University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting ....
Transcript of University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting ....
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Opening Remarks and Introduction
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UWF Foundation, Inc. Board of Directors Meeting
Administration and Law Building 70, Room #115 September 18, 2019 3:30 – 5:00 p.m.
Agenda
Opening Remark/ Introduction Gail Dorsey, BOD Chair
Call to Order / Agenda Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary
Information Reports
University Update Martha Saunders, UWF President
Advancement Report Howard Reddy, VP for Advancement Audited Financial Statements* Molly Murphy and Allison Jones Student Presentation Marissa Agerton, Study Abroad Grant Recipient Updated Sunshine Notice Margaret Stopp, Foundation Attorney Alumni Report Eric Brammer, Alumni Assoc. President
CFO’s Report Dan Lucas, Chief Financial Officer Housing Update Neil McMillion
Committee/Officers Reports Executive Committee Gail Dorsey, BOD Chair Actions of the Executive Committee* Investment Committee Jason Crawford, BOD Vice Chair
Quarterly Performance Report Earnings and Expenses Comparison
Other Investment Assets Actions of the Investment Committee*
Audit Budget Committee David Hightower, BOD Treasurer Actions of the Audit Budget Committee* Budget to Actual Reports
Housing & Foundation Statement of Functional Expenses
Unspent Budget Report Grant Committee Tim Haag, Chair Meeting – Thursday, November 14, 2019 Nominating Committee Gordon Sprague, BOD Immediate Past Chair Meeting – Thursday, November 21, 2019 Other Business Gail Dorsey, BOD Chair Conflict of Interest Policy & Disclosure form Contact Information Updates form Closing Remarks from Chair Gail Dorsey, BOD Chair Adjourn *Indicates possible action item for the Board.
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UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING
Alumni Conference Room June 17, 2019 @ 3:30 p.m. – 5:00 p.m.
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Present Members: Gail Dorsey (Chair), Connie Bookman (via conference call), Jamie Calvert, Dave Cleveland, Jason Crawford, Dee Dee Davis, Megan Fry, Tim Haag, David Hightower (via conference call), James Hosman, Kathie Jeffcoat, Trip Maygarden, David Peaden, Bill Rone, Chris Roney, Martha Saunders, Bruce Vredenburg Staff: Howard Reddy, Daniel Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Missy Grace, Brett Berg, Tori Bennett, Candice Lance, Teresa Burgess Guests: Dr. Jim Hurd, Dr. Brandon Frye, Dr. Kim LeDuff, Neil McMillion, Shana Gore, Katie Condon, and Angel Patane (student) Call to Order: Gail Dorsey called the meeting to order at 3:32 p.m. and thanked everyone for attending. A special welcome and a brief introduction for incoming SGA Vice President Jamie Calvert took place as she will serve on the Board for fiscal year 2019-20. At this time, Gail also asked that all members complete the Board Engagement Assessment before the conclusion of the meeting. Roll Call and Approval of the Minutes: Staff verified that a quorum had been established. The Board reviewed the minutes of the meeting held on March 13, 2019. Trip Maygarden made a motion to approve the minutes as submitted. Bruce Vredenburg seconded the motion with all members voting to approve the motion. Information Reports: University Update: Dr. Saunders presented the report on the University. After accountability reports were presented to the Board of Governors, it was revealed that UWF had received an all-time high score of 94, placing second in the State for Performance-Based Funding. UWF finished one point behind the University of Florida, which is a testament to the hard work done here every day. The UWF robotics team finished second out of 41 teams in the annual IEEE SoutheastCon hardware competition held in April, outperforming every team competing from the Florida University System. Recently in Orlando, Dr. Saunders was selected for the prestigious Career Services Champion Award by the National Association of Colleges and Employers (NACE). This award is given to university presidents who establish and demonstrate forward-thinking leadership in support of career services education. Regarding personnel investment, Dr. Saunders announced that Shelly Blake and Dr. Kim LeDuff will now permanently retain the duties they took on after the departure of Dr. Joffrey Gaymon, which includes much of student affairs, financial aid and the registrar’s office. Recent travel was highlighted including: a trip to Japan showcasing the JiKei partnership; Montgomery, AL for the National Security Forum; and a visit to Washington D.C. for an alumni relations event. Dr. Saunders reported that UWF’s student Dance Marathon raised approximately $55,000 for Children’s Miracle Network, and that a grand
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
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opening was held in April for the UWF Center for Cyber Security. In closing, the first ever UWF Landscaping Master Plan is in progress and the goal is to make the campus feel very welcoming. Advancement Report: Howard Reddy shared highlights from the Division of University Advancement providing an update on the gifts, pledges, and planned gifts, which totaled $8,266,980 as of June 14, 2019. Special mention was made that there are sixty new major gifts in excess of $10,000, year to date. University Advancement has seen exceptional results across the board, proof that a strong presence within the community helps increase fundraising success. The return of “Phone-a-Thon” (a student-led calling campaign) yielded $33,735 in donations from alumni. This represents a 64% increase in alumni participation. The second annual Day of Giving held on April 18, 2019 was a collaborative campus-wide effort with Missy Grace and Kathleen Norwood leading the way. The event was a great success whereby $130,000 was raised in twenty-four hours. Donors giving $30 or more received a special pair of UWF socks as a “thank you”; the promotion went over very well and was heavily documented on social media. Stewardship events and donor receptions remain areas of focus. Howard concluded by recognizing both Director of Advancement Services Margi Baker and Assistant Director of Prospect Research Summer Reilly for recently receiving the prestigious designation of Blackbaud’s Raiser’s Edge Professional Certification. Raiser’s Edge is the top industry-wide software used for tracking donor records. Professional development of staff within the Division continues to remain an important focus. Student Presentation: Angel Patane, a nursing student in her junior year, was recently named Lead Student Ambassador. A native of Pensacola, Angel enjoyed participating in the Student Government Association while in high school, so pursuing SGA in college seemed like a natural fit. Angel spent her first year of college at the University of South Alabama, but quickly missed her home city of Pensacola and wasted no time returning and enrolling at UWF. She is immersing herself in activities on campus, excelling in her course work and enjoying being connected to the campus community. She looks forward to the coming academic year and all the wonderful experiences the Student Ambassador Program will provide. Alumni Report: Missy Grace reported that the UWF Alumni Association was busy engaging students and alumni at fifteen different events during the quarter. Some of the highlights include: Commencement ceremony with 1233 new graduates, Spring Grad Fair with 552 new graduates attending, Historic Trust Open House with 200 attendees, Founders Week of Play with 100 attendees and High Heeled Happy Hour with 61 GOLD alumni in attendance. It was a record-breaking year with 452 Senior class gifts made in exchange for graduation medallions. Outreach efforts led the Alumni staff to Tampa, Jacksonville, Orlando, and Washington D.C. in order to connect across the country and a Blue Wahoos game garnered 150 responses from interested local alumni. In all, 2,656 total alumni and friends engaged from March to June. The Board recruited two new alumni board members: Hong Potomski, 2007 MBA and Chasidy Hobbs, 2003 BS/MS Environmental Studies. Their terms begin July 1, 2019. Eric Brammer will be new President and Nicole Stacey will be new Vice President. Teresa Burgess, Alumni Relations Coordinator, was
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
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awarded the President’s Award for Leadership in Diversity. The Student Ambassadors served over 3,600 and completed over 138 university and community events for the 2018-19 academic year. They are the first Student Organization to have members complete UWF’s Cross Cultural Competency Class. CFO’s Report: Dan Lucas presented the CFO’s Report. The conversion from FASB to GASB took place and the audit is currently in progress. The new Housing programs and scholarships recently introduced are getting good traction. Finally, preparations for the next campaign are underway with emphasis being placed on systems and personnel improvements. Reports of Board Officers & Committees: Executive Committee: Gail Dorsey noted that a copy of the minutes was sent to each Board member. It was reported that no actions were taken by the Executive Committee. She then deferred to Jason Crawford, Chair of the Investment Committee, for his report. Investment Committee: Jason Crawford reported that the ending market value of investments was $90,878,801 as of June 30, 2019. Performance for the quarter was 8.72% and the 10-year- to- date performance was 9.46%. Atlanta Consulting Group (ACG) continues to perform well. They helped the committee meet its goal of expanding board member knowledge on investments and financial matters. ACG has also had a significant role in the success of the Investment Manager Breakfasts, which led to increased community engagement – another high priority for the committee. The breakfast meetings proved to be great networking events, well-attended by business owners and community leaders as well as donors. All board members are encouraged to attend and to refer names for future invitation lists. Student fellowship is another important component to engagement. James Hosman helped form a subcommittee to implement a new student fellowship program in conjunction with the College of Business. Students selected for the inaugural program are Suzanna Daughtry and Hunter McCabe. They will be invited to attend full board meetings, committee meetings and other events, as well as take part in several mentorship programs. Jamie Calvert, this year’s SGA Foundation Board representative, will assist as a liaison for the students. Dave Cleveland added that this program is not only valuable for the students but also aligns well with the High-Impact Practices (HIPs) metrics requirement set forth by the Board of Governors. Jason shared that the Investment Committee voted on changing the policy ranges for liquidity in the portfolio from 0 – 5% to 0- 10% to align with spending needs. Jason brought forth the motion to increase the percentage. It was seconded by James Hosman and the motion carried with all members voting in favor. The Endowment Allocations and Administrative Fee Policy was discussed. Keeping the operating budget at 1.75% as opposed to reducing it to 1.50% allows for more room for staff development and retention. Kathie Jeffcoat made the motion to set the Policy to 1.75% and Bruce Vredenburg seconded the motion and the motion carried.
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UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2019
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Audit/Budget Committee: Dan Lucas presented the Audit/Budget Committee report for David Hightower which included the 2019-20 budgets for both Housing Operations and the Foundation. Jason Crawford made a motion to approve the Housing Budget and it was seconded by Bill Rone. All voted in favor and the motion carried. New scholarships for meals and housing are being awarded as planned. There is an increase in the First Time in College (FTIC) population as well as out-of-state registrations and transfer students. Bill Rone made the motion to pass the Foundation’s budget; it was seconded by Bruce Vredenburg and the motion carried with all voting in favor. Neil McMillion discussed Housing occupancy, which is up compared to last year, and the financial aid leveraging that is taking place to help increase contracts. To date Housing is 200 contracts ahead of where it was last year at the same time and are on track for meeting goals. Nominating Committee: Trip Maygarden reported all four of the nominees put before the committee were vetted and approved at the last meeting. Gail Dorsey stated that there has been an inactive member. Gail made a motion to remove this member from the Board. Jason Crawford seconded and the motion carried with all members in favor. Trip then presented a motion to approve the full slate of nominees effective July 1, 2019 as follows: Presidential Appointees: Rodney Sutton and Caryl Greene; Alumni Board Appointee: Amber McClure; Nominating Committee Appointee: Chad Henderson. Reappointments are: Trip Maygarden, Kathie Jeffcoat and Jason Crawford. In addition, Eric Brammer is the new Alumni Board representative and the new SGA representative is Jamie Calvert. Dee Dee Davis seconded and the motion passed with all voting in favor with a recommendation of the same to the BOT. Recognitions: Gail Dorsey recognized the three members whose terms are expiring effective June 30, 2019: Richard Peterson, Doug Dobson and Brett Barrow. They were not present at the meeting, but she recognized their years of dedicated service. Other Business: Gail Dorsey reminded all members to complete their Board Engagement Assessments before leaving, and advised that new headshots for the website were now being taken outside by Claire Stewart. Gail asked that all members plan to attend the next Investment Manager Breakfast in August as well as any other UWF related events when they are able. Adjournment: Chair Dorsey thanked the Board members for their participation in the meeting. There being no further business, the meeting was adjourned at 5:21 pm. Minutes recorded by Lisa Mrahi on June 17, 2019.
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Information Reports
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FLORIDA’S SUNSHINE AND PUBLIC RECORDS LAWS AND THE
UNIVERSITY OF WEST FLORIDA FOUNDATION BOARD
Prepared by Margaret T. Stopp Moore, Hill & Westmoreland, P.A.
Maritime Place 350 W. Cedar St., Suite 100
Pensacola, FL 32502 www.mhw-law.com
Florida’s Sunshine Law was passed by the Florida legislature in 1967. This law is considered one of the most broad and strongest in the nation when it comes to open government. The Law requires that all meetings related to government decision-making be noticed and held in an accessible public place, with limited exceptions.
An Advisory Legal Opinion was released by the Florida Attorney General’s office on April 20, 2005 outlining the applicability of the Sunshine Law to a community college foundation. Although the opinion was in response to a question related to a community college foundation, the UWF Foundation is a statutory direct support organization organized and operated for the benefit of a state university in Florida, as a community college foundation is organized and operated for the benefit of a community college. The UWF Foundation Board must comply with the Sunshine Law as outlined in Section 286.011 of the Florida Statutes, and to a limited extent, with the Public Records Act found in Chapter 119 of the Florida Statutes. Written communications in whatever format they might be in are subject to disclosure where those communications relate to official acts of the Board that must be approved at open meetings. All meetings of the Board where official acts are taken must be public meetings. The Board must provide reasonable notice of all meetings of the Board or committees of the Board that will consider matters that will be brought to the full Board for action. Furthermore, minutes of meetings must be taken, and are open to public inspection upon request. However, pursuant to a specific statutory exemption, Foundation documents other than the auditor’s report (and related information), are confidential and exempt from disclosure, including identity of donors who desire to remain anonymous (names are redacted if included in the auditor’s report).
If the Board takes formal action in a meeting not open to the public, that action is not binding unless it is cured by remedial action. Under the Sunshine Law, because the public has a right to be present during any discussions of matters that will be voted upon by the Board, two or more Board members cannot discuss any matter on which foreseeable action may be taken by the Board. The public has a right to know how and why officials make decisions, not just to know the final decision of the Board.
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The outline below is a summary to assist Board members in complying with the Sunshine Law. For a more in-depth analysis, a Government-in-the-Sunshine Manual is published by the First Amendment Foundation and updated on an annual basis. For more information on this publication, as well as on the Sunshine Law, see www.floridafaf.org. Finally, although the Board must comply with the Sunshine Law, service to the Foundation for the benefit of UWF is not impaired significantly. The staff notices meetings on behalf of the Board and is responsible for taking and maintaining minutes. Board members need only remember that they must limit communications between and among themselves to publicly noticed meetings if the communications relate to matters that may come before the Board for action. I. Types of Meetings covered
A. Formal or informal gatherings of two or more Board members where matters that foreseeably will be brought before the full Board for action are discussed.
B. A staff member cannot act as a conduit or a liaison between members of the
Board to relay information between or among Board members. II. Meetings not covered
A. Meetings between individuals who are members of different boards. B. Non-voting staff or officials meeting with an individual Board member. C. Social meetings where matters that may come before Board members are not
discussed. III. Forms of communication covered
A. Meetings conducted through electronic means must allow for access to the public where the public can hear all discussion of the Board members; generally, a quorum cannot be established unless enough Board members are physically present at the meeting.
B. Memoranda reflecting the views of Board members if they are circulated for
comment, approval, or disapproval. C. Electronic mail among Board members on issues that foreseeably may come
before the Board for action. This includes all e-mails to or from Board members when sent in connection with the transaction of official business. This also includes e-mails from personal accounts and sent/received on home computers.
D. Website blogs and message boards whether created on a public or private
computer when the content relates to official business of the Foundation. Twitter is a type of “micro-blogging” and could constitute a public record depending upon content.
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E. Facebook accounts if the communicated information made or received is in connection with the transmission of official business.
F. Text messages if used to communicate official business; those text messages
must be preserved before they are deleted, which requires specialized software. If a records request is made for texts related to official business of the Board involving a vote, a forensic review of the Board member’s phone could be required if texts were made or received between Board members on the topic.
IV. Requirements for voting
A. No use of secret ballots. B. The minutes must report voting results by either recording the vote of each
individual member or counting the votes and reporting the totals. C. All Board members must vote except where there is a conflict of interest.
V. Meeting places
A. Meetings may not take place at any facility which discriminates on the basis of sex, age, race, color, national origin, creed, religion, or economic status, or which operates in a manner that unreasonably restricts public access.
B. The meeting facilities should accommodate the anticipated turnout.
VI. Public attendance and participation
A. The public may not be deprived of the right to be present at meetings where decisions affecting the public are being made.
B. The public must be given a reasonable opportunity to be heard on a
proposition before the Board. However, the opportunity to be heard need not be at the same meeting at which the Board takes official action so long as the opportunity occurs at a meeting that is during the decision-making process and is within reasonable proximity in time before the meeting at which the Board takes official action.
C. The opportunity to be heard does not apply to emergency situations affecting
the public health, welfare, or safety if granting the opportunity would cause an unreasonable delay, ministerial acts such as approval of minutes and ceremonial proclamations, or when the Board is acting in a quasi-judicial capacity.
D. The Board’s authority to establish rules governing the opportunity to be heard
is limited to the establishment of guidelines regarding the amount of time an individual has to address the Board, procedures for allowing representatives of groups to address the Board when large numbers of individuals want to be
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heard, procedures for informing the Board of a desire to be heard, and a period of time for public comment.
E. The Board may adopt reasonable rules and policies insuring the orderly
conduct of a public meeting. F. Non-disruptive cameras or silent tape recording devices cannot be prohibited.
VII. Minutes of public meetings
A. Minutes must be promptly prepared and available for public inspection. B. A written transcript of a recorded meeting may be used as the minutes; the
tape recording must be maintained as a public record as well. VIII. Penalties for violation of the Sunshine Law
A. No resolution, rule, regulation, or formal action is binding unless it is promulgated in a public meeting.
B. Knowingly violating Sunshine Law is a second degree misdemeanor. C. A violation could subject a Board member to a non-criminal infraction
punishable by a fine not exceeding $500 and possible removal from office. D. The Foundation Board could be assessed attorney’s fees and court costs if it
violates the Sunshine Law. In a case decided in 2009 in Circuit Court involving the City of Venice, City Council members did not copy the City Clerk with e-mails involving City business from their personal e-mail accounts, and the Council members deleted those e-mails from their personal computers. As a result, the City was assessed over $700,000 in attorneys’ fees and costs.
If you have questions or concerns, contact Dan Lucas, Chief Financial Officer, UWF Foundation, at 850-474-3380 or [email protected] Rev. 8/27/19
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Executive Committee Reports
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UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING
Global Online Training Room August 29, 2019, 3:30 p.m. – 5:00 p.m.
Present: Members: Chair Gail Dorsey, Gordon Sprague, Jason Crawford, David Hightower, John Gormley, and Tim Haag.
Staff: Howard Reddy, Dan Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Geri Battist, and Candice Lane.
Call to Order: Chair Dorsey called the meeting to order at 3:35 p.m. Staff confirmed attendance and that a quorum was present.
Minutes: The committee members reviewed the minutes of the meeting held on May 16, 2019. Gordon Sprague made a motion to accept the minutes as presented. John Gormley seconded the motion, and the motion carried with all voting in favor.
Advancement Report: Howard Reddy discussed several University Advancement highlights, and began with a summary of FY19. Gifts received as of 06/30/19 totaled $8,362,214, which was $3.86 million over goal. There were 62 Major Gifts ($10,000 and up), and 449 donors gave at the Nautilus Level ($1000). The new fiscal year is off to a strong start and to date $1,094,925 in cash, new pledges and planned gifts have been received including: The O’Kelley Hemminghaus Foundation gift of $200,000 and the Harriet L. Rosasco CRUT in the amount of $109,773. The target goal for 2019-20 is $4.5 million. Six Foundation Board members have already made gifts. The Alumni Association Board has reached 76% of its giving goal, and UWF Historic Trust/ WUWF has reached 55% of its major gifts goal during this quarter. There will be a large focus this year on alumni participation as the target goal is 5% of all alumni. With Capital Campaign planning underway, the four major gift officers will be compiling a list of top prospects to focus on, between now and December. Howard concluded by thanking the Board for their advocacy and asked that members continue to seek out new leads and opportunities for growth within the community.
CFO Report: Dan Lucas advised that the audit is not yet complete. The auditors stated that the conversion from FASB to GASB caused statements and reports to take longer to complete. Drafts are expected to be ready in approximately one week. Housing occupancy is currently at 101%. There was a recent follow-up Moody’s call and the rating moved from A2 negative to A2 stable, due to the notable increase in housing occupancy. The new Foundation Student Fellow Program has officially launched. Suzanna Daughtry and Hunter McCabe attended both the Investment Breakfast and the Investment Committee meeting earlier in the day, and will be at the full board meeting on September 18th.
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Committee Reports:
Investment Committee: Committee Chair Jason Crawford began his report with a brief synopsis of the Investment Manager Breakfast which was held that morning. The guest speakers were investment managers from Conestoga (small cap investments) and Eagle Capital (large equity). Combined, these two asset classes make up roughly 16.5% of the Foundation’s investment pool. Jason added that both firms have produced above benchmark returns for the portfolio. The Q&A panel-style presentation was well received and attendees seemed engaged and interested. Jason concluded the report by advising of the two new board members joining the Investment Committee this year: Chad Henderson and Rodney Sutton. He also added that he will encourage the committee to make their donation to the Foundation early in the fiscal year. Breaking the donation down into multiple gifts is a convenient way for members to reach the Nautilus level of giving, which is asked of every board member. Gail concurred that giving early rather than later is preferred and that reaching out to members regarding their financial commitment to the board should be top of mind.
Audit/Budget Committee: Chair David Hightower praised Housing and Financial Aid, as well as all other areas involved in achieving 101% occupancy this semester. He stated that the net effect should result in a significant contribution to reserves this year. David reiterated the challenges and the tight timeframe in which the auditors had to work, and looks forward to them presenting their draft at the upcoming full board meeting. There being no action items resulting from the day’s committee meeting, his concluded his report.
Nominating Committee: The committee did not meet today, but Chair Gordon Sprague provided a brief update. Currently there are no board vacancies, but he and David Hightower will both roll off the Board on June 30, 2020. Being that there are no candidates left in the pool, the nomination search process should start as soon as possible. Gordon asked that everyone give this some thought and advise of any potential nominees. He will consult with President Saunders on this as well for her feedback.
Grant Committee: The committee did not meet today, but Chair Tim Haag stated that he looks forward to chairing this committee in the coming year. The first meeting will take place on November 14th at 10:00 a.m. on campus. Chris Roney is a returning member and there will be four new members joining the committee. The scheduled speaker for the next full board meeting on September 18th will be a student who received an international travel grant last year. Tim concluded stat ing that the work this committee does is very worthwhile and rewarding, and a true benefit to the student body.
Other business: Gail Dorsey took the opportunity to remind the chairs that reaching out to their committee members and encouraging them to get involved in our community goes a long way. She also encouraged them to identify a vice chair to ensure continuity at meetings, etc. if a chair has to be absent. Please let Lisa Mrahi know if you designate a vice chair. Gail shared some of the goals and/or suggestions she has for the Executive Committee for the coming year which Page 2 of 3
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included: engaging within the community as often as possible; communicating socially with committee members (and within Sunshine Law framework) to encourage good relations among board members; implementing a brief board member spotlight at future meetings and the continuation of the “fun facts” segment. Gail thanked Dan for bringing in members of the Foundation staff today (Candice Lane and Giovanni Volpara) so the board members could see some of the behind-the-scenes people who make the Foundation a success. Gail is also looking forward to following up on a suggestion made by David Hightower regarding possible internship connections that can be made between board members and UWF students. The December full board meeting will address this topic and a presentation by the Career Development and Community Engagement staff is being planned. If board members are interested in campus golf cart tours they are free to let Lisa know so she can help coordinate. Howard Reddy acknowledged Gordon Sprague for donating a golf cart to the athletics department, to use for parent/student tours. Jason Crawford is on the COB Dean search committee with Howard, he would like for you to contact him if you have any input that may be helpful. Gail brought to the attention of the committee the current calendar of events and happenings and encouraged members to attend events as schedules permit. Adjournment: Chair Dorsey thanked the Executive Committee for their participation. There being no further business, the meeting was adjourned at 4:40 p.m. Minutes recorded by Lisa Mrahi on August 29, 2019
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Investment Committee
Reports
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Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305
P 404.240.6747 | T 888.317.2810 | F 470.823.3178
theatlantaconsultinggroup.com
University of West Florida Foundation Second Quarter 2019
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Table of Contents ______________________________________________________________________________________
SECTION 1 University of West Florida Foundation SECTION 2 University of West Florida Planned Giving SECTION 3 Private Markets Allocation SECTION 4 Performance Update – July 31, 2019 SECTION 5 Appendix
- ACG Insights: Diversification
- Performance During Recessionary Periods
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
ACG Market ReviewSecond Quarter 2019
Global Highlights:• Economy – Recent data shows slowing across both manufacturing and services areas of the economy.
• Equities – After a strong rebound in Q1 and into April, equities reacted negatively to tariff escalations and lackluster economic data in May and then rebounded sharply in June on news of more accommodative policies from the Federal Reserve and other Central Banks.
• Fixed Income – Yields fell precipitously after the Federal Reserve suggested that they could be accommodative in the event that tariffs start to materially slow the economy. Credit spreads were volatile but ended the quarter near recent lows.
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ACG Market Review Second Quarter 2019
For institutional client use only – not for distribution
Economy The economic expansion that has followed the 2008 global financial crisis celebrated its 10‐year anniversary during the second quarter. The current expansion is now the longest dating back to the 1940s. However, the recovery has also been the slowest with respect to GDP growth. According to the Bureau of Economic Analysis, real GDP in the US increased at an annual rate of 3.1% during the first quarter of 2019. For the calendar year 2018, the US economy grew at 2.9%; its highest rate since 2015. Core CPI printed at 1.8% in May, down from 2.1% as energy weighed negatively with oil prices trading off during the quarter. Oil prices recovered some during the latter half of June. As of the end of May, the U.S. unemployment rate was 3.6%. Monthly job gains have averaged 164,000 in 2019 compared with an average gain of 223,000 per month in 2018. Thus far in 2019, average hourly earnings have increased 3.1%. The U.S. imposed a tariff increase on Chinese goods in May. The increase in tensions surrounding tariffs is weighing on consumer and business confidence. According to Raymond James, the tariff escalation is likely to subtract approximately one half of a percentage point from U.S. economic growth this year. At the end of June President Trump and President Xi met at the G‐20 Summit and agreed to hold off on new tariffs and to restart trade negotiations.
The U.S. manufacturing sector continued its downward trend with the monthly manufacturing Purchasing Manager Index (“PMI”) reading of 51.7. This reading still reflects a growing economy but at a slower rate of change. Comments from the ISM panel reflected continued expanding business strength (particularly among smaller companies), but albeit at soft levels. Outside of the U.S., the Global ex‐U.S. PMI Index dipped just below 50.0, suggesting slight contraction. Markets The S&P 500 posted a second quarter gain of 4.3%. High beta stocks lagged during the quarter, a trend that has persisted over the last twelve months. The multi‐year trend of growth outperforming value continued in the second quarter. Financials and materials were the best performing sectors, returning 8.0% and 6.3%, respectively. All other sectors were positive with the exception of energy. Energy traded down by 2.8% International developed markets also generated positive results as the MSCI EAFE Index returned 3.68% during the quarter. Emerging markets lagged the rest of the world with an MSCI Emerging Markets Index return of 0.61%. Fixed income benefited during the quarter from rates declining and spreads tightening. The Bloomberg Barclays US Aggregate Bond Index returned 3.08% during the second quarter. The FTSE World Government Bond Index returned 3.57%.
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ACG Market Review Second Quarter 2019
For institutional client use only – not for distribution
Tariff Talks
U.S. tariffs on imported goods from China have had a wide‐ranging impact. U.S. imports from China have declined precipitously as a result of the tariffs on Chinese goods. As companies and supply chains have adjusted to the new regime, imports from other Southeast Asian nations have increased. In a market in equilibrium more or less of a tariff will be borne by consumers depending on the elasticity of demand for a product. The tariffs’ impact on consumer prices has been clearly visible. Since the tariffs were announced, many categories of goods where tariffs were enacted have increased in price as companies have passed on the higher costs to consumers. In contrast, CPI for all other core goods has declined. Further, global manufacturing has been negatively impacted by the tariffs as the U.S. and Global manufacturing Purchasing Manager Indexes (PMIs) have declined to the point where they are barely expansionary (U.S.) or show slight contraction (Global ex‐U.S.). The impact of the tariffs can be seen in the markets as well. Stocks with the highest relative revenue exposure to China have underperformed. Stocks with exposure to rare earth minerals also underperformed given China is the largest producer of rare earth minerals.
The Changing Fed The Fed held interest rates steady at the June FOMC meeting but indicated a rate cut was possible in the near future. This is a complete reversal from twelve months ago when rates seemed to be only headed up. It is also a change from recent months when patience was emphasized with respect to a potential rate cut. Federal Reserve Chairman Jerome Powell noted a downturn in indicators of global growth and a worsening of trade tensions, which are causing concerns globally, as the reason for the more dovish stance. The day following the FOMC meeting, US equity markets rallied to new highs and the 10‐year Treasury yield dipped below 2% for the first time since 2016. The Fed’s dot plot is divided with eight Fed members indicating one rate cut this year is appropriate, eight members believe no change is the correct approach, and one outlier believes a rate hike is the right move. Markets are pricing in a 100% probability of a rate cut in July and are showing expectations of 3 rate cuts, for a total cut of 75 basis points, by the end of the year.
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ACG Market Review Second Quarter 2019
For institutional client use only – not for distribution
Risks The corporate debt to GDP ratio has continued to increase in 2019 and is now at an all‐time high. Prior peaks in corporate debt have coincided with recessionary periods, with the most recent all‐time high occurring in 2008. As a result of the equity market pull‐back in the fourth quarter of 2018, frothy valuations became more fairly valued. The strong equity performance in 2019 has caused valuations to climb once again, most notably within the software industry group. Enterprise value to sales is approximately 2x for all companies in the Russell 3000 index while this ratio sits at over 6x for the software industry group.
