Investment Statement
June 30, 2021
Ormond Beach Firefighters Pension Trust Fund Diversified Large Growth Equity
Gregory S. Gosch, Institutional Client Services (904) 493-5506
1579 The Greens Way, Suite 20 Jacksonville Beach, FL 32250 www.saw-grass.com Portfolio Review
Portfolio Market Values Portfolio Summary
Change in Portfolio Market Value Asset Class Total Cost Market Value Percent of Assets
Beginning Market Value on 03/31/2021 $4,321,633.21 Equity $2,683,259.40 $4,518,862.64 98.3%
Additions $0.00 Cash & Equivs. $77,110.59 $77,110.59 1.7%
Withdrawals -$30,353.69 TOTAL $2,760,369.99 $4,595,973.23 100%
Investment Gain/Loss $310,432.01
Ending Market Value on 06/30/2021 $4,595,973.23
Asset Allocation
Equity Cash & Equivs. 98% 2%
STABILITY | CONSISTENCY | COMMITMENT 2 Portfolio Performance
TOTAL RETURNS FOR SELECT PERIODS Ormond Beach Firefighters Pension Trust Fund 06/30/2021
Quarter Year Latest Latest Latest Latest Since To Date To Date One Year Three Year Five Year Ten Year Inception* Total Account 7.19 11.32 31.15 21.03 18.39 - 15.87 Russell 1000 Growth 11.93 12.99 42.50 25.14 23.66 - 18.44 Equities 7.25 11.43 31.54 21.71 19.07 - 16.52 Russell 1000 Growth 11.93 12.99 42.50 25.14 23.66 - 18.44 S&P 500 8.55 15.25 40.79 18.67 17.65 - 15.39 Fixed Income ------Cash and Equiv. - - - 1.03 0.90 - 0.54 Other ------
*Since Inception 04/25/12 Performance is Gross of Fees unless otherwise noted Returns for periods of one year or longer are annualized
STABILITY | CONSISTENCY | COMMITMENT 3 Portfolio Performance
TOTAL RETURNS GROSS FOR SELECT PERIODS Ormond Beach Firefighters Pension Trust Fund 06/30/2021
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0% QTD YTD 1 Year 3 Year 5 Year Since Inception
Portfolio Russell 1000 Growth
*Since Inception 04/25/12 Returns for periods of one year or longer are annualized
STABILITY | CONSISTENCY | COMMITMENT 4 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
Common Stock
Consumer Discretionary
TRACTOR SUPPLY CO COM 369.00 149.35 55,109.22 186.06 68,656.14 1.5
NIKE INC. CL B. 430.00 86.44 37,169.53 154.49 66,430.70 1.4
TJX COS INC NEW COM 780.00 36.94 28,813.17 67.42 52,587.60 1.1
HOME DEPOT INC COM 297.00 128.25 38,091.43 318.89 94,710.33 2.1
TARGET CORP COM 467.00 133.27 62,234.98 241.74 112,892.58 2.5
AUTOZONE INC COM 70.00 904.59 63,321.38 1,492.22 104,455.40 2.3
COSTCO COMPANIES INC COM 392.00 268.25 105,152.43 395.67 155,102.64 3.4
AMAZON COM INC COM 70.00 2,038.11 142,667.77 3,440.16 240,811.20 5.2
DISNEY WALT CO COM 180.00 101.49 18,268.96 175.77 31,638.60 0.7
Consumer Staples
MCCORMICK & CO INC COM NON VTG 502.00 72.74 36,513.34 88.32 44,336.64 1.0
KEURIG DR PEPPER INC COM 2,067.00 33.96 70,185.36 35.24 72,841.08 1.6
CLOROX CO DEL COM 400.00 171.62 68,648.98 179.91 71,964.00 1.6
Financials
VERISK ANALYTICS INC 320.00 110.21 35,265.67 174.72 55,910.40 1.2
ACCENTURE PLC-CL A 300.00 171.05 51,314.63 294.79 88,437.00 1.9
Portfolio Holdings as of 06/30/2021
STABILITY | CONSISTENCY | COMMITMENT 5 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
