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Investment Manager Summary Item No. 8: Annual Presentation by Los Angeles Capital Management – Emerging Markets Equity Manager (May 11, 2016, Regular Retirement Board Meeting) INVESTMENT MANAGER SUMMARY MANAGEMENT Firm Name Los Angeles Capital Management Manager Tenure with Fund 3.5 Years Investment Strategy/Vehicle Emerging Markets Equity Contract Expiration N/A ASSETS Total Firm AUM (03/31/2016) $19.3 Billion Total Firm Assets in Strategy (03/31/2016) $5.0 Billion Total Assets Managed for WPERP (03/31/2016) RP - $230.9 Million HP - $38.4 Million PERFORMANCE As of 03/31/2016 Calendar 1 Year 3 Year Inception Y-T-D LA Capital Emerging Markets (gross) 7.20% -10.73% -3.49% -1.29% LA Capital Emerging Markets (est. net) 7.03% -11.31% -4.09% -1.92% MSCI Emerging Markets IMI ND 5.04% -11.66% -4.27% -2.44% Difference (net of fees) 1.99% 0.35% 0.18% 0.52% FEES Schedule 65 bps on all assets WATCH STATUS N/A 8 PRESENTATION FOR LOS ANGELES DEPARTMENT OF WATER & POWER EMPLOYEES’ RETIREMENT PLAN AND RETIREE HEALTH BENEFITS FUND LACM Emerging Markets Fund L.P. May 2016 LEGAL DISCLOSURES This presentation is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Past performance is no guarantee of future results and diversification does not guarantee investment returns or eliminate the risk of loss. The strategies described herein have not been recommended by any Federal or State Securities Commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this presentation. Any representation to the contrary is a criminal offense. Moreover, wherever there is the potential for profit there is also the possibility of loss. An investment in a strategy described herein has risks including the risk of losing some or all of the invested capital. Before embarking on any investment program, an investor should carefully consider the risks and suitability of a strategy based on their own investment objectives and financial position. While information and statistical data in this publication are based on sources believed to the reliable, Los Angeles Capital does not represent that it is accurate or complete and should not be relied on as such or be the basis for an investment decision. Any opinions expressed in this publication are current only as of the time made and are subject to change without notice. Los Angeles Capital assumes no duty to update any such statements. The information contained herein may include estimates, projections and other “forward –looking statements.” Due to numerous factors, actual events may differ substantially from those presented herein. Any holdings of a particular company or security discussed herein are under periodic review and are subject to change without notice. TABLE OF CONTENTS I. Firm Overview II. Investment Philosophy and Process III. Market Overview IV. Portfolio Review Performance Review and Attribution Portfolio Characteristics V. Appendix Holdings Biographies 2 CONFIDENTIAL This page has been intentionally left blank | INTRODUCTION | LOS ANGELES CAPITAL MANAGEMENT THOMAS D. STEVENS, CFA Chairman and Principal BBA University of Wisconsin, 1974 MBA University of Wisconsin, 1976 1986 – 2002 Wilshire Asset Management 1980 – 1986 Wilshire Associates 1976 – 1980 National Bank of Detroit LAINA DRAEGER, CFA Portfolio Manager and Principal BA Boston College, 2005 MBA University of San Francisco, 2007 2006 – 2007 First Republic Investment Management 4 CONFIDENTIAL | FIRM OVERVIEW | LOS ANGELES CAPITAL Client Experience PEOPLE Executive Management with 30+ years of experience through varied markets Same team manages all portfolios – promotes cross training and diversity of thought Firm is 100% owned by 27 active employees Recognized by P&I as one of the “Best Places to Work in Money Management” in 2014 and 2015 INSIGHTS Employ quantitative techniques to extract the fundamental drivers of stock performance in the current market environment Dynamically weight factors based on forward looking expected returns RESULTS Adaptive portfolios designed to produce positive expected excess return regardless of environment Alphas uncorrelated with most other equity managers – fundamental and systematic All 20 composites with track records longer than two years have outperformed since inception 5 CONFIDENTIAL | FIRM OVERVIEW | ASSETS UNDER MANAGEMENT March 31, 2016* Global Emerging Markets $5.3 BN World, ACWI, ACWI ex U.S., LACM Emerging Markets Fund L.P Fund: $1.7b EAFE, Europe DWP Retirement Plan: $231m, 13.5% Managed Volatility DWP Health Benefits Fund: $38m, 2.2% 25.9% 29.2% $19.3 BN $5.0 BILLION IN Long/Short U.S. All Cap EMERGING MARKETS Active Extension $2.0 BN $1.4 BN STRATEGY Core, Enhanced U.S., U.S. Value, EAFE 57 Portfolios 10.3% Deep Value 7.2% 37 Clients 