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Returns include dividends; 3-year, 5-year and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results
Market Index Review – June 2019
Source: Morningstar, ACG
Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 7.05 4.30 18.54 10.42 14.19 10.71 14.70 MSCI Emerging Markets 6.24 0.61 10.59 1.21 10.66 2.49 5.81Dow Jones Industrial Average 7.31 3.21 15.40 12.20 16.80 12.29 15.03 MSCI Europe 6.72 5.58 17.02 2.95 9.49 1.48 7.10NASDAQ Composite TR 7.51 3.87 21.33 7.78 19.56 13.97 17.19 MSCI Pacific 4.63 2.43 11.17 -0.17 9.38 4.29 6.90MSCI EAFE 5.93 3.68 14.03 1.08 9.11 2.25 6.90 MSCI ACWI ex USA 6.02 2.98 13.60 1.29 9.39 2.16 6.54Russell 2000 7.07 2.10 16.98 -3.31 12.30 7.06 13.45 MSCI EAFE Small Cap 4.24 1.71 12.55 -6.35 9.06 4.40 9.67Dow Jones U.S. Total Stock Market 7.01 4.09 18.70 8.88 13.99 10.13 14.68 MSCI Frontier Markets 2.30 4.69 11.88 4.92 8.35 -0.76 4.79
Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsRussell 1000 7.02 4.25 18.84 10.02 14.15 10.45 14.77 FTSE T-Bill 3 Months 0.20 0.61 1.21 2.29 1.36 0.84 0.46Russell 1000 Growth 6.87 4.64 21.49 11.56 18.07 13.39 16.28 BBgBarc US Municipal TR 0.37 2.14 5.09 6.71 2.55 3.64 4.72Russell 1000 Value 7.18 3.84 16.24 8.46 10.19 7.46 13.19 BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 2.31 2.95 3.90Russell MidCap 6.87 4.13 21.35 7.82 12.16 8.63 15.16 BBgBarc US Govt/Credit TR 1.48 3.53 6.90 8.52 2.41 3.11 4.09Russell MidCap Growth 7.02 5.40 26.08 13.94 16.49 11.10 16.02 BBgBarc US Govt/Credit Int TR 1.07 2.59 4.97 6.93 1.99 2.39 3.24Russell MidCap Value 6.75 3.19 18.02 3.68 8.95 6.72 14.56 BBgBarc US Corporate High Yield TR 2.28 2.50 9.94 7.48 7.52 4.70 9.24Russell 2000 Growth 7.70 2.75 20.36 -0.49 14.69 8.63 14.41 BBgBarc Global Aggregate TR 2.22 3.30 5.57 5.85 1.62 1.20 2.89Russell 2000 Value 6.37 1.37 13.47 -6.24 9.81 5.39 12.40 FTSE WGBI 2.33 3.57 5.38 5.48 1.00 0.85 2.21
Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 Materials 11.71 6.31 17.26 3.20 10.38 5.44 11.39 HFRI FOF: Diversified Index 1.39 1.68 6.07 1.79 4.10 2.19 3.27S&P 500 Consumer Discretionary 7.78 5.28 21.84 10.17 16.74 13.97 19.72 HFRI FOF: Conservative Index 0.91 1.64 4.88 2.28 3.87 2.16 3.13S&P 500 Consumer Staples 5.22 3.72 16.18 16.39 4.84 8.39 12.83 HFRI FOF: Strategic Index 2.77 1.89 8.21 0.59 5.21 2.37 3.56S&P 500 Energy 9.27 -2.83 13.13 -13.25 0.20 -5.54 5.01 Wilshire Liquid Alternative TR USD 1.62 1.29 4.23 1.29 2.05 0.60 2.24S&P 500 Financials 6.74 8.00 17.24 6.31 16.42 10.58 13.09 FTSE EPRA/NAREIT Global TR USD 2.36 0.37 15.41 9.02 6.42 6.11 11.07S&P 500 Health Care 6.64 1.38 8.07 12.99 10.82 11.13 15.79 Alerian MLP TR USD 2.64 0.12 16.96 3.09 -0.42 -7.20 8.21S&P 500 Industrials 7.85 3.57 21.38 10.43 12.46 9.28 15.59 Bloomberg Commodity Index TR USD 2.69 -1.19 5.06 -6.75 -2.18 -9.15 -3.74S&P 500 Information Technology 9.13 6.06 27.13 14.34 26.20 18.53 18.57S&P 500 Real Estate 1.76 2.46 20.42 16.80 -- -- --S&P 500 Communication Services 4.27 4.49 19.09 13.66 0.58 5.34 9.85S&P 500 Utilities 3.32 3.48 14.70 19.03 8.05 10.00 12.17
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Source: Hedgeye, ACG
Q2 2019: Tariffs Take Their Toll
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Source: CEIC, Goldman Sachs, U.S. Department of Labor, ACG
The Impact of Tariff Talk
• U.S. imports from China have declinedprecipitously as a result of the tariffs onChinese goods. As companies and supplychains have adjusted to the new regime,imports from other southeast Asian nationshave increased
• The impact on consumer prices is clearlyvisible. Since the tariffs were announced,many categories of goods where tariffswere enacted have increased in price ascompanies have passed on the highercosts to consumers
U.S. Imports by Country (Year-over-year Change %)
Consumer Price Index (Index, Feb 2018 = 100)
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Source: Goldman Sachs, Datastream, Markit, ACG
The Impact of Tariff Talk
• The impact of the U.S. – China trade spatcan be seen in the market as stocks withhigh China revenue exposure haveunderperformed. Stocks with exposure torare earth minerals (of which China is thebiggest producer) also underperformed
• Global manufacturing has been mostimpacted by the tariff issues. U.S. andGlobal Purchasing Manager Indexes(PMIs) have declined to the point wherethey are now barely expansionary (U.S.) orshow slight contraction (Global – ex U.S.)
Performance vs. Russell 1000 Index (Indexed to 100 as of Dec 2017)
Purchasing Manager Indexes (“PMI”) (U.S. and Global ex-U.S)
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Source: Bloomberg, Deutsche Bank, Haver Analytics, ACG
The Changing Interest Rate Outlook
• In the face of the global trade and tariffuncertainty as well as continued signs ofslowing growth, the Federal Reservecontinued to shift to a more accommodativepolicy. The market now expects almost 75bps of cuts by the end of the year
• The market and many strategists haveswitched their outlook to rate cuts,however, a quick revue of the history ofinterest rate expectations shows that themarket is often wrong in their short-termoutlook on rates
Expected Change in Fed Funds Target Rate (Basis Point Change by year-end 2019)
Federal Funds Rate vs. Market Expectations (At various points in time)
Actual Fed Funds Rate
Market Expectations for Fed Funds Rate
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Source: Charles Schwab, Bloomberg, BofA Merrill Lynch, Bureau of Economic Analysis, ACG
Reasons to Remain OptimisticYield Curve Inversion Data Table
• While many headlines have pointed outthe yield curve inversion, it is importantto note that the inversion was for arelatively brief time and it was betweenthe 3 Month and 10 Year Treasury only.Typically, there is a more sustainedinversion prior to recessions
• In addition, despite the economicrecovery celebrating its 10 yearanniversary during the second quarter,the strength of the expansion has beenmuch lower than past expansions
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Source: ACG
Low Correlation Could Provide Tailwind to Stock Pickers
• For the first time in eight years, correlations between stocks are lower than correlations between sectors. In the past, this shift has led to outperformance by fundamental stock pickers (active managers)
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Source: Bloomberg, ACG
Risks: Corporate Debt to GDP Ratio Elevated
Savings & Loan Crisis
Dot.com Bubble
Global Financial Crisis
???
Corporate Debt to GDP Ratio(U.S. Corporations)
• The ratio of corporate debt to Gross Domestic Product in the U.S. is now at an all-time high
• Prior peaks in corporate debt coincided with recessionary periods
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Source: Goldman Sachs, ACG
Risks: Selected Valuations
Enterprise Value / Sales(Software Companies vs. Russell 3000 Index)
• The median Enterprise Value to Sales ratio for companies in the Russell 3000 has risen to approximately 2x
• Within the Software Industry group, this valuation is now near 6x and approaching levels last seen during the Technology bubble of the late 1990s / early 2000s
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Source: Scotiabank, U.S. Geological Survey, ACG
Risks: Escalation Into All-out Trade War
Note: ‘Rare Earth Minerals’ (REM) refers to a set of about 17 minerals with certain magnetic and conductive properties which are essential in powering most electronic devices, smartphones, tablets, laptops, all the way through to satellites and solar panels. Most modern electronic devices cannot be produced without them.
Production of Rare Earth Minerals(2018)
Ownership of Rare Earth Minerals(2018)
38%
19%
19%
10%
6%
3% 1%
4%
China Brazil Vietnam Russia
Indonesia Australia USA Other
71%
12%
9%
8%
China Australia USA Other
• Rare Earth Minerals have become a hot topic again as a result of the trade negotiations
• Further escalation of the trade conflict to an all-out trade war could risk supply disruption of these elements which are crucial to the production of many technology devices
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Source: Bloomberg, Reuters, ACG
Appendix: U.S. – China Trade War Recap
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DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has notindependently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
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INDEX DEFINITIONS
Asset class and reference benchmarks:
ASSET CLASS BENCHMARK
U.S. Equity S&P 500 TR
International Developed Equity MSCI EAFE NR
Emerging Market Equity MSCI EM NR
U.S. Fixed Income Bloomberg Barclays U.S. Aggregate Bond TR
Cash & Cash Alternatives Citi Treasury Bill 3 Mon USD
Alerian MLP: The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization- weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). Bloomberg Barclay 10-Year U.S. Treasuries: Measures the performance of U.S. Treasury securities that have a remaining maturity of 10 years.
Bloomberg Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment- grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Bloomberg Barclays Global Aggregate ex-U.S. Dollar Bond Index: Tracks an international basket of bonds that currently contains 65% government, 14% corporate, 13% agency and 8% mortgage-related bonds. Bloomberg Barclays High Yield: Covers the universe of fixed-rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC-registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.
Bloomberg Barclays U.S. Corporate High Yield: Composed of fixed-rate, publicly issued, non-investment grade debt. The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities.
Dow Jones U.S. Total Stock Market Index, which comprises all U.S. equity securities with readily available prices. FTSE 3-Month Treasury-Bill Index: This is an unmanaged index of three-month Treasury bills. FTSE EPRA/NAREIT Global Real Estate Index: Designed to represent general trends in eligible listed real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income producing real estate.
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INDEX DEFINITIONS
Gross Domestic Product (GDP) is the annual market value of all goods and services produced domestically by the US. HFRI Fund of Funds Conservative: FOFs classified as 'Conservative' exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more 'conservative' strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Conservative Index shows generally consistent performance regardless of market conditions. HFRI Fund of Funds Diversified: FOFs classified as 'Diversified' exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates generally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets. HFRI Fund of Funds Strategic: FOFs classified as 'Strategic' exhibit one or more of the following characteristics: seeks superior returns by primarily investing in funds that generally engage in more opportunistic strategies such as Emerging Markets, Sector specific, and Equity Hedge; exhibits a greater dispersion of returns and higher volatility compared to the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Strategic Index tends to outperform the HFRI Fund of Fund Composite Index in up markets and underperform the index in down markets. MSCI All Country World Index Ex-U.S Index.: A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets. MSCI EAFE Index (Europe, Australasia, Far East): A free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The EAFE consists of the country indices of 21 developed nations. MSCI EAFE Growth Index: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the growth style. MSCI EAFE Small-Cap Index: An unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada. MSCI EAFE Value: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the value style. MSCI Emerging Markets Index: Designed to measure equity market performance in 25 emerging market indexes. The three largest industries are materials, energy and banks. The NASDAQ Composite Index is an unmanaged index of all stocks traded on the NASDAQ over-the-counter market. Price Earnings Ratio (P/E) is the price of the stock divided by its earnings per share.
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INDEX DEFINITIONS
Russell 1000 Index: Measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investible U.S. equity market. Russell 1000 Value Index: Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 1000 Growth Index: Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell Mid-Cap Index: Measures the performance of the 800 smallest companies of the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index. Russell Mid-Cap Value Index: Measures the performance of those Russell Mid-cap companies with lower price-to-book ratios and lower forecasted growth values. Russell Mid-Cap Growth Index: Measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000 Index: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the total market capitalization of the Russell 3000 Index. Russell 2000 Value Index: Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 2000 Growth Index: Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 3000 Index: Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Standard & Poor's 500 (S&P 500): Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. Represents approximately 68% of the investable U.S. equity market. Wilshire Liquid Alternative Index: The Wilshire Liquid Alternative IndexSM measures the collective performance of the five Wilshire Liquid Alternative strategies that make up the Wilshire Liquid Alternative Universe. The Wilshire Liquid Alternative Index (WLIQA) is designed to provide a broad measure of the liquid alternative market by combining the performance of the Wilshire Liquid Alternative Equity Hedge IndexSM (WLIQAEH), Wilshire Liquid Alternative Global Macro IndexSM (WLIQAGM), Wilshire Liquid Alternative Relative Value IndexSM (WLIQARV), Wilshire Liquid Alternative Multi-Strategy IndexSM (WLIQAMS), and Wilshire Liquid Alternative Event Driven IndexSM (WLIQAED).
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University of West Florida Foundation Performance Summary
June 2019 We started the quarter with a market value of $90,902,756 and we ended the quarter with a value of $93,654,743. Total earnings for the second quarter were $3,243,082. For the quarter, the Foundation returned 3.58% versus 2.31% for a balanced index that reflects the underlying asset allocation of the total fund. Outperformance for the quarter was driven by the active domestic equity managers as well as WCM Focused International Growth. Large Cap Equity: Eagle Capital outperformed for the quarter (6.76% vs. 4.30%) while the Vanguard 500 Index performed in line.
• Recommendation: Take Eagle Capital off Caution as the strategy now beats the index over the trailing 3-year and 5-year time periods.
Small Cap Equity: Our small cap managers both outperformed versus the Russell 2000 for the quarter. Conestoga returned 9.34% and Fuller & Thaler returned 4.55% while the Russell 2000 returned 2.10%. International Equity: Our international managers were mixed versus the benchmark for the quarter. Dodge & Cox returned 2.81% and WCM Focused International Growth returned 9.92% while the MSCI ACWI ex US returned 2.98% during the quarter. T. Rowe Price International Small Cap fund outperformed for the quarter returning 2.88% versus 1.21% for the MSCI ACWI ex US Small Cap Index. Emerging Markets Equity: DFA Emerging Markets outperformed the MSCI Emerging Markets Index for the quarter (0.86% vs. 0.61%). Master Limited Partnerships: Tortoise MLP & Pipeline underperformed the Alerian Index for the quarter (-0.43% vs. 0.12%). Fixed Income: Barrow Hanley slightly outperformed the Barclays Aggregate Index for the quarter (3.11% vs. 3.08%). Templeton Global Bond underperformed for the quarter (0.77% vs. 3.57%). Chartwell Short Duration High Yield strategy slightly underperformed for the quarter returning 1.48% vs. 1.56%. Alternatives: For the quarter, Ironwood outperformed the HFRI FOF Conservative index by returning 2.13% vs. 1.48%.
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019 Fiscal Year End: June
Summary of Cash FlowsSecond Quarter Year-To-Date One Year Three Years Five Years Ten Years Inception
3/31/99_
Beginning Market Value $90,902,756 $83,542,231 $91,690,303 $77,202,925 $72,158,777 $46,090,673 $53,608,325Net Cash Flow -$491,096 -$495,147 -$2,469,937 -$6,886,056 -$1,681,117 -$9,331,489 -$26,856,680Net Investment Change $3,243,082 $10,607,658 $4,434,377 $23,337,874 $23,177,083 $56,895,559 $66,903,098Income $306,296 $504,281 $2,255,555 $5,066,068 $7,923,888 $13,012,613 $31,305,158Ending Market Value $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743 $93,654,743
_
CurrentBalance
CurrentAllocation Policy Policy Range
_
US Stock Large $21,583,068 23.05% 22.50% 20.00% - 30.00%US Stock Small $10,048,744 10.73% 10.00% 7.50% - 15.00%International $13,453,343 14.36% 15.00% 10.00% - 20.00%International Small Stocks $6,094,675 6.51% 7.50% 2.50% - 10.00%International Emerging Stocks $5,536,413 5.91% 5.00% 2.50% - 7.50%Fixed $11,349,259 12.12% 15.00% 10.00% - 25.00%MLP $4,453,903 4.76% 0.00% 0.00% - 10.00%Fund of Funds $8,982,267 9.59% 5.00% 0.00% - 10.00%Real Estate $3,097,382 3.31% 7.50% 0.00% - 15.00%Private Equity $2,574,539 2.75% 7.50% 0.00% - 10.00%Private Debt $672,335 0.72% 5.00% 0.00% - 10.00%Cash/Short Term Fixed Income $5,808,815 6.20% 0.00% 0.00% - 10.00%Total $93,654,743 100.00% 100.00%
XXXXX
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CurrentBalance
CurrentAllocation Policy Policy Range Difference Within IPS
Range?_
US Stock Large $21,583,068 23.05% 22.50% 20.00% - 30.00% 0.55% YesEagle Capital Management $10,693,655 11.42%Vanguard 500 Index Admiral $10,889,413 11.63%
US Stock Small $10,048,744 10.73% 10.00% 7.50% - 15.00% 0.73% YesConestoga Small Cap Investors $5,272,941 5.63%Fuller & Thaler Behav Sm-Cp Eq Inst $4,775,803 5.10%
International $13,453,343 14.36% 15.00% 10.00% - 20.00% -0.64% YesDodge & Cox International Stock $6,457,400 6.89%WCM Focused International Growth Instl $6,995,943 7.47%
International Small Stocks $6,094,675 6.51% 7.50% 2.50% - 10.00% -0.99% YesT. Rowe Price International Discovery $6,094,675 6.51%
International Emerging Stocks $5,536,413 5.91% 5.00% 2.50% - 7.50% 0.91% YesDFA Emerging Markets Core Equity I $5,536,413 5.91%
Fixed $11,349,259 12.12% 15.00% 10.00% - 25.00% -2.88% YesBarrow Hanley $5,683,385 6.07%Templeton Global Bond Fund $2,777,068 2.97%Chartwell Short Duration High Yield $2,888,807 3.08%
MLP $4,453,903 4.76% 0.00% 0.00% - 10.00% 4.76% YesTortoise MLP & Pipeline Instl $4,453,903 4.76%
Fund of Funds $8,982,267 9.59% 5.00% 0.00% - 10.00% 4.59% YesIronwood International Ltd. $8,982,267 9.59%
Real Estate $3,097,382 3.31% 7.50% 0.00% - 15.00% -4.19% YesHarbert US RE Fund IV LP $42,067 0.04%Harbert US RE Fund V LP $1,059,382 1.13%Harbert US RE Fund VI LP $1,995,932 2.13%
Private Equity $2,574,539 2.75% 7.50% 0.00% - 10.00% -4.75% YesPortfolio Advisors PE Offshore V $295,227 0.32%Portfolio Advisors PE VII $674,260 0.72%Portfolio Advisors Secondary Fund III, L.P. $969,819 1.04%StepStone Pioneer Capital III, L.P. $635,233 0.68%
Private Debt $672,335 0.72% 5.00% 0.00% - 10.00% -4.28% YesPortfolio Advisors Direct Credit II $672,335 0.72%
Cash/Short Term Fixed Income $5,808,815 6.20% 0.00% 0.00% - 10.00% 6.20% YesPIMCO Short-Term Instl $5,772,022 6.16%Cash $36,793 0.04%
Total $93,654,743 100.00% 100.00%XXXXX
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019
$96,656,762$3,002,019Outside Cash Reserves
Total with Outside Cash
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_
US Stock Large $20,456,984 22.51% 22.50% 20.00% - 30.00% 0.01% YesEagle Capital Management $10,016,353 11.02%Vanguard 500 Index Admiral $10,440,631 11.49%
US Stock Small $9,390,602 10.33% 10.00% 7.50% - 15.00% 0.33% YesConestoga Small Cap Investors $4,822,608 5.31%Fuller & Thaler Behav Sm-Cp Eq Inst $4,567,993 5.03%
International $12,645,034 13.91% 15.00% 10.00% - 20.00% -1.09% YesDodge & Cox International Stock $6,280,697 6.91%WCM Focused International Growth Instl $6,364,337 7.00%
International Small Stocks $5,924,081 6.52% 7.50% 2.50% - 10.00% -0.98% YesT. Rowe Price International Discovery $5,924,081 6.52%
International Emerging Stocks $5,489,275 6.04% 5.00% 2.50% - 7.50% 1.04% YesDFA Emerging Markets Core Equity I $5,489,275 6.04%
Fixed $11,122,082 12.24% 15.00% 10.00% - 25.00% -2.76% YesBarrow Hanley $5,519,345 6.07%Templeton Global Bond Fund $2,755,932 3.03%Chartwell Short Duration High Yield $2,846,805 3.13%
MLP $4,472,928 4.92% 5.00% 0.00% - 10.00% -0.08% YesTortoise MLP & Pipeline Instl $4,472,928 4.92%
Fund of Funds $8,795,123 9.68% 10.00% 0.00% - 15.00% -0.32% YesIronwood International Ltd. $8,795,123 9.68%
Real Estate $3,183,296 3.50% 5.00% 0.00% - 15.00% -1.50% YesHarbert US RE Fund IV LP $47,723 0.05%Harbert US RE Fund V LP $1,299,266 1.43%Harbert US RE Fund VI LP $1,836,307 2.02%
Private Equity $2,660,742 2.93% 3.00% 0.00% - 5.00% -0.07% YesPortfolio Advisors PE Offshore V $318,967 0.35%Portfolio Advisors PE VII $715,597 0.79%Portfolio Advisors Secondary Fund III, L.P. $975,394 1.07%StepStone Pioneer Capital III, L.P. $650,784 0.72%
Private Debt $540,277 0.59% 2.00% 0.00% - 5.00% -1.41% YesPortfolio Advisors Direct Credit II $540,277 0.59%
Cash/Short Term Fixed Income $6,198,375 6.82% 0.00% 0.00% - 5.00% 6.82% NoPIMCO Short-Term Instl $6,141,772 6.76%Cash $14,242 0.02%Archstone Offshore Fund $42,361 0.05%
Total $90,878,801 100.00% 100.00%XXXXX
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of March 31, 2019 Current
BalanceCurrent
Allocation Policy Policy Range Difference Within IPSRange?
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Foundation 93,654,743 100.00 4.44 3.58 12.63 4.75 7.15 9.33 5.33 8.60 5.12 Mar-99Balanced Index 4.22 2.31 11.66 3.63 6.04 8.17 4.78 8.15 4.94 Mar-99CPI+4% 0.35 1.75 3.97 5.71 6.34 6.12 5.50 5.80 6.28 Mar-99US Stock Large 21,583,068 23.05
Eagle Capital Management 10,693,655 11.42 7.51 6.76 21.14 11.17 13.05 16.20 10.95 -- 14.08 Oct-12S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 14.70 13.45 Oct-12
Vanguard 500 Index Admiral 10,889,413 11.63 7.04 4.30 18.53 10.38 12.34 14.15 10.68 -- 13.45 Sep-12S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 14.70 13.48 Sep-12
US Stock Small 10,048,744 10.73Conestoga Small Cap Investors 5,272,941 5.63 8.41 9.34 23.40 10.54 18.82 21.24 14.33 -- 12.82 Apr-14
Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 13.45 6.86 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,775,803 5.10 7.37 4.55 17.00 -1.55 -- -- -- -- 1.95 Mar-18
Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 13.45 0.52 Mar-18International 13,453,343 14.36
Dodge & Cox International Stock Caution 4Q17 6,457,400 6.89 6.82 2.81 12.87 -0.31 0.10 9.30 0.42 7.45 2.10 Dec-07MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 6.54 1.37 Dec-07
WCM Focused International Growth Instl 6,995,943 7.47 6.56 9.92 -- -- -- -- -- -- 12.99 Mar-19MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 6.54 4.35 Mar-19
International Small Stocks 6,094,675 6.51T. Rowe Price International Discovery 6,094,675 6.51 4.60 2.88 15.27 -6.72 5.01 -- -- -- 9.58 Sep-16
MSCI ACWI ex US Small Cap 4.41 1.21 11.60 -5.94 1.98 7.76 2.77 8.48 6.37 Sep-16International Emerging Stocks 5,536,413 5.91
DFA Emerging Markets Core Equity I Caution 3Q17 5,536,413 5.91 5.61 0.86 9.54 1.30 3.21 9.12 2.13 -- 4.77 Dec-11MSCI Emerging Markets 6.24 0.61 10.59 1.21 4.65 10.66 2.49 5.81 4.57 Dec-11
Fixed 11,349,259 12.12 1.26 2.11 5.15 6.63 3.07 -- -- -- 2.92 Apr-17BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 3.69 Apr-17Barrow Hanley 5,683,385 6.07 1.34 3.11 6.38 7.73 3.56 2.50 2.92 4.02 4.15 Apr-03
BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 4.08 Apr-03Templeton Global Bond Fund 2,777,068 2.97 1.10 0.77 2.76 5.56 1.77 -- -- -- 1.30 Apr-17
FTSE WGBI TR 2.33 3.57 5.38 5.48 3.68 1.00 0.85 2.21 4.12 Apr-17Chartwell Short Duration High Yield 2,888,807 3.08 1.25 1.48 5.11 5.55 3.39 -- -- -- 3.17 May-17
ICE BofAML US Corp and High Yield 1-3 Yr 0.77 1.56 3.71 5.07 3.04 2.89 2.44 3.66 3.08 May-17
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019 Fiscal Year End: June
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
MLP 4,453,903 4.76Tortoise MLP & Pipeline Instl 4,453,903 4.76 3.57 -0.43 20.74 1.25 2.02 4.13 -3.54 -- -0.66 Apr-14
Alerian MLP TR USD 2.64 0.12 16.96 3.09 -0.82 -0.42 -7.20 8.21 -4.94 Apr-14Fund of Funds 8,982,267 9.59
Ironwood International Ltd. 8,982,267 9.59 0.90 2.13 4.81 3.26 5.30 5.95 3.85 6.49 4.40 Mar-05HFRI FOF: Conservative Index 0.74 1.48 4.66 2.07 3.12 3.79 2.11 3.11 2.36 Mar-05
Real Estate 3,097,382 3.31Harbert US RE Fund IV LP 42,067 0.04 0.00 0.00 -11.85 7.30 12.33 13.10 22.10 20.89 18.80 Dec-08
FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 13.69 Dec-08Harbert US RE Fund V LP 1,059,382 1.13 0.00 0.00 0.82 3.77 7.82 9.92 13.69 -- 12.16 Nov-13
FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 9.49 Nov-13Harbert US RE Fund VI LP 1,995,932 2.13 0.00 0.00 0.75 10.01 -- -- -- -- 10.92 Nov-17
FTSE NAREIT All Equity REIT 0.78 1.19 18.57 11.94 8.38 5.59 8.67 15.92 9.33 Nov-17Private Equity 2,574,539 2.75
Portfolio Advisors PE Offshore V 295,227 0.32 0.00 0.00 -0.72 10.17 12.69 11.98 9.04 10.77 7.97 Dec-08Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 13.06 Dec-08
Portfolio Advisors PE VII 674,260 0.72 0.00 0.00 -1.80 13.17 17.28 14.95 11.52 -- 12.47 Apr-13Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 11.62 Apr-13
Portfolio Advisors Secondary Fund III, L.P. 969,819 1.04 0.00 0.00 -0.57 12.85 -- -- -- -- 30.81 Aug-17Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 9.51 Aug-17
StepStone Pioneer Capital III, L.P. 635,233 0.68 0.00 0.00 1.00 1.44 10.34 7.91 9.05 -- 15.12 Dec-09Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 2.07 9.79 12.13 9.67 13.64 13.66 Dec-09
Private Debt 672,335 0.72Portfolio Advisors Direct Credit II 672,335 0.72 0.00 0.00 3.85 21.50 15.83 -- -- -- 13.47 Oct-16
BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.90 2.75 Oct-16Cash/Short Term Fixed Income 5,808,815 6.20
PIMCO Short-Term Instl 5,772,022 6.16 0.11 0.50 1.56 2.03 2.08 2.52 -- -- 2.49 Jan-16FTSE T-Bill 3 Months TR 0.20 0.61 1.21 2.29 1.81 1.36 0.84 0.46 1.22 Jan-16
Cash 36,793 0.04XXXXX
- Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TRUSD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR- CPI+4% = Consumer Price Index+0.00327 100- Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index
Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019 Fiscal Year End: June
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RISK RETURN STATISTICS1 Year
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.96 6.26Minimum Return -5.55 -5.74Annualized Return 4.75 3.63Total Return 4.75 3.63Annualized Excess ReturnOver Risk Free 2.49 1.36
Annualized Excess Return 1.12 0.00
RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 6.67 6.56Downside Deviation 8.41 8.29
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 12.27 12.39
Alpha 0.09 0.00Sharpe Ratio 0.20 0.11Excess Return Over Market/ Risk 0.09 0.00
Tracking Error 1.23 0.00Information Ratio 0.91 --
CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 1.00 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICS3 Years
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 5.96 6.26Minimum Return -5.55 -5.74Annualized Return 9.33 8.17Total Return 30.68 26.56Annualized Excess ReturnOver Risk Free 7.93 6.77
Annualized Excess Return 1.16 0.00
RISK SUMMARY STATISTICSBeta 0.97 1.00Upside Deviation 4.52 4.44Downside Deviation 7.29 7.38
RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 7.86 8.00
Alpha 0.11 0.00Sharpe Ratio 1.01 0.85Excess Return Over Market/ Risk 0.15 0.00
Tracking Error 1.18 0.00Information Ratio 0.99 --
CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00
Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
FoundationAs of June 30, 2019
Prepared by The Atlanta Consulting Group28
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RISK RETURN STATISTICS5 Years
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 60 60Maximum Return 5.96 6.26Minimum Return -5.55 -5.74Annualized Return 5.33 4.78Total Return 29.63 26.31Annualized Excess ReturnOver Risk Free 4.45 3.91
Annualized Excess Return 0.55 0.00 RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 4.85 4.78Downside Deviation 5.85 6.04 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 7.94 7.96
Alpha 0.05 0.00Sharpe Ratio 0.56 0.49Excess Return Over Market/ Risk 0.07 0.00
Tracking Error 1.14 0.00Information Ratio 0.48 -- CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICSSince Inception
Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 243 243Maximum Return 7.11 6.75Minimum Return -13.67 -12.61Annualized Return 5.12 4.94Total Return 174.68 165.68Annualized Excess ReturnOver Risk Free 3.37 3.19
Annualized Excess Return 0.17 0.00 RISK SUMMARY STATISTICSBeta 1.01 1.00Upside Deviation 5.32 5.32Downside Deviation 7.81 7.33 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 9.99 9.79
Alpha 0.01 0.00Sharpe Ratio 0.34 0.33Excess Return Over Market/ Risk 0.02 0.00
Tracking Error 1.44 0.00Information Ratio 0.12 -- CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
FoundationAs of June 30, 2019
Prepared by The Atlanta Consulting Group29
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019 Fiscal Year End: June
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019 Fiscal Year End: June
31
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019
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University of West Florida
FoundationAs of June 30, 2019
Cash Flows from InceptionQuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Mar-99 -- $0 $0 $0 $53,608,325 $53,608,325Jun-99 $53,608,325 -$743,004 $0 $418,078 $2,434,180 $55,299,501Sep-99 $55,299,501 -$754,175 $0 $372,158 -$1,480,157 $53,065,169Dec-99 $53,065,169 $102,766 $0 $191,672 $5,764,152 $58,932,087Mar-00 $58,932,087 $242,744 $0 $447,309 $942,080 $60,116,911Jun-00 $60,116,911 -$560,001 $0 $346,958 -$156,583 $59,400,327Sep-00 $59,400,327 -$897,431 -$8,857 $350,457 $140,608 $58,643,504Dec-00 $58,643,504 -$561,633 -$36,824 $350,071 -$2,507,443 $55,574,428Mar-01 $55,574,428 -$375,251 -$22,203 $406,691 -$4,182,435 $51,016,742Jun-01 $51,016,742 -$365,927 -$21,840 $371,235 $2,216,697 $52,867,512Sep-01 $52,867,512 -$663,768 -$21,567 $441,221 -$4,592,364 $47,611,380Dec-01 $47,611,380 -$1,502,838 -$10,135 $587,524 $2,830,376 $48,938,918Mar-02 $48,938,918 -$15,173 -$20,037 $359,943 $699,111 $49,622,856Jun-02 $49,622,856 -$511,193 -$20,132 $372,089 -$2,642,350 $46,469,313Sep-02 $46,469,313 -$461,137 -$10,326 $367,433 -$5,406,592 $40,601,584Dec-02 $40,601,584 -$305,884 -$8,656 $470,499 $1,944,714 $42,240,414Mar-03 $42,240,414 -$655,362 -$38,784 $302,011 -$1,599,613 $39,985,439Jun-03 $39,985,439 -$778,780 -$13,903 $333,918 $4,622,010 $43,828,669Sep-03 $43,828,669 -$662,389 -$17,967 $238,831 $1,365,464 $44,531,744Dec-03 $44,531,744 -$399,999 -$47,455 $446,659 $4,610,030 $48,741,775Mar-04 $48,741,775 -$543,579 -$39,390 $216,156 $1,097,837 $49,296,033Jun-04 $49,296,033 -$109,883 -$39,387 $265,045 $138,340 $49,324,490Sep-04 $49,324,490 -$1,009,371 -$38,556 $224,704 $9,559 $48,324,678Dec-04 $48,324,678 -$784,131 -$40,289 $1,231,367 $4,362,977 $51,903,524Mar-05 $51,903,524 -$656,830 -$40,122 $251,014 -$535,279 $50,711,415Jun-05 $50,711,415 -$584,889 -$34,647 $236,790 $508,118 $50,634,644Sep-05 $50,634,644 -$8,484 -$35,672 $225,922 $2,193,834 $52,819,994Dec-05 $52,819,994 -$8,387 -$8,664 $1,673,866 $1,142,041 $53,953,648Mar-06 $53,953,648 -$711,443 -$35,909 $258,749 $2,982,889 $56,225,094Jun-06 $56,225,094 -$150,700 -$37,052 $279,282 -$455,018 $55,619,376Sep-06 $55,619,376 -$619,204 -$37,906 $257,905 $1,959,980 $56,960,152
Prepared by The Atlanta Consulting Group33
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University of West Florida
FoundationAs of June 30, 2019
QuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Dec-06 $56,960,152 -$259,001 -$38,682 $2,063,223 $3,295,891 $59,997,042Mar-07 $59,997,042 -$8,817 -$40,216 $279,221 $1,353,294 $61,341,519Jun-07 $61,341,519 -$760,397 -$41,417 $272,732 $3,135,778 $63,716,900Sep-07 $63,716,900 -$1,008,735 -$53,847 $266,342 $226,739 $62,934,904Dec-07 $62,934,904 -$959,825 -$49,127 $1,248,780 -$1,068,882 $60,906,197Mar-08 $60,906,197 -$10,042 -$46,120 $250,632 -$3,191,700 $57,704,455Jun-08 $57,704,455 -$499,998 -$48,727 $255,465 -$151,860 $57,052,597Sep-08 $57,052,597 $585,757 -$45,037 $257,621 -$5,558,584 $52,079,770Dec-08 $52,079,770 -$27,930 -$41,208 $628,017 -$8,704,556 $43,347,284Mar-09 $43,347,284 $460,309 -$34,186 $240,805 -$2,719,546 $41,088,047Jun-09 $41,088,047 $18,824 -$33,104 $234,150 $4,983,802 $46,090,673Sep-09 $46,090,673 $36,683 -$36,990 $262,605 $5,171,637 $51,298,993Dec-09 $51,298,993 -$977,471 -$37,425 $346,394 $2,056,832 $52,378,354Mar-10 $52,378,354 $21,655 -$30,856 $223,781 $1,903,830 $54,303,839Jun-10 $54,303,839 $103,822 -$53,645 $195,451 -$3,540,221 $50,867,440Sep-10 $50,867,440 $131,756 -$42,592 $214,909 $4,484,851 $55,484,047Dec-10 $55,484,047 $175,042 -$43,432 $370,586 $4,227,161 $59,886,250Mar-11 $59,886,250 -$837,606 -$47,478 $230,071 $2,052,173 $61,100,817Jun-11 $61,100,817 $138,311 -$49,563 $204,447 $411,277 $61,650,405Sep-11 $61,650,405 -$87,638 -$50,173 $229,755 -$7,494,731 $54,068,036Dec-11 $54,068,036 $387,014 -$44,939 $326,664 $3,294,906 $57,749,956Mar-12 $57,749,956 $105,094 -$46,135 $219,525 $4,386,376 $62,241,426Jun-12 $62,241,426 -$1,839,680 -$45,081 $226,018 -$1,974,413 $58,427,333Sep-12 $58,427,333 -$1,822,658 -$42,326 $199,084 $2,632,789 $59,237,464Dec-12 $59,237,464 -$27,735 -$42,704 $471,816 $1,645,834 $60,855,563Mar-13 $60,855,563 -$98,538 -$44,366 $153,679 $3,250,742 $64,007,767Jun-13 $64,007,767 -$1,862,723 -$45,603 $192,329 $635,692 $62,780,736Sep-13 $62,780,736 $18,498 -$45,965 $216,059 $3,337,883 $66,137,117Dec-13 $66,137,117 -$299,980 -$47,478 $402,765 $3,924,654 $69,761,791Mar-14 $69,761,791 -$587,766 -$49,911 $189,387 $948,471 $70,122,496Jun-14 $70,122,496 -$326,452 -$37,086 $213,400 $2,362,733 $72,158,777Sep-14 $72,158,777 $75,826 -$37,270 $180,892 -$730,067 $71,504,536
Prepared by The Atlanta Consulting Group34
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University of West Florida
FoundationAs of June 30, 2019
QuarterEnding
BeginningMarket Value Net Cash Flow Fees Income Net Investment
ChangeEnding
Market Value_
Dec-14 $71,504,536 -$22,845 -$27,895 $1,102,090 $749,766 $72,231,457Mar-15 $72,231,457 -$28,279 -$27,496 $139,418 $1,578,684 $73,781,862Jun-15 $73,781,862 $324,851 -$28,452 $176,783 $156,312 $74,263,025Sep-15 $74,263,025 -$12,826 -$27,644 $180,454 -$5,115,727 $69,134,472Dec-15 $69,134,472 $84,429 -$28,653 $708,198 $1,392,509 $70,611,410Mar-16 $70,611,410 $4,924,041 -$28,909 $159,866 $109,986 $75,645,437Jun-16 $75,645,437 -$140,258 -$29,517 $210,119 $1,697,746 $77,202,925Sep-16 $77,202,925 -$514,301 -$30,494 $173,911 $3,397,085 $80,085,709Dec-16 $80,085,709 -$681,182 -$31,704 $554,397 $1,012,120 $80,416,647Mar-17 $80,416,647 $119,141 -$32,584 $164,409 $3,767,164 $84,302,952Jun-17 $84,302,952 $1,190,909 -$33,371 $237,005 $2,458,418 $87,952,279Sep-17 $87,952,279 -$167,740 $0 $205,111 $3,691,890 $91,476,429Dec-17 $91,476,429 -$1,896,654 -$26,870 $1,067,475 $3,277,624 $92,857,399Mar-18 $92,857,399 -$1,462,821 -$31,969 $153,210 -$157,218 $91,237,360Jun-18 $91,237,360 -$1,003,472 -$30,938 $254,995 $1,456,415 $91,690,303Sep-18 $91,690,303 -$1,166,512 -$31,649 $233,604 $2,604,960 $93,128,750Dec-18 $93,128,750 -$808,277 -$29,521 $1,517,670 -$8,778,241 $83,542,231Mar-19 $83,542,231 -$4,051 -$25,883 $197,984 $7,364,576 $90,902,756Jun-19 $90,902,756 -$491,096 -$28,135 $306,296 $3,243,082 $93,654,743
XXXXX
Prepared by The Atlanta Consulting Group35
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Universe Name: Large Cap MStar MF# of Observations: 1,004 (6/30/2019)
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Eagle Capital Management 6.76 5 21.14 22 11.17 28 16.20 23 10.95 27 -- --S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28
Over/Under 2.46 2.60 0.75 2.01 0.24 XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Eagle Capital Management -5.24 22.66 10.10 1.75 12.28 35.80 -- -- -- --S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.86 0.83 -1.86 0.37 -1.41 3.41 XXXXX
Prepared by The Atlanta Consulting Group
University of West Florida
Eagle Capital ManagementAs of June 30, 2019
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Eagle Capital Management 12.46% -0.31% 1.07 107.02% 106.94% 1.08 3.46% 0.17 S&P 500 11.26% 0.00% 1.00 100.00% 100.00% 1.14 0.00% --
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Prepared by The Atlanta Consulting Group
Best PerformersWeight % Return %
_
ANADARKO PETROLEUM (APC) 0.82% 55.81%WALT DISNEY (DIS) 0.07% 25.77%DISH NETWORK 'A' (DISH) 1.86% 21.21%HILTON WORLDWIDE HDG. (HLT) 1.29% 17.79%MOHAWK INDUSTRIES (MHK) 2.27% 16.90%FACEBOOK CLASS A (FB) 3.03% 15.78%CHARTER COMMS.CL.A (CHTR) 1.96% 13.91%AON CLASS A (AON) 3.24% 13.33%CITIGROUP (C) 6.20% 13.27%MARRIOTT INTL.'A' (MAR) 4.47% 12.59%Total 25.20%
_
CharacteristicsPortfolio S&P 500
Number of Holdings 36 505Weighted Avg. Market Cap. ($B) 197.64 225.01Median Market Cap. ($B) 46.71 22.14Price To Earnings 17.65 20.58Price To Book 3.08 3.60Price To Sales 1.71 2.12Return on Equity (%) 15.43 26.92Yield (%) 1.05 1.96Beta 1.09 1.00R-Squared 0.94 1.00
Worst PerformersWeight % Return %
_
LYFT A (LYFT) 0.00% -16.07%LIBERTY TRIP ADVI.HDG. SR.A (LTRPA) 0.23% -12.61%TRIPADVISOR 'A' (TRIP) 1.35% -10.03%ALPHABET A (GOOGL) 0.48% -7.99%ALPHABET 'C' (GOOG) 6.77% -7.88%BARCLAYS ADR 1:4 (BCS) 1.19% -4.88%WABTEC (WAB) 0.49% -2.50%WELLS FARGO & CO (WFC) 4.38% -1.13%UNITEDHEALTH GROUP (UNH) 2.85% -0.88%FOX B (FOX) 1.03% 2.45%Total 18.77%
_
Sector Portfolio S&P 500
INDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 0.82 5.05Materials 1.11 2.72Industrials 4.96 9.39Consumer Discretionary 16.20 10.20Consumer Staples 0.00 7.28Health Care 2.85 14.21Financials 29.39 13.08Information Technology 13.68 21.50Communication Services 29.06 10.20Utilities 0.00 3.31Real Estate 0.00 3.06
Performance By Sectors
4/1/2019 - 6/30/2019
GICS Sector PortfolioWeight
IndexWeight
ExcessWeight
PortfolioUSD Return
IndexUSD Return
ExcessReturn
AllocationEffect
(Local)
SelectionEffect
(Local)
TotalContrib.