MASTERCARD INC CL A 210.00 70.09 14,719.91 365.09 76,668.90 1.7
MARSH & MCLENNAN COS COM 670.00 59.48 39,854.57 140.68 94,255.60 2.1
Health Care
UNITED HEALTHCARE CORP COM 230.00 130.76 30,075.74 400.44 92,101.20 2.0
CERNER CORP COM 1,150.00 72.71 83,611.45 78.16 89,884.00 2.0
COOPER COS INC COM NEW 180.00 217.57 39,163.20 396.27 71,328.60 1.6
AMGEN INC COM 440.00 204.32 89,898.66 243.75 107,250.00 2.3
ABBVIE INC. COM 1,050.00 83.40 87,568.02 112.64 118,272.00 2.6
DANAHER CORP COM 370.00 57.21 21,167.29 268.36 99,293.20 2.2
LABORATORY AMER HLDGS COM NEW 174.00 260.37 45,303.96 275.85 47,997.90 1.0
JOHNSON & JOHNSON COM 290.00 120.82 35,037.64 164.74 47,774.60 1.0
Industrials
EXPEDITORS INTL WASH COM 380.00 61.92 23,528.61 126.60 48,108.00 1.0
BERRY PLASTICS GRP INC COM 1,026.00 57.95 59,453.37 65.22 66,915.72 1.5
ILLINOIS TOOL WORKS 290.00 133.22 38,632.49 223.56 64,832.40 1.4
UNION PAC CORP COM 210.00 113.47 23,828.11 219.93 46,185.30 1.0
Portfolio Holdings as of 06/30/2021
STABILITY | CONSISTENCY | COMMITMENT 6 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
REPUBLIC SVCS INC COM 210.00 81.08 17,027.72 110.01 23,102.10 0.5
HONEYWELL INTL INC COM 160.00 90.55 14,487.95 219.35 35,096.00 0.8
LOCKHEED MARTIN CORP COM 117.00 299.18 35,004.39 378.35 44,266.95 1.0
Information Technology
LEIDOS HLDGS INC COM 414.00 106.71 44,176.41 101.10 41,855.40 0.9
MICROSOFT CORP COM 1,025.00 76.05 77,955.35 270.90 277,672.50 6.0
APPLE INC 2,332.00 34.96 81,533.34 136.96 319,390.72 6.9
KEYSIGHT TECHNOLOGIES INC COM 307.00 148.82 45,686.91 154.41 47,403.87 1.0
CISCO SYS INC COM 752.00 44.55 33,500.60 53.00 39,856.00 0.9
CDW CORP COM 320.00 141.68 45,337.82 174.65 55,888.00 1.2
CITRIX SYS INC COM 787.00 105.97 83,400.02 117.27 92,291.49 2.0
SYNOPSYS INC COM 179.00 222.45 39,819.37 275.79 49,366.41 1.1
DROPBOX INC CL A 3,069.00 23.67 72,641.47 30.31 93,021.39 2.0
F5 NETWORKS INC COM 536.00 140.46 75,288.03 186.66 100,049.76 2.2
BROADCOM INC COM 270.00 299.94 80,982.52 476.84 128,746.80 2.8
Portfolio Holdings as of 06/30/2021
STABILITY | CONSISTENCY | COMMITMENT 7 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
FACEBOOK INC CL A 380.00 181.47 68,958.68 347.71 132,129.80 2.9
AKAMAI TECHNOLOGIES COM 1,160.00 98.37 114,113.65 116.60 135,256.00 2.9
ORACLE CORPORATION 1,403.00 50.94 71,467.03 77.84 109,209.52 2.4
ALPHABET INC CL A 90.00 695.02 62,551.71 2,441.79 219,761.10 4.8
Materials
ECOLAB INC COM 190.00 116.99 22,228.32 205.97 39,134.30 0.9
FASTENAL CO COM 800.00 44.25 35,400.88 52.00 41,600.00 0.9
Utilities
COMCAST CORP NEW CL A 1,330.00 28.68 38,140.86 57.02 75,836.60 1.7
VERIZON COMMUNICATIONS COM 1,540.00 51.27 78,956.50 56.03 86,286.20 1.9
Cash and Equivalents
Regions Trust Cash Sweep Institutional 75,748.15 75,748.15 1.6
Dividend Accrual 1,362.44 1,362.44 0.0
Accrued Income 0.00 0.0
TOTAL PORTFOLIO $2,760,369.99 $4,595,973.23
Portfolio Holdings as of 06/30/2021
STABILITY | CONSISTENCY | COMMITMENT 8 Income and Expenses
Ex-Date Pay-Date Security Amount
