FUND EVALUATION REPO RT Plymouth County Retirement Association Investment Review June 26, 2018 Confidentiality: This evaluation is prepared by Meketa Investment Group, Inc. for the exclusive use of the Plymouth County Retirement Association. This evaluation is not to be used for any other purpose or by any parties other than the Trustees, employees, agents, attorneys, and/or consultants. No other parties are authorized to review or utilize the information contained herein without expressed written consent. MEKETA INVESTMENT GROUP B OSTON C HICAGO M IAMI P ORTLAND S AN D IEGO L ONDON M ASSACHUSETTS I LLINOIS F LORIDA O REGON C ALIFORNIA U N IT E D K INGDOM www.meketagroup.com Plymouth County Retirement Association Confidentiality The material contained in this report is confidential and may not be reproduced, disclosed, or distributed, in whole or in part, to any person or entity other than the intended recipient. The data are provided for informational purposes only, may not be complete, and cannot be relied upon for any purpose other than for discussion. Meketa Investment Group has prepared this report on the basis of sources believed to be reliable. The data are based on matters as they are known as of the date of preparation of the report, and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available. Prepared by Meketa Investment Group Page 2 of 99 Plymouth County Retirement Association Agenda 1. Interim Update as of May 31, 2018 2. Hedge Fund Manager Finalist Overview 3. Private Markets 2017 Q4 Report 4. Disclaimer, Glossary, and Notes Prepared by Meketa Investment Group Page 3 of 99 Interim Update Page 4 of 99 Plymouth County Retirement Association Total Retirement Association As of May 31, 2018 Asset Class Net Performance Summary Market Value % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 15 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date _ Total Retirement Association 990,466,963 100.0 0.7 0.9 9.9 6.6 7.5 5.4 7.4 8.0 Nov-89 Custom Benchmark - Policy Benchmark 0.3 1.2 10.8 7.5 8.5 6.7 -- -- Nov-89 Domestic Equity Assets 257,046,939 26.0 4.6 4.3 17.1 -- -- -- -- 16.3 Jan-16 Russell 3000 2.8 2.5 15.1 10.7 12.9 9.2 9.7 15.0 Jan-16 International Developed Market Equity Assets 164,937,020 16.7 -1.6 -1.5 9.4 -- -- -- -- 10.7 Jan-16 MSCI EAFE -2.2 -1.5 8.0 4.3 5.9 2.1 7.5 9.4 Jan-16 International Emerging Market Equity Assets 98,458,780 9.9 -2.7 -1.5 15.7 -- -- -- -- 16.7 Jan-16 MSCI Emerging Markets -3.5 -2.6 14.0 6.2 4.5 1.6 11.4 17.8 Jan-16 Global Equity Assets 97,025,937 9.8 -1.0 -- -- -- -- -- -- -4.3 Feb-18 MSCI ACWI 0.1 0.1 11.8 7.5 8.9 5.0 8.4 -5.2 Feb-18 Domestic Fixed Income 73,790,173 7.5 0.6 -1.2 0.0 -- -- -- -- 2.5 Jan-16 75% Bbg Barclays Aggregate/25% Bbg Barclays US TIPs 1-10 year 0.7 -1.1 -0.2 1.3 1.6 -- -- 2.0 Jan-16 Value Added Fixed Income 72,274,785 7.3 0.0 0.6 2.6 -- -- -- -- 7.3 Jan-16 50% BBgBarc US High Yield/ 50% Credit Suisse Leveraged Loans 0.1 1.0 3.4 4.5 4.5 6.5 6.5 8.3 Jan-16 International Fixed Income 36,596,628 3.7 -1.7 -0.7 3.1 -- -- -- -- 7.1 Jan-16 Custom Benchmark - Global Fixed Income -0.9 -4.1 -0.4 3.9 2.9 -- -- 5.3 Jan-16 Hedge Fund 40,576,158 4.1 1.0 -0.6 4.7 3.4 5.0 -- -- 4.9 Feb-10 HFRI Fund of Funds Composite Index 0.7 1.2 5.6 1.7 3.3 1.4 