_
Energy 0.64% 5.43% -4.78% 55.81% -2.83% 58.64% 0.31% 0.37% 0.29%Materials 1.21% 2.64% -1.43% 12.11% 6.56% 5.55% -0.03% 0.05% 0.08%Industrials 4.78% 9.48% -4.70% 3.51% 3.60% -0.09% 0.04% 0.06% 0.03%Consumer Discretionary 18.06% 10.15% 7.91% 10.04% 5.28% 4.76% 0.08% 0.86% 1.04%Consumer Staples 0.00% 7.33% -7.33% -- 3.73% -- 0.06% 0.00% 0.01%Health Care 4.49% 14.57% -10.08% -0.88% 1.39% -2.27% 0.30% -0.07% -0.20%Financials 30.32% 12.69% 17.63% 6.82% 8.01% -1.20% 0.64% -0.28% 0.82%Information Technology 6.45% 21.19% -14.74% 5.86% 6.06% -0.20% -0.28% -0.03% 0.06%Communication Services 34.05% 10.11% 23.94% 4.47% 4.47% 0.00% 0.00% 0.00% 0.02%Utilities 0.00% 3.33% -3.33% -- 3.48% -- 0.04% 0.00% 0.01%Real Estate 0.00% 3.09% -3.09% -- 2.46% -- 0.08% 0.00% 0.02%Total 6.50% 4.32% 2.18% 1.23% 0.96% 2.18%
XXXXX
University of West Florida
Eagle Capital ManagementAs of June 30, 2019
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University of West Florida
Vanguard 500 Index AdmiralAs of June 30, 2019
Universe Name: Large Cap MStar MF# of Observations: 1,004 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19MICROSOFT CORP 4.18%APPLE INC 3.52%AMAZON.COM INC 3.19%FACEBOOK INC A 1.89%BERKSHIRE HATHAWAY INC B 1.63%JOHNSON & JOHNSON 1.51%JPMORGAN CHASE & CO 1.48%ALPHABET INC CLASS C 1.35%ALPHABET INC A 1.32%EXXON MOBIL CORP 1.32%
Sector Allocation as of 6/30/19BASIC MATERIALS 2.46%COMMUNICATION SERVICES 3.49%CONSUMER CYCLICAL 12.22%CONSUMER DEFENSIVE 7.73%ENERGY 5.05%FINANCIAL SERVICES 15.93%HEALTHCARE 14.08%INDUSTRIALS 10.11%REAL ESTATE 2.69%TECHNOLOGY 22.92%UTILITIES 3.32%
Fund Information as of 6/30/19Fund Name VANGUARD 500 INDEX
ADMIRALTicker VFIAXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.04%Fund Assets ($mm) 275,658.52Share Class Inception Date 11/13/2000Manager Tenure 3
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Vanguard 500 Index -4.43 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 26.62S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.05 -0.04 -0.03 -0.02 -0.05 -0.06 -0.04 -0.03 -0.01 0.16XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Vanguard 500 Index 12.03% -0.03% 1.00 99.88% 100.06% 0.82 0.01% -2.99 S&P 500 12.03% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Vanguard 500 Index 4.30 43 18.53 43 10.38 33 14.15 37 10.68 29 14.67 29S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28
Over/Under 0.00 -0.01 -0.04 -0.04 -0.03 -0.03XXXXX
Description:The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widelyrecognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attemptsto replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.
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University of West Florida
Conestoga Small Cap InvestorsAs of June 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 528 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 5/31/19THE DESCARTES SYSTEMS GROUP INC 3.78%EXPONENT INC 3.62%OMNICELL INC 3.29%PROS HOLDINGS INC 3.18%REPLIGEN CORP 3.12%MESA LABORATORIES INC 3.08%FOX FACTORY HOLDING CORP 2.98%CANTEL MEDICAL CORP 2.84%SIMPSON MANUFACTURING CO INC 2.75%GRAND CANYON EDUCATION INC 2.53%
Sector Allocation as of 5/31/19BASIC MATERIALS 7.54%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 9.27%CONSUMER DEFENSIVE 5.99%ENERGY 0.62%FINANCIAL SERVICES 0.02%HEALTHCARE 14.76%INDUSTRIALS 19.70%REAL ESTATE 1.77%TECHNOLOGY 40.32%UTILITIES 0.00%
Fund Information as of 5/31/19Fund Name CONESTOGA SMALL CAP
INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 840.19Share Class Inception Date 10/1/2002Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Conestoga Small Cap 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Conestoga Small Cap 16.53% 7.86% 0.91 110.33% 81.38% 0.82 6.62% 1.10 Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Conestoga Small Cap 9.34 3 23.40 18 10.54 8 21.24 8 14.32 3 16.41 10Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55
Over/Under 7.24 6.42 13.85 8.94 7.26 2.96 XXXXX
Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.
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University of West Florida
Fuller & Thaler Behav Sm-CpAs of June 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 528 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19LANDSTAR SYSTEM INC 3.59%JABIL INC 3.48%HANCOCK WHITNEY CORP 3.42%HELEN OF TROY LTD 3.39%MURPHY USA INC 2.84%SINCLAIR BROADCAST GROUP INC 2.70%DECKERS OUTDOOR CORP 2.60%FULTON FINANCIAL CORP 2.38%PRIMERICA INC 2.35%WESCO INTERNATIONAL INC 2.32%
Sector Allocation as of 6/30/19BASIC MATERIALS 4.73%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 15.71%CONSUMER DEFENSIVE 4.49%ENERGY 0.30%FINANCIAL SERVICES 24.28%HEALTHCARE 10.17%INDUSTRIALS 21.08%REAL ESTATE 5.19%TECHNOLOGY 13.68%UTILITIES 0.37%
Fund Information as of 6/30/19Fund Name FULLER & THALER
BEHAVIORAL SM-CP EQ INSTTicker FTHSXMorningstar Category Small BlendBenchmark Russell 2000Expense Ratio 0.85%Fund Assets ($mm) 1,525.46Share Class Inception Date 9/8/2011Manager Tenure 8
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Fuller & Thaler Behav Sm-Cp -13.17 17.35 29.82 -3.48 11.00 36.12 20.22 -- -- --Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under -2.16 2.70 8.51 0.93 6.10 -2.70 3.87 XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Fuller & Thaler Behav Sm-Cp 15.16% 3.61% 0.85 85.08% 75.93% 0.58 6.17% 0.41 Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Fuller & Thaler Behav Sm-Cp 4.55 25 17.00 53 -1.55 46 12.80 36 9.59 23 -- --Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55
Over/Under 2.45 0.02 1.76 0.50 2.53 XXXXX
Description:The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalizationcompanies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and itsatisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assetsare primarily located in the U.S., or it derives the majority of its revenue from the U.S.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 196 (6/30/2019)
University of West Florida
Dodge & Cox InternationalAs of June 30, 2019
Top Holdings as of 6/30/19ICICI BANK LTD 3.04%NASPERS LTD CLASS N 3.01%ROCHE HOLDING AG DIVIDEND RIGHT CERT. 2.98%SANOFI SA 2.92%BNP PARIBAS 2.64%BAYER AG 2.63%MITSUBISHI ELECTRIC CORP 2.61%UBS GROUP AG 2.55%ITAU UNIBANCO HOLDING SA PARTICIPATING PREFERRED 2.39%ASTRAZENECA PLC 2.38%
Sector Allocation as of 6/30/19BASIC MATERIALS 6.44%COMMUNICATION SERVICES 5.44%CONSUMER CYCLICAL 7.78%CONSUMER DEFENSIVE 0.70%ENERGY 8.83%FINANCIAL SERVICES 30.07%HEALTHCARE 16.11%INDUSTRIALS 6.62%REAL ESTATE 0.60%TECHNOLOGY 16.40%UTILITIES 0.99%
Fund Information as of 6/30/19Fund Name DODGE & COX
INTERNATIONAL STOCKTicker DODFXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 0.63%Fund Assets ($mm) 49,883.35Share Class Inception Date 5/1/2001Manager Tenure 18
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Dodge & Cox International 2.81 61 12.87 72 -0.31 53 9.31 18 0.42 94 7.41 27MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66
Over/Under -0.17 -0.73 -1.60 -0.08 -1.74 0.87 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Dodge & Cox International -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 47.46MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under -3.78 -3.25 3.76 -5.69 3.95 11.02 4.20 -2.26 2.54 6.01XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Dodge & Cox International 14.82% -2.00% 1.12 109.91% 116.12% -0.03 4.93% -0.35 MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
XXXXX
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term growth of principal and income. Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, includingcommon stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into commonstocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-establishedcompanies based on standards of the applicable market.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 196 (6/30/2019)
University of West Florida
WCM Focused Intl GrowthAs of June 30, 2019
Top Holdings as of 4/30/19ACCENTURE PLC CLASS A 4.25%CANADIAN PACIFIC RAILWAY LTD 4.16%KEYENCE CORP 4.11%EXPERIAN PLC 4.09%LVMH MOET HENNESSY LOUIS VUITTON SE 4.05%SHOPIFY INC A 4.05%CSL LTD 4.04%TENCENT HOLDINGS LTD 3.97%AIA GROUP LTD 3.75%METTLER-TOLEDO INTERNATIONAL INC 3.72%
Sector Allocation as of 4/30/19BASIC MATERIALS 7.26%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 11.08%CONSUMER DEFENSIVE 10.80%ENERGY 0.37%FINANCIAL SERVICES 11.21%HEALTHCARE 17.72%INDUSTRIALS 13.78%REAL ESTATE 0.00%TECHNOLOGY 27.79%UTILITIES 0.00%
Fund Information as of 4/30/19
Fund NameWCM FOCUSEDINTERNATIONAL GROWTHINSTL
Ticker WCMIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.06%Fund Assets ($mm) 7,411.67Share Class Inception Date 5/31/2011Manager Tenure 8
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
WCM Focused Intl Growth 9.92 1 24.04 1 11.99 1 13.70 1 9.01 1 -- --MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66
Over/Under 6.94 10.44 10.70 4.31 6.85 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
WCM Focused Intl Growth -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -- -- --MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under 6.90 4.05 -3.83 11.45 3.57 6.43 -4.36 XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
WCM Focused Intl Growth 12.02% 7.21% 0.83 97.83% 61.98% 0.68 6.26% 1.09 MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts ofnon-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investmentsin equity securities may include common stocks and depository receipts. It generally invests in securities of companies located indifferent regions and in at least three different countries.
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Universe Name: Foreign Small/Mid Blend Mstar MF# of Observations: 30 (6/30/2019)
University of West Florida
T. Rowe Price InternationalAs of June 30, 2019
Top Holdings as of 6/30/19SHOPIFY INC A 1.90%AMPLIFON 1.57%MERCADOLIBRE INC 1.49%ABCAM PLC 1.29%ASCENTIAL 1.16%INTERMEDIATE CAPITAL GROUP PLC 1.13%ELEKTA AB 1.02%MAIL.RU GROUP LTD GDR 1.01%TECAN 0.97%INMOBILIARIA COLONIAL SOCIMISA 0.96%
Sector Allocation as of 6/30/19BASIC MATERIALS 6.68%COMMUNICATION SERVICES 0.95%CONSUMER CYCLICAL 22.77%CONSUMER DEFENSIVE 4.76%ENERGY 1.81%FINANCIAL SERVICES 8.64%HEALTHCARE 15.01%INDUSTRIALS 13.79%REAL ESTATE 3.88%TECHNOLOGY 20.98%UTILITIES 0.73%
Fund Information as of 6/30/19Fund Name T. ROWE PRICE
INTERNATIONAL DISCOVERYTicker PRIDXMorningstar Category Foreign Small/Mid GrowthBenchmark MSCI ACWI ex US Small CapExpense Ratio 1.20%Fund Assets ($mm) 4,366.72Share Class Inception Date 12/30/1988Manager Tenure 21
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
T. Rowe Price International 2.88 26 15.27 23 -6.72 39 11.21 1 6.66 1 11.32 11MSCI ACWI ex US Small Cap 1.21 94 11.60 85 -5.94 24 7.76 55 2.77 62 8.48 65
Over/Under 1.67 3.67 -0.78 3.45 3.89 2.84 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
T. Rowe Price International -17.47 39.01 0.95 9.88 -0.43 24.37 26.00 -14.08 20.47 55.69MSCI ACWI ex US Small Cap -18.20 31.65 3.91 2.60 -4.03 19.73 18.52 -18.50 25.21 62.91
Over/Under 0.73 7.36 -2.96 7.28 3.60 4.64 7.48 4.42 -4.74 -7.22XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
T. Rowe Price International 11.94% 4.14% 0.91 98.37% 77.32% 0.49 3.87% 1.00 MSCI ACWI ex US Small Cap 12.50% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- tomedium-sized companies outside the U.S. The managers expect to primarily invest outside the U.S. and to diversify broadly across a variety of industries in developed andemerging market countries throughout the world. Normally, at least 80% of the fund's net assets (including any borrowings forinvestment purposes) will be invested in non-U.S. stocks.
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Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 237 (6/30/2019)
University of West Florida
DFA Emerging Markets CoreAs of June 30, 2019
Top Holdings as of 5/31/19SAMSUNG ELECTRONICS CO LTD 3.80%TENCENT HOLDINGS LTD 1.64%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.51%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.12%VALE SA 0.88%ALIBABA GROUP HOLDING LTD ADR 0.82%RELIANCE INDUSTRIES LTD 0.80%PING AN INSURANCE (GROUP) CO. OF CHINA LTD CLASS H 0.72%SK HYNIX INC 0.68%CHINA CONSTRUCTION BANK CORP CLASS H 0.65%
Sector Allocation as of 5/31/19BASIC MATERIALS 10.99%COMMUNICATION SERVICES 4.02%CONSUMER CYCLICAL 11.33%CONSUMER DEFENSIVE 7.27%ENERGY 6.78%FINANCIAL SERVICES 19.17%HEALTHCARE 2.96%INDUSTRIALS 8.22%REAL ESTATE 4.12%TECHNOLOGY 21.77%UTILITIES 3.37%
Fund Information as of 5/31/19Fund Name DFA EMERGING MARKETS
CORE EQUITY ITicker DFCEXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 0.52%Fund Assets ($mm) 27,427.34Share Class Inception Date 4/5/2005Manager Tenure 9
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
DFA Emerging Markets Core 0.86 67 9.54 82 1.30 49 9.11 53 2.27 53 6.29 46MSCI Emerging Markets 0.61 77 10.59 73 1.21 50 10.66 34 2.49 47 5.81 58
Over/Under 0.25 -1.05 0.09 -1.55 -0.22 0.48 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
DFA Emerging Markets Core -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62 83.58MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51
Over/Under -0.67 -0.73 1.16 0.06 1.28 -0.04 2.27 -2.23 4.74 5.07XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
DFA Emerging Markets Core 15.13% -0.08% 0.95 95.44% 97.46% 0.10 2.63% -0.08 MSCI Emerging Markets 15.78% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontiermarkets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund AdvisorsLP's (the "Advisor") Investment Committee ("Approved Markets"), with a greater emphasis on small capitalization, value, and highprofitability companies.
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University of West Florida
FixedAs of June 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 114 (6/30/2019)
Prepared by The Atlanta Consulting Group
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Fixed 2.11 91 5.15 80 6.63 81 -- -- -- -- -- --BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61
Over/Under -0.97 -0.96 -1.24XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Fixed 0.17 -- -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under 0.16
Since Inception Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Fixed 1.86% 1.85% 0.29 48.79% 5.42% 0.66 2.66% -0.29 BBgBarc US Aggregate TR 2.94% 0.00% 1.00 100.00% 100.00% 0.68 0.00% --
Name Market Value % of Portfolio
Fixed $11,349,259 100.00%Barrow Hanley $5,683,385 50.08%Templeton Global Bond Fund $2,777,068 24.47%Chartwell Short Duration High Yield $2,888,807 25.45%
Total $11,349,259 100.00%
Composite BBgBarc Agg3.85 2.522.67 6.14
SEC YieldAverage DurationAverage Maturity 4.79 13.01
AAA 33.73 72.16AA 3.31 3.44A 12.86 10.68BBB 18.71 13.72BB 25.88 0.00B 5.65 0.00Below B 0.00 0.00Not Rated -0.14 0.00
*Credit Quality as of 6/30/2019
Fund Characteristics as of 6/30/2019
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Universe Name: Intermediate Core Bond MStar MF# of Observations: 114 (6/30/2019)
Prepared by The Atlanta Consulting Group
University of West Florida
Barrow HanleyAs of June 30, 2019
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Barrow Hanley 3.11 35 6.38 33 7.73 50 2.50 35 2.92 34 4.02 59BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61
Over/Under 0.03 0.27 -0.14 0.19 -0.03 0.12 90% BBgBarc Agg/10%BBgBarc High Yield 3.03 50 6.50 30 7.85 39 2.83 14 3.14 15 4.44 39
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Barrow Hanley -0.55 4.03 3.20 0.45 5.02 -1.48 5.56 7.10 6.36 8.17BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.56 0.49 0.55 -0.10 -0.95 0.54 1.35 -0.74 -0.18 2.24
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Barrow Hanley 3.47% 0.05% 1.00 101.19% 100.41% 0.84 0.81% 0.08 BBgBarc US Aggregate TR 3.37% 0.00% 1.00 100.00% 100.00% 0.85 0.00% --
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University of West Florida
Templeton Global Bond FundAs of June 30, 2019
Universe Name: World Bond MStar MF# of Observations: 53 (6/30/2019)
Fund Information as of 3/31/19Fund Name TEMPLETON GLOBAL BOND
ADVTicker TGBAXMorningstar Category World BondBenchmark FTSE WGBI TRExpense Ratio 0.69%Fund Assets ($mm) 18,558.53Share Class Inception Date 1/2/1997Manager Tenure 18
Fixed Income Sectors as of 3/31/19GOVERNMENT 56.42%MUNICIPAL 0.00%CORPORATE 0.00%SECURITIZED 0.00%CASH & EQUIVALENTS 43.58%DERIVATIVE 0.00%
Fund Characteristics as of 3/31/19Sharpe Ratio (3 Year) 0.52Average Duration -2.21Average Coupon 8.48%Average Effective Maturity 1.82R-Squared (3 Year) 0.06Alpha (3 Year) 0.38%Beta (3 Year) -0.26
Credit Quality as of 3/31/19AAA 17.48%AA 6.80%A 19.19%BBB 29.25%BB 18.29%B 9.56%Below B 0.00%Not Rated -0.56%
Prepared by The Atlanta Consulting Group
Description:The investment seeks current income with capital appreciation and growth of income. Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debt obligations of anymaturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governments, government-relatedentities and government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are ratedbelow investment grade or, if unrated determined by the investment manager to be of comparable quality. It is non-diversified.
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Templeton Global Bond Fund 0.77 99 2.76 98 5.56 39 4.57 7 1.50 24 4.90 17FTSE WGBI TR 3.57 38 5.38 62 5.48 40 1.00 85 0.85 52 2.21 79
Over/Under -2.80 -2.62 0.08 3.57 0.65 2.69 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Templeton Global Bond Fund 1.44 2.62 6.61 -4.03 1.84 2.41 16.15 -2.21 13.00 19.21FTSE WGBI TR -0.84 7.49 1.60 -3.57 -0.48 -4.00 1.65 6.35 5.17 2.55
Over/Under 2.28 -4.87 5.01 -0.46 2.32 6.41 14.50 -8.56 7.83 16.66
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Templeton Global Bond Fund 6.18% 1.67% -0.20 -14.10% -42.71% 0.11 8.90% 0.07 FTSE WGBI TR 5.42% 0.00% 1.00 100.00% 100.00% 0.01 0.00% --
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University of West Florida
Chartwell Short Dur High YieldAs of June 30, 2019
Universe Name: High Yield Bond MStar MF# of Observations: 195 (6/30/2019)
Fund Information as of 4/30/19Fund Name CHARTWELL SHORT
DURATION HIGH YIELDTicker CWFIXMorningstar Category High Yield Bond
Benchmark ICE BofAML US Corp and HighYield 1-3 Yr
Expense Ratio 0.49%Fund Assets ($mm) 81.85Share Class Inception Date 7/15/2014Manager Tenure 5
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Chartwell Short Dur High Yield 1.48 91 5.11 92 5.55 72 4.09 97 -- -- -- --ICE BofAML US Corp andHigh Yield 1-3 Yr 1.56 89 3.71 96 5.07 82 2.89 99 2.44 97 3.66 99
Over/Under -0.08 1.40 0.48 1.20 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Chartwell Short Dur High Yield 0.36 3.39 7.62 -2.64 -- -- -- -- -- --ICE BofAML US Corp and High Yield 1-3Yr 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 19.37
Over/Under -1.28 1.01 3.71 -3.40
3 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Chartwell Short Dur High Yield 1.89% 0.11% 1.37 141.85% 143.38% 1.46 1.43% 0.83 ICE BofAML US Corp and HighYield 1-3 Yr 0.94% 0.00% 1.00 100.00% 100.00% 1.68 0.00% --
XXXXX
Fixed Income Sectors as of 4/30/19GOVERNMENT 0.00%MUNICIPAL 0.00%CORPORATE 98.65%SECURITIZED 0.00%CASH & EQUIVALENTS 1.35%DERIVATIVE 0.00%
Fund Characteristics as of 4/30/19Sharpe Ratio (3 Year) 1.65Average Duration 1.45Average Coupon 5.41%Average Effective Maturity 1.60R-Squared (3 Year) 0.49Alpha (3 Year) 0.02%Beta (3 Year) 1.39
Credit Quality as of 4/30/19AAA 1.63%AA 0.00%A 0.00%BBB 12.34%BB 81.24%B 4.79%Below B 0.00%Not Rated 0.00%
Description:The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in highyield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories atthe time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of itsassets in U.S. dollar denominated securities of issuers based outside of the U.S.