04-05-21 04-20-21 CERNER CORP COM 259.60
04-05-21 04-28-21 CISCO SYS INC COM 285.64
04-06-21 04-28-21 COMCAST CORP NEW CL A 342.50
04-06-21 05-14-21 MARSH & MCLENNAN COS COM 320.85
04-07-21 04-22-21 ORACLE CORPORATION 461.76
04-08-21 05-07-21 MASTERCARD INC CL A 92.40
04-08-21 05-03-21 VERIZON COMMUNICATIONS COM 991.45
04-09-21 04-26-21 MCCORMICK & CO INC COM NON VTG 312.80
04-12-21 04-12-21 Custody Fee -351.05
04-14-21 05-14-21 ABBVIE INC. COM 1,404.00
04-14-21 05-17-21 ABBOTT LABS COM 184.50
04-14-21 05-14-21 ACCENTURE PLC-CL A 198.00
04-20-21 05-07-21 CLOROX CO DEL COM 455.10
04-23-21 05-25-21 FASTENAL CO COM 226.80
04-29-21 05-14-21 COSTCO COMPANIES INC COM 317.58
05-07-21 05-13-21 APPLE INC 519.64
05-12-21 06-03-21 TJX COS INC NEW COM 205.40
05-13-21 06-04-21 HONEYWELL INTL INC COM 148.80
05-14-21 06-08-21 AMGEN INC COM 792.00
05-14-21 05-14-21 ACCENTURE PLC-CL A 66.00
05-17-21 05-17-21 Other Misc Fees -2.64
05-18-21 06-10-21 TARGET CORP COM 324.36
05-19-21 06-10-21 MICROSOFT CORP COM 579.60
05-21-21 06-08-21 TRACTOR SUPPLY CO COM 140.40
STABILITY | CONSISTENCY | COMMITMENT 9 Income and Expenses
Ex-Date Pay-Date Security Amount
05-24-21 06-10-21 CDW CORP COM 128.00
05-24-21 06-08-21 JOHNSON & JOHNSON COM 307.40
05-27-21 06-30-21 UNION PAC CORP COM 224.70
05-28-21 06-15-21 EXPEDITORS INTL WASH COM 226.20
05-28-21 06-25-21 LOCKHEED MARTIN CORP COM 416.00
05-28-21 07-01-21 NIKE INC. CL B. 121.00
06-02-21 06-17-21 HOME DEPOT INC COM 561.00
06-10-21 06-25-21 CITRIX SYS INC COM 294.89
06-14-21 07-15-21 ECOLAB INC COM 91.20
06-14-21 06-30-21 VERISK ANALYTICS INC 92.80
06-18-21 06-29-21 UNITED HEALTHCARE CORP COM 333.50
06-21-21 06-30-21 BROADCOM INC COM 972.00
06-24-21 07-30-21 DANAHER CORP COM 79.80
06-25-21 07-13-21 CERNER CORP COM 257.40
06-29-21 07-15-21 ILLINOIS TOOL WORKS 330.60
06-30-21 07-15-21 KEURIG DR PEPPER INC COM 393.19
06-30-21 07-15-21 REPUBLIC SVCS INC COM 89.25
06-30-21 06-30-21 Management Fees -6,080.09
NET INCOME 7,114.33
STABILITY | CONSISTENCY | COMMITMENT 10 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Purchases
06-16-21 06-18-21 271.00 BERRY PLASTICS GRP INC COM 65.84 17,841.75
06-16-21 06-18-21 419.00 DROPBOX INC CL A 29.51 12,363.14
06-16-21 06-18-21 397.00 KEURIG DR PEPPER INC COM 34.65 13,757.28
06-16-21 06-18-21 307.00 KEYSIGHT TECHNOLOGIES INC COM 148.82 45,686.91
06-16-21 06-18-21 174.00 LABORATORY AMER HLDGS COM NEW 260.37 45,303.96
06-16-21 06-18-21 424.00 LEIDOS HLDGS INC COM 106.71 45,243.47
06-16-21 06-18-21 109.00 TRACTOR SUPPLY CO COM 179.10 19,522.24
Total Purchases 199,718.75
Sales
04-20-21 04-22-21 207.00 ALEXION PHARMACEUTICALS 166.28 34,419.32
04-21-21 04-23-21 10.00 ABBVIE INC. COM 110.81 1,108.09
04-21-21 04-23-21 10.00 AKAMAI TECHNOLOGIES COM 105.81 1,058.10
04-21-21 04-23-21 30.00 APPLE INC 131.75 3,952.56
04-21-21 04-23-21 10.00 BERRY PLASTICS GRP INC COM 63.02 630.19
04-21-21 04-23-21 10.00 CERNER CORP COM 75.71 757.11
04-21-21 04-23-21 10.00 CISCO SYS INC COM 51.71 517.11
