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Fairfax County Public Schools | Fourth Quarter 2019

Presentation Materials

Contact Information

Gregory J. Fox, CFAAssociate PartnerAon Hewitt Investment Consulting, Inc.201 Merritt 7, STE 2Norwalk, CT 06850t +1 (203) 523-8780f +1 (847) [email protected]

Maggie UhleinConsultantAon Hewitt Investment Consulting, Inc.201 Merritt 7, STE 2Norwalk, CT 06850t +1 (203) 523-6762f +1 (203) [email protected]

Connor KeenanInvestment AnalystAon Hewitt Investment Consulting, Inc.201 Merritt 7, STE 2Norwalk, CT 06850t +1 (203) 523-6195f +1 (203) [email protected]

mailto:[email protected]



Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company.

9.0% 9.2% 8.9%11.4%

7.7%5.6%

7.3%9.0%

5.7%

11.6%

26.4%

21.6%

30.4%

23.2%

19.6%

27.9%

21.5%

25.0%

18.3% 17.6%

0%

5%

10%

15%

20%

25%

30%

35%

ACWI IMI 45.1%ACWI ex-U.S.

IMI

54.9%USA IMI

5.0%UK IMI

7.6%Japan IMI

3.0%Canada IMI

0.2%Israel IMI

13.6%Europe ex-UK

IMI

3.6%Pacific ex-Japan

IMI

12.0%Emerging

Markets IMI

GLOBAL MSCI IMI INDEX RETURNS (USD)AS OF 12/31/2019

Fourth Quarter 2019 One-Year

Source: MSCI

Global Equity Markets

The announcement of a “phase one” U.S.-China trade deal, progress on the U.S.-Mexico-Canada agreement (USMCA) and easing Brexit fears led to a resurgence in risk appetite and boosted equity markets. Accommodative monetary policies from major central banks meanwhile continue to provide further support for risk assets. In local currency terms, the MSCI AC World Investable Market Index returned 7.8% in Q4 2019 and the depreciation of the U.S. dollar provided an additional boost to 9.0% in USD terms.

Previous laggards in terms of 2019 performance, Emerging Markets (EM) equities, were the strongest performers (11.6%) over the quarter benefiting from the “risk-on” environment and the thawing of trade tensions. With the exception of Indian equities, all other major EM regions delivered double-digit returns. This did, however, come against a backdrop where China recorded the slowest economic growth rate in nearly 30 years as their economy expanded by 6.0% year-on-year in the third quarter.

Canadian equities markets returned the least with a still respectable quarterly return of 5.6% in USD-terms. Canadian Prime Minister Justin Trudeau’s Liberal party retained power after winning general election but fell short of a majority.

Page 1


USA54.9%

UK5.0%

Canada3.0%

Pacif ic ex-Japan3.6% Japan

7.6%

Europe ex-UK13.6%

Israel0.2%

Latin America

1.4%

Asia8.8%

Eastern Europe, Middle East & Africa1.8%

Emerging Markets12.0%

MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 12/31/2019

Source: MSCI

Global Equity Markets

The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively.

UK11.2%

Canada6.7%

Pacific ex-Japan7.9%

Japan16.9%

Europe ex-UK30.2%

Israel0.5%

Latin America3.1%

Asia19.5%

Eastern Europe, Middle East & Africa4.0%

Emerging Markets26.6%

MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 12/31/2019

Source: MSCI

Page 2


9.1%

14.3% 14.9%

6.3%4.7% 5.7% 7.0% 6.4% 7.6%

1.5%

31.0%

46.7%

22.1%

28.7%

23.8%

9.6%

27.1%

30.7%32.9%

25.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Russell3000

21.4%Te chnology

13.9%Healthcare

14.4%Cons. Disc

5.7%Cons.

Staples

5.1%Energ y

3.4%Materials &Processing

10.5%Produ cerDurables

20.4%FinancialServices

5.1%Utilities

RUSSELL GICS SECTOR RETURNS AS OF 12/31/2019

Fourth Quarter 2019

One-Year

Source: Russell Indexes

9.1%8.0%

11.3%

6.4%8.2% 8.5%

11.4%

31.0%

26.4%

36.5%

27.1%

35.5%

22.4%

28.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Russell3000

30.1%LargeValue

38.1%Large

Growth

15.2%MediumValue

10.0%MediumGrowth

3.2%SmallValue

3.3%Small

Growth

RUSSELL STYLE RETURNS AS OF 12/31/2019

Fourth Quarter 2019

One-Year

Source: Russell Indexes

U.S. Equity Markets

Three major U.S. equity indices (S&P 500, Dow Jones Industrial Average and Nasdaq Composite) touched record highs over the quarter; the truce in the U.S.-China trade war providing a significant tailwind. The Russell 3000 Index rose 9.1% during the fourth quarter and 31.0% over the one-year period.

Healthcare (14.9%) and Technology (14.3%) were the best performers over the quarter. The former benefited from the falling popularity of Democratic Presidential candidate Elizabeth Warren whom advocated significant healthcare reform which has previously been a headwind for pharmaceuticals. As economic data stabilized over the quarter, more defensive sectors underperformed with Utilities (1.5%) and Consumer Staples (4.7%) the worst performing sectors.

Performance was positive across the market capitalization spectrum over the quarter. Small cap stocks outperformed both large and medium cap stocks over the quarter. Growth stocks outperformed their Value counterparts in Q4 2019 and over the last year.

Page 3


0.2%

-0.8%

1.2% 0.7% 0.4%

-0.3%

8.7%

6.8%

14.5%

6.4%

4.5%

8.3%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Barclays Agg.Bond

42.8%Govt

26.3%Corp.

28.3%MBS

0.5%ABS

2.2%CMBS

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 12/31/2019

Fourth Quarter 2019 One-YearSource: FactSet

0.6% 0.5% 0.5%

0.0%-1.1%

4.0%6.3% 7.3%

9.8%

19.6%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1-3 Yr. 3-5 Yr. 5-7 Yr. 7-10 Yr. >10 Yr.

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 12/31/2019


-0.2% 0.0%

0.7%1.7% 2.6%

6.7%

9.5%

13.0%

16.4%

14.3%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Aaa Aa A Baa High Yield

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 12/31/2019


Against a backdrop of rising yields, the Bloomberg Barclays U.S. Aggregate Bond Index rose by 0.2% over the quarter. Corporate bonds were the best performers, returning 1.2% while Government bonds underperformed with a return of -0.8%.

Within credit, greater risk appetite led to outperformance of lower quality corporate bonds. High yield bonds returned 2.6% with spread narrowing offsetting the impact of higher underlying government bond yields while AAA-rated bonds underperformed with a return of -0.2%.

Short-maturity bonds outperformed intermediate and long-maturity bonds over the quarter. Short-maturity bonds returned 0.6% while long-maturity bonds fell by 1.1% in Q4 2019.

U.S. Fixed Income Markets

Page 4


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Dec 09 Dec 11 Dec 13 Dec 15 Dec 17 Dec 19

U.S. 10-YEAR TREASURY AND TIPS YIELDS10Y TIPS Yield

10Y Treasury Yield

Source: U.S. Department of Treasury

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0 5 10 15 20 25 30Maturity (Years)

U.S. TREASURY YIELD CURVE

12/31/2018

9/30/2019

12/31/2019

Source: U.S. Department of Treasury

U.S. Fixed Income Markets

The U.S. nominal yield curve steepened over the quarter with yields falling at the short end of the curve and rising at longer maturities. As a result, the yield curve is no longer inverted.

The 10-year U.S. Treasury yield retraced most of the prior quarter’s fall with a 24bps increase over the quarter to 1.92%. The 10-year TIPS yield remained unchanged over the quarter at 0.15%.

With real yields broadly unchanged over the quarter, it became evident that yield movements were triggered not by growth expectations (which remain low) but instead by increasing inflation expectations. This follows sustained central bank easing, prospects of debt-financed fiscal stimulus and potential changes to inflation-targeting policies; all of which are supportive for higher inflation.

The US Federal Reserve (Fed) cut the interest rate by 25bps to 1.50% from 1.75%. Meanwhile, in the latest "dot plot", the majority of the Federal Open Market Committee believed that interest rates will stay at current levels for at least the next year, with the next 25bps hike not anticipated until 2021.

Page 5


European Fixed Income Markets

German government bund yields rose in line with over developed market government bond yields, rising by 40bps to -0.19% over the quarter. Germany unexpectedly avoided a recession after growing by 0.1% in Q3, buoyed by increased consumer and public sector spending, which mitigated the impact of a weakening manufacturing sector. Italian government bond yields rose by 60bps to 1.42% over the quarter.

Greek government bond yields rose by comparatively less than other European government bond yields. An increase in the country’s sovereign credit rating to BB- from B+ lessened the risk of default and led to a relatively modest 9bps increase in government bond yields to 1.43%.