Prepared by The Atlanta Consulting Group48
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University of West Florida
Tortoise MLP & Pipeline InstlAs of June 30, 2019
Universe Name: Energy Limited Partnership Mstar MF# of Observations: 37 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19WILLIAMS COMPANIES INC 8.87%KINDER MORGAN INC CLASS P 8.18%ONEOK INC 8.02%CHENIERE ENERGY INC 7.76%TC ENERGY CORP 6.65%TARGA RESOURCES CORP 5.53%PLAINS GP HOLDINGS LP CLASS A 5.03%PEMBINA PIPELINE CORP 4.73%ENBRIDGE INC 4.59%ENERGY TRANSFER LP 4.32%
Sector Allocation as of 6/30/19BASIC MATERIALS 0.12%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 0.00%CONSUMER DEFENSIVE 0.00%ENERGY 99.88%FINANCIAL SERVICES 0.00%HEALTHCARE 0.00%INDUSTRIALS 0.00%REAL ESTATE 0.00%TECHNOLOGY 0.00%UTILITIES 0.00%
Fund Information as of 6/30/19Fund Name TORTOISE MLP & PIPELINE
INSTLTicker TORIXMorningstar Category Energy Limited PartnershipBenchmark Alerian MLP TR USDExpense Ratio 0.96%Fund Assets ($mm) 3,601.37Share Class Inception Date 5/31/2011Manager Tenure 6
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Tortoise MLP & Pipeline Instl -15.14 -1.03 42.12 -35.80 11.66 28.60 9.58 -- -- --Alerian MLP TR USD -12.42 -6.52 18.31 -32.59 4.80 27.58 4.80 13.88 35.85 76.41
Over/Under -2.72 5.49 23.81 -3.21 6.86 1.02 4.78 50% Alerian/50% ML High Yield -7.04 0.39 18.24 -19.41 3.84 17.33 10.20 9.15 25.24 67.15
XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Tortoise MLP & Pipeline Instl 19.12% 2.89% 0.89 95.98% 88.26% -0.23 8.03% 0.46 Alerian MLP TR USD 19.58% 0.00% 1.00 100.00% 100.00% -0.41 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Tortoise MLP & Pipeline Instl -0.43 12 20.74 14 1.25 53 4.13 7 -3.54 4 -- --Alerian MLP TR USD 0.12 6 16.96 66 3.09 26 -0.42 67 -7.20 81 8.21 --
Over/Under -0.55 3.78 -1.84 4.55 3.66
Description:The investment seeks total return. The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPsand pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies thatown and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refinedpetroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified.
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Prepared by The Atlanta Consulting Group
University of West Florida
Fund of FundsAs of June 30, 2019
QTD(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
_
Fund of Funds 2.13 4.81 3.26 5.72 2.63 5.43HFRI Fund of Funds Composite Index 1.50 6.17 1.16 4.25 2.19 3.21
Over/Under 0.63 -1.36 2.10 1.47 0.44 2.22S&P 500 4.30 18.54 10.42 14.19 10.71 14.70
XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Fund of Funds 0.93 6.59 1.83 -1.58 4.02 13.55 9.22 -1.81 7.97 --HFRI Fund of Funds Composite Index -4.02 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 11.47
Over/Under 4.95 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27 S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Fund of Funds 3.98% 2.68% 0.90 115.11% 71.32% 1.38 1.81% 1.29 HFRI Fund of Funds Composite Index 3.96% 0.00% 1.00 100.00% 100.00% 0.80 0.00% --
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Prepared by The Atlanta Consulting Group
University of West Florida
Ironwood International Ltd.As of June 30, 2019
QTD(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
_
Ironwood International Ltd. 2.13 4.81 3.26 5.95 3.85 6.49HFRI FOF: Conservative Index 1.48 4.66 2.07 3.79 2.11 3.11
Over/Under 0.65 0.15 1.19 2.16 1.74 3.38XXXXX
2018(%)
2017(%)
2016(%)
2015(%)
2014(%)
2013(%)
2012(%)
2011(%)
2010(%)
2009(%)
_
Ironwood International Ltd. 1.32 6.91 2.30 1.84 7.03 11.72 10.01 1.80 9.15 16.99HFRI FOF: Conservative Index -0.87 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 9.65
Over/Under 2.19 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 7.34XXXXX
Since Inception Statistics Summary
Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd
Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio
_
Ironwood International Ltd. 5.44% 1.30% 1.31 140.17% 108.75% 0.58 2.20% 0.93 HFRI FOF: Conservative Index 3.91% 0.00% 1.00 100.00% 100.00% 0.29 0.00% --
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Ironwood Monthly Commentary April 2019
GENERAL COMMENTARY1 U.S. equities advanced in April, supported by better-than-expected Q1 GDP growth and corporate earnings results. Risk-on sentiment pushed the S&P 500 to new all-time highs during the month, with each of the index’s eleven sectors contributing to positive performance this year. In U.S. corporate credit markets, investment grade and high-yield bonds generated flat to positive returns in April amid continued tailwinds, including tepid domestic inflation and an increasingly accommodative Federal Reserve. Outside of the U.S., equity markets across continental Europe extended year-to-date gains, bolstered by accommodative guidance from the ECB and stabilizing economic conditions across the region. Risk assets in the UK also traded higher in April, as near-term political uncertainty declined after the EU granted British lawmakers a second Brexit deadline extension. In emerging markets, gains in equity indexes during the month were led by South Africa, which rallied on optimism ahead of its general election in May, and Greece, which traded higher after seeking approval for early repayment of roughly €3.7 billion in IMF loans. For the month, the S&P 500 returned +4.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +0.0% and +1.4%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +5.3%, +2.3%, and +2.6%, respectively. PORTFOLIO REVIEW2 Ironwood’s performance was positive in April. All four of Ironwood's underlying sectors were positive and performance was diversified across managers and strategies. The best performing sectors included distressed & credit securities, where a number of hard catalysts and company-specific events contributed to performance, and market neutral & low net equity, where numerous industry sectors helped drive positive attribution. Our first quarter letter, which was recently distributed, provides greater detail on how the portfolio is currently positioned. If you would like a copy of this letter, please contact Ironwood Investor Relations ([email protected]). Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +3.4% to -1.4%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates and foreign exchange trading; and macro trading were the largest contributors of positive attribution. Relative value energy was also a positive contributor in April. Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +2.8% to +0.5%. The sector’s multi-manager platforms and single-strategy equity managers generated positive performance in April. Leading industry sectors during the month included technology and industrials. Statistical arbitrage and primary strategies were profitable during the month. Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +1.5% to +0.5%. At the underlying position level, notable contributors in
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April included Caesars Entertainment, which rallied after appointing a new CEO and reaffirming its commitment to exploring sale options, and SAP SE, which traded higher after one of Ironwood’s managers disclosed a stake in the company and released an outline of strategic action required to drive value realization for shareholders.
Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +2.7% to +0.9%. At the underlying position level, notable contributors in April included Avon North America, which agreed to be sold to LG Household & Health Care for approximately $125 million in cash, and PG&E Corporation, which appointed a new CEO and board of directors under the advisement of the company’s largest stakeholders.
Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
April 2019
APR QTD YTD Fund ($ millions)1.09% 1.09% 3.79%1.06% 1.06% 3.71%1.05% 1.05% 3.70% Ironwood Partners L.P. 1,1100.91% 0.91% 4.12% Ironwood Insurance Fund 364.05% 4.05% 18.25% Ironwood Inst. Multi-Strategy Fund LLC 2,4870.03% 0.03% 2.97% Ironwood Capital Management $3,633
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation APR QTD YTD APR QTD YTDRelative Value 43.17% 1.22% 1.22% 4.69% 0.48% 0.48% 1.90%Market Neutral & Low Net Equity 22.36% 1.41% 1.41% 4.19% 0.29% 0.29% 0.87%Event Driven 20.49% 1.02% 1.02% 4.32% 0.19% 0.19% 0.82%Distressed & Credit Securities 13.98% 1.86% 1.86% 5.27% 0.24% 0.24% 0.68%
100.00% 1.09% 1.09% 3.79%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
12.7% Eligibility: Qualified Purchasers 9.5% ERISA Eligible: Yes 9.4% Minimum Investment: $1,000,000 9.4% Contributions: Monthly 8.3% Liquidity: Semi-annual on investment ann. with 95 days notice 7.2% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.4% Tax Reporting: Schedule K-1 6.0% Advisory Fees: 1.20% 5.5% Performance Fees: None 5.0%
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 5/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 5/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementHG Vora CapitalElliott Capital AdvisorsD.E. Shaw & Co.
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalCerberus AssociatesHolocene Advisors Certain Expenses: 0.25% annual expense reimbursement
Risk Arbitrage2.5% Statistical
Arbitrage6.9%
Event Equities6.8%
Fundamental Market
Neutral Equities31.9%
Fixed Income &Interest Rates
14.0%
Structured Credit7.5%
Distressed Situations
11.2%
Event Credit5.8%
Convertible Bond Arbitrage
1.2%
Private Securities3.6%
Portfolio Protection
1.5%
Other7.1%
United States73.1%
Asia7.5%
Europe16.1%
Emerging Markets
3.3%
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Ironwood Monthly Commentary May 2019
GENERAL COMMENTARY1
U.S. equity markets traded sharply lower in May amid worsening trade tensions and deteriorating growth expectations. Of note, the U.S. surprised markets and raised tariffs on $200 billion worth of Chinese imports to 25% from 10%, prompting China to retaliate by increasing tariffs on approximately $60 billion of U.S. imports. Investors rotated capital to perceived safe-haven assets as volatility returned, pushing interest rates down materially; the yield on the 10-Year Treasury note fell 0.4% in May to 2.13%, a level not seen since late 2017. In domestic corporate credit markets, high-yield bond prices came under pressure due to falling oil prices and downward revisions to global growth estimates, while declining yields and risk-off capital rotation helped investment grade bonds generate a positive return. In Europe, equity markets traded down in May as expectations for slower global growth and continued political turmoil contributed to a decline in valuations. Notably, UK Prime Minister Theresa May announced her resignation during the month, spurring renewed Brexit uncertainty and a material decline in the Sterling. In emerging markets, equites fell in May as U.S.-China trade talks broke down, growth slowed, and the price of oil declined.
For the month, the S&P 500 returned -6.4% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.8% and -1.2%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -5.5%, -7.3%, and -6.6%, respectively.
PORTFOLIO REVIEW2
Ironwood’s performance was positive in May. Ironwood made money within our market neutral & low net equity and relative value sectors, but gains were offset by moderate losses sustained in our distressed & credit securities and event driven sectors.
Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +4.2% to -2.6%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates and foreign exchange trading; and relative value macro were the largest contributors of positive attribution. Systematic strategies were positive in May.
Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +4.2% to -0.5%. The sector’s multi-manager platforms generated positive performance during the month, while our single-strategy equity manager was slightly negative. Leading industry sectors in May included consumer and industrials. Statistical arbitrage and primary strategies were profitable.
Ironwood’s event driven sector was negative for the month and the range of returns for managers within the sector was -0.0% to -0.6%. At the underlying position level, notable detractors in May included Tivity Health, which reported mixed Q1 earnings and higher-than-expected integration
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costs stemming from its $1.3 billion acquisition of Nutrisystem, and Nielsen Holdings, which declined after the company reportedly cut its asking price and extended the deadline for final bids. Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was -0.7% to -1.2%. At the underlying position level, notable detractors in May included Exela Technologies, which fell after Moody’s downgraded its rating for the company and provided a negative outlook, and PG&E, which declined on a negative report issued by California fire investigators that determined the company’s electrical transmission lines caused the Camp Fire in 2018. Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
May 2019
MAY QTD YTD Fund ($ millions)0.20% 1.29% 4.00%0.16% 1.22% 3.88%0.16% 1.22% 3.86% Ironwood Partners L.P. 1,1160.08% 0.97% 4.18% Ironwood Insurance Fund 36-6.35% -2.56% 10.73% Ironwood Inst. Multi-Strategy Fund LLC 2,5101.78% 1.80% 4.80% Ironwood Capital Management $3,662
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation MAY QTD YTD MAY QTD YTDRelative Value 43.28% 0.43% 1.66% 5.14% 0.17% 0.66% 2.08%Market Neutral & Low Net Equity 22.65% 1.48% 2.91% 5.73% 0.31% 0.60% 1.19%Event Driven 20.39% -0.31% 0.72% 4.00% -0.06% 0.13% 0.76%Distressed & Credit Securities 13.68% -0.89% 0.95% 4.33% -0.11% 0.12% 0.56%
100.00% 0.20% 1.29% 4.00%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
12.9% Eligibility: Qualified Purchasers 9.6% ERISA Eligible: Yes 9.3% Minimum Investment: $1,000,000 9.3% Contributions: Monthly 8.3% Liquidity: Semi-annual on investment ann. with 95 days notice 7.1% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.3% Tax Reporting: Schedule K-1 5.9% Advisory Fees: 1.20% 5.3% Performance Fees: None 5.2%
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalCerberus AssociatesHolocene Advisors Certain Expenses: 0.25% annual expense reimbursement
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 6/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 6/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Risk Arbitrage2.5% Statistical
Arbitrage7.7%
Event Equities6.2%
Fundamental Market
Neutral Equities31.3%
Fixed Income &Interest Rates
12.3%
Structured Credit7.3%
Distressed Situations
11.9%
Event Credit5.9%
Convertible Bond Arbitrage
1.0%
Private Securities3.6%
Portfolio Protection
1.2%
Other9.1%
United States72.1%
Asia6.8%
Europe17.9%
Emerging Markets
3.2%
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Ironwood Monthly Commentary June 2019
GENERAL COMMENTARY1 The risk-off sentiment that characterized May reversed in June as U.S. equity markets rallied sharply in response to accommodative comments from the Federal Reserve, the resumption of U.S.-China trade negotiations, and the suspension of U.S. tariffs on imports from Mexico. The rebound propelled the S&P 500 to a new all-time closing high during the month, and the index ended Q2 with its strongest first half return in over 20 years. In U.S. corporate credit markets, high-yield bonds were profitable as capital flowed into the asset class in anticipation of interest rate declines later this year. Outside of the U.S., risk-on sentiment was similarly supported by accommodative rhetoric from central banks globally. Of note, the ECB said that it will likely force rates lower despite an already record number of negative-yielding bonds issued by countries including France, Sweden, and Germany. Additionally, the central bank of Australia cut rates to a record-low level for the country, and central banks in India and Japan also discussed enacting stimulus programs or cutting rates. In emerging markets, equities generated positive returns as bilateral trade tensions appeared to abate ahead of the G20 summit in late June. EM equities were also supported by a rebound in oil prices after members of the OPEC+ alliance announced intentions to deepen voluntary output cuts. For the month, the S&P 500 returned +7.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.3% and +2.3%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +6.0%, +4.3%, and +4.6%, respectively. PORTFOLIO REVIEW2 Ironwood’s performance was positive in June. All four of Ironwood's underlying sectors were positive and performance was diversified across managers and strategies. The best-performing sectors included event driven, where a number of hard catalysts and company-specific events contributed to performance, and market neutral & low net equity, where a variety of industry sectors helped drive positive attribution. We will discuss our broader positioning and forward-looking views in greater detail in our second quarter letter. On July 1st, Ironwood added a new market neutral & low net equity manager to the portfolio. This manager employs a systematic investment approach and seeks to deliver compelling risk-adjusted returns within a robust risk framework. The manager complements our current views on strategies and opportunities and we are excited about this new addition to the portfolio. Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +4.7% to -2.2%. Market neutral fundamental long/short equity, relative value macro, and systematic strategies were the largest contributors of positive attribution. Fixed income arbitrage, driven by gains across rates and foreign exchange trading, was also profitable in June. Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +3.0% to +0.4%. The sector’s multi-manager platforms
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and single-strategy equity manager generated positive performance in June. Leading industry sectors included consumer and technology. Statistical arbitrage and primary strategies were profitable during the month. Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +2.7% to +1.4%. At the underlying position level, notable contributors in June included Allergan, which rallied after AbbVie Inc. agreed to buy the company in a deal worth approximately $80 billion, and Owens Corning, which reportedly amended its shareholder bylaws due to an activist threat. Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +0.5% to +0.1%. At the underlying position level, notable contributors in June included Caesars Entertainment, which agreed to be acquired by Eldorado Resorts in a cash-and-stock deal valued at approximately $17 billion, and PG&E, which traded up after the bondholders committee proposed a new reorganization plan that would inject up to $30 billion to help the utility emerge from bankruptcy. Please contact Ironwood Investor Relations ([email protected]) with any questions.
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Ironwood Partners L.P.Monthly Performance and Allocation Summary
June 2019
JUN QTD YTD Fund ($ millions)0.93% 2.23% 4.96%0.90% 2.13% 4.81%0.90% 2.12% 4.80% Ironwood Partners L.P. 1,1160.95% 1.71% 4.95% Ironwood Insurance Fund 377.05% 4.30% 18.54% Ironwood Inst. Multi-Strategy Fund LLC 2,4651.26% 3.08% 6.12% Ironwood Capital Management $3,618
Sector BreakdownPercentage Performance Gross Attribution
Sector Allocation JUN QTD YTD JUN QTD YTDRelative Value 43.17% 0.88% 2.55% 6.07% 0.35% 1.01% 2.45%Market Neutral & Low Net Equity 22.72% 1.41% 4.37% 7.23% 0.29% 0.90% 1.49%Event Driven 20.57% 2.01% 2.74% 6.09% 0.38% 0.52% 1.16%Distressed & Credit Securities 13.54% 0.18% 1.14% 4.52% 0.02% 0.14% 0.58%
100.00% 0.93% 2.23% 4.96%
Strategy and Geographic Allocations
Percentage Inception:Allocation Fund Registration: 3(c)(7)
13.0% Eligibility: Qualified Purchasers 9.7% ERISA Eligible: Yes 9.6% Minimum Investment: $1,000,000 9.4% Contributions: Monthly 8.4% Liquidity: Semi-annual on investment ann. with 95 days notice 7.1% Lock-up: One year soft lock-up (5% early withdrawal fee) 6.4% Tax Reporting: Schedule K-1 6.1% Advisory Fees: 1.20% 5.3% Performance Fees: None 5.3%
ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.
Two Sigma Management Suvretta CapitalCerberus AssociatesHolocene Advisors Certain Expenses: 0.25% annual expense reimbursement
Silver Point Capital Management
S&P 500Barclays Aggregate Bond Index
Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.
Top 10 Holdings as of 7/1/2019 Fund Structure and Terms
Fund
January 1, 1996
Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.
HFRI FOF: Conservative Index
Performance Overview Assets Under Management 7/1/2019
Ironwood Partners L.P.Ironwood International Ltd.Ironwood Institutional Ltd.
Risk Arbitrage2.6% Statistical
Arbitrage6.9%
Event Equities5.9%
Fundamental Market
Neutral Equities33.7%
Fixed Income &Interest Rates
12.5%
Structured Credit6.9%
Distressed Situations
11.0%
Event Credit5.8%
Convertible Bond Arbitrage
1.1%
Private Securities3.5%
Portfolio Protection
1.5%
Other8.6%
United States71.2%
Asia7.5%
Europe17.9%
Emerging Markets
3.4%
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Sector Definitions
Strategy Definitions
Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financialdistress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing ofrecoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while otherinvestors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities,structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yieldand related credit markets.Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect oncorporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of thestock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiringcompany. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of thetransaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between thevalue of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies andopportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations.Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relativelyunderpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, thedetermination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complexstatistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers thattarget well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value ofstocks they are long.Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relativevalue strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds,currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities ofthe same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervaluedsenior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategiesinclude fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies.
Convertible Bond Arbitrage: Involves purchasing a convertible bond and selling short a varying percentage (“delta hedge”) of the stock into whichthe bond is convertible. In the event that the price of the stock rises, the increase in value of the bond’s conversion option is anticipated to more thanoffset the loss in the short stock position. In the event that the price of the stock falls, the gain on the short stock position should more than offset theloss on the bond, because the value of the bond is anticipated not to fall below the price investors are willing to pay for the non-convertible debt of theissuer. Ironwood’s managers invest in the entire range of convertible bonds from “deep-in-the-money” bonds to “busted” bonds. Managers set uppositions with hedges against numerous other factors including, but not limited to, interest rates, implied volatility, and credit risk.Distressed Situations: Involves the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities maybe attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers mayobtain voting rights or control blocks and actively participate in the bankruptcy/reorganization process, while others may remain passive investors.Event Credit: Exploits inefficiencies in credit securities (i.e. loans, bonds, CDS, etc.) derived from activities such as legal situations, covenantamendments, activist strategies, and corporate activity. Managers will initiate investments when they identify a defined catalyst or event that mayimpact the price of the security.Event Equities: Involves the purchase and/or sale of securities involved in corporate events such as restructurings, asset sales, proxy contests, andliquidations. Managers will generally enter these types of investments when they identify a specific theme or catalyst that may affect the price of anindividual stock or situation.Fixed Income & Interest Rates: Strategies that deploy capital in the developed fixed income and interest-rate markets, focusing on liquid productsincluding nominal and inflation-protected government bonds, interest-rate swaps, futures, and options. The strategies are primarily concentrated indeveloped markets, and combine macroeconomic analysis, quantitative modeling, and portfolio construction techniques.Fundamental Market Neutral Equities: Involves the purchase of a stock, or basket of stocks, that is relatively underpriced and selling short a stock,or basket of stocks, that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock isoverpriced/underpriced can be made through fundamental analysis or by complex statistical models that examine numerous factors that affect the priceof a stock. Ironwood favors long/short managers who use a “dollar balanced” approach, i.e., they are short approximately the same dollar value ofstocks that they are long.Portfolio Protection: A variety of strategies and positions intended to protect a manager’s portfolio against unusual market movements and tail riskevents. These “protection trades” are intended to help protect trading strategies that should not otherwise be affected (i.e., are already hedged) but cancome under pressure from market liquidations, abnormal volatility, and general macro risks. Protection strategies can include, but are not limited to,the use of options, futures, indices, exchange traded funds, credit default swaps, and certain individual corporate and sovereign securities.Private Securities: Involves an investment made in a company outside of the public markets. Managers will generally enter these types ofinvestments when they discover a theme that cannot adequately be captured through public market investments. Managers may either make a passiveinvestment or take a more active role in the management of the target company.Risk Arbitrage: Seeks to profit from the spread between the current and projected values of securities involved in a corporate event. The mostcommon form of this strategy is merger arbitrage, which involves the purchase of the stock of a target company involved in a potential merger and, inthe case of a stock-for-stock offer, the short sale of the stock of the acquiring company (positions may be reversed if the manager feels the acquisitionmay not close). The target’s stock typically trades at a discount to the offer price due to the uncertainty of the completion of the transaction. Thisstrategy is largely dependent upon the manager’s ability to correctly analyze the outcome and completion date of a proposed transaction. Otherexamples of risk arbitrage trades include spin-offs, multi-share capital arbitrage, and tender offers.
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Strategy Definitions Continued
Additional Disclosures
Index Definitions
FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC.
Returns of underlying managers cited are net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable toIronwood Capital Management as well as other expenses.
Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's Explanatoryor Informational Memorandum (the "PPM"). Read the PPM carefully prior to investing.
Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time.Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Suchrisks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debtcapital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as theremay be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions ontransfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offsetprofits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributingimportant tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended onlyfor investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging marketsare located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictablefinancial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging marketsinvestments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks,settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise andinvolve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange ratemovements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.
Barclays Aggregate Bond Index: The Barclays Aggregate Bond Index, formerly the Lehman Brothers Aggregate Index, is an unmanaged, market-value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage backedsecurities, with maturities of one year or more. For more information, please visit www.barcap.com.HFRI FOF: Conservative Index: The HFRI FOF: Conservative Index is an equal-weighted index representing funds of funds that invest withmultiple managers focused on consistent performance and lower volatility via absolute return strategies. The Index includes funds of funds tracked byHedge Fund Research, Inc. The Index is a proxy for the performance of the universe of conservative funds of funds focused on absolute returnstrategies. Returns are net of fees and are denominated in USD. For more information, please visit www.hedgefundresearch.com.S&P 500: The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. Itis intended as an indicator of large-cap public U.S. equities. For more information, please visit www.standardandpoors.com.Note: Index performance is shown for illustrative purposes only and does not represent the performance of any specific investment. Index returns donot include expenses, fees or charges, which would lower performance. The indices are unmanaged and an investor cannot invest directly in an index.In reviewing the performance of the Fund, investors should not consider any of the indices presented herein to be performance benchmarks.
Statistical Arbitrage: Systematic trading strategies intended to exploit short- and long-term pricing inefficiencies between securities. Managers relyon mathematical models to identify the temporal convergence and/or divergence of price movements of a pair or basket of stocks. These highlytechnical strategies typically involve large numbers of securities, short holding periods, and substantial computational and trading activity.Structured Credit: Strategies that invest primarily in residential and commercial mortgage-backed securities (RMBS and CMBS), other non-mortgage related asset-backed securities (ABS), collateralized debt obligations, structured notes, and other structured products. The most commonstrategies involve long and short positions in RMBS, CMBS, ABS, and related derivatives and indices.Other: Certain other non-core strategies such as, but not limited to, energy trading, global rates, real estate, global macro, and reinsurance.
