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Annual Review of MTA Sponsored Pension & Retirement...
Transcript of Annual Review of MTA Sponsored Pension & Retirement...
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Annual Review of MTA SponsoredPension & Retirement Funds
As of December 31, 2018
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TABLE OF CONTENTS
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PageExecutive Summary 3Overview – MTA Sponsored and Multi-Employer Plans 4Market Outlook 5Asset Allocation & Performance 6-7Assumptions & Funding Level 8-9MWBE Participation 10-12Appendix 13-21
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Executive SummaryMTA Sponsored Pension Plans on solid footing• Complex Plans that are conservatively administered (i.e. ADC, Return Assumption, Amortization)• MTA Defined Benefit Plan: $4.1 billion, 78.2% Funded• LIRR Additional Plan: $951.3 million, 64.6% Funded• MaBSTOA: $2.9 billion, 79.4% Funded• Combined pension plans assets under management grew 0.67% year over year • OPEB Trust: $351.4 millionExtreme weak performance in Q4 of 2018 erased all of 2018 market gains • The Plans are designed to perform equal to or better than a traditional 60% Equity / 40% Bond
benchmark over time, while demonstrating less volatility (risk)• For 2018:
• MTA Defined Benefit Plan, LIRR Additional Plan returned -2.6% (net)• MaBSTOA returned -2.3% (net)• OPEB Trust returned -5.1% (net)
• Underperformance driven by financial markets turbulence in fourth quarter of 2018• Portfolio remains conservatively managed, with 60% less volatility (risk) than the market benchmark• 2019 YTD returns as of March 31, 2019:
• MTA Defined Benefit Plan, LIRR Additional Plan returned +6.6% (net)• MaBSTOA returned +6.5% (net)• OPEB Trust returned +8.3% (net)
MTA Deferred Compensation Plan (401k/457)• Ended year at $6.2 billion in assets and 54,070 active participants• Year over year assets under management fell by 0.5%• Participation rate 72.7% amongst highest in public plan peer group• Plan design and investment lineup continually developed to enhance participant experience
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Overview – MTA Sponsored and Multi-Employer PlansPension Plan
# of Active Members3
2018 Pension Contributions -Actual ($ mm)
2018 Pension Cost - Adopted
Budget ($ mm) 1,2
Assets (as of 12/31/18)
MTA Sponsored Defined Benefit PlansMTA DB Plan 18,631 $332 $339 $4.1 billion MaBSTOA 8,686 203 213 2.9 billionLIRR Additional Plan5 84 59 60 $951.3 million
Total 27,401 $594 $612 $7.95 billion
MTA Sponsored Defined Contribution Plans
MTA Deferred Compensation Program (401k & 457) 53,291 $0 $0 $6.2 billionMNR 401(k) 495 3 3TCU/HQ 401(k) 284
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Market Overview & OutlookEquity Markets were negative for the year•Global equity experienced steep selloff during the fourth quarter, driving 2018 calendar year returns negative•The S&P 500’s decade-long winning streak came to an end, returning -13.5% in the fourth quarter and -4.4% in 2018•Small cap stock experienced a more significant selloff, returning -20.2% in the fourth quarter and -11.0% for 2018•International markets were also negative in 2018, with MSCI EAFE returning -13.8%•In line with the rest of the world, emerging markets were also negative, with the MSCI EM Index returning -14.6%
Fixed Income was mixed for the year•Risky assets underperformed safe assets•In the US, the Aggregate Bond Index returned 0.0% with Treasuries and Mortgages outperforming US Investment Grade Credit•High yield underperformed safe assets as spreads widened in the fourth quarter, returning -4.5% in 2018
Outlook for 2019•Market dynamics shifted in 2018, with Fed policy and US-China trade tensions coming to prominence •US economy has entered a late-cycle market environment; this transition is likely accompanied by a more risk-adverse investmentoutlook as economic risks become more pronounced•Safe-haven fixed income exposure is an essential asset class exposure as the potential for an adverse economic outcome appears to have expanded•Emerging market equity and debt remain attractive from a total return perspective
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MTA Sponsored Plans – Asset Allocation (12/31/18)
MTA DB & MaBSTOA Target
Allocation
MTA DBActual
MaBSTOAActual
MTA OPEBTarget Allocation
MTA OPEB Actual
Equities 33.0% 28.8% 28.7% 35.0% 38.7%Domestic Equity 15.0% 14.4% 14.2%
Large Cap 10.0% 9.4% 9.2%Small Cap 5.0% 4.9% 5.0%
International Equity 18.0% 14.4% 14.4%Developed Markets 13.0% 11.6% 11.6%Emerging Markets 5.0% 2.8% 2.9%
Fixed Income 16.0% 15.3% 14.3% 18.0% 17.0%Global Asset Allocation* 15.0% 14.2% 14.0% 30.0% 28.5%Absolute Return 14.0% 13.0% 14.5% 12.0% 9.6%Real Assets 4.0% 5.4% 5.0% 5.0% 4.0%Real Estate 5.0% 5.1% 4.5%Opportunistic 6.0% 9.6% 10.2%Private Equity 7.0% 5.0% 5.5%Cash** 0.0% 3.6% 3.3% 0.0% 2.2%
* Global Asset Allocation Managers may invest across various liquid asset classes including stocks, bonds and commodities** MTA DB and MaBSTOA utilize an overlay manager (Parametric Clifton) in an effort to ensure that cash remains invested
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MTA Sponsored Plans – Historical Performance
MaBSTOA
MTA
Median
60/40
4.5%
5.0%
5.5%
6.0%
6.5%
4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5%
Annu
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Risk (Standard Deviation)
MaBSTOA
MTA
Median
60/40
3.0%
3.5%
4.0%
4.5%
5.0%
4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%
Annu
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Risk (Standard Deviation)
MaBSTOAMTA
Median
60/40
5.0%
6.0%
7.0%
8.0%
4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5%
Annu
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Risk (Standard Deviation)
MaBSTOA
MTA
Median
60/40
6.0%
7.0%
8.0%
9.0%
6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5%
Annu
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Risk (Standard Deviation)
10 Year Risk-Return Chart7 Year Risk-Return Chart
5 Year Risk-Return Chart3 Year Risk-Return Chart
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MTA Sponsored Plans – Investment Rate Return Assumptions
Investment Rate (net of fees)
2012 2013 2014 2015 2016 2017 2018Pension Plan
LIRR - Additional Plan 8.0% 7.5% 7.0% 7.0% 7.0% 7.0% 7.0%
MaBSTOA 8.0% 7.5% 7.0% 7.0% 7.0% 7.0% 7.0%
MTA DB Plan 8.0% 7.5% 7.0% 7.0% 7.0% 7.0% 7.0%
NYSLERS 7.5% 7.5% 7.0% 7.0%NYCERS 7.0% 7.0% 7.0% 7.0%
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MTA Sponsored Plans – Funding Status
26.9%
64.6% 53.4%
79.4%
67.4%78.2%
0%
20%
40%
60%
80%
100%
1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018
Fund
ed R
atio
Date of Valuation
LIRR Additional Plan MaBSTOA MTA DB
1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018LIRR Additional Plan 26.9 28.2 24.8 24.8 30.9 48.8 46.0 50.8 64.6MaBSTOA 53.4 60.6 55.7 60.1 65.2 69.3 67.3 72.1 79.4MTA DB 67.4 72.7 65.8 68.9 71.6 72.5 68.6 71.1 78.2
PresenterPresentation NotesAlthough our plans are not fully funded the increase in the funding level has been significant in the past 10 years. Since the inception of the MTA DB plan 1994 and since 1989 when the OA Pension Plan and Trust were established and we moved away from a “pay as you go plan) the MTA has always met its obligation and has always contributed the annual Actuarially Determined Contribution
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MTA Sponsored Plans – MWBE ParticipationNew England Pension Consultants (NEPC) Diversity Advisory Committee
• In the interest of promoting equal access to all who seek to provide financial services to the MTA sponsored defined benefit plans, the MaBSTOA Investment Committee and the MTA Defined Benefit Pension Plan Board of Managers of Pensions has directed its investment advisor, NEPC, to review whether minority-owned and women-owned investment management firms are qualified in connection with every investment manager search that the investment advisor performs.
