chartwell Short Duration High Yield $2,888,807 3.08% MLP $4,453,903 4.76% 0.00% 0.00% - 10.00% 4.76% Yes Tortoise MLP & Pipeline Instl $4,453,903 4.76% Fund of Funds $8,982,267 9.59% 5.00% 0.00% - 10.00% 4.59% Yes Ironwood International Ltd. $8,982,267 9.59% Real Estate $3,097,382 3.31% 7.50% 0.00% - 15.00% -4.19% Yes Harbert US RE Fund IV LP $42,067 0.04% Harbert US RE Fund V LP $1,059,382 1.13% Harbert US RE Fund VI LP $1,995,932 2.13% Private Equity $2,574,539 2.75% 7.50% 0.00% - 10.00% -4.75% Yes Portfolio Advisors PE Offshore V $295,227 0.32% Portfolio Advisors PE VII $674,260 0.72% Portfolio Advisors Secondary Fund III, L.P. $969,819 1.04% StepStone Pioneer Capital III, L.P. $635,233 0.68% Private Debt $672,335 0.72% 5.00% 0.00% - 10.00% -4.28% Yes Portfolio Advisors Direct Credit II $672,335 0.72% Cash/Short Term Fixed Income $5,808,815 6.20% 0.00% 0.00% - 10.00% 6.20% Yes PIMCO Short-Term Instl $5,772,022 6.16% Cash $36,793 0.04% Total $93,654,743 100.00% 100.00%
XXXXX Outside Cash Reserves $3,002,019 Total with Outside Cash $96,656,762
Prepared by The Atlanta Consulting Group 24 University of West Florida Foundation As of March 31, 2019 Current Current Within IPS Policy Policy Range Difference Balance Allocation Range? _ US Stock Large $20,456,984 22.51% 22.50% 20.00% - 30.00% 0.01% Yes Eagle Capital Management $10,016,353 11.02% Vanguard 500 Index Admiral $10,440,631 11.49% US Stock Small $9,390,602 10.33% 10.00% 7.50% - 15.00% 0.33% Yes Conestoga Small Cap Investors $4,822,608 5.31% Fuller & Thaler Behav Sm-Cp Eq Inst $4,567,993 5.03% International $12,645,034 13.91% 15.00% 10.00% - 20.00% -1.09% Yes Dodge & Cox International Stock $6,280,697 6.91% WCM Focused International Growth Instl $6,364,337 7.00% International Small Stocks $5,924,081 6.52% 7.50% 2.50% - 10.00% -0.98% Yes T. Rowe Price International Discovery $5,924,081 6.52% International Emerging Stocks $5,489,275 6.04% 5.00% 2.50% - 7.50% 1.04% Yes DFA Emerging Markets Core Equity I $5,489,275 6.04% Fixed $11,122,082 12.24% 15.00% 10.00% - 25.00% -2.76% Yes Barrow Hanley $5,519,345 6.07% Templeton Global Bond Fund $2,755,932 3.03% Chartwell Short Duration High Yield $2,846,805 3.13% MLP $4,472,928 4.92% 5.00% 0.00% - 10.00% -0.08% Yes Tortoise MLP & Pipeline Instl $4,472,928 4.92% Fund of Funds $8,795,123 9.68% 10.00% 0.00% - 15.00% -0.32% Yes Ironwood International Ltd. $8,795,123 9.68% Real Estate $3,183,296 3.50% 5.00% 0.00% - 15.00% -1.50% Yes Harbert US RE Fund IV LP $47,723 0.05% Harbert US RE Fund V LP $1,299,266 1.43% Harbert US RE Fund VI LP $1,836,307 2.02% Private Equity $2,660,742 2.93% 3.00% 0.00% - 5.00% -0.07% Yes Portfolio Advisors PE Offshore V $318,967 0.35% Portfolio Advisors PE VII $715,597 0.79% Portfolio Advisors Secondary Fund III, L.P. $975,394 1.07% StepStone Pioneer Capital III, L.P. $650,784 0.72% Private Debt $540,277 0.59% 2.00% 0.00% - 5.00% -1.41% Yes Portfolio Advisors Direct Credit II $540,277 0.59% Cash/Short Term Fixed Income $6,198,375 6.82% 0.00% 0.00% - 5.00% 6.82% No PIMCO Short-Term Instl $6,141,772 6.76% Cash $14,242 0.02% Archstone Offshore Fund $42,361 0.05% Total $90,878,801 100.00% 100.00%
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Prepared by The Atlanta Consulting Group 25 University of West Florida Foundation As of June 30, 2019 Fiscal Year End: June
Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date
_ Foundation 93,654,743 100.00 4.44 3.58 12.63 4.75 7.15 9.33 5.33 8.60 5.12 Mar-99 Balanced Index 4.22 2.31 11.66 3.63 6.04 8.17 4.78 8.15 4.94 Mar-99 CPI+4% 0.35 1.75 3.97 5.71 6.34 6.12 5.50 5.80 6.28 Mar-99 US Stock Large 21,583,068 23.05 Eagle Capital Management 10,693,655 11.42 7.51 6.76 21.14 11.17 13.05 16.20 10.95 -- 14.08 Oct-12 S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 14.70 13.45 Oct-12 Vanguard 500 Index Admiral 10,889,413 11.63 7.04 4.30 18.53 10.38 12.34 14.15 10.68 -- 13.45 Sep-12 S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 14.70 13.48 Sep-12 US Stock Small 10,048,744 10.73 Conestoga Small Cap Investors 5,272,941 5.63 8.41 9.34 23.40 10.54 18.82 21.24 14.33 -- 12.82 Apr-14 Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 13.45 6.86 Apr-14 Fuller & Thaler Behav Sm-Cp Eq Inst 4,775,803 5.10 7.37 4.55 17.00 -1.55 ------1.95 Mar-18 Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 13.45 0.52 Mar-18 International 13,453,343 14.36 Dodge & Cox International Stock Caution 4Q17 6,457,400 6.89 6.82 2.81 12.87 -0.31 0.10 9.30 0.42 7.45 2.10 Dec-07 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 6.54 1.37 Dec-07 WCM Focused International Growth Instl 6,995,943 7.47 6.56 9.92 ------12.99 Mar-19 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 6.54 4.35 Mar-19 International Small Stocks 6,094,675 6.51 T. Rowe Price International Discovery 6,094,675 6.51 4.60 2.88 15.27 -6.72 5.01 ------9.58 Sep-16 MSCI ACWI ex US Small Cap 4.41 1.21 11.60 -5.94 1.98 7.76 2.77 8.48 6.37 Sep-16 International Emerging Stocks 5,536,413 5.91 DFA Emerging Markets Core Equity I Caution 3Q17 5,536,413 5.91 5.61 0.86 9.54 1.30 3.21 9.12 2.13 -- 4.77 Dec-11 MSCI Emerging Markets 6.24 0.61 10.59 1.21 4.65 10.66 2.49 5.81 4.57 Dec-11 Fixed 11,349,259 12.12 1.26 2.11 5.15 6.63 3.07 ------2.92 Apr-17 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 3.69 Apr-17 Barrow Hanley 5,683,385 6.07 1.34 3.11 6.38 7.73 3.56 2.50 2.92 4.02 4.15 Apr-03 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 4.08 Apr-03 Templeton Global Bond Fund 2,777,068 2.97 1.10 0.77 2.76 5.56 1.77 ------1.30 Apr-17 FTSE WGBI TR 2.33 3.57 5.38 5.48 3.68 1.00 0.85 2.21 4.12 Apr-17 Chartwell Short Duration High Yield 2,888,807 3.08 1.25 1.48 5.11 5.55 3.39 ------3.17 May-17 ICE BofAML US Corp and High Yield 1-3 Yr 0.77 1.56 3.71 5.07 3.04 2.89 2.44 3.66 3.08 May-17
Prepared by The Atlanta Consulting Group 26 University of West Florida Foundation As of June 30, 2019 Fiscal Year End: June
Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date
_ MLP 4,453,903 4.76 Tortoise MLP & Pipeline Instl 4,453,903 4.76 3.57 -0.43 20.74 1.25 2.02 4.13 -3.54 -- -0.66 Apr-14 Alerian MLP TR USD 2.64 0.12 16.96 3.09 -0.82 -0.42 -7.20 8.21 -4.94 Apr-14 Fund of Funds 8,982,267 9.59 Ironwood International Ltd. 8,982,267 9.59 0.90 2.13 4.81 3.26 5.30 5.95 3.85 6.49 4.40 Mar-05 HFRI FOF: Conservative Index 0.74 1.48 4.66 2.07 3.12 3.79 2.11 3.11 2.36 Mar-05 Real Estate 3,097,382 3.31 Harbert US RE Fund IV LP 42,067 0.04 0.00 0.00 -11.85 7.30 12.33 13.10 22.10 20.89 18.80 Dec-08 FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 13.69 Dec-08 Harbert US RE Fund V LP 1,059,382 1.13 0.00 0.00 0.82 3.77 7.82 9.92 13.69 -- 12.16 Nov-13 FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 9.49 Nov-13 Harbert US RE Fund VI LP 1,995,932 2.13 0.00 0.00 0.75 10.01 ------10.92 Nov-17 FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 9.33 Nov-17 Private Equity 2,574,539 2.75 Portfolio Advisors PE Offshore V 295,227 0.32 0.00 0.00 -0.72 10.17 12.69 11.98 9.04 10.77 7.97 Dec-08 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 13.06 Dec-08 Portfolio Advisors PE VII 674,260 0.72 0.00 0.00 -1.80 13.17 17.28 14.95 11.52 -- 12.47 Apr-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 11.62 Apr-13 Portfolio Advisors Secondary Fund III, L.P. 969,819 1.04 0.00 0.00 -0.57 12.85 ------30.81 Aug-17 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 9.51 Aug-17 StepStone Pioneer Capital III, L.P. 635,233 0.68 0.00 0.00 1.00 1.44 10.34 7.91 9.05 -- 15.12 Dec-09 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 13.66 Dec-09 Private Debt 672,335 0.72 Portfolio Advisors Direct Credit II 672,335 0.72 0.00 0.00 3.85 21.50 15.83 ------13.47 Oct-16 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 2.75 Oct-16 Cash/Short Term Fixed Income 5,808,815 6.20 PIMCO Short-Term Instl 5,772,022 6.16 0.11 0.50 1.56 2.03 2.08 2.52 -- -- 2.49 Jan-16 FTSE T-Bill 3 Months TR 0.20 0.61 1.21 2.29 1.81 1.36 0.84 0.46 1.22 Jan-16 Cash 36,793 0.04
XXXXX - Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TR USD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR - CPI+4% = Consumer Price Index+0.00327 100 - Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index
Prepared by The Atlanta Consulting Group 27 University of West Florida Foundation As of June 30, 2019
RISK RETURN STATISTICS RISK RETURN STATISTICS 1 Year 3 Years Foundation Balanced Index Foundation Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 12 12 Number of Periods 36 36 Maximum Return 5.96 6.26 Maximum Return 5.96 6.26 Minimum Return -5.55 -5.74 Minimum Return -5.55 -5.74 Annualized Return 4.75 3.63 Annualized Return 9.33 8.17 Total Return 4.75 3.63 Total Return 30.68 26.56 Annualized Excess Return Annualized Excess Return 2.49 1.36 7.93 6.77 Over Risk Free Over Risk Free Annualized Excess Return 1.12 0.00 Annualized Excess Return 1.16 0.00
RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 0.99 1.00 Beta 0.97 1.00 Upside Deviation 6.67 6.56 Upside Deviation 4.52 4.44 Downside Deviation 8.41 8.29 Downside Deviation 7.29 7.38
RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 12.27 12.39 7.86 8.00 Deviation Deviation Alpha 0.09 0.00 Alpha 0.11 0.00 Sharpe Ratio 0.20 0.11 Sharpe Ratio 1.01 0.85 Excess Return Over Market Excess Return Over Market 0.09 0.00 0.15 0.00 / Risk / Risk Tracking Error 1.23 0.00 Tracking Error 1.18 0.00 Information Ratio 0.91 -- Information Ratio 0.99 --
CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.99 1.00 R-Squared 0.98 1.00 Correlation 1.00 1.00 Correlation 0.99 1.00
Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills
Prepared by The Atlanta Consulting Group 28 University of West Florida Foundation As of June 30, 2019
RISK RETURN STATISTICS RISK RETURN STATISTICS 5 Years Since Inception Foundation Balanced Index Foundation Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 60 60 Number of Periods 243 243 Maximum Return 5.96 6.26 Maximum Return 7.11 6.75 Minimum Return -5.55 -5.74 Minimum Return -13.67 -12.61 Annualized Return 5.33 4.78 Annualized Return 5.12 4.94 Total Return 29.63 26.31 Total Return 174.68 165.68 Annualized Excess Return Annualized Excess Return 4.45 3.91 3.37 3.19 Over Risk Free Over Risk Free Annualized Excess Return 0.55 0.00 Annualized Excess Return 0.17 0.00
RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 0.99 1.00 Beta 1.01 1.00 Upside Deviation 4.85 4.78 Upside Deviation 5.32 5.32 Downside Deviation 5.85 6.04 Downside Deviation 7.81 7.33
RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 7.94 7.96 9.99 9.79 Deviation Deviation Alpha 0.05 0.00 Alpha 0.01 0.00 Sharpe Ratio 0.56 0.49 Sharpe Ratio 0.34 0.33 Excess Return Over Market Excess Return Over Market 0.07 0.00 0.02 0.00 / Risk / Risk Tracking Error 1.14 0.00 Tracking Error 1.44 0.00 Information Ratio 0.48 -- Information Ratio 0.12 --
CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.98 1.00 R-Squared 0.98 1.00 Correlation 0.99 1.00 Correlation 0.99 1.00
Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills
Prepared by The Atlanta Consulting Group 29 University of West Florida Foundation As of June 30, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group 30 University of West Florida Foundation As of June 30, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group 31 University of West Florida Foundation As of June 30, 2019
Prepared by The Atlanta Consulting Group 32 University of West Florida Foundation As of June 30, 2019
Cash Flows from Inception Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value
_ Mar-99 -- $0 $0 $0 $53,608,325 $53,608,325 Jun-99 $53,608,325 -$743,004 $0 $418,078 $2,434,180 $55,299,501 Sep-99 $55,299,501 -$754,175 $0 $372,158 -$1,480,157 $53,065,169 Dec-99 $53,065,169 $102,766 $0 $191,672 $5,764,152 $58,932,087 Mar-00 $58,932,087 $242,744 $0 $447,309 $942,080 $60,116,911 Jun-00 $60,116,911 -$560,001 $0 $346,958 -$156,583 $59,400,327 Sep-00 $59,400,327 -$897,431 -$8,857 $350,457 $140,608 $58,643,504 Dec-00 $58,643,504 -$561,633 -$36,824 $350,071 -$2,507,443 $55,574,428 Mar-01 $55,574,428 -$375,251 -$22,203 $406,691 -$4,182,435 $51,016,742 Jun-01 $51,016,742 -$365,927 -$21,840 $371,235 $2,216,697 $52,867,512 Sep-01 $52,867,512 -$663,768 -$21,567 $441,221 -$4,592,364 $47,611,380 Dec-01 $47,611,380 -$1,502,838 -$10,135 $587,524 $2,830,376 $48,938,918 Mar-02 $48,938,918 -$15,173 -$20,037 $359,943 $699,111 $49,622,856 Jun-02 $49,622,856 -$511,193 -$20,132 $372,089 -$2,642,350 $46,469,313 Sep-02 $46,469,313 -$461,137 -$10,326 $367,433 -$5,406,592 $40,601,584 Dec-02 $40,601,584 -$305,884 -$8,656 $470,499 $1,944,714 $42,240,414 Mar-03 $42,240,414 -$655,362 -$38,784 $302,011 -$1,599,613 $39,985,439 Jun-03 $39,985,439 -$778,780 -$13,903 $333,918 $4,622,010 $43,828,669 Sep-03 $43,828,669 -$662,389 -$17,967 $238,831 $1,365,464 $44,531,744 Dec-03 $44,531,744 -$399,999 -$47,455 $446,659 $4,610,030 $48,741,775 Mar-04 $48,741,775 -$543,579 -$39,390 $216,156 $1,097,837 $49,296,033 Jun-04 $49,296,033 -$109,883 -$39,387 $265,045 $138,340 $49,324,490 Sep-04 $49,324,490 -$1,009,371 -$38,556 $224,704 $9,559 $48,324,678 Dec-04 $48,324,678 -$784,131 -$40,289 $1,231,367 $4,362,977 $51,903,524 Mar-05 $51,903,524 -$656,830 -$40,122 $251,014 -$535,279 $50,711,415 Jun-05 $50,711,415 -$584,889 -$34,647 $236,790 $508,118 $50,634,644 Sep-05 $50,634,644 -$8,484 -$35,672 $225,922 $2,193,834 $52,819,994 Dec-05 $52,819,994 -$8,387 -$8,664 $1,673,866 $1,142,041 $53,953,648 Mar-06 $53,953,648 -$711,443 -$35,909 $258,749 $2,982,889 $56,225,094 Jun-06 $56,225,094 -$150,700 -$37,052 $279,282 -$455,018 $55,619,376 Sep-06 $55,619,376 -$619,204 -$37,906 $257,905 $1,959,980 $56,960,152
Prepared by The Atlanta Consulting Group 33 University of West Florida Foundation As of June 30, 2019
Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value
_ Dec-06 $56,960,152 -$259,001 -$38,682 $2,063,223 $3,295,891 $59,997,042 Mar-07 $59,997,042 -$8,817 -$40,216 $279,221 $1,353,294 $61,341,519 Jun-07 $61,341,519 -$760,397 -$41,417 $272,732 $3,135,778 $63,716,900 Sep-07 $63,716,900 -$1,008,735 -$53,847 $266,342 $226,739 $62,934,904 Dec-07 $62,934,904 -$959,825 -$49,127 $1,248,780 -$1,068,882 $60,906,197 Mar-08 $60,906,197 -$10,042 -$46,120 $250,632 -$3,191,700 $57,704,455 Jun-08 $57,704,455 -$499,998 -$48,727 $255,465 -$151,860 $57,052,597 Sep-08 $57,052,597 $585,757 -$45,037 $257,621 -$5,558,584 $52,079,770 Dec-08 $52,079,770 -$27,930 -$41,208 $628,017 -$8,704,556 $43,347,284 Mar-09 $43,347,284 $460,309 -$34,186 $240,805 -$2,719,546 $41,088,047 Jun-09 $41,088,047 $18,824 -$33,104 $234,150 $4,983,802 $46,090,673 Sep-09 $46,090,673 $36,683 -$36,990 $262,605 $5,171,637 $51,298,993 Dec-09 $51,298,993 -$977,471 -$37,425 $346,394 $2,056,832 $52,378,354 Mar-10 $52,378,354 $21,655 -$30,856 $223,781 $1,903,830 $54,303,839 Jun-10 $54,303,839 $103,822 -$53,645 $195,451 -$3,540,221 $50,867,440 Sep-10 $50,867,440 $131,756 -$42,592 $214,909 $4,484,851 $55,484,047 Dec-10 $55,484,047 $175,042 -$43,432 $370,586 $4,227,161 $59,886,250 Mar-11 $59,886,250 -$837,606 -$47,478 $230,071 $2,052,173 $61,100,817 Jun-11 $61,100,817 $138,311 -$49,563 $204,447 $411,277 $61,650,405 Sep-11 $61,650,405 -$87,638 -$50,173 $229,755 -$7,494,731 $54,068,036 Dec-11 $54,068,036 $387,014 -$44,939 $326,664 $3,294,906 $57,749,956 Mar-12 $57,749,956 $105,094 -$46,135 $219,525 $4,386,376 $62,241,426 Jun-12 $62,241,426 -$1,839,680 -$45,081 $226,018 -$1,974,413 $58,427,333 Sep-12 $58,427,333 -$1,822,658 -$42,326 $199,084 $2,632,789 $59,237,464 Dec-12 $59,237,464 -$27,735 -$42,704 $471,816 $1,645,834 $60,855,563 Mar-13 $60,855,563 -$98,538 -$44,366 $153,679 $3,250,742 $64,007,767 Jun-13 $64,007,767 -$1,862,723 -$45,603 $192,329 $635,692 $62,780,736 Sep-13 $62,780,736 $18,498 -$45,965 $216,059 $3,337,883 $66,137,117 Dec-13 $66,137,117 -$299,980 -$47,478 $402,765 $3,924,654 $69,761,791 Mar-14 $69,761,791 -$587,766 -$49,911 $189,387 $948,471 $70,122,496 Jun-14 $70,122,496 -$326,452 -$37,086 $213,400 $2,362,733 $72,158,777 Sep-14 $72,158,777 $75,826 -$37,270 $180,892 -$730,067 $71,504,536
Prepared by The Atlanta Consulting Group 34 University of West Florida Foundation As of June 30, 2019
Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value
_ Dec-14 $71,504,536 -$22,845 -$27,895 $1,102,090 $749,766 $72,231,457 Mar-15 $72,231,457 -$28,279 -$27,496 $139,418 $1,578,684 $73,781,862 Jun-15 $73,781,862 $324,851 -$28,452 $176,783 $156,312 $74,263,025 Sep-15 $74,263,025 -$12,826 -$27,644 $180,454 -$5,115,727 $69,134,472 Dec-15 $69,134,472 $84,429 -$28,653 $708,198 $1,392,509 $70,611,410 Mar-16 $70,611,410 $4,924,041 -$28,909 $159,866 $109,986 $75,645,437 Jun-16 $75,645,437 -$140,258 -$29,517 $210,119 $1,697,746 $77,202,925 Sep-16 $77,202,925 -$514,301 -$30,494 $173,911 $3,397,085 $80,085,709 Dec-16 $80,085,709 -$681,182 -$31,704 $554,397 $1,012,120 $80,416,647 Mar-17 $80,416,647 $119,141 -$32,584 $164,409 $3,767,164 $84,302,952 Jun-17 $84,302,952 $1,190,909 -$33,371 $237,005 $2,458,418 $87,952,279 Sep-17 $87,952,279 -$167,740 $0 $205,111 $3,691,890 $91,476,429 Dec-17 $91,476,429 -$1,896,654 -$26,870 $1,067,475 $3,277,624 $92,857,399 Mar-18 $92,857,399 -$1,462,821 -$31,969 $153,210 -$157,218 $91,237,360 Jun-18 $91,237,360 -$1,003,472 -$30,938 $254,995 $1,456,415 $91,690,303 Sep-18 $91,690,303 -$1,166,512 -$31,649 $233,604 $2,604,960 $93,128,750 Dec-18 $93,128,750 -$808,277 -$29,521 $1,517,670 -$8,778,241 $83,542,231 Mar-19 $83,542,231 -$4,051 -$25,883 $197,984 $7,364,576 $90,902,756 Jun-19 $90,902,756 -$491,096 -$28,135 $306,296 $3,243,082 $93,654,743
XXXXX
Prepared by The Atlanta Consulting Group 35 University of West Florida Eagle Capital Management As of June 30, 2019
Universe Name: Large Cap MStar MF # of Observations: 1,004 (6/30/2019)
QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%)
_ Eagle Capital Management 6.76 5 21.14 22 11.17 28 16.20 23 10.95 27 -- -- S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28 Over/Under 2.46 2.60 0.75 2.01 0.24
XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
_ Eagle Capital Management -5.24 22.66 10.10 1.75 12.28 35.80 ------S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 Over/Under -0.86 0.83 -1.86 0.37 -1.41 3.41
XXXXX Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd
_ Eagle Capital Management 12.46% -0.31% 1.07 107.02% 106.94% 1.08 3.46% 0.17 S&P 500 11.26% 0.00% 1.00 100.00% 100.00% 1.14 0.00% --
Prepared by The Atlanta Consulting Group 36 University of West Florida Eagle Capital Management As of June 30, 2019
Characteristics Sector Best Performers Portfolio S&P 500 Portfolio S&P 500 Weight % Return % INDUSTRY SECTOR DISTRIBUTION (% Equity) _ Number of Holdings 36 505 ANADARKO PETROLEUM (APC) 0.82% 55.81% Energy 0.82 5.05 Weighted Avg. Market Cap. ($B) 197.64 225.01 WALT DISNEY (DIS) 0.07% 25.77% Materials 1.11 2.72 Median Market Cap. ($B) 46.71 22.14 DISH NETWORK 'A' (DISH) 1.86% 21.21% Industrials 4.96 9.39 Price To Earnings 17.65 20.58 HILTON WORLDWIDE HDG. (HLT) 1.29% 17.79% Consumer Discretionary 16.20 10.20 Price To Book 3.08 3.60 MOHAWK INDUSTRIES (MHK) 2.27% 16.90% Consumer Staples 0.00 7.28 Price To Sales 1.71 2.12 FACEBOOK CLASS A (FB) 3.03% 15.78% Health Care 2.85 14.21 Return on Equity (%) 15.43 26.92 CHARTER COMMS.CL.A (CHTR) 1.96% 13.91% Financials 29.39 13.08 Yield (%) 1.05 1.96 AON CLASS A (AON) 3.24% 13.33% Information Technology 13.68 21.50 Beta 1.09 1.00 CITIGROUP (C) 6.20% 13.27% Communication Services 29.06 10.20 R-Squared 0.94 1.00 MARRIOTT INTL.'A' (MAR) 4.47% 12.59% Utilities 0.00 3.31 Total 25.20% Real Estate 0.00 3.06 _
Performance By Sectors
4/1/2019 - 6/30/2019 Worst Performers Allocation Selection Portfolio Index Excess Portfolio Index Excess Total Weight % Return %
GICS Sector Effect Effect _ Weight Weight Weight USD Return USD Return Return Contrib. (Local) (Local) LYFT A (LYFT) 0.00% -16.07%
_ Energy 0.64% 5.43% -4.78% 55.81% -2.83% 58.64% 0.31% 0.37% 0.29% LIBERTY TRIP ADVI.HDG. SR.A (LTRPA) 0.23% -12.61% Materials 1.21% 2.64% -1.43% 12.11% 6.56% 5.55% -0.03% 0.05% 0.08% TRIPADVISOR 'A' (TRIP) 1.35% -10.03% Industrials 4.78% 9.48% -4.70% 3.51% 3.60% -0.09% 0.04% 0.06% 0.03% ALPHABET A (GOOGL) 0.48% -7.99% Consumer Discretionary 18.06% 10.15% 7.91% 10.04% 5.28% 4.76% 0.08% 0.86% 1.04% ALPHABET 'C' (GOOG) 6.77% -7.88% Consumer Staples 0.00% 7.33% -7.33% -- 3.73% -- 0.06% 0.00% 0.01% BARCLAYS ADR 1:4 (BCS) 1.19% -4.88% Health Care 4.49% 14.57% -10.08% -0.88% 1.39% -2.27% 0.30% -0.07% -0.20% WABTEC (WAB) 0.49% -2.50% Financials 30.32% 12.69% 17.63% 6.82% 8.01% -1.20% 0.64% -0.28% 0.82% WELLS FARGO & CO (WFC) 4.38% -1.13% Information Technology 6.45% 21.19% -14.74% 5.86% 6.06% -0.20% -0.28% -0.03% 0.06% UNITEDHEALTH GROUP (UNH) 2.85% -0.88% Communication Services 34.05% 10.11% 23.94% 4.47% 4.47% 0.00% 0.00% 0.00% 0.02% FOX B (FOX) 1.03% 2.45% Total 18.77%
Utilities 0.00% 3.33% -3.33% -- 3.48% -- 0.04% 0.00% 0.01% _ Real Estate 0.00% 3.09% -3.09% -- 2.46% -- 0.08% 0.00% 0.02% Total 6.50% 4.32% 2.18% 1.23% 0.96% 2.18%
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Prepared by The Atlanta Consulting Group 37 University of West Florida Vanguard 500 Index Admiral As of June 30, 2019
Description: Universe Name: Large Cap MStar MF The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. # of Observations: 1,004 (6/30/2019) The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts Fund Information as of 6/30/19 to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in VANGUARD 500 INDEX Fund Name approximately the same proportion as its weighting in the index. ADMIRAL Ticker VFIAX Morningstar Category Large Blend Benchmark S&P 500 Expense Ratio 0.04% Fund Assets ($mm) 275,658.52 Share Class Inception Date 11/13/2000 Manager Tenure 3
Top Holdings as of 6/30/19 MICROSOFT CORP 4.18% APPLE INC 3.52% AMAZON.COM INC 3.19% FACEBOOK INC A 1.89% BERKSHIRE HATHAWAY INC B 1.63% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs JOHNSON & JOHNSON 1.51% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) JPMORGAN CHASE & CO 1.48% _ ALPHABET INC CLASS C 1.35% Vanguard 500 Index 4.30 43 18.53 43 10.38 33 14.15 37 10.68 29 14.67 29 ALPHABET INC A 1.32% S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28 EXXON MOBIL CORP 1.32% Over/Under 0.00 -0.01 -0.04 -0.04 -0.03 -0.03
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 2.46% Vanguard 500 Index -4.43 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 26.62 COMMUNICATION SERVICES 3.49% S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 CONSUMER CYCLICAL 12.22% Over/Under -0.05 -0.04 -0.03 -0.02 -0.05 -0.06 -0.04 -0.03 -0.01 0.16 CONSUMER DEFENSIVE 7.73% XXXXX ENERGY 5.05% 5 Years Statistics Summary FINANCIAL SERVICES 15.93% Down Mkt HEALTHCARE 14.08% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 10.11% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.69%
_ Vanguard 500 Index 12.03% -0.03% 1.00 99.88% 100.06% 0.82 0.01% -2.99 TECHNOLOGY 22.92% UTILITIES 3.32% S&P 500 12.03% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --
Prepared by The Atlanta Consulting Group 38 University of West Florida Conestoga Small Cap Investors As of June 30, 2019
Description: Universe Name: Small Cap MStar MF The investment seeks long-term growth of capital. # of Observations: 528 (6/30/2019) Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equity securities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks, Fund Information as of 5/31/19 rights and warrants. CONESTOGA SMALL CAP Fund Name INVESTORS Ticker CCASX Morningstar Category Small Growth Benchmark Russell 2000 Expense Ratio 1.10% Fund Assets ($mm) 840.19 Share Class Inception Date 10/1/2002 Manager Tenure 17
Top Holdings as of 5/31/19 THE DESCARTES SYSTEMS GROUP INC 3.78% EXPONENT INC 3.62% OMNICELL INC 3.29% PROS HOLDINGS INC 3.18% REPLIGEN CORP 3.12% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs MESA LABORATORIES INC 3.08% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) FOX FACTORY HOLDING CORP 2.98% _ CANTEL MEDICAL CORP 2.84% Conestoga Small Cap 9.34 3 23.40 18 10.54 8 21.24 8 14.32 3 16.41 10 SIMPSON MANUFACTURING CO INC 2.75% Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55 GRAND CANYON EDUCATION INC 2.53% Over/Under 7.24 6.42 13.85 8.94 7.26 2.96