04-21-21 04-23-21 10.00 CITRIX SYS INC COM 142.89 1,428.88
04-21-21 04-23-21 20.00 COMCAST CORP NEW CL A 53.98 1,079.59
04-21-21 04-23-21 30.00 DROPBOX INC CL A 25.50 765.02
04-21-21 04-23-21 10.00 FASTENAL CO COM 51.35 513.49
04-21-21 04-23-21 20.00 KEURIG DR PEPPER INC COM 36.28 725.59
STABILITY | CONSISTENCY | COMMITMENT 11 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Sales
04-21-21 04-23-21 10.00 MARSH & MCLENNAN COS COM 127.34 1,273.44
04-21-21 04-23-21 10.00 MCCORMICK & CO INC COM NON VTG 91.42 914.22
04-21-21 04-23-21 10.00 MICROSOFT CORP COM 257.93 2,579.28
04-21-21 04-23-21 20.00 ORACLE CORPORATION 78.46 1,569.19
04-21-21 04-23-21 10.00 TJX COS INC NEW COM 68.07 680.69
04-21-21 04-23-21 20.00 VERIZON COMMUNICATIONS COM 58.29 1,165.82
06-16-21 06-18-21 410.00 ABBOTT LABS COM 110.37 45,251.38
06-16-21 06-18-21 360.00 FISERV INC COM 109.07 39,265.13
06-16-21 06-18-21 43.00 HOME DEPOT INC COM 306.61 13,184.30
06-16-21 06-18-21 43.00 LOCKHEED MARTIN CORP COM 389.37 16,743.06
06-16-21 06-18-21 398.00 MCCORMICK & CO INC COM NON VTG 88.46 35,206.46
06-16-21 06-18-21 150.00 VMWARE INC CL A COM 158.21 23,730.77
06-30-21 07-02-21 20.00 ABBVIE INC. COM 111.78 2,235.68
06-30-21 07-02-21 20.00 AKAMAI TECHNOLOGIES COM 117.16 2,343.28
06-30-21 07-02-21 10.00 AMGEN INC COM 242.49 2,424.93
06-30-21 07-02-21 30.00 APPLE INC 136.56 4,096.82
06-30-21 07-02-21 10.00 BERRY PLASTICS GRP INC COM 65.59 655.94
06-30-21 07-02-21 20.00 CERNER CORP COM 78.06 1,561.19
06-30-21 07-02-21 10.00 CISCO SYS INC COM 52.62 526.19
06-30-21 07-02-21 10.00 CITRIX SYS INC COM 117.10 1,171.04
06-30-21 07-02-21 10.00 CLOROX CO DEL COM 181.12 1,811.24
STABILITY | CONSISTENCY | COMMITMENT 12 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Sales
06-30-21 07-02-21 20.00 COMCAST CORP NEW CL A 56.37 1,127.49
06-30-21 07-02-21 10.00 COSTCO COMPANIES INC COM 397.93 3,979.32
06-30-21 07-02-21 10.00 DANAHER CORP COM 268.40 2,683.98
06-30-21 07-02-21 40.00 DROPBOX INC CL A 30.31 1,212.48
06-30-21 07-02-21 10.00 EXPEDITORS INTL WASH COM 125.88 1,258.84
06-30-21 07-02-21 10.00 F5 NETWORKS INC COM 188.90 1,888.99
06-30-21 07-02-21 10.00 FACEBOOK INC CL A 349.74 3,497.43
06-30-21 07-02-21 10.00 FASTENAL CO COM 51.78 517.82
06-30-21 07-02-21 30.00 KEURIG DR PEPPER INC COM 35.13 1,054.04
06-30-21 07-02-21 10.00 LEIDOS HLDGS INC COM 101.20 1,011.99
06-30-21 07-02-21 10.00 MARSH & MCLENNAN COS COM 140.56 1,405.64
06-30-21 07-02-21 10.00 MCCORMICK & CO INC COM NON VTG 87.72 877.24
06-30-21 07-02-21 10.00 MICROSOFT CORP COM 270.35 2,703.53
06-30-21 07-02-21 10.00 NIKE INC. CL B. 153.80 1,537.99
06-30-21 07-02-21 20.00 ORACLE CORPORATION 77.76 1,555.19
06-30-21 07-02-21 10.00 TARGET CORP COM 241.60 2,415.98
06-30-21 07-02-21 10.00 TJX COS INC NEW COM 66.77 667.69
06-30-21 07-02-21 10.00 TRACTOR SUPPLY CO COM 187.53 1,875.34
06-30-21 07-02-21 20.00 VERIZON COMMUNICATIONS COM 55.82 1,116.49
Total Sales 277,732.57