• NEPC has an in-house committee that is tasked with identifying emerging managers across all asset classes
• NEPC’s committee is made up of 14 consultant and research professionals
• The goals of the Committee include:– Proactively expand selection and recommendation of MWDBE Managers– Identify top-tier firms across all asset classes (public/alternatives)– Maintain a database of viable emerging managers– Thought leadership in emerging manager research– Increase utilization of emerging managers within our client’s portfolio
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MTA Sponsored Plans – MWBE ParticipationAs of December 31, 2018
Executive SummaryCombined Plans• Total assets managed by MWBEs: $1.062 billion; or 14% of total assets• Majority of assets are in traditional asset classes• Traditional assets managed by MWBEs: $984 million; or 21% of traditional assets
• MWBE firms manage• 53% of US Equities• 31% of Real Estate• 27% of Non-US Equities• 9% of Fixed Income• 1% of Opportunistic
• Alternative Investments managed by MWBE’s: $77.7 million; or 3% of alternative investments• Continue to actively source new relationships and investment managers
• Engaged with investment consultants, industry groups, custodians, and brokers
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MTA Sponsored Plans – MWBE ParticipationAs of December 31, 2018
Non-MWBE Managed Assets
(Traditional), $3,615,454,505 , 79%
MWBE Managed Assets (Traditional), $984,518,633 , 21%
Combined Plans - Traditional Investments
Chart1
Non-MWBE Managed Assets
MWBE Managed Assets
Combined Plans - Total Assets
6346072775
1062250814
MTA
Ending December 31, 2016Ending December 31, 2016
Market Value($)Market Value($)
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Composite with Overlay*$ 4,541,374,934Composite with Overlay*$ 4,070,063,222
Composite with Cash$ 4,541,374,934Composite with Cash$ 4,070,063,222
Manager Composite$ 4,372,660,290Manager Composite$ 3,998,906,191
Rhumbline$ 132,716,400Rhumbline$ 135,512,822
Independent Franchise Partners$ 130,370,995Independent Franchise Partners$ 119,442,105
Lazard US Equity Concentrated$ 159,452,180Lazard US Equity Concentrated$ 152,118,438
Robeco Boston PartnersRobeco Boston Partners$ 19,446
Earnest Partners$ 109,030,193Earnest Partners$ 106,617,358
Atlanta$ 125,151,909Atlanta$ 114,016,527
Sanderson International$ 177,019,680Sanderson International$ 97,838,869
Johnston International$ 166,816,106Johnston International$ 133,285,769
BlackRock$ 214,040,699BlackRock$ 143,238,482
Eaton Vance$ 62,945,831Eaton Vance$ 57,880,953
Lazard$ 82,178,366Lazard$ 67,032,885
Baird$ 151,958,460Baird$ 154,679,397
Crescent High Income Fund$ 95,557,754Crescent High Income Fund$ 89,904,233
GAM Unconstrained Bond$ 215,100,681GAM Unconstrained Bond$ 203,966,105
Advent$ 63,187,271Advent$ 60,133,644
Wellington Blended Opp. EMD$ 78,204,372Wellington Blended Opp. EMD$ 74,998,607
SSgA Long Treasury Index$ 21,876,354SSgA Long Treasury Index$ 19,346,265
Vanguard TIPS Index$ 75,865,576Vanguard TIPS Index$ 56,374,464
PIMCO Unconstrained Bond$ 7,643PIMCO Unconstrained Bond$ 8,013
Bridgewater Pure Alpha$ 90,413,400Bridgewater Pure Alpha$ 80,562,438
Bridgewater Pure Alpha Major Markets$ 12,620,708Bridgewater Pure Alpha Major Markets$ 10,806,980
Allianz$ 115,342,207Allianz$ 108,163,604
Canyon$ 90,988,880Canyon$ 84,978,789
Passport$ 45,259,204Passport$ 55,488,531
LibreMax Master Fund$ 83,303,313LibreMax Master Fund$ 77,049,914
Beacon Light$ 34,439,612Beacon Light$ 30,885,917
Senator$ 67,848,035Senator$ 64,551,788
Makuria63875193Makuria$ 60,000,000
Redeeming Managers*$ 5,020,559Redeeming Managers*$ 4,995,233
Wellington DIH116,900,189Wellington DIH$ 111,003,268
NGP Natural Resources X11,359,576NGP Natural Resources X$ 14,227,927
NGP Natural Resources XI18,022,059NGP Natural Resources XI$ 8,269,881
EIG Energy8,467,443EIG Energy$ 9,578,705
EIG Energy XVI15,810,940EIG Energy XVI$ 9,228,039
Arclight20,896,140Arclight$ 12,059,001
JP Morgan Real Estate98,954,566JP Morgan Real Estate$ 93,852,717
Rhumbline47,441,035
Siguler Guff Distressed19,924,148Siguler Guff Distressed$ 21,680,727
Siguler Guff Distressed II39,073,729Siguler Guff Distressed II$ 35,098,659
Siguler II Co-Inv21,871,287Siguler II Co-Inv$ 15,549,072
PIMCO DISCO II$ 62,252,203PIMCO DISCO II$ 63,230,829
Perella Weinberg Fund II$ 7,045,901Perella Weinberg Fund II$ 7,045,901
Perella Weinberg Fund III$ 35,474,965Perella Weinberg Fund III$ 35,474,965
Entrust Special Opps Fund II$ 20,527,917Entrust Special Opps Fund II$ 20,527,917
Crescent Direct Lending$ 26,238,333Crescent Direct Lending$ 26,238,333
Park Square$ 33,066,023Park Square$ 36,629,904
Orchard Landmark$ 105,546,535Orchard Landmark$ 107,169,954
MC-Seamax$ 28,450,038MC-Seamax$ 34,362,929
Gramercy$ 38,647,185Gramercy$ 38,528,688
PIMCO All Asset$ 104,412,309PIMCO All Asset$ 106,772,786
Bridgewater All Weather$ 177,600,052Bridgewater All Weather$ 181,887,473
Wellington Opportunistic$ 168,265,263Wellington Opportunistic$ 174,887,987
Mellon Dynamic Growth$ 192,218,425Mellon Dynamic Growth$ 195,413,733
Wellington Global Managed Risk$ 126,116,213Wellington Global Managed Risk$ 128,611,444
Private Equity$ 149,321,988Private Equity$ 147,677,764
JP Morgan Chase$ 42,021,831JP Morgan Chase$ 43,682,726
Williams Capital$ 10,019,824Williams Capital$ 10,019,824
The Clifton Group PIOS$ 7,496,623The Clifton Group PIOS$ 8,817,627
The Clifton Group International Overlay$ 9,152,314The Clifton Group International Overlay$ 8,636,854
Clifton Overlay$ 59,538,278Clifton Overlay$ 62,520,177
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*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
MaBSTOA
Ending June 30, 2016Ending July 31, 2016
Market Value($)Market Value($)
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Composite with Cash*$ 2,347,315,542Composite with Cash*$ 2,406,244,464
Composite with Overlay$ 2,347,315,542Composite with Overlay$ 2,406,244,464
Manager Composite$ 2,256,566,464Manager Composite$ 2,350,040,140
Rhumbline$ 92,693,840Rhumbline$ 96,096,423
Independent Franchise Partners$ 76,332,237Independent Franchise Partners$ 79,983,553
Lazard US Equity Concentrated$ 73,775,575Lazard US Equity Concentrated$ 79,072,845
Times Square$ 54,005,497Times Square$ 56,118,400
Pzena$ 59,278,442Pzena$ 62,259,199
Mercator*$ 238,244Mercator*$ 239,340
Sanderson International$ 84,699,489Sanderson International$ 89,287,529
Johnston International$ 99,495,836Johnston International$ 106,447,242
BlackRock$ 28,010,100BlackRock$ 29,365,059
Eaton Vance$ 37,929,511Eaton Vance$ 39,598,627
Lazard$ 45,933,378Lazard$ 48,488,709
Baird$ 61,388,926Baird$ 61,878,907
Crescent High Income Fund$ 54,692,277Crescent High Income Fund$ 55,672,620
PIMCO Unconstrained Bond$ 1,329PIMCO Unconstrained Bond$ 1,335
GAM Unconstrained Bond$ 68,813,135GAM Unconstrained Bond$ 69,470,894
Advent$ 28,917,055Advent$ 29,797,342
Wellington Blended Opp. EMD$ 43,924,791Wellington Blended Opp. EMD$ 44,541,749
SSgA Long Treasury Index$ 11,564,517SSgA Long Treasury Index$ 11,823,513
Vanguard TIPS Index$ 32,585,811Vanguard TIPS Index$ 32,794,503
Bridgewater Pure Alpha$ 78,484,031Bridgewater Pure Alpha$ 78,639,772
Allianz$ 79,308,040Allianz$ 79,673,076
Canyon$ 33,872,539Canyon$ 34,605,311
Passport$ 17,162,208Passport$ 17,265,667
LibreMax Master Fund$ 47,758,839LibreMax Master Fund$ 48,165,239
Beacon Light$ 20,155,378Beacon Light$ 20,590,612
Senator$ 37,000,000Senator$ 37,911,368
MaMakuria$ 35,000,000
Redeeming Managers*$ 2,182,528Redeeming Managers*$ 2,169,201
Wellington DIH$ 50,115,954Wellington DIH$ 50,850,671
NGP Natural Resources X$ 9,390,432NGP Natural Resources X$ 9,390,432
NGP Natural Resources XI$ 4,274,388NGP Natural Resources XI$ 5,273,550
EIG Energy$ 6,385,611EIG Energy$ 6,385,611
EIG Energy XVI$ 6,152,026EIG Energy XVI$ 6,152,026
Arclight$ 6,981,528Arclight$ 6,981,528
Siguler Guff Distressed$ 20,133,266Siguler Guff Distressed$ 20,013,260
Siguler Guff Distressed II$ 21,813,696Siguler Guff Distressed II$ 21,787,431
Siguler II Co-Inv$ 8,772,152Siguler II Co-Inv$ 9,693,453
UBS Real Estate$ 20,193,715UBS Real Estate$ 20,042,994
JP Morgan Real Estate$ 20,666,256JP Morgan Real Estate$ 20,778,473
PIMCO DISCO II$ 33,276,734PIMCO DISCO II$ 33,799,856
Perella Weinberg Fund II$ 4,003,354Perella Weinberg Fund II$ 4,003,354
Perella Weinberg Fund III$ 21,830,748Perella Weinberg Fund III$ 21,830,748
Entrust Special Opps Fund II$ 18,948,791Entrust Special Opps Fund II$ 14,485,800
Crescent Direct Lending$ 17,674,307Crescent Direct Lending$ 17,674,307
Park Square$ 22,044,015Park Square$ 24,419,933
Orchard Landmark$ 65,558,998Orchard Landmark$ 66,569,566
MC-Seamax$ 18,952,109MC-Seamax$ 23,169,017
Gramercy$ 23,188,311Gramercy$ 23,117,213
PIMCO All Asset$ 118,348,062PIMCO All Asset$ 121,023,199
Bridgewater All Weather$ 110,764,407Bridgewater All Weather$ 113,438,357
Wellington Opportunistic$ 96,159,443Wellington Opportunistic$ 99,944,166
Mellon Dynamic Growth$ 85,107,331Mellon Dynamic Growth$ 86,522,098
Wellington Global Managed Risk$ 80,883,254Wellington Global Managed Risk$ 82,374,898
Private Equity$ 94,744,024Private Equity$ 93,360,165
Clifton Overlay$ 90,749,077Clifton Overlay$ 56,204,324
JP Morgan Chase$ 54,621,895JP Morgan Chase$ 20,052,571
Williams Capital$ 10,015,062Williams Capital$ 10,016,942