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Prepared by The Atlanta Consulting Group
University of West Florida
Harbert US RE Fund IV LPAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47Aug-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47Sep-17 $81,486.47 $0.00 $0.00 $0.00 $5,934.44 $87,420.91Oct-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91Nov-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91Dec-17 $87,420.91 $0.00 $0.00 $0.00 -$5,445.34 $81,975.57Jan-18 $81,975.57 $0.00 -$48,435.18 -$48,435.18 $0.00 $33,540.39Feb-18 $33,540.39 $0.00 $0.00 $0.00 $0.00 $33,540.39Mar-18 $33,540.39 $0.00 $0.00 $0.00 $10,096.95 $43,637.34Apr-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34May-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34Jun-18 $43,637.34 $0.00 $0.00 $0.00 -$4,433.18 $39,204.16Jul-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16Aug-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16Sep-18 $39,204.16 $0.00 $0.00 $0.00 $13,134.12 $52,338.28Oct-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28Nov-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28Dec-18 $52,338.28 $0.00 $0.00 $0.00 -$4,615.24 $47,723.04Jan-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04Feb-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04Mar-19 $47,723.04 $0.00 $0.00 $0.00 -$5,656.04 $42,067.00Apr-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00May-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00Jun-19 $42,067.00 $0.00 $0.00 $0.00 $0.00 $42,067.00
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Prepared by The Atlanta Consulting Group
University of West Florida
Harbert US RE Fund V LPAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77Aug-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77Sep-17 $1,595,727.76 $0.00 $0.00 $0.00 $75,476.26 $1,671,204.02Oct-17 $1,671,204.02 $0.00 -$22,111.94 -$22,111.94 $0.00 $1,649,092.08Nov-17 $1,649,092.08 $0.00 $0.00 $0.00 $0.00 $1,649,092.08Dec-17 $1,649,092.08 $0.00 -$115,473.45 -$115,473.45 $56,863.63 $1,590,482.26Jan-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26Feb-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26Mar-18 $1,590,482.26 $0.00 $0.00 $0.00 $42,326.05 $1,632,808.31Apr-18 $1,632,808.31 $0.00 -$137,339.30 -$137,339.30 $0.00 $1,495,469.01May-18 $1,495,469.01 $0.00 $0.00 $0.00 $0.00 $1,495,469.01Jun-18 $1,495,469.01 $0.00 $0.00 $0.00 $8,689.09 $1,504,158.10Jul-18 $1,504,158.10 $0.00 $0.00 $0.00 $0.00 $1,504,158.10Aug-18 $1,504,158.10 $0.00 -$130,411.28 -$130,411.28 $0.00 $1,373,746.82Sep-18 $1,373,746.82 $0.00 $0.00 $0.00 $52,347.46 $1,426,094.28Oct-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28Nov-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28Dec-18 $1,426,094.28 $0.00 -$75,966.79 -$75,966.79 -$11,551.49 $1,338,576.00Jan-19 $1,338,576.00 $0.00 $0.00 $0.00 $0.00 $1,338,576.00Feb-19 $1,338,576.00 $0.00 -$39,310.11 -$39,310.11 $0.00 $1,299,265.89Mar-19 $1,299,265.89 $0.00 $0.00 $0.00 $10,718.30 $1,309,984.19Apr-19 $1,309,984.19 $0.00 -$250,601.94 -$250,601.94 $0.00 $1,059,382.25May-19 $1,059,382.25 $0.00 $0.00 $0.00 $0.00 $1,059,382.25Jun-19 $1,059,382.25 $0.00 $0.00 $0.00 $0.00 $1,059,382.25
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Prepared by The Atlanta Consulting Group
University of West Florida
Harbert US RE Fund VI LPAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Nov-17 $0.00 $1,212,722.16 $0.00 $1,212,722.16 $0.00 $1,212,722.16Dec-17 $1,212,722.16 $212,365.43 $0.00 $212,365.43 $27,407.92 $1,452,495.51Jan-18 $1,452,495.51 $0.00 $0.00 $0.00 $0.00 $1,452,495.51Feb-18 $1,452,495.51 $122,708.84 $0.00 $122,708.84 $0.00 $1,575,204.35Mar-18 $1,575,204.35 $0.00 $0.00 $0.00 $59,803.74 $1,635,008.09Apr-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09May-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09Jun-18 $1,635,008.09 $0.00 $0.00 $0.00 $28,404.11 $1,663,412.20Jul-18 $1,663,412.20 $128,016.67 $0.00 $128,016.67 $0.00 $1,791,428.87Aug-18 $1,791,428.87 $0.00 $0.00 $0.00 $0.00 $1,791,428.87Sep-18 $1,791,428.87 $0.00 $0.00 $0.00 $99,311.82 $1,890,740.69Oct-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69Nov-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69Dec-18 $1,890,740.69 $0.00 -$83,666.18 -$83,666.18 $64,238.12 $1,871,312.63Jan-19 $1,871,312.63 $0.00 $0.00 $0.00 $0.00 $1,871,312.63Feb-19 $1,871,312.63 $0.00 -$35,005.29 -$35,005.29 $0.00 $1,836,307.34Mar-19 $1,836,307.34 $0.00 $0.00 $0.00 $13,689.83 $1,849,997.17Apr-19 $1,849,997.17 $58,388.82 $0.00 $58,388.82 $0.00 $1,908,385.99May-19 $1,908,385.99 $87,546.26 $0.00 $87,546.26 $0.00 $1,995,932.25Jun-19 $1,995,932.25 $0.00 $0.00 $0.00 $0.00 $1,995,932.25
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Prepared by The Atlanta Consulting Group
University of West Florida
Portfolio Advisors PE Offshore VAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $475,977.00 $0.00 $0.00 $0.00 $0.00 $475,977.00Aug-17 $475,977.00 $0.00 -$16,832.00 -$16,832.00 $0.00 $459,145.00Sep-17 $459,145.00 $0.00 -$11,397.00 -$11,397.00 $19,646.00 $467,394.00Oct-17 $467,394.00 $0.00 -$18,182.00 -$18,182.00 $0.00 $449,212.00Nov-17 $449,212.00 $0.00 $0.00 $0.00 $0.00 $449,212.00Dec-17 $449,212.00 $0.00 -$19,870.00 -$19,870.00 $35,784.00 $465,126.00Jan-18 $465,126.00 $0.00 $0.00 $0.00 $0.00 $465,126.00Feb-18 $465,126.00 $0.00 -$28,302.00 -$28,302.00 $0.00 $436,824.00Mar-18 $436,824.00 $0.00 -$12,160.00 -$12,160.00 -$19,976.00 $404,688.00Apr-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00May-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00Jun-18 $404,688.00 $0.00 -$33,551.00 -$33,551.00 $26,239.00 $397,376.00Jul-18 $397,376.00 $0.00 $0.00 $0.00 $0.00 $397,376.00Aug-18 $397,376.00 $0.00 -$36,173.00 -$36,173.00 $0.00 $361,203.00Sep-18 $361,203.00 $0.00 -$7,690.00 -$7,690.00 $25,504.00 $379,017.00Oct-18 $379,017.00 $0.00 -$17,187.00 -$17,187.00 $0.00 $361,830.00Nov-18 $361,830.00 $0.00 -$9,186.00 -$9,186.00 $0.00 $352,644.00Dec-18 $352,644.00 $0.00 -$9,874.00 -$9,874.00 $12,480.00 $355,250.00Jan-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00Feb-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00Mar-19 $355,250.00 $0.00 -$36,283.00 -$36,283.00 -$2,310.00 $316,657.00Apr-19 $316,657.00 $0.00 $0.00 $0.00 $0.00 $316,657.00May-19 $316,657.00 $0.00 $0.00 $0.00 $0.00 $316,657.00Jun-19 $316,657.00 $0.00 -$21,430.00 -$21,430.00 $0.00 $295,227.00
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Prepared by The Atlanta Consulting Group
University of West Florida
Portfolio Advisors PE VIIAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $715,065.00 $0.00 -$8,153.00 -$8,153.00 $0.00 $706,912.00Aug-17 $706,912.00 $0.00 $0.00 $0.00 $0.00 $706,912.00Sep-17 $706,912.00 $0.00 $0.00 $0.00 $37,392.00 $744,304.00Oct-17 $744,304.00 $0.00 -$32,840.00 -$32,840.00 $0.00 $711,464.00Nov-17 $711,464.00 $0.00 $0.00 $0.00 $0.00 $711,464.00Dec-17 $711,464.00 $0.00 -$13,000.00 -$13,000.00 $73,162.00 $771,626.00Jan-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00Feb-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00Mar-18 $771,626.00 $0.00 -$27,915.00 -$27,915.00 -$47,590.00 $696,121.00Apr-18 $696,121.00 $0.00 -$18,224.00 -$18,224.00 $0.00 $677,897.00May-18 $677,897.00 $0.00 $0.00 $0.00 $0.00 $677,897.00Jun-18 $677,897.00 $0.00 -$16,667.00 -$16,667.00 $76,923.00 $738,153.00Jul-18 $738,153.00 $0.00 $0.00 $0.00 $0.00 $738,153.00Aug-18 $738,153.00 $0.00 -$10,625.00 -$10,625.00 $0.00 $727,528.00Sep-18 $727,528.00 $0.00 -$16,678.00 -$16,678.00 $46,170.00 $757,020.00Oct-18 $757,020.00 $0.00 -$33,778.00 -$33,778.00 $0.00 $723,242.00Nov-18 $723,242.00 $0.00 $0.00 $0.00 $0.00 $723,242.00Dec-18 $723,242.00 $0.00 -$33,023.00 -$33,023.00 $57,164.00 $747,383.00Jan-19 $747,383.00 $0.00 $0.00 $0.00 $0.00 $747,383.00Feb-19 $747,383.00 $0.00 -$21,918.00 -$21,918.00 $0.00 $725,465.00Mar-19 $725,465.00 $0.00 $0.00 $0.00 -$13,045.00 $712,420.00Apr-19 $712,420.00 $0.00 -$38,160.00 -$38,160.00 $0.00 $674,260.00May-19 $674,260.00 $0.00 $0.00 $0.00 $0.00 $674,260.00Jun-19 $674,260.00 $0.00 $0.00 $0.00 $0.00 $674,260.00
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Prepared by The Atlanta Consulting Group
University of West Florida
Portfolio Advisors Secondary Fund III, L.P.As of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Aug-17 $0.00 $245,749.00 $0.00 $245,749.00 $0.00 $245,749.00Sep-17 $245,749.00 $0.00 $0.00 $0.00 $109,238.00 $354,987.00Oct-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00Nov-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00Dec-17 $354,987.00 $119,448.00 -$138,196.00 -$18,748.00 -$12,770.00 $323,469.00Jan-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00Feb-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00Mar-18 $323,469.00 $82,909.00 $0.00 $82,909.00 -$21,193.00 $385,185.00Apr-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00May-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00Jun-18 $385,185.00 $0.00 $0.00 $0.00 $49,184.00 $434,369.00Jul-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00Aug-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00Sep-18 $434,369.00 $171,613.00 $0.00 $171,613.00 $43,428.00 $649,410.00Oct-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00Nov-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00Dec-18 $649,410.00 $183,184.00 $0.00 $183,184.00 $49,202.00 $881,796.00Jan-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00Feb-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00Mar-19 $881,796.00 $93,598.00 $0.00 $93,598.00 -$5,575.00 $969,819.00Apr-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00May-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00Jun-19 $969,819.00 $0.00 $0.00 $0.00 $0.00 $969,819.00
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Prepared by The Atlanta Consulting Group
University of West Florida
StepStone Pioneer Capital III, L.P.As of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00Aug-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00Sep-17 $948,854.00 $0.00 $0.00 $0.00 $22,519.00 $971,373.00Oct-17 $971,373.00 $0.00 $0.00 $0.00 $0.00 $971,373.00Nov-17 $971,373.00 $0.00 -$61,327.00 -$61,327.00 $0.00 $910,046.00Dec-17 $910,046.00 $0.00 -$48,235.00 -$48,235.00 $29,694.00 $891,505.00Jan-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00Feb-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00Mar-18 $891,505.00 $0.00 $0.00 $0.00 $66,096.00 $957,601.00Apr-18 $957,601.00 $0.00 $0.00 $0.00 $0.00 $957,601.00May-18 $957,601.00 $0.00 -$24,814.00 -$24,814.00 $0.00 $932,787.00Jun-18 $932,787.00 $0.00 $0.00 $0.00 $52,523.00 $985,310.00Jul-18 $985,310.00 $0.00 $0.00 $0.00 $0.00 $985,310.00Aug-18 $985,310.00 $0.00 -$130,246.00 -$130,246.00 $0.00 $855,064.00Sep-18 $855,064.00 $0.00 -$124,263.00 -$124,263.00 $33,039.00 $763,840.00Oct-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00Nov-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00Dec-18 $763,840.00 $0.00 -$113,056.00 -$113,056.00 -$21,828.00 $628,956.00Jan-19 $628,956.00 $0.00 $0.00 $0.00 $0.00 $628,956.00Feb-19 $628,956.00 $0.00 $0.00 $0.00 $0.00 $628,956.00Mar-19 $628,956.00 $0.00 $0.00 $0.00 $6,277.00 $635,233.00Apr-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00May-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00Jun-19 $635,233.00 $0.00 $0.00 $0.00 $0.00 $635,233.00
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Prepared by The Atlanta Consulting Group
University of West Florida
Portfolio Advisors Direct Credit IIAs of June 30, 2019
Cash Flow and Market Value SummaryLast 2 Years
MonthEnding
BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment
ChangeEnding
Market Value_
Jul-17 $268,831.00 $0.00 -$9,726.00 -$9,726.00 $0.00 $259,105.00Aug-17 $259,105.00 $73,769.00 -$41,150.00 $32,619.00 $0.00 $291,724.00Sep-17 $291,724.00 $0.00 $0.00 $0.00 $6,019.00 $297,743.00Oct-17 $297,743.00 $33,675.00 -$5,226.00 $28,449.00 $0.00 $326,192.00Nov-17 $326,192.00 $0.00 $0.00 $0.00 $0.00 $326,192.00Dec-17 $326,192.00 $0.00 -$36,592.00 -$36,592.00 $8,429.00 $298,029.00Jan-18 $298,029.00 $0.00 -$4,765.00 -$4,765.00 $0.00 $293,264.00Feb-18 $293,264.00 $0.00 $0.00 $0.00 $0.00 $293,264.00Mar-18 $293,264.00 $0.00 $0.00 $0.00 $9,393.00 $302,657.00Apr-18 $302,657.00 $48,855.00 -$9,001.00 $39,854.00 $0.00 $342,511.00May-18 $342,511.00 $60,517.00 $0.00 $60,517.00 $0.00 $403,028.00Jun-18 $403,028.00 $0.00 -$38,422.00 -$38,422.00 $6,811.00 $371,417.00Jul-18 $371,417.00 $0.00 -$10,033.00 -$10,033.00 $0.00 $361,384.00Aug-18 $361,384.00 $0.00 $0.00 $0.00 $0.00 $361,384.00Sep-18 $361,384.00 $0.00 $0.00 $0.00 $52,657.00 $414,041.00Oct-18 $414,041.00 $36,200.00 -$10,888.00 $25,312.00 $0.00 $439,353.00Nov-18 $439,353.00 $14,518.00 $0.00 $14,518.00 $0.00 $453,871.00Dec-18 $453,871.00 $18,872.00 $0.00 $18,872.00 $10,018.00 $482,761.00Jan-19 $482,761.00 $0.00 -$19,467.00 -$19,467.00 $0.00 $463,294.00Feb-19 $463,294.00 $0.00 $0.00 $0.00 $0.00 $463,294.00Mar-19 $463,294.00 $87,001.00 $0.00 $87,001.00 $21,184.00 $571,479.00Apr-19 $571,479.00 $0.00 -$11,570.00 -$11,570.00 $0.00 $559,909.00May-19 $559,909.00 $46,455.00 $0.00 $46,455.00 $0.00 $606,364.00Jun-19 $606,364.00 $65,971.00 $0.00 $65,971.00 $0.00 $672,335.00
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University of West Florida
PIMCO Short-Term InstlAs of June 30, 2019
Universe Name: Ultrashort Bond MStar MF# of Observations: 70 (6/30/2019)
Fund Information as of 3/31/19Fund Name PIMCO SHORT-TERM INSTLTicker PTSHXMorningstar Category Ultrashort BondBenchmark FTSE T-Bill 3 Months TRExpense Ratio 0.57%Fund Assets ($mm) 10,900.25Share Class Inception Date 10/7/1987Manager Tenure 9
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
PIMCO Short-Term Instl 0.50 98 1.56 74 2.03 98 2.50 10 1.90 11 1.97 28FTSE T-Bill 3 Months TR 0.61 86 1.21 98 2.29 87 1.36 92 0.84 93 0.46 96
Over/Under -0.11 0.35 -0.26 1.14 1.06 1.51
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
PIMCO Short-Term Instl 1.51 2.43 2.57 1.37 0.97 0.84 3.44 0.35 1.93 9.44FTSE T-Bill 3 Months TR 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 0.17
Over/Under -0.35 1.59 2.30 1.34 0.94 0.79 3.37 0.27 1.80 9.27
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
PIMCO Short-Term Instl 0.95% 1.68% 0.27 225.56% -- 1.15 0.96% 1.10 FTSE T-Bill 3 Months TR 0.25% 0.00% 1.00 100.00% -- 0.12 0.00% --
Fixed Income Sectors as of 3/31/19GOVERNMENT 45.24%MUNICIPAL 0.08%CORPORATE 12.02%SECURITIZED 6.29%CASH & EQUIVALENTS 34.41%DERIVATIVE 1.95%
Fund Characteristics as of 3/31/19Sharpe Ratio (3 Year) 1.81Average Duration 0.28Average Coupon 2.83%Average Effective Maturity 1.16R-Squared (3 Year) 0.05Alpha (3 Year) 0.30%Beta (3 Year) -0.82
Credit Quality as of 6/30/15AAA 28.00%AA 9.00%A 29.00%BBB 25.00%BB 7.00%B 2.00%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities,which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed IncomeInstruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
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Investment Expense AnalysisAs Of 6/30/19
Name Market Value % of Portfolio Expense Ratio Estimated Expense Median ExpenseRatio
Difference Fund v.Median Universe
Eagle Capital Management $10,693,655 11.4% 0.87% $93,035 0.73% 0.14% Large Cap MStar MFVanguard 500 Index Admiral $10,889,413 11.6% 0.04% $4,356 0.73% -0.69% Large Cap MStar MFConestoga Small Cap Investors $5,272,941 5.6% 1.10% $58,002 0.98% 0.12% Small Cap MStar MFFuller & Thaler Behav Sm-Cp Eq Inst $4,775,803 5.1% 0.85% $40,594 0.98% -0.13% Small Cap MStar MFDodge & Cox International Stock $6,457,400 6.9% 0.63% $40,682 0.84% -0.21% Foreign Large Blend MStar MFWCM Focused International Growth Instl $6,995,943 7.5% 1.06% $74,157 0.84% 0.22% Foreign Large Blend MStar MFT. Rowe Price International Discovery $6,094,675 6.5% 1.20% $73,136 1.12% 0.08% Foreign Small/Mid Blend Mstar MFDFA Emerging Markets Core Equity I $5,536,413 5.9% 0.52% $28,789 1.15% -0.63% Diversified Emerging Mkts MStar MFBarrow Hanley $5,683,385 6.1% 0.38% $21,313 0.45% -0.08% Intermediate Core Bond MStar MFTempleton Global Bond Fund $2,777,068 3.0% 0.69% $19,162 0.69% 0.00% World Bond MStar MFChartwell Short Duration High Yield $2,888,807 3.1% 0.49% $14,155 0.73% -0.24% High Yield Bond MStar MFTortoise MLP & Pipeline Instl $4,453,903 4.8% 0.96% $42,757 1.26% -0.30% Energy Limited Partnership Mstar MFIronwood International Ltd. $8,982,267 9.6% 1.00% $89,823Harbert US RE Fund IV LP $42,067 0.0% 1.50% $631Harbert US RE Fund V LP $1,059,382 1.1% 1.50% $15,891Harbert US RE Fund VI LP $1,995,932 2.1% 1.50% $29,939Portfolio Advisors PE Offshore V $295,227 0.3% 0.88% $2,583Portfolio Advisors PE VII $674,260 0.7% 0.88% $5,900Portfolio Advisors Secondary Fund III, L.P. $969,819 1.0% 0.85% $8,243StepStone Pioneer Capital III, L.P. $635,233 0.7% 1.00% $6,352Portfolio Advisors Direct Credit II $672,335 0.7% 1.50% $10,085PIMCO Short-Term Instl $5,772,022 6.2% 0.50% $28,860 0.36% 0.14% Ultrashort Bond MStar MFCash $36,793 0.0%Total $93,654,743 100.0% 0.76% $708,446
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Prepared by The Atlanta Consulting Group
University of West Florida
FoundationAs of June 30, 2019
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Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of June 30, 2019 Fiscal Year End: June
Summary of Cash Flows Second Quarter Year-To-Date One Year Three Years Five Years Ten Years Inception
7/31/08_
Beginning Market Value $2,957,924 $2,783,305 $3,047,152 $2,964,576 $153,050 $122,506 $125,597Net Cash Flow -$50,572 -$102,144 -$205,749 -$542,856 $2,260,830 $2,213,980 $2,222,922Net Investment Change $106,238 $332,430 $172,188 $591,871 $599,711 $677,105 $665,072Income $10,310 $17,248 $117,102 $273,532 $284,168 $313,369 $319,091Ending Market Value $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591 $3,013,591
_
Asset AllocationCurrent
BalanceCurrent
Allocation_
US Stock Large $860,475 28.6%Alger Capital Appreciation Instl I $274,255 9.1%Diamond Hill Large Cap A $289,885 9.6%Schwab® S&P 500 Index $296,334 9.8%
US Stock Small $213,334 7.1%Conestoga Small Cap Investors $129,497 4.3%American Beacon Small Cp Val Inv $83,836 2.8%
International $318,484 10.6%American Beacon Intl Equity Inv $147,266 4.9%Artisan International Investor $171,218 5.7%
International Emerging Stocks $113,986 3.8%Harding Loevner Emerging Markets Advisor $113,986 3.8%
US Fixed Income $1,026,979 34.1%JPMorgan Strategic Income Opports A $220,632 7.3%Virtus Seix Total Return Bond I $286,542 9.5%Schwab U.S. Aggregate Bond Index Fund $292,229 9.7%Western Asset Intermediate Bond $227,576 7.6%
Alternative Investments $457,357 15.2%Blackrock Systematic Multi Strat A $219,321 7.3%DWS RREEF Real Assets S $238,036 7.9%
Cash $22,976 0.8%Cash $22,976 0.8%
Total $3,013,591 100.0%XXXXX
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Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
Inception(%)
InceptionDate
_
Planned Giving 3,013,591 100.00 4.02 3.55 12.00 6.01 6.16 6.79 4.28 5.83 Jul-08Balanced Index 4.13 3.05 11.18 5.68 6.12 6.96 4.53 6.05 Jul-08US Stock Large 860,475 28.55
Alger Capital Appreciation Instl I 274,255 9.10 7.10 5.32 21.68 9.91 16.48 18.11 -- 12.28 Nov-14Russell 1000 Growth 6.87 4.64 21.49 11.56 16.91 18.07 13.39 13.15 Nov-14
Diamond Hill Large Cap A 289,885 9.62 7.13 6.88 20.84 12.26 9.27 13.62 -- 9.14 Nov-14Russell 1000 Value 7.18 3.84 16.24 8.46 7.61 10.19 7.46 7.20 Nov-14
Schwab® S&P 500 Index 296,334 9.83 7.02 4.30 18.51 10.37 12.33 14.25 10.82 13.12 Dec-09S&P 500 7.05 4.30 18.54 10.42 12.38 14.19 10.71 13.10 Dec-09
US Stock Small 213,334 7.08Conestoga Small Cap Investors 129,497 4.30 8.41 9.34 23.40 10.54 18.82 21.37 14.29 15.73 Dec-09
Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 12.07 Dec-09American Beacon Small Cp Val Inv 83,836 2.78 7.76 1.67 14.03 -7.92 1.70 8.38 4.44 4.64 Jun-14
Russell 2000 7.07 2.10 16.98 -3.31 6.62 12.30 7.06 7.26 Jun-14International 318,484 10.57
American Beacon Intl Equity Inv 147,266 4.89 5.88 2.08 11.84 -3.32 1.32 6.92 0.72 4.39 Dec-09MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 4.62 Dec-09
Artisan International Investor 171,218 5.68 6.48 8.18 19.34 8.89 8.06 9.89 3.21 6.54 Dec-09MSCI ACWI ex USA 6.02 2.98 13.60 1.29 4.24 9.39 2.16 4.62 Dec-09
International Emerging Stocks 113,986 3.78Harding Loevner Emerging Markets Advisor 113,986 3.78 6.78 1.43 16.18 -1.25 3.45 9.52 2.78 4.94 Dec-09
MSCI Emerging Markets 6.24 0.61 10.59 1.21 4.65 10.66 2.49 3.30 Dec-09US Fixed Income 1,026,979 34.08
JPMorgan Strategic Income Opports A 220,632 7.32 0.34 0.77 2.84 2.33 -- -- -- 2.23 Nov-17BBgBarc US Universal TR 1.41 3.11 6.54 8.07 3.82 2.84 3.18 3.89 Nov-17
Virtus Seix Total Return Bond I 286,542 9.51 0.63 2.87 5.40 6.88 2.63 1.82 2.50 3.56 Dec-09BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.57 Dec-09
Schwab U.S. Aggregate Bond Index Fund 292,229 9.70 1.23 3.06 6.07 7.72 3.56 -- -- 3.62 Apr-17BBgBarc US Aggregate TR 1.26 3.08 6.11 7.87 3.65 2.31 2.95 3.71 Apr-17
Western Asset Intermediate Bond 227,576 7.55 1.33 2.67 5.73 7.23 3.62 -- -- 4.20 Mar-17BBgBarc US Govt/Credit Int TR 1.07 2.59 4.97 6.93 3.11 1.99 2.39 3.52 Mar-17
Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of June 30, 2019 Fiscal Year End: June
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Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
Inception(%)
InceptionDate
_
Alternative Investments 457,357 15.18 Blackrock Systematic Multi Strat A 219,321 7.28 -- -- -- -- -- -- -- 0.10 Jun-19
ICE BofAML 91 Days T-Bills TR 0.22 0.64 1.24 2.31 1.84 1.38 0.87 0.02 Jun-19DWS RREEF Real Assets S 238,036 7.90 3.42 2.28 15.35 7.70 6.94 5.41 -- 3.00 Nov-14
Morningstar Mod Tgt Risk TR USD 4.30 3.13 12.08 7.08 7.00 8.30 5.29 6.06 Nov-14Cash 22,976 0.76
Cash 22,976 0.76 XXXXX
- Balanced Index = Weighted Average of Russell 1000 Growth / Russell 1000 Value / S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI Emerging Markets / BBgBarc US Universal TR / BBgBarc US Aggregate TR / BBgBarc US Govt/Credit Int TR / HFRIFOF: Diversified Index / Morningstar Mod Tgt Risk TR USD / FTSE T-Bill 1 Month TR
Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of June 30, 2019 Fiscal Year End: June
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RISK RETURN STATISTICS1 Year
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 6.01 5.68Total Return 6.01 5.68Annualized Excess ReturnOver Risk Free 3.74 3.41
Annualized Excess Return 0.33 0.00 RISK SUMMARY STATISTICSBeta 1.02 1.00Upside Deviation 5.13 5.02Downside Deviation 7.17 6.87 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 10.53 10.33
Alpha 0.02 0.00Sharpe Ratio 0.36 0.33Excess Return Over Market/ Risk 0.03 0.00
Tracking Error 0.70 0.00Information Ratio 0.47 -- CORRELATION STATISTICSR-Squared 1.00 1.00Correlation 1.00 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICS3 Years
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 6.79 6.96Total Return 21.79 22.37Annualized Excess ReturnOver Risk Free 5.39 5.56
Annualized Excess Return -0.17 0.00 RISK SUMMARY STATISTICSBeta 1.01 1.00Upside Deviation 3.83 3.69Downside Deviation 6.25 6.07 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 6.57 6.47
Alpha -0.02 0.00Sharpe Ratio 0.82 0.86Excess Return Over Market/ Risk -0.03 0.00
Tracking Error 0.64 0.00Information Ratio -0.26 -- CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 1.00 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
Planned GivingAs of June 30, 2019
Prepared by The Atlanta Consulting Group76
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RISK RETURN STATISTICS5 Years
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 60 60Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 4.28 4.53Total Return 23.32 24.82Annualized Excess ReturnOver Risk Free 3.41 3.66
Annualized Excess Return -0.25 0.00 RISK SUMMARY STATISTICSBeta 0.97 1.00Upside Deviation 4.13 4.22Downside Deviation 4.96 5.01 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 6.60 6.75
Alpha -0.01 0.00Sharpe Ratio 0.52 0.54Excess Return Over Market/ Risk -0.04 0.00
Tracking Error 0.79 0.00Information Ratio -0.32 -- CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 0.99 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
RISK RETURN STATISTICSSince Inception
Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 131 131Maximum Return 6.51 6.58Minimum Return -10.09 -9.36Annualized Return 5.83 6.05Total Return 85.70 89.94Annualized Excess ReturnOver Risk Free 5.37 5.58
Annualized Excess Return -0.22 0.00 RISK SUMMARY STATISTICSBeta 1.00 1.00Upside Deviation 5.02 4.81Downside Deviation 7.21 6.63 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 8.60 8.42
Alpha -0.02 0.00Sharpe Ratio 0.62 0.66Excess Return Over Market/ Risk -0.03 0.00
Tracking Error 1.62 0.00Information Ratio -0.14 -- CORRELATION STATISTICSR-Squared 0.96 1.00Correlation 0.98 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills
University of West Florida
Planned GivingAs of June 30, 2019
Prepared by The Atlanta Consulting Group77
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University of West Florida - Planned Giving
Alger Capital Appreciation Instl IAs of June 30, 2019
Universe Name: Large Growth MStar MF# of Observations: 331 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 5/31/19MICROSOFT CORP 10.26%AMAZON.COM INC 9.15%ALPHABET INC CLASS C 5.24%VISA INC CLASS A 5.14%ADOBE INC 3.85%SALESFORCE.COM INC 3.64%FACEBOOK INC A 3.50%UNITEDHEALTH GROUP INC 2.77%DANAHER CORP 2.56%BOSTON SCIENTIFIC CORP 2.29%
Sector Allocation as of 5/31/19BASIC MATERIALS 2.81%COMMUNICATION SERVICES 0.88%CONSUMER CYCLICAL 18.07%CONSUMER DEFENSIVE 1.07%ENERGY 0.12%FINANCIAL SERVICES 15.53%HEALTHCARE 16.62%INDUSTRIALS 7.80%REAL ESTATE 0.93%TECHNOLOGY 36.17%UTILITIES 0.00%
Fund Information as of 5/31/19Fund Name ALGER CAPITAL
APPRECIATION INSTL ITicker ALARXMorningstar Category Large GrowthBenchmark Russell 1000 GrowthExpense Ratio 1.15%Fund Assets ($mm) 2,080.36Share Class Inception Date 11/8/1993Manager Tenure 15
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Alger Capital Appreciation -0.87 31.02 0.46 6.23 13.30 34.81 18.11 -1.03 13.48 49.12Russell 1000 Growth -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21
Over/Under 0.64 0.81 -6.62 0.56 0.25 1.33 2.85 -3.67 -3.23 11.91
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Alger Capital Appreciation 13.78% -1.41% 1.03 100.80% 107.26% 0.84 3.08% -0.32 Russell 1000 Growth 13.03% 0.00% 1.00 100.00% 100.00% 0.97 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Alger Capital Appreciation 5.32 38 21.68 50 9.91 60 17.96 41 12.40 47 15.69 36Russell 1000 Growth 4.64 58 21.49 53 11.56 40 18.07 39 13.39 26 16.28 20
Over/Under 0.68 0.19 -1.65 -0.11 -0.99 -0.59 XXXXX
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companiesof any market capitalization that the adviser believes demonstrate promising growth potential.
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University of West Florida - Planned Giving
Diamond Hill Large Cap AAs of June 30, 2019
Universe Name: Large Value MStar MF# of Observations: 314 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19CITIGROUP INC 4.56%ABBOTT LABORATORIES 4.36%BERKSHIRE HATHAWAY INC B 3.33%METLIFE INC 3.32%ALPHABET INC A 3.01%THE WALT DISNEY CO 2.93%AMERICAN INTERNATIONAL GROUP INC 2.87%TJX COMPANIES INC 2.85%UNITED TECHNOLOGIES CORP 2.78%PFIZER INC 2.74%
Sector Allocation as of 6/30/19BASIC MATERIALS 3.63%COMMUNICATION SERVICES 4.46%CONSUMER CYCLICAL 17.41%CONSUMER DEFENSIVE 9.13%ENERGY 4.45%FINANCIAL SERVICES 28.43%HEALTHCARE 13.99%INDUSTRIALS 9.11%REAL ESTATE 0.00%TECHNOLOGY 9.40%UTILITIES 0.00%
Fund Information as of 6/30/19Fund Name DIAMOND HILL LARGE CAP ATicker DHLAXMorningstar Category Large ValueBenchmark Russell 1000 ValueExpense Ratio 0.96%Fund Assets ($mm) 1,203.83Share Class Inception Date 6/29/2001Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Diamond Hill Large Cap A -9.88 19.95 14.26 -1.10 10.42 36.33 12.29 2.35 9.29 30.21Russell 1000 Value -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69
Over/Under -1.61 6.29 -3.08 2.73 -3.03 3.80 -5.22 1.96 -6.22 10.52
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Diamond Hill Large Cap A 13.23% 0.94% 1.08 111.99% 103.70% 0.62 3.06% 0.51 Russell 1000 Value 11.93% 0.00% 1.00 100.00% 100.00% 0.56 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Diamond Hill Large Cap A 6.88 3 20.84 3 12.26 10 13.49 5 9.02 11 13.35 25Russell 1000 Value 3.84 40 16.24 31 8.46 35 10.19 59 7.46 42 13.19 31
Over/Under 3.04 4.60 3.80 3.30 1.56 0.16 XXXXX
Description:The investment seeks to provide long-term capital appreciation. The fund normally invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviserbelieves are undervalued. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billionor greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. TheAdviser focuses on estimating a company's value independent of its current stock price.
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University of West Florida - Planned Giving
Schwab® S&P 500 IndexAs of June 30, 2019
Universe Name: Large Cap MStar MF# of Observations: 1,004 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19MICROSOFT CORP 4.18%APPLE INC 3.53%AMAZON.COM INC 3.19%FACEBOOK INC A 1.89%BERKSHIRE HATHAWAY INC B 1.68%JOHNSON & JOHNSON 1.51%JPMORGAN CHASE & CO 1.48%ALPHABET INC CLASS C 1.35%ALPHABET INC A 1.32%EXXON MOBIL CORP 1.32%
Sector Allocation as of 6/30/19BASIC MATERIALS 2.46%COMMUNICATION SERVICES 3.48%CONSUMER CYCLICAL 12.20%CONSUMER DEFENSIVE 7.72%ENERGY 5.04%FINANCIAL SERVICES 15.93%HEALTHCARE 14.10%INDUSTRIALS 10.10%REAL ESTATE 2.68%TECHNOLOGY 22.97%UTILITIES 3.31%
Fund Information as of 6/30/19Fund Name SCHWAB® S&P 500 INDEXTicker SWPPXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.02%Fund Assets ($mm) 38,407.64Share Class Inception Date 5/19/1997Manager Tenure 6
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Schwab® S&P 500 Index -4.42 21.79 11.82 1.29 13.57 32.27 15.91 2.07 14.97 26.25S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46
Over/Under -0.04 -0.04 -0.14 -0.09 -0.12 -0.12 -0.09 -0.04 -0.09 -0.21XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Schwab® S&P 500 Index 12.02% -0.07% 1.00 99.62% 100.02% 0.82 0.05% -1.57 S&P 500 12.03% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Schwab® S&P 500 Index 4.30 43 18.51 44 10.37 33 14.13 38 10.63 30 14.61 32S&P 500 4.30 43 18.54 43 10.42 32 14.19 36 10.71 29 14.70 28
Over/Under 0.00 -0.03 -0.05 -0.06 -0.08 -0.09 XXXXX
Description:The investment seeks to track the total return of the S&P 500® Index. The fund generally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in thesestocks; typically, the actual percentage is considerably higher. It generally will seek to replicate the performance of the index by giving thesame weight to a given stock as the index does.
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University of West Florida - Planned Giving
Conestoga Small Cap InvestorsAs of June 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 528 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 5/31/19THE DESCARTES SYSTEMS GROUP INC 3.78%EXPONENT INC 3.62%OMNICELL INC 3.29%PROS HOLDINGS INC 3.18%REPLIGEN CORP 3.12%MESA LABORATORIES INC 3.08%FOX FACTORY HOLDING CORP 2.98%CANTEL MEDICAL CORP 2.84%SIMPSON MANUFACTURING CO INC 2.75%GRAND CANYON EDUCATION INC 2.53%
Sector Allocation as of 5/31/19BASIC MATERIALS 7.54%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 9.27%CONSUMER DEFENSIVE 5.99%ENERGY 0.62%FINANCIAL SERVICES 0.02%HEALTHCARE 14.76%INDUSTRIALS 19.70%REAL ESTATE 1.77%TECHNOLOGY 40.32%UTILITIES 0.00%
Fund Information as of 5/31/19Fund Name CONESTOGA SMALL CAP
INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 840.19Share Class Inception Date 10/1/2002Manager Tenure 17
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Conestoga Small Cap Investors 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Conestoga Small Cap Investors 16.53% 7.86% 0.91 110.33% 81.38% 0.82 6.62% 1.10 Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Conestoga Small Cap Investors 9.34 3 23.40 18 10.54 8 21.24 8 14.32 3 16.41 10Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55
Over/Under 7.24 6.42 13.85 8.94 7.26 2.96
Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.
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University of West Florida - Planned Giving
American Beacon Small Cp Val InvAs of June 30, 2019
Universe Name: Small Cap MStar MF# of Observations: 528 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 5/31/19E-MINI RUSS 2000 JUN19 XCME 20190621 3.99%PORTLAND GENERAL ELECTRIC CO 1.24%BROOKS AUTOMATION INC 1.02%DIODES INC 0.90%MGIC INVESTMENT CORP 0.89%ENSTAR GROUP LTD 0.84%SERITAGE GROWTH PROPERTIES CLASS A 0.84%AVNET INC 0.81%FIRST HAWAIIAN INC 0.77%POPULAR INC 0.75%
Sector Allocation as of 5/31/19BASIC MATERIALS 6.14%COMMUNICATION SERVICES 0.18%CONSUMER CYCLICAL 14.91%CONSUMER DEFENSIVE 2.78%ENERGY 4.74%FINANCIAL SERVICES 28.69%HEALTHCARE 2.48%INDUSTRIALS 18.92%REAL ESTATE 4.68%TECHNOLOGY 13.86%UTILITIES 2.64%
Fund Information as of 5/31/19Fund Name AMERICAN BEACON SMALL
CP VAL INVTicker AVPAXMorningstar Category Small ValueBenchmark Russell 2000Expense Ratio 1.14%Fund Assets ($mm) 433.43Share Class Inception Date 2/26/1999Manager Tenure 21
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
American Beacon Small Cp Val -15.89 8.34 26.36 -5.35 4.31 39.63 16.08 -4.41 25.67 34.94Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17
Over/Under -4.88 -6.31 5.05 -0.94 -0.59 0.81 -0.27 -0.23 -1.18 7.77
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
American Beacon Small Cp Val 17.15% -2.70% 1.01 92.51% 103.46% 0.21 3.58% -0.74 Russell 2000 16.63% 0.00% 1.00 100.00% 100.00% 0.38 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
American Beacon Small Cp Val 1.67 73 14.03 76 -7.92 85 8.25 82 4.42 80 12.65 74Russell 2000 2.10 61 16.98 53 -3.31 57 12.30 42 7.06 48 13.45 55
Over/Under -0.43 -2.95 -4.61 -4.05 -2.64 -0.80 XXXXX
Description:The investment seeks long-term capital appreciation and current income. Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) areinvested in equity securities of small market capitalization U.S. companies. These companies have market capitalizations of $5 billion orless at the time of investment. The fund's investments may include common stocks, real estate investment trusts ("REITs"), AmericanDepositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, "stocks").