Spanish government bond yields rose by 33bps to 0.46% over a quarter in which Pedro Sanchez’s Socialist party won the most seats in general election, but fell short of a majority.

European government bond spreads over 10-year German bunds generally fell across the Euro Area with the exception of Italian government bonds. The European Central Bank (ECB) kept its monetary policy unchanged over the quarter. In what was Christine Lagarde’s first rate-setting meeting as President, she sought to calm fears that the Euro Area could have ultra low rates, growth and inflation for an extended period.

-1%

1%

3%

5%

7%

9%

11%

13%

15%

2013 2014 2015 2016 2017 2018 2019

EUROZONE PERIPHERAL BOND SPREADS(10-YEAR SPREADS OVER GERMAN BUNDS)

Spain Italy Portugal

Greece Ireland

Source: FactSet

Page 6


Spread (bps) 12/31/2019 09/30/2019 12/31/2018 Quarterly Change (bps)One-Year Change

(bps)

U.S. Aggregate 39 46 54 -7 -15

Long Gov't 0 1 2 -1 -2

Long Credit 139 167 200 -28 -61

Long Gov't/Credit 79 95 113 -16 -34

MBS 39 46 35 -7 4

CMBS 72 70 86 2 -14

ABS 44 37 53 7 -9

Corporate 93 115 153 -22 -60

High Yield 336 373 526 -37 -190

Global Emerging Markets 287 312 330 -25 -43

Source: FactSet, B loomberg Barclays

Credit Spreads

Credit spreads over U.S. Treasuries generally narrowed over the quarter. Greater risk appetite saw spreads fall across the board but mostly in non-investment grade areas such as high yield and emerging market debt where greater yields are on offer.

High yield bond spreads narrowed significantly by 37bps over the quarter. This was followed by long-duration corporate bond spreads, which narrowed by 28bps.

Areas within securitized credit in the U.S. underperformed in comparison. While credit spreads in general narrowed over the quarter, spreads on CMBS and ABS securities widened by 2bps and 7bps respectively.

Page 7


80

90

100

110

120

130

140

Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19

U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 12/31/2013

EUR/USD

GBP/USD

JPY/USD

Source: FactSet

Stronger Dollar

Weaker Dollar

80

85

90

95

100

105

110

115

120

125

Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19

TRADE WEIGHTED U.S. DOLLAR INDEX(1973 = 100)

Source: Federal Reserve

Currency

The upward trend in the US dollar was halted with cyclical supports of higher interest rates and relative economic strength fading to some extent. Returning risk appetite also upended the 'greenback' which had benefited from safe-haven activity. The U.S. dollar slipped by 2.8% on a trade-weighted basis over the quarter with notable underperformance against sterling.

The removal of Hard Brexit risks following a sizeable majority gained by the incumbent Conservative Party in the UK general election led sterling significantly higher over the quarter. Sterling appreciated by 7.5% against the U.S. dollar.

Economic data releases stabilized in the Euro Area over the quarter but the outlook for the manufacturing sector still appears murky with activity shrinking for the eleventh successive month. Despite these economic headwinds, the euro found support against the U.S. dollar from tighter interest rate differentials, appreciating by 2.9% against the U.S. dollar.

The U.S. dollar moderately appreciated against the Japanese yen, which had appreciated during risk-off episodes earlier in the year. The yen weakened by 0.6% against the U.S. dollar over the quarter.

Page 8


4.4%

3.8%

5.8%

-0.2%

3.7%

7.1%

13.9%

3.6%

0.1%

7.7%

6.0%

11.8%

7.0%

17.0%

1.7%

4.3%

-1.1%

-6.0%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

Bloomberg Commodity Index

Ex-Energy

Energy

Industrial Metals

Prec. Metals

Agric.

Softs

Grains

Livestock

COMMODITY RETURNS AS OF 12/31/2019

Fourth Quarter 2019

One-Year

Source: BloombergNote: Softs and Grains are part of the wider Agriculture sector

Commodities

Additional supply cuts proposed by OPEC+ as well as a less pessimistic economic outlook helped crude oil prices rebound while the latter also provided firmer footing for commodity prices which saw Bloomberg Commodity Index return 4.4%.

The price of Brent crude oil rose by 8.6% to $66/bbl and WTI crude oil spot prices rose by 12.9% to $61/bbl. Higher crude oil prices helped the Energy sector return 5.8%.

Industrial Metals was the worst performing sector to post a negative return over the quarter. Remaining headwinds of declines in manufacturing output depressed prices and ultimately led to a return of -0.2%.

Agriculture (7.1%) was the best performing sector in Q4 2019. Within the Agriculture sector, Softs rose by 13.9% while Grains rose by 3.6%.

Page 9


2.4%

-0.5%

5.7%

5.0%

2.9%

-0.5%

2.0%

3.5%

3.0%

10.4%

6.2%

13.7%

11.6%

7.5%

2.5%

7.6%

10.4%

8.3%

-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Fixed Income/Convertible Arb.

Global Macro

Equity Hedge

Emerging Markets

Event-Driven

Distressed-Restructuring

Relative Value

Fund-Weighted Composite Index

Fund of Funds Composite Index

HEDGE FUND PERFORMANCE AS OF 12/31/2019

Fourth Quarter 2019

One-Year

Note: Latest 5 months of HFR data are estimated by HFR and may change in the future.Source: HFR

Hedge Fund Markets Overview

Hedge fund performance was generally positive across all strategies in the fourth quarter. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 3.5% and 3.0% respectively.

Over the quarter, Equity Hedge and Emerging Markets strategies were the best performers with returns of 5.7% and 5.0% respectively, with these strategies benefiting from long equity positions amidst an equity market rally.

Conversely, Global Macro and Distressed-Restructuring were the only strategies to generate negative returns of -0.5% each. Trend-following Global Macro strategies experienced a difficult quarter, while their discretionary counterparts performed better.

Page 10

Fairfax County Public Schools – Summary

This report has been prepared by Aon Hewitt Investment Consulting (AHIC) to provide Fairfax County Public Schools with an

objective, third party review of the historical investment results of the 457(b) Plan.

Asset Allocation

The Fairfax County Public Schools 457(b) Plan currently offers 8 investment options and a series of lifecycle funds. As of

December 31, 2019, the Plan had 1 guaranteed interest fund, 1 fixed income fund, 1 inflation-sensitive solution, 2 passively-

managed domestic equity funds, 2 actively-managed domestic equity funds, 1 actively-managed foreign equity fund and a series

of actively managed target date funds. The two passively-managed domestic equity funds cover the following asset classes:

large cap core and mid cap core. The two actively-managed domestic equity funds cover the following asset classes: large cap

core and mid cap growth. Participants may allocate their investments among the funds in accordance with their own personal

tolerance for risk. As of December 31, 2019, the assets of the Plan totaled $259.3 million. The Plan held 13.6% of assets in the

guaranteed interest product, 7% in fixed income, 56.9% in domestic equity, 8.5% in foreign equity and 13.0% in target date funds.

The Plan’s asset allocation by fund is detailed later in this report.

Plan Performance

During the fourth quarter of 2019, the announcement of the “phase one” U.S.-China Trade deal, progress on USMCA and easing

Brexit concerns led to a surge in equity markets. Domestically, the Russell 3000 Index returned 9.1% during the fourth quarter. All

sectors generated positive returns for the quarter, with the Healthcare (14.9%) and Tech (14.3%) leading the way. Performance

was strong across all market capitalization spectrums for the quarter, with large & small cap stocks moderately outperforming

small cap stocks. Growth stocks generally outperformed their value counterparts. Emerging markets (11.6%) outperformed non-

U.S. markets during the third quarter, with the MSCI EAFE Index generating a return of 8.2%. The domestic fixed income market,

as represented by Bloomberg Barclays US Aggregate Bond Index, posted a slightly positive return for the quarter of 0.2%.

Corporate bonds were the leading performer again this quarter with a 1.2% return. Long duration bonds underperformed shorter

duration bonds during the quarter.

Page 11


Plan Performance (continued)

Against this backdrop the plan’s options generated mostly positive returns while most of the actively managed target date funds

underperformed their benchmarks.

Longer-term relative performance of most of the Plan’s active investments had positive results for the ten-year period ending December

31, 2019. Allowing for the expense ratios of the funds, both of the Plan’s index options successfully tracked their target Indices during

the quarter as well as for longer periods.