The Clifton Group PIOS$ 13,474,801The Clifton Group PIOS$ 14,276,581
The Clifton Group International Overlay$ 12,637,320The Clifton Group International Overlay$ 11,858,230
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*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
Sheet1
Bridgewater81,392,37220.31.2-6.7-6.1-0.20.66.45.68-Feb
Bridgewater11,016,18131-Dec1-Jan2.1-4.9-1.82-Jan----3.213-Sep
Allianz110,324,0182.71.12.57-Jan14-Jan9.514.28.18.29-Jun
Canyon86,599,2792.20.64.17.264.1----4.113-Oct
Passport51,639,7871.3-2.8-6.4-13.4-17.91-Jan-----0.313-Oct
LibreMax78,893,91221.13.31-Jan-0.9-------115-Aug
Beacon31,377,8230.8-13.8----------4.616-Apr
Senator65,830,3861.60.64.5----------4.516-Jun
Makuria60,955,6121.50.51.6----------1-Jan16-Jul
Redeeming5,025,083
As of Dec 31 2018
MaBSTOAEnding December 31, 2018MTADBPPEnding December 31, 2018
Market Value($)Market Value($)
__
Composite with Cash*2,820,078,210Composite with Overlay*4,852,449,2485051148728
Composite with Overlay2,820,078,210Composite with Cash4,852,449,248-198,699,480
MTADBPPMaBSTOA
Manager Composite2,728,221,862Manager Composite4,680,101,727$ 7,408,323,589
MaBSTOA MWBE Investment ManagersMTADB MWBE Investment ManagersTotal
Rhumbline85,697,233Large Cap EquityRhumbline145,815,017Large Cap Equity231,512,250Large Cap Equity456,721,123.00260,554,166.00
Independent Franchise Partners88,577,288Large Cap EquityIndependent Franchise Partners144,902,784Large Cap Equity233,480,072Small Cap Equity241,666,977.00140,565,294.00
Advent32,405,117Traditional Fixed IncomeAdvent65,325,718Traditional Fixed Income97,730,835Inter'l Equity564,080,639.00326,185,664.00
Earnest Partners44,717,132Small Cap EquityEarnest Partners77,467,315Small Cap Equity122,184,447Emerging Equity134,619,843.0081,141,683.00
Johnston International123,032,138Inter'l EquityJohnston International176,578,891Inter'l Equity299,611,029Long/Short Equity133,006,505.0078,223,459.00
VWH Partners1,896,163Opp CreditVWH Partners3,093,740Opp Credit4,989,903Opp Equity46,052,262.0030,701,507.00
Private Equity222,652,027.00142,305,379.00
Non-MWBE Investment Managers (Traditional)Non-MWBE Investment Managers (Traditional)Traditional Fixed Income741,066,154.00401,803,197.00
Lazard US Equity Concentrated86,279,645Large Cap EquityLazard US Equity Concentrated166,003,322Large Cap EquityLong/Short Credit255,266,300.00143,842,914.00
Pzena43,868,651Small Cap EquityPzena73,385,794Small Cap EquityOpp Credit421,651,007.00257,427,103.00
Atlanta51,979,511Small Cap EquityAtlanta90,813,868Small Cap EquityPrivate Debt21,827,165.0013,798,933.00
Sanderson International128,362,556Inter'l EquitySanderson International198,716,388Inter'l EquityReal Assets506,713,901.00270,317,669.00
BlackRock Hedged Index74,666,361Inter'l EquityBlackRock188,785,360Inter'l EquityGlobal Asset690,524,150.00395,091,204.00
Mercator124,609Inter'l EquityGlobal Macro244,253,674.00186,263,690.00
Eaton Vance43,228,693Emerging EquityEaton Vance63,186,967Emerging EquityOther172,347,521.0091,856,348.00
Lazard37,912,990Emerging EquityLazard71,432,876Emerging Equity
Baird164,523,680Traditional Fixed IncomeBaird297,563,566Traditional Fixed IncomeTotal4,852,449,248.002,820,078,210.00
Crescent High Income Fund59,832,119Traditional Fixed IncomeCrescent High Income Fund96,621,297Traditional Fixed Income
GAM Unconstrained Bond35,095,377Traditional Fixed IncomeGAM Unconstrained Bond70,096,222Traditional Fixed Income
Wellington Blended Opp. EMD46,604,022Traditional Fixed IncomeWellington Blended Opp. EMD89,757,016Traditional Fixed Income
SSgA Long Treasury Index19,682,345Traditional Fixed IncomeSSgA Long Treasury Index33,476,986Traditional Fixed Income
Vanguard TIPS Index43,660,536Traditional Fixed IncomeVanguard TIPS Index88,217,183Traditional Fixed Income
PIMCO Unconstrained Bond1Traditional Fixed IncomePIMCO Unconstrained Bond8,166Traditional Fixed Income
PIMCO All Asset56,824,585Global AssetPIMCO All Asset117,106,093Global Asset
Bridgewater All Weather71,987,274Global AssetBridgewater All Weather122,948,478Global Asset
Wellington Opportunistic105,887,711Global AssetWellington Opportunistic172,649,803Global Asset
Mellon Dynamic Growth78,244,230Global AssetMellon Dynamic Growth147,968,521Global Asset
Wellington Global Managed Risk82,147,404Global AssetWellington Global Managed Risk129,851,255Global Asset
SSgA Real Asset NL Fund51,738,302Real AssetsSSgA Real Asset NL Fund114,214,742Real Assets
State Street TransitionState Street Transition
Alternative InvestmentsAlternative Investments
Bridgewater Pure Alpha96,755,304Global MacroBridgewater Pure Alpha99,120,876Global Macro
Global MacroBridgewater Pure Alpha Major Markets13,054,657Global Macro
Allianz89,471,969Global MacroAllianz131,997,481Global Macro
Canyon47,540,967Long/Short CreditCanyon96,813,610Long/Short Credit
LibreMax Master Fund59,777,367Long/Short CreditLibreMax Master Fund95,839,125Long/Short Credit
Senator39,431,503Long/Short EquitySenator67,140,127Long/Short Equity
Beacon Light38,791,956Long/Short EquityBeacon Light65,866,378Long/Short Equity
Makuria36,524,580Long/Short CreditMakuria62,613,565Long/Short Credit
Redeeming Managers*36,417Global MacroRedeeming Managers*80,660Global Macro
Private Debt13,798,933Private DebtPrivate Debt21,827,165
Private Real Assets90,667,333Real AssetsPrivate Real Assets146,028,826Real Assets
Private Real Estate57,447,583Real AssetsPrivate Real Estate85,761,570Real Assets
UBS Real Estate21,385,591Real Assets
JP Morgan Real Estate24,594,202Real AssetsJP Morgan Real Estate112,451,143Real Assets160,708,7630.3002799542
Rhumbline FTSE Equity24,484,658Real AssetsRhumbline FTSE Equity48,257,620Real Assets70,464,4510.3474753248
PIMCO DISCO II32,727,478Opp CreditPIMCO DISCO II61,224,686Opp Credit
Orchard Landmark90,148,369Opp CreditOrchard Landmark145,021,329Opp Credit
Gramercy43,986,132Opp CreditGramercy73,345,232Opp Credit
Orchard Taiga14,512,241Opp CreditOrchard Taiga25,396,422Opp Credit
Perella Weinberg Fund II2,210,558Opp CreditPerella Weinberg Fund II3,890,580Opp Credit
Perella Weinberg Fund III12,408,040Opp CreditPerella Weinberg Fund III20,163,064Opp Credit
Entrust Special Opps Fund II6,320,857Opp CreditEntrust Special Opps Fund II6,847,579Opp Credit
Crescent Direct Lending10,135,894Opp CreditCrescent Direct Lending15,203,853Opp Credit
Park Square II26,803,807Opp CreditPark Square II40,205,703Opp Credit
MC-Seamax30,701,507Opp EquityMC-Seamax46,052,262Opp Equity
Carlyle (CASCO)6,561,788Opp CreditCarlyle (CASCO)10,936,314Opp Credit3,093,7401,896,1634,989,903
Park Square III9,715,776Opp CreditPark Square III16,322,505Opp Credit464,609,529286,232,447750,841,976
Private Equity142,305,379Private EquityPrivate Equity222,652,0271%1%1%
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099
Cash & Overlay ProgramsCash & Overlay Programs
Other
JP Morgan Chase52,006,265OtherJP Morgan Chase132,720,254Other
Williams Capital10,253,536OtherWilliams Capital10,256,487Other
The Clifton Group PIOS10,930,150OtherThe Clifton Group PIOS15,516,654Other
The Clifton Group International Overlay18,666,397OtherThe Clifton Group International Overlay13,854,126
Total Assets$ 2,728,221,862Total Assets$ 4,680,101,727Total Assets$ 7,408,323,589
Total Traditional Assets$ 1,657,079,510Total Traditional Assets$ 2,942,893,628Total Traditional Assets$ 4,599,973,138
MWBE-Traditional$ 374,428,908MWBE-Traditional$ 610,089,725MWBE-Traditional$ 984,518,633
MWBE % of Traditional23%MWBE % of Traditional21%MWBE % of Traditional21%
MWBE % of Total14%MWBE % of Total13%MWBE % of Total13%1,062,250,814.00
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099Total Alternative Investments$ 2,808,350,4510.14
MWBE - Alternative Investment$ 26,380,821MWBE - Alternative Investment$ 51,351,360MWBE - Alternative Investment$ 77,732,181
MWBE % of Alternative Investments2%MWBE % of Alternative Investments3%MWBE % of Alternative Investments3%
MWBE US Equity$ 218,991,653MWBE US Equity$ 368,185,116MWBE US Equity$ 587,176,769.001,099,507,560.00
% of US Equity55%% of US Equity53%% of US Equity53%
MWBE Non-US Equity$ 123,032,138MWBE Non-US Equity$ 176,578,891MWBE Non-US Equity$ 299,611,0291,106,027,829.00
% of Non-US Equity30%% of Non-US Equity25%% of Non-US Equity27%
MWBE Fixed Income$ 32,405,117MWBE Fixed Income$ 65,325,718MWBE Fixed Income$ 97,730,8351,142,869,351.00
% of Fixed Income8%% of Fixed Income9%% of Fixed Income9%
$ 400,809,729$ 661,441,08577,732,181374,382,3670.2076277834
$ 400,809,729$ 661,441,085
3
53
26
9
91
Agnes O'Hara:Alternative
Agnes O'Hara:Alternative
MTA DB Plan Charts
Investment Manager Composite$ 4,680,101,727% of US Equity53%
Non-MWBE Managed Assets$ 4,018,660,642% of Non-US Equity25%
MWBE Managed Assets$ 661,441,085% of Fixed Income9%
Total Traditional Assets$ 2,942,893,628% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 2,332,803,903% of Private Equity0%
MWBE Managed Assets (Traditional)$ 610,089,725% of Real Estate30%
MWBE % of Traditional21%
MWBE % of Total14%
Non-MWBE Managed Assets (Alternatives)$ 1,685,856,739
MWBE Managed Assets (Alternatives)51,351,3603%
160,236,189
159,084,591
66,866,991
88,389,989
183,980,065
2,808,349
52,377,727
713,743,901
MTA DB Plan Charts
MTA Defined Benefit - Total Assets
MaBSTOA Plan Charts
MTA Defined Benefit - Traditional Investments