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 5/31/19 _ BASIC MATERIALS 7.54% Conestoga Small Cap 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09 COMMUNICATION SERVICES 0.00% Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17 CONSUMER CYCLICAL 9.27% Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92 CONSUMER DEFENSIVE 5.99% XXXXX ENERGY 0.62% 5 Years Statistics Summary FINANCIAL SERVICES 0.02% Down Mkt HEALTHCARE 14.76% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 19.70% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.77% _ TECHNOLOGY 40.32% Conestoga Small Cap 16.53% 7.86% 0.91 110.33% 81.38% 0.82 6.62% 1.10 UTILITIES 0.00% Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
Prepared by The Atlanta Consulting Group 39 University of West Florida Fuller & Thaler Behav Sm-Cp As of June 30, 2019
Description: Universe Name: Small Cap MStar MF The investment seeks long-term capital appreciation. # of Observations: 528 (6/30/2019) The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalization companies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and it Fund Information as of 6/30/19 satisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assets FULLER & THALER Fund Name are primarily located in the U.S., or it derives the majority of its revenue from the U.S. BEHAVIORAL SM-CP EQ INST Ticker FTHSX Morningstar Category Small Blend Benchmark Russell 2000 Expense Ratio 0.85% Fund Assets ($mm) 1,525.46 Share Class Inception Date 9/8/2011 Manager Tenure 8
Top Holdings as of 6/30/19 LANDSTAR SYSTEM INC 3.59% JABIL INC 3.48% HANCOCK WHITNEY CORP 3.42% HELEN OF TROY LTD 3.39% MURPHY USA INC 2.84% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs SINCLAIR BROADCAST GROUP INC 2.70% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) DECKERS OUTDOOR CORP 2.60% _ FULTON FINANCIAL CORP 2.38% Fuller & Thaler Behav Sm-Cp 4.55 25 17.00 53 -1.55 46 12.80 36 9.59 23 -- -- PRIMERICA INC 2.35% Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55 WESCO INTERNATIONAL INC 2.32% Over/Under 2.45 0.02 1.76 0.50 2.53
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 4.73% Fuller & Thaler Behav Sm-Cp -13.17 17.35 29.82 -3.48 11.00 36.12 20.22 ------COMMUNICATION SERVICES 0.00% Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17 CONSUMER CYCLICAL 15.71% Over/Under -2.16 2.70 8.51 0.93 6.10 -2.70 3.87 CONSUMER DEFENSIVE 4.49% XXXXX ENERGY 0.30% 5 Years Statistics Summary FINANCIAL SERVICES 24.28% Down Mkt HEALTHCARE 10.17% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 21.08% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 5.19% _ TECHNOLOGY 13.68% Fuller & Thaler Behav Sm-Cp 15.16% 3.61% 0.85 85.08% 75.93% 0.58 6.17% 0.41 UTILITIES 0.37% Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
Prepared by The Atlanta Consulting Group 40 University of West Florida Dodge & Cox International As of June 30, 2019 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term growth of principal and income. # of Observations: 196 (6/30/2019) Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common Fund Information as of 6/30/19 DODGE & COX stocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-established Fund Name companies based on standards of the applicable market. INTERNATIONAL STOCK Ticker DODFX Morningstar Category Foreign Large Value Benchmark MSCI ACWI ex USA Expense Ratio 0.63% Fund Assets ($mm) 49,883.35 Share Class Inception Date 5/1/2001 Manager Tenure 18 Top Holdings as of 6/30/19 ICICI BANK LTD 3.04% NASPERS LTD CLASS N 3.01% ROCHE HOLDING AG DIVIDEND RIGHT CERT. 2.98% SANOFI SA 2.92% BNP PARIBAS 2.64% BAYER AG 2.63% MITSUBISHI ELECTRIC CORP 2.61% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) UBS GROUP AG 2.55% _ ITAU UNIBANCO HOLDING SA PARTICIPATING PREFERRED 2.39% Dodge & Cox International 2.81 61 12.87 72 -0.31 53 9.31 18 0.42 94 7.41 27 ASTRAZENECA PLC 2.38% MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66 Over/Under -0.17 -0.73 -1.60 -0.08 -1.74 0.87
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 6.44% Dodge & Cox International -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 47.46 COMMUNICATION SERVICES 5.44% MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45 CONSUMER CYCLICAL 7.78% Over/Under -3.78 -3.25 3.76 -5.69 3.95 11.02 4.20 -2.26 2.54 6.01 CONSUMER DEFENSIVE 0.70% XXXXX ENERGY 8.83% 5 Years Statistics Summary FINANCIAL SERVICES 30.07% Down Mkt HEALTHCARE 16.11% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 6.62% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.60% _ TECHNOLOGY 16.40% Dodge & Cox International 14.82% -2.00% 1.12 109.91% 116.12% -0.03 4.93% -0.35 UTILITIES 0.99% MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
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Prepared by The Atlanta Consulting Group 41 University of West Florida WCM Focused Intl Growth As of June 30, 2019 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term capital appreciation. # of Observations: 196 (6/30/2019) The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts of non-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investments Fund Information as of 4/30/19 in equity securities may include common stocks and depository receipts. It generally invests in securities of companies located in WCM FOCUSED different regions and in at least three different countries. Fund Name INTERNATIONAL GROWTH INSTL Ticker WCMIX Morningstar Category Foreign Large Growth Benchmark MSCI ACWI ex USA Expense Ratio 1.06% Fund Assets ($mm) 7,411.67 Share Class Inception Date 5/31/2011 Manager Tenure 8 Top Holdings as of 4/30/19 ACCENTURE PLC CLASS A 4.25% CANADIAN PACIFIC RAILWAY LTD 4.16% KEYENCE CORP 4.11% EXPERIAN PLC 4.09% LVMH MOET HENNESSY LOUIS VUITTON SE 4.05% SHOPIFY INC A 4.05% CSL LTD 4.04% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) TENCENT HOLDINGS LTD 3.97% _ AIA GROUP LTD 3.75% WCM Focused Intl Growth 9.92 1 24.04 1 11.99 1 13.70 1 9.01 1 -- -- METTLER-TOLEDO INTERNATIONAL INC 3.72% MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66 Over/Under 6.94 10.44 10.70 4.31 6.85
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 4/30/19 _ BASIC MATERIALS 7.26% WCM Focused Intl Growth -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 ------COMMUNICATION SERVICES 0.00% MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45 CONSUMER CYCLICAL 11.08% Over/Under 6.90 4.05 -3.83 11.45 3.57 6.43 -4.36 CONSUMER DEFENSIVE 10.80% XXXXX ENERGY 0.37% 5 Years Statistics Summary FINANCIAL SERVICES 11.21% Down Mkt HEALTHCARE 17.72% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 13.78% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00%
_ WCM Focused Intl Growth 12.02% 7.21% 0.83 97.83% 61.98% 0.68 6.26% 1.09 TECHNOLOGY 27.79% UTILITIES 0.00% MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group 42 University of West Florida T. Rowe Price International As of June 30, 2019 Description: Universe Name: Foreign Small/Mid Blend Mstar MF The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- to # of Observations: 30 (6/30/2019) medium-sized companies outside the U.S. The managers expect to primarily invest outside the U.S. and to diversify broadly across a variety of industries in developed and Fund Information as of 6/30/19 T. ROWE PRICE emerging market countries throughout the world. Normally, at least 80% of the fund's net assets (including any borrowings for Fund Name investment purposes) will be invested in non-U.S. stocks. INTERNATIONAL DISCOVERY Ticker PRIDX Morningstar Category Foreign Small/Mid Growth Benchmark MSCI ACWI ex US Small Cap Expense Ratio 1.20% Fund Assets ($mm) 4,366.72 Share Class Inception Date 12/30/1988 Manager Tenure 21 Top Holdings as of 6/30/19 SHOPIFY INC A 1.90% AMPLIFON 1.57% MERCADOLIBRE INC 1.49% ABCAM PLC 1.29% ASCENTIAL 1.16% INTERMEDIATE CAPITAL GROUP PLC 1.13% ELEKTA AB 1.02% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) MAIL.RU GROUP LTD GDR 1.01% _ TECAN 0.97% T. Rowe Price International 2.88 26 15.27 23 -6.72 39 11.21 1 6.66 1 11.32 11 INMOBILIARIA COLONIAL SOCIMISA 0.96% MSCI ACWI ex US Small Cap 1.21 94 11.60 85 -5.94 24 7.76 55 2.77 62 8.48 65 Over/Under 1.67 3.67 -0.78 3.45 3.89 2.84
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 6.68% T. Rowe Price International -17.47 39.01 0.95 9.88 -0.43 24.37 26.00 -14.08 20.47 55.69 COMMUNICATION SERVICES 0.95% MSCI ACWI ex US Small Cap -18.20 31.65 3.91 2.60 -4.03 19.73 18.52 -18.50 25.21 62.91 CONSUMER CYCLICAL 22.77% Over/Under 0.73 7.36 -2.96 7.28 3.60 4.64 7.48 4.42 -4.74 -7.22 CONSUMER DEFENSIVE 4.76% XXXXX ENERGY 1.81% 5 Years Statistics Summary FINANCIAL SERVICES 8.64% Down Mkt HEALTHCARE 15.01% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 13.79% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 3.88% _ TECHNOLOGY 20.98% T. Rowe Price International 11.94% 4.14% 0.91 98.37% 77.32% 0.49 3.87% 1.00 UTILITIES 0.73% MSCI ACWI ex US Small Cap 12.50% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
Prepared by The Atlanta Consulting Group 43 University of West Florida DFA Emerging Markets Core As of June 30, 2019 Description: Universe Name: Diversified Emerging Mkts MStar MF The investment seeks long-term capital appreciation. # of Observations: 237 (6/30/2019) The Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund Advisors Fund Information as of 5/31/19 DFA EMERGING MARKETS LP's (the "Advisor") Investment Committee ("Approved Markets"), with a greater emphasis on small capitalization, value, and high Fund Name profitability companies. CORE EQUITY I Ticker DFCEX Morningstar Category Diversified Emerging Mkts Benchmark MSCI Emerging Markets Expense Ratio 0.52% Fund Assets ($mm) 27,427.34 Share Class Inception Date 4/5/2005 Manager Tenure 9 Top Holdings as of 5/31/19 SAMSUNG ELECTRONICS CO LTD 3.80% TENCENT HOLDINGS LTD 1.64% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.51% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.12% VALE SA 0.88% ALIBABA GROUP HOLDING LTD ADR 0.82% RELIANCE INDUSTRIES LTD 0.80% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) PING AN INSURANCE (GROUP) CO. OF CHINA LTD CLASS H 0.72% _ SK HYNIX INC 0.68% DFA Emerging Markets Core 0.86 67 9.54 82 1.30 49 9.11 53 2.27 53 6.29 46 CHINA CONSTRUCTION BANK CORP CLASS H 0.65% MSCI Emerging Markets 0.61 77 10.59 73 1.21 50 10.66 34 2.49 47 5.81 58 Over/Under 0.25 -1.05 0.09 -1.55 -0.22 0.48
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 5/31/19 _ BASIC MATERIALS 10.99% DFA Emerging Markets Core -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62 83.58 COMMUNICATION SERVICES 4.02% MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51 CONSUMER CYCLICAL 11.33% Over/Under -0.67 -0.73 1.16 0.06 1.28 -0.04 2.27 -2.23 4.74 5.07 CONSUMER DEFENSIVE 7.27% XXXXX ENERGY 6.78% 5 Years Statistics Summary FINANCIAL SERVICES 19.17% Down Mkt HEALTHCARE 2.96% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 8.22% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 4.12% _ TECHNOLOGY 21.77% DFA Emerging Markets Core 15.13% -0.08% 0.95 95.44% 97.46% 0.10 2.63% -0.08 UTILITIES 3.37% MSCI Emerging Markets 15.78% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group 44 University of West Florida Fixed As of June 30, 2019 Fund Characteristics as of 6/30/2019 Universe Name: Intermediate Core Bond MStar MF Composite BBgBarc Agg # of Observations: 114 (6/30/2019) SEC Yield 3.85 2.52 Average Duration 2.67 6.14 Average Maturity 4.79 13.01 *Credit Quality as of 6/30/2019 AAA 33.73 72.16 AA 3.31 3.44 A 12.86 10.68 BBB 18.71 13.72 BB 25.88 0.00 B 5.65 0.00 Below B 0.00 0.00 Not Rated -0.14 0.00
QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%)
_ Fixed 2.11 91 5.15 80 6.63 81 ------BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61 Over/Under -0.97 -0.96 -1.24
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
_ Fixed 0.17 ------BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 Over/Under 0.16
Since Inception Statistics Summary Name Market Value % of Portfolio Down Mkt Fixed $11,349,259 100.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error Barrow Hanley $5,683,385 50.08% Anlzd Templeton Global Bond Fund $2,777,068 24.47% _ Fixed 1.86% 1.85% 0.29 48.79% 5.42% 0.66 2.66% -0.29 Chartwell Short Duration High Yield $2,888,807 25.45% BBgBarc US Aggregate TR 2.94% 0.00% 1.00 100.00% 100.00% 0.68 0.00% -- Total $11,349,259 100.00%
Prepared by The Atlanta Consulting Group 45 University of West Florida Barrow Hanley As of June 30, 2019
Universe Name: Intermediate Core Bond MStar MF # of Observations: 114 (6/30/2019)
QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%)
_ Barrow Hanley 3.11 35 6.38 33 7.73 50 2.50 35 2.92 34 4.02 59 BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61 Over/Under 0.03 0.27 -0.14 0.19 -0.03 0.12 90% BBgBarc Agg/10% 3.03 50 6.50 30 7.85 39 2.83 14 3.14 15 4.44 39 BBgBarc High Yield 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
_ Barrow Hanley -0.55 4.03 3.20 0.45 5.02 -1.48 5.56 7.10 6.36 8.17 BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 Over/Under -0.56 0.49 0.55 -0.10 -0.95 0.54 1.35 -0.74 -0.18 2.24
Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd
_ Barrow Hanley 3.47% 0.05% 1.00 101.19% 100.41% 0.84 0.81% 0.08 BBgBarc US Aggregate TR 3.37% 0.00% 1.00 100.00% 100.00% 0.85 0.00% --
Prepared by The Atlanta Consulting Group 46 University of West Florida Templeton Global Bond Fund As of June 30, 2019
Description: Universe Name: World Bond MStar MF The investment seeks current income with capital appreciation and growth of income. # of Observations: 53 (6/30/2019) Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debt obligations of any maturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governments, government-related Fund Information as of 3/31/19 entities and government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are rated TEMPLETON GLOBAL BOND Fund Name below investment grade or, if unrated determined by the investment manager to be of comparable quality. It is non-diversified. ADV Ticker TGBAX Morningstar Category World Bond Benchmark FTSE WGBI TR Expense Ratio 0.69% Fund Assets ($mm) 18,558.53 Share Class Inception Date 1/2/1997 Manager Tenure 18
Fund Characteristics as of 3/31/19 Sharpe Ratio (3 Year) 0.52 Average Duration -2.21 Average Coupon 8.48% Average Effective Maturity 1.82 R-Squared (3 Year) 0.06 Alpha (3 Year) 0.38% Beta (3 Year) -0.26 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 3/31/19 _ Templeton Global Bond Fund 0.77 99 2.76 98 5.56 39 4.57 7 1.50 24 4.90 17 AAA 17.48% FTSE WGBI TR 3.57 38 5.38 62 5.48 40 1.00 85 0.85 52 2.21 79 AA 6.80% Over/Under -2.80 -2.62 0.08 3.57 0.65 2.69 A 19.19% XXXXX BBB 29.25% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 BB 18.29% _ B 9.56% Templeton Global Bond Fund 1.44 2.62 6.61 -4.03 1.84 2.41 16.15 -2.21 13.00 19.21 Below B 0.00% FTSE WGBI TR -0.84 7.49 1.60 -3.57 -0.48 -4.00 1.65 6.35 5.17 2.55 Not Rated -0.56% Over/Under 2.28 -4.87 5.01 -0.46 2.32 6.41 14.50 -8.56 7.83 16.66 Fixed Income Sectors as of 3/31/19 5 Years Statistics Summary GOVERNMENT 56.42% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.00% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 0.00% Anlzd SECURITIZED _ 0.00% Templeton Global Bond Fund 6.18% 1.67% -0.20 -14.10% -42.71% 0.11 8.90% 0.07 CASH & EQUIVALENTS 43.58% FTSE WGBI TR 5.42% 0.00% 1.00 100.00% 100.00% 0.01 0.00% -- DERIVATIVE 0.00%
Prepared by The Atlanta Consulting Group 47 University of West Florida Chartwell Short Dur High Yield As of June 30, 2019 Description: Universe Name: High Yield Bond MStar MF # of Observations: 195 (6/30/2019) The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high Fund Information as of 4/30/19 CHARTWELL SHORT yield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories at Fund Name the time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of its DURATION HIGH YIELD assets in U.S. dollar denominated securities of issuers based outside of the U.S. Ticker CWFIX Morningstar Category High Yield Bond ICE BofAML US Corp and High Benchmark Yield 1-3 Yr Expense Ratio 0.49% Fund Assets ($mm) 81.85 Share Class Inception Date 7/15/2014 Manager Tenure 5
Fund Characteristics as of 4/30/19 Sharpe Ratio (3 Year) 1.65 Average Duration 1.45 Average Coupon 5.41% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank Average Effective Maturity 1.60 (%) (%) (%) (%) (%) (%)
_ R-Squared (3 Year) 0.49 Chartwell Short Dur High Yield 1.48 91 5.11 92 5.55 72 4.09 97 ------Alpha (3 Year) 0.02% ICE BofAML US Corp and Beta (3 Year) 1.39 1.56 89 3.71 96 5.07 82 2.89 99 2.44 97 3.66 99 High Yield 1-3 Yr Over/Under -0.08 1.40 0.48 1.20 Credit Quality as of 4/30/19 XXXXX AAA 1.63% AA 0.00% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 A 0.00% _ BBB 12.34% Chartwell Short Dur High Yield 0.36 3.39 7.62 -2.64 ------BB 81.24% ICE BofAML US Corp and High Yield 1-3 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 19.37 B 4.79% Yr Below B 0.00% Over/Under -1.28 1.01 3.71 -3.40 Not Rated 0.00% 3 Years Statistics Summary Down Mkt Fixed Income Sectors as of 4/30/19 Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio GOVERNMENT 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd MUNICIPAL 0.00% _ CORPORATE 98.65% Chartwell Short Dur High Yield 1.89% 0.11% 1.37 141.85% 143.38% 1.46 1.43% 0.83 SECURITIZED 0.00% ICE BofAML US Corp and High 0.94% 0.00% 1.00 100.00% 100.00% 1.68 0.00% -- CASH & EQUIVALENTS 1.35% Yield 1-3 Yr
XXXXX DERIVATIVE 0.00%
Prepared by The Atlanta Consulting Group 48 University of West Florida Tortoise MLP & Pipeline Instl As of June 30, 2019
Description: Universe Name: Energy Limited Partnership Mstar MF The investment seeks total return. # of Observations: 37 (6/30/2019) The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPs and pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies that Fund Information as of 6/30/19 own and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refined TORTOISE MLP & PIPELINE Fund Name petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified. INSTL Ticker TORIX Morningstar Category Energy Limited Partnership Benchmark Alerian MLP TR USD Expense Ratio 0.96% Fund Assets ($mm) 3,601.37 Share Class Inception Date 5/31/2011 Manager Tenure 6
Top Holdings as of 6/30/19 WILLIAMS COMPANIES INC 8.87% KINDER MORGAN INC CLASS P 8.18% ONEOK INC 8.02% CHENIERE ENERGY INC 7.76% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank TC ENERGY CORP 6.65% (%) (%) (%) (%) (%) (%) _ TARGA RESOURCES CORP 5.53% Tortoise MLP & Pipeline Instl -0.43 12 20.74 14 1.25 53 4.13 7 -3.54 4 -- -- PLAINS GP HOLDINGS LP CLASS A 5.03% Alerian MLP TR USD 0.12 6 16.96 66 3.09 26 -0.42 67 -7.20 81 8.21 -- PEMBINA PIPELINE CORP 4.73% Over/Under -0.55 3.78 -1.84 4.55 3.66 ENBRIDGE INC 4.59% ENERGY TRANSFER LP 4.32%
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 _ Sector Allocation as of 6/30/19 Tortoise MLP & Pipeline Instl -15.14 -1.03 42.12 -35.80 11.66 28.60 9.58 ------BASIC MATERIALS 0.12% Alerian MLP TR USD -12.42 -6.52 18.31 -32.59 4.80 27.58 4.80 13.88 35.85 76.41 COMMUNICATION SERVICES 0.00% Over/Under -2.72 5.49 23.81 -3.21 6.86 1.02 4.78 CONSUMER CYCLICAL 0.00% 50% Alerian/50% ML High Yield -7.04 0.39 18.24 -19.41 3.84 17.33 10.20 9.15 25.24 67.15 CONSUMER DEFENSIVE 0.00%
XXXXX ENERGY 99.88% 5 Years Statistics Summary FINANCIAL SERVICES 0.00% Down Mkt HEALTHCARE 0.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY 0.00% Tortoise MLP & Pipeline Instl 19.12% 2.89% 0.89 95.98% 88.26% -0.23 8.03% 0.46 UTILITIES 0.00% Alerian MLP TR USD 19.58% 0.00% 1.00 100.00% 100.00% -0.41 0.00% --
Prepared by The Atlanta Consulting Group 49 University of West Florida Fund of Funds As of June 30, 2019
QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (%) (%) (%) (%) (%) (%)
_ Fund of Funds 2.13 4.81 3.26 5.72 2.63 5.43 HFRI Fund of Funds Composite Index 1.50 6.17 1.16 4.25 2.19 3.21 Over/Under 0.63 -1.36 2.10 1.47 0.44 2.22 S&P 500 4.30 18.54 10.42 14.19 10.71 14.70
XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
_ Fund of Funds 0.93 6.59 1.83 -1.58 4.02 13.55 9.22 -1.81 7.97 -- HFRI Fund of Funds Composite Index -4.02 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 11.47 Over/Under 4.95 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27 S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd
_ Fund of Funds 3.98% 2.68% 0.90 115.11% 71.32% 1.38 1.81% 1.29 HFRI Fund of Funds Composite Index 3.96% 0.00% 1.00 100.00% 100.00% 0.80 0.00% --
Prepared by The Atlanta Consulting Group 50 University of West Florida Ironwood International Ltd. As of June 30, 2019
QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (%) (%) (%) (%) (%) (%)
_ Ironwood International Ltd. 2.13 4.81 3.26 5.95 3.85 6.49 HFRI FOF: Conservative Index 1.48 4.66 2.07 3.79 2.11 3.11 Over/Under 0.65 0.15 1.19 2.16 1.74 3.38
XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
_ Ironwood International Ltd. 1.32 6.91 2.30 1.84 7.03 11.72 10.01 1.80 9.15 16.99 HFRI FOF: Conservative Index -0.87 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 9.65 Over/Under 2.19 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 7.34
XXXXX
Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd
_ Ironwood International Ltd. 5.44% 1.30% 1.31 140.17% 108.75% 0.58 2.20% 0.93 HFRI FOF: Conservative Index 3.91% 0.00% 1.00 100.00% 100.00% 0.29 0.00% --
Prepared by The Atlanta Consulting Group 51 Ironwood Monthly Commentary April 2019
GENERAL COMMENTARY1
U.S. equities advanced in April, supported by better-than-expected Q1 GDP growth and corporate earnings results. Risk-on sentiment pushed the S&P 500 to new all-time highs during the month, with each of the index’s eleven sectors contributing to positive performance this year. In U.S. corporate credit markets, investment grade and high-yield bonds generated flat to positive returns in April amid continued tailwinds, including tepid domestic inflation and an increasingly accommodative Federal Reserve. Outside of the U.S., equity markets across continental Europe extended year-to-date gains, bolstered by accommodative guidance from the ECB and stabilizing economic conditions across the region. Risk assets in the UK also traded higher in April, as near- term political uncertainty declined after the EU granted British lawmakers a second Brexit deadline extension. In emerging markets, gains in equity indexes during the month were led by South Africa, which rallied on optimism ahead of its general election in May, and Greece, which traded higher after seeking approval for early repayment of roughly €3.7 billion in IMF loans.
For the month, the S&P 500 returned +4.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +0.0% and +1.4%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +5.3%, +2.3%, and +2.6%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in April. All four of Ironwood's underlying sectors were positive and performance was diversified across managers and strategies. The best performing sectors included distressed & credit securities, where a number of hard catalysts and company- specific events contributed to performance, and market neutral & low net equity, where numerous industry sectors helped drive positive attribution. Our first quarter letter, which was recently distributed, provides greater detail on how the portfolio is currently positioned. If you would like a copy of this letter, please contact Ironwood Investor Relations ([email protected]).
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +3.4% to -1.4%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates and foreign exchange trading; and macro trading were the largest contributors of positive attribution. Relative value energy was also a positive contributor in April.
Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +2.8% to +0.5%. The sector’s multi-manager platforms and single-strategy equity managers generated positive performance in April. Leading industry sectors during the month included technology and industrials. Statistical arbitrage and primary strategies were profitable during the month.
Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +1.5% to +0.5%. At the underlying position level, notable contributors in
52 April included Caesars Entertainment, which rallied after appointing a new CEO and reaffirming its commitment to exploring sale options, and SAP SE, which traded higher after one of Ironwood’s managers disclosed a stake in the company and released an outline of strategic action required to drive value realization for shareholders.
Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +2.7% to +0.9%. At the underlying position level, notable contributors in April included Avon North America, which agreed to be sold to LG Household & Health Care for approximately $125 million in cash, and PG&E Corporation, which appointed a new CEO and board of directors under the advisement of the company’s largest stakeholders.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
53 Ironwood Partners L.P. Monthly Performance and Allocation Summary April 2019 Performance Overview Assets Under Management 5/1/2019 APR QTD YTD Fund ($ millions) Ironwood Partners L.P. 1.09% 1.09% 3.79% Ironwood International Ltd. 1.06% 1.06% 3.71% Ironwood Institutional Ltd. 1.05% 1.05% 3.70% Ironwood Partners L.P. 1,110 HFRI FOF: Conservative Index 0.91% 0.91% 4.12% Ironwood Insurance Fund 36 S&P 500 4.05% 4.05% 18.25% Ironwood Inst. Multi-Strategy Fund LLC 2,487 Barclays Aggregate Bond Index 0.03% 0.03% 2.97% Ironwood Capital Management $3,633
Sector Breakdown Percentage Performance Gross Attribution Sector Allocation APR QTD YTD APR QTD YTD Relative Value 43.17% 1.22% 1.22% 4.69% 0.48% 0.48% 1.90% Market Neutral & Low Net Equity 22.36% 1.41% 1.41% 4.19% 0.29% 0.29% 0.87% Event Driven 20.49% 1.02% 1.02% 4.32% 0.19% 0.19% 0.82% Distressed & Credit Securities 13.98% 1.86% 1.86% 5.27% 0.24% 0.24% 0.68% 100.00% 1.09% 1.09% 3.79% Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses, including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Past performance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overall investment experience that underperforms or outperforms that reflected herein. Strategy and Geographic Allocations
Emerging Portfolio Other Risk Arbitrage Markets Protection 7.1% 2.5% Statistical 3.3% 1.5% Arbitrage Europe Private Securities 6.9% 16.1% 3.6% Event Equities 6.8% Convertible Bond Arbitrage 1.2% Asia Event Credit 7.5% 5.8% Distressed Situations 11.2% Fundamental United States Market Structured Credit 73.1% Neutral Equities 7.5% 31.9%
Fixed Income & Interest Rates 14.0%
Top 10 Holdings as of 5/1/2019 Fund Structure and Terms Percentage Inception: January 1, 1996 Fund Allocation Fund Registration: 3(c)(7) Citadel Investment Group 12.7% Eligibility: Qualified Purchasers Millennium Management 9.5% ERISA Eligible: Yes HG Vora Capital 9.4% Minimum Investment: $1,000,000 Elliott Capital Advisors 9.4% Contributions: Monthly D.E. Shaw & Co. 8.3% Liquidity: Semi-annual on investment ann. with 95 days notice Silver Point Capital Management 7.2% Lock-up: One year soft lock-up (5% early withdrawal fee) Two Sigma Management 6.4% Tax Reporting: Schedule K-1 Suvretta Capital 6.0% Advisory Fees: 1.20% Cerberus Associates 5.5% Performance Fees: None Holocene Advisors 5.0% Certain Expenses: 0.25% annual expense reimbursement ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated as a percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV. FOR USE WITH QUALIFIED PURCHASERS ONLY. Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by the information included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or any other fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior to making any investment decision. See definitions and additional disclosures attached. 54 Ironwood Monthly Commentary May 2019
GENERAL COMMENTARY1
U.S. equity markets traded sharply lower in May amid worsening trade tensions and deteriorating growth expectations. Of note, the U.S. surprised markets and raised tariffs on $200 billion worth of Chinese imports to 25% from 10%, prompting China to retaliate by increasing tariffs on approximately $60 billion of U.S. imports. Investors rotated capital to perceived safe-haven assets as volatility returned, pushing interest rates down materially; the yield on the 10-Year Treasury note fell 0.4% in May to 2.13%, a level not seen since late 2017. In domestic corporate credit markets, high-yield bond prices came under pressure due to falling oil prices and downward revisions to global growth estimates, while declining yields and risk-off capital rotation helped investment grade bonds generate a positive return. In Europe, equity markets traded down in May as expectations for slower global growth and continued political turmoil contributed to a decline in valuations. Notably, UK Prime Minister Theresa May announced her resignation during the month, spurring renewed Brexit uncertainty and a material decline in the Sterling. In emerging markets, equites fell in May as U.S.-China trade talks broke down, growth slowed, and the price of oil declined.
For the month, the S&P 500 returned -6.4% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.8% and -1.2%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -5.5%, -7.3%, and -6.6%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in May. Ironwood made money within our market neutral & low net equity and relative value sectors, but gains were offset by moderate losses sustained in our distressed & credit securities and event driven sectors.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +4.2% to -2.6%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates and foreign exchange trading; and relative value macro were the largest contributors of positive attribution. Systematic strategies were positive in May.
Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +4.2% to -0.5%. The sector’s multi-manager platforms generated positive performance during the month, while our single-strategy equity manager was slightly negative. Leading industry sectors in May included consumer and industrials. Statistical arbitrage and primary strategies were profitable.
Ironwood’s event driven sector was negative for the month and the range of returns for managers within the sector was -0.0% to -0.6%. At the underlying position level, notable detractors in May included Tivity Health, which reported mixed Q1 earnings and higher-than-expected integration
55 costs stemming from its $1.3 billion acquisition of Nutrisystem, and Nielsen Holdings, which declined after the company reportedly cut its asking price and extended the deadline for final bids.
Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was -0.7% to -1.2%. At the underlying position level, notable detractors in May included Exela Technologies, which fell after Moody’s downgraded its rating for the company and provided a negative outlook, and PG&E, which declined on a negative report issued by California fire investigators that determined the company’s electrical transmission lines caused the Camp Fire in 2018.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
56 Ironwood Partners L.P. Monthly Performance and Allocation Summary May 2019 Performance Overview Assets Under Management 6/1/2019 MAY QTD YTD Fund ($ millions) Ironwood Partners L.P. 0.20% 1.29% 4.00% Ironwood International Ltd. 0.16% 1.22% 3.88% Ironwood Institutional Ltd. 0.16% 1.22% 3.86% Ironwood Partners L.P. 1,116 HFRI FOF: Conservative Index 0.08% 0.97% 4.18% Ironwood Insurance Fund 36 S&P 500 -6.35% -2.56% 10.73% Ironwood Inst. Multi-Strategy Fund LLC 2,510 Barclays Aggregate Bond Index 1.78% 1.80% 4.80% Ironwood Capital Management $3,662
Sector Breakdown Percentage Performance Gross Attribution Sector Allocation MAY QTD YTD MAY QTD YTD Relative Value 43.28% 0.43% 1.66% 5.14% 0.17% 0.66% 2.08% Market Neutral & Low Net Equity 22.65% 1.48% 2.91% 5.73% 0.31% 0.60% 1.19% Event Driven 20.39% -0.31% 0.72% 4.00% -0.06% 0.13% 0.76% Distressed & Credit Securities 13.68% -0.89% 0.95% 4.33% -0.11% 0.12% 0.56% 100.00% 0.20% 1.29% 4.00% Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses, including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Past performance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overall investment experience that underperforms or outperforms that reflected herein. Strategy and Geographic Allocations
Emerging Other Risk Arbitrage Markets Portfolio 9.1% 2.5% Statistical 3.2% Protection Arbitrage 1.2% 7.7% Europe Private Securities 17.9% 3.6% Event Equities 6.2% Convertible Bond Arbitrage 1.0% Asia Event Credit 6.8% 5.9%
Distressed Situations Fundamental United States 11.9% Market 72.1% Neutral Equities Structured Credit 31.3% 7.3% Fixed Income & Interest Rates 12.3%
Top 10 Holdings as of 6/1/2019 Fund Structure and Terms Percentage Inception: January 1, 1996 Fund Allocation Fund Registration: 3(c)(7) Citadel Investment Group 12.9% Eligibility: Qualified Purchasers Millennium Management 9.6% ERISA Eligible: Yes Elliott Capital Advisors 9.3% Minimum Investment: $1,000,000 HG Vora Capital 9.3% Contributions: Monthly D.E. Shaw & Co. 8.3% Liquidity: Semi-annual on investment ann. with 95 days notice Silver Point Capital Management 7.1% Lock-up: One year soft lock-up (5% early withdrawal fee) Two Sigma Management 6.3% Tax Reporting: Schedule K-1 Suvretta Capital 5.9% Advisory Fees: 1.20% Cerberus Associates 5.3% Performance Fees: None Holocene Advisors 5.2% Certain Expenses: 0.25% annual expense reimbursement ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated as a percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV. FOR USE WITH QUALIFIED PURCHASERS ONLY. Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by the information included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or any other fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior to making any investment decision. See definitions and additional disclosures attached. 57 Ironwood Monthly Commentary June 2019
GENERAL COMMENTARY1
The risk-off sentiment that characterized May reversed in June as U.S. equity markets rallied sharply in response to accommodative comments from the Federal Reserve, the resumption of U.S.-China trade negotiations, and the suspension of U.S. tariffs on imports from Mexico. The rebound propelled the S&P 500 to a new all-time closing high during the month, and the index ended Q2 with its strongest first half return in over 20 years. In U.S. corporate credit markets, high-yield bonds were profitable as capital flowed into the asset class in anticipation of interest rate declines later this year. Outside of the U.S., risk-on sentiment was similarly supported by accommodative rhetoric from central banks globally. Of note, the ECB said that it will likely force rates lower despite an already record number of negative-yielding bonds issued by countries including France, Sweden, and Germany. Additionally, the central bank of Australia cut rates to a record-low level for the country, and central banks in India and Japan also discussed enacting stimulus programs or cutting rates. In emerging markets, equities generated positive returns as bilateral trade tensions appeared to abate ahead of the G20 summit in late June. EM equities were also supported by a rebound in oil prices after members of the OPEC+ alliance announced intentions to deepen voluntary output cuts.
For the month, the S&P 500 returned +7.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.3% and +2.3%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +6.0%, +4.3%, and +4.6%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in June. All four of Ironwood's underlying sectors were positive and performance was diversified across managers and strategies. The best-performing sectors included event driven, where a number of hard catalysts and company-specific events contributed to performance, and market neutral & low net equity, where a variety of industry sectors helped drive positive attribution. We will discuss our broader positioning and forward- looking views in greater detail in our second quarter letter.
On July 1st, Ironwood added a new market neutral & low net equity manager to the portfolio. This manager employs a systematic investment approach and seeks to deliver compelling risk-adjusted returns within a robust risk framework. The manager complements our current views on strategies and opportunities and we are excited about this new addition to the portfolio.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +4.7% to -2.2%. Market neutral fundamental long/short equity, relative value macro, and systematic strategies were the largest contributors of positive attribution. Fixed income arbitrage, driven by gains across rates and foreign exchange trading, was also profitable in June.
Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +3.0% to +0.4%. The sector’s multi-manager platforms
58 and single-strategy equity manager generated positive performance in June. Leading industry sectors included consumer and technology. Statistical arbitrage and primary strategies were profitable during the month.
Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +2.7% to +1.4%. At the underlying position level, notable contributors in June included Allergan, which rallied after AbbVie Inc. agreed to buy the company in a deal worth approximately $80 billion, and Owens Corning, which reportedly amended its shareholder bylaws due to an activist threat.
Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +0.5% to +0.1%. At the underlying position level, notable contributors in June included Caesars Entertainment, which agreed to be acquired by Eldorado Resorts in a cash-and-stock deal valued at approximately $17 billion, and PG&E, which traded up after the bondholders committee proposed a new reorganization plan that would inject up to $30 billion to help the utility emerge from bankruptcy.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
59 Ironwood Partners L.P. Monthly Performance and Allocation Summary June 2019 Performance Overview Assets Under Management 7/1/2019 JUN QTD YTD Fund ($ millions) Ironwood Partners L.P. 0.93% 2.23% 4.96% Ironwood International Ltd. 0.90% 2.13% 4.81% Ironwood Institutional Ltd. 0.90% 2.12% 4.80% Ironwood Partners L.P. 1,116 HFRI FOF: Conservative Index 0.95% 1.71% 4.95% Ironwood Insurance Fund 37 S&P 500 7.05% 4.30% 18.54% Ironwood Inst. Multi-Strategy Fund LLC 2,465 Barclays Aggregate Bond Index 1.26% 3.08% 6.12% Ironwood Capital Management $3,618
Sector Breakdown Percentage Performance Gross Attribution Sector Allocation JUN QTD YTD JUN QTD YTD Relative Value 43.17% 0.88% 2.55% 6.07% 0.35% 1.01% 2.45% Market Neutral & Low Net Equity 22.72% 1.41% 4.37% 7.23% 0.29% 0.90% 1.49% Event Driven 20.57% 2.01% 2.74% 6.09% 0.38% 0.52% 1.16% Distressed & Credit Securities 13.54% 0.18% 1.14% 4.52% 0.02% 0.14% 0.58% 100.00% 0.93% 2.23% 4.96% Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses, including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Past performance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overall investment experience that underperforms or outperforms that reflected herein. Strategy and Geographic Allocations
Emerging Other Risk Arbitrage Markets Portfolio 8.6% 2.6% Statistical 3.4% Protection Arbitrage 1.5% 6.9% Europe Private Securities 17.9% 3.5% Event Equities 5.9% Convertible Bond Arbitrage 1.1% Event Credit Asia 5.8% 7.5% Distressed Situations United States 11.0% Fundamental Market 71.2% Structured Credit Neutral Equities 6.9% 33.7%
Fixed Income & Interest Rates 12.5%
Top 10 Holdings as of 7/1/2019 Fund Structure and Terms Percentage Inception: January 1, 1996 Fund Allocation Fund Registration: 3(c)(7) Citadel Investment Group 13.0% Eligibility: Qualified Purchasers Millennium Management 9.7% ERISA Eligible: Yes Elliott Capital Advisors 9.6% Minimum Investment: $1,000,000 HG Vora Capital 9.4% Contributions: Monthly D.E. Shaw & Co. 8.4% Liquidity: Semi-annual on investment ann. with 95 days notice Silver Point Capital Management 7.1% Lock-up: One year soft lock-up (5% early withdrawal fee) Two Sigma Management 6.4% Tax Reporting: Schedule K-1 Suvretta Capital 6.1% Advisory Fees: 1.20% Cerberus Associates 5.3% Performance Fees: None Holocene Advisors 5.3% Certain Expenses: 0.25% annual expense reimbursement ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated as a percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV. FOR USE WITH QUALIFIED PURCHASERS ONLY. Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by the information included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or any other fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior to making any investment decision. See definitions and additional disclosures attached. 60 Sector Definitions Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while other investors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities, structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yield and related credit markets. Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect on corporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of the stock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiring company. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of the transaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between the value of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies and opportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations. Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relatively underpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complex statistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers that target well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value of stocks they are long. Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relative value strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds, currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities of the same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervalued senior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategies include fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies. Strategy Definitions Convertible Bond Arbitrage: Involves purchasing a convertible bond and selling short a varying percentage (“delta hedge”) of the stock into which the bond is convertible. In the event that the price of the stock rises, the increase in value of the bond’s conversion option is anticipated to more than offset the loss in the short stock position. In the event that the price of the stock falls, the gain on the short stock position should more than offset the loss on the bond, because the value of the bond is anticipated not to fall below the price investors are willing to pay for the non-convertible debt of the issuer. Ironwood’s managers invest in the entire range of convertible bonds from “deep-in-the-money” bonds to “busted” bonds. Managers set up positions with hedges against numerous other factors including, but not limited to, interest rates, implied volatility, and credit risk. Distressed Situations: Involves the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy/reorganization process, while others may remain passive investors. Event Credit: Exploits inefficiencies in credit securities (i.e. loans, bonds, CDS, etc.) derived from activities such as legal situations, covenant amendments, activist strategies, and corporate activity. Managers will initiate investments when they identify a defined catalyst or event that may impact the price of the security. Event Equities: Involves the purchase and/or sale of securities involved in corporate events such as restructurings, asset sales, proxy contests, and liquidations. Managers will generally enter these types of investments when they identify a specific theme or catalyst that may affect the price of an individual stock or situation. Fixed Income & Interest Rates: Strategies that deploy capital in the developed fixed income and interest-rate markets, focusing on liquid products including nominal and inflation-protected government bonds, interest-rate swaps, futures, and options. The strategies are primarily concentrated in developed markets, and combine macroeconomic analysis, quantitative modeling, and portfolio construction techniques. Fundamental Market Neutral Equities: Involves the purchase of a stock, or basket of stocks, that is relatively underpriced and selling short a stock, or basket of stocks, that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock is overpriced/underpriced can be made through fundamental analysis or by complex statistical models that examine numerous factors that affect the price of a stock. Ironwood favors long/short managers who use a “dollar balanced” approach, i.e., they are short approximately the same dollar value of stocks that they are long. Portfolio Protection: A variety of strategies and positions intended to protect a manager’s portfolio against unusual market movements and tail risk events. These “protection trades” are intended to help protect trading strategies that should not otherwise be affected (i.e., are already hedged) but can come under pressure from market liquidations, abnormal volatility, and general macro risks. Protection strategies can include, but are not limited to, the use of options, futures, indices, exchange traded funds, credit default swaps, and certain individual corporate and sovereign securities. Private Securities: Involves an investment made in a company outside of the public markets. Managers will generally enter these types of investments when they discover a theme that cannot adequately be captured through public market investments. Managers may either make a passive investment or take a more active role in the management of the target company. Risk Arbitrage: Seeks to profit from the spread between the current and projected values of securities involved in a corporate event. The most common form of this strategy is merger arbitrage, which involves the purchase of the stock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiring company (positions may be reversed if the manager feels the acquisition may not close). The target’s stock typically trades at a discount to the offer price due to the uncertainty of the completion of the transaction. This strategy is largely dependent upon the manager’s ability to correctly analyze the outcome and completion date of a proposed transaction. Other examples of risk arbitrage trades include spin-offs, multi-share capital arbitrage, and tender offers.
61 Strategy Definitions Continued Statistical Arbitrage: Systematic trading strategies intended to exploit short- and long-term pricing inefficiencies between securities. Managers rely on mathematical models to identify the temporal convergence and/or divergence of price movements of a pair or basket of stocks. These highly technical strategies typically involve large numbers of securities, short holding periods, and substantial computational and trading activity. Structured Credit: Strategies that invest primarily in residential and commercial mortgage-backed securities (RMBS and CMBS), other non- mortgage related asset-backed securities (ABS), collateralized debt obligations, structured notes, and other structured products. The most common strategies involve long and short positions in RMBS, CMBS, ABS, and related derivatives and indices. Other: Certain other non-core strategies such as, but not limited to, energy trading, global rates, real estate, global macro, and reinsurance. Index Definitions Barclays Aggregate Bond Index: The Barclays Aggregate Bond Index, formerly the Lehman Brothers Aggregate Index, is an unmanaged, market- value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage backed securities, with maturities of one year or more. For more information, please visit www.barcap.com. HFRI FOF: Conservative Index: The HFRI FOF: Conservative Index is an equal-weighted index representing funds of funds that invest with multiple managers focused on consistent performance and lower volatility via absolute return strategies. The Index includes funds of funds tracked by Hedge Fund Research, Inc. The Index is a proxy for the performance of the universe of conservative funds of funds focused on absolute return strategies. Returns are net of fees and are denominated in USD. For more information, please visit www.hedgefundresearch.com. S&P 500: The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. It is intended as an indicator of large-cap public U.S. equities. For more information, please visit www.standardandpoors.com. Note: Index performance is shown for illustrative purposes only and does not represent the performance of any specific investment. Index returns do not include expenses, fees or charges, which would lower performance. The indices are unmanaged and an investor cannot invest directly in an index. In reviewing the performance of the Fund, investors should not consider any of the indices presented herein to be performance benchmarks. Additional Disclosures FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC. Returns of underlying managers cited are net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's Explanatory or Informational Memorandum (the "PPM"). Read the PPM carefully prior to investing. Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time. Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Such risks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debt capital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as there may be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions on transfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offset profits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributing important tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended only for investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging markets are located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging markets investments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks, settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise and involve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.
62 University of West Florida Harbert US RE Fund IV LP As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47 Aug-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47 Sep-17 $81,486.47 $0.00 $0.00 $0.00 $5,934.44 $87,420.91 Oct-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91 Nov-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91 Dec-17 $87,420.91 $0.00 $0.00 $0.00 -$5,445.34 $81,975.57 Jan-18 $81,975.57 $0.00 -$48,435.18 -$48,435.18 $0.00 $33,540.39 Feb-18 $33,540.39 $0.00 $0.00 $0.00 $0.00 $33,540.39 Mar-18 $33,540.39 $0.00 $0.00 $0.00 $10,096.95 $43,637.34 Apr-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34 May-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34 Jun-18 $43,637.34 $0.00 $0.00 $0.00 -$4,433.18 $39,204.16 Jul-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16 Aug-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16 Sep-18 $39,204.16 $0.00 $0.00 $0.00 $13,134.12 $52,338.28 Oct-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28 Nov-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28 Dec-18 $52,338.28 $0.00 $0.00 $0.00 -$4,615.24 $47,723.04 Jan-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04 Feb-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04 Mar-19 $47,723.04 $0.00 $0.00 $0.00 -$5,656.04 $42,067.00 Apr-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00 May-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00 Jun-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00