STABILITY | CONSISTENCY | COMMITMENT 13 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 04/01/2021 04/01/2021 $121.00 dv CERNER CORP COM 04/05/2021 04/20/2021 $259.60 dv CISCO SYS INC COM 04/05/2021 04/28/2021 $285.64 dv COMCAST CORP NEW CL A 04/06/2021 04/28/2021 $342.50 dv MARSH & MCLENNAN COS COM 04/06/2021 05/14/2021 $320.85 dv ORACLE CORPORATION 04/07/2021 04/22/2021 $461.76 dv VERIZON COMMUNICATIONS COM 04/08/2021 05/03/2021 $991.45 dv MASTERCARD INC CL A 04/08/2021 05/07/2021 $92.40 dv MCCORMICK & CO INC COM NON VTG 04/09/2021 04/26/2021 $312.80 dp Custody Fee 04/12/2021 04/12/2021 $351.05 wd Dividend Accrual 04/14/2021 04/14/2021 $330.60 dv ABBVIE INC. COM 04/14/2021 05/14/2021 $1,404.00 dv ACCENTURE PLC-CL A 04/14/2021 05/14/2021 $198.00 dv ABBOTT LABS COM 04/14/2021 05/17/2021 $184.50 wd Dividend Accrual 04/15/2021 04/15/2021 $91.20 wd Dividend Accrual 04/15/2021 04/15/2021 $258.00 wd Dividend Accrual 04/15/2021 04/15/2021 $89.25 wd Dividend Accrual 04/20/2021 04/20/2021 $259.60 sl ALEXION PHARMACEUTICALS 04/20/2021 04/22/2021 207.00 $34,419.32 dv CLOROX CO DEL COM 04/20/2021 05/07/2021 $455.10 sl ABBVIE INC. COM 04/21/2021 04/23/2021 10.00 $1,108.09 sl AKAMAI TECHNOLOGIES COM 04/21/2021 04/23/2021 10.00 $1,058.10 sl CERNER CORP COM 04/21/2021 04/23/2021 10.00 $757.11 sl CISCO SYS INC COM 04/21/2021 04/23/2021 10.00 $517.11 sl CITRIX SYS INC COM 04/21/2021 04/23/2021 10.00 $1,428.88 sl DROPBOX INC CL A 04/21/2021 04/23/2021 30.00 $765.02 sl MCCORMICK & CO INC COM NON VTG 04/21/2021 04/23/2021 10.00 $914.22 sl ORACLE CORPORATION 04/21/2021 04/23/2021 20.00 $1,569.19
STABILITY | CONSISTENCY | COMMITMENT 14 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount sl VERIZON COMMUNICATIONS COM 04/21/2021 04/23/2021 20.00 $1,165.82 sl APPLE INC 04/21/2021 04/23/2021 30.00 $3,952.56 sl BERRY PLASTICS GRP INC COM 04/21/2021 04/23/2021 10.00 $630.19 sl COMCAST CORP NEW CL A 04/21/2021 04/23/2021 20.00 $1,079.59 sl FASTENAL CO COM 04/21/2021 04/23/2021 10.00 $513.49 sl KEURIG DR PEPPER INC COM 04/21/2021 04/23/2021 20.00 $725.59 sl MARSH & MCLENNAN COS COM 04/21/2021 04/23/2021 10.00 $1,273.44 sl MICROSOFT CORP COM 04/21/2021 04/23/2021 10.00 $2,579.28 sl TJX COS INC NEW COM 04/21/2021 04/23/2021 10.00 $680.69 wd Dividend Accrual 04/22/2021 04/22/2021 $461.76 dv FASTENAL CO COM 04/23/2021 05/25/2021 $226.80 wd Dividend Accrual 04/26/2021 04/26/2021 $312.80 wd Dividend Accrual 04/28/2021 04/28/2021 $285.64 wd Dividend Accrual 04/28/2021 04/28/2021 $342.50 dv COSTCO COMPANIES INC COM 04/29/2021 05/14/2021 $317.58 wd Dividend Accrual 04/30/2021 04/30/2021 $79.80 wd Dividend Accrual 05/03/2021 05/03/2021 $991.45 wd Dividend Accrual 05/07/2021 05/07/2021 $92.40 wd Dividend Accrual 05/07/2021 05/07/2021 $455.10 dv APPLE INC 05/07/2021 05/13/2021 $519.64 wd Regions Trust Cash Sweep Institutional 05/12/2021 05/12/2021 $5,738.30 dv TJX COS INC NEW COM 05/12/2021 06/03/2021 $205.40 wd Dividend Accrual 05/13/2021 05/13/2021 $519.64 dv HONEYWELL INTL INC COM 05/13/2021 06/04/2021 $148.80 dv ACCENTURE PLC-CL A 05/14/2021 05/14/2021 $66.00 wd Dividend Accrual 05/14/2021 05/14/2021 $320.85 wd Dividend Accrual 05/14/2021 05/14/2021 $1,404.00 wd Dividend Accrual 05/14/2021 05/14/2021 $198.00