Quarterly Fund Attribution

▪ PIMCO Total Return Fund underperformed during the quarter

- Overweight to duration in the eurozone

- Underweight investment grade corporate credit

- U.S. rate strategies, including duration, curve positioning, and instrument selection

▪ PIMCO Inflation Response Multi-Asset Fund outperformed during the quarter

+ Exposure to broad inflation assets, less REITs, contributed to absolute performance

+ Active commodity and REIT strategies

+ Positions in agency mortgage-backed securities (MBS)

Page 12


Quarterly Fund Attribution (continued)

▪ Dodge & Cox Stock Fund outperformed during the quarter

+ Overweight positioning to financial sector, Bank of America and Charles Schwab were top contributors

+ Overweight positioning and higher returns in the Health Care sector

+ Underweight positioning in consumer staples, utilities and real estate

▪ Baron Growth Fund outperformed during the quarter

+ Specific holdings MSCI Inc., ANSYS Inc. Choice Hotels International Inc., and Marriott Vacations Worldwide Corp.

▪ Artisan International Fund underperformed during the quarter

- Specific holding of Wirecard

Page 13

Financial ReconciliationAs of December 31, 2019Fairfax County Public Schools

1Market Values may be slightly different as any corrections or adjustments after effective date are not included. 2Loan Fund and Forfeiture Account do not have cash flows available.

2

2

Market Value As of

09/30/2019Net

Transfers Contributions Distributions

Capital Apprec./ Deprec.

Market Value As of

12/31/2019U.S. FIXED INCOME 53,010,139.33$ $622,754.37 -$1,220,538.69 $118,109.53 $53,345,681.36Great West Portfolio Fund 34,006,769.63$ $1,014,822.00 $455,517.50 -$886,261.76 $176,399.31 $34,767,246.68PIMCO Total Return Adm 18,706,994.39$ -$203,445.36 $161,600.01 -$334,276.93 -$65,544.18 $18,265,327.93PIMCO Inflation Response MultiAsst Inst 296,375.31$ $3,840.18 $5,636.86 $0.00 $7,254.40 $313,106.75TARGET DATE $30,317,299.23 $944,898.64 -$350,877.24 $1,918,376.32 $33,608,833.65T. Rowe Price Retirement I 2005 I 894,052.54$ $930.95 $17,939.66 -$312.65 $33,570.62 $946,181.12T. Rowe Price Retirement I 2010 I 67,668.65$ $0.00 $463.60 -$204.73 $2,795.89 $70,723.41T. Rowe Price Retirement I 2015 I 1,747,112.87$ $47,090.89 $8,259.10 -$301,780.78 $76,065.35 $1,576,747.43T. Rowe Price Retirement I 2020 I 6,261,701.27$ $19,335.75 $39,996.30 -$7,286.76 $330,582.56 $6,644,329.12T. Rowe Price Retirement I 2025 I 5,903,249.95$ $397,415.53 $178,080.68 -$23,302.79 $368,735.39 $6,824,178.76T. Rowe Price Retirement I 2030 I 3,617,820.70$ $233,570.69 $134,760.34 -$1,132.80 $245,245.57 $4,230,264.50T. Rowe Price Retirement I 2035 I 5,243,375.48$ -$92.25 $178,576.99 -$5,700.00 $359,032.08 $5,775,192.30T. Rowe Price Retirement I 2040 I 2,996,978.89$ $63,652.15 $186,236.37 -$8,751.32 $225,783.63 $3,463,899.72T. Rowe Price Retirement I 2045 I 1,554,996.28$ -$1,990.20 $74,719.99 -$2,405.41 $118,698.60 $1,744,019.26T. Rowe Price Retirement I 2050 I 992,822.06$ $19,274.34 $30,954.43 $0.00 $76,397.76 $1,119,448.59T. Rowe Price Retirement I 2055 I 1,037,520.54$ -$51.15 $94,911.18 $0.00 $81,468.87 $1,213,849.44U.S. EQUITY 136,385,336.63$ $1,640,843.44 -$936,017.23 $11,647,480.14 $147,553,659.04iShares S&P 500 Index 38,048,663.13$ -$566,353.16 $657,904.64 -$206,926.58 $3,430,191.58 $41,363,479.61Dodge & Cox Stock 27,883,312.26$ -$183,032.54 $231,559.66 -$276,302.07 $2,786,364.93 $30,441,902.24Vanguard Mid Cap Index 36,970,002.69$ -$227,945.11 $474,185.50 -$138,700.88 $2,546,595.07 $39,624,137.27Baron Growth Inst 33,483,358.55$ -$206,653.13 $277,193.64 -$314,087.70 $2,884,328.56 $36,124,139.92INTERNATIONAL EQUITY 20,824,836.95$ $218,570.48 -$196,664.39 $1,608,827.80 $22,045,201.26Artisan International Inv 20,824,836.95$ -$410,369.58 $218,570.48 -$196,664.39 $1,608,827.80 $22,045,201.26OTHER $2,375,291.77 $2,349,443.39Loan Fund $1,989,585.83 $1,916,700.59Forfeiture Account 385,705.94$ $432,742.80

Total 457(b) Plan 242,912,903.91 $3,427,066.93 -$2,704,097.55 $15,292,793.79 $258,902,818.70

1

Page 14

September 30, 2019 : $243,298,610 December 31, 2019 : $259,335,491

SegmentsMarket Value

($)Allocation

(%)

Domestic Equity 136,385,336.63 56.06¢£

International Equity 20,824,836.95 8.56¢£

Domestic Fixed Income 18,706,994.39 7.69¢£

GIC 34,392,475.57 14.14¢£

Real Return 296,375.31 0.12¢£

Loan Fund 1,989,585.83 0.82¢£

Cash 385,705.94 0.16¢£

Life Cycle 30,317,299.23 12.46¢£

SegmentsMarket Value

($)Allocation

(%)

Domestic Equity 147,553,659.04 56.90¢£

International Equity 22,045,201.26 8.50¢£

Domestic Fixed Income 18,265,327.93 7.04¢£

GIC 35,199,989.48 13.57¢£

Real Return 313,106.75 0.12¢£

Loan Fund 1,916,700.59 0.74¢£

Cash 432,742.80 0.17¢£

Life Cycle 33,608,763.10 12.96¢£

Fairfax County Public Schools

457(b) Plan

Asset Allocation by Segment

Page 15

Domestic Equity International Equity Domestic Fixed Income GIC

Real Return Loan Fund Cash Life Cycle

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Allo

ca

tio

n (%

)

3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19


Historical Asset Allocation by Segment

April 1, 2010 To December 31, 2019

Total 457(b) Plan

Page 16

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

Total 457(b) Plan 259,335.49 100.00

U.S. Fixed Income 53,778.42 20.74

Great West Portfolio Fund¹ 35,199.99 13.57 0.48 1.95 1.95 1.97 1.89 2.05

90 Day U.S. Treasury Bill 0.46 2.28 1.67 1.05 0.77 0.56

Stable Value Institutional Peer Group 0.55 2.22 1.93 1.75 1.66 1.87

PIMCO Total Return Adm 18,265.33 7.04 -0.37 (99) 7.99 (84) 4.06 (50) 2.99 (62) 2.44 (82) 3.93 (56)

Blmbg. Barc. U.S. Aggregate 0.18 (57) 8.72 (61) 4.03 (52) 3.05 (54) 2.72 (52) 3.75 (67)

PIMCO Inflation Response MultiAsst Inst 313.11 0.12 2.40 (78) 10.03 (85) 4.78 (77) 3.46 (76) 1.27 (94) -

PIMCO IRMA Benchmark 2.03 (81) 10.30 (84) 3.67 (87) 1.94 (91) -0.01 (98) 2.32 (99)

Target Date 33,608.76 12.96

T. Rowe Price Retirement I 2005 I 946.18 0.36 3.29 (27) 14.69 (28) 7.16 (11) - - -

T. Rowe Price Retirement 2005* 3.74 (7) 15.08 (21) 7.20 (10) 5.47 (14) 5.96 (15) 6.57 (18)

T. Rowe Price Retirement 2005 Index 3.47 (16) 14.88 (25) 7.22 (10) 5.44 (14) 6.07 (14) 6.44 (26)

T. Rowe Price Retirement I 2010 I 70.72 0.03 4.13 (1) 16.31 (1) 7.84 (1) - - -



T. Rowe Price Retirement I 2015 I 1,576.75 0.61 4.56 (7) 17.55 (1) 8.57 (1) - - -







Asset Allocation & Performance

As of December 31, 2019

¹Market value is being sourced from Empower's Plan Service Center and may include corrections and adjustments made after effective date.*Alternate share class shown to illustrate performance history.