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Prepared by The Atlanta Consulting Group 63 University of West Florida Harbert US RE Fund V LP As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77 Aug-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77 Sep-17 $1,595,727.76 $0.00 $0.00 $0.00 $75,476.26 $1,671,204.02 Oct-17 $1,671,204.02 $0.00 -$22,111.94 -$22,111.94 $0.00 $1,649,092.08 Nov-17 $1,649,092.08 $0.00 $0.00 $0.00 $0.00 $1,649,092.08 Dec-17 $1,649,092.08 $0.00 -$115,473.45 -$115,473.45 $56,863.63 $1,590,482.26 Jan-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26 Feb-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26 Mar-18 $1,590,482.26 $0.00 $0.00 $0.00 $42,326.05 $1,632,808.31 Apr-18 $1,632,808.31 $0.00 -$137,339.30 -$137,339.30 $0.00 $1,495,469.01 May-18 $1,495,469.01 $0.00 $0.00 $0.00 $0.00 $1,495,469.01 Jun-18 $1,495,469.01 $0.00 $0.00 $0.00 $8,689.09 $1,504,158.10 Jul-18 $1,504,158.10 $0.00 $0.00 $0.00 $0.00 $1,504,158.10 Aug-18 $1,504,158.10 $0.00 -$130,411.28 -$130,411.28 $0.00 $1,373,746.82 Sep-18 $1,373,746.82 $0.00 $0.00 $0.00 $52,347.46 $1,426,094.28 Oct-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28 Nov-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28 Dec-18 $1,426,094.28 $0.00 -$75,966.79 -$75,966.79 -$11,551.49 $1,338,576.00 Jan-19 $1,338,576.00 $0.00 $0.00 $0.00 $0.00 $1,338,576.00 Feb-19 $1,338,576.00 $0.00 -$39,310.11 -$39,310.11 $0.00 $1,299,265.89 Mar-19 $1,299,265.89 $0.00 $0.00 $0.00 $10,718.30 $1,309,984.19 Apr-19 $1,309,984.19 $0.00 -$250,601.94 -$250,601.94 $0.00 $1,059,382.25 May-19 $1,059,382.25 $0.00 $0.00 $0.00 $0.00 $1,059,382.25 Jun-19 $1,059,382.25 $0.00 $0.00 $0.00 $0.00 $1,059,382.25
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Prepared by The Atlanta Consulting Group 64 University of West Florida Harbert US RE Fund VI LP As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Nov-17 $0.00 $1,212,722.16 $0.00 $1,212,722.16 $0.00 $1,212,722.16 Dec-17 $1,212,722.16 $212,365.43 $0.00 $212,365.43 $27,407.92 $1,452,495.51 Jan-18 $1,452,495.51 $0.00 $0.00 $0.00 $0.00 $1,452,495.51 Feb-18 $1,452,495.51 $122,708.84 $0.00 $122,708.84 $0.00 $1,575,204.35 Mar-18 $1,575,204.35 $0.00 $0.00 $0.00 $59,803.74 $1,635,008.09 Apr-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09 May-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09 Jun-18 $1,635,008.09 $0.00 $0.00 $0.00 $28,404.11 $1,663,412.20 Jul-18 $1,663,412.20 $128,016.67 $0.00 $128,016.67 $0.00 $1,791,428.87 Aug-18 $1,791,428.87 $0.00 $0.00 $0.00 $0.00 $1,791,428.87 Sep-18 $1,791,428.87 $0.00 $0.00 $0.00 $99,311.82 $1,890,740.69 Oct-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69 Nov-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69 Dec-18 $1,890,740.69 $0.00 -$83,666.18 -$83,666.18 $64,238.12 $1,871,312.63 Jan-19 $1,871,312.63 $0.00 $0.00 $0.00 $0.00 $1,871,312.63 Feb-19 $1,871,312.63 $0.00 -$35,005.29 -$35,005.29 $0.00 $1,836,307.34 Mar-19 $1,836,307.34 $0.00 $0.00 $0.00 $13,689.83 $1,849,997.17 Apr-19 $1,849,997.17 $58,388.82 $0.00 $58,388.82 $0.00 $1,908,385.99 May-19 $1,908,385.99 $87,546.26 $0.00 $87,546.26 $0.00 $1,995,932.25 Jun-19 $1,995,932.25 $0.00 $0.00 $0.00 $0.00 $1,995,932.25
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Prepared by The Atlanta Consulting Group 65 University of West Florida Portfolio Advisors PE Offshore V As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $475,977.00 $0.00 $0.00 $0.00 $0.00 $475,977.00 Aug-17 $475,977.00 $0.00 -$16,832.00 -$16,832.00 $0.00 $459,145.00 Sep-17 $459,145.00 $0.00 -$11,397.00 -$11,397.00 $19,646.00 $467,394.00 Oct-17 $467,394.00 $0.00 -$18,182.00 -$18,182.00 $0.00 $449,212.00 Nov-17 $449,212.00 $0.00 $0.00 $0.00 $0.00 $449,212.00 Dec-17 $449,212.00 $0.00 -$19,870.00 -$19,870.00 $35,784.00 $465,126.00 Jan-18 $465,126.00 $0.00 $0.00 $0.00 $0.00 $465,126.00 Feb-18 $465,126.00 $0.00 -$28,302.00 -$28,302.00 $0.00 $436,824.00 Mar-18 $436,824.00 $0.00 -$12,160.00 -$12,160.00 -$19,976.00 $404,688.00 Apr-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00 May-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00 Jun-18 $404,688.00 $0.00 -$33,551.00 -$33,551.00 $26,239.00 $397,376.00 Jul-18 $397,376.00 $0.00 $0.00 $0.00 $0.00 $397,376.00 Aug-18 $397,376.00 $0.00 -$36,173.00 -$36,173.00 $0.00 $361,203.00 Sep-18 $361,203.00 $0.00 -$7,690.00 -$7,690.00 $25,504.00 $379,017.00 Oct-18 $379,017.00 $0.00 -$17,187.00 -$17,187.00 $0.00 $361,830.00 Nov-18 $361,830.00 $0.00 -$9,186.00 -$9,186.00 $0.00 $352,644.00 Dec-18 $352,644.00 $0.00 -$9,874.00 -$9,874.00 $12,480.00 $355,250.00 Jan-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00 Feb-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00 Mar-19 $355,250.00 $0.00 -$36,283.00 -$36,283.00 -$2,310.00 $316,657.00 Apr-19 $316,657.00 $0.00 $0.00 $0.00 $0.00 $316,657.00 May-19 $316,657.00 $0.00 $0.00 $0.00 $0.00 $316,657.00 Jun-19 $316,657.00 $0.00 -$21,430.00 -$21,430.00 $0.00 $295,227.00
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Prepared by The Atlanta Consulting Group 66 University of West Florida Portfolio Advisors PE VII As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $715,065.00 $0.00 -$8,153.00 -$8,153.00 $0.00 $706,912.00 Aug-17 $706,912.00 $0.00 $0.00 $0.00 $0.00 $706,912.00 Sep-17 $706,912.00 $0.00 $0.00 $0.00 $37,392.00 $744,304.00 Oct-17 $744,304.00 $0.00 -$32,840.00 -$32,840.00 $0.00 $711,464.00 Nov-17 $711,464.00 $0.00 $0.00 $0.00 $0.00 $711,464.00 Dec-17 $711,464.00 $0.00 -$13,000.00 -$13,000.00 $73,162.00 $771,626.00 Jan-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00 Feb-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00 Mar-18 $771,626.00 $0.00 -$27,915.00 -$27,915.00 -$47,590.00 $696,121.00 Apr-18 $696,121.00 $0.00 -$18,224.00 -$18,224.00 $0.00 $677,897.00 May-18 $677,897.00 $0.00 $0.00 $0.00 $0.00 $677,897.00 Jun-18 $677,897.00 $0.00 -$16,667.00 -$16,667.00 $76,923.00 $738,153.00 Jul-18 $738,153.00 $0.00 $0.00 $0.00 $0.00 $738,153.00 Aug-18 $738,153.00 $0.00 -$10,625.00 -$10,625.00 $0.00 $727,528.00 Sep-18 $727,528.00 $0.00 -$16,678.00 -$16,678.00 $46,170.00 $757,020.00 Oct-18 $757,020.00 $0.00 -$33,778.00 -$33,778.00 $0.00 $723,242.00 Nov-18 $723,242.00 $0.00 $0.00 $0.00 $0.00 $723,242.00 Dec-18 $723,242.00 $0.00 -$33,023.00 -$33,023.00 $57,164.00 $747,383.00 Jan-19 $747,383.00 $0.00 $0.00 $0.00 $0.00 $747,383.00 Feb-19 $747,383.00 $0.00 -$21,918.00 -$21,918.00 $0.00 $725,465.00 Mar-19 $725,465.00 $0.00 $0.00 $0.00 -$13,045.00 $712,420.00 Apr-19 $712,420.00 $0.00 -$38,160.00 -$38,160.00 $0.00 $674,260.00 May-19 $674,260.00 $0.00 $0.00 $0.00 $0.00 $674,260.00 Jun-19 $674,260.00 $0.00 $0.00 $0.00 $0.00 $674,260.00
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Prepared by The Atlanta Consulting Group 67 University of West Florida Portfolio Advisors Secondary Fund III, L.P. As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Aug-17 $0.00 $245,749.00 $0.00 $245,749.00 $0.00 $245,749.00 Sep-17 $245,749.00 $0.00 $0.00 $0.00 $109,238.00 $354,987.00 Oct-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00 Nov-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00 Dec-17 $354,987.00 $119,448.00 -$138,196.00 -$18,748.00 -$12,770.00 $323,469.00 Jan-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00 Feb-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00 Mar-18 $323,469.00 $82,909.00 $0.00 $82,909.00 -$21,193.00 $385,185.00 Apr-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00 May-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00 Jun-18 $385,185.00 $0.00 $0.00 $0.00 $49,184.00 $434,369.00 Jul-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00 Aug-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00 Sep-18 $434,369.00 $171,613.00 $0.00 $171,613.00 $43,428.00 $649,410.00 Oct-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00 Nov-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00 Dec-18 $649,410.00 $183,184.00 $0.00 $183,184.00 $49,202.00 $881,796.00 Jan-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00 Feb-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00 Mar-19 $881,796.00 $93,598.00 $0.00 $93,598.00 -$5,575.00 $969,819.00 Apr-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00 May-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00 Jun-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00
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Prepared by The Atlanta Consulting Group 68 University of West Florida StepStone Pioneer Capital III, L.P. As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00 Aug-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00 Sep-17 $948,854.00 $0.00 $0.00 $0.00 $22,519.00 $971,373.00 Oct-17 $971,373.00 $0.00 $0.00 $0.00 $0.00 $971,373.00 Nov-17 $971,373.00 $0.00 -$61,327.00 -$61,327.00 $0.00 $910,046.00 Dec-17 $910,046.00 $0.00 -$48,235.00 -$48,235.00 $29,694.00 $891,505.00 Jan-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00 Feb-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00 Mar-18 $891,505.00 $0.00 $0.00 $0.00 $66,096.00 $957,601.00 Apr-18 $957,601.00 $0.00 $0.00 $0.00 $0.00 $957,601.00 May-18 $957,601.00 $0.00 -$24,814.00 -$24,814.00 $0.00 $932,787.00 Jun-18 $932,787.00 $0.00 $0.00 $0.00 $52,523.00 $985,310.00 Jul-18 $985,310.00 $0.00 $0.00 $0.00 $0.00 $985,310.00 Aug-18 $985,310.00 $0.00 -$130,246.00 -$130,246.00 $0.00 $855,064.00 Sep-18 $855,064.00 $0.00 -$124,263.00 -$124,263.00 $33,039.00 $763,840.00 Oct-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00 Nov-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00 Dec-18 $763,840.00 $0.00 -$113,056.00 -$113,056.00 -$21,828.00 $628,956.00 Jan-19 $628,956.00 $0.00 $0.00 $0.00 $0.00 $628,956.00 Feb-19 $628,956.00 $0.00 $0.00 $0.00 $0.00 $628,956.00 Mar-19 $628,956.00 $0.00 $0.00 $0.00 $6,277.00 $635,233.00 Apr-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00 May-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00 Jun-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00
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Prepared by The Atlanta Consulting Group 69 University of West Florida Portfolio Advisors Direct Credit II As of June 30, 2019
Cash Flow and Market Value Summary Last 2 Years Month Beginning Net Investment Ending Contributions Withdrawals Net Cash Flow Ending Market Value Change Market Value
_ Jul-17 $268,831.00 $0.00 -$9,726.00 -$9,726.00 $0.00 $259,105.00 Aug-17 $259,105.00 $73,769.00 -$41,150.00 $32,619.00 $0.00 $291,724.00 Sep-17 $291,724.00 $0.00 $0.00 $0.00 $6,019.00 $297,743.00 Oct-17 $297,743.00 $33,675.00 -$5,226.00 $28,449.00 $0.00 $326,192.00 Nov-17 $326,192.00 $0.00 $0.00 $0.00 $0.00 $326,192.00 Dec-17 $326,192.00 $0.00 -$36,592.00 -$36,592.00 $8,429.00 $298,029.00 Jan-18 $298,029.00 $0.00 -$4,765.00 -$4,765.00 $0.00 $293,264.00 Feb-18 $293,264.00 $0.00 $0.00 $0.00 $0.00 $293,264.00 Mar-18 $293,264.00 $0.00 $0.00 $0.00 $9,393.00 $302,657.00 Apr-18 $302,657.00 $48,855.00 -$9,001.00 $39,854.00 $0.00 $342,511.00 May-18 $342,511.00 $60,517.00 $0.00 $60,517.00 $0.00 $403,028.00 Jun-18 $403,028.00 $0.00 -$38,422.00 -$38,422.00 $6,811.00 $371,417.00 Jul-18 $371,417.00 $0.00 -$10,033.00 -$10,033.00 $0.00 $361,384.00 Aug-18 $361,384.00 $0.00 $0.00 $0.00 $0.00 $361,384.00 Sep-18 $361,384.00 $0.00 $0.00 $0.00 $52,657.00 $414,041.00 Oct-18 $414,041.00 $36,200.00 -$10,888.00 $25,312.00 $0.00 $439,353.00 Nov-18 $439,353.00 $14,518.00 $0.00 $14,518.00 $0.00 $453,871.00 Dec-18 $453,871.00 $18,872.00 $0.00 $18,872.00 $10,018.00 $482,761.00 Jan-19 $482,761.00 $0.00 -$19,467.00 -$19,467.00 $0.00 $463,294.00 Feb-19 $463,294.00 $0.00 $0.00 $0.00 $0.00 $463,294.00 Mar-19 $463,294.00 $87,001.00 $0.00 $87,001.00 $21,184.00 $571,479.00 Apr-19 $571,479.00 $0.00 -$11,570.00 -$11,570.00 $0.00 $559,909.00 May-19 $559,909.00 $46,455.00 $0.00 $46,455.00 $0.00 $606,364.00 Jun-19 $606,364.00 $65,971.00 $0.00 $65,971.00 $0.00 $672,335.00
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Prepared by The Atlanta Consulting Group 70 University of West Florida PIMCO Short-Term Instl As of June 30, 2019
Description: Universe Name: Ultrashort Bond MStar MF The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. # of Observations: 70 (6/30/2019) The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Fund Information as of 3/31/19 Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private- Fund Name PIMCO SHORT-TERM INSTL sector entities. Ticker PTSHX Morningstar Category Ultrashort Bond Benchmark FTSE T-Bill 3 Months TR Expense Ratio 0.57% Fund Assets ($mm) 10,900.25 Share Class Inception Date 10/7/1987 Manager Tenure 9
Fund Characteristics as of 3/31/19 Sharpe Ratio (3 Year) 1.81 Average Duration 0.28 Average Coupon 2.83% Average Effective Maturity 1.16 R-Squared (3 Year) 0.05 Alpha (3 Year) 0.30% Beta (3 Year) -0.82 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 6/30/15 _ PIMCO Short-Term Instl 0.50 98 1.56 74 2.03 98 2.50 10 1.90 11 1.97 28 AAA 28.00% AA 9.00% FTSE T-Bill 3 Months TR 0.61 86 1.21 98 2.29 87 1.36 92 0.84 93 0.46 96 A 29.00% Over/Under -0.11 0.35 -0.26 1.14 1.06 1.51 BBB 25.00% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 BB 7.00% _ B 2.00% PIMCO Short-Term Instl 1.51 2.43 2.57 1.37 0.97 0.84 3.44 0.35 1.93 9.44 Below B 0.00% FTSE T-Bill 3 Months TR 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 0.17 Not Rated 0.00% Over/Under -0.35 1.59 2.30 1.34 0.94 0.79 3.37 0.27 1.80 9.27 Fixed Income Sectors as of 3/31/19 5 Years Statistics Summary GOVERNMENT 45.24% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.08% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 12.02% Anlzd SECURITIZED 6.29% _ PIMCO Short-Term Instl 0.95% 1.68% 0.27 225.56% -- 1.15 0.96% 1.10 CASH & EQUIVALENTS 34.41% FTSE T-Bill 3 Months TR 0.25% 0.00% 1.00 100.00% -- 0.12 0.00% -- DERIVATIVE 1.95%
Prepared by The Atlanta Consulting Group 71 University of West Florida Foundation As of June 30, 2019
Investment Expense Analysis As Of 6/30/19 Median Expense Difference Fund v. Name Market Value % of Portfolio Expense Ratio Estimated Expense Universe Ratio Median Eagle Capital Management $10,693,655 11.4% 0.87% $93,035 0.73% 0.14% Large Cap MStar MF Vanguard 500 Index Admiral $10,889,413 11.6% 0.04% $4,356 0.73% -0.69% Large Cap MStar MF Conestoga Small Cap Investors $5,272,941 5.6% 1.10% $58,002 0.98% 0.12% Small Cap MStar MF Fuller & Thaler Behav Sm-Cp Eq Inst $4,775,803 5.1% 0.85% $40,594 0.98% -0.13% Small Cap MStar MF Dodge & Cox International Stock $6,457,400 6.9% 0.63% $40,682 0.84% -0.21% Foreign Large Blend MStar MF WCM Focused International Growth Instl $6,995,943 7.5% 1.06% $74,157 0.84% 0.22% Foreign Large Blend MStar MF T. Rowe Price International Discovery $6,094,675 6.5% 1.20% $73,136 1.12% 0.08% Foreign Small/Mid Blend Mstar MF DFA Emerging Markets Core Equity I $5,536,413 5.9% 0.52% $28,789 1.15% -0.63% Diversified Emerging Mkts MStar MF Barrow Hanley $5,683,385 6.1% 0.38% $21,313 0.45% -0.08% Intermediate Core Bond MStar MF Templeton Global Bond Fund $2,777,068 3.0% 0.69% $19,162 0.69% 0.00% World Bond MStar MF Chartwell Short Duration High Yield $2,888,807 3.1% 0.49% $14,155 0.73% -0.24% High Yield Bond MStar MF Tortoise MLP & Pipeline Instl $4,453,903 4.8% 0.96% $42,757 1.26% -0.30% Energy Limited Partnership Mstar MF Ironwood International Ltd. $8,982,267 9.6% 1.00% $89,823 Harbert US RE Fund IV LP $42,067 0.0% 1.50% $631 Harbert US RE Fund V LP $1,059,382 1.1% 1.50% $15,891 Harbert US RE Fund VI LP $1,995,932 2.1% 1.50% $29,939 Portfolio Advisors PE Offshore V $295,227 0.3% 0.88% $2,583 Portfolio Advisors PE VII $674,260 0.7% 0.88% $5,900 Portfolio Advisors Secondary Fund III, L.P. $969,819 1.0% 0.85% $8,243 StepStone Pioneer Capital III, L.P. $635,233 0.7% 1.00% $6,352 Portfolio Advisors Direct Credit II $672,335 0.7% 1.50% $10,085 PIMCO Short-Term Instl $5,772,022 6.2% 0.50% $28,860 0.36% 0.14% Ultrashort Bond MStar MF Cash $36,793 0.0% Total $93,654,743 100.0% 0.76% $708,446
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Prepared by The Atlanta Consulting Group 72 University of West Florida Planned Giving As of June 30, 2019 Fiscal Year End: June Asset Allocation Current Current Balance Allocation
_ US Stock Large $860,475 28.6% Alger Capital Appreciation Instl I $274,255 9.1% Diamond Hill Large Cap A $289,885 9.6% Schwab® S&P 500 Index $296,334 9.8% US Stock Small $213,334 7.1% Conestoga Small Cap Investors $129,497 4.3% American Beacon Small Cp Val Inv $83,836 2.8% International $318,484 10.6% American Beacon Intl Equity Inv $147,266 4.9% Artisan International Investor $171,218 5.7% International Emerging Stocks $113,986 3.8% Harding Loevner Emerging Markets Advisor $113,986 3.8% US Fixed Income $1,026,979 34.1% JPMorgan Strategic Income Opports A $220,632 7.3% Virtus Seix Total Return Bond I $286,542 9.5% Schwab U.S. Aggregate Bond Index Fund $292,229 9.7% Western Asset Intermediate Bond $227,576 7.6% Alternative Investments $457,357 15.2% Blackrock Systematic Multi Strat A $219,321 7.3% DWS RREEF Real Assets S $238,036 7.9% Cash $22,976 0.8% Cash $22,976 0.8% Total $3,013,591 100.0%
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Summary of Cash Flows Inception Second Quarter Year-To-Date One Year Three Years Five Years Ten Years 7/31/08 _ Beginning Market Value $2,957,924 $2,783,305 $3,047,152 $2,964,576 $153,050 $122,506 $125,597 Net Cash Flow -$50,572 -$102,144 -$205,749 -$542,856 $2,260,830 $2,213,980 $2,222,922 Net Investment Change $106,238 $332,430 $172,188 $591,871 $599,711 $677,105 $665,072 Income $10,310 $17,248 $117,102 $273,532 $284,168 $313,369 $319,091 Ending Market Value $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591 _
Prepared by The Atlanta Consulting Group 73 University of West Florida Planned Giving As of June 30, 2019 Fiscal Year End: June
Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date
_ Planned Giving 3,013,591 100.00 4.02 3.55 12.00 6.01 6.16 6.79 4.28 5.83 Jul-08 Balanced Index 4.13 3.05 11.18 5.68 6.12 6.96 4.53 6.05 Jul-08 US Stock Large 860,475 28.55 Alger Capital Appreciation Instl I 274,255 9.10 7.10 5.32 21.68 9.91 16.48 18.11 -- 12.28 Nov-14 Russell 1000 Growth 6.87 4.64 21.49 11.56 16.91 18.07 13.39 13.15 Nov-14 Diamond Hill Large Cap A 289,885 9.62 7.13 6.88 20.84 12.26 9.27 13.62 -- 9.14 Nov-14 Russell 1000 Value 7.18 3.84 16.24 8.46 7.61 10.19 7.46 7.20 Nov-14 Schwab® S&P 500 Index 296,334 9.83 7.02 4.30 18.51 10.37 12.33 14.25 10.82 13.12 Dec-09 S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 13.10 Dec-09 US Stock Small 213,334 7.08 Conestoga Small Cap Investors 129,497 4.30 8.41 9.34 23.40 10.54 18.82 21.37 14.29 15.73 Dec-09 Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 12.07 Dec-09 American Beacon Small Cp Val Inv 83,836 2.78 7.76 1.67 14.03 -7.92 1.70 8.38 4.44 4.64 Jun-14 Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 7.26 Jun-14 International 318,484 10.57 American Beacon Intl Equity Inv 147,266 4.89 5.88 2.08 11.84 -3.32 1.32 6.92 0.72 4.39 Dec-09 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 4.62 Dec-09 Artisan International Investor 171,218 5.68 6.48 8.18 19.34 8.89 8.06 9.89 3.21 6.54 Dec-09 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 4.62 Dec-09 International Emerging Stocks 113,986 3.78 Harding Loevner Emerging Markets Advisor 113,986 3.78 6.78 1.43 16.18 -1.25 3.45 9.52 2.78 4.94 Dec-09 MSCI Emerging Markets 6.24 0.61 10.59 1.21 4.65 10.66 2.49 3.30 Dec-09 US Fixed Income 1,026,979 34.08 JPMorgan Strategic Income Opports A 220,632 7.32 0.34 0.77 2.84 2.33 ------2.23 Nov-17 BBgBarc US Universal TR 1.41 3.11 6.54 8.07 3.82 2.84 3.18 3.89 Nov-17 Virtus Seix Total Return Bond I 286,542 9.51 0.63 2.87 5.40 6.88 2.63 1.82 2.50 3.56 Dec-09 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.57 Dec-09 Schwab U.S. Aggregate Bond Index Fund 292,229 9.70 1.23 3.06 6.07 7.72 3.56 -- -- 3.62 Apr-17 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.71 Apr-17 Western Asset Intermediate Bond 227,576 7.55 1.33 2.67 5.73 7.23 3.62 -- -- 4.20 Mar-17 BBgBarc US Govt/Credit Int TR 1.07 2.59 4.97 6.93 3.11 1.99 2.39 3.52 Mar-17
Prepared by The Atlanta Consulting Group 74 University of West Florida Planned Giving As of June 30, 2019 Fiscal Year End: June
Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date
_ Alternative Investments 457,357 15.18 Blackrock Systematic Multi Strat A 219,321 7.28 ------0.10 Jun-19 ICE BofAML 91 Days T-Bills TR 0.22 0.64 1.24 2.31 1.84 1.38 0.87 0.02 Jun-19 DWS RREEF Real Assets S 238,036 7.90 3.42 2.28 15.35 7.70 6.94 5.41 -- 3.00 Nov-14 Morningstar Mod Tgt Risk TR USD 4.30 3.13 12.08 7.08 7.00 8.30 5.29 6.06 Nov-14 Cash 22,976 0.76 Cash 22,976 0.76
XXXXX - Balanced Index = Weighted Average of Russell 1000 Growth / Russell 1000 Value / S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI Emerging Markets / BBgBarc US Universal TR / BBgBarc US Aggregate TR / BBgBarc US Govt/Credit Int TR / HFRI FOF: Diversified Index / Morningstar Mod Tgt Risk TR USD / FTSE T-Bill 1 Month TR
Prepared by The Atlanta Consulting Group 75 University of West Florida Planned Giving As of June 30, 2019
RISK RETURN STATISTICS RISK RETURN STATISTICS 1 Year 3 Years Planned Giving Balanced Index Planned Giving Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 12 12 Number of Periods 36 36 Maximum Return 5.02 4.89 Maximum Return 5.02 4.89 Minimum Return -4.82 -4.82 Minimum Return -4.82 -4.82 Annualized Return 6.01 5.68 Annualized Return 6.79 6.96 Total Return 6.01 5.68 Total Return 21.79 22.37 Annualized Excess Return Annualized Excess Return 3.74 3.41 5.39 5.56 Over Risk Free Over Risk Free Annualized Excess Return 0.33 0.00 Annualized Excess Return -0.17 0.00
RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 1.02 1.00 Beta 1.01 1.00 Upside Deviation 5.13 5.02 Upside Deviation 3.83 3.69 Downside Deviation 7.17 6.87 Downside Deviation 6.25 6.07
RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 10.53 10.33 6.57 6.47 Deviation Deviation Alpha 0.02 0.00 Alpha -0.02 0.00 Sharpe Ratio 0.36 0.33 Sharpe Ratio 0.82 0.86 Excess Return Over Market Excess Return Over Market 0.03 0.00 -0.03 0.00 / Risk / Risk Tracking Error 0.70 0.00 Tracking Error 0.64 0.00 Information Ratio 0.47 -- Information Ratio -0.26 --
CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 1.00 1.00 R-Squared 0.99 1.00 Correlation 1.00 1.00 Correlation 1.00 1.00
Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills
Prepared by The Atlanta Consulting Group 76 University of West Florida Planned Giving As of June 30, 2019
RISK RETURN STATISTICS RISK RETURN STATISTICS 5 Years Since Inception Planned Giving Balanced Index Planned Giving Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 60 60 Number of Periods 131 131 Maximum Return 5.02 4.89 Maximum Return 6.51 6.58 Minimum Return -4.82 -4.82 Minimum Return -10.09 -9.36 Annualized Return 4.28 4.53 Annualized Return 5.83 6.05 Total Return 23.32 24.82 Total Return 85.70 89.94 Annualized Excess Return Annualized Excess Return 3.41 3.66 5.37 5.58 Over Risk Free Over Risk Free Annualized Excess Return -0.25 0.00 Annualized Excess Return -0.22 0.00
RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 0.97 1.00 Beta 1.00 1.00 Upside Deviation 4.13 4.22 Upside Deviation 5.02 4.81 Downside Deviation 4.96 5.01 Downside Deviation 7.21 6.63
RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 6.60 6.75 8.60 8.42 Deviation Deviation Alpha -0.01 0.00 Alpha -0.02 0.00 Sharpe Ratio 0.52 0.54 Sharpe Ratio 0.62 0.66 Excess Return Over Market Excess Return Over Market -0.04 0.00 -0.03 0.00 / Risk / Risk Tracking Error 0.79 0.00 Tracking Error 1.62 0.00 Information Ratio -0.32 -- Information Ratio -0.14 --
CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.99 1.00 R-Squared 0.96 1.00 Correlation 0.99 1.00 Correlation 0.98 1.00
Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills
Prepared by The Atlanta Consulting Group 77 University of West Florida - Planned Giving Alger Capital Appreciation Instl I As of June 30, 2019
Description: Universe Name: Large Growth MStar MF The investment seeks long-term capital appreciation. # of Observations: 331 (6/30/2019) The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that the adviser believes demonstrate promising growth potential. Fund Information as of 5/31/19 ALGER CAPITAL Fund Name APPRECIATION INSTL I Ticker ALARX Morningstar Category Large Growth Benchmark Russell 1000 Growth Expense Ratio 1.15% Fund Assets ($mm) 2,080.36 Share Class Inception Date 11/8/1993 Manager Tenure 15
Top Holdings as of 5/31/19 MICROSOFT CORP 10.26% AMAZON.COM INC 9.15% ALPHABET INC CLASS C 5.24% VISA INC CLASS A 5.14% ADOBE INC 3.85% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs SALESFORCE.COM INC 3.64% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) FACEBOOK INC A 3.50% _ UNITEDHEALTH GROUP INC 2.77% Alger Capital Appreciation 5.32 38 21.68 50 9.91 60 17.96 41 12.40 47 15.69 36 DANAHER CORP 2.56% Russell 1000 Growth 4.64 58 21.49 53 11.56 40 18.07 39 13.39 26 16.28 20 BOSTON SCIENTIFIC CORP 2.29% Over/Under 0.68 0.19 -1.65 -0.11 -0.99 -0.59
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 5/31/19 _ BASIC MATERIALS 2.81% Alger Capital Appreciation -0.87 31.02 0.46 6.23 13.30 34.81 18.11 -1.03 13.48 49.12 COMMUNICATION SERVICES 0.88% Russell 1000 Growth -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21 CONSUMER CYCLICAL 18.07% Over/Under 0.64 0.81 -6.62 0.56 0.25 1.33 2.85 -3.67 -3.23 11.91 CONSUMER DEFENSIVE 1.07% ENERGY 0.12% 5 Years Statistics Summary FINANCIAL SERVICES 15.53% Down Mkt HEALTHCARE 16.62% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 7.80% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.93%
_ Alger Capital Appreciation 13.78% -1.41% 1.03 100.80% 107.26% 0.84 3.08% -0.32 TECHNOLOGY 36.17% UTILITIES 0.00% Russell 1000 Growth 13.03% 0.00% 1.00 100.00% 100.00% 0.97 0.00% --
Prepared by The Atlanta Consulting Group 78 University of West Florida - Planned Giving Diamond Hill Large Cap A As of June 30, 2019
Description: Universe Name: Large Value MStar MF The investment seeks to provide long-term capital appreciation. # of Observations: 314 (6/30/2019) The fund normally invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billion Fund Information as of 6/30/19 or greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. The Fund Name DIAMOND HILL LARGE CAP A Adviser focuses on estimating a company's value independent of its current stock price. Ticker DHLAX Morningstar Category Large Value Benchmark Russell 1000 Value Expense Ratio 0.96% Fund Assets ($mm) 1,203.83 Share Class Inception Date 6/29/2001 Manager Tenure 17
Top Holdings as of 6/30/19 CITIGROUP INC 4.56% ABBOTT LABORATORIES 4.36% BERKSHIRE HATHAWAY INC B 3.33% METLIFE INC 3.32% ALPHABET INC A 3.01% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs THE WALT DISNEY CO 2.93% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) AMERICAN INTERNATIONAL GROUP INC 2.87% _ TJX COMPANIES INC 2.85% Diamond Hill Large Cap A 6.88 3 20.84 3 12.26 10 13.49 5 9.02 11 13.35 25 UNITED TECHNOLOGIES CORP 2.78% Russell 1000 Value 3.84 40 16.24 31 8.46 35 10.19 59 7.46 42 13.19 31 PFIZER INC 2.74% Over/Under 3.04 4.60 3.80 3.30 1.56 0.16
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 3.63% Diamond Hill Large Cap A -9.88 19.95 14.26 -1.10 10.42 36.33 12.29 2.35 9.29 30.21 COMMUNICATION SERVICES 4.46% Russell 1000 Value -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69 CONSUMER CYCLICAL 17.41% Over/Under -1.61 6.29 -3.08 2.73 -3.03 3.80 -5.22 1.96 -6.22 10.52 CONSUMER DEFENSIVE 9.13% ENERGY 4.45% 5 Years Statistics Summary FINANCIAL SERVICES 28.43% Down Mkt HEALTHCARE 13.99% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 9.11% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00%
_ Diamond Hill Large Cap A 13.23% 0.94% 1.08 111.99% 103.70% 0.62 3.06% 0.51 TECHNOLOGY 9.40% UTILITIES 0.00% Russell 1000 Value 11.93% 0.00% 1.00 100.00% 100.00% 0.56 0.00% --
Prepared by The Atlanta Consulting Group 79 University of West Florida - Planned Giving Schwab® S&P 500 Index As of June 30, 2019