3.5 3.1 Feb-10 Real Estate 86,401,288 8.7 0.5 0.1 3.7 -- -- -- -- 3.7 Jan-16 NCREIF-ODCE 0.0 2.2 8.1 10.0 11.4 5.1 8.3 7.7 Jan-16 Private Equity 34,820,641 3.5 0.0 6.8 21.2 -- -- -- -- 7.1 Jan-16 Cambridge Associates Fund of Funds Composite 1-Quarter Lag 0.0 3.8 15.0 9.3 11.6 7.7 11.3 8.8 Jan-16 Real Assets 21,564,899 2.2 0.0 -2.7 2.0 -- -- -- -- -4.2 Jan-16 CPI+3% 0.4 2.3 5.7 4.9 4.6 4.5 5.1 5.2 Jan-16 Cash and Cash Equivalent 5,838,399 0.6 XXXXX Prepared by Meketa Investment Group Page 5 of 99 Plymouth County Retirement Association Total Retirement Association As of May 31, 2018 Trailing Net Performance Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date _ Total Retirement Association 990,466,963 100.0 -- 0.7 0.9 9.9 6.6 7.5 5.4 8.0 Nov-89 Custom Benchmark - Policy Benchmark 0.3 1.2 10.8 7.5 8.5 6.7 -- Nov-89 Domestic Equity Assets 257,046,939 26.0 26.0 4.6 4.3 17.1 -- -- -- 16.3 Jan-16 Russell 3000 2.8 2.5 15.1 10.7 12.9 9.2 15.0 Jan-16 Rhumbline Russell 1000 Value 32,787,141 3.3 12.8 0.6 -1.9 8.1 7.3 9.9 -- 10.3 Apr-13 Russell 1000 Value 0.6 -1.9 8.2 7.4 10.1 7.4 10.5 Apr-13 Rhumbline Russell 1000 Growth 56,172,762 5.7 21.9 4.4 6.2 20.8 13.8 15.6 -- 16.0 Jul-09 Russell 1000 Growth 4.4 6.2 21.0 13.9 15.7 10.9 16.1 Jul-09 Fisher Midcap Value 44,456,801 4.5 17.3 2.0 0.7 14.6 10.6 11.0 8.4 7.9 Apr-07 Russell MidCap Value 1.1 -1.0 8.3 7.6 10.8 9.0 7.2 Apr-07 Boston Company Small Cap Growth 49,884,997 5.0 19.4 8.8 14.6 33.3 13.2 15.9 -- 16.0 Aug-09 Russell 2000 Growth 6.3 8.8 25.1 10.8 13.3 10.5 15.5 Aug-09 LMCG Small Cap Value 73,727,897 7.4 28.7 5.3 1.6 10.2 10.0 10.6 -- 9.6 Mar-11 Russell 2000 Value 5.8 4.8 16.4 11.0 11.0 8.7 10.3 Mar-11 International Developed Market Equity Assets 164,937,020 16.7 16.7 -1.6 -1.5 9.4 -- -- -- 10.7 Jan-16 MSCI EAFE -2.2 -1.5 8.0 4.3 5.9 2.1 9.4 Jan-16 KBI Master Account 76,357,681 7.7 46.3 -2.9 -3.7 4.1 2.0 4.5 1.3 4.1 Jul-05 MSCI EAFE -2.2 -1.5 8.0 4.3 5.9 2.1 5.0 Jul-05 HGK TS International Equity 48,843,115 4.9 29.6 -0.8 1.1 13.3 7.9 9.0 -- 7.7 Feb-11 MSCI EAFE -2.2 -1.5 8.0 4.3 5.9 2.1 4.8 Feb-11 Copper Rock International Small Cap 39,736,223 4.0 24.1 0.1 0.0 -- -- -- -- 1.7 Nov-17 MSCI EAFE Small Cap -1.0 0.6 14.7 10.3 10.9 6.1 3.3 Nov-17 Prepared by Meketa Investment Group Page 6 of 99 Plymouth County Retirement Association Total Retirement Association As of May 31, 2018 Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date _ International Emerging Market Equity Assets 98,458,780 9.9 9.9 -2.7 -1.5 15.7 -- -- -- 16.7 Jan-16 MSCI Emerging Markets -3.5 -2.6 14.0 6.2 4.5 1.6 17.8 Jan-16 LMCG Emerging Markets 98,458,780 9.9 100.0 -2.7 -1.5 15.7 5.0 -- -- 3.9 Sep-13 MSCI Emerging Markets -3.5 -2.6 14.0 6.2 4.5 1.6 5.1 Sep-13 Global Equity Assets 97,025,937 9.8 9.8 -1.0 -- -- -- -- -- -4.3 Feb-18 MSCI ACWI 0.1 0.1 11.8 7.5 8.9 5.0 -5.2 Feb-18 First Eagle Global Value Fund 19,246,248 1.9 19.8 0.3 -- -- -- -- -- -3.8 Feb-18 MSCI ACWI 0.1 0.1 11.8 7.5 8.9 5.0 -5.2 Feb-18 Kopernik Global All Cap Fund 19,014,815 1.9 19.6 -2.3 -- -- -- -- -- -4.9 Feb-18 MSCI ACWI 0.1 0.1 11.8 7.5 8.9 5.0 -5.2 Feb-18 Lee Munder Global Multi-Cap Strategy 28,259,566 2.9 29.1 0.4 -- -- -- -- -- -0.7 Mar-18 MSCI ACWI 0.1 0.1 11.8 7.5 8.9 5.0 -1.1 Mar-18 Wellington Durable Enterprises, L.P.