Combined Plans Charts
MTA Defined Benefit - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 2,728,221,862% of US Equity55%
Non-MWBE Managed Assets$ 2,327,412,133% of Non-US Equity30%
MWBE Managed Assets$ 400,809,729% of Fixed Income8%
Total Traditional Assets$ 1,657,079,510% of Opportunistc1%
Non-MWBE Managed Assets (Traditional)$ 1,282,650,602% of Private Equity0%
MWBE Managed Assets (Traditional)$ 374,428,908% of Real Estate35%
MWBE % of Traditional23%
MWBE % of Total15%
Non-MWBE Managed Assets (Alternatives)$ 1,044,761,531
MWBE Managed Assets (Alternatives)26,380,821
MaBSTOA - Total Assets
MaBSTOA - Traditional Investments
MaBSTOA - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 7,408,323,589% of US Equity53%
Non-MWBE Managed Assets$ 6,346,072,775% of Non-US Equity27%
MWBE Managed Assets$ 1,062,250,814% of Fixed Income9%
Total Traditional Assets$ 4,599,973,138% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 3,615,454,505% of Private Equity0%
MWBE Managed Assets (Traditional)$ 984,518,633% of Real Estate31%
MWBE % of Traditional21%
MWBE % of Total14%121%
Non-MWBE Managed Assets (Alternatives)$ 2,730,618,270
MWBE Managed Assets (Alternatives)77,732,1810.03
Real Estate
160,708,763
70,464,451
231,173,214
72,742,278
0.3146656861
Commentary & Changes
Combined Plans - Total Assets
Combined Plans - Traditional Investments
Combined Plans- Alternative Investments
MWBE Managed Assets by Asset Class
Chart1
Non-MWBE Managed Assets (Alternatives)
MWBE Managed Assets (Alternatives)
Combined Plans- Alternative Investments
2730618270
77732181
MTA
Ending December 31, 2016Ending December 31, 2016
Market Value($)Market Value($)
__
Composite with Overlay*$ 4,541,374,934Composite with Overlay*$ 4,070,063,222
Composite with Cash$ 4,541,374,934Composite with Cash$ 4,070,063,222
Manager Composite$ 4,372,660,290Manager Composite$ 3,998,906,191
Rhumbline$ 132,716,400Rhumbline$ 135,512,822
Independent Franchise Partners$ 130,370,995Independent Franchise Partners$ 119,442,105
Lazard US Equity Concentrated$ 159,452,180Lazard US Equity Concentrated$ 152,118,438
Robeco Boston PartnersRobeco Boston Partners$ 19,446
Earnest Partners$ 109,030,193Earnest Partners$ 106,617,358
Atlanta$ 125,151,909Atlanta$ 114,016,527
Sanderson International$ 177,019,680Sanderson International$ 97,838,869
Johnston International$ 166,816,106Johnston International$ 133,285,769
BlackRock$ 214,040,699BlackRock$ 143,238,482
Eaton Vance$ 62,945,831Eaton Vance$ 57,880,953
Lazard$ 82,178,366Lazard$ 67,032,885
Baird$ 151,958,460Baird$ 154,679,397
Crescent High Income Fund$ 95,557,754Crescent High Income Fund$ 89,904,233
GAM Unconstrained Bond$ 215,100,681GAM Unconstrained Bond$ 203,966,105
Advent$ 63,187,271Advent$ 60,133,644
Wellington Blended Opp. EMD$ 78,204,372Wellington Blended Opp. EMD$ 74,998,607
SSgA Long Treasury Index$ 21,876,354SSgA Long Treasury Index$ 19,346,265
Vanguard TIPS Index$ 75,865,576Vanguard TIPS Index$ 56,374,464
PIMCO Unconstrained Bond$ 7,643PIMCO Unconstrained Bond$ 8,013
Bridgewater Pure Alpha$ 90,413,400Bridgewater Pure Alpha$ 80,562,438
Bridgewater Pure Alpha Major Markets$ 12,620,708Bridgewater Pure Alpha Major Markets$ 10,806,980
Allianz$ 115,342,207Allianz$ 108,163,604
Canyon$ 90,988,880Canyon$ 84,978,789
Passport$ 45,259,204Passport$ 55,488,531
LibreMax Master Fund$ 83,303,313LibreMax Master Fund$ 77,049,914
Beacon Light$ 34,439,612Beacon Light$ 30,885,917
Senator$ 67,848,035Senator$ 64,551,788
Makuria63875193Makuria$ 60,000,000
Redeeming Managers*$ 5,020,559Redeeming Managers*$ 4,995,233
Wellington DIH116,900,189Wellington DIH$ 111,003,268
NGP Natural Resources X11,359,576NGP Natural Resources X$ 14,227,927
NGP Natural Resources XI18,022,059NGP Natural Resources XI$ 8,269,881
EIG Energy8,467,443EIG Energy$ 9,578,705
EIG Energy XVI15,810,940EIG Energy XVI$ 9,228,039
Arclight20,896,140Arclight$ 12,059,001
JP Morgan Real Estate98,954,566JP Morgan Real Estate$ 93,852,717
Rhumbline47,441,035
Siguler Guff Distressed19,924,148Siguler Guff Distressed$ 21,680,727
Siguler Guff Distressed II39,073,729Siguler Guff Distressed II$ 35,098,659
Siguler II Co-Inv21,871,287Siguler II Co-Inv$ 15,549,072
PIMCO DISCO II$ 62,252,203PIMCO DISCO II$ 63,230,829
Perella Weinberg Fund II$ 7,045,901Perella Weinberg Fund II$ 7,045,901
Perella Weinberg Fund III$ 35,474,965Perella Weinberg Fund III$ 35,474,965
Entrust Special Opps Fund II$ 20,527,917Entrust Special Opps Fund II$ 20,527,917
Crescent Direct Lending$ 26,238,333Crescent Direct Lending$ 26,238,333
Park Square$ 33,066,023Park Square$ 36,629,904
Orchard Landmark$ 105,546,535Orchard Landmark$ 107,169,954
MC-Seamax$ 28,450,038MC-Seamax$ 34,362,929
Gramercy$ 38,647,185Gramercy$ 38,528,688
PIMCO All Asset$ 104,412,309PIMCO All Asset$ 106,772,786
Bridgewater All Weather$ 177,600,052Bridgewater All Weather$ 181,887,473
Wellington Opportunistic$ 168,265,263Wellington Opportunistic$ 174,887,987
Mellon Dynamic Growth$ 192,218,425Mellon Dynamic Growth$ 195,413,733
Wellington Global Managed Risk$ 126,116,213Wellington Global Managed Risk$ 128,611,444
Private Equity$ 149,321,988Private Equity$ 147,677,764
JP Morgan Chase$ 42,021,831JP Morgan Chase$ 43,682,726
Williams Capital$ 10,019,824Williams Capital$ 10,019,824
The Clifton Group PIOS$ 7,496,623The Clifton Group PIOS$ 8,817,627
The Clifton Group International Overlay$ 9,152,314The Clifton Group International Overlay$ 8,636,854
Clifton Overlay$ 59,538,278Clifton Overlay$ 62,520,177
XXXXXXXXXX
*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
MaBSTOA
Ending June 30, 2016Ending July 31, 2016
Market Value($)Market Value($)
__
Composite with Cash*$ 2,347,315,542Composite with Cash*$ 2,406,244,464
Composite with Overlay$ 2,347,315,542Composite with Overlay$ 2,406,244,464
Manager Composite$ 2,256,566,464Manager Composite$ 2,350,040,140
Rhumbline$ 92,693,840Rhumbline$ 96,096,423
Independent Franchise Partners$ 76,332,237Independent Franchise Partners$ 79,983,553
Lazard US Equity Concentrated$ 73,775,575Lazard US Equity Concentrated$ 79,072,845
Times Square$ 54,005,497Times Square$ 56,118,400
Pzena$ 59,278,442Pzena$ 62,259,199
Mercator*$ 238,244Mercator*$ 239,340
Sanderson International$ 84,699,489Sanderson International$ 89,287,529
Johnston International$ 99,495,836Johnston International$ 106,447,242
BlackRock$ 28,010,100BlackRock$ 29,365,059
Eaton Vance$ 37,929,511Eaton Vance$ 39,598,627
Lazard$ 45,933,378Lazard$ 48,488,709
Baird$ 61,388,926Baird$ 61,878,907
Crescent High Income Fund$ 54,692,277Crescent High Income Fund$ 55,672,620
PIMCO Unconstrained Bond$ 1,329PIMCO Unconstrained Bond$ 1,335
GAM Unconstrained Bond$ 68,813,135GAM Unconstrained Bond$ 69,470,894
Advent$ 28,917,055Advent$ 29,797,342
Wellington Blended Opp. EMD$ 43,924,791Wellington Blended Opp. EMD$ 44,541,749
SSgA Long Treasury Index$ 11,564,517SSgA Long Treasury Index$ 11,823,513
Vanguard TIPS Index$ 32,585,811Vanguard TIPS Index$ 32,794,503
Bridgewater Pure Alpha$ 78,484,031Bridgewater Pure Alpha$ 78,639,772
Allianz$ 79,308,040Allianz$ 79,673,076
Canyon$ 33,872,539Canyon$ 34,605,311
Passport$ 17,162,208Passport$ 17,265,667
LibreMax Master Fund$ 47,758,839LibreMax Master Fund$ 48,165,239
Beacon Light$ 20,155,378Beacon Light$ 20,590,612
Senator$ 37,000,000Senator$ 37,911,368
MaMakuria$ 35,000,000
Redeeming Managers*$ 2,182,528Redeeming Managers*$ 2,169,201
Wellington DIH$ 50,115,954Wellington DIH$ 50,850,671
NGP Natural Resources X$ 9,390,432NGP Natural Resources X$ 9,390,432
NGP Natural Resources XI$ 4,274,388NGP Natural Resources XI$ 5,273,550
EIG Energy$ 6,385,611EIG Energy$ 6,385,611
EIG Energy XVI$ 6,152,026EIG Energy XVI$ 6,152,026
Arclight$ 6,981,528Arclight$ 6,981,528
Siguler Guff Distressed$ 20,133,266Siguler Guff Distressed$ 20,013,260
Siguler Guff Distressed II$ 21,813,696Siguler Guff Distressed II$ 21,787,431
Siguler II Co-Inv$ 8,772,152Siguler II Co-Inv$ 9,693,453
UBS Real Estate$ 20,193,715UBS Real Estate$ 20,042,994
JP Morgan Real Estate$ 20,666,256JP Morgan Real Estate$ 20,778,473
PIMCO DISCO II$ 33,276,734PIMCO DISCO II$ 33,799,856
Perella Weinberg Fund II$ 4,003,354Perella Weinberg Fund II$ 4,003,354
Perella Weinberg Fund III$ 21,830,748Perella Weinberg Fund III$ 21,830,748
Entrust Special Opps Fund II$ 18,948,791Entrust Special Opps Fund II$ 14,485,800
Crescent Direct Lending$ 17,674,307Crescent Direct Lending$ 17,674,307
Park Square$ 22,044,015Park Square$ 24,419,933
Orchard Landmark$ 65,558,998Orchard Landmark$ 66,569,566
MC-Seamax$ 18,952,109MC-Seamax$ 23,169,017
Gramercy$ 23,188,311Gramercy$ 23,117,213
PIMCO All Asset$ 118,348,062PIMCO All Asset$ 121,023,199
Bridgewater All Weather$ 110,764,407Bridgewater All Weather$ 113,438,357
Wellington Opportunistic$ 96,159,443Wellington Opportunistic$ 99,944,166
Mellon Dynamic Growth$ 85,107,331Mellon Dynamic Growth$ 86,522,098
Wellington Global Managed Risk$ 80,883,254Wellington Global Managed Risk$ 82,374,898
Private Equity$ 94,744,024Private Equity$ 93,360,165
Clifton Overlay$ 90,749,077Clifton Overlay$ 56,204,324
JP Morgan Chase$ 54,621,895JP Morgan Chase$ 20,052,571
Williams Capital$ 10,015,062Williams Capital$ 10,016,942
The Clifton Group PIOS$ 13,474,801The Clifton Group PIOS$ 14,276,581
The Clifton Group International Overlay$ 12,637,320The Clifton Group International Overlay$ 11,858,230
XXXXXXXXXX