Page 17




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years




















T. Rowe Price Retirement 2055* 7.52 (74) 25.38 (37) 12.32 (19) 8.86 (12) 10.75 (8) 10.46 (-)

T. Rowe Price Retirement 2055 Index 8.15 (34) 26.33 (24) 12.46 (14) 9.09 (6) 10.96 (6) 10.52 (-)


Page 18




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

U.S. Equity 147,553.66 56.90

iShares S&P 500 Index 41,363.48 15.95 9.05 (22) 31.43 (25) 15.24 (10) 11.66 (13) 14.67 (13) 13.48 (18)

S&P 500 Index 9.07 (3) 31.49 (3) 15.27 (3) 11.70 (1) 14.73 (1) 13.56 (1)

Dodge & Cox Stock 30,441.90 11.74 10.09 (15) 24.83 (94) 11.13 (92) 9.72 (74) 13.77 (54) 12.60 (51)

S&P 500 Index 9.07 (42) 31.49 (38) 15.27 (33) 11.70 (20) 14.73 (19) 13.56 (16)

Russell 1000 Value Index 7.41 (82) 26.54 (90) 9.68 (99) 8.29 (92) 12.20 (87) 11.80 (75)

Vanguard Mid Cap Index 39,624.14 15.28 6.87 (57) 31.04 (40) 12.37 (46) 9.26 (48) 13.29 (35) 13.09 (33)

Vanguard Spliced Mid Cap Index 6.88 (57) 31.09 (39) 12.39 (46) 9.29 (47) 13.32 (34) 13.13 (33)

Baron Growth Inst 36,124.14 13.93 8.65 (29) 40.50 (9) 20.31 (16) 12.18 (34) 14.49 (46) 14.28 (24)

Russell Midcap Growth Index 8.17 (40) 35.47 (36) 17.36 (42) 11.60 (44) 14.81 (36) 14.24 (25)

International Equity 22,045.20 8.50

Artisan International Inv 22,045.20 8.50 7.82 (75) 29.20 (15) 14.69 (9) 5.56 (55) 7.18 (21) 7.18 (16)

MSCI EAFE Index (Net) 8.17 (69) 22.01 (69) 9.56 (56) 5.67 (49) 6.35 (40) 5.50 (47)

MSCI AC World ex USA Index (Net) 8.92 (51) 21.51 (72) 9.87 (51) 5.51 (57) 5.44 (66) 4.97 (57)


Page 19

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

U.S. Fixed Income

Great West Portfolio Fund¹ 1.95 1.95 1.95 1.98 2.00 1.86 1.53 2.11 2.55 2.67

90 Day U.S. Treasury Bill 2.28 1.87 0.86 0.25 0.03 0.04 0.05 0.08 0.08 0.13

Stable Value Institutional Peer Group 2.22 1.94 1.64 1.48 1.45 1.38 1.52 1.93 2.36 2.79

PIMCO Total Return Adm 7.99 (84) -0.51 (53) 4.87 (8) 2.34 (81) 0.47 (39) 4.43 (81) -2.16 (72) 10.10 (3) 3.91 (95) 8.57 (17)

Blmbg. Barc. U.S. Aggregate 8.72 (61) 0.01 (19) 3.54 (63) 2.65 (65) 0.55 (30) 5.97 (32) -2.02 (64) 4.21 (77) 7.84 (15) 6.54 (69)

IM U.S. Broad Market Core Fixed Income (MF) Median 9.00 -0.48 3.83 2.96 0.34 5.76 -1.64 6.06 6.98 7.24

PIMCO Inflation Response MultiAsst Inst 10.03 (85) -3.71 (24) 8.59 (75) 10.53 (20) -6.77 (78) 1.57 (73) -9.29 (100) 9.56 (64) - -

PIMCO IRMA Benchmark 10.30 (84) -3.86 (25) 5.08 (91) 6.76 (48) -7.47 (82) -0.34 (82) -8.89 (100) 6.58 (84) 4.56 (11) 12.98 (45)

IM Flexible Portfolio (MF) Median 16.62 -6.73 12.75 6.53 -3.27 3.80 12.10 11.05 -1.69 12.37

Target Date

T. Rowe Price Retirement I 2005 I 14.69 (28) -3.12 (44) 10.74 (19) 6.69 (30) - - - - - -

T. Rowe Price Retirement 2005* 15.08 (21) -3.26 (50) 10.67 (20) 6.72 (30) -0.75 (39) 4.72 (40) 9.74 (24) 11.35 (16) 1.43 (66) 11.51 (18)

T. Rowe Price Retirement 2005 Index 14.88 (25) -2.58 (26) 10.12 (26) 5.84 (45) -0.10 (20) 5.48 (25) 9.86 (23) 9.52 (41) 2.38 (44) 10.22 (42)

IM Mixed-Asset Target Alloc Consv (MF) Median 13.18 -3.28 8.83 5.58 -1.13 4.21 7.55 9.04 2.10 9.94


T. Rowe Price Retirement 2010* 16.16 (1) -3.61 (67) 11.66 (13) 7.11 (11) -0.76 (63) 4.99 (23) 11.93 (8) 12.44 (6) 0.54 (55) 12.70 (4)


IM Mixed-Asset Target 2010 (MF) Median 14.53 -3.44 10.39 6.22 -0.63 4.49 9.24 9.64 0.90 10.88


T. Rowe Price Retirement 2015* 17.40 (1) -4.17 (64) 13.34 (12) 7.31 (14) -0.58 (36) 5.37 (32) 15.18 (2) 13.81 (1) -0.32 (81) 13.79 (4)









T. Rowe Price Retirement 2025 Index 21.36 (1) -5.00 (42) 16.68 (11) 8.21 (9) -0.56 (34) 7.06 (9) 20.01 (4) 14.00 (22) -0.22 (25) 14.12 (26)

IM Mixed-Asset Target 2025 (MF) Median 18.63 -5.27 15.23 7.19 -0.95 5.52 16.08 13.27 -1.05 13.67






T. Rowe Price Retirement 2035* 23.70 (14) -6.87 (45) 20.88 (9) 7.64 (66) 0.13 (4) 6.07 (38) 24.86 (3) 17.35 (1) -3.26 (61) 16.34 (1)








Calendar Year Performance


¹Market Value is sourced from Empower's Plan Service Center and may include corrections and adjustments made after the effective date.Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 20


Calendar Year Performance


2019 2018 2017 2016 2015 2014 2013 2012 2011 2010










T. Rowe Price Retirement 2055* 25.38 (37) -7.62 (23) 22.33 (20) 7.73 (73) 0.18 (4) 6.18 (40) 25.86 (13) 17.60 (1) -3.35 (16) 16.41 (-)

T. Rowe Price Retirement 2055 Index 26.33 (24) -6.96 (5) 21.02 (65) 9.70 (14) -0.98 (45) 7.43 (11) 24.73 (31) 15.66 (60) -1.46 (1) 15.17 (-)

IM Mixed-Asset Target 2055 (MF) Median 25.06 -8.28 21.51 8.53 -1.26 5.70 23.17 15.73 -4.33 -

U.S. Equity

iShares S&P 500 Index 31.43 (25) -4.38 (7) 21.77 (19) 11.92 (19) 1.35 (19) 13.61 (14) 32.21 (28) 15.84 (33) 1.98 (41) 14.92 (36)

S&P 500 Index 31.49 (3) -4.38 (7) 21.83 (3) 11.96 (8) 1.38 (7) 13.69 (1) 32.39 (3) 16.00 (3) 2.11 (8) 15.06 (1)

IM S&P 500 Index (MF) Median 31.29 -4.55 21.64 11.79 1.23 13.47 32.11 15.77 1.96 14.82

Dodge & Cox Stock 24.83 (94) -7.07 (79) 18.33 (81) 21.28 (1) -4.49 (94) 10.40 (73) 40.55 (1) 22.01 (2) -4.08 (90) 13.49 (55)

S&P 500 Index 31.49 (38) -4.38 (33) 21.83 (40) 11.96 (29) 1.38 (38) 13.69 (22) 32.39 (45) 16.00 (42) 2.11 (28) 15.06 (34)

Russell 1000 Value Index 26.54 (90) -8.27 (89) 13.66 (97) 17.34 (4) -3.83 (92) 13.45 (24) 32.53 (44) 17.51 (18) 0.39 (53) 15.51 (30)

IM U.S. Large Cap Core Equity (MF) Median 30.80 -5.22 21.21 10.35 0.75 11.92 32.16 15.38 0.64 13.91

Vanguard Mid Cap Index 31.04 (40) -9.24 (51) 19.29 (50) 11.23 (55) -1.33 (40) 13.78 (10) 35.17 (52) 16.01 (43) -1.96 (42) 25.67 (31)

Vanguard Spliced Mid Cap Index 31.09 (39) -9.22 (51) 19.30 (50) 11.25 (55) -1.28 (40) 13.83 (9) 35.21 (52) 16.04 (42) -1.91 (40) 25.69 (31)

IM U.S. Mid Cap Equity (MF) Median 30.12 -9.13 19.21 12.04 -2.41 8.29 35.28 15.33 -2.95 23.79

Baron Growth Inst 40.50 (9) -2.67 (30) 27.35 (32) 6.31 (45) -4.06 (80) 4.66 (78) 38.69 (24) 16.74 (17) 1.51 (13) 24.32 (54)