STABILITY | CONSISTENCY | COMMITMENT 15 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 05/14/2021 05/14/2021 $317.58 dv AMGEN INC COM 05/14/2021 06/08/2021 $792.00 wd Dividend Accrual 05/17/2021 05/17/2021 $184.50 dp Other Misc Fees 05/17/2021 05/17/2021 $2.64 dv TARGET CORP COM 05/18/2021 06/10/2021 $324.36 dv MICROSOFT CORP COM 05/19/2021 06/10/2021 $579.60 dv TRACTOR SUPPLY CO COM 05/21/2021 06/08/2021 $140.40 dv JOHNSON & JOHNSON COM 05/24/2021 06/08/2021 $307.40 dv CDW CORP COM 05/24/2021 06/10/2021 $128.00 wd Dividend Accrual 05/25/2021 05/25/2021 $226.80 dv UNION PAC CORP COM 05/27/2021 06/30/2021 $224.70 dv EXPEDITORS INTL WASH COM 05/28/2021 06/15/2021 $226.20 dv LOCKHEED MARTIN CORP COM 05/28/2021 06/25/2021 $416.00 dv NIKE INC. CL B. 05/28/2021 07/01/2021 $121.00 dv HOME DEPOT INC COM 06/02/2021 06/17/2021 $561.00 wd Dividend Accrual 06/03/2021 06/03/2021 $205.40 wd Dividend Accrual 06/04/2021 06/04/2021 $148.80 wd Dividend Accrual 06/08/2021 06/08/2021 $792.00 wd Dividend Accrual 06/08/2021 06/08/2021 $140.40 wd Dividend Accrual 06/08/2021 06/08/2021 $307.40 wd Dividend Accrual 06/10/2021 06/10/2021 $324.36 wd Dividend Accrual 06/10/2021 06/10/2021 $579.60 wd Dividend Accrual 06/10/2021 06/10/2021 $128.00 dv CITRIX SYS INC COM 06/10/2021 06/25/2021 $294.89 dv VERISK ANALYTICS INC 06/14/2021 06/30/2021 $92.80 dv ECOLAB INC COM 06/14/2021 07/15/2021 $91.20 wd Dividend Accrual 06/15/2021 06/15/2021 $226.20 by KEURIG DR PEPPER INC COM 06/16/2021 06/18/2021 397.00 $13,757.28
STABILITY | CONSISTENCY | COMMITMENT 16 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount by TRACTOR SUPPLY CO COM 06/16/2021 06/18/2021 109.00 $19,522.24 by LABORATORY AMER HLDGS COM NEW 06/16/2021 06/18/2021 174.00 $45,303.96 by DROPBOX INC CL A 06/16/2021 06/18/2021 419.00 $12,363.14 by BERRY PLASTICS GRP INC COM 06/16/2021 06/18/2021 271.00 $17,841.75 by KEYSIGHT TECHNOLOGIES INC COM 06/16/2021 06/18/2021 307.00 $45,686.91 by LEIDOS HLDGS INC COM 06/16/2021 06/18/2021 424.00 $45,243.47 sl LOCKHEED MARTIN CORP COM 06/16/2021 06/18/2021 43.00 $16,743.06 sl ABBOTT LABS COM 06/16/2021 06/18/2021 410.00 $45,251.38 sl HOME DEPOT INC COM 06/16/2021 06/18/2021 43.00 $13,184.30 sl FISERV INC COM 06/16/2021 06/18/2021 360.00 $39,265.13 sl VMWARE INC CL A COM 06/16/2021 06/18/2021 150.00 $23,730.77 sl MCCORMICK & CO INC COM NON VTG 06/16/2021 06/18/2021 398.00 $35,206.46 wd Dividend Accrual 06/17/2021 06/17/2021 $561.00 dv UNITED HEALTHCARE CORP COM 06/18/2021 06/29/2021 $333.50 dv BROADCOM INC COM 06/21/2021 06/30/2021 $972.00 dv DANAHER CORP COM 06/24/2021 07/30/2021 $79.80 wd Dividend Accrual 06/25/2021 06/25/2021 $416.00 wd Dividend Accrual 06/25/2021 06/25/2021 $294.89 dv CERNER CORP COM 06/25/2021 07/13/2021 $257.40 lo Regions Trust Cash Sweep Institutional 06/28/2021 $30,000.00 wd Dividend Accrual 06/29/2021 06/29/2021 $333.50 dv ILLINOIS TOOL WORKS 06/29/2021 07/15/2021 $330.60 wd Dividend Accrual 06/30/2021 06/30/2021 $224.70 wd Dividend Accrual 06/30/2021 06/30/2021 $92.80 wd Dividend Accrual 06/30/2021 06/30/2021 $972.00 dp Management Fees 06/30/2021 06/30/2021 $6,080.09 sl ABBVIE INC. COM 06/30/2021 07/02/2021 20.00 $2,235.68 sl AKAMAI TECHNOLOGIES COM 06/30/2021 07/02/2021 20.00 $2,343.28