*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
Sheet1
Bridgewater81,392,37220.31.2-6.7-6.1-0.20.66.45.68-Feb
Bridgewater11,016,18131-Dec1-Jan2.1-4.9-1.82-Jan----3.213-Sep
Allianz110,324,0182.71.12.57-Jan14-Jan9.514.28.18.29-Jun
Canyon86,599,2792.20.64.17.264.1----4.113-Oct
Passport51,639,7871.3-2.8-6.4-13.4-17.91-Jan-----0.313-Oct
LibreMax78,893,91221.13.31-Jan-0.9-------115-Aug
Beacon31,377,8230.8-13.8----------4.616-Apr
Senator65,830,3861.60.64.5----------4.516-Jun
Makuria60,955,6121.50.51.6----------1-Jan16-Jul
Redeeming5,025,083
As of Dec 31 2018
MaBSTOAEnding December 31, 2018MTADBPPEnding December 31, 2018
Market Value($)Market Value($)
__
Composite with Cash*2,820,078,210Composite with Overlay*4,852,449,2485051148728
Composite with Overlay2,820,078,210Composite with Cash4,852,449,248-198,699,480
MTADBPPMaBSTOA
Manager Composite2,728,221,862Manager Composite4,680,101,727$ 7,408,323,589
MaBSTOA MWBE Investment ManagersMTADB MWBE Investment ManagersTotal
Rhumbline85,697,233Large Cap EquityRhumbline145,815,017Large Cap Equity231,512,250Large Cap Equity456,721,123.00260,554,166.00
Independent Franchise Partners88,577,288Large Cap EquityIndependent Franchise Partners144,902,784Large Cap Equity233,480,072Small Cap Equity241,666,977.00140,565,294.00
Advent32,405,117Traditional Fixed IncomeAdvent65,325,718Traditional Fixed Income97,730,835Inter'l Equity564,080,639.00326,185,664.00
Earnest Partners44,717,132Small Cap EquityEarnest Partners77,467,315Small Cap Equity122,184,447Emerging Equity134,619,843.0081,141,683.00
Johnston International123,032,138Inter'l EquityJohnston International176,578,891Inter'l Equity299,611,029Long/Short Equity133,006,505.0078,223,459.00
VWH Partners1,896,163Opp CreditVWH Partners3,093,740Opp Credit4,989,903Opp Equity46,052,262.0030,701,507.00
Private Equity222,652,027.00142,305,379.00
Non-MWBE Investment Managers (Traditional)Non-MWBE Investment Managers (Traditional)Traditional Fixed Income741,066,154.00401,803,197.00
Lazard US Equity Concentrated86,279,645Large Cap EquityLazard US Equity Concentrated166,003,322Large Cap EquityLong/Short Credit255,266,300.00143,842,914.00
Pzena43,868,651Small Cap EquityPzena73,385,794Small Cap EquityOpp Credit421,651,007.00257,427,103.00
Atlanta51,979,511Small Cap EquityAtlanta90,813,868Small Cap EquityPrivate Debt21,827,165.0013,798,933.00
Sanderson International128,362,556Inter'l EquitySanderson International198,716,388Inter'l EquityReal Assets506,713,901.00270,317,669.00
BlackRock Hedged Index74,666,361Inter'l EquityBlackRock188,785,360Inter'l EquityGlobal Asset690,524,150.00395,091,204.00
Mercator124,609Inter'l EquityGlobal Macro244,253,674.00186,263,690.00
Eaton Vance43,228,693Emerging EquityEaton Vance63,186,967Emerging EquityOther172,347,521.0091,856,348.00
Lazard37,912,990Emerging EquityLazard71,432,876Emerging Equity
Baird164,523,680Traditional Fixed IncomeBaird297,563,566Traditional Fixed IncomeTotal4,852,449,248.002,820,078,210.00
Crescent High Income Fund59,832,119Traditional Fixed IncomeCrescent High Income Fund96,621,297Traditional Fixed Income
GAM Unconstrained Bond35,095,377Traditional Fixed IncomeGAM Unconstrained Bond70,096,222Traditional Fixed Income
Wellington Blended Opp. EMD46,604,022Traditional Fixed IncomeWellington Blended Opp. EMD89,757,016Traditional Fixed Income
SSgA Long Treasury Index19,682,345Traditional Fixed IncomeSSgA Long Treasury Index33,476,986Traditional Fixed Income
Vanguard TIPS Index43,660,536Traditional Fixed IncomeVanguard TIPS Index88,217,183Traditional Fixed Income
PIMCO Unconstrained Bond1Traditional Fixed IncomePIMCO Unconstrained Bond8,166Traditional Fixed Income
PIMCO All Asset56,824,585Global AssetPIMCO All Asset117,106,093Global Asset
Bridgewater All Weather71,987,274Global AssetBridgewater All Weather122,948,478Global Asset
Wellington Opportunistic105,887,711Global AssetWellington Opportunistic172,649,803Global Asset
Mellon Dynamic Growth78,244,230Global AssetMellon Dynamic Growth147,968,521Global Asset
Wellington Global Managed Risk82,147,404Global AssetWellington Global Managed Risk129,851,255Global Asset
SSgA Real Asset NL Fund51,738,302Real AssetsSSgA Real Asset NL Fund114,214,742Real Assets
State Street TransitionState Street Transition
Alternative InvestmentsAlternative Investments
Bridgewater Pure Alpha96,755,304Global MacroBridgewater Pure Alpha99,120,876Global Macro
Global MacroBridgewater Pure Alpha Major Markets13,054,657Global Macro
Allianz89,471,969Global MacroAllianz131,997,481Global Macro
Canyon47,540,967Long/Short CreditCanyon96,813,610Long/Short Credit
LibreMax Master Fund59,777,367Long/Short CreditLibreMax Master Fund95,839,125Long/Short Credit
Senator39,431,503Long/Short EquitySenator67,140,127Long/Short Equity
Beacon Light38,791,956Long/Short EquityBeacon Light65,866,378Long/Short Equity
Makuria36,524,580Long/Short CreditMakuria62,613,565Long/Short Credit
Redeeming Managers*36,417Global MacroRedeeming Managers*80,660Global Macro
Private Debt13,798,933Private DebtPrivate Debt21,827,165
Private Real Assets90,667,333Real AssetsPrivate Real Assets146,028,826Real Assets
Private Real Estate57,447,583Real AssetsPrivate Real Estate85,761,570Real Assets
UBS Real Estate21,385,591Real Assets
JP Morgan Real Estate24,594,202Real AssetsJP Morgan Real Estate112,451,143Real Assets160,708,7630.3002799542
Rhumbline FTSE Equity24,484,658Real AssetsRhumbline FTSE Equity48,257,620Real Assets70,464,4510.3474753248
PIMCO DISCO II32,727,478Opp CreditPIMCO DISCO II61,224,686Opp Credit
Orchard Landmark90,148,369Opp CreditOrchard Landmark145,021,329Opp Credit
Gramercy43,986,132Opp CreditGramercy73,345,232Opp Credit
Orchard Taiga14,512,241Opp CreditOrchard Taiga25,396,422Opp Credit
Perella Weinberg Fund II2,210,558Opp CreditPerella Weinberg Fund II3,890,580Opp Credit
Perella Weinberg Fund III12,408,040Opp CreditPerella Weinberg Fund III20,163,064Opp Credit
Entrust Special Opps Fund II6,320,857Opp CreditEntrust Special Opps Fund II6,847,579Opp Credit
Crescent Direct Lending10,135,894Opp CreditCrescent Direct Lending15,203,853Opp Credit
Park Square II26,803,807Opp CreditPark Square II40,205,703Opp Credit
MC-Seamax30,701,507Opp EquityMC-Seamax46,052,262Opp Equity
Carlyle (CASCO)6,561,788Opp CreditCarlyle (CASCO)10,936,314Opp Credit3,093,7401,896,1634,989,903
Park Square III9,715,776Opp CreditPark Square III16,322,505Opp Credit464,609,529286,232,447750,841,976
Private Equity142,305,379Private EquityPrivate Equity222,652,0271%1%1%
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099
Cash & Overlay ProgramsCash & Overlay Programs
Other
JP Morgan Chase52,006,265OtherJP Morgan Chase132,720,254Other
Williams Capital10,253,536OtherWilliams Capital10,256,487Other
The Clifton Group PIOS10,930,150OtherThe Clifton Group PIOS15,516,654Other
The Clifton Group International Overlay18,666,397OtherThe Clifton Group International Overlay13,854,126
Total Assets$ 2,728,221,862Total Assets$ 4,680,101,727Total Assets$ 7,408,323,589
Total Traditional Assets$ 1,657,079,510Total Traditional Assets$ 2,942,893,628Total Traditional Assets$ 4,599,973,138
MWBE-Traditional$ 374,428,908MWBE-Traditional$ 610,089,725MWBE-Traditional$ 984,518,633
MWBE % of Traditional23%MWBE % of Traditional21%MWBE % of Traditional21%
MWBE % of Total14%MWBE % of Total13%MWBE % of Total13%1,062,250,814.00
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099Total Alternative Investments$ 2,808,350,4510.14
MWBE - Alternative Investment$ 26,380,821MWBE - Alternative Investment$ 51,351,360MWBE - Alternative Investment$ 77,732,181
MWBE % of Alternative Investments2%MWBE % of Alternative Investments3%MWBE % of Alternative Investments3%
MWBE US Equity$ 218,991,653MWBE US Equity$ 368,185,116MWBE US Equity$ 587,176,769.001,099,507,560.00
% of US Equity55%% of US Equity53%% of US Equity53%
MWBE Non-US Equity$ 123,032,138MWBE Non-US Equity$ 176,578,891MWBE Non-US Equity$ 299,611,0291,106,027,829.00
% of Non-US Equity30%% of Non-US Equity25%% of Non-US Equity27%
MWBE Fixed Income$ 32,405,117MWBE Fixed Income$ 65,325,718MWBE Fixed Income$ 97,730,8351,142,869,351.00
% of Fixed Income8%% of Fixed Income9%% of Fixed Income9%
$ 400,809,729$ 661,441,08577,732,181374,382,3670.2076277834
$ 400,809,729$ 661,441,085
3
53
26
9
91
Agnes O'Hara:Alternative
Agnes O'Hara:Alternative
MTA DB Plan Charts
Investment Manager Composite$ 4,680,101,727% of US Equity53%
Non-MWBE Managed Assets$ 4,018,660,642% of Non-US Equity25%
MWBE Managed Assets$ 661,441,085% of Fixed Income9%
Total Traditional Assets$ 2,942,893,628% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 2,332,803,903% of Private Equity0%
MWBE Managed Assets (Traditional)$ 610,089,725% of Real Estate30%
MWBE % of Traditional21%
MWBE % of Total14%
Non-MWBE Managed Assets (Alternatives)$ 1,685,856,739
MWBE Managed Assets (Alternatives)51,351,3603%
160,236,189
159,084,591
66,866,991
88,389,989
183,980,065
2,808,349
52,377,727
713,743,901
MTA DB Plan Charts
MTA Defined Benefit - Total Assets
MaBSTOA Plan Charts
MTA Defined Benefit - Traditional Investments
Combined Plans Charts
MTA Defined Benefit - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 2,728,221,862% of US Equity55%
Non-MWBE Managed Assets$ 2,327,412,133% of Non-US Equity30%
MWBE Managed Assets$ 400,809,729% of Fixed Income8%