Russell Midcap Growth Index 35.47 (36) -4.75 (52) 25.27 (45) 7.33 (34) -0.20 (52) 11.90 (12) 35.74 (48) 15.81 (31) -1.65 (34) 26.38 (38)

IM U.S. Mid Cap Growth Equity (MF) Median 34.46 -4.45 24.89 5.71 0.05 7.37 35.60 14.19 -2.92 24.42

International Equity

Artisan International Inv 29.20 (15) -10.86 (15) 31.02 (17) -9.66 (100) -3.85 (82) -0.97 (11) 25.18 (7) 25.39 (4) -7.26 (18) 5.91 (67)

MSCI EAFE Index (Net) 22.01 (69) -13.79 (39) 25.03 (57) 1.00 (46) -0.81 (49) -4.90 (42) 22.78 (14) 17.32 (69) -12.14 (50) 7.75 (53)

MSCI AC World ex USA Index (Net) 21.51 (72) -14.20 (42) 27.19 (40) 4.50 (14) -5.66 (87) -3.87 (28) 15.29 (81) 16.83 (71) -13.71 (77) 11.15 (23)

IM International Large Cap Equity (MF) Median 25.20 -14.90 26.08 0.55 -1.01 -5.22 20.56 19.25 -12.24 8.04

¹Market Value is sourced from Empower's Plan Service Center and may include corrections and adjustments made after the effective date.Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 21

Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst

T. Rowe Price Ret 2005* T. Rowe Price Ret 2010* T. Rowe Price Ret 2015*



T. Rowe Price Ret 2055* iShares S&P 500 Index Dodge & Cox Stock

Vanguard Mid Cap Index Baron Growth Inst Artisan International Inv

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

An

nu

aliz

ed

Re

turn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0Annualized Standard Deviation


Risk Profile

3 Years Ending December 31, 2019

*Alternate share class shown to illustrate performance history.

Page 22

Fairfax County Public Schools – Watch List Review

Process

U.S FIXED INCOME

Great West Portfolio Fund No No No No No N/R Green Green Green Green

PIMCO Total Return Adm No No No Yes No Buy Green Green Green Yellow

PIMCO Inflation Response MultiAsst Inst No No No No No Buy Green Green Green Green

TARGET DATE

T. Rowe Price Retirement Series No No No No No Buy Green Green Green Green

U.S. EQUITY

iShares S&P 500 Index No No No No No Buy Green Green Green Green

Dodge & Cox Stock Fund No No No Yes Yes Buy Yellow Yellow Red Red

Vanguard Mid Cap Index No No No No No Buy Green Green Green Green

Baron Growth Instl No No No No No Qualified Green Green Green Green

INTERNATIONAL EQUITY

Artisan International Inv No No No Yes No Buy Green Green Green Green

StatusGreenYellowRed

Changes in Watch List designations from the previous quarter are highlighted in bold.Passively managed index funds are expected to track their benchmark within a reasonable margin.

Significant Organizational

Change

Adverse Change in Portfolio

Manager

Active – On “closely monitored list”Active – No action required

1st Quarter

2019

Diverged from Strategy and/or

Portfolio Characteristics

Underperformed / Adverse Tracking During Trailing 5-

Years

4 or more affirmatives or “Yellow” for 4 consecutive quarters

1 or less affirmatives

Full fund review and recommendation for action will be made

Organization/Staff

2 to 3 affirmatives

Underperformed / Adverse Tracking in

3 of 4 Trailing Calendar Quarters

Suggested ActionNumber of Criteria Met

2nd Quarter

2019

4th Quarter

2019

Watch List StatusPerformance

3rd Quarter

2019

Overall Manager Research

Rating

Page 23

Watch List Guidelines

AHIC Investment Option Review Criteria1. If the Fund has underperformed its benchmark over the most recent trailing five-year period

– If passively managed, the fund’s return must be no more than 0.5 percentage points above or below the return of the benchmark

2. If the fund has underperformed its benchmark in three of the most recent four calendar quarters3. If the Fund diverged from its strategy and / or portfolio characteristics4. Adverse change in portfolio manager5. Merger with another fund6. Significant organizational change

Suggested Action Triggers1. When an investment fund is placed on the Red Watch List, a formal fund retention meeting may be

conducted. At this meeting, the fund’s representative would be asked to address all relevant issues and explain why the fund should be retained. After this retention meeting, the Investment Committee may elect to either terminate the fund or grant it a one-year extension.

2. If a fund is granted the one-year extension described above and remains on the Watch List for this period, the fund may be terminated unless the Committee determines that an alternate course of action is appropriate.

Special Circumstances1. In the event of a major change to the fund (e.g., investments, ownership, and staffing), the Committee retains

the right to immediately terminate any fund without invoking the Watch List criteria in any fashion.

Page 24

Fairfax County Public Schools 457(b) Plan As of December 31, 2019

Investment Option Participants Investment Options Participants

Great West Portfolio 942 One 686

PIMCO Total Return 983 Two 381

PIMCO Inflation Response MultiAsst 52 Three 270

T. Rowe Price Retirement I 2005 I 36 Four 283

T. Rowe Price Retirement I 2010 I 18 Five 252

T. Rowe Price Retirement I 2015 I 41 Six 227

T. Rowe Price Retirement I 2020 I 91 Seven 162

T. Rowe Price Retirement I 2025 I 136 Eight 22

T. Rowe Price Retirement I 2030 I 123 More than Eight 41

T. Rowe Price Retirement I 2035 I 153



T. Rowe Price Retirement I 2050 I 67 Item Result

T. Rowe Price Retirement I 2055 I 85 Participation Rate 48.24%

iShares S&P 500 Index 952 Number of Participants with Account Balances 2,324

Dodge & Cox Stock 885 Average Deferral Rate 16.94%

Vanguard Mid Cap Index 1,106 Average Number of Funds per Participant 3.36

Baron Growth 980 Average Account Balance $110,393.02

Artisan International 946

Investment Option Participants

Great-West Portfolio Fund 203

PIMCO Total Return Admin 24

PIMCO Inflation Response MultiAsst 0












iShares S&P 500 Index 95

Dodge & Cox Stock 20

Vanguard Mid Cap Index Ins 30

Baron Growth Instl 18

Artisan International Inv 9

* Information directly provided by Empower Retirement.

Demographic Information

Participants per Investment Option

Participants with Balance in One Investment Option

Investment Options per Participant

Other Demographics

Page 25

457(b) Plan Statistics

457(b) 403(b)

Contributions Dec. 2017 $ 941,000 $3.2 million Contributions Dec. 2018 $ 874,000 $2.9 millionContributions Dec. 2019 $ 878,000 $3.3 millionContributions Jan. 2020 $ 1.3 million $4.6 million

Assets Dec. 31, 2017 $218.1 millionAssets Dec. 31, 2018 $204.2 millionAssets Dec. 31, 2019 $257.0 millionAssets Jan. 31, 2020 $257.6 million

Number of Participants Dec. 2017 2271 13198Number of Participants Dec. 2018 2311 13262Number of Participants Dec. 2019 2329 13476

Average Contribution/Month – Dec. 2017 $864/mo; $199/biweekAverage Contribution/Month – Dec. 2018 $735/mo; $216/biweekAverage Contribution/Month – Dec. 2019 $799/mo; $239/biweek

403(b)Average Contribution/Month – Dec. 2019 $619/mo; $168/biweek

Number of Employees Currently Contributing to 457(b): 1250/mo; 62/biweekNumber of Employees Currently Contributing to 403(b): 5529/mo; 690/biweek

Number of Employees Currently Contributing to both 457(b) & 403(b): 449 total

Page 26

457 Plan Participants

Age Monthly Bi-Weekly<21 0 121-25 8 026-30 50 031-35 85 236-40 147 541-45 143 246-50 225 1251-55 195 1756-60 216 1161-65 137 1066-70 35 271-75 7 076-80 2 0

Total 1250 62

0

50

100

150

200

250

<21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80

Enro

llmen

t

Age Range

457 Monthly Plan Participants

02468

1012141618

<21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80

Enro

llmen

t

Age Range

457 Bi-Weekly Plan Participants

Page 27

403(b) Plan Participants

Age Monthly Bi-Weekly<21 0 221-25 54 526-30 322 531-35 594 2236-40 731 4141-45 751 6846-50 987 8551-55 797 12756-60 673 15861-65 467 10166-70 120 4171-75 26 1876-80 7 1281-85 0 586-90 0 0

Total 5529 690

0

200

400

600

800

1000

1200

<21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85En

rollm

ent

Age Range

403(b) Monthly Plan Participants

020406080

100120140160180

<21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85 86-90

Enro

llmen

t

Age Range

403(b) Bi-Weekly Plan Participants

Page 28

Fairfax County Public Schools 457(b) Plan

Contribution Analysis

Stable Value13%

Fixed Income5%

Real Return0%

Large Cap Blend (Passive)