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Universe Name: Foreign Large Blend MStar MF# of Observations: 196 (6/30/2019)
University of West Florida - Planned Giving
American Beacon Intl Equity InvAs of June 30, 2019
Top Holdings as of 5/31/19NOVARTIS AG 2.60%VOLKSWAGEN AG PARTICIPATING PREFERRED 2.09%SAMSUNG ELECTRONICS CO LTD 1.89%SAP SE 1.88%PRUDENTIAL PLC 1.83%TAKEDA PHARMACEUTICAL CO LTD 1.69%BNP PARIBAS 1.57%SUMITOMO MITSUI FINANCIAL GROUP INC 1.56%BP PLC 1.50%SANOFI SA 1.46%
Sector Allocation as of 5/31/19BASIC MATERIALS 8.59%COMMUNICATION SERVICES 7.42%CONSUMER CYCLICAL 10.69%CONSUMER DEFENSIVE 7.33%ENERGY 8.96%FINANCIAL SERVICES 19.98%HEALTHCARE 11.04%INDUSTRIALS 14.05%REAL ESTATE 1.98%TECHNOLOGY 7.24%UTILITIES 2.72%
Fund Information as of 5/31/19Fund Name AMERICAN BEACON
INTERNATIONAL EQ INVTicker AAIPXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 1.07%Fund Assets ($mm) 217.82Share Class Inception Date 8/1/1994Manager Tenure 25
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
American Beacon Intl Equity Inv 2.08 79 11.84 84 -3.32 85 6.82 82 0.38 94 6.26 78MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66
Over/Under -0.90 -1.76 -4.61 -2.57 -1.78 -0.28 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
American Beacon Intl Equity Inv -16.64 24.40 -0.09 -2.08 -7.35 24.06 21.16 -11.90 6.42 29.39MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under -2.44 -2.79 -4.59 3.58 -3.48 8.77 4.33 1.81 -4.73 -12.06XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
American Beacon Intl Equity Inv 12.40% -1.68% 0.95 90.25% 101.16% -0.03 3.45% -0.52 MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in commonstocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countrieslocated outside the United States. It primarily invests in countries comprising the Morgan Stanley Capital International® EuropeAustralasia and Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equity securities of companies fromvarious industrial sectors whose primary trading markets are located outside the United States.
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Universe Name: Foreign Large Blend MStar MF# of Observations: 196 (6/30/2019)
University of West Florida - Planned Giving
Artisan International InvestorAs of June 30, 2019
Top Holdings as of 6/30/19LINDE PLC 6.73%DEUTSCHE BOERSE AG 5.88%WIRECARD AG 5.35%AIA GROUP LTD 4.15%NESTLE SA 4.04%AIRBUS SE 3.96%AON PLC 3.29%DEUTSCHE POST AG 3.04%AIR LIQUIDE SA 2.99%MEDTRONIC PLC 2.91%
Sector Allocation as of 6/30/19BASIC MATERIALS 15.68%COMMUNICATION SERVICES 0.00%CONSUMER CYCLICAL 4.34%CONSUMER DEFENSIVE 6.48%ENERGY 4.44%FINANCIAL SERVICES 33.32%HEALTHCARE 10.16%INDUSTRIALS 14.39%REAL ESTATE 0.00%TECHNOLOGY 10.76%UTILITIES 0.43%
Fund Information as of 6/30/19Fund Name ARTISAN INTERNATIONAL
INVESTORTicker ARTIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.18%Fund Assets ($mm) 4,018.22Share Class Inception Date 12/28/1995Manager Tenure 24
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Artisan International Investor 8.18 1 19.34 2 8.89 1 9.80 14 2.99 13 8.83 8MSCI ACWI ex USA 2.98 53 13.60 55 1.29 29 9.39 18 2.16 54 6.54 66
Over/Under 5.20 5.74 7.60 0.41 0.83 2.29 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Artisan International Investor -10.86 31.02 -9.66 -3.85 -0.97 25.18 25.39 -7.26 5.91 39.77MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45
Over/Under 3.34 3.83 -14.16 1.81 2.90 9.89 8.56 6.45 -5.24 -1.68XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Artisan International Investor 12.32% 1.07% 0.89 93.46% 90.35% 0.18 5.43% 0.15 MSCI ACWI ex USA 12.55% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks maximum long-term capital growth. The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the timeof purchase in emerging and less developed markets. Under normal market conditions, it is substantially fully invested in commonstocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-U.S. companies.
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Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 237 (6/30/2019)
University of West Florida - Planned Giving
Harding Loevner Emerging Markets AdvisorAs of June 30, 2019
Top Holdings as of 6/30/19TENCENT HOLDINGS LTD 4.43%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4.37%ALIBABA GROUP HOLDING LTD ADR 3.91%SAMSUNG ELECTRONICS CO LTD GDR 3.67%AIA GROUP LTD 2.93%SBERBANK OF RUSSIA PJSC ADR 2.75%NOVATEK PJSC GDR 2.71%PJSC LUKOIL ADR 2.62%HOUSING DEVELOPMENT FINANCE CORP LTD 2.42%ENN ENERGY HOLDINGS LTD 2.01%
Sector Allocation as of 6/30/19BASIC MATERIALS 0.00%COMMUNICATION SERVICES 1.06%CONSUMER CYCLICAL 13.45%CONSUMER DEFENSIVE 8.58%ENERGY 9.11%FINANCIAL SERVICES 30.59%HEALTHCARE 1.01%INDUSTRIALS 8.75%REAL ESTATE 0.26%TECHNOLOGY 25.10%UTILITIES 2.07%
Fund Information as of 6/30/19
Fund NameHARDING LOEVNEREMERGING MARKETSADVISOR
Ticker HLEMXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 1.40%Fund Assets ($mm) 4,336.60Share Class Inception Date 11/9/1998Manager Tenure 21
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Harding Loevner Emerging 1.43 49 16.18 16 -1.25 73 9.43 50 2.73 37 7.21 28MSCI Emerging Markets 0.61 77 10.59 73 1.21 50 10.66 34 2.49 47 5.81 58
Over/Under 0.82 5.59 -2.46 -1.23 0.24 1.40 XXXXX
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Harding Loevner Emerging -18.72 35.22 13.20 -13.55 -1.66 4.18 22.73 -17.52 20.98 63.46MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51
Over/Under -4.14 -2.06 2.01 1.37 0.53 6.78 4.51 0.90 2.10 -15.05XXXXX
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Harding Loevner Emerging 15.43% 0.40% 0.94 94.76% 95.18% 0.12 4.42% 0.05 MSCI Emerging Markets 15.78% 0.00% 1.00 100.00% 100.00% 0.11 0.00% --
Prepared by The Atlanta Consulting Group
Description:The investment seeks long-term capital appreciation through investments in equity securities of companies based in emergingmarkets. The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, andinvestment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued bycompanies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts),and investment companies that invest in the types of securities in which the Portfolio would normally invest.
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University of West Florida - Planned Giving
JPMorgan Strategic Income Opports AAs of June 30, 2019
Universe Name: Nontraditional Bond MStar MF# of Observations: 95 (6/30/2019)
Fund Information as of 6/30/19Fund Name JPMORGAN STRATEGIC
INCOME OPPORTS ATicker JSOAXMorningstar Category Nontraditional BondBenchmark BBgBarc US Universal TRExpense Ratio 1.04%Fund Assets ($mm) 1,125.10Share Class Inception Date 10/10/2008Manager Tenure 11
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
JPMorgan Strategic IncomeOpports A 0.77 93 2.84 87 2.33 82 3.63 61 2.33 67 3.66 61
BBgBarc US Universal TR 3.11 9 6.54 21 8.07 7 2.84 73 3.18 31 4.37 50Over/Under -2.34 -3.70 -5.74 0.79 -0.85 -0.71
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
JPMorgan Strategic Income Opports A 0.43 3.08 8.92 -2.37 -0.14 2.78 7.82 -0.28 5.06 18.68BBgBarc US Universal TR -0.26 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16 8.60
Over/Under 0.69 -1.01 5.01 -2.80 -5.70 4.13 2.29 -7.68 -2.10 10.08
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
JPMorgan Strategic IncomeOpports A 2.28% 1.87% 0.14 45.57% 11.82% 0.67 3.27% -0.26
BBgBarc US Universal TR 2.78% 0.00% 1.00 100.00% 100.00% 0.85 0.00% --
Fixed Income Sectors as of 6/30/19GOVERNMENT 0.32%MUNICIPAL 0.00%CORPORATE 41.10%SECURITIZED 20.97%CASH & EQUIVALENTS 37.55%DERIVATIVE 0.06%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) 1.36Average Duration 0.43Average Coupon 4.31%Average Effective Maturity R-Squared (3 Year) 0.01Alpha (3 Year) 0.28%Beta (3 Year) 0.07
Credit Quality as of 6/30/19AAA 11.10%AA 30.43%A 19.38%BBB 11.79%BB 7.58%B 10.17%Below B 9.55%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks high total return. The fund has an absolute return orientation which means that it is not managed relative to an index. It has flexibility to allocate itsassets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectorsincluding cash, money market instruments and short-term investments. The fund may invest up to 100% of its total assets insecurities that are rated below investment grade or the unrated equivalent.
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University of West Florida - Planned Giving
Virtus Seix Total Return BondAs of June 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 114 (6/30/2019)
Fund Information as of 6/30/19Fund Name VIRTUS SEIX TOTAL RETURN
BOND ITicker SAMFXMorningstar Category Intermediate Core-Plus BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.46%Fund Assets ($mm) 295.94Share Class Inception Date 12/30/1997Manager Tenure 18
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Virtus Seix Total Return Bond 2.87 66 5.40 76 6.88 80 1.78 88 2.49 83 3.83 66BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61
Over/Under -0.21 -0.71 -0.99 -0.53 -0.46 -0.07
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Virtus Seix Total Return Bond -0.32 2.67 3.09 0.19 6.38 -3.04 4.96 9.79 6.49 7.22BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.33 -0.87 0.44 -0.36 0.41 -1.02 0.75 1.95 -0.05 1.29
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Virtus Seix Total Return Bond 3.07% -0.49% 1.01 92.53% 101.90% 0.55 0.77% -0.59 BBgBarc US Aggregate TR 2.94% 0.00% 1.00 100.00% 100.00% 0.73 0.00% --
Fixed Income Sectors as of 6/30/19GOVERNMENT 37.29%MUNICIPAL 0.00%CORPORATE 10.14%SECURITIZED 27.98%CASH & EQUIVALENTS 1.72%DERIVATIVE 22.88%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) 0.15Average Duration Average Coupon 3.19%Average Effective Maturity R-Squared (3 Year) 0.93Alpha (3 Year) -0.04%Beta (3 Year) 0.99
Credit Quality as of 9/30/18AAA 78.83%AA 4.18%A 4.22%BBB 11.73%BB 0.55%B 0.50%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to maximize long term total return through a combination of current income and capital appreciation, consistentwith capital preservation. The fund invests in various types of income-producing debt securities including mortgage- and asset-backed securities, governmentand agency obligations, corporate obligations and floating rate loans. It normally invests at least 80% of its net assets (plus anyborrowings for investment purposes) in fixed income securities.
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University of West Florida - Planned Giving
Schwab U.S. Aggregate Bond Index FundAs of June 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 114 (6/30/2019)
Fund Information as of 6/30/19Fund Name SCHWAB US AGGREGATE
BOND INDEXTicker SWAGXMorningstar Category Intermediate Core BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.04%Fund Assets ($mm) 2,710.44Share Class Inception Date 2/23/2017Manager Tenure 2
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Schwab U.S. Aggregate Bond 3.06 44 6.07 52 7.72 50 -- -- -- -- -- --BBgBarc US Aggregate TR 3.08 41 6.11 48 7.87 38 2.31 50 2.95 30 3.90 61
Over/Under -0.02 -0.04 -0.15
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Schwab U.S. Aggregate Bond -0.13 -- -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93
Over/Under -0.14
Fund Inception Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Schwab U.S. Aggregate Bond 2.83% -0.06% 0.99 98.16% 99.96% 0.71 0.16% -0.65 BBgBarc US Aggregate TR 2.86% 0.00% 1.00 100.00% 100.00% 0.74 0.00% --
Fixed Income Sectors as of 6/30/19GOVERNMENT 42.99%MUNICIPAL 0.60%CORPORATE 24.07%SECURITIZED 28.82%CASH & EQUIVALENTS 3.53%DERIVATIVE 0.00%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) Average Duration 5.51Average Coupon 3.27%Average Effective Maturity 7.76R-Squared (3 Year) Alpha (3 Year) Beta (3 Year)
Credit Quality as of 6/30/19AAA 73.62%AA 2.84%A 10.31%BBB 13.23%BB 0.00%B 0.00%Below B 0.00%Not Rated 0.00%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to track as closely as possible, before fees and expenses, the total return of an index composed of the totalU.S. investment grade bond market. The fund generally invests at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) insecurities included in the Bloomberg Barclays U.S. Aggregate Bond Index. The index is a broad-based benchmark measuring theperformance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds,mortgage pass-through securities, commercial MBS, and ABS that are publicly available for sale in the United States.
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University of West Florida - Planned Giving
Western Asset Intermediate BondAs of June 30, 2019
Universe Name: Intermediate Core Bond MStar MF# of Observations: 114 (6/30/2019)
Fund Information as of 6/30/19Fund Name WESTERN ASSET
INTERMEDIATE BOND ITicker WATIXMorningstar Category Intermediate Core BondBenchmark BBgBarc US Govt/Credit Int TRExpense Ratio 0.52%Fund Assets ($mm) 640.88Share Class Inception Date 7/1/1994Manager Tenure 10
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Western Asset Interm Bond 2.67 77 5.73 72 7.23 75 2.91 12 3.04 23 4.64 24BBgBarc US Govt/Credit IntTR 2.59 80 4.97 81 6.93 80 1.99 78 2.39 86 3.24 88
Over/Under 0.08 0.76 0.30 0.92 0.65 1.40
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Western Asset Interm Bond 0.20 4.02 3.15 1.50 3.88 -0.78 7.10 5.35 8.76 17.24BBgBarc US Govt/Credit Int TR 0.88 2.14 2.08 1.07 3.13 -0.86 3.89 5.80 5.89 5.24
Over/Under -0.68 1.88 1.07 0.43 0.75 0.08 3.21 -0.45 2.87 12.00
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Western Asset Interm Bond 2.20% 0.76% 0.96 110.16% 87.81% 1.01 0.72% 0.90 BBgBarc US Govt/Credit IntTR 2.17% 0.00% 1.00 100.00% 100.00% 0.73 0.00% --
XXXXX
Fixed Income Sectors as of 6/30/19GOVERNMENT 33.24%MUNICIPAL 0.06%CORPORATE 40.00%SECURITIZED 22.96%CASH & EQUIVALENTS 3.73%DERIVATIVE 0.01%
Fund Characteristics as of 6/30/19Sharpe Ratio (3 Year) 0.71Average Duration 4.29Average Coupon 3.58%Average Effective Maturity 7.59R-Squared (3 Year) 0.90Alpha (3 Year) 0.08%Beta (3 Year) 0.97
Credit Quality as of 6/30/19AAA 47.65%AA 9.06%A 23.64%BBB 18.40%BB 0.34%B 0.00%Below B 0.00%Not Rated 0.91%
Prepared by The Atlanta Consulting Group
Description:The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least80% of its net assets in debt and fixed income securities. Although it may invest in debt and fixed income securities of any maturity,under normal market conditions the target dollar-weighted average effective duration for the fund, as estimated by the fund'ssubadviser, is expected to range within 20% of the duration of its benchmark.
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University of West Florida - Planned Giving
Blackrock Systematic Multi Strat AAs of June 30, 2019
Universe Name: Multialternative MStar MF# of Observations: 107 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19UNITED STATES TREASURY BONDS 2.88% 4.62%FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.5% 1.41%FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 1.39%PROSPER MARKETPLACE ISSUANCE TRUST 3.19% 1.32%UNITED STATES TREASURY NOTES 2.38% 1.27%FEDERAL NATIONAL MORTGAGE ASSOCIATION 4% 1.11%WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2.62% 1.02%FEDERAL HOME LOAN MORTGAGE CORPORATION 3.5% 1.01%SANTANDER DRIVE AUTO RECEIVABLES TRUST 3.56% 1.00%AMERICAN ACCEPTANCE RECEIVABLES 3.54% 0.99%
Sector Allocation as of 6/30/19BASIC MATERIALS 7.09%COMMUNICATION SERVICES 1.37%CONSUMER CYCLICAL 19.28%CONSUMER DEFENSIVE 9.33%ENERGY 9.41%FINANCIAL SERVICES 8.34%HEALTHCARE 7.70%INDUSTRIALS 13.88%REAL ESTATE 5.47%TECHNOLOGY 7.83%UTILITIES 10.30%
Fund Information as of 6/30/19Fund Name BLACKROCK SYSTEMATIC
MULTI-STRAT INV ATicker BAMBXMorningstar Category MultialternativeBenchmark ICE BofAML 91 Days T-Bills TRExpense Ratio 1.21%Fund Assets ($mm) 15.71Share Class Inception Date 5/19/2015Manager Tenure 4
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
Blackrock Systematic Multi Strat 1.51 9.72 5.61 -- -- -- -- -- -- --ICE BofAML 91 Days T-Bills TR 1.87 0.86 0.33 0.05 0.03 0.07 0.11 0.10 0.13 0.21
Over/Under -0.36 8.86 5.28
Description:The investment seeks total return comprised of current income and capital appreciation. The fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on fixed and floating ratedebt securities and equity securities. It will normally invest in both U.S. and non-U.S. securities, including securities of companies locatedin emerging markets.
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
Blackrock Systematic MultiStrat 2.46 12 7.34 28 9.93 3 6.01 12 -- -- -- --
ICE BofAML 91 Days T-BillsTR 0.64 62 1.24 81 2.31 47 1.38 69 0.87 68 0.49 99
Over/Under 1.82 6.10 7.62 4.63 XXXXX
3 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
Blackrock Systematic Multi Strat 2.73% 1.61% 3.17 433.77% -- 1.72 2.68% 1.73 ICE BofAML 91 Days T-BillsTR 0.23% 0.00% 1.00 100.00% -- 0.28 0.00% --
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University of West Florida - Planned Giving
DWS RREEF Real Assets SAs of June 30, 2019
Universe Name: Multialternative MStar MF# of Observations: 107 (6/30/2019)
Prepared by The Atlanta Consulting Group
Top Holdings as of 6/30/19CAYMAN REAL ASSETS FUND LTD. 9.52%UNITED STATES TREASURY NOTES 1% 3.63%CROWN CASTLE INTERNATIONAL CORP 2.85%AMERICAN TOWER CORP 2.84%UNITED STATES TREASURY NOTES 1% 2.03%SEVERN TRENT PLC 1.84%NATIONAL GRID PLC 1.66%TC ENERGY CORP 1.57%UNITED STATES TREASURY NOTES 0.12% 1.46%NISOURCE INC 1.42%
Sector Allocation as of 6/30/19BASIC MATERIALS 8.08%COMMUNICATION SERVICES 6.16%CONSUMER CYCLICAL 0.11%CONSUMER DEFENSIVE 0.82%ENERGY 16.92%FINANCIAL SERVICES 0.00%HEALTHCARE 0.00%INDUSTRIALS 10.19%REAL ESTATE 34.17%TECHNOLOGY 0.98%UTILITIES 22.58%
Fund Information as of 6/30/19Fund Name DWS RREEF REAL ASSETS STicker AAASXMorningstar Category World Allocation
Benchmark Morningstar Mod Tgt Risk TRUSD
Expense Ratio 1.07%Fund Assets ($mm) 249.46Share Class Inception Date 7/30/2007Manager Tenure 5
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_
DWS RREEF Real Assets -5.17 14.83 4.20 -9.66 3.32 0.91 9.52 -3.09 12.45 25.81Morningstar Mod Tgt Risk TR USD -4.76 14.66 8.57 -1.79 4.89 14.31 12.04 0.59 12.33 21.77
Over/Under -0.41 0.17 -4.37 -7.87 -1.57 -13.40 -2.52 -3.68 0.12 4.04
5 Years Statistics Summary
Anlzd StdDev
AnlzdAlpha Beta Up Mkt Cap
Ratio Anlzd
Down MktCap Ratio
Anlzd
SharpeRatio
TrackingError Info Ratio
_
DWS RREEF Real Assets 7.87% -2.00% 0.91 80.58% 102.06% 0.26 4.58% -0.54 Morningstar Mod Tgt Risk TRUSD 7.05% 0.00% 1.00 100.00% 100.00% 0.63 0.00% --
QTD(%) Rank YTD
(%) Rank 1 Yr(%) Rank 3 Yrs
(%) Rank 5 Yrs(%) Rank 10 Yrs
(%) Rank_
DWS RREEF Real Assets 2.28 15 15.35 1 7.70 7 6.11 12 2.83 23 5.33 40Morningstar Mod Tgt Risk TRUSD 3.13 8 12.08 4 7.08 8 8.30 5 5.29 3 8.61 2
Over/Under -0.85 3.27 0.62 -2.19 -2.46 -3.28
Description:The investment seeks total return in excess of inflation through capital growth and current income. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination ofinvestments that the Advisor believes offer exposure to "real assets." It generally invests between 25% and 75% of fund assets insecurities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets.
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Prepared by The Atlanta Consulting Group
University of West Florida
Planned GivingAs of June 30, 2019
Universe Name: InvMetrics Trust Funds Balanced NetAUM Band All# of Observations: 38 (6/30/2019)Median/Average/Total Member MV: 23.9 M / 50.3 M / 1,912.4 M
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Annual Return 1 Year 5 Year 10 Year
-10% $2,567,170 $1,118,229 -$53,142
-6% $2,672,395 $1,446,883 $271,345
0% $2,842,157 $2,103,557 $1,180,307
6% $3,019,660 $2,986,522 $2,932,612
10% $3,138,051 $3,705,962 $4,799,749
* Return assumptions are based off quarterly annuity payments and investment returns. Returnassumptions do not include any new or terminated gifts over the timeperiod.