Total Traditional Assets$ 1,657,079,510% of Opportunistc1%
Non-MWBE Managed Assets (Traditional)$ 1,282,650,602% of Private Equity0%
MWBE Managed Assets (Traditional)$ 374,428,908% of Real Estate35%
MWBE % of Traditional23%
MWBE % of Total15%
Non-MWBE Managed Assets (Alternatives)$ 1,044,761,531
MWBE Managed Assets (Alternatives)26,380,821
MaBSTOA - Total Assets
MaBSTOA - Traditional Investments
MaBSTOA - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 7,408,323,589% of US Equity53%
Non-MWBE Managed Assets$ 6,346,072,775% of Non-US Equity27%
MWBE Managed Assets$ 1,062,250,814% of Fixed Income9%
Total Traditional Assets$ 4,599,973,138% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 3,615,454,505% of Private Equity0%
MWBE Managed Assets (Traditional)$ 984,518,633% of Real Estate31%
MWBE % of Traditional21%
MWBE % of Total14%121%
Non-MWBE Managed Assets (Alternatives)$ 2,730,618,270
MWBE Managed Assets (Alternatives)77,732,1810.03
Real Estate
160,708,763
70,464,451
231,173,214
72,742,278
0.3146656861
Commentary & Changes
Combined Plans - Total Assets
Combined Plans - Traditional Investments
Combined Plans- Alternative Investments
MWBE Managed Assets by Asset Class
Chart1
% of US Equity
% of Non-US Equity
% of Fixed Income
% of Opportunistic
% of Private Equity
% of Real Estate
MWBE Managed Assets by Asset Class
0.5340361361
0.2708892318
0.0855135672
0.0066457433
0
0.3146656861
MTA
Ending December 31, 2016Ending December 31, 2016
Market Value($)Market Value($)
__
Composite with Overlay*$ 4,541,374,934Composite with Overlay*$ 4,070,063,222
Composite with Cash$ 4,541,374,934Composite with Cash$ 4,070,063,222
Manager Composite$ 4,372,660,290Manager Composite$ 3,998,906,191
Rhumbline$ 132,716,400Rhumbline$ 135,512,822
Independent Franchise Partners$ 130,370,995Independent Franchise Partners$ 119,442,105
Lazard US Equity Concentrated$ 159,452,180Lazard US Equity Concentrated$ 152,118,438
Robeco Boston PartnersRobeco Boston Partners$ 19,446
Earnest Partners$ 109,030,193Earnest Partners$ 106,617,358
Atlanta$ 125,151,909Atlanta$ 114,016,527
Sanderson International$ 177,019,680Sanderson International$ 97,838,869
Johnston International$ 166,816,106Johnston International$ 133,285,769
BlackRock$ 214,040,699BlackRock$ 143,238,482
Eaton Vance$ 62,945,831Eaton Vance$ 57,880,953
Lazard$ 82,178,366Lazard$ 67,032,885
Baird$ 151,958,460Baird$ 154,679,397
Crescent High Income Fund$ 95,557,754Crescent High Income Fund$ 89,904,233
GAM Unconstrained Bond$ 215,100,681GAM Unconstrained Bond$ 203,966,105
Advent$ 63,187,271Advent$ 60,133,644
Wellington Blended Opp. EMD$ 78,204,372Wellington Blended Opp. EMD$ 74,998,607
SSgA Long Treasury Index$ 21,876,354SSgA Long Treasury Index$ 19,346,265
Vanguard TIPS Index$ 75,865,576Vanguard TIPS Index$ 56,374,464
PIMCO Unconstrained Bond$ 7,643PIMCO Unconstrained Bond$ 8,013
Bridgewater Pure Alpha$ 90,413,400Bridgewater Pure Alpha$ 80,562,438
Bridgewater Pure Alpha Major Markets$ 12,620,708Bridgewater Pure Alpha Major Markets$ 10,806,980
Allianz$ 115,342,207Allianz$ 108,163,604
Canyon$ 90,988,880Canyon$ 84,978,789
Passport$ 45,259,204Passport$ 55,488,531
LibreMax Master Fund$ 83,303,313LibreMax Master Fund$ 77,049,914
Beacon Light$ 34,439,612Beacon Light$ 30,885,917
Senator$ 67,848,035Senator$ 64,551,788
Makuria63875193Makuria$ 60,000,000
Redeeming Managers*$ 5,020,559Redeeming Managers*$ 4,995,233
Wellington DIH116,900,189Wellington DIH$ 111,003,268
NGP Natural Resources X11,359,576NGP Natural Resources X$ 14,227,927
NGP Natural Resources XI18,022,059NGP Natural Resources XI$ 8,269,881
EIG Energy8,467,443EIG Energy$ 9,578,705
EIG Energy XVI15,810,940EIG Energy XVI$ 9,228,039
Arclight20,896,140Arclight$ 12,059,001
JP Morgan Real Estate98,954,566JP Morgan Real Estate$ 93,852,717
Rhumbline47,441,035
Siguler Guff Distressed19,924,148Siguler Guff Distressed$ 21,680,727
Siguler Guff Distressed II39,073,729Siguler Guff Distressed II$ 35,098,659
Siguler II Co-Inv21,871,287Siguler II Co-Inv$ 15,549,072
PIMCO DISCO II$ 62,252,203PIMCO DISCO II$ 63,230,829
Perella Weinberg Fund II$ 7,045,901Perella Weinberg Fund II$ 7,045,901
Perella Weinberg Fund III$ 35,474,965Perella Weinberg Fund III$ 35,474,965
Entrust Special Opps Fund II$ 20,527,917Entrust Special Opps Fund II$ 20,527,917
Crescent Direct Lending$ 26,238,333Crescent Direct Lending$ 26,238,333
Park Square$ 33,066,023Park Square$ 36,629,904
Orchard Landmark$ 105,546,535Orchard Landmark$ 107,169,954
MC-Seamax$ 28,450,038MC-Seamax$ 34,362,929
Gramercy$ 38,647,185Gramercy$ 38,528,688
PIMCO All Asset$ 104,412,309PIMCO All Asset$ 106,772,786
Bridgewater All Weather$ 177,600,052Bridgewater All Weather$ 181,887,473
Wellington Opportunistic$ 168,265,263Wellington Opportunistic$ 174,887,987
Mellon Dynamic Growth$ 192,218,425Mellon Dynamic Growth$ 195,413,733
Wellington Global Managed Risk$ 126,116,213Wellington Global Managed Risk$ 128,611,444
Private Equity$ 149,321,988Private Equity$ 147,677,764
JP Morgan Chase$ 42,021,831JP Morgan Chase$ 43,682,726
Williams Capital$ 10,019,824Williams Capital$ 10,019,824
The Clifton Group PIOS$ 7,496,623The Clifton Group PIOS$ 8,817,627
The Clifton Group International Overlay$ 9,152,314The Clifton Group International Overlay$ 8,636,854
Clifton Overlay$ 59,538,278Clifton Overlay$ 62,520,177
XXXXXXXXXX
*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
MaBSTOA
Ending June 30, 2016Ending July 31, 2016
Market Value($)Market Value($)
__
Composite with Cash*$ 2,347,315,542Composite with Cash*$ 2,406,244,464
Composite with Overlay$ 2,347,315,542Composite with Overlay$ 2,406,244,464
Manager Composite$ 2,256,566,464Manager Composite$ 2,350,040,140
Rhumbline$ 92,693,840Rhumbline$ 96,096,423
Independent Franchise Partners$ 76,332,237Independent Franchise Partners$ 79,983,553
Lazard US Equity Concentrated$ 73,775,575Lazard US Equity Concentrated$ 79,072,845
Times Square$ 54,005,497Times Square$ 56,118,400
Pzena$ 59,278,442Pzena$ 62,259,199
Mercator*$ 238,244Mercator*$ 239,340
Sanderson International$ 84,699,489Sanderson International$ 89,287,529
Johnston International$ 99,495,836Johnston International$ 106,447,242
BlackRock$ 28,010,100BlackRock$ 29,365,059
Eaton Vance$ 37,929,511Eaton Vance$ 39,598,627
Lazard$ 45,933,378Lazard$ 48,488,709
Baird$ 61,388,926Baird$ 61,878,907
Crescent High Income Fund$ 54,692,277Crescent High Income Fund$ 55,672,620
PIMCO Unconstrained Bond$ 1,329PIMCO Unconstrained Bond$ 1,335
GAM Unconstrained Bond$ 68,813,135GAM Unconstrained Bond$ 69,470,894
Advent$ 28,917,055Advent$ 29,797,342
Wellington Blended Opp. EMD$ 43,924,791Wellington Blended Opp. EMD$ 44,541,749
SSgA Long Treasury Index$ 11,564,517SSgA Long Treasury Index$ 11,823,513
Vanguard TIPS Index$ 32,585,811Vanguard TIPS Index$ 32,794,503
Bridgewater Pure Alpha$ 78,484,031Bridgewater Pure Alpha$ 78,639,772
Allianz$ 79,308,040Allianz$ 79,673,076
Canyon$ 33,872,539Canyon$ 34,605,311
Passport$ 17,162,208Passport$ 17,265,667
LibreMax Master Fund$ 47,758,839LibreMax Master Fund$ 48,165,239
Beacon Light$ 20,155,378Beacon Light$ 20,590,612
Senator$ 37,000,000Senator$ 37,911,368
MaMakuria$ 35,000,000
Redeeming Managers*$ 2,182,528Redeeming Managers*$ 2,169,201
Wellington DIH$ 50,115,954Wellington DIH$ 50,850,671
NGP Natural Resources X$ 9,390,432NGP Natural Resources X$ 9,390,432
NGP Natural Resources XI$ 4,274,388NGP Natural Resources XI$ 5,273,550
EIG Energy$ 6,385,611EIG Energy$ 6,385,611
EIG Energy XVI$ 6,152,026EIG Energy XVI$ 6,152,026
Arclight$ 6,981,528Arclight$ 6,981,528
Siguler Guff Distressed$ 20,133,266Siguler Guff Distressed$ 20,013,260
Siguler Guff Distressed II$ 21,813,696Siguler Guff Distressed II$ 21,787,431
Siguler II Co-Inv$ 8,772,152Siguler II Co-Inv$ 9,693,453
UBS Real Estate$ 20,193,715UBS Real Estate$ 20,042,994
JP Morgan Real Estate$ 20,666,256JP Morgan Real Estate$ 20,778,473
PIMCO DISCO II$ 33,276,734PIMCO DISCO II$ 33,799,856
Perella Weinberg Fund II$ 4,003,354Perella Weinberg Fund II$ 4,003,354
Perella Weinberg Fund III$ 21,830,748Perella Weinberg Fund III$ 21,830,748
Entrust Special Opps Fund II$ 18,948,791Entrust Special Opps Fund II$ 14,485,800
Crescent Direct Lending$ 17,674,307Crescent Direct Lending$ 17,674,307
Park Square$ 22,044,015Park Square$ 24,419,933
Orchard Landmark$ 65,558,998Orchard Landmark$ 66,569,566
MC-Seamax$ 18,952,109MC-Seamax$ 23,169,017
Gramercy$ 23,188,311Gramercy$ 23,117,213
PIMCO All Asset$ 118,348,062PIMCO All Asset$ 121,023,199
Bridgewater All Weather$ 110,764,407Bridgewater All Weather$ 113,438,357
Wellington Opportunistic$ 96,159,443Wellington Opportunistic$ 99,944,166
Mellon Dynamic Growth$ 85,107,331Mellon Dynamic Growth$ 86,522,098
Wellington Global Managed Risk$ 80,883,254Wellington Global Managed Risk$ 82,374,898
Private Equity$ 94,744,024Private Equity$ 93,360,165
Clifton Overlay$ 90,749,077Clifton Overlay$ 56,204,324
JP Morgan Chase$ 54,621,895JP Morgan Chase$ 20,052,571
Williams Capital$ 10,015,062Williams Capital$ 10,016,942
The Clifton Group PIOS$ 13,474,801The Clifton Group PIOS$ 14,276,581
The Clifton Group International Overlay$ 12,637,320The Clifton Group International Overlay$ 11,858,230
XXXXXXXXXX
*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.*One or more accounts have been excluded from the composite for the purposes of performance calculations and market value.