3.7% 23.7% U.S. Small/Mid Cap U.S. Large Cap $712 M $4.6 BN Core, Growth, Value Core, Growth, Value DIVERSIFIED BUSINESS DIVERSIFIED CLIENTS 70% Institutional Plan Sponsors* 30% Sub Advised Funds 64% U.S. 36% Non-U.S. 6 *Preliminary. As of 3/31/2016; Global Assets include ACWI and Global Developed strategies. Active Extension includes U.S. & EAFE applications; Institutional Plan Sponsors include: government and corporate pension plans, foundations, religious organizations, endowments, advised private funds, Taft-Hartley plans, proprietary accounts, and related private funds. Sub-advised funds includes sub-advised U.S. and non-U.S. mutual funds, UCITs and CITs. CONFIDENTIAL | FIRM OVERVIEW | THE FIRM Investment Committee BOARD OF DIRECTORS Thomas D. Stevens, CFA Hal W. Reynolds, CFA Daniel E. Allen, CFA Stuart K. Matsuda President, CEO, Chairman Chief Investment Officer Director of Global Equities Director of Trading Portfolio Management Portfolio Management Portfolio Management Trading MBA, Univ. of Wisconsin MBA, Univ. of Pittsburgh MBA, Univ. of Chicago MBA, Cal State University 40 Years Experience/14 With Firm 34 Years Experience/14 With Firm 33 Years Experience/7 With Firm 29 Years Experience/14 With Firm RESEARCH TRADING Edward Rackham, Ph.D. Christine M. Kugler Director of Implementation Co-Director of Research BA, Univ. of California at Santa Barbara PhD, Oxford University 23 Years Experience/14 With Firm 11 Years Experience/5 With Firm Bradford J. Rowe, CFA Co-Director of Research 69 Employees PORTFOLIO MANAGEMENT MBA, Univ. of Wisconsin 15 Years Experience/9 With Firm Laina Draeger, CFA Portfolio Manager 20 Years Average Experience MBA, Univ. of San Francisco Fanesca Young, Ph.D., CFA 9 Years Experience/9 With Firm Director of Quant Research & Managing Director PhD, Columbia University 100% Employee Owned 11 Years Experience/8 With Firm Kristin Ceglar, CFA Portfolio Manager BA, Harvard University Charles Fann, CFA 11 Years Experience/11 With Firm Director of Investment Technology BA, Univ. of California at Los Angeles 13 Years Experience/12 With Firm Daniel Arche, CFA Portfolio Manager BA, Univ. of Southern California Stable & Experienced 10 Years Experience/9 With Firm 7 All Investment Committee members listed above are principals of Los Angeles Capital As of 03/04/2016 CONFIDENTIAL | FIRM OVERVIEW | ORGANIZATIONAL CHART BOARD MANAGEMENT COMMITTEE COMPLIANCE RESEARCH LEGAL PORTFOLIO MANAGEMENT OPERATIONS TRADING INFORMATION TECHNOLOGY RELATIONSHIP MANAGEMENT 8 CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS | INVESTOR PREFERENCE THEORY ® “We believe a stock’s expected return is a function of its risk characteristics and their expected returns in the current market environment.” Modern Portfolio Theory Arbitrage Pricing Theory Behavioral Finance One Portfolio Maximizes Return Security Prices React to Explains Failure of Theory For any Given Level of Risk Unanticipated Events Investor Preference Theory ® 1950 1975 1990 2000 2010 Capital Asset Pricing Model Adaptive Markets Expected Returns Equal Fama French Model Required Returns Beta, Size, and Style Hypothesis “In contrast to peers, we believe that expected returns are shaped by current conditions, not past performance.” 9 CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS | INVESTMENT PROCESS OVERVIEW Dynamic Alpha Stock Selection Model ® 1 Identify valuation, earnings, financial, management, and market factors that drive equity returns Factor Inputs Incorporate information from multiple high quality data sources Apply performance attribution techniques to identify recent factor prices 2 Forecast Factors Advanced statistical techniques to forecast factor return based on their level and stability Develop 3 Estimate stock level alphas by summing the product of each stock’s risk exposures and their Alphas expected returns. Develop 6,000 alphas weekly, globally Dynamic Portfolio Management and Trading 4 Construct Portfolio Develop investment risk estimates, alpha uncertainties, and trading cost assumptions Optimize the portfolio to maximize returns subject to client guidelines, penalties for risks and trading execution considerations Execute Trades 5 Compare optimal portfolio to current portfolio to identify trade candidates Use proprietary trading process to minimize implementation shortfall 10 CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS | EMERGING MARKETS FACTOR INPUTS* Los Angeles Capital’s Dynamic Alpha Stock Selection Model ® Proprietary Factor Research Market Insights Forward looking factor returns Designed to identify factors provide valued by equity investors unique insights Company Fundamentals Valuation Earnings Market Financial Management Earnings Yield
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