20%

Large Cap Blend (Active)

7%Mid Cap Blend (Passive)

14%

Small Cap Growth8%

International6%

Lifecycle27%

4th Quarter 2019 Contribution Allocation

Stable Value15%

Fixed Income5%

Real Return0%

Large Cap Blend (Passive)

21%

Large Cap Blend (Active)

7%

Mid Cap Blend (Passive)13%

Small Cap Growth9%

International6%

Lifecycle24%

3rd Quarter 2019 Contribution Allocation

Page 29

Relative Ranking (3 Years Rolling) Relative Performance (01/01/10 to 12/31/19)

Relative Ranking vs. Peers (3 Years Rolling)

Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling)

PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Cumulative Annualized Over/Under Relative Performance

Over/Under Performance

0.0

3.0

6.0

-3.0

-6.0

Re

turn

(%)

1/10 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 12/19

Number ofObservations

>=Median Top Quartile Bottom Quartile >PIMCO Total Return Adm >Blmbg. Barc. U.S. Aggregate

PIMCO Total Return Adm 20 12 1 6 N/A 12

Blmbg. Barc. U.S. Aggregate 20 9 1 0 8 N/A

Style History Dec-2019 Average Style Exposure

Cap

ital

izat

ion

Manager Style

Barclays Capital Government Index

Barclays Capital U.S. Long Gov/CreditBarclays Capital 1-3yr Gov/Credit

Barclays Capital U.S. Credit Index

Barclays U.S. Credit Index Barclays 1-3yr Gov/Credit

Barclays Government Index Barclays U.S. Long Gov/Credit

0.0

25.0

50.0

75.0

100.0

11/97 8/99 5/01 2/03 11/04 8/06 5/08 2/10 11/11 8/13 5/15 2/17 12/19

PIMCO Total Return Adm 12/31/19

Page 30

Relative Ranking (3 Years Rolling)

Relative Performance (09/01/11 to 12/31/19)


PIMCO Inflation Response MultiAsst Inst PIMCO IRMA Benchmark

0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19


>=Median Top Quartile Bottom Quartile >PIMCO Inflation Response MultiAsst Inst >PIMCO IRMA Benchmark

PIMCO Inflation Response MultiAsst Inst 20 1 0 13 N/A 20

PIMCO IRMA Benchmark 20 0 0 20 0 N/A

Cumulative Annualized Over/Under Relative Performance Over/Under Performance

0.0

3.0

6.0

-3.0

-6.0

Re

turn

(%)

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

PIMCO Inflation Response MultiAsst Inst 12/31/19

Page 31

Target Allocation: T. Rowe Price Retirement Funds

0%

20%

40%

60%

80%

100%

TargetBalanced

Target2005

Target2010

Target2015

Target2020

Target2025

Target2030

Target2035

Target2040

Target2045

Target2050

Target2055

Target2060

Fixed Income U.S. Equity Non-U.S. Equity Real Assets

Page 32

Target Allocation: T. Rowe Retirement Funds

Balanced 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060

Fixed Income 68.0% 64.0% 59.0% 52.5% 43.0% 34.0% 26.5% 19.5% 14.0% 10.0% 10.0% 10.0% 10.0%

US Aggregate Bond 12.6% 20.3% 18.9% 17.3% 15.3% 13.1% 10.8% 8.6% 6.3% 4.5% 4.5% 4.5% 4.5%

Dynamic Global Bond 4.8% 4.5% 4.2% 3.9% 3.4% 2.9% 2.4% 1.9% 1.4% 1.0% 1.0% 1.0% 1.0%

Intl Bond ($ Hedged) 7.2% 6.8% 6.3% 5.8% 5.1% 4.4% 3.6% 2.9% 2.1% 1.5% 1.5% 1.5% 1.5%

High Yield 4.3% 4.0% 3.6% 3.2% 2.7% 2.1% 1.6% 1.2% 0.7% 0.4% 0.4% 0.4% 0.4%

Floating Rate 1.1% 1.0% 0.9% 0.8% 0.7% 0.5% 0.4% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1%

EM Bond 5.4% 5.0% 4.5% 4.0% 3.4% 2.7% 2.1% 1.5% 0.9% 0.5% 0.5% 0.5% 0.5%

US Treasury Long 3.6% 3.6% 3.6% 3.6% 3.5% 3.4% 3.1% 2.8% 2.5% 2.0% 2.0% 2.0% 2.0%

Focused 20.0% 19.0% 17.0% 14.0% 9.0% 5.0% 2.5% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0%

U. S Equity 21.3% 23.9% 27.3% 31.6% 37.9% 43.9% 48.9% 53.5% 57.2% 59.9% 59.9% 59.9% 59.9%

US Large Cap 16.4% 18.4% 21.0% 24.3% 29.2% 33.8% 37.6% 41.2% 44.0% 46.1% 46.1% 46.1% 46.1%

US Mid Cap 2.6% 2.9% 3.3% 3.8% 4.5% 5.3% 5.9% 6.4% 6.9% 7.2% 7.2% 7.2% 7.2%

US Small Cap 2.3% 2.6% 3.0% 3.5% 4.2% 4.8% 5.4% 5.9% 6.3% 6.6% 6.6% 6.6% 6.6%

Non-U.S Equity 9.1% 10.3% 11.7% 13.5% 16.2% 18.8% 21.0% 22.9% 24.5% 25.7% 25.7% 25.7% 25.7%

Developed Intl Mkts 7.8% 8.7% 9.9% 11.5% 13.8% 16.0% 17.8% 19.5% 20.8% 21.8% 21.8% 21.8% 21.8%

Emerging Markets 1.4% 1.5% 1.8% 2.0% 2.4% 2.8% 3.1% 3.4% 3.7% 3.9% 3.9% 3.9% 3.9%

Real Assets 1.6% 1.8% 2.1% 2.4% 2.9% 3.3% 3.7% 4.0% 4.3% 4.5% 4.5% 4.5% 4.5%

Real Assets 1.6% 1.8% 2.1% 2.4% 2.9% 3.3% 3.7% 4.0% 4.3% 4.5% 4.5% 4.5% 4.5%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Page 33




TRP Retirement 2005 TRP Retirement 2005 Index

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>=Median Top Quartile Bottom Quartile >TRP Retirement 2005 >TRP Retirement 2005 Index

TRP Retirement 2005 20 20 16 0 N/A 9

TRP Retirement 2005 Index 20 20 18 0 11 N/A


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TRP Retirement 2005 12/31/19

Alternate share class shown to illustrate performance history.

Page 34





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Page 43




iShares S&P 500 Index S&P 500 Index

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>=Median Top Quartile Bottom Quartile >iShares S&P 500 Index >S&P 500 Index

iShares S&P 500 Index 20 20 20 0 N/A 0

S&P 500 Index 20 20 20 0 20 N/A


Cap

ital

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Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Russell 1000 Growth Index Russell 1000 Value Index


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iShares S&P 500 Index 12/31/19

Page 44




Dodge & Cox Stock S&P 500 Index

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Dodge & Cox Stock 20 12 8 4 N/A 7

S&P 500 Index 20 20 12 0 13 N/A


Cap

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Large Cap Growth


Large Cap Value



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Dodge & Cox Stock 12/31/19

Page 45




Vanguard Mid Cap Index Vanguard Spliced Mid Cap Index

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Vanguard Spliced Mid Cap Index 20 15 8 0 20 N/A


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Vanguard Mid Cap Index 12/31/19

Page 46




Baron Growth Inst Russell Midcap Growth Index

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Baron Growth Inst 12/31/19


Page 47




Artisan International Inv

MSCI EAFE Index (Net)

MSCI AC World ex USA Index (Net)

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Cumulative Annualized Over/Under Relative Performance


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Artisan International Inv 20 9 5 7 N/A 9 10

MSCI EAFE Index (Net) 20 15 1 0 11 N/A 11

MSCI AC World ex USA Index (Net) 20 9 2 5 10 9 N/A


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MSCI EAFE Growth Index

MSCI USA GrowthMSCI USA Value

MSCI EAFE Value Index

MSCI EAFE Value Index MSCI EAFE Growth Index

MSCI USA Growth MSCI USA Value

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Artisan International Inv 12/31/19

Page 48

Fairfax County Public Schools As of December 31, 2019

Peer Group $ Weighted $ Weighted

Median Median Average Average Difference2

U.S FIXED INCOME

Great West Portfolio Fund Stable Value 0.89% 0.47% N/A 0.47% N/A N/A

PIMCO Total Return Adm U.S. Broad Market Core Fixed Income 0.71% 0.48% 0.42% 0.53% 0.35% 0.16%

PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.69% 1.00% 1.00% 1.19% 0.97% 0.00%

TARGET DATE

T. Rowe Price Retirement I 2005 I Mixed-Asset Target Today (Active) 0.41% 0.55% 0.52% 0.56% 0.53% -0.15%

T. Rowe Price Retirement I 2010 I Mixed-Asset Target 2010 (Active) 0.40% 0.40% 0.54% 0.43% 0.48% -0.03%







T. Rowe Price Retirement I 2045 I Mixed-Asset Target 2045 (Active) 0.59% 0.57% 0.59% 0.59% 0.58% 0.00%



U.S. EQUITY

iShares S&P 500 Index S&P 500 Index (Passive) 0.03% 0.20% 0.04% 0.27% 0.04% -0.24%

Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.73% 0.31% 0.80% 0.42% -0.28%

Vanguard Mid Cap Index U.S. Mid Cap Core Equity (Passive) 0.04% 0.09% 0.05% 0.21% 0.05% -0.17%

Baron Growth Inst U.S. Mid Cap Growth Equity 1.03% 0.91% 0.71% 0.93% 0.76% 0.10%

INTERNATIONAL EQUITYArtisan International Inv International Equity All 1.18% 0.91% 0.63% 0.94% 0.66% 0.24%

Cost Analysis

Expense Ratio Peer Group Data1

2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio.

Fund NameFund's

Expense

Ratio

1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2018. Since mutual fund expense ratios do not

change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC

methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by Investment

Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics.

3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the crediting

rate and cost of maintaining regulatory capital requirements.

6 Combines multiple Investment Metrics peer groups.

5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset class

and common use of a Fund of Fund structure.

4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets.

7 Please note that this is the net expense ratio excluding interest expense. Interest expense can result from portfolio investment transactions and is not paid to PIMCO.

Page 49

Active Manager Scorecard – Peer Ranking of Benchmark Returns1


Index Legend

Top Quartile

2nd Quartile

3rd Quartile

4th Quartile

1Source: eVestment Peer Universes

• Active management performance relative to indices during 4Q 2019 was challenging, with majority of active managers underperforming their respective indices. Specifically, active managers in U.S. all-, large-, and small- cap equity underperformed indices during the quarter, year-to-date, and all other longer periods. US mid-cap and non-US markets were the only equity segments where active management outperformed during the fourth quarter, while only non-US outperformed over one-, three-, and five-year periods. US small cap index outperformed over all periods with the exception of ten years. While Global equity active management has struggled during the quarter, one-, three-, and five-year periods, it has shown outperformance over the longer term, especially ten-year period.

• All styles fixed income underperformed indices during the quarter. Core fixed income outperformed over all periods except the recent quarter and while long credit outperformed over the trailing one- and ten-year periods. High yield has struggled to exceed the index during all shown periods, especially over the trailing three-, five- and ten-year periods.

• Aon recommends plan sponsors consider passive options where active management does not reliably add value.

Peer Group/Index Qtr 1 Year 3 Years 5 Years 10 Years Qtr 1 Year 3 Years 5 Years 10 YearsAll Cap Equity/ Russell 3000 Index 9.1% 31.0% 14.6% 11.2% 13.4% 35% 34% 35% 27% 25%Large Cap Equity/ Russell 1000 Index 9.0% 31.4% 15.0% 11.5% 13.5% 37% 34% 39% 32% 28%Large Cap Equity/ S&P 500 Index 9.1% 31.5% 15.3% 11.7% 13.6% 37% 34% 37% 29% 28%Mid Cap Equity/ Russell Midcap Index 7.1% 30.5% 12.1% 9.3% 13.2% 52% 47% 48% 48% 36%Small Cap Equity/ Russell 2000 Index 9.9% 25.5% 8.6% 8.2% 11.8% 25% 45% 45% 47% 54%Non-U.S. Equity/ MSCI ACWI ex-US 8.9% 21.5% 9.9% 5.5% 5.0% 69% 64% 55% 65% 79%Emerging Markets Equity/ MSCI EM 11.8% 18.4% 11.6% 5.6% 3.7% 25% 44% 31% 37% 43%Global Equity/ MSCI ACWI 9.0% 26.6% 12.4% 8.4% 8.8% 41% 44% 38% 41% 60%Core Fixed Income/ Bloomberg Barclays Aggregate 0.2% 8.7% 4.0% 3.0% 3.7% 46% 68% 57% 63% 74%Long Credit/ Bloomberg Barclays Long Credit 1.2% 23.4% 8.9% 6.3% 8.0% 45% 53% 32% 45% 67%Intermediate FI/ Bloomberg Barclays Intermediate Gov/Credit 0.4% 6.8% 3.2% 2.6% 3.1% 50% 50% 45% 51% 63%High Yield FI/ Bloomberg Barclays High Yield 2.6% 14.3% 6.4% 6.1% 7.6% 34% 39% 24% 19% 19%

Peer Ranking of Index ReturnIndex Return

Page 50

Manager Research

Page 51

2 January 2020

.

Flash Report

PIMCO’s Mihir Worah to Retire Recommendation PIMCO has announced that Mihir Worah, CIO of Asset Allocation and Real Return, will retire from the firm at the end of March 2020. Mr. Worah plans to serve as an advisor to PIMCO through the end of 2020. We recommend taking no action and retain the Buy rating for all impacted strategies.

Background Mr. Worah has been with PIMCO for over 18 years and contributes across a broad range of strategies. We believe succession has been appropriately planned for across his responsibilities and are not changing any ratings. Additional comfort is gained from PIMCO’s deep team of investment professionals along with the collaborative investment committee driven approach to portfolios that does not rely on any single investor to drive performance.

Mr. Worah is listed on several Buy-rated strategies. For inflation protected bonds, PIMCO US Real Return will now be led by Steve Rodosky while Global Real Return will be led by Lorenzo Pagani. Mr. Worah was a named portfolio manager on the PIMCO Total Return suite, including Core, Core Plus, and ESG. For those strategies he is being replaced by Mohit Mittal, and the strategies continue to be led by CIO of U.S. Core Strategies, Scott Mather. Erin Browne will replace Mr. Worah on the RealPath Blend target date suite. All of the above portfolio managers are highly experienced and we are confident in their ability to excel in their new responsibilities.

Aon Hewitt 16 January 2020 Retirement and Investment

Risk. Reinsurance. Human Resources.

Flash Report

Dodge & Cox - Changes to the U.S. and International Equity Investment Committees

Recommendation

Dodge & Cox announced the following changes:

- Wendel Birkhofer will step down from the U.S. Equity Investment Committee effective May 1st, 2020. Further Mr. Birkhofer has also announced his intent to retire effective December 31st, 2020. Mr. Birkhofer has been at the Firm for 33 years.

- Diana Strandberg will step down from the U.S. Equity Investment Committee effective May 1st, 2020. Ms. Strandberg will remain a member of the International and Global Investment Committees.

- Bryan Cameron will step down from the step down from the International Equity Investment Committee effective May 1st, 2020. Mr. Cameron remains a member of the U.S. Investment Committee and the firm’s Director of Research.

- Richard Callister, a member of the International Investment Committee, has announced his intention to leave the Firm for personal reasons effective December 31st, 2020.

We recommend clients make no change at this time. We view one of the key strengths of Dodge & Cox to be the depth in talent and length of tenure across investors at the Firm. We believe these changes reflect a measured, gradual transition of responsibilities as Dodge & Cox enters its fifth generation of ownership and management. Each investment policy committee at Dodge & Cox includes the Firm's most experienced, tenured and talented investment professionals.

Please contact a member of the GIM Equity Team if you have any questions.

Aon 24 February 2020 Retirement and Investment

Risk. Reinsurance. Human Resources.

Flash Report

T. Rowe Price – Changes to the Retirement Funds

Recommendation

On February 13, 2020, T. Rowe Price announced several changes to their target date products that will be gradually implemented over the next 2 years. Most notable is the change to the glide path, which will result in an increased allocation to return-seeking assets pre- and post-retirement, while holding the allocation at retirement constant. Additionally, T. Rowe Price will add two additional strategies to the active series’ underlying investments (U.S. Large Cap Core Equity Fund and Emerging Markets Discovery Stock Fund). The U.S. Large Cap Core Equity Fund will not be added to the blend series. Finally, T. Rowe Price will be restructuring the mutual fund vehicles of the Retirement Funds to provide a top-down pricing structure, rather than a weighted average of the underlying expense ratios, resulting in more pricing flexibility and decreased fees of 2-7 bps for the I share class. The new fee structure is expected to be fully implemented by April 30, 2020. Aon does not have any concerns with the changes at this time. We believe T. Rowe Price’s research supporting these changes is robust, and the gradual implementation will minimize disruption during the transition period. The Retirement Funds, Retirement Trusts, and Retirement Blend Trusts remain Buy rated. Please feel free to contact your Aon investment consultant or a DC Multi-Asset Solutions – Manager Research team member with any questions.

