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2017-2018 Annual Investment Report Retirement System Investment Commission Table of Contents Chair Report

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South Carolina Retirement System Investment Commission 2017-2018 Annual Investment Report South Carolina Retirement System Investment Commission Annual Investment Report Fiscal Year Ended June 30, 2018 Capitol Center 1201 Main Street, Suite 1510 Columbia, SC 29201 Rebecca Gunnlaugsson, Ph.D. Chair for the period July 1, 2016 - June 30, 2018 Ronald Wilder, Ph.D. Chair for the period July 1, 2018 - Present 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION TABLE OF CONTENTS CHAIR REPORT Chair Report ............................................................................................................................... 1 Consultant Letter ........................................................................................................................ 3 Overview ................................................................................................................................... 7 Commission ............................................................................................................................... 9 Policy Allocation ........................................................................................................................13 Manager Returns (Net of Fees) ..................................................................................................14 Securities Lending .....................................................................................................................18 Expenses ...................................................................................................................................19 Delegation Authority .................................................................................................................21 Risk ...........................................................................................................................................22 Appendices: Appendix A: Summary Schedule1,2 .............................................................................................24 Appendix B: Cash and Equivalents1,2 ..........................................................................................25 Appendix C: Short Duration1,2 ....................................................................................................30 Appendix D: Fixed Income1,2 ......................................................................................................34 Appendix E: Equity1,2 ..................................................................................................................66 Appendix F: Infrastructure1,2 ....................................................................................................139 Appendix G: Public Real Estate1,2 .............................................................................................140 Appendix H: Alternative Investments1,2 ...................................................................................141 Appendix I: Futures1,2 ...............................................................................................................144 Appendix J: Swaps & Options1,2 ...............................................................................................145 iv 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION CHAIR REPORT iv 1 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION 2 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION CONSULTANT LETTER MEMORANDUM To: The Honorable Henry McMaster, Governor State Fiscal Accountability Authority Members of the General Assembly From: Meketa Investment Group Date: September 10, 2018 Re: Fiscal Year 2018 Review As the general investment consultant for the Retirement System Investment Commission (RSIC) of South Carolina, Meketa Investment Group is pleased to present this summary of the fiscal year events and investment performance of the South Carolina Retirement System (SCRS) investment portfolio for the fiscal year ending June 30, 2018. FISCAL 2018 MARKET ENVIRONMENT REVIEW The fiscal year was largely a story of two environments. In 2017, we saw synchronized global growth, low volatility, tax cuts in the U.S. at year-end, and a weak U.S. dollar. During the last two quarters of 2017 most asset classes were up, particularly riskier ones. Emerging market stocks led the way in Q3 (+7.9%) and Q4 (+7.4%). U.S. and developed international equities also posted strong returns over both quarters, while fixed income assets were largely up but with more modest returns in the “risk on” environment. The trends of 2017 persisted into early 2018, but the environment quickly changed. In 2018, we have seen volatility increase from its very low levels, interest rates and inflation rise, the U.S. dollar rebound, and trade tensions between the U.S. and others heat-up. In this environment, U.S. equities were one of the few asset classes to perform well, while international equities and most fixed income asset classes fell. High yield bonds did post a modest gain (+0.2%) in the first two quarters of 2018. The net result of the two environments on the fiscal year returns ending June 2018 was that equities increased, particularly in the U.S., while TIPS and high yield bonds posted relatively modest gains. Emerging market bonds fell and the broad U.S. bond market slightly declined. For the fiscal year, U.S. equities, as represented by the Russell 3000, rose 14.8%. The trend of U.S. growth stocks outperforming value stocks persisted and small capitalization stocks (+17.6%) outperformed large capitalization (+14.5%) and mid-capitalization (+12.3%) stocks. The MSCI EAFE, representing foreign developed markets, increased at less than half the rate of U.S. equities, up 6.8%. Emerging market equities’ strong returns in 2017 were balanced by an 8.0% decline in the second quarter of 2018 as a stronger dollar and trade tensions weighed on results. The MSCI Emerging Markets Equity index gained 8.2% for the full fiscal year. MEKETA INVESTMENT GROUP 100 LOWDER BROOK DRIVE SUITE 1100 WESTWOOD MA 02090 781 471 3500 fax 781 471 3411 www.meketagroup.com 2 3 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION emoranum Setemer 10 8 Page 2 o 4 itin ie inome positie returns in the ina to quarters o 20 move to onerns oer rising interest rates an infation reating heains in 2 n te U.S te eera Resere inreased sort-term interest rates or te seenth time in June to a range o 1.75% to an ontinue to reue its aance sheet The rate inreases ontriute to the fattening o the U.S ie ure uring te isa ear Oer te traiing ear IPS (+2.1%) and ig ie ons +2.6%) inreased hie the roa U.S on market, reresente by te arcas Aggregate nex fe Simiar to emerging market equities returns or emerging market ons in the seon quarter o 201 eighe on te isa ear resuts n tis ase the imat as more ramati as te 4% ecline in te seon quarter or emerging market ons (as reresente P GBI-E oal iersiie – oa urrency) e to a -2.3% return or te traiing ear. Witin other asset classes natura resoure stoks S&P oa Natura Resoures nex) rose ommoities oomerg ommoit nex) gaine 4% and Es (MSCI U.S E nex) gaine . Oi pries finishe te isa ear at oer arre reresenting a ramati inrease from teir reent os uts rom PE an strong grot goa ontriute to te rise in oi ries LOOKING FORWARD ooking forwar tere are seera issues tat e ontinue to monitor irst is te potentia for major entra anks aroun the goe to tighten monetar poi at the same time Seon in te U.S equit markets remain etene an the current eonomi cle has een ong Also in the U.S trae oi remains a ke issue Net is te eclining grot in ina an te imat o trae tensions it the U.S. ina oitial unertaint an ongoing strutura issues remain a oncern in Euroe After an etene perio o monetar support troug o interest rates an ond purchases from anks ie quantitatie easing) e ould e moing into a erio ere entra anks pull ak support at te same time The .S is furter aong in tat roess ith te eera Reserve inreasing interest rates an reuing its aance seet t is aso arge epete tat te Euroean entra ank (EB) i en its quantitative easing ear-end If mutipe entra anks begin ulling ak support tis cou ut furter upar ressure on rates eigh on eonomi groth an tighten iquiity. The .S eonom an equit markets hae eperiene a ong erio o grot since te oa inania risis ue in art to entra ank support ate cycle namis of o unempoment and rising infation are in ae an auations are strete or equites It is ineitae that groth il eentua so and equit markets pull ak, ut te question is when. Oter ke issues in the U.S inclue oi unertaint reate to tarifs immigration an strategi aianes 4 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION Memorandum September 10 8 P 3 of 4 China h the secon ar econom hin h U.S After long er growth through vernmen nvestmen tinu epositionin economy nsumption Th h wing economy h hur ntries that depend ade The ecen naction iff between e .S d ina s another h cou disproportion egative act China e U.S on f he large por stinations. Another cor ssue in hina emain its high levels articular n th corpor or. Europ continu hav the uctur problem maintaining ing curren nd centr ban fisc polic r ith ach dividu countr Consequently, countr that periencin financia difficultie nabl h adition tools lowering nterest ate d valuing e curren stimulate owth. Th as caused sion within h Eurozon highligh ecent election n n th rio election in er ll h on-goin issue n eec Given the e of Italy’s bond
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