Portfolio Snapshot as of 7/18/2019University of W Florida Foundation - Univ of W Fl CGA Seg Res
36.0%
14.4%
33.9%
15.1%
0.6%0%
10%
20%
30%
40%
50%
60%
DomesticEquities
InternationalEquities
Fixed Income Alternative Cash &Equivalents
IPS Monitor
Actual Target Lower Limit Upper Limit
11
Total Number of Active CGAs
Total Gift Amount
Market Value
New Gift(s) Total (1 Year) Terminated Gift(s) Total (1 Year)
Average Gift Amount
Unique Donors
Annual Annuity
4
$3,160,000 $287,273
$0
$3,026,807 $184,650
$0
$1,853,389 $185,339
$0
$3,026,807
$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K
Portfolio
FL
Reserve Requirement
Reserve Required Surplus Market Value
$0K
$500K
$1000K
$1500K
$2000K
$2500K
$3000K
$3500K
<75 75-80 80-85 85-90 90-95 95+0
1
2
3
Donor Age & Gift Amount
Unique Donors Market Value
0 0
1
2
1 1 1 1
0 00
2
4
6
8
10
12
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Active CGA History
State Reserve Requirements and Healthcheck
CGA Breakdown
Charitable Gift Annuity Summary
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Asset CategoryCurrent
ValueCurrentPercent
StrategicTarget
AllocationPercent
VarianceDomestic Equities $1,100,027 34.6% 35.0% (0.4%)International Equities $442,343 13.9% 15.0% (1.1%)Fixed Income $1,128,547 35.5% 32.0% 3.5%Alternative $474,426 14.9% 13.0% 1.9%Cash & Equivalents $35,173 1.1% 5.0% (3.9%)Total $3,180,516 100.0% 100.0%
Account Name Account Type3/31/19
Value Contributions WithdrawalsNet
Investment Gain6/30/19
ValueUniversity of West Florida Seg Res CGA $2,957,924 $0 ($51,583) $107,249 $3,013,591University of West Florida - Zimmers NIM CRUT $120,553 $0 ($220) $3,268 $123,602University of West Florida - HughGarnett
NIM CRUT $42,226 $0 ($77) $1,175 $43,324
University of West Florida $3,120,703 $0 ($51,880) $111,693 $3,180,516
Aggregated Account Summary
University of West Florida As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 94
![Page 117: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/117.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $1,073,809 35.6% 35.0% 0.6%International Equities $432,470 14.4% 15.0% (0.6%)Fixed Income $1,026,979 34.1% 32.0% 2.1%Alternative $457,357 15.2% 13.0% 2.2%Cash & Equivalents $22,976 0.8% 5.0% (4.2%)Total $3,013,591 100.0% 100.0%
Asset Allocation
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 95
![Page 118: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/118.jpg)
Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Alger Capital Appreciation Instl I 9.1% $260,405 $0 $0 $13,850 $274,255American Beacon Small Cp Val Inv 2.8% $82,461 $0 $0 $1,376 $83,836Conestoga Small Cap Investors 4.3% $118,438 $0 $0 $11,060 $129,497Diamond Hill Large Cap A 9.6% $271,230 $0 $0 $18,655 $289,885Schwab® S&P 500 Index 9.8% $284,128 $0 $0 $12,206 $296,334
Domestic Equities Total 35.6% $1,016,662 $0 $0 $57,147 $1,073,809
International EquitiesAmerican Beacon Intl Equity Inv 4.9% $144,264 $0 $0 $3,002 $147,266Artisan International Investor 5.7% $158,267 $0 $0 $12,951 $171,218Harding Loevner Emerging Markets Advisor 3.8% $112,382 $0 $0 $1,604 $113,986
International Equities Total 14.4% $414,913 $0 $0 $17,557 $432,470
Fixed IncomeJPMorgan Strategic Income Opps A 7.3% $220,632 $0 ($1,686) $1,686 $220,632Schwab U.S. Aggregate Bond Index Fund 9.7% $285,652 $0 ($2,145) $8,721 $292,229Virtus Seix Total Return Bond I 9.5% $280,054 $0 ($1,524) $8,012 $286,542Western Asset Intermediate Bond I 7.6% $223,275 $0 ($1,643) $5,944 $227,576
Fixed Income Total 34.1% $1,009,613 $0 ($6,997) $24,363 $1,026,979
AlternativeBlackrock Systematic 7.3% $0 $219,104 $0 $217 $219,321Deutsche Real Assets Fd 7.9% $235,906 $0 ($3,263) $5,392 $238,036JHancock Global Absolute Ret Strats A 0.0% $216,791 $0 ($219,315) $2,523 $0
Alternative Total 15.2% $452,697 $219,104 ($222,578) $8,133 $457,357
Cash & EquivalentsCash 0.8% $64,038 $229,575 ($270,687) - $22,976
University of West Florida Seg Res (CGA)From March 31, 2019 to June 30, 2019
Quarterly Cashflow
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 96
![Page 119: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/119.jpg)
Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market Value
Total 100.0% $2,957,924 $0 ($51,583) $107,249 $3,013,591
University of West Florida Seg Res (CGA)From March 31, 2019 to June 30, 2019
Quarterly Cashflow
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 97
![Page 120: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/120.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap ValueDiamond Hill Large Cap A (DHLAX) 9.6% $289,885 6.9%
Large Cap Value Total 9.6% $289,885 6.9%Russell 1000 Value 3.8%
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 9.8% $296,334 4.3%
Large Cap Core Total 9.8% $296,334 4.3%S&P 500 Composite 4.3%
Large Cap GrowthAlger Capital Appreciation Instl I (ALARX) 9.1% $274,255 5.3%
Large Cap Growth Total 9.1% $274,255 5.3%Russell 1000 Growth 4.6%
Small Cap ValueAmerican Beacon Small Cp Val Inv (AVPAX) 2.8% $83,836 1.7%
Small Cap Value Total 2.8% $83,836 1.7%Russell 2000 Value 1.4%
Small Cap GrowthConestoga Small Cap Investors (CCASX) 4.3% $129,497 9.3%
Small Cap Growth Total 4.3% $129,497 9.3%Russell 2000 Growth 2.8%
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 5.7% $171,218 8.2%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 98
![Page 121: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/121.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnInternational Equities
Intl Core PlusIntl Core Plus Total 5.7% $171,218 8.2%
MSCI All Country World Index X - US Net 3.0%
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 4.9% $147,266 2.1%
Intl Large Cap Value Total 4.9% $147,266 2.1%MSCI EAFE Value Net 1.5%
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 3.8% $113,986 1.4%
Emerging Markets Total 3.8% $113,986 1.4%MSCI EM (Emerging Markets) Net 0.6%
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 7.3% $220,632 0.8%
Unconstrained Fixed Income Total 7.3% $220,632 0.8%Bloomberg Barclays US Aggregate 3.1%
Core BondSchwab U.S. Aggregate Bond Index Fund (SWAGX) 9.7% $292,229 3.1%Virtus Seix Total Return Bond I (SAMFX) 9.5% $286,542 2.9%Western Asset Intermediate Bond I (WATIX) 7.6% $227,576 2.7%
Core Bond Total 26.8% $806,347 2.9%Bloomberg Barclays US Aggregate 3.1%
AlternativeLiquid Real Assets
Deutsche Real Assets Fd (AAASX) 7.9% $238,036 2.3%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 99
![Page 122: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/122.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnAlternative
Liquid Real AssetsLiquid Real Assets Total 7.9% $238,036 2.3%
S&P Real Assets 2.2%
Absolute ReturnBlackrock Systematic (BAMBX) 7.3% $219,321 -
Absolute Return Total 7.3% $219,321 1.2%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsTaxable Money Market
Cash (CASH) 0.8% $22,976 -
Taxable Money Market Total 0.8% $22,976 -
Total 100.0% $3,013,591 3.7%Allocation Weighted Benchmark 3.0%
University of West Florida Seg Res (CGA)
Manager Performance
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 100
![Page 123: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/123.jpg)
Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceSecond Quarter 2019 3.7% $2,957,924 ($51,583) $107,249 $3,013,591 3.0%First Quarter 2019 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 7.8%Fourth Quarter 2018 (7.8%) $3,074,009 ($51,806) ($238,898) $2,783,305 (7.0%)Third Quarter 2018 2.6% $3,047,152 ($51,799) $78,656 $3,074,009 2.4%Second Quarter 2018 1.1% $3,064,932 ($51,882) $34,102 $3,047,152 1.1%First Quarter 2018 (0.7%) $3,136,764 ($51,859) ($19,974) $3,064,932 (1.0%)Fourth Quarter 2017 2.9% $3,098,928 ($51,783) $89,620 $3,136,764 3.1%Third Quarter 2017 2.9% $2,984,179 $29,375 $85,373 $3,098,928 3.1%Second Quarter 2017 2.7% $2,956,193 ($50,579) $78,565 $2,984,179 2.5%First Quarter 2017 3.5% $2,904,629 ($50,535) $102,099 $2,956,193 3.5%Fourth Quarter 2016 0.1% $2,951,388 ($50,612) $3,853 $2,904,629 0.6%Third Quarter 2016 1.6% $2,964,576 ($58,733) $45,545 $2,951,388 3.2%
Historical Quarterly Performance Total ($543,367) $592,382
Historical Annual Performance for Last 3 Years2019 * 12.1% $2,783,305 ($103,155) $333,441 $3,013,591 * 11.1%2018 (5.0%) $3,136,764 ($207,346) ($146,114) $2,783,305 (4.6%)2017 12.5% $2,904,629 ($123,522) $355,657 $3,136,764 12.8%2016 1.5% $113,970 $2,759,634 $31,025 $2,904,629 6.8%
Historical Annual Performance for Last3 Years Total
$2,325,612 $574,009
Inception to Date (Annualized)12/31/2009 - 06/30/2019 6.2% 6.6%
Inception to Date (Cumulative)12/31/2009 - 06/30/2019 77.7% 83.7%
* Partial period return
University of West Florida Seg Res (CGA)
Historical Performance
University of West Florida Seg Res As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 101
![Page 124: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/124.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $17,933 14.5% 14.0% 0.5%International Equities $7,437 6.0% 6.0% 0.0%Fixed Income $75,153 60.8% 65.0% (4.2%)Alternative $12,134 9.8% 10.0% (0.2%)Cash & Equivalents $10,945 8.9% 5.0% 3.9%Total $123,602 100.0% 100.0%
Asset Allocation
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 102
![Page 125: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/125.jpg)
Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Schwab Small Cap Index 2.7% $3,293 $0 $0 $70 $3,363Schwab® S&P 500 Index 11.8% $13,970 $0 $0 $600 $14,570
Domestic Equities Total 14.5% $17,263 $0 $0 $670 $17,933
International EquitiesAmerican Beacon Intl Equity Inv 2.0% $2,465 $0 $0 $51 $2,516Artisan International Investor 2.2% $2,510 $0 $0 $205 $2,716Harding Loevner Emerging Markets Advisor 1.8% $2,174 $0 $0 $31 $2,205
International Equities Total 6.0% $7,149 $0 $0 $288 $7,437
Fixed IncomeJPMorgan Strategic Income Opps A 6.6% $8,097 $0 ($62) $62 $8,097Virtus Seix Total Return Bond I 54.3% $65,537 $0 ($357) $1,875 $67,056
Fixed Income Total 60.8% $73,635 $0 ($419) $1,937 $75,153
AlternativeBlackrock Systematic 9.8% $11,798 $0 $0 $291 $12,088Eaton Vance Glbl Macr Abs Ret A 0.0% $45 $0 $0 $1 $46
Alternative Total 9.8% $11,842 $0 $0 $292 $12,134
Cash & EquivalentsCash 2.3% $2,580 $473 ($220) - $2,835Payden Ltd Maturity Fund 6.6% $8,084 $0 ($54) $80 $8,110
Cash & Equivalents Total 8.9% $10,664 $419 ($220) $80 $10,945
Total 100.0% $120,553 $0 ($220) $3,268 $123,602
University of West Florida - Zimmers (NIM CRUT)From March 31, 2019 to June 30, 2019
Quarterly Cashflow
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 103
![Page 126: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/126.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 11.8% $14,570 4.3%
Large Cap Core Total 11.8% $14,570 4.3%S&P 500 Composite 4.3%
Small Cap BroadSchwab Small Cap Index (SWSSX) 2.7% $3,363 2.1%
Small Cap Broad Total 2.7% $3,363 2.1%Russell 2000 2.1%
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 2.2% $2,716 8.2%
Intl Core Plus Total 2.2% $2,716 8.2%MSCI All Country World Index X - US Net 3.0%
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $2,516 2.1%
Intl Large Cap Value Total 2.0% $2,516 2.1%MSCI EAFE Value Net 1.5%
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.8% $2,205 1.4%
Emerging Markets Total 1.8% $2,205 1.4%MSCI EM (Emerging Markets) Net 0.6%
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 6.6% $8,097 0.8%
University of West Florida - Zimmers (NIM CRUT)
Manager Performance
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 104
![Page 127: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/127.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnFixed Income
Unconstrained Fixed IncomeUnconstrained Fixed Income Total 6.6% $8,097 0.8%
Bloomberg Barclays US Aggregate 3.1%
Core BondVirtus Seix Total Return Bond I (SAMFX) 54.3% $67,056 2.9%
Core Bond Total 54.3% $67,056 2.9%Bloomberg Barclays US Aggregate 3.1%
AlternativeAbsolute Return
Blackrock Systematic (BAMBX) 9.8% $12,088 2.5%
Absolute Return Total 9.8% $12,088 2.5%HFRX Global Hedge Fund Index 1.6%
GTAAEaton Vance Glbl Macr Abs Ret A (EAGMX) 0.0% $46 2.3%
GTAA Total 0.0% $46 2.3%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsShort Term Bond
Payden Ltd Maturity Fund (PYLMX) 6.6% $8,110 1.0%
Short Term Bond Total 6.6% $8,110 1.0%Bloomberg Barclays US Government / Credit 1 - 3Y 1.5%
Taxable Money MarketCash (CASH) 2.3% $2,835 -
Taxable Money Market Total 2.3% $2,835 -
University of West Florida - Zimmers (NIM CRUT)
Manager Performance
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 105
![Page 128: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/128.jpg)
Description Weight Ending Market Value Quarter to Date Net ReturnTotal 100.0% $123,602 2.7%
Allocation Weighted Benchmark 2.8%
University of West Florida - Zimmers (NIM CRUT)
Manager Performance
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 106
![Page 129: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/129.jpg)
Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceSecond Quarter 2019 2.7% $120,553 ($220) $3,268 $123,602 2.9%First Quarter 2019 4.7% $116,655 ($1,494) $5,392 $120,553 4.8%Fourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (2.3%)Third Quarter 2018 1.0% $119,469 ($219) $1,226 $120,476 1.0%Second Quarter 2018 0.4% $119,643 ($619) $444 $119,469 0.4%First Quarter 2018 (0.8%) $122,356 ($1,720) ($992) $119,643 (1.2%)Fourth Quarter 2017 1.3% $120,952 ($221) $1,624 $122,356 1.5%Third Quarter 2017 1.6% $119,280 ($219) $1,891 $120,952 1.8%Second Quarter 2017 1.9% $117,684 ($616) $2,212 $119,280 1.8%First Quarter 2017 2.4% $116,872 ($1,909) $2,721 $117,684 1.9%Fourth Quarter 2016 (0.6%) $117,811 ($217) ($722) $116,872 (1.2%)Third Quarter 2016 1.7% $116,476 ($616) $1,951 $117,811 1.6%
Historical Quarterly Performance Total ($8,288) $15,414
Historical Annual Performance for Last 3 Years2019 * 7.5% $116,655 ($1,714) $8,661 $123,602 * 7.8%2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (2.1%)2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.2%2016 4.4% $114,637 ($2,771) $5,007 $116,872 4.1%
Historical Annual Performance for Last3 Years Total
($10,227) $19,192
Inception to Date (Annualized)12/31/2009 - 06/30/2019 5.2% 5.0%
Inception to Date (Cumulative)12/31/2009 - 06/30/2019 61.8% 59.0%
* Partial period return
University of West Florida - Zimmers (NIM CRUT)
Historical Performance
University of West Florida - Zimmers As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 107
![Page 130: University of West Florida · 2019. 9. 18. · UWF Foundation, Inc. Board of Directors Meeting . Administration and Law Building 70, Room # 115 September 18, 2019 3:30 – 5:00 p.m.](https://reader036.fdocuments.net/reader036/viewer/2022071219/60544112e2736564255aa1a5/html5/thumbnails/130.jpg)
* Since data availability date of 1/1/10
Asset Category Current Market ValueCurrent
Allocation
StrategicTarget
AllocationPercent
VarianceDomestic Equities $8,285 19.1% 14.0% 5.1%International Equities $2,436 5.6% 6.0% (0.4%)Fixed Income $26,415 61.0% 65.0% (4.0%)Alternative $4,935 11.4% 10.0% 1.4%Cash & Equivalents $1,252 2.9% 5.0% (2.1%)Total $43,324 100.0% 100.0%
Asset Allocation
University of West Florida - Hugh Garnett As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 108
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Description WeightBeginning Market
Value Deposits/ Purchases OutflowsIncome/Change in
Market Value Ending Market ValueDomestic Equities
Schwab Small Cap Index 2.7% $1,153 $0 $0 $25 $1,178Schwab® S&P 500 Index 16.4% $6,814 $0 $0 $293 $7,107
Domestic Equities Total 19.1% $7,968 $0 $0 $317 $8,285
International EquitiesAmerican Beacon Intl Equity Inv 2.0% $863 $0 $0 $18 $881Artisan International Investor 2.5% $998 $0 $0 $82 $1,079Harding Loevner Emerging Markets Advisor 1.1% $469 $0 $0 $7 $476
International Equities Total 5.6% $2,330 $0 $0 $106 $2,436
Fixed IncomeJPMorgan Strategic Income Opps A 11.0% $4,754 $0 ($36) $36 $4,754Virtus Seix Total Return Bond I 50.0% $21,171 $0 ($115) $606 $21,661
Fixed Income Total 61.0% $25,925 $0 ($152) $642 $26,415
AlternativeEaton Vance Glbl Macr Abs Ret A 11.4% $4,826 $0 $0 $108 $4,935
Cash & EquivalentsCash 2.9% $1,177 $152 ($77) - $1,252
Total 100.0% $42,226 $0 ($77) $1,175 $43,324
University of West Florida - Hugh Garnett (NIM CRUT)From March 31, 2019 to June 30, 2019
Quarterly Cashflow
University of West Florida - Hugh Garnett As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 109
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Description Weight Ending Market Value Quarter to Date Net ReturnDomestic Equities
Large Cap CoreSchwab® S&P 500 Index (SWPPX) 16.4% $7,107 4.3%
Large Cap Core Total 16.4% $7,107 4.3%S&P 500 Composite 4.3%
Small Cap BroadSchwab Small Cap Index (SWSSX) 2.7% $1,178 2.1%
Small Cap Broad Total 2.7% $1,178 2.1%Russell 2000 2.1%
International EquitiesIntl Core Plus
Artisan International Investor (ARTIX) 2.5% $1,079 8.2%
Intl Core Plus Total 2.5% $1,079 8.2%MSCI All Country World Index X - US Net 3.0%
Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $881 2.1%
Intl Large Cap Value Total 2.0% $881 2.1%MSCI EAFE Value Net 1.5%
Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.1% $476 1.4%
Emerging Markets Total 1.1% $476 1.4%MSCI EM (Emerging Markets) Net 0.6%
Fixed IncomeUnconstrained Fixed Income
JPMorgan Strategic Income Opps A (JSOAX) 11.0% $4,754 0.8%
University of West Florida - Hugh Garnett (NIM CRUT)
Manager Performance
University of West Florida - Hugh Garnett As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 110
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Description Weight Ending Market Value Quarter to Date Net ReturnFixed Income
Unconstrained Fixed IncomeUnconstrained Fixed Income Total 11.0% $4,754 0.8%
Bloomberg Barclays US Aggregate 3.1%
Core BondVirtus Seix Total Return Bond I (SAMFX) 50.0% $21,661 2.9%
Core Bond Total 50.0% $21,661 2.9%Bloomberg Barclays US Aggregate 3.1%
AlternativeGTAA
Eaton Vance Glbl Macr Abs Ret A (EAGMX) 11.4% $4,935 2.2%
GTAA Total 11.4% $4,935 2.2%HFRX Global Hedge Fund Index 1.6%
Cash & EquivalentsTaxable Money Market
Cash (CASH) 2.9% $1,252 -
Taxable Money Market Total 2.9% $1,252 -
Total 100.0% $43,324 2.8%Allocation Weighted Benchmark 2.9%
University of West Florida - Hugh Garnett (NIM CRUT)
Manager Performance
University of West Florida - Hugh Garnett As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 111
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Benchmark:
Total ReturnBeginning Market
Value Net FlowChange in Market
Value Ending Market ValueBlended
BenchmarkHistorical Quarterly PerformanceSecond Quarter 2019 2.8% $42,226 ($77) $1,175 $43,324 2.9%First Quarter 2019 4.7% $40,597 ($263) $1,892 $42,226 4.8%Fourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (2.3%)Third Quarter 2018 1.0% $41,586 ($77) $429 $41,939 1.0%Second Quarter 2018 0.4% $41,907 ($477) $156 $41,586 0.4%First Quarter 2018 (0.8%) $42,598 ($343) ($348) $41,907 (1.2%)Fourth Quarter 2017 1.4% $42,106 ($77) $569 $42,598 1.5%Third Quarter 2017 1.6% $41,520 ($77) $662 $42,106 1.8%Second Quarter 2017 1.9% $41,221 ($476) $775 $41,520 1.8%First Quarter 2017 2.4% $40,677 ($409) $953 $41,221 1.9%Fourth Quarter 2016 (0.6%) $41,006 ($76) ($253) $40,677 (1.2%)Third Quarter 2016 1.7% $40,798 ($476) $683 $41,006 1.6%
Historical Quarterly Performance Total ($2,903) $5,428
Historical Annual Performance for Last 3 Years2019 * 7.6% $40,597 ($340) $3,067 $43,324 * 7.8%2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (2.1%)2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.2%2016 4.4% $39,895 ($972) $1,754 $40,677 4.9%
Historical Annual Performance for Last3 Years Total
($3,323) $6,751
Inception to Date (Annualized)12/31/2009 - 06/30/2019 5.4% 5.1%
Inception to Date (Cumulative)12/31/2009 - 06/30/2019 64.0% 60.4%
* Partial period return
University of West Florida - Hugh Garnett (NIM CRUT)
Historical Performance
University of West Florida - Hugh Garnett As of June 30, 2019
Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC
Cornerstone Advisors Asset Management, LLC is independently owned and operated.
Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 112
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cornerstone-companies.com
DisclosuresSecurities offered through M Holdings Securities, Inc., MEMBER FINRA/SIPC
Investment Advisory Services are offered through Cornerstone Advisors Asset Management, LLC, which is independently owned and operated.
Performance quoted is past performance and is no guarantee of future results.
Unless otherwise noted, data obtained from Callan Associates.
All indices are unmanaged and not available for direct investment.
Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC have exercised reasonable care in the preparation
of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all
information within, we disclaim all responsibility for any errors that may occur due to third party information and data.
The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except
as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this
information, data, analyses or opinions or their use. Please read the prospectus carefully before investing. It is not a replacement for any
account statement or transaction confirmation issued by the provider. Please compare this document to your custodial statement for accuracy,
as applicable.
All materials, including advertising, sales promotion, or demonstration materials which refer directly to the Russell Indexes shall expressly state
that Frank Russell Company is the owner of the Russell Marks in language consistent with and substantially similar to the following example:
Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a
trademark of Frank Russell Company.
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
University of West Florida Foundation:Private Markets AllocationQ2 2019
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EXECUTIVE SUMMARY
Portfolio Characteristics as of 3/31/2019
As of March 31, 2019
Fund Strategy VintageYear
CommitmentSize Called Capital Distributions to
Paid in CapitalRemaining
Value
Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,263 133.4% $943,377 $316,657StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 93.7% $936,775 97.3% $911,316 $635,233Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $956,781 191.7% $1,834,213 $42,067Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,083 59.6% $388,908 $712,420Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 89.9% $1,798,495 70.7% $1,271,797 $1,309,984Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 82.6% $826,397 44.9% $370,785 $571,479Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 50.7% $1,014,030 25.7% $260,273 $969,819Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 78.6% $1,571,388 6.3% $98,919 $1,849,997Golub Capital Partners 12 Private Credit 2018 $2,000,000 0.0% $0 0.0% $0 $0Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000 0.0% $0 0.0% $0 $0
$18,000,000 $8,463,212 $6,079,588 $6,407,656
Fund Capital Called During the Quarter
Distributions During the Quarter
Quarter-over-Quarter Change in Total Value Net IRR Net MOIC
Portfolio Advisors Private Equity Fund V $0 $36,283 -$2,310 10.8% 1.88X
StepStone Pioneer Capital III $0 $0 $6,277 14.0% 1.90X
Harbert US Real Estate Fund IV $0 $0 -$5,656 21.3% 1.95X
Portfolio Advisors Private Equity Fund VII $0 $21,672 -$3,423 14.7% 1.80X
Harbert US Real Estate Fund V $5,110 $44,420 $15,829 12.7% 1.44X
Portfolio Advisors Direct Credit Fund II $87,001 $21,354 $110,072 10.8% 1.19X
Portfolio Advisors Secondary Fund III $160,453 $66,748 $154,771 50.0% 1.23X
Harbert US Real Estate Fund VI $25,647 $60,652 $39,337 11.8% 1.24X
Golub Capital Partners 12 $0 $0 $0 N/A N/A
Portfolio Advisors Private Equity Fund X $0 $0 $0 N/A N/A
$278,212 $251,130 $314,897
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PROJECTED CAPITAL CALLS
Called Capital and Projected Capital Calls as of 3/31/2019All projected capital calls are estimates and subject to material change
Projected capital callsCapital called FY 2020 FY 2021
Investment Vintage Commitment % $ % $ % $
HarbertU.S. Real Estate IV 2009 $ 1,000,000 95.7% $ 956,781 0% $0 0% $0U.S. Real Estate V 2012 $ 2,000,000 89.9% $ 1,798,495 0% $0 0% $0U.S. Real Estate VI 2016 $ 2,000,000 78.6% $ 1,571,388 10% $200,000 5% $100,000
Portfolio AdvisorsPrivate Equity V 2007 $ 1,000,000 70.7% $ 707,263 0% $0 0% $0Private Equity VII 2011 $ 1,000,000 65.2% $ 652,083 0% $0 0% $0Direct Credit II 2015 $ 1,000,000 82.6% $ 826,397 10% $100,000 5% $50,000Secondary Fund III 2016 $ 2,000,000 50.7% $ 1,014,030 25% $500,000 15% $300,000Private Equity X 2019 $ 5,000,000 0.0% $ - 10% $500,000 10% $500,000
StepstonePioneer Capital III, LP 2009 $ 1,000,000 93.7% $ 936,775 0% $0.00 0% $0.00
GolubCapital Partners 12 2018 $ 2,000,000 0.0% $ - 30% $600,000.00 30% $600,000.00
SubTotal $ 18,000,000 47.0% $ 8,463,212 11% $1,900,000 9% $1,550,000
Projected DistributionsProjected Distributions FY 2020 FY 2021
Salary $3,100,000 $3,100,000UWF Operations $1,800,000 $1,800,000Scholarships $2,200,000 $2,200,000Other Operations $2,900,000 $2,900,000
SubTotal $10,000,000 $10,000,000
Projected Cash Contributions $4,000,000 $4,320,000
Total $7,900,000 $7,230,000
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Prepared by The Atlanta Consulting Group
Monthly Capital Markets Review - July 2019 ACG Atlanta Consulting Group
MTD YTD 1 Yr 3 Yr 5 Yr1.44 20.24 7.99 13.36 11.341.55 20.69 8.00 13.31 11.151.43 23.08 6.71 11.02 9.600.58 17.66 -4.42 10.36 8.531.49 20.48 7.05 13.11 10.962.15 23.94 7.74 17.86 14.65
MTD YTD 1 Yr 3 Yr 5 Yr0.22 6.35 8.08 2.17 3.05
-0.28 5.27 5.73 1.27 1.330.52 9.92 10.12 3.47 4.03
-0.11 5.03 7.53 1.21 2.490.56 10.56 6.92 6.77 5.100.81 5.94 7.31 2.80 3.77
-0.47 4.88 5.42 0.67 0.94
MTD YTD 1 Yr 3 Yr 5 Yr7.20 2.12
Russell Style Returns (%) - MTDValue Core Growth-1.21 12.23 -2.27
-1.27 12.58 -2.60 6.87 2.39 Large 0.83 1.55 2.26-1.22 9.24 -2.18 8.42 1.84 Mid 0.83 1.43 2.33
Small 0.16 0.58 0.98MTD YTD 1 Yr 3 Yr 5 Yr0.72 6.91 1.66 3.98 2.410.55 5.17 1.57 1.99 0.88
Russell Style Returns (%) - YTDValue Core Growth
0.35 14.91 7.15 2.89 4.86 Large 17.20 20.69 24.23-0.19 16.73 -3.47 -0.66 -6.57 Mid 19.00 23.08 29.03
Other Index Returns (%)HFRI Fund of Funds Composite IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Developed NR USDAlerian MLP TR USDBloomberg Commodity Index TR USD -0.67 4.35 -5.36 -0.68 -8.34 Small 13.65 17.66 21.54
Market Highlights
Fixed Income Returns (%)BBgBarc US Aggregate TRBBgBarc Global Aggregate TRBBgBarc US Credit TRBBgBarc US Govt TRBBgBarc US High Yield TRBBgBarc US Municipal TRFTSE WGBI
Index Returns (%)
S&P Sector Returns (%)
• In July, equity markets continued their positive run inthe US while international markets generated negative returns.
• In the US, the S&P 500 has eclipsed 20% year-to-datewith all sectors in positive territory for the year. During July, energy and healthcare were negative outliers. Materials and utilities also traded off, but at more muted levels.
• Growth continued to outperform value in the US. Year-to-date growth has outperformed value by 7-10% across market capitalizations.
• Internationally, equity markets traded off by more than1% in developed and emerging markets, however, performance year-to-date is still in excess of 10% for all major indices except for emerging markets which has returned 9.24% year-to-date.
• Domestic fixed income generated positive returns,buoyed by the Federal Reserve cutting the target federal funds rate. Global bonds traded down during the month. All major bond indices have positive performance thus far this year.
• Alternative asset class indices generated positivereturns with the exception of MLPs and commodities which were weighed down by negative moves in energy in July.
Equity Returns (%)S&P 500Russell 1000Russell MidCapRussell 2000Russell 3000NASDAQ Composite TR
Source(s): Morningstar, MSCI
International Equity Returns (%)MSCI ACWI ex USAMSCI EAFEMSCI Emerging Markets
‐20 0 20 40
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Communication Services
Utilities
MTD YTD
1.44
1.43
0.58
‐1.2
7
‐1.2
2
0.22
‐0.2
8
20.2
4
23.0
8
17.6
6
12.5
8
9.24
6.35
5.27
11.3
4
9.6
8.53
2.39
1.84
3.05
1.33
‐505
10152025
S&P 500 Russell MidCap Russell 2000 MSCI EAFE MSCI EmergingMarkets
BBgBarc USAggregate TR
BBgBarc GlobalAggregate TR
MTD
YTD
5 Years
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Prepared by The Atlanta Consulting Group
Market Index Review - July 2019 ACG Atlanta Consulting Group
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years1.44 1.44 20.24 7.99 13.36 11.34 14.03 -1.22 -1.22 9.24 -2.18 8.42 1.84 4.561.12 1.12 16.69 8.22 16.11 12.87 14.19 -1.94 -1.94 14.75 7.30 1.87 5.832.15 2.15 23.94 7.74 17.86 14.65 16.55 -0.16 -0.16 10.99 7.00 3.90 6.20
-1.27 -1.27 12.58 -2.60 6.87 2.39 5.84 -1.21 -1.21 12.23 7.20 2.12 5.420.58 0.58 17.66 -4.42 10.36 8.53 12.47 -0.71 -0.71 11.75
-2.29-1.24-2.27-7.61 6.67 4.75 8.79
Market IndicesS&P 500Dow Jones Industrial AverageNASDAQ Composite TRMSCI EAFERussell 2000Dow Jones U.S. Total Stock Market 1.47 1.47 20.44 6.90 13.07 10.90 13.99
International IndicesMSCI Emerging MarketsMSCI EuropeMSCI PacificMSCI ACWI ex USAMSCI EAFE Small CapMSCI Frontier Markets 2.51 2.51 14.69 3.75 8.80 -0.61 4.86
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years1.55 1.55 20.69 8.00 13.31 11.15 14.10 0.20 0.20 1.42 2.33 1.42 0.88 0.482.26 2.26 24.23 10.82 17.13 14.25 15.74 0.81 0.81 5.94 7.31 2.80 3.77 4.630.83 0.83 17.20 5.20 9.44 8.01 12.40 0.22 0.22 6.35 8.08 2.17 3.05 3.751.43 1.43 23.08 6.71 11.02 9.60 14.35 0.15 0.15 7.06 8.60 2.19 3.16 3.922.33 2.33 29.03 14.15 15.51 12.30 15.41 -0.03 -0.03 4.93 6.87 1.88 2.43 3.090.83 0.83 19.00 1.78 7.75 7.53 13.59 0.56 0.56 10.56 6.92 6.77 5.10 8.660.98 0.98 21.54 -1.22 12.66 10.21 13.67 -0.28 -0.28 5.27 5.73 1.27 1.33 2.63
Russell IndicesRussell 1000Russell 1000 GrowthRussell 1000 ValueRussell MidCapRussell MidCap GrowthRussell MidCap ValueRussell 2000 GrowthRussell 2000 Value 0.16 0.16 13.65 -7.71 7.96 6.74 11.19
Bond IndicesFTSE T-Bill 3 MonthsBBgBarc US Municipal TRBBgBarc US Aggregate TRBBgBarc US Govt/Credit TRBBgBarc US Govt/Credit Int TRBBgBarc US Corporate High Yield TRBBgBarc Global Aggregate TRFTSE WGBI -0.47 -0.47 4.88 5.42 0.67 0.94 1.98
MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years-0.37 -0.37 16.83 -0.14 8.44 5.77 9.97 0.76 0.76 6.88 2.34 3.89 2.44 3.200.96 0.96 23.00 9.22 15.39 14.49 18.75 0.38 0.38 5.06 2.34 3.61 2.23 3.032.50 2.50 19.08 14.64 5.96 9.65 12.42 0.75 0.75 8.33 0.45 4.55 2.47 3.37
-1.78 -1.78 11.11 -15.99 0.25 -5.24 4.37 0.55 0.55 5.17 1.57 1.99 0.88 2.172.45 2.45 20.12 3.46 16.01 11.44 12.41 0.15 0.15 15.58 8.26 4.74 5.89 9.99
-1.59 -1.59 6.35 4.29 8.47 10.74 14.94 -0.19 -0.19 16.73 -3.47 -0.66 -6.57 6.930.67 0.67 22.19 3.58 11.46 10.34 14.65
Other IndicesHFRI FOF: Diversified IndexHFRI FOF: Conservative IndexHFRI FOF: Strategic IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Global TR USDAlerian MLP TR USDBloomberg Commodity Index TR USD -0.67 -0.67 4.35 -5.36 -0.68 -8.34 -4.11
3.33 3.33 31.36 15.72 24.40 18.97 17.921.74 1.74 22.52 17.57 -- -- --3.37 3.37 23.10 14.82 1.35 5.28 9.67
Sector IndicesS&P 500 MaterialsS&P 500 Consumer DiscretionaryS&P 500 Consumer StaplesS&P 500 EnergyS&P 500 FinancialsS&P 500 Health CareS&P 500 IndustrialsS&P 500 Information TechnologyS&P 500 Real EstateS&P 500 Communication ServicesS&P 500 Utilities -0.28 -0.28 14.38 16.53 8.20 11.49 11.72
Returns include dividends; 3-year, 5-year, and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results.
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CurrentBalance
CurrentAllocation Policy Policy Range Difference Within IPS
Range?_
US Stock Large $21,823,512 23.43% 22.50% 20.00% - 30.00% 0.93% YesEagle Capital Management $10,778,421 11.57%Vanguard 500 Index Admiral $11,045,091 11.86%
US Stock Small $10,162,825 10.91% 10.00% 7.50% - 15.00% 0.91% YesConestoga Small Cap Investors $5,310,762 5.70%Fuller & Thaler Behav Sm-Cp Eq Inst $4,852,063 5.21%
International $13,261,471 14.24% 15.00% 10.00% - 20.00% -0.76% YesDodge & Cox International Stock $6,277,597 6.74%WCM Focused International Growth Instl $6,983,874 7.50%
International Small Stocks $6,027,963 6.47% 7.50% 2.50% - 10.00% -1.03% YesT. Rowe Price International Discovery $6,027,963 6.47%
International Emerging Stocks $5,390,927 5.79% 5.00% 2.50% - 7.50% 0.79% YesDFA Emerging Markets Core Equity I $5,390,927 5.79%
Fixed $11,409,829 12.25% 15.00% 10.00% - 25.00% -2.75% YesBarrow Hanley $5,693,586 6.11%Templeton Global Bond Fund $2,818,761 3.03%Chartwell Short Duration High Yield $2,897,482 3.11%
MLP $4,341,361 4.66% 0.00% 0.00% - 10.00% 4.66% YesTortoise MLP & Pipeline Instl $4,341,361 4.66%
Fund of Funds $9,012,807 9.68% 5.00% 0.00% - 10.00% 4.68% YesIronwood International Ltd. $9,012,807 9.68%
Real Estate $3,169,010 3.40% 7.50% 0.00% - 15.00% -4.10% YesHarbert US RE Fund IV LP $41,637 0.04%Harbert US RE Fund V LP $1,089,846 1.17%Harbert US RE Fund VI LP $2,037,527 2.19%
Private Equity $2,550,087 2.74% 7.50% 0.00% - 10.00% -4.76% YesPortfolio Advisors PE Offshore V $295,227 0.32%Portfolio Advisors PE VII $649,808 0.70%Portfolio Advisors Secondary Fund III, L.P. $969,819 1.04%StepStone Pioneer Capital III, L.P. $635,233 0.68%
Private Debt $650,866 0.70% 5.00% 0.00% - 10.00% -4.30% YesPortfolio Advisors Direct Credit II $650,866 0.70%
Cash/Short Term Fixed Income $5,325,537 5.72% 0.00% 0.00% - 10.00% 5.72% YesPIMCO Short-Term Instl $5,288,706 5.68%Cash $36,831 0.04%
Total $93,126,194 100.00% 100.00%XXXXX
University of West Florida
FoundationAs of July 31, 2019
Prepared by The Atlanta Consulting Group119
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Foundation 93,126,194 100.00 -0.04 -0.04 12.65 2.50 6.17 8.38 5.65 8.00 5.10 Mar-99Balanced Index 0.17 0.17 11.88 1.86 5.18 7.19 5.09 7.62 4.93 Mar-99CPI+4% 0.33 0.33 4.31 5.70 6.38 6.18 5.51 5.81 6.27 Mar-99US Stock Large 21,823,512 23.43
Eagle Capital Management 10,778,421 11.57 0.79 0.79 22.11 7.23 12.23 15.32 11.70 -- 14.02 Oct-12S&P 500 1.44 1.44 20.24 7.99 12.04 13.36 11.34 14.03 13.51 Oct-12
Vanguard 500 Index Admiral 11,045,091 11.86 1.43 1.43 20.23 7.95 12.00 13.32 11.30 -- 13.51 Sep-12S&P 500 1.44 1.44 20.24 7.99 12.04 13.36 11.34 14.03 13.54 Sep-12
US Stock Small 10,162,825 10.91 Conestoga Small Cap Investors 5,310,762 5.70 0.72 0.72 24.29 7.12 18.02 20.88 15.85 -- 12.75 Apr-14
Russell 2000 0.58 0.58 17.66 -4.42 6.53 10.36 8.53 12.47 6.86 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,852,063 5.21 1.60 1.60 18.87 -2.53 -- -- -- -- 3.00 Mar-18
Russell 2000 0.58 0.58 17.66 -4.42 6.53 10.36 8.53 12.47 0.91 Mar-18International 13,261,471 14.24
Dodge & Cox International Stock Caution 4Q17 6,277,597 6.74 -2.78 -2.78 9.73 -7.53 -3.40 6.01 0.05 5.96 1.83 Dec-07MSCI ACWI ex USA -1.21 -1.21 12.23 -2.27 1.75 7.20 2.12 5.42 1.26 Dec-07
WCM Focused International Growth Instl 6,983,874 7.50 -0.17 -0.17 -- -- -- -- -- -- 12.80 Mar-19MSCI ACWI ex USA -1.21 -1.21 12.23 -2.27 1.75 7.20 2.12 5.42 3.09 Mar-19
International Small Stocks 6,027,963 6.47 T. Rowe Price International Discovery 6,027,963 6.47 -1.09 -1.09 14.01 -7.78 2.43 -- -- -- 8.87 Sep-16
MSCI ACWI ex US Small Cap -0.67 -0.67 10.86 -7.22 -0.11 5.59 3.03 7.47 5.93 Sep-16International Emerging Stocks 5,390,927 5.79
DFA Emerging Markets Core Equity I Caution 3Q17 5,390,927 5.79 -2.63 -2.63 6.66 -4.39 -0.57 6.24 1.40 -- 4.35 Dec-11MSCI Emerging Markets -1.22 -1.22 9.24 -2.18 1.04 8.42 1.84 4.56 4.35 Dec-11
Fixed 11,409,829 12.25 0.53 0.53 5.64 6.09 3.13 -- -- -- 3.03 Apr-17BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 3.65 Apr-17Barrow Hanley 5,693,586 6.11 0.18 0.18 6.43 7.72 3.32 2.26 3.00 3.79 4.13 Apr-03
BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 4.07 Apr-03Templeton Global Bond Fund 2,818,761 3.03 1.50 1.50 4.30 3.74 2.76 -- -- -- 1.92 Apr-17
FTSE WGBI TR -0.47 -0.47 4.88 5.42 2.49 0.67 0.94 1.98 3.75 Apr-17Chartwell Short Duration High Yield 2,897,482 3.11 0.30 0.30 5.43 5.26 3.10 -- -- -- 3.19 May-17
ICE BofAML US Corp and High Yield 1-3 Yr 0.15 0.15 3.87 4.90 2.90 2.80 2.50 3.49 3.03 May-17
University of West Florida
FoundationAs of July 31, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group120
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Manager Status Market Value($)
% ofPortfolio
1 Mo(%)
QTD(%)
YTD(%)
1 Yr(%)
2 Yrs(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
MLP 4,341,361 4.66 Tortoise MLP & Pipeline Instl 4,341,361 4.66 -2.53 -2.53 17.69 -4.44 -0.73 3.19 -3.21 -- -1.13 Apr-14
Alerian MLP TR USD -0.19 -0.19 16.73 -3.47 -1.55 -0.66 -6.57 6.93 -4.90 Apr-14Fund of Funds 9,012,807 9.68
Ironwood International Ltd. 9,012,807 9.68 0.34 0.34 5.16 3.32 4.93 5.71 3.86 6.33 4.40 Mar-05HFRI FOF: Conservative Index 0.10 0.10 4.74 2.02 2.92 3.50 2.16 3.00 2.35 Mar-05
Real Estate 3,169,010 3.40 Harbert US RE Fund IV LP 41,637 0.04 0.00 0.00 -12.75 6.21 11.75 12.71 21.85 20.77 18.53 Dec-08
FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 13.80 Dec-08Harbert US RE Fund V LP 1,089,846 1.17 0.00 0.00 3.72 6.76 9.36 10.96 14.34 -- 12.52 Nov-13
FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 9.75 Nov-13Harbert US RE Fund VI LP 2,037,527 2.19 0.00 0.00 2.85 12.30 -- -- -- -- 11.68 Nov-17
FTSE NAREIT All Equity REIT 1.54 1.54 21.11 13.65 8.85 4.99 9.12 15.02 10.19 Nov-17Private Equity 2,550,087 2.74
Portfolio Advisors PE Offshore V 295,227 0.32 0.00 0.00 -0.72 10.17 12.69 11.98 9.04 10.77 7.90 Dec-08Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 12.95 Dec-08
Portfolio Advisors PE VII 649,808 0.70 0.00 0.00 -1.80 13.17 17.28 14.95 11.52 -- 12.29 Apr-13Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 11.46 Apr-13
Portfolio Advisors Secondary Fund III, L.P. 969,819 1.04 0.00 0.00 -0.57 12.85 -- -- -- -- 29.35 Aug-17Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 9.10 Aug-17
StepStone Pioneer Capital III, L.P. 635,233 0.68 0.00 0.00 1.00 1.44 10.34 7.91 9.05 -- 14.98 Dec-09Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 0.81 9.10 11.65 9.56 13.42 13.53 Dec-09
Private Debt 650,866 0.70 Portfolio Advisors Direct Credit II 650,866 0.70 0.00 0.00 3.85 21.50 15.83 -- -- -- 13.03 Oct-16
BBgBarc US Aggregate TR 0.22 0.22 6.35 8.08 3.55 2.17 3.05 3.75 2.75 Oct-16Cash/Short Term Fixed Income 5,325,537 5.72
PIMCO Short-Term Instl 5,288,706 5.68 0.52 0.52 2.10 2.26 2.33 2.55 -- -- 2.58 Jan-16FTSE T-Bill 3 Months TR 0.20 0.20 1.42 2.33 1.87 1.42 0.88 0.48 1.25 Jan-16
Cash 36,831 0.04 XXXXX
- Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TRUSD / HFRI FOF: Conservative Index / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR- CPI+4% = Consumer Price Index+0.00327 100- Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index
University of West Florida
FoundationAs of July 31, 2019 Fiscal Year End: June
Prepared by The Atlanta Consulting Group121
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DISCLOSURE
Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.