Description: Universe Name: Large Cap MStar MF The investment seeks to track the total return of the S&P 500® Index. # of Observations: 1,004 (6/30/2019) The fund generally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in these stocks; typically, the actual percentage is considerably higher. It generally will seek to replicate the performance of the index by giving the Fund Information as of 6/30/19 same weight to a given stock as the index does. Fund Name SCHWAB® S&P 500 INDEX Ticker SWPPX Morningstar Category Large Blend Benchmark S&P 500 Expense Ratio 0.02% Fund Assets ($mm) 38,407.64 Share Class Inception Date 5/19/1997 Manager Tenure 6
Top Holdings as of 6/30/19 MICROSOFT CORP 4.18% APPLE INC 3.53% AMAZON.COM INC 3.19% FACEBOOK INC A 1.89% BERKSHIRE HATHAWAY INC B 1.68% JOHNSON & JOHNSON 1.51% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank JPMORGAN CHASE & CO 1.48% (%) (%) (%) (%) (%) (%) _ ALPHABET INC CLASS C 1.35% Schwab® S&P 500 Index 4.30 43 18.51 44 10.37 33 14.13 38 10.63 30 14.61 32 ALPHABET INC A 1.32% S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28 EXXON MOBIL CORP 1.32% Over/Under 0.00 -0.03 -0.05 -0.06 -0.08 -0.09
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 2.46% Schwab® S&P 500 Index -4.42 21.79 11.82 1.29 13.57 32.27 15.91 2.07 14.97 26.25 COMMUNICATION SERVICES 3.48% S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 CONSUMER CYCLICAL 12.20% Over/Under -0.04 -0.04 -0.14 -0.09 -0.12 -0.12 -0.09 -0.04 -0.09 -0.21 CONSUMER DEFENSIVE 7.72%
XXXXX ENERGY 5.04% 5 Years Statistics Summary FINANCIAL SERVICES 15.93% Down Mkt HEALTHCARE 14.10% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 10.10% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.68%
_ Schwab® S&P 500 Index 12.02% -0.07% 1.00 99.62% 100.02% 0.82 0.05% -1.57 TECHNOLOGY 22.97% UTILITIES 3.31% S&P 500 12.03% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --
Prepared by The Atlanta Consulting Group 80 University of West Florida - Planned Giving Conestoga Small Cap Investors As of June 30, 2019
Description: Universe Name: Small Cap MStar MF The investment seeks long-term growth of capital. # of Observations: 528 (6/30/2019) Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equity securities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks, Fund Information as of 5/31/19 rights and warrants. CONESTOGA SMALL CAP Fund Name INVESTORS Ticker CCASX Morningstar Category Small Growth Benchmark Russell 2000 Expense Ratio 1.10% Fund Assets ($mm) 840.19 Share Class Inception Date 10/1/2002 Manager Tenure 17
Top Holdings as of 5/31/19 THE DESCARTES SYSTEMS GROUP INC 3.78% EXPONENT INC 3.62% OMNICELL INC 3.29% PROS HOLDINGS INC 3.18% REPLIGEN CORP 3.12% MESA LABORATORIES INC 3.08% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) FOX FACTORY HOLDING CORP 2.98% _ CANTEL MEDICAL CORP 2.84% Conestoga Small Cap Investors 9.34 3 23.40 18 10.54 8 21.24 8 14.32 3 16.41 10 SIMPSON MANUFACTURING CO INC 2.75% Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55 GRAND CANYON EDUCATION INC 2.53% Over/Under 7.24 6.42 13.85 8.94 7.26 2.96
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 5/31/19 _ BASIC MATERIALS 7.54% Conestoga Small Cap Investors 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09 COMMUNICATION SERVICES 0.00% Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17 CONSUMER CYCLICAL 9.27% Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92 CONSUMER DEFENSIVE 5.99% XXXXX ENERGY 0.62% 5 Years Statistics Summary FINANCIAL SERVICES 0.02% Down Mkt HEALTHCARE 14.76% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error INDUSTRIALS 19.70% Anlzd REAL ESTATE 1.77% _ Conestoga Small Cap Investors 16.53% 7.86% 0.91 110.33% 81.38% 0.82 6.62% 1.10 TECHNOLOGY 40.32% UTILITIES 0.00% Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
Prepared by The Atlanta Consulting Group 81 University of West Florida - Planned Giving American Beacon Small Cp Val Inv As of June 30, 2019
Description: Universe Name: Small Cap MStar MF The investment seeks long-term capital appreciation and current income. # of Observations: 528 (6/30/2019) Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of small market capitalization U.S. companies. These companies have market capitalizations of $5 billion or Fund Information as of 5/31/19 less at the time of investment. The fund's investments may include common stocks, real estate investment trusts ("REITs"), American AMERICAN BEACON SMALL Fund Name Depositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, "stocks"). CP VAL INV Ticker AVPAX Morningstar Category Small Value Benchmark Russell 2000 Expense Ratio 1.14% Fund Assets ($mm) 433.43 Share Class Inception Date 2/26/1999 Manager Tenure 21
Top Holdings as of 5/31/19 E-MINI RUSS 2000 JUN19 XCME 20190621 3.99% PORTLAND GENERAL ELECTRIC CO 1.24% BROOKS AUTOMATION INC 1.02% DIODES INC 0.90% MGIC INVESTMENT CORP 0.89% ENSTAR GROUP LTD 0.84% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) SERITAGE GROWTH PROPERTIES CLASS A 0.84% _ AVNET INC 0.81% American Beacon Small Cp Val 1.67 73 14.03 76 -7.92 85 8.25 82 4.42 80 12.65 74 FIRST HAWAIIAN INC 0.77% Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55 POPULAR INC 0.75% Over/Under -0.43 -2.95 -4.61 -4.05 -2.64 -0.80
XXXXX Sector Allocation as of 5/31/19 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 _ BASIC MATERIALS 6.14% American Beacon Small Cp Val -15.89 8.34 26.36 -5.35 4.31 39.63 16.08 -4.41 25.67 34.94 COMMUNICATION SERVICES 0.18% Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17 CONSUMER CYCLICAL 14.91% Over/Under -4.88 -6.31 5.05 -0.94 -0.59 0.81 -0.27 -0.23 -1.18 7.77 CONSUMER DEFENSIVE 2.78% ENERGY 4.74% 5 Years Statistics Summary FINANCIAL SERVICES 28.69% Down Mkt HEALTHCARE 2.48% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error INDUSTRIALS 18.92% Anlzd REAL ESTATE 4.68% _ American Beacon Small Cp Val 17.15% -2.70% 1.01 92.51% 103.46% 0.21 3.58% -0.74 TECHNOLOGY 13.86% UTILITIES 2.64% Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
Prepared by The Atlanta Consulting Group 82 University of West Florida - Planned Giving American Beacon Intl Equity Inv As of June 30, 2019 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term capital appreciation. # of Observations: 196 (6/30/2019) The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countries Fund Information as of 5/31/19 AMERICAN BEACON located outside the United States. It primarily invests in countries comprising the Morgan Stanley Capital International® Europe Fund Name Australasia and Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equity securities of companies from INTERNATIONAL EQ INV various industrial sectors whose primary trading markets are located outside the United States. Ticker AAIPX Morningstar Category Foreign Large Value Benchmark MSCI ACWI ex USA Expense Ratio 1.07% Fund Assets ($mm) 217.82 Share Class Inception Date 8/1/1994 Manager Tenure 25
Top Holdings as of 5/31/19 NOVARTIS AG 2.60% VOLKSWAGEN AG PARTICIPATING PREFERRED 2.09% SAMSUNG ELECTRONICS CO LTD 1.89% SAP SE 1.88% PRUDENTIAL PLC 1.83% TAKEDA PHARMACEUTICAL CO LTD 1.69% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank BNP PARIBAS 1.57% (%) (%) (%) (%) (%) (%) SUMITOMO MITSUI FINANCIAL GROUP INC 1.56% _ American Beacon Intl Equity Inv 2.08 79 11.84 84 -3.32 85 6.82 82 0.38 94 6.26 78 BP PLC 1.50% SANOFI SA 1.46% MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66 Over/Under -0.90 -1.76 -4.61 -2.57 -1.78 -0.28
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 5/31/19 _ BASIC MATERIALS 8.59% American Beacon Intl Equity Inv -16.64 24.40 -0.09 -2.08 -7.35 24.06 21.16 -11.90 6.42 29.39 COMMUNICATION SERVICES 7.42% MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45 CONSUMER CYCLICAL 10.69% Over/Under -2.44 -2.79 -4.59 3.58 -3.48 8.77 4.33 1.81 -4.73 -12.06 CONSUMER DEFENSIVE 7.33% XXXXX ENERGY 8.96% 5 Years Statistics Summary FINANCIAL SERVICES 19.98% Down Mkt HEALTHCARE 11.04% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 14.05% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.98% _ TECHNOLOGY 7.24% American Beacon Intl Equity Inv 12.40% -1.68% 0.95 90.25% 101.16% -0.03 3.45% -0.52 UTILITIES 2.72% MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group 83 University of West Florida - Planned Giving Artisan International Investor As of June 30, 2019 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks maximum long-term capital growth. # of Observations: 196 (6/30/2019) The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the time of purchase in emerging and less developed markets. Under normal market conditions, it is substantially fully invested in common Fund Information as of 6/30/19 ARTISAN INTERNATIONAL stocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non- Fund Name U.S. companies. INVESTOR Ticker ARTIX Morningstar Category Foreign Large Growth Benchmark MSCI ACWI ex USA Expense Ratio 1.18% Fund Assets ($mm) 4,018.22 Share Class Inception Date 12/28/1995 Manager Tenure 24
Top Holdings as of 6/30/19 LINDE PLC 6.73% DEUTSCHE BOERSE AG 5.88% WIRECARD AG 5.35% AIA GROUP LTD 4.15% NESTLE SA 4.04% AIRBUS SE 3.96% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank AON PLC 3.29% (%) (%) (%) (%) (%) (%) DEUTSCHE POST AG 3.04% _ Artisan International Investor 8.18 1 19.34 2 8.89 1 9.80 14 2.99 13 8.83 8 AIR LIQUIDE SA 2.99% MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66 MEDTRONIC PLC 2.91% Over/Under 5.20 5.74 7.60 0.41 0.83 2.29
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 15.68% Artisan International Investor -10.86 31.02 -9.66 -3.85 -0.97 25.18 25.39 -7.26 5.91 39.77 COMMUNICATION SERVICES 0.00% MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45 CONSUMER CYCLICAL 4.34% Over/Under 3.34 3.83 -14.16 1.81 2.90 9.89 8.56 6.45 -5.24 -1.68 CONSUMER DEFENSIVE 6.48% XXXXX ENERGY 4.44% 5 Years Statistics Summary FINANCIAL SERVICES 33.32% Down Mkt HEALTHCARE 10.16% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 14.39% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY 10.76% Artisan International Investor 12.32% 1.07% 0.89 93.46% 90.35% 0.18 5.43% 0.15 UTILITIES 0.43% MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group 84 University of West Florida - Planned Giving Harding Loevner Emerging Markets Advisor As of June 30, 2019 Description: Universe Name: Diversified Emerging Mkts MStar MF The investment seeks long-term capital appreciation through investments in equity securities of companies based in emerging # of Observations: 237 (6/30/2019) markets. The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, and Fund Information as of 6/30/19 investment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by HARDING LOEVNER companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), Fund Name EMERGING MARKETS and investment companies that invest in the types of securities in which the Portfolio would normally invest. ADVISOR Ticker HLEMX Morningstar Category Diversified Emerging Mkts Benchmark MSCI Emerging Markets Expense Ratio 1.40% Fund Assets ($mm) 4,336.60 Share Class Inception Date 11/9/1998 Manager Tenure 21
Top Holdings as of 6/30/19 TENCENT HOLDINGS LTD 4.43% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4.37% ALIBABA GROUP HOLDING LTD ADR 3.91% SAMSUNG ELECTRONICS CO LTD GDR 3.67% AIA GROUP LTD 2.93% SBERBANK OF RUSSIA PJSC ADR 2.75% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) NOVATEK PJSC GDR 2.71% _ PJSC LUKOIL ADR 2.62% Harding Loevner Emerging 1.43 49 16.18 16 -1.25 73 9.43 50 2.73 37 7.21 28 HOUSING DEVELOPMENT FINANCE CORP LTD 2.42% MSCI Emerging Markets 0.61 77 10.59 73 1.21 50 10.66 34 2.49 47 5.81 58 ENN ENERGY HOLDINGS LTD 2.01% Over/Under 0.82 5.59 -2.46 -1.23 0.24 1.40
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2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ BASIC MATERIALS 0.00% Harding Loevner Emerging -18.72 35.22 13.20 -13.55 -1.66 4.18 22.73 -17.52 20.98 63.46 COMMUNICATION SERVICES 1.06% MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51 CONSUMER CYCLICAL 13.45% Over/Under -4.14 -2.06 2.01 1.37 0.53 6.78 4.51 0.90 2.10 -15.05 CONSUMER DEFENSIVE 8.58% XXXXX ENERGY 9.11% 5 Years Statistics Summary FINANCIAL SERVICES 30.59% Down Mkt HEALTHCARE 1.01% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 8.75% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.26% _ TECHNOLOGY 25.10% Harding Loevner Emerging 15.43% 0.40% 0.94 94.76% 95.18% 0.12 4.42% 0.05 UTILITIES 2.07% MSCI Emerging Markets 15.78% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group 85 University of West Florida - Planned Giving JPMorgan Strategic Income Opports A As of June 30, 2019
Description: Universe Name: Nontraditional Bond MStar MF The investment seeks high total return. # of Observations: 95 (6/30/2019) The fund has an absolute return orientation which means that it is not managed relative to an index. It has flexibility to allocate its assets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectors Fund Information as of 6/30/19 including cash, money market instruments and short-term investments. The fund may invest up to 100% of its total assets in JPMORGAN STRATEGIC Fund Name securities that are rated below investment grade or the unrated equivalent. INCOME OPPORTS A Ticker JSOAX Morningstar Category Nontraditional Bond Benchmark BBgBarc US Universal TR Expense Ratio 1.04% Fund Assets ($mm) 1,125.10 Share Class Inception Date 10/10/2008 Manager Tenure 11
Fund Characteristics as of 6/30/19 Sharpe Ratio (3 Year) 1.36 Average Duration 0.43 Average Coupon 4.31% Average Effective Maturity R-Squared (3 Year) 0.01 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank Alpha (3 Year) 0.28% (%) (%) (%) (%) (%) (%) Beta (3 Year) 0.07 _ JPMorgan Strategic Income 0.77 93 2.84 87 2.33 82 3.63 61 2.33 67 3.66 61 Opports A Credit Quality as of 6/30/19 BBgBarc US Universal TR 3.11 9 6.54 21 8.07 7 2.84 73 3.18 31 4.37 50 AAA 11.10% AA 30.43% Over/Under -2.34 -3.70 -5.74 0.79 -0.85 -0.71 A 19.38% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 BBB 11.79% _ BB 7.58% JPMorgan Strategic Income Opports A 0.43 3.08 8.92 -2.37 -0.14 2.78 7.82 -0.28 5.06 18.68 B 10.17% BBgBarc US Universal TR -0.26 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16 8.60 Below B 9.55% Over/Under 0.69 -1.01 5.01 -2.80 -5.70 4.13 2.29 -7.68 -2.10 10.08 Not Rated 0.00%
5 Years Statistics Summary Fixed Income Sectors as of 6/30/19 Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking GOVERNMENT 0.32% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error MUNICIPAL 0.00% Anlzd CORPORATE 41.10% _ JPMorgan Strategic Income SECURITIZED 20.97% 2.28% 1.87% 0.14 45.57% 11.82% 0.67 3.27% -0.26 Opports A CASH & EQUIVALENTS 37.55% BBgBarc US Universal TR 2.78% 0.00% 1.00 100.00% 100.00% 0.85 0.00% -- DERIVATIVE 0.06%
Prepared by The Atlanta Consulting Group 86 University of West Florida - Planned Giving Virtus Seix Total Return Bond As of June 30, 2019
Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to maximize long term total return through a combination of current income and capital appreciation, consistent # of Observations: 114 (6/30/2019) with capital preservation. The fund invests in various types of income-producing debt securities including mortgage- and asset-backed securities, government Fund Information as of 6/30/19 and agency obligations, corporate obligations and floating rate loans. It normally invests at least 80% of its net assets (plus any VIRTUS SEIX TOTAL RETURN Fund Name borrowings for investment purposes) in fixed income securities. BOND I Ticker SAMFX Morningstar Category Intermediate Core-Plus Bond Benchmark BBgBarc US Aggregate TR Expense Ratio 0.46% Fund Assets ($mm) 295.94 Share Class Inception Date 12/30/1997 Manager Tenure 18
Fund Characteristics as of 6/30/19 Sharpe Ratio (3 Year) 0.15 Average Duration Average Coupon 3.19% Average Effective Maturity R-Squared (3 Year) 0.93 Alpha (3 Year) -0.04% Beta (3 Year) 0.99 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 9/30/18 _ Virtus Seix Total Return Bond 2.87 66 5.40 76 6.88 80 1.78 88 2.49 83 3.83 66 AAA 78.83% BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61 AA 4.18% Over/Under -0.21 -0.71 -0.99 -0.53 -0.46 -0.07 A 4.22% BBB 11.73% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 BB 0.55% _ B 0.50% Virtus Seix Total Return Bond -0.32 2.67 3.09 0.19 6.38 -3.04 4.96 9.79 6.49 7.22 Below B 0.00% BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 Not Rated 0.00% Over/Under -0.33 -0.87 0.44 -0.36 0.41 -1.02 0.75 1.95 -0.05 1.29 Fixed Income Sectors as of 6/30/19 5 Years Statistics Summary GOVERNMENT 37.29% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.00% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 10.14% Anlzd SECURITIZED 27.98% _ Virtus Seix Total Return Bond 3.07% -0.49% 1.01 92.53% 101.90% 0.55 0.77% -0.59 CASH & EQUIVALENTS 1.72% BBgBarc US Aggregate TR 2.94% 0.00% 1.00 100.00% 100.00% 0.73 0.00% -- DERIVATIVE 22.88%
Prepared by The Atlanta Consulting Group 87 University of West Florida - Planned Giving Schwab U.S. Aggregate Bond Index Fund As of June 30, 2019
Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to track as closely as possible, before fees and expenses, the total return of an index composed of the total # of Observations: 114 (6/30/2019) U.S. investment grade bond market. The fund generally invests at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) in Fund Information as of 6/30/19 securities included in the Bloomberg Barclays U.S. Aggregate Bond Index. The index is a broad-based benchmark measuring the SCHWAB US AGGREGATE Fund Name performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, BOND INDEX mortgage pass-through securities, commercial MBS, and ABS that are publicly available for sale in the United States. Ticker SWAGX Morningstar Category Intermediate Core Bond Benchmark BBgBarc US Aggregate TR Expense Ratio 0.04% Fund Assets ($mm) 2,710.44 Share Class Inception Date 2/23/2017 Manager Tenure 2
Fund Characteristics as of 6/30/19 Sharpe Ratio (3 Year) Average Duration 5.51 Average Coupon 3.27% Average Effective Maturity 7.76 R-Squared (3 Year) Alpha (3 Year) Beta (3 Year) QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 6/30/19 _ Schwab U.S. Aggregate Bond 3.06 44 6.07 52 7.72 50 ------AAA 73.62% AA 2.84% BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61 A 10.31% Over/Under -0.02 -0.04 -0.15 BBB 13.23% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 BB 0.00% _ B 0.00% Schwab U.S. Aggregate Bond -0.13 ------Below B 0.00% BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 Not Rated 0.00% Over/Under -0.14 Fixed Income Sectors as of 6/30/19 Fund Inception Statistics Summary GOVERNMENT 42.99% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.60% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 24.07% Anlzd SECURITIZED 28.82% _ Schwab U.S. Aggregate Bond 2.83% -0.06% 0.99 98.16% 99.96% 0.71 0.16% -0.65 CASH & EQUIVALENTS 3.53% BBgBarc US Aggregate TR 2.86% 0.00% 1.00 100.00% 100.00% 0.74 0.00% -- DERIVATIVE 0.00%
Prepared by The Atlanta Consulting Group 88 University of West Florida - Planned Giving Western Asset Intermediate Bond As of June 30, 2019
Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. # of Observations: 114 (6/30/2019) The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although it may invest in debt and fixed income securities of any maturity, Fund Information as of 6/30/19 under normal market conditions the target dollar-weighted average effective duration for the fund, as estimated by the fund's WESTERN ASSET Fund Name subadviser, is expected to range within 20% of the duration of its benchmark. INTERMEDIATE BOND I Ticker WATIX Morningstar Category Intermediate Core Bond Benchmark BBgBarc US Govt/Credit Int TR Expense Ratio 0.52% Fund Assets ($mm) 640.88 Share Class Inception Date 7/1/1994 Manager Tenure 10
Fund Characteristics as of 6/30/19 Sharpe Ratio (3 Year) 0.71 Average Duration 4.29 Average Coupon 3.58% Average Effective Maturity 7.59 R-Squared (3 Year) 0.90 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Alpha (3 Year) 0.08% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Beta (3 Year) 0.97
_ Western Asset Interm Bond 2.67 77 5.73 72 7.23 75 2.91 12 3.04 23 4.64 24 Credit Quality as of 6/30/19 BBgBarc US Govt/Credit Int 2.59 80 4.97 81 6.93 80 1.99 78 2.39 86 3.24 88 AAA 47.65% TR AA 9.06% Over/Under 0.08 0.76 0.30 0.92 0.65 1.40 A 23.64% BBB 18.40% 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
_ BB 0.34% Western Asset Interm Bond 0.20 4.02 3.15 1.50 3.88 -0.78 7.10 5.35 8.76 17.24 B 0.00% BBgBarc US Govt/Credit Int TR 0.88 2.14 2.08 1.07 3.13 -0.86 3.89 5.80 5.89 5.24 Below B 0.00% Over/Under -0.68 1.88 1.07 0.43 0.75 0.08 3.21 -0.45 2.87 12.00 Not Rated 0.91%
5 Years Statistics Summary Fixed Income Sectors as of 6/30/19 Down Mkt GOVERNMENT 33.24% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio MUNICIPAL 0.06% Dev Alpha Ratio Anlzd Ratio Error Anlzd CORPORATE 40.00%
_ SECURITIZED 22.96% Western Asset Interm Bond 2.20% 0.76% 0.96 110.16% 87.81% 1.01 0.72% 0.90 CASH & EQUIVALENTS 3.73% BBgBarc US Govt/Credit Int 2.17% 0.00% 1.00 100.00% 100.00% 0.73 0.00% -- TR DERIVATIVE 0.01%
XXXXX
Prepared by The Atlanta Consulting Group 89 University of West Florida - Planned Giving Blackrock Systematic Multi Strat A As of June 30, 2019
Description: Universe Name: Multialternative MStar MF The investment seeks total return comprised of current income and capital appreciation. # of Observations: 107 (6/30/2019) The fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on fixed and floating rate debt securities and equity securities. It will normally invest in both U.S. and non-U.S. securities, including securities of companies located Fund Information as of 6/30/19 in emerging markets. BLACKROCK SYSTEMATIC Fund Name MULTI-STRAT INV A Ticker BAMBX Morningstar Category Multialternative Benchmark ICE BofAML 91 Days T-Bills TR Expense Ratio 1.21% Fund Assets ($mm) 15.71 Share Class Inception Date 5/19/2015 Manager Tenure 4
Top Holdings as of 6/30/19 UNITED STATES TREASURY BONDS 2.88% 4.62% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.5% 1.41% FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 1.39% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs PROSPER MARKETPLACE ISSUANCE TRUST 3.19% 1.32% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) UNITED STATES TREASURY NOTES 2.38% 1.27% _ FEDERAL NATIONAL MORTGAGE ASSOCIATION 4% 1.11% Blackrock Systematic Multi 2.46 12 7.34 28 9.93 3 6.01 12 ------WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2.62% 1.02% Strat FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 1.01% ICE BofAML 91 Days T-Bills 0.64 62 1.24 81 2.31 47 1.38 69 0.87 68 0.49 99 SANTANDER DRIVE AUTO RECEIVABLES TRUST 3.56% 1.00% TR AMERICAN ACCEPTANCE RECEIVABLES 3.54% 0.99% Over/Under 1.82 6.10 7.62 4.63
XXXXX 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ Blackrock Systematic Multi Strat 1.51 9.72 5.61 ------BASIC MATERIALS 7.09% ICE BofAML 91 Days T-Bills TR 1.87 0.86 0.33 0.05 0.03 0.07 0.11 0.10 0.13 0.21 COMMUNICATION SERVICES 1.37% CONSUMER CYCLICAL 19.28% Over/Under -0.36 8.86 5.28 CONSUMER DEFENSIVE 9.33% 3 Years Statistics Summary ENERGY 9.41% FINANCIAL SERVICES 8.34% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking HEALTHCARE 7.70% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error Anlzd INDUSTRIALS 13.88% _ REAL ESTATE 5.47% Blackrock Systematic Multi Strat 2.73% 1.61% 3.17 433.77% -- 1.72 2.68% 1.73 TECHNOLOGY 7.83% ICE BofAML 91 Days T-Bills 0.23% 0.00% 1.00 100.00% -- 0.28 0.00% -- UTILITIES 10.30% TR
Prepared by The Atlanta Consulting Group 90 University of West Florida - Planned Giving DWS RREEF Real Assets S As of June 30, 2019
Description: Universe Name: Multialternative MStar MF The investment seeks total return in excess of inflation through capital growth and current income. # of Observations: 107 (6/30/2019) The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination of investments that the Advisor believes offer exposure to "real assets." It generally invests between 25% and 75% of fund assets in Fund Information as of 6/30/19 securities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets. Fund Name DWS RREEF REAL ASSETS S Ticker AAASX Morningstar Category World Allocation Morningstar Mod Tgt Risk TR Benchmark USD Expense Ratio 1.07% Fund Assets ($mm) 249.46 Share Class Inception Date 7/30/2007 Manager Tenure 5
Top Holdings as of 6/30/19 CAYMAN REAL ASSETS FUND LTD. 9.52% UNITED STATES TREASURY NOTES 1% 3.63% CROWN CASTLE INTERNATIONAL CORP 2.85% AMERICAN TOWER CORP 2.84% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs UNITED STATES TREASURY NOTES 1% 2.03% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) SEVERN TRENT PLC 1.84%
_ DWS RREEF Real Assets 2.28 15 15.35 1 7.70 7 6.11 12 2.83 23 5.33 40 NATIONAL GRID PLC 1.66% TC ENERGY CORP 1.57% Morningstar Mod Tgt Risk TR 3.13 8 12.08 4 7.08 8 8.30 5 5.29 3 8.61 2 USD UNITED STATES TREASURY NOTES 0.12% 1.46% NISOURCE INC 1.42% Over/Under -0.85 3.27 0.62 -2.19 -2.46 -3.28
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Sector Allocation as of 6/30/19 _ DWS RREEF Real Assets -5.17 14.83 4.20 -9.66 3.32 0.91 9.52 -3.09 12.45 25.81 BASIC MATERIALS 8.08% Morningstar Mod Tgt Risk TR USD -4.76 14.66 8.57 -1.79 4.89 14.31 12.04 0.59 12.33 21.77 COMMUNICATION SERVICES 6.16% Over/Under -0.41 0.17 -4.37 -7.87 -1.57 -13.40 -2.52 -3.68 0.12 4.04 CONSUMER CYCLICAL 0.11% CONSUMER DEFENSIVE 0.82% 5 Years Statistics Summary ENERGY 16.92% Down Mkt FINANCIAL SERVICES 0.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio HEALTHCARE 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd INDUSTRIALS 10.19% _ REAL ESTATE 34.17% DWS RREEF Real Assets 7.87% -2.00% 0.91 80.58% 102.06% 0.26 4.58% -0.54 TECHNOLOGY 0.98% Morningstar Mod Tgt Risk TR 7.05% 0.00% 1.00 100.00% 100.00% 0.63 0.00% -- UTILITIES 22.58% USD
Prepared by The Atlanta Consulting Group 91 University of West Florida Planned Giving As of June 30, 2019
Universe Name: InvMetrics Trust Funds Balanced Net AUM Band All # of Observations: 38 (6/30/2019) Median/Average/Total Member MV: 23.9 M / 50.3 M / 1,912.4 M
Prepared by The Atlanta Consulting Group 92 University of W Florida Foundation - Univ of W Fl CGA Seg Res Portfolio Snapshot as of 7/18/2019
Charitable Gift Annuity Summary
IPS Monitor Total Number of Active CGAs Unique Donors 60% 11 4 50%
Total Gift Amount Average Gift Amount 40% 36.0% 33.9% $3,160,000 $287,273 30%
20% New Gift(s) Total (1 Year) Terminated Gift(s) Total (1 Year) 14.4% 15.1% $0 $0 10% 0.6% 0% Domestic International Fixed Income Alternative Cash & Market Value Annual Annuity Equities Equities Equivalents $3,026,807 $184,650 Actual Target Lower Limit Upper Limit
CGA Breakdown
Donor Age & Gift Amount Active CGA History 3 $3500K 12
$3000K 10
$2500K 2 8 $2000K
$1500K 6
1 $1000K 4
$500K 2 2 1 1111 0 $0K <75 75-80 80-85 85-90 90-95 95+ 00 00 0 Unique Donors Market Value 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
State Reserve Requirements and Healthcheck
Reserve Requirement Annual Return 1 Year 5 Year 10 Year
Portfolio $3,026,807 -10% $2,567,170 $1,118,229 -$53,142
-6% $2,672,395 $1,446,883 $271,345
FL $1,853,389 $185,339 0% $2,842,157 $2,103,557 $1,180,307
6% $3,019,660 $2,986,522 $2,932,612
$0 10% $3,138,051 $3,705,962 $4,799,749
$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K * Return assumptions are based off quarterly annuity payments and investment returns. Return Reserve Required Surplus Market Value assumptions do not include any new or terminated gifts over the timeperiod.