Sheet1
Bridgewater81,392,37220.31.2-6.7-6.1-0.20.66.45.68-Feb
Bridgewater11,016,18131-Dec1-Jan2.1-4.9-1.82-Jan----3.213-Sep
Allianz110,324,0182.71.12.57-Jan14-Jan9.514.28.18.29-Jun
Canyon86,599,2792.20.64.17.264.1----4.113-Oct
Passport51,639,7871.3-2.8-6.4-13.4-17.91-Jan-----0.313-Oct
LibreMax78,893,91221.13.31-Jan-0.9-------115-Aug
Beacon31,377,8230.8-13.8----------4.616-Apr
Senator65,830,3861.60.64.5----------4.516-Jun
Makuria60,955,6121.50.51.6----------1-Jan16-Jul
Redeeming5,025,083
As of Dec 31 2018
MaBSTOAEnding December 31, 2018MTADBPPEnding December 31, 2018
Market Value($)Market Value($)
__
Composite with Cash*2,820,078,210Composite with Overlay*4,852,449,2485051148728
Composite with Overlay2,820,078,210Composite with Cash4,852,449,248-198,699,480
MTADBPPMaBSTOA
Manager Composite2,728,221,862Manager Composite4,680,101,727$ 7,408,323,589
MaBSTOA MWBE Investment ManagersMTADB MWBE Investment ManagersTotal
Rhumbline85,697,233Large Cap EquityRhumbline145,815,017Large Cap Equity231,512,250Large Cap Equity456,721,123.00260,554,166.00
Independent Franchise Partners88,577,288Large Cap EquityIndependent Franchise Partners144,902,784Large Cap Equity233,480,072Small Cap Equity241,666,977.00140,565,294.00
Advent32,405,117Traditional Fixed IncomeAdvent65,325,718Traditional Fixed Income97,730,835Inter'l Equity564,080,639.00326,185,664.00
Earnest Partners44,717,132Small Cap EquityEarnest Partners77,467,315Small Cap Equity122,184,447Emerging Equity134,619,843.0081,141,683.00
Johnston International123,032,138Inter'l EquityJohnston International176,578,891Inter'l Equity299,611,029Long/Short Equity133,006,505.0078,223,459.00
VWH Partners1,896,163Opp CreditVWH Partners3,093,740Opp Credit4,989,903Opp Equity46,052,262.0030,701,507.00
Private Equity222,652,027.00142,305,379.00
Non-MWBE Investment Managers (Traditional)Non-MWBE Investment Managers (Traditional)Traditional Fixed Income741,066,154.00401,803,197.00
Lazard US Equity Concentrated86,279,645Large Cap EquityLazard US Equity Concentrated166,003,322Large Cap EquityLong/Short Credit255,266,300.00143,842,914.00
Pzena43,868,651Small Cap EquityPzena73,385,794Small Cap EquityOpp Credit421,651,007.00257,427,103.00
Atlanta51,979,511Small Cap EquityAtlanta90,813,868Small Cap EquityPrivate Debt21,827,165.0013,798,933.00
Sanderson International128,362,556Inter'l EquitySanderson International198,716,388Inter'l EquityReal Assets506,713,901.00270,317,669.00
BlackRock Hedged Index74,666,361Inter'l EquityBlackRock188,785,360Inter'l EquityGlobal Asset690,524,150.00395,091,204.00
Mercator124,609Inter'l EquityGlobal Macro244,253,674.00186,263,690.00
Eaton Vance43,228,693Emerging EquityEaton Vance63,186,967Emerging EquityOther172,347,521.0091,856,348.00
Lazard37,912,990Emerging EquityLazard71,432,876Emerging Equity
Baird164,523,680Traditional Fixed IncomeBaird297,563,566Traditional Fixed IncomeTotal4,852,449,248.002,820,078,210.00
Crescent High Income Fund59,832,119Traditional Fixed IncomeCrescent High Income Fund96,621,297Traditional Fixed Income
GAM Unconstrained Bond35,095,377Traditional Fixed IncomeGAM Unconstrained Bond70,096,222Traditional Fixed Income
Wellington Blended Opp. EMD46,604,022Traditional Fixed IncomeWellington Blended Opp. EMD89,757,016Traditional Fixed Income
SSgA Long Treasury Index19,682,345Traditional Fixed IncomeSSgA Long Treasury Index33,476,986Traditional Fixed Income
Vanguard TIPS Index43,660,536Traditional Fixed IncomeVanguard TIPS Index88,217,183Traditional Fixed Income
PIMCO Unconstrained Bond1Traditional Fixed IncomePIMCO Unconstrained Bond8,166Traditional Fixed Income
PIMCO All Asset56,824,585Global AssetPIMCO All Asset117,106,093Global Asset
Bridgewater All Weather71,987,274Global AssetBridgewater All Weather122,948,478Global Asset
Wellington Opportunistic105,887,711Global AssetWellington Opportunistic172,649,803Global Asset
Mellon Dynamic Growth78,244,230Global AssetMellon Dynamic Growth147,968,521Global Asset
Wellington Global Managed Risk82,147,404Global AssetWellington Global Managed Risk129,851,255Global Asset
SSgA Real Asset NL Fund51,738,302Real AssetsSSgA Real Asset NL Fund114,214,742Real Assets
State Street TransitionState Street Transition
Alternative InvestmentsAlternative Investments
Bridgewater Pure Alpha96,755,304Global MacroBridgewater Pure Alpha99,120,876Global Macro
Global MacroBridgewater Pure Alpha Major Markets13,054,657Global Macro
Allianz89,471,969Global MacroAllianz131,997,481Global Macro
Canyon47,540,967Long/Short CreditCanyon96,813,610Long/Short Credit
LibreMax Master Fund59,777,367Long/Short CreditLibreMax Master Fund95,839,125Long/Short Credit
Senator39,431,503Long/Short EquitySenator67,140,127Long/Short Equity
Beacon Light38,791,956Long/Short EquityBeacon Light65,866,378Long/Short Equity
Makuria36,524,580Long/Short CreditMakuria62,613,565Long/Short Credit
Redeeming Managers*36,417Global MacroRedeeming Managers*80,660Global Macro
Private Debt13,798,933Private DebtPrivate Debt21,827,165
Private Real Assets90,667,333Real AssetsPrivate Real Assets146,028,826Real Assets
Private Real Estate57,447,583Real AssetsPrivate Real Estate85,761,570Real Assets
UBS Real Estate21,385,591Real Assets
JP Morgan Real Estate24,594,202Real AssetsJP Morgan Real Estate112,451,143Real Assets160,708,7630.3002799542
Rhumbline FTSE Equity24,484,658Real AssetsRhumbline FTSE Equity48,257,620Real Assets70,464,4510.3474753248
PIMCO DISCO II32,727,478Opp CreditPIMCO DISCO II61,224,686Opp Credit
Orchard Landmark90,148,369Opp CreditOrchard Landmark145,021,329Opp Credit
Gramercy43,986,132Opp CreditGramercy73,345,232Opp Credit
Orchard Taiga14,512,241Opp CreditOrchard Taiga25,396,422Opp Credit
Perella Weinberg Fund II2,210,558Opp CreditPerella Weinberg Fund II3,890,580Opp Credit
Perella Weinberg Fund III12,408,040Opp CreditPerella Weinberg Fund III20,163,064Opp Credit
Entrust Special Opps Fund II6,320,857Opp CreditEntrust Special Opps Fund II6,847,579Opp Credit
Crescent Direct Lending10,135,894Opp CreditCrescent Direct Lending15,203,853Opp Credit
Park Square II26,803,807Opp CreditPark Square II40,205,703Opp Credit
MC-Seamax30,701,507Opp EquityMC-Seamax46,052,262Opp Equity
Carlyle (CASCO)6,561,788Opp CreditCarlyle (CASCO)10,936,314Opp Credit3,093,7401,896,1634,989,903
Park Square III9,715,776Opp CreditPark Square III16,322,505Opp Credit464,609,529286,232,447750,841,976
Private Equity142,305,379Private EquityPrivate Equity222,652,0271%1%1%
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099
Cash & Overlay ProgramsCash & Overlay Programs
Other
JP Morgan Chase52,006,265OtherJP Morgan Chase132,720,254Other
Williams Capital10,253,536OtherWilliams Capital10,256,487Other
The Clifton Group PIOS10,930,150OtherThe Clifton Group PIOS15,516,654Other
The Clifton Group International Overlay18,666,397OtherThe Clifton Group International Overlay13,854,126
Total Assets$ 2,728,221,862Total Assets$ 4,680,101,727Total Assets$ 7,408,323,589
Total Traditional Assets$ 1,657,079,510Total Traditional Assets$ 2,942,893,628Total Traditional Assets$ 4,599,973,138
MWBE-Traditional$ 374,428,908MWBE-Traditional$ 610,089,725MWBE-Traditional$ 984,518,633
MWBE % of Traditional23%MWBE % of Traditional21%MWBE % of Traditional21%
MWBE % of Total14%MWBE % of Total13%MWBE % of Total13%1,062,250,814.00
Total Alternative Investments$ 1,071,142,352Total Alternative Investments$ 1,737,208,099Total Alternative Investments$ 2,808,350,4510.14
MWBE - Alternative Investment$ 26,380,821MWBE - Alternative Investment$ 51,351,360MWBE - Alternative Investment$ 77,732,181
MWBE % of Alternative Investments2%MWBE % of Alternative Investments3%MWBE % of Alternative Investments3%
MWBE US Equity$ 218,991,653MWBE US Equity$ 368,185,116MWBE US Equity$ 587,176,769.001,099,507,560.00
% of US Equity55%% of US Equity53%% of US Equity53%
MWBE Non-US Equity$ 123,032,138MWBE Non-US Equity$ 176,578,891MWBE Non-US Equity$ 299,611,0291,106,027,829.00
% of Non-US Equity30%% of Non-US Equity25%% of Non-US Equity27%
MWBE Fixed Income$ 32,405,117MWBE Fixed Income$ 65,325,718MWBE Fixed Income$ 97,730,8351,142,869,351.00