Background Glide Path Changes: The changes to the glide path will result in an increase to return-seeking assets pre- and post-retirement, while holding the allocation at retirement constant. More explicitly, the front end of the glide path will increase from 90% equity to 98% equity. The glide path will begin to de-risk 30 years from retirement instead of 25 years from retirement. Finally, the equity allocation at the final landing point of the glide path will increase from 20% to 30%. T. Rowe Price’s research shows that making these changes will improve expected participant outcomes, while only having a modest effect on the overall risk posture and downside scenario of the portfolios around retirement. In addition to the quantitative support, T. Rowe Price also surveyed various market participants to understand the industry’s appetite for this change. They concluded that there was sensitivity to increasing the risk level of the glide path in the years leading up to and following retirement, which is what ultimately led them to leave the allocations around retirement constant. We view their approach to be thoughtful and have no concerns with the glide path changes at this time. We will continue to monitor the portfolios as they transition over the next 2 years.

Aon Retirement and Investment

Flash Report – T. Rowe Price – Changes to the Retirement Funds

Fund Additions: T. Rowe Price is adding two additional strategies to the active series’ underlying investments, the U.S. Large Cap Core Equity Fund and the Emerging Markets Discovery Stock Fund, over the next 2 years. Supporting the decision was the ability to further diversify sources of active return by reducing the overall passive exposure within the funds due to their new pricing structure. Historically, there has been a ~15% allocation to the U.S. Equity Index Fund across all portfolios of the active series. Since the relative size of the equity allocation decreases as the Funds de-risk, and the passive exposure of the total portfolio remains constant, passive equity makes up a larger portion of the equity allocation for vintages closer to retirement. As they gradually add the U.S. Large Cap Core Equity Fund to the active series, T. Rowe Price plans to decrease the total portfolio exposure to passive (currently ~15%) by holding the passive exposure within the equity portfolio constant at 17.5%. T. Rowe Price will also be adding the Emerging Markets Discovery Stock Fund to all portfolios (active and blend series) as a complement to the Emerging Markets Stock Fund currently in the portfolios. The Emerging Markets Stock Fund has historically had a growth tilt, which is expected to be balanced by the value tilt within the Emerging Markets Discovery Stock Fund. The portfolios have very little overlap and have negative excess return correlation. Through their analysis, T. Rowe Price determined that these changes will reduce portfolio volatility and improve risk-adjusted returns. We do not have any concerns with the changes at this time, and we will continue to monitor the portfolios as they transition over the next 2 years.

Mutual Fund Restructuring: T. Rowe Price is restructuring the mutual fund vehicles of the Retirement Funds to provide a top-down pricing structure, resulting in increased pricing flexibility and decreased fees of 2-7 bps for the I share class. They will be moving away from the current fee structure of calculating the fund fees based on the underlying investment fund fees. The new fee structure will allow the team greater flexibility to implement portfolios while maintaining a targeted fee level. All mutual fund expenses will either remain constant or decrease as a result of this change. The restructuring will begin on April 1, 2020 and is expected to conclude on April 30, 2020. Please see below for a summary of the fee changes.

Investor I Class

Vintage Current New Current New

2005 0.52% 0.52% 0.40% 0.37%

2010 0.52% 0.52% 0.39% 0.37%

2015 0.55% 0.55% 0.43% 0.40%

2020 0.58% 0.58% 0.46% 0.43%

2025 0.62% 0.62% 0.50% 0.47%

2030 0.65% 0.65% 0.53% 0.49%

2035 0.68% 0.68% 0.55% 0.50%

2040 0.70% 0.70% 0.57% 0.51%

2045 0.71% 0.71% 0.59% 0.52%

2050 0.71% 0.71% 0.59% 0.52%

2055 0.71% 0.71% 0.59% 0.52%

2060 0.71% 0.71% 0.59% 0.52%

We do not have any concerns with the fund structure changes and view the reduction in fees favorably.

Aon Retirement and Investment

Flash Report – T. Rowe Price – Changes to the Retirement Funds

Disclaimer This document has been produced by Aon’s manager research team and is appropriate solely for institutional investors. Nothing in this document should be treated as an authoritative statement of the law on any particular aspect or in any specific case. It should not be taken as financial advice and action should not be taken as a result of this document alone. Consultants will be pleased to answer questions on its contents but cannot give individual financial advice. Individuals are recommended to seek independent financial advice in respect of their own personal circumstances. The information contained herein is given as of the date hereof and does not purport to give information as of any other date. The delivery at any time shall not, under any circumstances, create any implication that there has been a change in the information set forth herein since the date hereof or any obligation to update or provide amendments hereto. The information contained herein is derived from proprietary and non-proprietary sources deemed by Aon to be reliable and are not necessarily all inclusive. Aon does not guarantee the accuracy or completeness of this information and cannot be held accountable for inaccurate data provided by third parties. Reliance upon information in this material is at the sole discretion of the reader.

This document does not constitute an offer of securities or solicitation of any kind and may not be treated as such, i) in any jurisdiction where such an offer or solicitation is against the law; ii) to anyone to whom it is unlawful to make such an offer or solicitation; or iii) if the person making the offer or solicitation is not qualified to do so. If you are unsure as to whether the investment products and services described within this document are suitable for you, we strongly recommend that you seek professional advice from a financial adviser registered in the jurisdiction in which you reside. We have not considered the suitability and/or appropriateness of any investment you may wish to make with us. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction, including the one in which you reside.

Aon Hewitt Limited is authorized and regulated by the Financial Conduct Authority. Registered in England & Wales No. 4396810. When distributed in the US, Aon Hewitt Investment Consulting, Inc. (“AHIC”) is a registered investment adviser with the Securities and Exchange Commission (“SEC”). AHIC is a wholly owned, indirect subsidiary of Aon plc. In Canada, Aon Hewitt Inc. and Aon Hewitt Investment Management Inc. (“AHIM”) are indirect subsidiaries of Aon plc, a public company trading on the NYSE. Investment advice to Canadian investors is provided through AHIM, a portfolio manager, investment fund manager and exempt market dealer registered under applicable Canadian securities laws. Regional distribution and contact information is provided below.

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Copyright © 2020 Aon plc

Appendix

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· The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. Returns for periods longer thanone year are annualized.

· Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

· Due to rounding throughout the report, percentage totals displayed may not sum up to 100.0%. Additionally, individual fund totals in dollar terms may not sum up to the plantotals.

Notes

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Past performance is not necessarily indicative of future results.

Unless otherwise noted, performance returns presented reflect the respective fund’s performance as indicated. Returns may be presented on a before-fees basis (gross) or after-fees basis (net). After-fee performance is net of each respective sub-advisors’ investment management fees and include the reinvestment of dividends and interest as indicated onthe notes page within this report or on the asset allocation and performance summary pages. Actual returns may be reduced by AHIC’s investment advisory fees or other trustpayable expenses you may incur as a client. AHIC’s advisory fees are described in Form ADV Part 2A. Portfolio performance, characteristics and volatility also may differ from thebenchmark(s) shown.

The information contained herein is confidential and proprietary and provided for informational purposes only. It is not complete and does not contain certain material informationabout making investments in securities including important disclosures and risk factors. All securities transactions involve substantial risk of loss. Under no circumstances does theinformation in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments.

The data contained in these reports is compiled from statements provided by custodian(s), record-keeper(s), and/or other third-party data provider(s). This document is notintended to provide, and shall not be relied upon for, accounting and legal or tax advice. AHIC has not conducted additional audits and cannot warrant its accuracy orcompleteness. We urge you to carefully review all custodial statements and notify AHIC with any issues or questions you may have with respect to investment performance or anyother matter set forth herein.

The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness. Thomson Reuters Lipper Global DataFeed provides comprehensive coverage of mutual fund information directly to Investment Metrics, AHIC’s performance reporting vendor, via the PARis performance reportingplatform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no direct relationship with Thomson Reuters Lipper.

Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices.

FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSEInternational Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, ThePhilippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in theFTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings orunderlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Aon Hewitt Investment Consulting, Inc. (“AHIC”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). AHIC is also registeredwith the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The AHICADV Form Part 2A disclosure statement is available upon written request to:

Aon Hewitt Investment Consulting, Inc.200 East Randolph StreetSuite 700Chicago, IL 60601ATTN: AHIC Compliance Officer

Disclaimer

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Presentation Materials · 2020-04-30 · Connor Keenan. Investment Analyst. Aon Hewitt Investment...

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Transcript of Presentation Materials · 2020-04-30 · Connor Keenan. Investment Analyst. Aon Hewitt Investment...