93 University of West Florida As of June 30, 2019
Aggregated Account Summary
Strategic Current Current Target Percent Asset Category Value Percent Allocation Variance Domestic Equities $1,100,027 34.6% 35.0% (0.4%) International Equities $442,343 13.9% 15.0% (1.1%) Fixed Income $1,128,547 35.5% 32.0% 3.5% Alternative $474,426 14.9% 13.0% 1.9% Cash & Equivalents $35,173 1.1% 5.0% (3.9%) Total $3,180,516 100.0% 100.0%
3/31/19 Net 6/30/19 Account Name Account Type Value Contributions Withdrawals Investment Gain Value University of West Florida Seg Res CGA $2,957,924 $0 ($51,583) $107,249 $3,013,591 University of West Florida - Zimmers NIM CRUT $120,553 $0 ($220) $3,268 $123,602 University of West Florida - Hugh NIM CRUT $42,226 $0 ($77) $1,175 $43,324 Garnett University of West Florida $3,120,703 $0 ($51,880) $111,693 $3,180,516
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 94 University of West Florida Seg Res As of June 30, 2019
Asset Allocation
Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $1,073,809 35.6% 35.0% 0.6% International Equities $432,470 14.4% 15.0% (0.6%) Fixed Income $1,026,979 34.1% 32.0% 2.1% Alternative $457,357 15.2% 13.0% 2.2% Cash & Equivalents $22,976 0.8% 5.0% (4.2%) Total $3,013,591 100.0% 100.0%
* Since data availability date of 1/1/10
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 95 University of West Florida Seg Res As of June 30, 2019
Quarterly Cashflow University of West Florida Seg Res (CGA) From March 31, 2019 to June 30, 2019 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Alger Capital Appreciation Instl I 9.1% $260,405 $0 $0 $13,850 $274,255 American Beacon Small Cp Val Inv 2.8% $82,461 $0 $0 $1,376 $83,836 Conestoga Small Cap Investors 4.3% $118,438 $0 $0 $11,060 $129,497 Diamond Hill Large Cap A 9.6% $271,230 $0 $0 $18,655 $289,885 Schwab® S&P 500 Index 9.8% $284,128 $0 $0 $12,206 $296,334
Domestic Equities Total 35.6% $1,016,662 $0 $0 $57,147 $1,073,809
International Equities American Beacon Intl Equity Inv 4.9% $144,264 $0 $0 $3,002 $147,266 Artisan International Investor 5.7% $158,267 $0 $0 $12,951 $171,218 Harding Loevner Emerging Markets Advisor 3.8% $112,382 $0 $0 $1,604 $113,986
International Equities Total 14.4% $414,913 $0 $0 $17,557 $432,470
Fixed Income JPMorgan Strategic Income Opps A 7.3% $220,632 $0 ($1,686) $1,686 $220,632 Schwab U.S. Aggregate Bond Index Fund 9.7% $285,652 $0 ($2,145) $8,721 $292,229 Virtus Seix Total Return Bond I 9.5% $280,054 $0 ($1,524) $8,012 $286,542 Western Asset Intermediate Bond I 7.6% $223,275 $0 ($1,643) $5,944 $227,576
Fixed Income Total 34.1% $1,009,613 $0 ($6,997) $24,363 $1,026,979
Alternative Blackrock Systematic 7.3% $0 $219,104 $0 $217 $219,321 Deutsche Real Assets Fd 7.9% $235,906 $0 ($3,263) $5,392 $238,036 JHancock Global Absolute Ret Strats A 0.0% $216,791 $0 ($219,315) $2,523 $0
Alternative Total 15.2% $452,697 $219,104 ($222,578) $8,133 $457,357
Cash & Equivalents Cash 0.8% $64,038 $229,575 ($270,687) - $22,976
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 96 University of West Florida Seg Res As of June 30, 2019
Quarterly Cashflow University of West Florida Seg Res (CGA) From March 31, 2019 to June 30, 2019 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value
Total 100.0% $2,957,924 $0 ($51,583) $107,249 $3,013,591
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 97 University of West Florida Seg Res As of June 30, 2019
Manager Performance University of West Florida Seg Res (CGA) Description Weight Ending Market Value Quarter to Date Net Return Domestic Equities Large Cap Value Diamond Hill Large Cap A (DHLAX) 9.6% $289,885 6.9%
Large Cap Value Total 9.6% $289,885 6.9% Russell 1000 Value 3.8%
Large Cap Core Schwab® S&P 500 Index (SWPPX) 9.8% $296,334 4.3%
Large Cap Core Total 9.8% $296,334 4.3% S&P 500 Composite 4.3%
Large Cap Growth Alger Capital Appreciation Instl I (ALARX) 9.1% $274,255 5.3%
Large Cap Growth Total 9.1% $274,255 5.3% Russell 1000 Growth 4.6%
Small Cap Value American Beacon Small Cp Val Inv (AVPAX) 2.8% $83,836 1.7%
Small Cap Value Total 2.8% $83,836 1.7% Russell 2000 Value 1.4%
Small Cap Growth Conestoga Small Cap Investors (CCASX) 4.3% $129,497 9.3%
Small Cap Growth Total 4.3% $129,497 9.3% Russell 2000 Growth 2.8%
International Equities Intl Core Plus Artisan International Investor (ARTIX) 5.7% $171,218 8.2%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 98 University of West Florida Seg Res As of June 30, 2019
Manager Performance University of West Florida Seg Res (CGA) Description Weight Ending Market Value Quarter to Date Net Return International Equities Intl Core Plus Intl Core Plus Total 5.7% $171,218 8.2% MSCI All Country World Index X - US Net 3.0%
Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 4.9% $147,266 2.1%
Intl Large Cap Value Total 4.9% $147,266 2.1% MSCI EAFE Value Net 1.5%
Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 3.8% $113,986 1.4%
Emerging Markets Total 3.8% $113,986 1.4% MSCI EM (Emerging Markets) Net 0.6%
Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 7.3% $220,632 0.8%
Unconstrained Fixed Income Total 7.3% $220,632 0.8% Bloomberg Barclays US Aggregate 3.1%
Core Bond Schwab U.S. Aggregate Bond Index Fund (SWAGX) 9.7% $292,229 3.1% Virtus Seix Total Return Bond I (SAMFX) 9.5% $286,542 2.9% Western Asset Intermediate Bond I (WATIX) 7.6% $227,576 2.7%
Core Bond Total 26.8% $806,347 2.9% Bloomberg Barclays US Aggregate 3.1%
Alternative Liquid Real Assets Deutsche Real Assets Fd (AAASX) 7.9% $238,036 2.3%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 99 University of West Florida Seg Res As of June 30, 2019
Manager Performance University of West Florida Seg Res (CGA) Description Weight Ending Market Value Quarter to Date Net Return Alternative Liquid Real Assets Liquid Real Assets Total 7.9% $238,036 2.3% S&P Real Assets 2.2%
Absolute Return Blackrock Systematic (BAMBX) 7.3% $219,321 -
Absolute Return Total 7.3% $219,321 1.2% HFRX Global Hedge Fund Index 1.6%
Cash & Equivalents Taxable Money Market Cash (CASH) 0.8% $22,976 -
Taxable Money Market Total 0.8% $22,976 -
Total 100.0% $3,013,591 3.7% Allocation Weighted Benchmark 3.0%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 100 University of West Florida Seg Res As of June 30, 2019
Historical Performance University of West Florida Seg Res (CGA) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2019 3.7% $2,957,924 ($51,583) $107,249 $3,013,591 3.0% First Quarter 2019 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 7.8% Fourth Quarter 2018 (7.8%) $3,074,009 ($51,806) ($238,898) $2,783,305 (7.0%) Third Quarter 2018 2.6% $3,047,152 ($51,799) $78,656 $3,074,009 2.4% Second Quarter 2018 1.1% $3,064,932 ($51,882) $34,102 $3,047,152 1.1% First Quarter 2018 (0.7%) $3,136,764 ($51,859) ($19,974) $3,064,932 (1.0%) Fourth Quarter 2017 2.9% $3,098,928 ($51,783) $89,620 $3,136,764 3.1% Third Quarter 2017 2.9% $2,984,179 $29,375 $85,373 $3,098,928 3.1% Second Quarter 2017 2.7% $2,956,193 ($50,579) $78,565 $2,984,179 2.5% First Quarter 2017 3.5% $2,904,629 ($50,535) $102,099 $2,956,193 3.5% Fourth Quarter 2016 0.1% $2,951,388 ($50,612) $3,853 $2,904,629 0.6% Third Quarter 2016 1.6% $2,964,576 ($58,733) $45,545 $2,951,388 3.2%
Historical Quarterly Performance Total ($543,367) $592,382
Historical Annual Performance for Last 3 Years 2019 * 12.1% $2,783,305 ($103,155) $333,441 $3,013,591 * 11.1% 2018 (5.0%) $3,136,764 ($207,346) ($146,114) $2,783,305 (4.6%) 2017 12.5% $2,904,629 ($123,522) $355,657 $3,136,764 12.8% 2016 1.5% $113,970 $2,759,634 $31,025 $2,904,629 6.8%
Historical Annual Performance for Last $2,325,612 $574,009 3 Years Total
Inception to Date (Annualized) 12/31/2009 - 06/30/2019 6.2% 6.6%
Inception to Date (Cumulative) 12/31/2009 - 06/30/2019 77.7% 83.7%
* Partial period return
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 101 University of West Florida - Zimmers As of June 30, 2019
Asset Allocation
Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $17,933 14.5% 14.0% 0.5% International Equities $7,437 6.0% 6.0% 0.0% Fixed Income $75,153 60.8% 65.0% (4.2%) Alternative $12,134 9.8% 10.0% (0.2%) Cash & Equivalents $10,945 8.9% 5.0% 3.9% Total $123,602 100.0% 100.0%
* Since data availability date of 1/1/10
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 102 University of West Florida - Zimmers As of June 30, 2019
Quarterly Cashflow University of West Florida - Zimmers (NIM CRUT) From March 31, 2019 to June 30, 2019 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Schwab Small Cap Index 2.7% $3,293 $0 $0 $70 $3,363 Schwab® S&P 500 Index 11.8% $13,970 $0 $0 $600 $14,570
Domestic Equities Total 14.5% $17,263 $0 $0 $670 $17,933
International Equities American Beacon Intl Equity Inv 2.0% $2,465 $0 $0 $51 $2,516 Artisan International Investor 2.2% $2,510 $0 $0 $205 $2,716 Harding Loevner Emerging Markets Advisor 1.8% $2,174 $0 $0 $31 $2,205
International Equities Total 6.0% $7,149 $0 $0 $288 $7,437
Fixed Income JPMorgan Strategic Income Opps A 6.6% $8,097 $0 ($62) $62 $8,097 Virtus Seix Total Return Bond I 54.3% $65,537 $0 ($357) $1,875 $67,056
Fixed Income Total 60.8% $73,635 $0 ($419) $1,937 $75,153
Alternative Blackrock Systematic 9.8% $11,798 $0 $0 $291 $12,088 Eaton Vance Glbl Macr Abs Ret A 0.0% $45 $0 $0 $1 $46
Alternative Total 9.8% $11,842 $0 $0 $292 $12,134
Cash & Equivalents Cash 2.3% $2,580 $473 ($220) - $2,835 Payden Ltd Maturity Fund 6.6% $8,084 $0 ($54) $80 $8,110
Cash & Equivalents Total 8.9% $10,664 $419 ($220) $80 $10,945
Total 100.0% $120,553 $0 ($220) $3,268 $123,602
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 103 University of West Florida - Zimmers As of June 30, 2019
Manager Performance University of West Florida - Zimmers (NIM CRUT) Description Weight Ending Market Value Quarter to Date Net Return Domestic Equities Large Cap Core Schwab® S&P 500 Index (SWPPX) 11.8% $14,570 4.3%
Large Cap Core Total 11.8% $14,570 4.3% S&P 500 Composite 4.3%
Small Cap Broad Schwab Small Cap Index (SWSSX) 2.7% $3,363 2.1%
Small Cap Broad Total 2.7% $3,363 2.1% Russell 2000 2.1%
International Equities Intl Core Plus Artisan International Investor (ARTIX) 2.2% $2,716 8.2%
Intl Core Plus Total 2.2% $2,716 8.2% MSCI All Country World Index X - US Net 3.0%
Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 2.0% $2,516 2.1%
Intl Large Cap Value Total 2.0% $2,516 2.1% MSCI EAFE Value Net 1.5%
Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 1.8% $2,205 1.4%
Emerging Markets Total 1.8% $2,205 1.4% MSCI EM (Emerging Markets) Net 0.6%
Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 6.6% $8,097 0.8%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 104 University of West Florida - Zimmers As of June 30, 2019
Manager Performance University of West Florida - Zimmers (NIM CRUT) Description Weight Ending Market Value Quarter to Date Net Return Fixed Income Unconstrained Fixed Income Unconstrained Fixed Income Total 6.6% $8,097 0.8% Bloomberg Barclays US Aggregate 3.1%
Core Bond Virtus Seix Total Return Bond I (SAMFX) 54.3% $67,056 2.9%
Core Bond Total 54.3% $67,056 2.9% Bloomberg Barclays US Aggregate 3.1%
Alternative Absolute Return Blackrock Systematic (BAMBX) 9.8% $12,088 2.5%
Absolute Return Total 9.8% $12,088 2.5% HFRX Global Hedge Fund Index 1.6%
GTAA Eaton Vance Glbl Macr Abs Ret A (EAGMX) 0.0% $46 2.3%
GTAA Total 0.0% $46 2.3% HFRX Global Hedge Fund Index 1.6%
Cash & Equivalents Short Term Bond Payden Ltd Maturity Fund (PYLMX) 6.6% $8,110 1.0%
Short Term Bond Total 6.6% $8,110 1.0% Bloomberg Barclays US Government / Credit 1 - 3Y 1.5%
Taxable Money Market Cash (CASH) 2.3% $2,835 -
Taxable Money Market Total 2.3% $2,835 -
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 105 University of West Florida - Zimmers As of June 30, 2019
Manager Performance University of West Florida - Zimmers (NIM CRUT) Description Weight Ending Market Value Quarter to Date Net Return Total 100.0% $123,602 2.7% Allocation Weighted Benchmark 2.8%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 106 University of West Florida - Zimmers As of June 30, 2019
Historical Performance University of West Florida - Zimmers (NIM CRUT) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2019 2.7% $120,553 ($220) $3,268 $123,602 2.9% First Quarter 2019 4.7% $116,655 ($1,494) $5,392 $120,553 4.8% Fourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (2.3%) Third Quarter 2018 1.0% $119,469 ($219) $1,226 $120,476 1.0% Second Quarter 2018 0.4% $119,643 ($619) $444 $119,469 0.4% First Quarter 2018 (0.8%) $122,356 ($1,720) ($992) $119,643 (1.2%) Fourth Quarter 2017 1.3% $120,952 ($221) $1,624 $122,356 1.5% Third Quarter 2017 1.6% $119,280 ($219) $1,891 $120,952 1.8% Second Quarter 2017 1.9% $117,684 ($616) $2,212 $119,280 1.8% First Quarter 2017 2.4% $116,872 ($1,909) $2,721 $117,684 1.9% Fourth Quarter 2016 (0.6%) $117,811 ($217) ($722) $116,872 (1.2%) Third Quarter 2016 1.7% $116,476 ($616) $1,951 $117,811 1.6%
Historical Quarterly Performance Total ($8,288) $15,414
Historical Annual Performance for Last 3 Years 2019 * 7.5% $116,655 ($1,714) $8,661 $123,602 * 7.8% 2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (2.1%) 2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.2% 2016 4.4% $114,637 ($2,771) $5,007 $116,872 4.1%
Historical Annual Performance for Last ($10,227) $19,192 3 Years Total
Inception to Date (Annualized) 12/31/2009 - 06/30/2019 5.2% 5.0%
Inception to Date (Cumulative) 12/31/2009 - 06/30/2019 61.8% 59.0%
* Partial period return
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 107 University of West Florida - Hugh Garnett As of June 30, 2019
Asset Allocation
Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $8,285 19.1% 14.0% 5.1% International Equities $2,436 5.6% 6.0% (0.4%) Fixed Income $26,415 61.0% 65.0% (4.0%) Alternative $4,935 11.4% 10.0% 1.4% Cash & Equivalents $1,252 2.9% 5.0% (2.1%) Total $43,324 100.0% 100.0%
* Since data availability date of 1/1/10
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 108 University of West Florida - Hugh Garnett As of June 30, 2019
Quarterly Cashflow University of West Florida - Hugh Garnett (NIM CRUT) From March 31, 2019 to June 30, 2019 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Schwab Small Cap Index 2.7% $1,153 $0 $0 $25 $1,178 Schwab® S&P 500 Index 16.4% $6,814 $0 $0 $293 $7,107
Domestic Equities Total 19.1% $7,968 $0 $0 $317 $8,285
International Equities American Beacon Intl Equity Inv 2.0% $863 $0 $0 $18 $881 Artisan International Investor 2.5% $998 $0 $0 $82 $1,079 Harding Loevner Emerging Markets Advisor 1.1% $469 $0 $0 $7 $476
International Equities Total 5.6% $2,330 $0 $0 $106 $2,436
Fixed Income JPMorgan Strategic Income Opps A 11.0% $4,754 $0 ($36) $36 $4,754 Virtus Seix Total Return Bond I 50.0% $21,171 $0 ($115) $606 $21,661
Fixed Income Total 61.0% $25,925 $0 ($152) $642 $26,415
Alternative Eaton Vance Glbl Macr Abs Ret A 11.4% $4,826 $0 $0 $108 $4,935
Cash & Equivalents Cash 2.9% $1,177 $152 ($77) - $1,252
Total 100.0% $42,226 $0 ($77) $1,175 $43,324
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 109 University of West Florida - Hugh Garnett As of June 30, 2019
Manager Performance University of West Florida - Hugh Garnett (NIM CRUT) Description Weight Ending Market Value Quarter to Date Net Return Domestic Equities Large Cap Core Schwab® S&P 500 Index (SWPPX) 16.4% $7,107 4.3%
Large Cap Core Total 16.4% $7,107 4.3% S&P 500 Composite 4.3%
Small Cap Broad Schwab Small Cap Index (SWSSX) 2.7% $1,178 2.1%
Small Cap Broad Total 2.7% $1,178 2.1% Russell 2000 2.1%
International Equities Intl Core Plus Artisan International Investor (ARTIX) 2.5% $1,079 8.2%
Intl Core Plus Total 2.5% $1,079 8.2% MSCI All Country World Index X - US Net 3.0%
Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 2.0% $881 2.1%
Intl Large Cap Value Total 2.0% $881 2.1% MSCI EAFE Value Net 1.5%
Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 1.1% $476 1.4%
Emerging Markets Total 1.1% $476 1.4% MSCI EM (Emerging Markets) Net 0.6%
Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 11.0% $4,754 0.8%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 110 University of West Florida - Hugh Garnett As of June 30, 2019
Manager Performance University of West Florida - Hugh Garnett (NIM CRUT) Description Weight Ending Market Value Quarter to Date Net Return Fixed Income Unconstrained Fixed Income Unconstrained Fixed Income Total 11.0% $4,754 0.8% Bloomberg Barclays US Aggregate 3.1%
Core Bond Virtus Seix Total Return Bond I (SAMFX) 50.0% $21,661 2.9%
Core Bond Total 50.0% $21,661 2.9% Bloomberg Barclays US Aggregate 3.1%
Alternative GTAA Eaton Vance Glbl Macr Abs Ret A (EAGMX) 11.4% $4,935 2.2%
GTAA Total 11.4% $4,935 2.2% HFRX Global Hedge Fund Index 1.6%
Cash & Equivalents Taxable Money Market Cash (CASH) 2.9% $1,252 -
Taxable Money Market Total 2.9% $1,252 -
Total 100.0% $43,324 2.8% Allocation Weighted Benchmark 2.9%
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 111 University of West Florida - Hugh Garnett As of June 30, 2019
Historical Performance University of West Florida - Hugh Garnett (NIM CRUT) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2019 2.8% $42,226 ($77) $1,175 $43,324 2.9% First Quarter 2019 4.7% $40,597 ($263) $1,892 $42,226 4.8% Fourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (2.3%) Third Quarter 2018 1.0% $41,586 ($77) $429 $41,939 1.0% Second Quarter 2018 0.4% $41,907 ($477) $156 $41,586 0.4% First Quarter 2018 (0.8%) $42,598 ($343) ($348) $41,907 (1.2%) Fourth Quarter 2017 1.4% $42,106 ($77) $569 $42,598 1.5% Third Quarter 2017 1.6% $41,520 ($77) $662 $42,106 1.8% Second Quarter 2017 1.9% $41,221 ($476) $775 $41,520 1.8% First Quarter 2017 2.4% $40,677 ($409) $953 $41,221 1.9% Fourth Quarter 2016 (0.6%) $41,006 ($76) ($253) $40,677 (1.2%) Third Quarter 2016 1.7% $40,798 ($476) $683 $41,006 1.6%
Historical Quarterly Performance Total ($2,903) $5,428
Historical Annual Performance for Last 3 Years 2019 * 7.6% $40,597 ($340) $3,067 $43,324 * 7.8% 2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (2.1%) 2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.2% 2016 4.4% $39,895 ($972) $1,754 $40,677 4.9%
Historical Annual Performance for Last ($3,323) $6,751 3 Years Total
Inception to Date (Annualized) 12/31/2009 - 06/30/2019 5.4% 5.1%
Inception to Date (Cumulative) 12/31/2009 - 06/30/2019 64.0% 60.4%
* Partial period return
Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 112 Disclosures
Securities offered through M Holdings Securities, Inc., MEMBER FINRA/SIPC
Investment Advisory Services are offered through Cornerstone Advisors Asset Management, LLC, which is independently owned and operated.
Performance quoted is past performance and is no guarantee of future results.
Unless otherwise noted, data obtained from Callan Associates.
All indices are unmanaged and not available for direct investment.
Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC have exercised reasonable care in the preparation of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all information within, we disclaim all responsibility for any errors that may occur due to third party information and data.
The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this information, data, analyses or opinions or their use. Please read the prospectus carefully before investing. It is not a replacement for any account statement or transaction confirmation issued by the provider. Please compare this document to your custodial statement for accuracy, as applicable.
All materials, including advertising, sales promotion, or demonstration materials which refer directly to the Russell Indexes shall expressly state that Frank Russell Company is the owner of the Russell Marks in language consistent with and substantially similar to the following example:
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cornerstone-companies.com 113 University of West Florida Foundation: Private Markets Allocation Q2 2019
309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 114 EXECUTIVE SUMMARY
As of March 31, 2019 Vintage Commitment Distributions to Remaining Fund Strategy Called Capital Year Size Paid in Capital Value Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,263 133.4% $943,377 $316,657 StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 93.7% $936,775 97.3% $911,316 $635,233 Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $956,781 191.7% $1,834,213 $42,067 Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,083 59.6% $388,908 $712,420 Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 89.9% $1,798,495 70.7% $1,271,797 $1,309,984 Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 82.6% $826,397 44.9% $370,785 $571,479 Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 50.7% $1,014,030 25.7% $260,273 $969,819 Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 78.6% $1,571,388 6.3% $98,919 $1,849,997 Golub Capital Partners 12 Private Credit 2018 $2,000,000 0.0% $0 0.0% $0 $0 Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000 0.0% $0 0.0% $0 $0 $18,000,000 $8,463,212 $6,079,588 $6,407,656
Capital Called Distributions During the Quarter-over-Quarter Fund Net IRR Net MOIC During the Quarter Quarter Change in Total Value
Portfolio Advisors Private Equity Fund V $0 $36,283 -$2,310 10.8% 1.88X StepStone Pioneer Capital III $0 $0 $6,277 14.0% 1.90X Harbert US Real Estate Fund IV $0 $0 -$5,656 21.3% 1.95X Portfolio Advisors Private Equity Fund VII $0 $21,672 -$3,423 14.7% 1.80X Harbert US Real Estate Fund V $5,110 $44,420 $15,829 12.7% 1.44X Portfolio Advisors Direct Credit Fund II $87,001 $21,354 $110,072 10.8% 1.19X Portfolio Advisors Secondary Fund III $160,453 $66,748 $154,771 50.0% 1.23X Harbert US Real Estate Fund VI $25,647 $60,652 $39,337 11.8% 1.24X Golub Capital Partners 12 $0 $0 $0 N/A N/A Portfolio Advisors Private Equity Fund X $0 $0 $0 N/A N/A $278,212 $251,130 $314,897
Portfolio Characteristics as of 3/31/2019
115 PROJECTED CAPITAL CALLS
Projected capital calls Capital called FY 2020 FY 2021 Investment Vintage Commitment % $ % $ % $
Harbert U.S. Real Estate IV 2009 $ 1,000,000 95.7% $ 956,781 0% $0 0% $0 U.S. Real Estate V 2012 $ 2,000,000 89.9% $ 1,798,495 0% $0 0% $0 U.S. Real Estate VI 2016 $ 2,000,000 78.6% $ 1,571,388 10% $200,000 5% $100,000
Portfolio Advisors Private Equity V 2007 $ 1,000,000 70.7% $ 707,263 0% $0 0% $0 Private Equity VII 2011 $ 1,000,000 65.2% $ 652,083 0% $0 0% $0 Direct Credit II 2015 $ 1,000,000 82.6% $ 826,397 10% $100,000 5% $50,000 Secondary Fund III 2016 $ 2,000,000 50.7% $ 1,014,030 25% $500,000 15% $300,000 Private Equity X 2019 $ 5,000,000 0.0% $ - 10% $500,000 10% $500,000
Stepstone Pioneer Capital III, LP 2009 $ 1,000,000 93.7% $ 936,775 0% $0.00 0% $0.00
Golub Capital Partners 12 2018 $ 2,000,000 0.0% $ - 30% $600,000.00 30% $600,000.00 SubTotal $ 18,000,000 47.0% $ 8,463,212 11% $1,900,000 9% $1,550,000
Projected Distributions Projected Distributions FY 2020 FY 2021 Salary $3,100,000 $3,100,000 UWF Operations $1,800,000 $1,800,000 Scholarships $2,200,000 $2,200,000 Other Operations $2,900,000 $2,900,000 SubTotal $10,000,000 $10,000,000
Projected Cash Contributions $4,000,000 $4,320,000
Total $7,900,000 $7,230,000
Called Capital and Projected Capital Calls as of 3/31/2019 All projected capital calls are estimates and subject to material change 116 Monthly Capital Markets Review - July 2019 ACG Atlanta Consulting Group Market Highlights Index Returns (%)
25 • In July, equity markets continued their positive run in 20 15 the US while international markets generated negative MTD 10 23.08
returns. 20.24 YTD 17.66
5 1.44 1.43 0.58 0.22 9.6 12.58 11.34 8.53 2.39 9.24 1.84 6.35 3.05 5.27 1.33 0 5 Years • In the US, the S&P 500 has eclipsed 20% year-to-date ‐5
with all sectors in positive territory for the year. During ‐ 1.27 ‐ 1.22 ‐ 0.28 July, energy and healthcare were negative outliers. S&P 500 Russell MidCap Russell 2000 MSCI EAFE MSCI Emerging BBgBarc US BBgBarc Global Markets Aggregate TR Aggregate TR Materials and utilities also traded off, but at more muted levels. Equity Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr S&P Sector Returns (%) MTD YTD • Growth continued to outperform value in the US. Year- S&P 500 1.44 20.24 7.99 13.36 11.34 to-date growth has outperformed value by 7-10% across Russell 1000 1.55 20.69 8.00 13.31 11.15 Consumer Discretionary Russell MidCap 1.43 23.08 6.71 11.02 9.60 market capitalizations. Consumer Staples Russell 2000 0.58 17.66 -4.42 10.36 8.53 Energy • Internationally, equity markets traded off by more than Russell 3000 1.49 20.48 7.05 13.11 10.96 1% in developed and emerging markets, however, NASDAQ Composite TR 2.15 23.94 7.74 17.86 14.65 Financials performance year-to-date is still in excess of 10% for all Health Care major indices except for emerging markets which has Fixed Income Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr Industrials returned 9.24% year-to-date. BBgBarc US Aggregate TR 0.22 6.35 8.08 2.17 3.05 Information Technology BBgBarc Global Aggregate TR -0.28 5.27 5.73 1.27 1.33 • Dome tic fixed income generated positive returns, Materials s BBgBarc US Credit TR 0.52 9.92 10.12 3.47 4.03 buoyed by the Federal Reserve cutting the target federal BBgBarc US Govt TR -0.11 5.03 7.53 1.21 2.49 Real Estate funds rate. Global bonds traded down during the month. BBgBarc US High Yield TR 0.56 10.56 6.92 6.77 5.10 All major bond indices have positive performance thus Communication Services far this year. BBgBarc US Municipal TR 0.81 5.94 7.31 2.80 3.77 Utilities FTSE WGBI -0.47 4.88 5.42 0.67 0.94 ‐20 0 20 40 • Alternative asset class indices generated positive returns with the exception of MLPs and commodities International Equity Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr Russell Style Returns (%) - MTD which were weighed down by negative moves in energy MSCI ACWI ex USA -1.21 12.23 -2.27 7.20 2.12 Value Core Growth in July. MSCI EAFE -1.27 12.58 -2.60 6.87 2.39 Large 0.83 1.55 2.26 MSCI Emerging Markets -1.22 9.24 -2.18 8.42 1.84 Mid 0.83 1.43 2.33 Small 0.16 0.58 0.98 Other Index Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr HFRI Fund of Funds Composite Index 0.72 6.91 1.66 3.98 2.41 Russell Style Returns (%) - YTD Wilshire Liquid Alternative TR USD 0.55 5.17 1.57 1.99 0.88 Value Core Growth FTSE EPRA/NAREIT Developed NR USD 0.35 14.91 7.15 2.89 4.86 Large 17.20 20.69 24.23 Alerian MLP TR USD -0.19 16.73 -3.47 -0.66 -6.57 Mid 19.00 23.08 29.03 Source(s): Morningstar, MSCI Bloomberg Commodity Index TR USD -0.67 4.35 -5.36 -0.68 -8.34 Small 13.65 17.66 21.54
Prepared by The Atlanta Consulting Group 117 Market Index Review - July 2019 ACG Atlanta Consulting Group
Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 1.44 1.44 20.24 7.99 13.36 11.34 14.03 MSCI Emerging Markets -1.22 -1.22 9.24 -2.18 8.42 1.84 4.56 Dow Jones Industrial Average 1.12 1.12 16.69 8.22 16.11 12.87 14.19 MSCI Europe -1.94 -1.94 14.75 -2.29 7.30 1.87 5.83 NASDAQ Composite TR 2.15 2.15 23.94 7.74 17.86 14.65 16.55 MSCI Pacific -0.16 -0.16 10.99 -1.24 7.00 3.90 6.20 MSCI EAFE -1.27 -1.27 12.58 -2.60 6.87 2.39 5.84 MSCI ACWI ex USA -1.21 -1.21 12.23 -2.27 7.20 2.12 5.42 Russell 2000 0.58 0.58 17.66 -4.42 10.36 8.53 12.47 MSCI EAFE Small Cap -0.71 -0.71 11.75 -7.61 6.67 4.75 8.79 Dow Jones U.S. Total Stock Market 1.47 1.47 20.44 6.90 13.07 10.90 13.99 MSCI Frontier Markets 2.51 2.51 14.69 3.75 8.80 -0.61 4.86
Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Russell 1000 1.55 1.55 20.69 8.00 13.31 11.15 14.10 FTSE T-Bill 3 Months 0.20 0.20 1.42 2.33 1.42 0.88 0.48 Russell 1000 Growth 2.26 2.26 24.23 10.82 17.13 14.25 15.74 BBgBarc US Municipal TR 0.81 0.81 5.94 7.31 2.80 3.77 4.63 Russell 1000 Value 0.83 0.83 17.20 5.20 9.44 8.01 12.40 BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 2.17 3.05 3.75 Russell MidCap 1.43 1.43 23.08 6.71 11.02 9.60 14.35 BBgBarc US Govt/Credit TR 0.15 0.15 7.06 8.60 2.19 3.16 3.92 Russell MidCap Growth 2.33 2.33 29.03 14.15 15.51 12.30 15.41 BBgBarc US Govt/Credit Int TR -0.03 -0.03 4.93 6.87 1.88 2.43 3.09 Russell MidCap Value 0.83 0.83 19.00 1.78 7.75 7.53 13.59 BBgBarc US Corporate High Yield TR 0.56 0.56 10.56 6.92 6.77 5.10 8.66 Russell 2000 Growth 0.98 0.98 21.54 -1.22 12.66 10.21 13.67 BBgBarc Global Aggregate TR -0.28 -0.28 5.27 5.73 1.27 1.33 2.63 Russell 2000 Value 0.16 0.16 13.65 -7.71 7.96 6.74 11.19 FTSE WGBI -0.47 -0.47 4.88 5.42 0.67 0.94 1.98
Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 Materials -0.37 -0.37 16.83 -0.14 8.44 5.77 9.97 HFRI FOF: Diversified Index 0.76 0.76 6.88 2.34 3.89 2.44 3.20 S&P 500 Consumer Discretionary 0.96 0.96 23.00 9.22 15.39 14.49 18.75 HFRI FOF: Conservative Index 0.38 0.38 5.06 2.34 3.61 2.23 3.03 S&P 500 Consumer Staples 2.50 2.50 19.08 14.64 5.96 9.65 12.42 HFRI FOF: Strategic Index 0.75 0.75 8.33 0.45 4.55 2.47 3.37 S&P 500 Energy -1.78 -1.78 11.11 -15.99 0.25 -5.24 4.37 Wilshire Liquid Alternative TR USD 0.55 0.55 5.17 1.57 1.99 0.88 2.17 S&P 500 Financials 2.45 2.45 20.12 3.46 16.01 11.44 12.41 FTSE EPRA/NAREIT Global TR USD 0.15 0.15 15.58 8.26 4.74 5.89 9.99 S&P 500 Health Care -1.59 -1.59 6.35 4.29 8.47 10.74 14.94 Alerian MLP TR USD -0.19 -0.19 16.73 -3.47 -0.66 -6.57 6.93 S&P 500 Industrials 0.67 0.67 22.19 3.58 11.46 10.34 14.65 Bloomberg Commodity Index TR USD -0.67 -0.67 4.35 -5.36 -0.68 -8.34 -4.11 S&P 500 Information Technology 3.33 3.33 31.36 15.72 24.40 18.97 17.92 S&P 500 Real Estate 1.74 1.74 22.52 17.57 ------S&P 500 Communication Services 3.37 3.37 23.10 14.82 1.35 5.28 9.67 S&P 500 Utilities -0.28 -0.28 14.38 16.53 8.20 11.49 11.72
Returns include dividends; 3-year, 5-year, and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results.