STABILITY | CONSISTENCY | COMMITMENT 17 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount sl AMGEN INC COM 06/30/2021 07/02/2021 10.00 $2,424.93 sl APPLE INC 06/30/2021 07/02/2021 30.00 $4,096.82 sl BERRY PLASTICS GRP INC COM 06/30/2021 07/02/2021 10.00 $655.94 sl CERNER CORP COM 06/30/2021 07/02/2021 20.00 $1,561.19 sl CISCO SYS INC COM 06/30/2021 07/02/2021 10.00 $526.19 sl CITRIX SYS INC COM 06/30/2021 07/02/2021 10.00 $1,171.04 sl CLOROX CO DEL COM 06/30/2021 07/02/2021 10.00 $1,811.24 sl COMCAST CORP NEW CL A 06/30/2021 07/02/2021 20.00 $1,127.49 sl COSTCO COMPANIES INC COM 06/30/2021 07/02/2021 10.00 $3,979.32 sl DANAHER CORP COM 06/30/2021 07/02/2021 10.00 $2,683.98 sl DROPBOX INC CL A 06/30/2021 07/02/2021 40.00 $1,212.48 sl EXPEDITORS INTL WASH COM 06/30/2021 07/02/2021 10.00 $1,258.84 sl F5 NETWORKS INC COM 06/30/2021 07/02/2021 10.00 $1,888.99 sl FACEBOOK INC CL A 06/30/2021 07/02/2021 10.00 $3,497.43 sl FASTENAL CO COM 06/30/2021 07/02/2021 10.00 $517.82 sl KEURIG DR PEPPER INC COM 06/30/2021 07/02/2021 30.00 $1,054.04 sl LEIDOS HLDGS INC COM 06/30/2021 07/02/2021 10.00 $1,011.99 sl MARSH & MCLENNAN COS COM 06/30/2021 07/02/2021 10.00 $1,405.64 sl MCCORMICK & CO INC COM NON VTG 06/30/2021 07/02/2021 10.00 $877.24 sl MICROSOFT CORP COM 06/30/2021 07/02/2021 10.00 $2,703.53 sl NIKE INC. CL B. 06/30/2021 07/02/2021 10.00 $1,537.99 sl ORACLE CORPORATION 06/30/2021 07/02/2021 20.00 $1,555.19 sl TARGET CORP COM 06/30/2021 07/02/2021 10.00 $2,415.98 sl TJX COS INC NEW COM 06/30/2021 07/02/2021 10.00 $667.69 sl TRACTOR SUPPLY CO COM 06/30/2021 07/02/2021 10.00 $1,875.34 sl VERIZON COMMUNICATIONS COM 06/30/2021 07/02/2021 20.00 $1,116.49 dv KEURIG DR PEPPER INC COM 06/30/2021 07/15/2021 $393.19 dv REPUBLIC SVCS INC COM 06/30/2021 07/15/2021 $89.25
STABILITY | CONSISTENCY | COMMITMENT 18 Important Information
• This statement includes information and data obtained from third party sources, which we believe to be reliable. However, we cannot guarantee the accuracy or completeness of such information.
• We strongly encourage you to compare this statement with that received directly from your custodian. Please refer to your custodian for official cost basis and tax reporting.
• Documents can be used only for non-commercial purposes. Documents may not be associated with any illegal, unethical, or immoral activity. Documents may be used only for informational purposes.
• Detailed information about our Firm is contained in our ADV Part 2 (Disclosure Brochure) which may be obtained by phoning us at (904) 493-5500.
• Sawgrass Asset Management has managed your portfolio in compliance with the criteria set forth in your investment guidelines.