% of Fixed Income8%% of Fixed Income9%% of Fixed Income9%
$ 400,809,729$ 661,441,08577,732,181374,382,3670.2076277834
$ 400,809,729$ 661,441,085
3
53
26
9
91
Agnes O'Hara:Alternative
Agnes O'Hara:Alternative
MTA DB Plan Charts
Investment Manager Composite$ 4,680,101,727% of US Equity53%
Non-MWBE Managed Assets$ 4,018,660,642% of Non-US Equity25%
MWBE Managed Assets$ 661,441,085% of Fixed Income9%
Total Traditional Assets$ 2,942,893,628% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 2,332,803,903% of Private Equity0%
MWBE Managed Assets (Traditional)$ 610,089,725% of Real Estate30%
MWBE % of Traditional21%
MWBE % of Total14%
Non-MWBE Managed Assets (Alternatives)$ 1,685,856,739
MWBE Managed Assets (Alternatives)51,351,3603%
160,236,189
159,084,591
66,866,991
88,389,989
183,980,065
2,808,349
52,377,727
713,743,901
MTA DB Plan Charts
MTA Defined Benefit - Total Assets
MaBSTOA Plan Charts
MTA Defined Benefit - Traditional Investments
Combined Plans Charts
MTA Defined Benefit - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 2,728,221,862% of US Equity55%
Non-MWBE Managed Assets$ 2,327,412,133% of Non-US Equity30%
MWBE Managed Assets$ 400,809,729% of Fixed Income8%
Total Traditional Assets$ 1,657,079,510% of Opportunistc1%
Non-MWBE Managed Assets (Traditional)$ 1,282,650,602% of Private Equity0%
MWBE Managed Assets (Traditional)$ 374,428,908% of Real Estate35%
MWBE % of Traditional23%
MWBE % of Total15%
Non-MWBE Managed Assets (Alternatives)$ 1,044,761,531
MWBE Managed Assets (Alternatives)26,380,821
MaBSTOA - Total Assets
MaBSTOA - Traditional Investments
MaBSTOA - Alternative Investments
MWBE Managed Assets by Asset Class
Investment Manager Composite$ 7,408,323,589% of US Equity53%
Non-MWBE Managed Assets$ 6,346,072,775% of Non-US Equity27%
MWBE Managed Assets$ 1,062,250,814% of Fixed Income9%
Total Traditional Assets$ 4,599,973,138% of Opportunistic1%
Non-MWBE Managed Assets (Traditional)$ 3,615,454,505% of Private Equity0%
MWBE Managed Assets (Traditional)$ 984,518,633% of Real Estate31%
MWBE % of Traditional21%
MWBE % of Total14%121%
Non-MWBE Managed Assets (Alternatives)$ 2,730,618,270
MWBE Managed Assets (Alternatives)77,732,1810.03
Real Estate
160,708,763
70,464,451
231,173,214
72,742,278
0.3146656861
Commentary & Changes
Combined Plans - Total Assets
Combined Plans - Traditional Investments
Combined Plans- Alternative Investments
MWBE Managed Assets by Asset Class
-
13
Appendix
-
MTA Defined Benefit Pension PlanLIRR Plan for Additional PlanPension Board of Managers
MEMBER DESIGNEE MTA TITLEChairman of the MTA Margaret Connor
Chair of Pension Board of Managers
Sr. Dir. of Human Resources and Retirement Programs
MTA Labor Relations Richard Cairns Deputy Dir. Labor Counsel, HQMTA Chief Financial Officer David Keller Acting Director of Mgmt & BudgetMetro North James McGovern Controller, MNRLong Island Railroad Michael Reilly Controller, LIRRSIRTOA VACANTMTA Bus Roy Grey-Stewart Director of Finance, MTA BusLong Island Bus Patrick McCoy Director, MTA FinanceTWU Representative Peter Rosconi
MTA Chief Investment Officer RecruitingInvestment Advisor NEPC, LLCActuary Milliman, USATrustee J P Morgan Chase
14
-
MaBSTOA Pension PlanInvestment Committee
MEMBER DESIGNEE MTA TITLEChairman of Employer's (MaBSTOA) Board Margaret Connor
Sr. Dir. of Human Resources and Retirement Programs
MTA Chief Financial Officer Joseph Cornwall Asst Comptroller, Ben PlansPresident of Transit Authority William Vazoulas Controller, NYCTTWU Local 100 (2 representatives) James Whalen
Richard Davis
MTA Chief Investment Officer RecruitingInvestment Advisor NEPC, LLCActuary Milliman, USATrustee J P Morgan Chase
15
-
MTA Retiree Welfare Benefits PlanOther Post Employment Benefits (OPEB)
Board of Managers
MEMBER DESIGNEE MTA TITLEChairman of the MTA Robert Foran, Chair of Welfare
Benefits PlanChief Financial Officer
MTA Chief Financial Officer Josiane Codio Director, MTA TreasuryMTA Labor Relations Margaret Connor Sr. Dir. of Human Resources and
Retirement Programs
MTA Chief Investment Officer RecruitingInvestment Advisor NEPC, LLCActuary Milliman, USATrustee J P Morgan Chase
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MTA Chief Investment Officer RecruitingInvestment Advisor MercerRecordkeeper Prudential
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MTA Deferred Compensation Programs (401K and 457)Deferred Compensation Committee
MEMBER DESIGNEE MTA TITLE
Chairman of the MTA Margaret Connor, Chair Sr. Dir. of Human Resources and Retirement Programs
MTA Labor Relations Richard Cairns Deputy Dir Labor Counsel, HQMTA Chief Financial Officer Frances Chou Assistant Director, MTA BudgetNYCT, President James Masella AVP, NYCT Employee BenefitsTBTA, President VACANTMetro North James McGovern Controller, MNRLong Island Railroad Michael Reilly Controller, LIRRMTA Bus Roy Grey-Stewart Director of Finance, MTA BusMTA Capital Construction VACANT
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MTA Defined Benefit Plan Investment Managers
Asset Class Investment Manager Asset Class Investment Manager
Large Cap Equity Independent Franchise Partners* Opportunistic Investments CarlyleLazard CrescentRhumbline* Entrust
GramercySmall Cap Equity Atlanta Capital MC Seamax
Pzena VWH Partners
Earnest Partners*Orchard LandmarkOrchard TaigaPark Square
International Equity Blackrock Perella Weinberg
Johnston*PIMCORiverstone
SandersonGlobal Asset Allocation Bridgewater
Emerging Market Equity Eaton Vance MellonLazard PIMCO
WellingtonFixed Income Advent*
Baird Private Equity AEAGAM ApolloSSgA BrookfieldVanguard CrescentWellington Gamut
Goldman SachsAbsolute Return Allianz JFL Equity Parners
BeaconLight LexingtonBridgewater Lightyear Capital
CanyonNewbury Equity PartnersOne Rock*
LibreMaxPantheon
MakuriaPassport Real Estate JP Morgan Real EstateSenator Siguler Guff
Real Assets Arclight Overlay Clifton ParametricEIGNGPRhumbline* Cash Williams Capital*Wellington JP Morgan
*MWBE Investment
Manager
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MaBSTOA Defined Benefit Plan Investment Managers
*MWBE Investment
Manager
Asset Class Investment Manager Asset Class Investment Manager
Large Cap Equity Independent Franchise Partners* Opportunistic Investments CarlyleLazard CrescentRhumbline* Entrust
GramercySmall Cap Equity Times Square MC Seamax
PzenaOrchard LandmarkOrchard TaigaPark Square
International Equity Blackrock Perella Weinberg
Johnston*PIMCORiverstone
Sanderson VWH PartnersGlobal Asset Allocation Bridgewater
Emerging Market Equity Eaton Vance MellonLazard PIMCO
WellingtonFixed Income Advent*
Baird Private Equity AEAGAM ApolloSSgA BrookfieldVanguard CrescentWellington Gamut
Goldman SachsAbsolute Return Allianz JFL Equity Parners
BeaconLight LexingtonBridgewater Lightyear Capital
CanyonNewbury Equity PartnersOne Rock*
LibreMax PantheonMakuriaPassport Real Estate JP Morgan Real EstateSenator Siguler Guff
UBSReal Assets Arclight
EIG Overlay Clifton ParametricNGPRhumbline*Wellington Cash Williams Capital*
JP Morgan
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MTA OPEB– Investment Managers
Asset Class Investment Manager Asset Class Investment Manager
Global Equity Artisan Global Asset Allocation BridgewaterHexavest PIMCOWalter Scott Wellington
Fixed Income Baird Absolute Return AllianzGAM BridgewaterWellingtonVanguard TIPS
Real Assets Wellington
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MTA Defined Contribution Plan – Investment Managers
Asset Class Investment Manager Asset Allocation FundsActive Passive MTA Income
Stable Value Galliard MTA 2015MTA 2020
Fixed Income Loomis Sayles SSgA MTA 2025TCW MTA 2030Wellington MTA 2035
MTA 2040Large Cap Equity T Rowe Price Vanguard MTA 2045
Jennison MTA 2050MTA 2055
Small/Mid Cap Equity AllianceBernstein SSgA
MTA 2060MTA 2065
DimensionalJackson SquareWilliam Blair
International Equity Wiliam Blair SSgAMondrian
Real Assets SSgA
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