Prepared by The Atlanta Consulting Group 118 University of West Florida Foundation As of July 31, 2019 Current Current Within IPS Policy Policy Range Difference Balance Allocation Range?
_ US Stock Large $21,823,512 23.43% 22.50% 20.00% - 30.00% 0.93% Yes Eagle Capital Management $10,778,421 11.57% Vanguard 500 Index Admiral $11,045,091 11.86% US Stock Small $10,162,825 10.91% 10.00% 7.50% - 15.00% 0.91% Yes Conestoga Small Cap Investors $5,310,762 5.70% Fuller & Thaler Behav Sm-Cp Eq Inst $4,852,063 5.21% International $13,261,471 14.24% 15.00% 10.00% - 20.00% -0.76% Yes Dodge & Cox International Stock $6,277,597 6.74% WCM Focused International Growth Instl $6,983,874 7.50% International Small Stocks $6,027,963 6.47% 7.50% 2.50% - 10.00% -1.03% Yes T. Rowe Price International Discovery $6,027,963 6.47% International Emerging Stocks $5,390,927 5.79% 5.00% 2.50% - 7.50% 0.79% Yes DFA Emerging Markets Core Equity I $5,390,927 5.79% Fixed $11,409,829 12.25% 15.00% 10.00% - 25.00% -2.75% Yes Barrow Hanley $5,693,586 6.11% Templeton Global Bond Fund $2,818,761 3.03% Chartwell Short Duration High Yield $2,897,482 3.11% MLP $4,341,361 4.66% 0.00% 0.00% - 10.00% 4.66% Yes Tortoise MLP & Pipeline Instl $4,341,361 4.66% Fund of Funds $9,012,807 9.68% 5.00% 0.00% - 10.00% 4.68% Yes Ironwood International Ltd. $9,012,807 9.68% Real Estate $3,169,010 3.40% 7.50% 0.00% - 15.00% -4.10% Yes Harbert US RE Fund IV LP $41,637 0.04% Harbert US RE Fund V LP $1,089,846 1.17% Harbert US RE Fund VI LP $2,037,527 2.19% Private Equity $2,550,087 2.74% 7.50% 0.00% - 10.00% -4.76% Yes Portfolio Advisors PE Offshore V $295,227 0.32% Portfolio Advisors PE VII $649,808 0.70% Portfolio Advisors Secondary Fund III, L.P. $969,819 1.04% StepStone Pioneer Capital III, L.P. $635,233 0.68% Private Debt $650,866 0.70% 5.00% 0.00% - 10.00% -4.30% Yes Portfolio Advisors Direct Credit II $650,866 0.70% Cash/Short Term Fixed Income $5,325,537 5.72% 0.00% 0.00% - 10.00% 5.72% Yes PIMCO Short-Term Instl $5,288,706 5.68% Cash $36,831 0.04% Total $93,126,194 100.00% 100.00%
XXXXX
Prepared by The Atlanta Consulting Group 119 University of West Florida Foundation As of July 31, 2019 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date
_ Foundation 93,126,194 100.00 -0.04 -0.04 12.65 2.50 6.17 8.38 5.65 8.00 5.10 Mar-99 Balanced Index 0.17 0.17 11.88 1.86 5.18 7.19 5.09 7.62 4.93 Mar-99 CPI+4% 0.33 0.33 4.31 5.70 6.38 6.18 5.51 5.81 6.27 Mar-99 US Stock Large 21,823,512 23.43 Eagle Capital Management 10,778,421 11.57 0.79 0.79 22.11 7.23 12.23 15.32 11.70 -- 14.02 Oct-12 S&P 500 1.44 1.44 20.24 7.99 12.04 13.36 11.34 14.03 13.51 Oct-12 Vanguard 500 Index Admiral 11,045,091 11.86 1.43 1.43 20.23 7.95 12.00 13.32 11.30 -- 13.51 Sep-12 S&P 500 1.44 1.44 20.24 7.99 12.04 13.36 11.34 14.03 13.54 Sep-12 US Stock Small 10,162,825 10.91 Conestoga Small Cap Investors 5,310,762 5.70 0.72 0.72 24.29 7.12 18.02 20.88 15.85 -- 12.75 Apr-14 Russell 2000 0.58 0.58 17.66 -4.42 6.53 10.36 8.53 12.47 6.86 Apr-14 Fuller & Thaler Behav Sm-Cp Eq Inst 4,852,063 5.21 1.60 1.60 18.87 -2.53 ------3.00 Mar-18 Russell 2000 0.58 0.58 17.66 -4.42 6.53 10.36 8.53 12.47 0.91 Mar-18 International 13,261,471 14.24 Dodge & Cox International Stock Caution 4Q17 6,277,597 6.74 -2.78 -2.78 9.73 -7.53 -3.40 6.01 0.05 5.96 1.83 Dec-07 MSCI ACWI ex USA -1.21 -1.21 12.23 -2.27 1.75 7.20 2.12 5.42 1.26 Dec-07 WCM Focused International Growth Instl 6,983,874 7.50 -0.17 -0.17 ------12.80 Mar-19 MSCI ACWI ex USA -1.21 -1.21 12.23 -2.27 1.75 7.20 2.12 5.42 3.09 Mar-19 International Small Stocks 6,027,963 6.47 T. Rowe Price International Discovery 6,027,963 6.47 -1.09 -1.09 14.01 -7.78 2.43 ------8.87 Sep-16 MSCI ACWI ex US Small Cap -0.67 -0.67 10.86 -7.22 -0.11 5.59 3.03 7.47 5.93 Sep-16 International Emerging Stocks 5,390,927 5.79 DFA Emerging Markets Core Equity I Caution 3Q17 5,390,927 5.79 -2.63 -2.63 6.66 -4.39 -0.57 6.24 1.40 -- 4.35 Dec-11 MSCI Emerging Markets -1.22 -1.22 9.24 -2.18 1.04 8.42 1.84 4.56 4.35 Dec-11 Fixed 11,409,829 12.25 0.53 0.53 5.64 6.09 3.13 ------3.03 Apr-17 BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 3.65 Apr-17 Barrow Hanley 5,693,586 6.11 0.18 0.18 6.43 7.72 3.32 2.26 3.00 3.79 4.13 Apr-03 BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 4.07 Apr-03 Templeton Global Bond Fund 2,818,761 3.03 1.50 1.50 4.30 3.74 2.76 ------1.92 Apr-17 FTSE WGBI TR -0.47 -0.47 4.88 5.42 2.49 0.67 0.94 1.98 3.75 Apr-17 Chartwell Short Duration High Yield 2,897,482 3.11 0.30 0.30 5.43 5.26 3.10 ------3.19 May-17 ICE BofAML US Corp and High Yield 1-3 Yr 0.15 0.15 3.87 4.90 2.90 2.80 2.50 3.49 3.03 May-17
Prepared by The Atlanta Consulting Group 120 University of West Florida Foundation As of July 31, 2019 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date
_ MLP 4,341,361 4.66 Tortoise MLP & Pipeline Instl 4,341,361 4.66 -2.53 -2.53 17.69 -4.44 -0.73 3.19 -3.21 -- -1.13 Apr-14 Alerian MLP TR USD -0.19 -0.19 16.73 -3.47 -1.55 -0.66 -6.57 6.93 -4.90 Apr-14 Fund of Funds 9,012,807 9.68 Ironwood International Ltd. 9,012,807 9.68 0.34 0.34 5.16 3.32 4.93 5.71 3.86 6.33 4.40 Mar-05 HFRI FOF: Conservative Index 0.10 0.10 4.74 2.02 2.92 3.50 2.16 3.00 2.35 Mar-05 Real Estate 3,169,010 3.40 Harbert US RE Fund IV LP 41,637 0.04 0.00 0.00 -12.75 6.21 11.75 12.71 21.85 20.77 18.53 Dec-08 FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 13.80 Dec-08 Harbert US RE Fund V LP 1,089,846 1.17 0.00 0.00 3.72 6.76 9.36 10.96 14.34 -- 12.52 Nov-13 FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 9.75 Nov-13 Harbert US RE Fund VI LP 2,037,527 2.19 0.00 0.00 2.85 12.30 ------11.68 Nov-17 FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 10.19 Nov-17 Private Equity 2,550,087 2.74 Portfolio Advisors PE Offshore V 295,227 0.32 0.00 0.00 -0.72 10.17 12.69 11.98 9.04 10.77 7.90 Dec-08 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 12.95 Dec-08 Portfolio Advisors PE VII 649,808 0.70 0.00 0.00 -1.80 13.17 17.28 14.95 11.52 -- 12.29 Apr-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 11.46 Apr-13 Portfolio Advisors Secondary Fund III, L.P. 969,819 1.04 0.00 0.00 -0.57 12.85 ------29.35 Aug-17 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 9.10 Aug-17 StepStone Pioneer Capital III, L.P. 635,233 0.68 0.00 0.00 1.00 1.44 10.34 7.91 9.05 -- 14.98 Dec-09 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 13.53 Dec-09 Private Debt 650,866 0.70 Portfolio Advisors Direct Credit II 650,866 0.70 0.00 0.00 3.85 21.50 15.83 ------13.03 Oct-16 BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 2.75 Oct-16 Cash/Short Term Fixed Income 5,325,537 5.72 PIMCO Short-Term Instl 5,288,706 5.68 0.52 0.52 2.10 2.26 2.33 2.55 -- -- 2.58 Jan-16 FTSE T-Bill 3 Months TR 0.20 0.20 1.42 2.33 1.87 1.42 0.88 0.48 1.25 Jan-16 Cash 36,831 0.04
XXXXX - Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TR USD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR - CPI+4% = Consumer Price Index+0.00327 100 - Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index
Prepared by The Atlanta Consulting Group 121 DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has not independently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
We urge you to take a moment to compare the account balances contained in this report to those balances reflected on the statem ents that you receive directly from your account’s custodian. Please contact us or the account custodian with any questions you may have. Also, ple ase notify us promptly if you do not receive statements on all accounts from the custodian on at least a quarterly basis.
122 ACG Insights: Diversification
Introduction
March 9, 2009 marked the equity market bottom during the global financial crisis. Since that day, the S&P 500 has returned a cumulative 438% through April 30, 2019 resulting in an annualized return of 18%, outperforming all major equity and fixed income indices over that time period. The S&P 500 has been closely followed by the Russell 2000, an index of US small cap equities, with a cumulative return of 432%. Based on the chart below, investors not invested exclusively in US equities since the financial crisis may be wondering why they should invest in anything else.
Cumulative Returns March 10, 2009 – April 30, 2019 600%
500%
400%
300%
200%
100%
0% Jul-17 Jul-12 Jan-15 Jan-10 Jun-15 Jun-10 Oct-18 Oct-13 Apr-16 Apr-11 Sep-16 Feb-17 Sep-11 Feb-12 Dec-17 Dec-12 Aug-14 Aug-09 Nov-15 Nov-10 Mar-19 Mar-14 Mar-09 May-18 May-13
S&P 500 Russell 2000 MSCI EAFE BbgBarc US Agg FTSE WGBI
For institutional investors, the ultimate goal of investing is not to “swing for the fences” and get as much return as possible, ignoring risk. Rather, the ultimate goal is to meet the annual spending needs of the organization by taking a prudent amount of risk.
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Allowing recent history to determine future asset allocations ignores risk. The S&P 500 had a drawdown of 51% during the global financial crisis after which it took 37 months to recover. While some individual investors may be able to tolerate this type of downside risk by extending their time working if their retirement nest eggs decline, institutions may not have the same luxury as their annual expenses are not determined by market swings and they may not have other options for cash flow. A 51% drawdown for some institutions may put the viability of the entire organization in jeopardy.
Optimal investment portfolios should be structured such that they can withstand a market cycle, mitigate risk and drawdowns, and provide a stable return over time.
What is diversification?
“Diversification is the practice of spreading your investments around so that your exposure to any one type of asset is limited.”1 In investing, the old adage “don’t put your eggs all in one basket” never rings more true than in a market downturn.
Harry Markowitz, an American economist, won the Nobel Memorial Prize in Economic Sciences in 1990. He shared the award with Merton Miller and William Sharpe that year for their pioneering work in the theory of financial economics. Markowitz’s work was published in an article titled “Portfolio Selection,” which appeared in the Journal of Finance in 1952. In 1959, he published a book entitled Portfolio Selection: Efficient Diversification.
Markowitz’s mean-variance optimization, when applied to a multi-asset class portfolio, takes into account the expected return of each asset class, the standard deviation of each asset class, and the correlation between each asset class. The output of this analysis results in an efficient frontier, a set of portfolios with a maximum expected return per given level of risk.
Markowitz’s research stated simply: a diversified portfolio is less volatile than the sum of its parts.
“Diworsification”
Adding line items to a portfolio is not the same as diversifying the portfolio. New investments in a portfolio should provide correlation benefits when added to the existing portfolio. Additionally, too many investments with high correlations to one another may erode any potential alpha from asset allocation and security selection.
The table below is a correlation matrix showing the five asset classes included in the Diversified Global Portfolio. Based on the correlations, the bond indices have the most diversifying impact when added to a portfolio of US large cap equities. However, there is a return trade-off in adding bonds to the portfolio - bonds have a lower expected return. As such, those investments should be sized to reflect the risk and return characteristics required of the portfolio. Adding diversifying equities can maintain the return potential but will have less of a dampening impact on volatility and drawdown as their correlations to the S&P 500 are higher. As Markowitz’s
1 Source: Fidelity, “Why diversification matters”
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Correlation Matrix2
The importance of long-term asset allocation
The future is impossible to predict with any level of certainty. Where will the S&P 500 end the year? How long will growth continue to outperform value? Will domestic or international stocks outperform this year? Because investors cannot accurately answer any of those questions, having a diversified strategic asset allocation is paramount to limiting significant swings in portfolio performance.
Diversification takes discipline. Determining a long-term strategic asset allocation and sticking with it may be difficult when markets are booming. During market rallies, many investors feel like they are leaving money on the table by not piling into the highest risk investments. However, this disciplined approach can pay off when those same investments experience substantial losses.
As demonstrated in the table below, a diversified portfolio may give up some upside returns in bull markets. Since the bottom of the US equity market on March 9, 2019, a portfolio of only the S&P 500 has had an annualized return of 18.05% compared to 11.18% for a hypothetical Diversified Global Portfolio of equities and fixed income. However, when looking across multiple market cycles since January 1990, the differential in annualized performance narrows. Further, the Diversified Global Portfolio has significantly less volatility than the S&P 500 resulting in a higher Sharpe ratio (risk-adjusted measure of return).
The most recent decade is a historical anomaly as the length of this current equity bull market is unprecedented. If we were to look at other time periods, excluding the recent 10-year bull market, the returns of the two portfolios would look even more similar, but the diversification impact on volatility of the Diversified Global Portfolio would also prove more evident.
2 January 1, 1990 – April 30, 2019, Source: Morningstar Direct
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Portfolios3 US Large Cap Equities Diversified Global Portfolio
100% US Large Cap Equities 35% US Large Cap Equities 10% US Small Cap Equities 15% International Equities 25% US Core Bonds 15% Global Bonds Post-crisis Annualized 18.05% 11.18% Return4 January 1, 1990 – April 30, 2019 Annualized Return 9.80% 7.71% Annualized Volatility 14.24% 9.00% Sharpe Ratio 0.47 0.52
Despite the potential impact on the upside, diversified portfolios can have less severe drawdowns that are shorter in duration. The following chart shows the drawdown periods of both the S&P 500 and the hypothetical Diversified Global Portfolio since 1990. The Global Diversified Portfolio exhibits more resilience during times of market stress.
During the dot com bubble in the early 2000s, the S&P 500 had a peak-to-trough drawdown of 45% and it took 49 months for the index to fully recover. In comparison, the Global Diversified Portfolio hypothetically had a peak-to-trough drawdown of less than half that of the S&P 500, 21%, with only 15 months to full recovery. Similarly, during the 2008 global financial crisis, the S&P 500 had losses in excess of 50% whereas the hypothetical Global Portfolio lost just over 30% and recovered more quickly. Most recently, the S&P 500 had a drawdown of 14% during the fourth quarter of 2018 compared to the Global Diversified Portfolio which had a hypothetical loss of 8% during that time period.
3 The following indices were used to represent the respective asset classes: US Large Cap Equities: S&P 500 TR USD Index, US Small Cap Equities: Russell 2000 TR USD Index, International Equities: MSCI EAFE NR USD Index, US Core Bonds: Bloomberg Barclays US Aggregate Bond Index, Global Bonds: FTSE World Government Bond Index USD; Portfolios were rebalanced monthly 4 March 10, 2009 – April 30, 2019
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Drawdowns from January 1, 1990 to April 30, 2009 Jan-90 Nov-90 Sep-91 Jul-92 May-93 Mar-94 Jan-95 Nov-95 Sep-96 Jul-97 May-98 Mar-99 Jan-00 Nov-00 Sep-01 Jul-02 May-03 Mar-04 Jan-05 Nov-05 Sep-06 Jul-07 May-08 Mar-09 Jan-10 Nov-10 Sep-11 Jul-12 May-13 Mar-14 Jan-15 Nov-15 Sep-16 Jul-17 May-18 Mar-19 0%
-10%
-20%
-30%
-40%
-50%
-60%
US Large Cap Equities Diversified Global Portfolio
Conclusion
An important part of Atlanta Consulting Group’s process is to help clients determine the optimal asset allocation for their portfolio. We take a customized approach to working with clients whereby we consider each client’s individual objectives, risk tolerance, and restrictions when recommending an asset allocation. We view ourselves as behavioral coaches. We encourage clients to maintain long-term views and demonstrate why adopting a long-term strategic asset allocation, is the most efficient approach to investing. We would welcome the opportunity to discuss asset allocation and our overall consulting process with you further.
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Disclosure
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
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128 Performance During Recessionary Periods July 2019
309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 129 HISTORICAL RECESSIONARY PERIODS
• “A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” (Source: NBER)
• The United States has experienced 11 recessions since 1945
• The peak-to-trough average duration of the last 11 recessions is 11.1 months
• The most recent recession began in December 2007 and ended in June 2009, a length of 18 months and the longest recession since World War II
• It’s important to note that a recession is determined based on economic factors, not stock market performance
Sources: National Bureau of Economic Research, Atlanta Consulting Group
130 CUMULATIVE GDP GROWTH
• Recessions are painful, but expansions have been powerful • Over the last 65 years, the U.S. has been in an official recession less than 15% of all months • The average expansion increased economic output by 24%, whereas the average recession reduced GDP by less than 2% • Equity returns can even be positive over the full length of a contraction, since some of the strongest stock rallies have occurred during the late stages of a recession.
Sources: Capital Group, National Bureau of Economic Research, Thomson Reuters
131 MARKET RETURNS VS. INDUSTRIAL PRODUCTION
• Equities typically peak months before a recession, but can bounce back quickly • Some of the strongest equity returns can occur during the late stages of an economic cycle or immediately after a market bottom
Sources: Capital Group, Federal Reserve Board, Haver Analytics, National Bureau of Economic Research, Standard & Poor’s Data reflects the average of all cycles from 1950 to present, indexed to 100 at each cycle 132 S&P 500 RETURNS AROUND RECESSIONARY PERIODS
• On average for the last 9 recessions, the S&P 500 returned 15.3% in the year following a recession and 78.7% cumulative in the five years after a recession • Only one time since 1957 did the S&P 500 have negative returns in the year following a recession • It’s important for long-term investors to stay invested during recessionary periods, as the market tends to generate strong returns in the subsequent time periods
Source: A Wealth of Common Sense, Atlanta Consulting Group
133 S&P 500 DRAWDOWNS AND RECESSIONARY PERIODS
0%
-10%
Aug-82 Dec-18 Oct-90 Aug-98 -13.4% -13.5% -14.7% -15.4% -20%
Dec-87 -22.5% -30% S&P S&P 500 Drawdowns -40%
Sep-02 -50% -44.7%
Feb-09 -50.9%
-60% Jul-81 Jul-84 Jul-87 Jul-90 Jul-93 Jul-96 Jul-99 Jul-02 Jul-05 Jul-08 Jul-11 Jul-14 Jul-17 Oct-80 Oct-83 Oct-86 Oct-89 Oct-92 Oct-95 Oct-98 Oct-01 Oct-04 Oct-07 Oct-10 Oct-13 Oct-16 Apr-82 Apr-85 Apr-88 Apr-91 Apr-94 Apr-97 Apr-00 Apr-03 Apr-06 Apr-09 Apr-12 Apr-15 Apr-18 Jan-80 Jan-83 Jan-86 Jan-89 Jan-92 Jan-95 Jan-98 Jan-01 Jan-04 Jan-07 Jan-10 Jan-13 Jan-16 Jan-19
Recessionary Periods S&P 500 Drawdowns
• While recessions often coincide with market drawdowns, market drawdowns can happen without a recession (e.g. December 1987 and August 1998) • Does the market sell-off in late 2018 indicate a looming recession?
Source: Morningstar Direct, Atlanta Consulting Group
134 ECONOMIC INDICATORS OF A RECESSION
• The likelihood of a recession in 2019 is rising, but remains low • Although some imbalances are developing, they don’t seem extreme enough to derail economic growth in the near term • According to the NY Fed model for predicting a recession in the next twelve months, the probability of a recession in 2019 increased to ~20% as of December 31, 2018 • In every previous recession since 1962, a 30% probability threshold has been reached prior to the recession
Source: Capital Group, Federal Reserve Bank of New York
135 The University of West Florida Foundation, Inc. Earnings vs Expenses Obligated As of June 30, 2019
Investment Earnings 9/30/2018 12/31/18 03/31/19 06/30/19 To Date Interest Income $ 21,441.96 $ 24,148.23 $ 25,202.23 $ 36,248.22 $ 107,040.64 Dividend Income 233,603.47 649,101.02 204,724.36 306,160.21 1,393,589.06 Realized Gain/Loss 3,176,980.43 1,648,431.68 393,777.35 283,263.34 5,502,452.80 Unrealized Gain/Loss (1,147,538.25) (11,180,414.91) 6,694,011.24 2,311,463.46 (3,322,478.46) Rental Income - - Other Charges & Fees (1,341.57) (934.00) (175.00) (23,026.27) (25,476.84) Investment Fees (36,726.23) (35,137.81) (30,665.57) (40,443.44) (142,973.05) Consultant Fees (22,869.66) (23,194.07) (20,846.90) (22,719.70) (89,630.33) Total $ 2,223,550.15 $ (8,917,999.86) $ 7,266,027.71 $ 2,850,945.82 $ 3,422,523.82
Spending Rate @ Spending Rate @ Spending Rate @ Spending Rate @ Spending Rate @ 4.00% 4.00% 4.00% 4.00% 4.00% FY 18/19 Expenses Obligated FY 17/18 FY 16/17 FY 15/16 FY 14/15 Investment Earnings $ 3,422,523.82 $ 6,829,701.07 $ 10,473,662.14 $ (2,061,514.57) $ 1,869,144.65
Dept. Allocated Spending 2,606,226.38 2,451,182.84 2,218,141.35 2,169,804.07 2,061,362.98 Operating Budget 1,366,719.00 1,333,148.00 1,298,107.00 1,249,987.00 1,195,873.00 Non-Endowed Budget 591,000.00 511,000.00 473,000.00 429,000.00 393,000.00 Total Committed Expenses 4,563,945.38 4,295,330.84 3,989,248.35 3,848,791.07 3,650,235.98
Income Versus Expenses $ (1,141,421.56) $ 2,534,370.23 $ 6,484,413.79 $ (5,910,305.64) $ (1,781,091.33)
X:\FOUNDATION -Board Stuff\FDN - Investment Committee\FY 2020 Invest Minutes and Agendas\08.29.19\Earnings vs Expenses 6.30.19 Other UWF Foundation Assets
Charitable Gift Annuity
Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization's promise to make fixed annual payments to you for life. Annuity payments can begin immediately or can be deferred to some future date.