STABILITY | CONSISTENCY | COMMITMENT 19 Financial Review & Outlook June 30, 2021 Volume 24; Issue 2
Equity Market:Quarterin Review 2nd Quarter Scorecard Table 1 • The U.S equity markets rallied in Q2 with the S&P posting a gain 8.2%. This marked its fifth straight quarterly gain in the wake of the 20% pullback in Q1 of 2020 Index Quarter 1 Year • Megacap stocks (MSFT, AAPL, GOOGL, FB, AMZN) all posted double-digit returns for the quarter S&P 500 8.6% 40.8% after lagging the rest of the market as a group for the previous two quarters • Many of the same bullish themes such as fiscal stimulus, vaccine progress, reopening Russell 1000 8.5% 43.1% momentum, strong corporate profit backdrop, and equity inflows that led the market in the first Russell 2000 4.3% 62.0% quarter continued to be in focus in Q2. Russell 3000 Growth 11.4% 43.0% • Inflation was the most important and complicated macro theme in Q2. The Fed remained consistent in its messaging around expectation that price pressures will be transitory. This, along Russell 3000 Value 5.2% 45.4% with easing interest rates, helped growth and momentum stocks outperform value and cyclicals for the quarter. Barclays Capital US Aggregate 1.8% -0.3% • With the exception of Utilities (-1.13%), all sectors produced positive returns for the quarter. REIT’s, Information Technology, and Communication Services led; while Utilities, Consumer 3 Month T-Bills 0.0% 0.1% Staples, and Industrials lagged. Source: Bloomberg & Russell Investments Equity Market:TheQuarterAhead Graph 1 • The S&P 500, with a gain of 15.25% this year, has posted its second-best performance since the dotcom bubble. However, several concerns persist such as stretched valuations, the potential for an inflation overshoot, margin pressures, tax increases, and coronavirus variants. • There is a lot of debate about what may happen next in the battle of value vs. growth. As inflation, reflation, and reopening remain in focus; we could continue to see a rotation from growth into value • There has been a continued back and forth between the old trend of higher valuation, riskier characteristics and the new trend favoring lower valuation and more stable characteristics. This is not unusual given the still early nature of this shift. • However, the overall move in the direction of the new trend will likely begin to become more entrenched as the year goes along especially with any significant equity market weakness likely accelerating this shift. • The nature of these shifts tends to play out over a multi-year time period with the current environment likely only the beginning of this significant change in leadership. However, the environment for this change is still fraught with the tug of war between what has worked so well Source: FactSet for the last 2-3 years and what appears to be poised to work over the next multi-year period. www.saw-grass.com | (904) 493-5500 Graph 2 Inflation Fixed Income Market
• Coming off a historically poor 1st quarter of performance, the Barclays Aggregate bounced back with a return of +1.67%. The inflation story continues to drive the markets as questions linger over whether the current measures will prove to be transitory or longer lasting (Graph 2).
• The response of the Fed strongly influenced the direction of the U.S. Treasury Curve throughout the 2nd quarter. While the Fed insists that their belief lends to the transitory nature of current inflation, there has been a slight hawkish sentiment in their language most recently. The most recent forecast from Federal Reserve officials suggest two rate hikes in 2023, sooner than previous forecasts.
• The hawkish statements from the Fed caused an overall flattening on the Treasury Curve, which was the largest driver of returns for the quarter. The front-end of the curve, which has barely budged since the beginning of the pandemic, started to inch up. The 2-year was up 10bps while the 10-year and 30-year were both down 25bps and 30bps respectively.
• Corporate bond spreads continued to compress and were tighter by 6bps (Graph 3). At a current spread of only 88bps, corporate bond spreads are now below their pre-pandemic levels. As has been the case since the Fed took steps to secure the corporate bond market last Spring, the lower quality segment of the investment grade universe continued to outperform.
• As the country and world continue to recover from the effects of the pandemic, the path of economic improvement will be closely monitored. With the beginning of the summer starting and lockdowns dissipating, there is a sense of renewed optimism. But this is being tempered by the risks of inflation. Interest Rate Summary Table 2 Quarter 12-Month • With this uncertainly regarding the track of growth, we expect further 6/30/2020 3/31/2021 6/30/2021 Change Change volatility in bond markets. As always, will search for the best relative 3 Month T-Bills 0.1 0.0 0.0 0.0 -0.1 opportunities with an emphasis on risk controls. 5 Yr Treasury 0.3 0.9 0.9 0.0 0.6 10 Yr Treasury 0.7 1.7 1.5 -0.3 0.8 30 Yr Treasury 1.4 2.4 2.1 -0.3 0.7 www.saw-grass.com | (904) 493-5500 5 Yr Corporate (A) 1.0 1.3 1.2 -0.1 0.2 The opinions expressed herein are subject to change. No content published here constitutes a 10 Yr Corporate (A) 1.8 2.5 2.1 -0.3 0.3 recommendation of any particular investment, security, a portfolio of securities, transaction, or 30 Yr Fixed Rate investment strategy. To the extent any of the content published may be deemed to be Mortgage 3.1 3.3 3.0 -0.3 -0.1 investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Consult your advisor about what is best for you. Source: Bloomberg (Graph 1, 2, 3 & Interest Rate Summary)