Current Assets held by the UWF Foundation as of 6/30/2019
Cornerstone $ 3,013,590.58
Annuitant 1 $ -
Annuitant 2 $ 14,216.87
Annuitant 3 $ 2,920,680.14
Annuitant 4 $ 78,693.57
Annuity Commitments as of 6/30/2019
Commitment Age Annuitant 1 $ - Deceased
Annuitant 2 $ 8,579.60 ** 89 @ 06.30.19
Annuitant 3 $ 2,123,810.50 ** 93 @ 06.30.19
Annuitant 4 $ 57,112.68 ** 77 @ 06.30.19
**6.30.19 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone fiscal year end.
Insurance Insurance Commitments as of 6/30/2019 *** Face Value Cash Value Interest Credit Cost Per Year
Insurant 1 $ 100,000 $ 47,524.74 $ 2,344.83 $ 870.80
Insurant 3 $ 175,000 $ 14,513.61 $ 14,513.61 $ 20,000.00
Insurant 4 $ 100,000 $ 15,637.50 $ 290.17 $ 962.14
Insurant 5 $ 1,000,000 $ 228,299.57 $ 6,887.70 $ 65,000.00
***Numbers represent 6.30.19 balances as information is only supplied at year end from insurance companies. Audit Budget Committee Reports
University of West Florida Foundation Income Statement Housing Budget to Actual for the UWF Foundation Board
Quarter Ending Year to Date Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 Notes Revenues 97-42113 INTEREST INCOME - HOUSING $8,712.94 $3,600.00 $5,112.94 142.03% $34,253.88 $14,500.00 $19,753.88 136.23% $14,500.00 97-42114 INTEREST INCOME - SPIA $70,755.16 $48,840.00 $21,915.16 44.87% $156,990.37 $132,000.00 $24,990.37 18.93% $132,000.00 97-43012 RENTAL INCOME - HOUSING $900,560.91 $579,362.32 $321,198.59 55.44% $8,526,791.34 $9,268,907.27 ($742,115.93) (8.01%) $9,268,907.27 1 97-44000 CONCESSIONS REVENUE $20,246.35 $12,553.84 $7,692.51 61.28% $62,463.90 $45,000.00 $17,463.90 38.81% $45,000.00 97-45000 OTHER INCOME - HOUSING $47,336.11 $52,082.40 ($4,746.29) (9.11%) $199,797.84 $200,000.00 ($202.16) (0.10%) $200,000.00 Total Revenues $1,047,611.47 $696,438.56 $351,172.91 50.42% $8,980,297.33 $9,660,407.27 ($680,109.94) (7.04%) $9,660,407.27
Expenses 97-51010 SALARIES - FACULTY & STAFF $238,891.71 $304,868.63 $65,976.92 21.64% $806,923.60 $1,020,979.29 $214,055.69 20.97% $1,020,979.29 97-51137 OPS - STAFF $673,087.50 $779,547.44 $106,459.94 13.66% $1,082,942.89 $1,292,519.99 $209,577.10 16.21% $1,292,519.99 97-52110 TRAVEL $2,635.14 $2,330.00 ($305.14) (13.10%) $8,759.35 $23,690.00 $14,930.65 63.03% $23,690.00 97-53150 CONCESSION EXP - HOUSING $11,376.53 $17,226.89 $5,850.36 33.96% $47,696.64 $67,618.00 $19,921.36 29.46% $67,618.00 97-54100 PROFESSIONAL DEVELOPMENT $0.00 $1,000.00 $1,000.00 100.00% $6,972.98 $6,750.00 ($222.98) (3.30%) $6,750.00 97-54110 MEMBERSHIPS & DUES $0.00 $0.00 $0.00 0.00% $340.00 $1,800.00 $1,460.00 81.11% $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $0.00 $0.00 0.00% $0.00 $3,000.00 $3,000.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $125.94 $0.00 ($125.94) 0.00% $482.33 $2,150.00 $1,667.67 77.57% $2,150.00 97-70100 OFFICE EXPENSES - COPYING $494.48 $779.98 $285.50 36.60% $2,467.00 $4,000.00 $1,533.00 38.33% $4,000.00 97-70110 OFFICE EXPENSES - POSTAGE $35.92 $500.00 $464.08 92.82% $141.25 $1,500.00 $1,358.75 90.58% $1,500.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $271.01 $500.00 $228.99 45.80% $2,749.78 $3,000.00 $250.22 8.34% $3,000.00 97-70130 OFFICE EXPENSES - MKTG COMM $2,870.75 $6,000.00 $3,129.25 52.15% $8,011.85 $30,000.00 $21,988.15 73.29% $30,000.00 97-70140 OFFICE SUPPLIES $1,983.05 $1,376.67 ($606.38) (44.05%) $5,176.61 $6,000.00 $823.39 13.72% $6,000.00 97-70200 COMPUTER SUPPLIES $364.52 $0.00 ($364.52) 0.00% $364.52 $420.00 $55.48 13.21% $420.00 97-70220 COMPUTER - SOFTWARE SUPPORT $10,707.31 $13,247.95 $2,540.64 19.18% $78,732.94 $83,500.00 $4,767.06 5.71% $83,500.00 97-70300 TELEPHONE $2,601.63 $2,450.00 ($151.63) (6.19%) $10,496.14 $13,000.00 $2,503.86 19.26% $13,000.00 97-71100 EQUIPMENT - GENERAL $1,018.88 $200.00 ($818.88) (409.44%) $1,196.27 $2,500.00 $1,303.73 52.15% $2,500.00 97-71200 EQUIPMENT - COMPUTER $0.00 $1,000.00 $1,000.00 100.00% $4,117.35 $8,000.00 $3,882.65 48.53% $8,000.00 97-72110 CLEANING SUPPLIES $8,608.08 $6,121.82 ($2,486.26) (40.61%) $27,543.22 $20,000.00 ($7,543.22) (37.72%) $20,000.00 2 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $23,036.19 $4,700.00 ($18,336.19) (390.13%) $35,173.27 $20,000.00 ($15,173.27) (75.87%) $20,000.00 3 97-72210 HSG REPAIR & MAINT.- TOOLS $7.96 $0.00 ($7.96) 0.00% $1,000.22 $2,000.00 $999.78 49.99% $2,000.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $0.00 $500.00 $500.00 100.00% $776.02 $3,600.00 $2,823.98 78.44% $3,600.00 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $749.59 $2,198.52 $1,448.93 65.90% $2,033.54 $15,000.00 $12,966.46 86.44% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $2,805.00 $0.00 ($2,805.00) 0.00% $3,903.97 $1,200.00 ($2,703.97) (225.33%) $1,200.00 3 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $3,302.50 $200.00 ($3,102.50) (1551.25%) $4,361.06 $1,000.00 ($3,361.06) (336.11%) $1,000.00 3 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $10,097.09 $3,663.33 ($6,433.76) (175.63%) $17,762.01 $13,000.00 ($4,762.01) (36.63%) $13,000.00 3 97-72240 HSG REPAIR & MAINT. - ELEVATORS $625.00 $0.00 ($625.00) 0.00% $625.00 $1,000.00 $375.00 37.50% $1,000.00 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $1,606.69 $2,822.34 $1,215.65 43.07% $2,441.18 $10,000.00 $7,558.82 75.59% $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $1,200.00 $3,274.85 $2,074.85 63.36% $6,307.18 $9,000.00 $2,692.82 29.92% $9,000.00 97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $0.00 $0.00 0.00% $1,723.45 $3,000.00 $1,276.55 42.55% $3,000.00 97-72310 HOUSING - VEHICLE GAS $2,397.17 $1,671.02 ($726.15) (43.46%) $6,649.24 $8,000.00 $1,350.76 16.88% $8,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $1,962.23 $869.05 ($1,093.18) (125.79%) $8,786.36 $9,000.00 $213.64 2.37% $9,000.00 97-72400 OPER EXP - HOUSING SUPPLIES $6,018.81 $10,911.09 $4,892.28 44.84% $26,893.74 $45,000.00 $18,106.26 40.24% $45,000.00 97-72900 RENEWAL & REPLACEMENT $80,689.27 $176,163.50 $95,474.23 54.20% $637,702.11 $500,000.00 ($137,702.11) (27.54%) $500,000.00 4, 9 97-72910 CONTINGENCY & IMPROVEMENT EXP $309,831.80 $123,199.36 ($186,632.44) (151.49%) $759,503.19 $623,199.36 ($136,303.83) (21.87%) $623,199.36 5. 9 97-73100 DEPREC/AMORT EXPENSE - OFFICE $1,845.31 $1,845.31 $0.00 0.00% $7,381.30 $7,381.30 $0.00 0.00% $7,381.30 97-73200 DEPRECIATION EXP - SOUTHSIDE $10,667.06 $17,491.53 $6,824.47 39.02% $51,730.22 $72,506.94 $20,776.72 28.65% $72,506.94 9 97-73205 DEPRECIATION EXP - VILLAGE WEST $101,992.35 $76,203.46 ($25,788.89) (33.84%) $399,373.20 $304,813.99 ($94,559.21) (31.02%) $304,813.99 6, 9 97-73210 DEPRECIATION EXP - VILLAGE EAST $137,921.43 $119,390.77 ($18,530.66) (15.52%) $545,509.01 $477,563.23 ($67,945.78) (14.23%) $477,563.23 6, 9 97-73215 DEPRECIATION EXP - ARGO HALL $55,539.21 $52,319.89 ($3,219.32) (6.15%) $221,083.67 $209,279.62 ($11,804.05) (5.64%) $209,279.62 6, 9 97-73220 DEPRECIATION EXP - MARTIN $80,625.45 $76,972.05 ($3,653.40) (4.75%) $321,283.98 $307,888.11 ($13,395.87) (4.35%) $307,888.11 6, 9 97-73225 DEPRECIATION EXP - PACE HALL $53,853.80 $50,586.03 ($3,267.77) (6.46%) $214,325.81 $202,344.03 ($11,981.78) (5.92%) $202,344.03 6, 9 97-73230 DEPRECIATION EXP - HERITAGE $133,806.74 $133,526.82 ($279.92) (0.21%) $535,133.71 $534,107.46 ($1,026.25) (0.19%) $534,107.46 9 97-73235 DEPRECIATION EXP - PRESIDENTS $189,203.57 $188,940.89 ($262.68) (0.14%) $756,726.76 $755,763.68 ($963.08) (0.13%) $755,763.68 9 97-73550 LOSS ON IMPAIRMENT $417,642.71 $0.00 ($417,642.71) 0.00% $417,642.71 $0.00 ($417,642.71) 0.00% $0.00 9, 10 97-74150 AMORTIZATION EXPENSE - HOUSING ($31,403.61) $10,467.86 $41,871.47 400.00% $0.00 $41,871.47 $41,871.47 100.00% $41,871.47 9, 11 97-74200 INTEREST EXPENSE - HOUSING $972,953.75 $991,631.42 $18,677.67 1.88% $1,649,744.46 $1,697,247.00 $47,502.54 2.80% $1,697,247.00 9 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $683.35 $528.61 ($154.74) (29.27%) $3,791.01 $3,000.00 ($791.01) (26.37%) $3,000.00 7 97-74310 HOUSING - OTHER MISC. OPER EXP $6,008.21 $3,750.00 ($2,258.21) (60.22%) $36,006.47 $36,950.00 $943.53 2.55% $36,950.00 97-74315 HOUSING - MEAL PLANS $0.00 $0.00 $0.00 0.00% $11,400.00 $15,000.00 $3,600.00 24.00% $15,000.00 Quarter Ending Year to Date Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 Notes 97-75005 HOUSING UTILITIES - ELECTRICAL $149,690.35 $183,066.40 $33,376.05 18.23% $695,946.05 $781,000.00 $85,053.95 10.89% $781,000.00 97-75010 HOUSING UTILITIES - GAS $6,968.26 $7,413.00 $444.74 6.00% $30,913.57 $30,000.00 ($913.57) (3.05%) $30,000.00 97-75015 HOUSING UTILITIES - SEWER $25,389.25 $35,077.90 $9,688.65 27.62% $103,765.74 $143,000.00 $39,234.26 27.44% $143,000.00 97-75020 HOUSING UTILITIES - WATER $464.83 $911.26 $446.43 48.99% $1,909.02 $4,600.00 $2,690.98 58.50% $4,600.00 97-75025 HOUSING UTILITIES - GARBAGE $14,671.61 $13,500.00 ($1,171.61) (8.68%) $61,451.79 $56,000.00 ($5,451.79) (9.74%) $56,000.00 97-75030 HOUSING UTILITIES - CABLE $58,767.30 $39,000.00 ($19,767.30) (50.69%) $176,163.88 $165,000.00 ($11,163.88) (6.77%) $165,000.00 97-75100 HOUSING - INSURANCE $1,270.72 $0.00 ($1,270.72) 0.00% $9,990.07 $12,600.00 $2,609.93 20.71% $12,600.00 97-75110 INSURANCE - BOND $342.08 $0.00 ($342.08) 0.00% $65,035.08 $70,000.00 $4,964.92 7.09% $70,000.00 97-75115 INSURANCE - AUTOMOBILE $22,579.59 $23,000.00 $420.41 1.83% $22,588.59 $23,000.00 $411.41 1.79% $23,000.00 97-75120 INSURANCE - PROPERTY $0.00 $0.00 $0.00 0.00% $89,667.75 $91,000.00 $1,332.25 1.46% $91,000.00 97-75200 BOND EXPENSES $5,628.28 $0.00 ($5,628.28) 0.00% $22,622.03 $21,000.00 ($1,622.03) (7.72%) $21,000.00 97-76060 PROFESSIONAL SERVICES ($3,875.00) $0.00 $3,875.00 0.00% $6,625.00 $24,000.00 $17,375.00 72.40% $24,000.00 97-76110 BANK SERVICE CHARGES $2,700.07 $1,162.26 ($1,537.81) (132.31%) $4,773.90 $4,500.00 ($273.90) (6.09%) $4,500.00 97-76115 ADMINISTRATIVE FEE - SPIA $2,890.03 $4,028.02 $1,137.99 28.25% $7,648.71 $11,000.00 $3,351.29 30.47% $11,000.00 97-76117 ADMINISTRATIVE FEE - HSG $57,051.26 $59,929.29 $2,878.03 4.80% $98,296.83 $120,755.09 $22,458.26 18.60% $120,755.09 97-76300 BAD DEBT EXPENSE $14,024.28 $0.00 ($14,024.28) 0.00% $14,024.28 $0.00 ($14,024.28) 0.00% $0.00 97-77300 UNIVERSITY SUPPORT $0.00 $0.00 $0.00 0.00% $300,276.62 $0.00 ($300,276.62) 0.00% $0.00 8, 9 Total Expenses $3,889,303.99 $3,558,065.21 ($331,238.78) (9.31%) $10,493,587.48 $10,077,598.56 ($415,988.92) (4.13%) $10,077,598.56
$667,461.64 9 Variance expense amount, net removal of noncash & reimbursement items
Notes 1 RENTAL INCOME - HOUSING Occupancy is lower than projected. Housing has controlled expenses to compensate for lower revenues. See Note 9 for more detail on expense reductions. 2 CLEANING SUPPLIES Cleaning after summer projects initially increased these costs, housing has controlled costs in this area since. 3 HSG REPAIR & MAINT. - Various Expenses for repairs applied to maintenance expense lines instead of Renewal and Replacement line to minimize amounts drawn from reserve accounts. 4 RENEWAL & REPLACEMENT Some costs from our summer projects were transferred to the renewal and replacement account this period. 5 CONTINGENCY & IMPROVEMENT EXP Expenses for summer repairs to various buildings applied to this account. 6 DEPRECIATION EXP - MULTIPLE Most costs from our summer projects were transferred and added to the depreciable value of the buildings. 7 HOUSING - MISC. OPERATING ADMIN FEES Advertising costs to fill vacant positions. 8 UNIVERSITY SUPPORT Ownership of six southside residence halls transferred from the foundation to the university, this was an accounting adjustment for accumulated depreciation. 9 MULTIPLE LINES Adjustments that reduce expenses in the debt covenant ratio include interest expense, depreciation, the adjustment for accumulated depreciation made for the transfer of ownership of the Southside buildings, renewal and replacement expenses and contingency and improvement expenses. After these adjustments, the new total expense variance show actual expense reductions that Housing and Residence Life intentionally took to compensate for revenue reductions. 10 LOSS ON IMPAIRMENT The determination was made that we will not make repairs to the remaining Southside units. The value of these buildings is being written down to zero with a resulting Loss on Impairment. 11 AMORTIZATION EXPENSE - HOUSING The change from FASB to GASB accounting standards require the Cost of Issuance expenses to no longer be amortized, but expensed at the time of issuance. A journal entry was created to reflect this accounting change. Prepared by: ______Reviewed by: ______
Bond Covenant Calculation 6/30/2019 Housing Income per Housing Statement of Revenue and Expenses 8,980,297.33 State Interest Recapture Housing Expense per Housing Statement of Revenue and Expenses (10,493,587.49) Total Revenue 8,980,297.33 Adjusted Net Income (Loss) (1,513,290.16) DEPRECIATION EXP--TRUCK 7,381.30 Add: DEPRECIATION EXP--VILLAGE WEST 399,373.20 Interest Expense 1,649,744.47 DEPRECIATION EXP--VILLAGE EAST 545,509.02 Amortization Expense 0.00 DEPRECIATION EXP--SOUTHSIDE 51,730.22 Depreciation Expense 3,052,547.65 DEPRECIATION EXP--MARTIN 321,283.99 Contingency and Improvement 759,503.19 DEPRECIATION EXP--ARGO 221,083.67 Renewals & Replacements 637,702.11 DEPRECIATION EXP-- PACE 214,325.82 Southside accounting adjustment 717,919.33 Adjusted Net Revenue 5,304,126.60 DEPRECIATION EXP-- HERITAGE 535,133.70 DEPRECIATION EXP-- PRESIDENTS 756,726.75 Debt Service 2017-2018 2005 Bond Principal - OPERATING EXPENSES-PAYROLL 1,889,866.49 2005 Bond Interest INTEREST EXPENSE - HOUSING 1,649,744.47 Rev of prior year accrual (141,683.97) AMORTIZATION EXPENSE - HOUSING 0.00 Interest Payable 133,392.97 OPERATING EXPENSES- R&M 1,544,381.03 2009 Bond Principal - OPERATING EXPENSES-Admin & Gen 381,696.97 2009 Bond Interest - OPERATING EXPENSES- Utilities 1,070,150.05 2010/2015 Bond Interest - OPERATING EXPENSES- Insurance 187,281.49 2010/2015 Bond Principal - OPERATING EXPENSES- Other 717,919.33 2011 Bond Interest - CONSTRUCTION EXP - 2011 Bond Principal - 2015 Bond Interest - Total Expenditure 10,493,587.49 2015 Bond Principal - 2016A Bond Interest 1,118,981.26 2016A Bond Principal 1,150,000.00 2016B Bond Interest 203,032.50 Net Income (1,513,290.16) 2016B Bond Principal 652,000.00 2016C Bond Interest 378,193.90 10,493,587.49 2016C Bond Principal 776,196.00 4,702,292.13 Less Capitalized Interest - 5,791,295.36 Total Debt Service 2017-2018 4,270,112.66
Net Revenue 5,304,126.60 Total Debt Service 4,270,112.66 Debt Coverage Ratio# 1.24
#Debt Coverage Ratio is stated at 1.20 per bond documents. University of West Florida Foundation A COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA BUDGETED STATEMENT OF FUNCTIONAL EXPENSES
Actual Other Program Student HSG Expenses Budget Scholarship Services System Fundraising General & Admin 6/30/2019 6/30/2019 Variance % Unspent Operating Budget
Advancement Services $0.00 $0.00 $0.00 $0.00 $2,077.88 $2,077.88 $27,300.00 $25,222.12 92.39%
Alumni Relations $0.00 $0.00 $0.00 $0.00 $98,935.95 $98,935.95 $99,000.00 $64.05 0.06%
Board of Directors $0.00 $0.00 $0.00 $0.00 $21,409.76 $21,409.76 $37,300.00 $15,890.24 42.60%
Campaign $0.00 $0.00 $0.00 $48,506.17 $0.00 $48,506.17 $110,000.00 $61,493.83 55.90%
Development $5,169.17 $0.00 $0.00 $399,071.60 $0.00 $404,240.77 $404,277.00 $36.23 0.01%
Foundation $0.00 $0.00 $0.00 $0.00 $417,705.53 $417,705.53 $438,986.00 $21,280.47 4.85%
Community Engagement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19,650.00 $19,650.00 100.00%
Total Adv. Division Lines $5,169.17 $0.00 $0.00 $447,577.77 $540,129.12 $992,876.06 $1,136,513.00 $143,636.94 12.64%
Executive $0.00 $0.00 $0.00 $0.00 $186,864.90 $186,864.90 $230,206.00 $43,341.10 18.83%
Total $0.00 $0.00 $0.00 $0.00 $186,864.90 $186,864.90 $230,206.00 $43,341.10 18.83%
Total of Operating Budget $5,169.17 $0.00 $0.00 $447,577.77 $726,994.02 $1,179,740.96 $1,366,719.00 $186,978.04 19.85%
Non-Endowed Budget
Non-Endowed Budget $0.00 $398,959.34 $0.00 $5,725.00 $79,403.94 $505,709.84 $720,943.00 $215,233.16 29.85%
Total Non-Endowed Budget $0.00 $398,959.34 $0.00 $5,725.00 $79,403.94 $505,709.84 $720,943.00 $215,233.16 29.85%
Other Areas
Admistrative Fee $0.00 $0.00 $0.00 $0.00 ($130.95) $53,478.31 $85,000.00 $31,521.69 37.08%
Housing $0.00 $0.00 $0.00 $0.00 $0.00 $10,493,587.48 $10,077,598.56 ($415,988.92) (4.13%)
Other University Accounts $30,750.00 $537,928.38 $0.00 $21,400.00 $957,039.32 $7,335,722.96 $7,335,722.96 $0.00 0.00%
Total $30,750.00 $537,928.38 $0.00 $21,400.00 $956,908.37 $17,882,788.75 $17,498,321.52 ($384,467.23) (2.20%)
Total Other Areas $30,750.00 $537,928.38 $0.00 $21,400.00 $956,908.37 $17,882,788.75 $17,498,321.52 ($384,467.23) (2.20%)
Grand Total $35,919.17 $936,887.72 $0.00 $474,702.77 $1,763,306.33 $19,568,239.55 $19,585,983.52 $17,743.97 0.09% The University of West Florida Foundation, Inc. Prior Years Unspent Budget Report As of June 30, 2019
Unspent Division of Advancement Lines Unspent Executive Lines
Carried Forward Funds Carried Forward Funds Unspent Prior Years $ 360,246.20 Unspent Prior Years $ -
Total Carried Forward Budget 360,246.20 Total Carried Forward Budget -
Expensed During 18/19 Expensed During 18/19 Alexander Haas & Gernerate (Consultants) 76,771.25 - Capitol Days 8,864.52 - PMA A/C compressor replacement 18,505.00 Pensacola Blue Wahoos 26,621.16 Emerald Coast Gala 1,000.00 Academic Works 26,865.89 Wealthpoint Prof 10,212.00 FREEWILL CO. Computer software 2,246.58 Commitment for meal plan scholarships 50,000.00
Total FY 18/19 Expenses to Date 221,086.40 Total FY 18/19 Expenses to Date -
Net FY 18/19 Activity 139,159.80 Net FY 18/19 Activity -
Net Carry Forward FY 18/19 $ 139,159.80 Net Carry Forward FY 18/19 $ -
X:\FOUNDATION -Board Stuff\FDN - Audit Budget Committee\2020 Audit Budget Minues & Agendas\08.29.19\Prior Years Unspent Budget Report 2019.6.30 Other Business
UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.
CONFLICT-OF-INTEREST POLICY
1. Scope. The following statement of policy applies to each member of the Board of Directors and to all officers of the University of West Florida Foundation, Inc. It is intended to serve as guidance for all persons engaged by the University of West Florida Foundation, Inc. in positions of significant responsibility for the activities of the Foundation.
2. Fiduciary Responsibilities. Members of the Board of Directors and officers of the Founda- tion serve the public trust and have a clear obligation to fulfill their responsibilities in a manner consistent with this ideal. High standards, ethical behavior, personal integrity, and impartiality are inherent to the reputation and ultimate success of the University of West Florida Foundation, Inc. All decisions of the Board and officers are to be made solely on the basis of a desire to promote the best interest of the Foundation, University of West Florida and the public good. Officers, Directors, and staff must refrain from engaging in any behavior that might be construed as self-dealing or in conflict with the mission, goals, and fundamental purpose of the Foundation. The integrity of the Foundation and University of West Florida must be protected and advanced at all times.
Men and women of substance inevitably are involved in the affairs of other institutions and organizations. An effective board cannot consist of individuals entirely free from at least per- ceived conflicts of interest. Although most such potential conflicts are and will be deemed to be inconsequential, it is everyone's responsibility to ensure that the Board is made aware of situa- tions that involve personal, familial or business relationships that may be troublesome for the Foundation or University of West Florida. Thus, the Board requires each Board member and officer annually (1) to review this policy; (2) to disclose any possible personal, familial or business relationships that reasonably could give rise to a conflict of interest involving the Foundation or University of West Florida; and (3) to acknowledge by his or her signature that he or she is in accordance with the letter and spirit of this policy.
3. Disclosure. All Board members and officers are requested to disclose only those substantive relationships that they maintain (or members of their families maintain) with organizations that do business with the Foundation, University of West Florida or any related or affiliated organization, or which otherwise could be construed to potentially affect their independent, unbiased judgment in light of their decision-making authorities or responsibilities. Any uncertainties as to the appropriateness of listing a particular relationship may be resolved by consultation with the President of the UWF Foundation who in turn may consult with legal counsel, the Executive Committee, or the Board of Directors in a special-called meeting. Information disclosed or provided by any person pursuant to this policy shall be held in confidence except when, after consultation with that person, the best interests of the Foundation or University of West Florida would be served by disclosure.
The following definitions are provided to assist Board members and officers in determining whether to disclose a particular relationship:
Substantive Relationship. One in which a Board member, officer or family member, or an organization with which the Board member, officer or family member has a business relationship (1) does substantial business with the Foundation or University of West Florida or any related or affiliated organization or (2) has other direct or indirect dealings with the Foundation, University of West Florida or any related or affiliated organization from which the Board members, officer or family member benefits directly, indirectly or potentially from cash or property receipts totaling $10,000 or more annually.
Business Relationship. One in which a Board member, officer, family member is an officer, director, employee, partner, trustee, controlling stockholder or the actual or beneficial owner of more than 5 percent of the voting interest of an organization.
Family Member. A spouse, parents, siblings, children or any other relative of a Board member or officer if the latter resides in the same household as the Board member or officer.
4. Restraint on Participation. Board members or officers who have declared or have been found to have a conflict of interest shall refrain from consideration of proposed transactions, unless for special reasons the Board or administration requests information or interpretation. Persons with conflicts shall not vote, participate in discussion or be present at the time of the vote. Any proposed transaction in which a conflict of interest has been declared or found to exist must be approved by a majority of the disinterested members of the Board or the appropriate committee of the Board after disclosure of the conflict of interest.
January 2018 (minor editorial change for clarity)
BOARD MEMBER CONTACT INFORMATION UPDATES If you wish to update any of your contact information with the UWF Foundation Board, please complete this form and return it to Lisa Mrahi at your earliest convenience.
1. Name: ______
2. Mailing Address: ______
______
______3. Phone: ______
4. Email: ______
5. Employment Information:
Name of Firm: ______
Your Title or Position: ______
City and State: ______
You may turn this form in during any Board meeting, or email it to Lisa at [email protected] Thank you for helping us keep our records up to date! UWF Foundation, Inc. Board Calendar FY19‐20 updated 09.10.19 ‐ lfm Date: 2019‐2020 Meeting Time Location Attendees August 08, Thursday Board Orientation Workshop 8:30 a.m. – 10:30 a.m. Bldg. 12 Alumni Conf. Rm. New Board Members August 29, Thursday Investment Manager Breakfast 7:30 a.m. – 9:00 a.m. Pensacola Yacht Club All invited August 29, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. UWF’s Global Online Bldg. Committee Member August 29, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. 630 E. Government Street Committee Member & Requested August 29, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member
September 18, Wed Board of Directors Meeting 3:30 p.m. – 5:00 p.m. UWF Main Campus, All Board Members & Requested *Please Note change of (Best parking is Lot M by CFPA – Building 70 ‐ formerly meeting Location* signs & ambassadors will be out) “Applied Science & Technology”
November 14, Thursday Donor Dinner 5:30 p.m. – 9:00 p.m. Sanders Beach – C. Jones All invited
November 14, Thursday Grant Committee Meeting 10:00 a.m.‐ 12:00 p.m. UWF Bldg. 12 Conf. Rm. Committee Member & Requested November 21, Thursday Investment Managers Breakfast 7:30 – 9 a.m. Pensacola Yacht Club All invited November 21, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member November 21, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. UWF’s Global Online Bldg. Committee Member November 21, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. 630 E. Government Street Committee Member & Requested November 21, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member
December 4, Wed. Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested
December 12, Thursday UWF 2019 Holiday Fest 5:30 – 7:30 p.m. PNS Historic Village All invited December 14, Saturday Fall 2019 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies March 5, Thursday Investment Manager Breakfast 7:30 – 9:00 a.m. Skopelos at New World All invited March 5, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member March 5, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. UWF’s Global Online Bldg. Committee Member March 5, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. 630 E. Government Street Committee Member & Requested March 5, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member TBA Grant Committee Meeting TBA UWF Bldg. 12 Conf. Rm. Committee Member & Requested March 17, Tuesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested
May 2, Saturday Spring 2020 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies May 14, Thursday Investment Managers Breakfast 7:30 a.m. – 9:30 a.m. Pensacola Yacht Club All invited May 14, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member May 14, Thursday Nominating Committee 1:00 p.m. – 2:00 p.m. UWF’s Global Online Bldg. Committee Member May 14, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. 630 E. Government Street Committee Member & Requested May 14, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member June 17, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested UWF Events and Happenings Updated: 9/09/19 LFM
September 2019
5 Radio Live 6:00 p.m. Museum of Commerce
12 Seligman First Amendment Lecture Series: An Evening with Carl Hiaasen* VIP Reception 5:00 – 5:40 p.m. Pensacola Room, Skopelos at New World Lecture 6:00-7:15 p.m. New World Landing
20 Alumni Relations & Athletics at Gallery Night 5:00 – 7:00 p.m. Intendencia & Palafox across from World of Beer
21 Football - UWF Argos vs Virginia-Lynchburg 6:00 p.m. Blue Wahoos Stadium
27 State of the University 2019* 11:00 a.m. – 1:00 p.m. Mainstage Theatre, Center for Fine & Performing Arts (CFPA)
28 Football – UWF Argos vs Mississippi College 6:00 p.m. Blue Wahoos Stadium
October 2019
3 Radio Live 6:00 p.m. Museum of Commerce
4 Alumni and Community Homecoming Breakfast – drop-in breakfast at the PMA 8:00 – 9:30 a.m.
4 Alumni Block Party: music, food, and family friendly Argo Spirit! 5:00 – 8:00 p.m. UWF Historic Trust Museum Plaza
5 Homecoming Football Game – UWF Argos vs Delta State* Community Maritime Park/Blue Wahoos Stadium Tailgate in Argo Village 3:00 – 5:30 p.m. Kickoff vs Delta State 6:00 p.m.
15 Pack it Pink Volleyball Game 7:00 p.m. UWF Field House
25 Ghost Tours of Haunted Downtown Pensacola Tour Times TBD – TT Wentworth Museum (ticket purchase required)
November 2019
2 Football – UWF Argos vs North Greenville 4:00 p.m. Blue Wahoos Stadium
7 Radio Live 6:00 p.m. Museum of Commerce
7 Tallahassee Alumni Network Event – location TBD Time and location details coming soon!
9 Alumni Tailgate – UWF @ Valdosta State – Valdosta State University Time and location details coming soon!
14 UWF Donor Recognition Dinner* 5:30 p.m. Sanders Beach Community Center
16 Football – UWF Argos vs West Alabama 4:00 p.m. Blue Wahoos Stadium
21 UWF Foundation Investment Manager Breakfast* 7:30 – 9:00 a.m. Pensacola Yacht Club
December 2019
5 Radio Live 6:00 p.m. Museum of Commerce
8 Lunch and a Show: A Christmas Carol, UWF Center for Fine and Performing Arts Time TBD – (ticket purchase is required)
12 UWF Holiday Fest* 5:30 – 7:30 p.m. UWF Historic Trust Museum Plaza
14 Fall 2019 Commencement 9:30 a.m. – 7:00 p.m. Pensacola Bay Center
23 WUWF Holiday Concerts: Tidings of Comfort & Joy 6:00 p.m. and 8:00 p.m. First United Methodist Church
*Denotes committee members presence requested