The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.
Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has not independently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.
We urge you to take a moment to compare the account balances contained in this report to those balances reflected on the statements that you receive directly from your account’s custodian. Please contact us or the account custodian with any questions you may have. Also, please notify us promptly if you do not receive statements on all accounts from the custodian on at least a quarterly basis.
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Introduction March 9, 2009 marked the equity market bottom during the global financial crisis. Since that day, the S&P 500 has returned a cumulative 438% through April 30, 2019 resulting in an annualized return of 18%, outperforming all major equity and fixed income indices over that time period. The S&P 500 has been closely followed by the Russell 2000, an index of US small cap equities, with a cumulative return of 432%. Based on the chart below, investors not invested exclusively in US equities since the financial crisis may be wondering why they should invest in anything else.
Cumulative Returns March 10, 2009 – April 30, 2019
For institutional investors, the ultimate goal of investing is not to “swing for the fences” and get as much return as possible, ignoring risk. Rather, the ultimate goal is to meet the annual spending needs of the organization by taking a prudent amount of risk.
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S&P 500 Russell 2000 MSCI EAFE BbgBarc US Agg FTSE WGBI
ACG Insights: Diversification
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Allowing recent history to determine future asset allocations ignores risk. The S&P 500 had a drawdown of 51% during the global financial crisis after which it took 37 months to recover. While some individual investors may be able to tolerate this type of downside risk by extending their time working if their retirement nest eggs decline, institutions may not have the same luxury as their annual expenses are not determined by market swings and they may not have other options for cash flow. A 51% drawdown for some institutions may put the viability of the entire organization in jeopardy. Optimal investment portfolios should be structured such that they can withstand a market cycle, mitigate risk and drawdowns, and provide a stable return over time. What is diversification? “Diversification is the practice of spreading your investments around so that your exposure to any one type of asset is limited.”1 In investing, the old adage “don’t put your eggs all in one basket” never rings more true than in a market downturn. Harry Markowitz, an American economist, won the Nobel Memorial Prize in Economic Sciences in 1990. He shared the award with Merton Miller and William Sharpe that year for their pioneering work in the theory of financial economics. Markowitz’s work was published in an article titled “Portfolio Selection,” which appeared in the Journal of Finance in 1952. In 1959, he published a book entitled Portfolio Selection: Efficient Diversification. Markowitz’s mean-variance optimization, when applied to a multi-asset class portfolio, takes into account the expected return of each asset class, the standard deviation of each asset class, and the correlation between each asset class. The output of this analysis results in an efficient frontier, a set of portfolios with a maximum expected return per given level of risk. Markowitz’s research stated simply: a diversified portfolio is less volatile than the sum of its parts. “Diworsification” Adding line items to a portfolio is not the same as diversifying the portfolio. New investments in a portfolio should provide correlation benefits when added to the existing portfolio. Additionally, too many investments with high correlations to one another may erode any potential alpha from asset allocation and security selection. The table below is a correlation matrix showing the five asset classes included in the Diversified Global Portfolio. Based on the correlations, the bond indices have the most diversifying impact when added to a portfolio of US large cap equities. However, there is a return trade-off in adding bonds to the portfolio - bonds have a lower expected return. As such, those investments should be sized to reflect the risk and return characteristics required of the portfolio. Adding diversifying equities can maintain the return potential but will have less of a dampening impact on volatility and drawdown as their correlations to the S&P 500 are higher. As Markowitz’s
1 Source: Fidelity, “Why diversification matters”
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research would suggest, there is a balancing act to achieve the optimal portfolio that has the highest expected returns per given level of risk.
Correlation Matrix2
The importance of long-term asset allocation The future is impossible to predict with any level of certainty. Where will the S&P 500 end the year? How long will growth continue to outperform value? Will domestic or international stocks outperform this year? Because investors cannot accurately answer any of those questions, having a diversified strategic asset allocation is paramount to limiting significant swings in portfolio performance. Diversification takes discipline. Determining a long-term strategic asset allocation and sticking with it may be difficult when markets are booming. During market rallies, many investors feel like they are leaving money on the table by not piling into the highest risk investments. However, this disciplined approach can pay off when those same investments experience substantial losses. As demonstrated in the table below, a diversified portfolio may give up some upside returns in bull markets. Since the bottom of the US equity market on March 9, 2019, a portfolio of only the S&P 500 has had an annualized return of 18.05% compared to 11.18% for a hypothetical Diversified Global Portfolio of equities and fixed income. However, when looking across multiple market cycles since January 1990, the differential in annualized performance narrows. Further, the Diversified Global Portfolio has significantly less volatility than the S&P 500 resulting in a higher Sharpe ratio (risk-adjusted measure of return). The most recent decade is a historical anomaly as the length of this current equity bull market is unprecedented. If we were to look at other time periods, excluding the recent 10-year bull market, the returns of the two portfolios would look even more similar, but the diversification impact on volatility of the Diversified Global Portfolio would also prove more evident.
2 January 1, 1990 – April 30, 2019, Source: Morningstar Direct
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Portfolios3 US Large Cap Equities
Diversified Global Portfolio
100% US Large Cap Equities 35% US Large Cap Equities
10% US Small Cap Equities 15% International Equities 25% US Core Bonds 15% Global Bonds
Post-crisis Annualized Return4 18.05% 11.18%
January 1, 1990 – April 30, 2019 Annualized Return 9.80% 7.71% Annualized Volatility 14.24% 9.00% Sharpe Ratio 0.47 0.52
Despite the potential impact on the upside, diversified portfolios can have less severe drawdowns that are shorter in duration. The following chart shows the drawdown periods of both the S&P 500 and the hypothetical Diversified Global Portfolio since 1990. The Global Diversified Portfolio exhibits more resilience during times of market stress. During the dot com bubble in the early 2000s, the S&P 500 had a peak-to-trough drawdown of 45% and it took 49 months for the index to fully recover. In comparison, the Global Diversified Portfolio hypothetically had a peak-to-trough drawdown of less than half that of the S&P 500, 21%, with only 15 months to full recovery. Similarly, during the 2008 global financial crisis, the S&P 500 had losses in excess of 50% whereas the hypothetical Global Portfolio lost just over 30% and recovered more quickly. Most recently, the S&P 500 had a drawdown of 14% during the fourth quarter of 2018 compared to the Global Diversified Portfolio which had a hypothetical loss of 8% during that time period.
3 The following indices were used to represent the respective asset classes: US Large Cap Equities: S&P 500 TR USD Index, US Small Cap Equities: Russell 2000 TR USD Index, International Equities: MSCI EAFE NR USD Index, US Core Bonds: Bloomberg Barclays US Aggregate Bond Index, Global Bonds: FTSE World Government Bond Index USD; Portfolios were rebalanced monthly 4 March 10, 2009 – April 30, 2019
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Conclusion An important part of Atlanta Consulting Group’s process is to help clients determine the optimal asset allocation for their portfolio. We take a customized approach to working with clients whereby we consider each client’s individual objectives, risk tolerance, and restrictions when recommending an asset allocation. We view ourselves as behavioral coaches. We encourage clients to maintain long-term views and demonstrate why adopting a long-term strategic asset allocation, is the most efficient approach to investing. We would welcome the opportunity to discuss asset allocation and our overall consulting process with you further.
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US Large Cap Equities Diversified Global Portfolio
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June 2019
309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
Disclosure Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment. The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters. Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.
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309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com
Performance During Recessionary PeriodsJuly 2019
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HISTORICAL RECESSIONARY PERIODS
Sources: National Bureau of Economic Research, Atlanta Consulting Group
• “A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” (Source: NBER)
• The United States has experienced 11 recessions since 1945
• The peak-to-trough average duration of the last 11 recessions is 11.1 months
• The most recent recession began in December 2007 and ended in June 2009, a length of 18 months and the longest recession since World War II
• It’s important to note that a recession is determined based on economic factors, not stock market performance
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CUMULATIVE GDP GROWTH
Sources: Capital Group, National Bureau of Economic Research, Thomson Reuters
• Recessions are painful, but expansions have been powerful• Over the last 65 years, the U.S. has been in an official recession less than 15% of all months• The average expansion increased economic output by 24%, whereas the average recession
reduced GDP by less than 2% • Equity returns can even be positive over the full length of a contraction, since some of the
strongest stock rallies have occurred during the late stages of a recession.
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MARKET RETURNS VS. INDUSTRIAL PRODUCTION
Sources: Capital Group, Federal Reserve Board, Haver Analytics, National Bureau of Economic Research, Standard & Poor’sData reflects the average of all cycles from 1950 to present, indexed to 100 at each cycle
• Equities typically peak months before a recession, but can bounce back quickly• Some of the strongest equity returns can occur during the late stages of an economic cycle or
immediately after a market bottom
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S&P 500 RETURNS AROUND RECESSIONARY PERIODS
Source: A Wealth of Common Sense, Atlanta Consulting Group
• On average for the last 9 recessions, the S&P 500 returned 15.3% in the year following a recession and 78.7% cumulative in the five years after a recession
• Only one time since 1957 did the S&P 500 have negative returns in the year following a recession
• It’s important for long-term investors to stay invested during recessionary periods, as the market tends to generate strong returns in the subsequent time periods
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S&P 500 DRAWDOWNS AND RECESSIONARY PERIODS
Source: Morningstar Direct, Atlanta Consulting Group
• While recessions often coincide with market drawdowns, market drawdowns can happen without a recession (e.g. December 1987 and August 1998)
• Does the market sell-off in late 2018 indicate a looming recession?
Aug-82-13.4%
Dec-87-22.5%
Oct-90-14.7%
Aug-98-15.4%
Sep-02-44.7%
Feb-09-50.9%
Dec-18-13.5%
-60%
-50%
-40%
-30%
-20%
-10%
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Recessionary Periods S&P 500 Drawdowns
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ECONOMIC INDICATORS OF A RECESSION
Source: Capital Group, Federal Reserve Bank of New York
• The likelihood of a recession in 2019 is rising, but remains low• Although some imbalances are developing, they don’t seem extreme enough to derail
economic growth in the near term• According to the NY Fed model for predicting a recession in the next twelve months, the
probability of a recession in 2019 increased to ~20% as of December 31, 2018• In every previous recession since 1962, a 30% probability threshold has been reached prior to
the recession
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The University of West Florida Foundation, Inc.Earnings vs Expenses Obligated
As of June 30, 2019
Investment Earnings 9/30/2018 12/31/18 03/31/19 06/30/19 To DateInterest Income 21,441.96$ 24,148.23$ 25,202.23$ 36,248.22$ 107,040.64$ Dividend Income 233,603.47 649,101.02 204,724.36 306,160.21 1,393,589.06 Realized Gain/Loss 3,176,980.43 1,648,431.68 393,777.35 283,263.34 5,502,452.80 Unrealized Gain/Loss (1,147,538.25) (11,180,414.91) 6,694,011.24 2,311,463.46 (3,322,478.46) Rental Income - -
Other Charges & Fees (1,341.57) (934.00) (175.00) (23,026.27) (25,476.84) Investment Fees (36,726.23) (35,137.81) (30,665.57) (40,443.44) (142,973.05) Consultant Fees (22,869.66) (23,194.07) (20,846.90) (22,719.70) (89,630.33)
Total 2,223,550.15$ (8,917,999.86)$ 7,266,027.71$ 2,850,945.82$ 3,422,523.82$
Expenses Obligated
Spending Rate @ 4.00%FY 18/19
Spending Rate @ 4.00%
FY 17/18
Spending Rate @ 4.00%
FY 16/17
Spending Rate @ 4.00%
FY 15/16
Spending Rate @ 4.00%
FY 14/15Investment Earnings $ 3,422,523.82 $ 6,829,701.07 $ 10,473,662.14 $ (2,061,514.57) $ 1,869,144.65
Dept. Allocated Spending 2,606,226.38 2,451,182.84 2,218,141.35 2,169,804.07 2,061,362.98 Operating Budget 1,366,719.00 1,333,148.00 1,298,107.00 1,249,987.00 1,195,873.00 Non-Endowed Budget 591,000.00 511,000.00 473,000.00 429,000.00 393,000.00
Total Committed Expenses 4,563,945.38 4,295,330.84 3,989,248.35 3,848,791.07 3,650,235.98
Income Versus Expenses (1,141,421.56)$ 2,534,370.23$ 6,484,413.79$ (5,910,305.64)$ (1,781,091.33)$
X:\FOUNDATION -Board Stuff\FDN - Investment Committee\FY 2020 Invest Minutes and Agendas\08.29.19\Earnings vs Expenses 6.30.19
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Other UWF Foundation Assets
Charitable Gift Annuity
Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization'spromise to make fixed annual payments to you for life. Annuity payments can begin immediately or can bedeferred to some future date.
6/30/2019
Cornerstone 3,013,590.58$
Annuitant 1 -$
Annuitant 2 14,216.87$
Annuitant 3 2,920,680.14$
Annuitant 4 78,693.57$
6/30/2019
Commitment AgeAnnuitant 1 -$ Deceased
Annuitant 2 8,579.60$ ** 89 @ 06.30.19
Annuitant 3 2,123,810.50$ ** 93 @ 06.30.19
Annuitant 4 57,112.68$ ** 77 @ 06.30.19
**6.30.19 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone fiscal year end.
InsuranceInsurance Commitments as of 6/30/2019 ***
Face Value Cash Value Interest Credit Cost Per Year
Insurant 1 100,000$ 47,524.74$ 2,344.83$ 870.80$
Insurant 3 175,000$ 14,513.61$ 14,513.61$ 20,000.00$
Insurant 4 100,000$ 15,637.50$ 290.17$ 962.14$
Insurant 5 1,000,000$ 228,299.57$ 6,887.70$ 65,000.00$
***Numbers represent 6.30.19 balances as information is only supplied at year end from insurance companies.
Current Assets held by the UWF Foundation as of
Annuity Commitments as of
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Audit Budget Committee
Reports
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University of West Florida FoundationIncome Statement
Housing Budget to Actual for the UWF Foundation Board
Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 Notes
Revenues 97-42113 INTEREST INCOME - HOUSING $8,712.94 $3,600.00 $5,112.94 142.03% $34,253.88 $14,500.00 $19,753.88 136.23% $14,500.00 97-42114 INTEREST INCOME - SPIA $70,755.16 $48,840.00 $21,915.16 44.87% $156,990.37 $132,000.00 $24,990.37 18.93% $132,000.00 97-43012 RENTAL INCOME - HOUSING $900,560.91 $579,362.32 $321,198.59 55.44% $8,526,791.34 $9,268,907.27 ($742,115.93) (8.01%) $9,268,907.27 1 97-44000 CONCESSIONS REVENUE $20,246.35 $12,553.84 $7,692.51 61.28% $62,463.90 $45,000.00 $17,463.90 38.81% $45,000.00 97-45000 OTHER INCOME - HOUSING $47,336.11 $52,082.40 ($4,746.29) (9.11%) $199,797.84 $200,000.00 ($202.16) (0.10%) $200,000.00Total Revenues $1,047,611.47 $696,438.56 $351,172.91 50.42% $8,980,297.33 $9,660,407.27 ($680,109.94) (7.04%) $9,660,407.27
Expenses 97-51010 SALARIES - FACULTY & STAFF $238,891.71 $304,868.63 $65,976.92 21.64% $806,923.60 $1,020,979.29 $214,055.69 20.97% $1,020,979.29 97-51137 OPS - STAFF $673,087.50 $779,547.44 $106,459.94 13.66% $1,082,942.89 $1,292,519.99 $209,577.10 16.21% $1,292,519.99 97-52110 TRAVEL $2,635.14 $2,330.00 ($305.14) (13.10%) $8,759.35 $23,690.00 $14,930.65 63.03% $23,690.00 97-53150 CONCESSION EXP - HOUSING $11,376.53 $17,226.89 $5,850.36 33.96% $47,696.64 $67,618.00 $19,921.36 29.46% $67,618.00 97-54100 PROFESSIONAL DEVELOPMENT $0.00 $1,000.00 $1,000.00 100.00% $6,972.98 $6,750.00 ($222.98) (3.30%) $6,750.00 97-54110 MEMBERSHIPS & DUES $0.00 $0.00 $0.00 0.00% $340.00 $1,800.00 $1,460.00 81.11% $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $0.00 $0.00 0.00% $0.00 $3,000.00 $3,000.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $125.94 $0.00 ($125.94) 0.00% $482.33 $2,150.00 $1,667.67 77.57% $2,150.00 97-70100 OFFICE EXPENSES - COPYING $494.48 $779.98 $285.50 36.60% $2,467.00 $4,000.00 $1,533.00 38.33% $4,000.00 97-70110 OFFICE EXPENSES - POSTAGE $35.92 $500.00 $464.08 92.82% $141.25 $1,500.00 $1,358.75 90.58% $1,500.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $271.01 $500.00 $228.99 45.80% $2,749.78 $3,000.00 $250.22 8.34% $3,000.00 97-70130 OFFICE EXPENSES - MKTG COMM $2,870.75 $6,000.00 $3,129.25 52.15% $8,011.85 $30,000.00 $21,988.15 73.29% $30,000.00 97-70140 OFFICE SUPPLIES $1,983.05 $1,376.67 ($606.38) (44.05%) $5,176.61 $6,000.00 $823.39 13.72% $6,000.00 97-70200 COMPUTER SUPPLIES $364.52 $0.00 ($364.52) 0.00% $364.52 $420.00 $55.48 13.21% $420.00 97-70220 COMPUTER - SOFTWARE SUPPORT $10,707.31 $13,247.95 $2,540.64 19.18% $78,732.94 $83,500.00 $4,767.06 5.71% $83,500.00 97-70300 TELEPHONE $2,601.63 $2,450.00 ($151.63) (6.19%) $10,496.14 $13,000.00 $2,503.86 19.26% $13,000.00 97-71100 EQUIPMENT - GENERAL $1,018.88 $200.00 ($818.88) (409.44%) $1,196.27 $2,500.00 $1,303.73 52.15% $2,500.00 97-71200 EQUIPMENT - COMPUTER $0.00 $1,000.00 $1,000.00 100.00% $4,117.35 $8,000.00 $3,882.65 48.53% $8,000.00 97-72110 CLEANING SUPPLIES $8,608.08 $6,121.82 ($2,486.26) (40.61%) $27,543.22 $20,000.00 ($7,543.22) (37.72%) $20,000.00 2 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $23,036.19 $4,700.00 ($18,336.19) (390.13%) $35,173.27 $20,000.00 ($15,173.27) (75.87%) $20,000.00 3 97-72210 HSG REPAIR & MAINT.- TOOLS $7.96 $0.00 ($7.96) 0.00% $1,000.22 $2,000.00 $999.78 49.99% $2,000.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $0.00 $500.00 $500.00 100.00% $776.02 $3,600.00 $2,823.98 78.44% $3,600.00 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $749.59 $2,198.52 $1,448.93 65.90% $2,033.54 $15,000.00 $12,966.46 86.44% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $2,805.00 $0.00 ($2,805.00) 0.00% $3,903.97 $1,200.00 ($2,703.97) (225.33%) $1,200.00 3 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $3,302.50 $200.00 ($3,102.50) (1551.25%) $4,361.06 $1,000.00 ($3,361.06) (336.11%) $1,000.00 3 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $10,097.09 $3,663.33 ($6,433.76) (175.63%) $17,762.01 $13,000.00 ($4,762.01) (36.63%) $13,000.00 3 97-72240 HSG REPAIR & MAINT. - ELEVATORS $625.00 $0.00 ($625.00) 0.00% $625.00 $1,000.00 $375.00 37.50% $1,000.00 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $1,606.69 $2,822.34 $1,215.65 43.07% $2,441.18 $10,000.00 $7,558.82 75.59% $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $1,200.00 $3,274.85 $2,074.85 63.36% $6,307.18 $9,000.00 $2,692.82 29.92% $9,000.00 97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $0.00 $0.00 0.00% $1,723.45 $3,000.00 $1,276.55 42.55% $3,000.00 97-72310 HOUSING - VEHICLE GAS $2,397.17 $1,671.02 ($726.15) (43.46%) $6,649.24 $8,000.00 $1,350.76 16.88% $8,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $1,962.23 $869.05 ($1,093.18) (125.79%) $8,786.36 $9,000.00 $213.64 2.37% $9,000.00 97-72400 OPER EXP - HOUSING SUPPLIES $6,018.81 $10,911.09 $4,892.28 44.84% $26,893.74 $45,000.00 $18,106.26 40.24% $45,000.00 97-72900 RENEWAL & REPLACEMENT $80,689.27 $176,163.50 $95,474.23 54.20% $637,702.11 $500,000.00 ($137,702.11) (27.54%) $500,000.00 4, 9 97-72910 CONTINGENCY & IMPROVEMENT EXP $309,831.80 $123,199.36 ($186,632.44) (151.49%) $759,503.19 $623,199.36 ($136,303.83) (21.87%) $623,199.36 5. 9 97-73100 DEPREC/AMORT EXPENSE - OFFICE $1,845.31 $1,845.31 $0.00 0.00% $7,381.30 $7,381.30 $0.00 0.00% $7,381.30 97-73200 DEPRECIATION EXP - SOUTHSIDE $10,667.06 $17,491.53 $6,824.47 39.02% $51,730.22 $72,506.94 $20,776.72 28.65% $72,506.94 9 97-73205 DEPRECIATION EXP - VILLAGE WEST $101,992.35 $76,203.46 ($25,788.89) (33.84%) $399,373.20 $304,813.99 ($94,559.21) (31.02%) $304,813.99 6, 9 97-73210 DEPRECIATION EXP - VILLAGE EAST $137,921.43 $119,390.77 ($18,530.66) (15.52%) $545,509.01 $477,563.23 ($67,945.78) (14.23%) $477,563.23 6, 9 97-73215 DEPRECIATION EXP - ARGO HALL $55,539.21 $52,319.89 ($3,219.32) (6.15%) $221,083.67 $209,279.62 ($11,804.05) (5.64%) $209,279.62 6, 9 97-73220 DEPRECIATION EXP - MARTIN $80,625.45 $76,972.05 ($3,653.40) (4.75%) $321,283.98 $307,888.11 ($13,395.87) (4.35%) $307,888.11 6, 9 97-73225 DEPRECIATION EXP - PACE HALL $53,853.80 $50,586.03 ($3,267.77) (6.46%) $214,325.81 $202,344.03 ($11,981.78) (5.92%) $202,344.03 6, 9 97-73230 DEPRECIATION EXP - HERITAGE $133,806.74 $133,526.82 ($279.92) (0.21%) $535,133.71 $534,107.46 ($1,026.25) (0.19%) $534,107.46 9 97-73235 DEPRECIATION EXP - PRESIDENTS $189,203.57 $188,940.89 ($262.68) (0.14%) $756,726.76 $755,763.68 ($963.08) (0.13%) $755,763.68 9
97-73550 LOSS ON IMPAIRMENT $417,642.71 $0.00 ($417,642.71) 0.00% $417,642.71 $0.00 ($417,642.71) 0.00% $0.00 9, 10 97-74150 AMORTIZATION EXPENSE - HOUSING ($31,403.61) $10,467.86 $41,871.47 400.00% $0.00 $41,871.47 $41,871.47 100.00% $41,871.47 9, 11 97-74200 INTEREST EXPENSE - HOUSING $972,953.75 $991,631.42 $18,677.67 1.88% $1,649,744.46 $1,697,247.00 $47,502.54 2.80% $1,697,247.00 9 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $683.35 $528.61 ($154.74) (29.27%) $3,791.01 $3,000.00 ($791.01) (26.37%) $3,000.00 7 97-74310 HOUSING - OTHER MISC. OPER EXP $6,008.21 $3,750.00 ($2,258.21) (60.22%) $36,006.47 $36,950.00 $943.53 2.55% $36,950.00 97-74315 HOUSING - MEAL PLANS $0.00 $0.00 $0.00 0.00% $11,400.00 $15,000.00 $3,600.00 24.00% $15,000.00
Quarter Ending Year to Date
Quarter Ending Year to Date
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Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 6/30/2019 Notes
97-75005 HOUSING UTILITIES - ELECTRICAL $149,690.35 $183,066.40 $33,376.05 18.23% $695,946.05 $781,000.00 $85,053.95 10.89% $781,000.00 97-75010 HOUSING UTILITIES - GAS $6,968.26 $7,413.00 $444.74 6.00% $30,913.57 $30,000.00 ($913.57) (3.05%) $30,000.00 97-75015 HOUSING UTILITIES - SEWER $25,389.25 $35,077.90 $9,688.65 27.62% $103,765.74 $143,000.00 $39,234.26 27.44% $143,000.00 97-75020 HOUSING UTILITIES - WATER $464.83 $911.26 $446.43 48.99% $1,909.02 $4,600.00 $2,690.98 58.50% $4,600.00 97-75025 HOUSING UTILITIES - GARBAGE $14,671.61 $13,500.00 ($1,171.61) (8.68%) $61,451.79 $56,000.00 ($5,451.79) (9.74%) $56,000.00 97-75030 HOUSING UTILITIES - CABLE $58,767.30 $39,000.00 ($19,767.30) (50.69%) $176,163.88 $165,000.00 ($11,163.88) (6.77%) $165,000.00 97-75100 HOUSING - INSURANCE $1,270.72 $0.00 ($1,270.72) 0.00% $9,990.07 $12,600.00 $2,609.93 20.71% $12,600.00 97-75110 INSURANCE - BOND $342.08 $0.00 ($342.08) 0.00% $65,035.08 $70,000.00 $4,964.92 7.09% $70,000.00 97-75115 INSURANCE - AUTOMOBILE $22,579.59 $23,000.00 $420.41 1.83% $22,588.59 $23,000.00 $411.41 1.79% $23,000.00 97-75120 INSURANCE - PROPERTY $0.00 $0.00 $0.00 0.00% $89,667.75 $91,000.00 $1,332.25 1.46% $91,000.00 97-75200 BOND EXPENSES $5,628.28 $0.00 ($5,628.28) 0.00% $22,622.03 $21,000.00 ($1,622.03) (7.72%) $21,000.00 97-76060 PROFESSIONAL SERVICES ($3,875.00) $0.00 $3,875.00 0.00% $6,625.00 $24,000.00 $17,375.00 72.40% $24,000.00 97-76110 BANK SERVICE CHARGES $2,700.07 $1,162.26 ($1,537.81) (132.31%) $4,773.90 $4,500.00 ($273.90) (6.09%) $4,500.00 97-76115 ADMINISTRATIVE FEE - SPIA $2,890.03 $4,028.02 $1,137.99 28.25% $7,648.71 $11,000.00 $3,351.29 30.47% $11,000.00 97-76117 ADMINISTRATIVE FEE - HSG $57,051.26 $59,929.29 $2,878.03 4.80% $98,296.83 $120,755.09 $22,458.26 18.60% $120,755.09
97-76300 BAD DEBT EXPENSE $14,024.28 $0.00 ($14,024.28) 0.00% $14,024.28 $0.00 ($14,024.28) 0.00% $0.00 97-77300 UNIVERSITY SUPPORT $0.00 $0.00 $0.00 0.00% $300,276.62 $0.00 ($300,276.62) 0.00% $0.00 8, 9Total Expenses $3,889,303.99 $3,558,065.21 ($331,238.78) (9.31%) $10,493,587.48 $10,077,598.56 ($415,988.92) (4.13%) $10,077,598.56
$667,461.64 9
Notes1 RENTAL INCOME - HOUSING Occupancy is lower than projected. Housing has controlled expenses to compensate for lower revenues. See Note 9 for more detail on expense reductions.2 CLEANING SUPPLIES Cleaning after summer projects initially increased these costs, housing has controlled costs in this area since.3 HSG REPAIR & MAINT. - Various Expenses for repairs applied to maintenance expense lines instead of Renewal and Replacement line to minimize amounts drawn from reserve accounts.4 RENEWAL & REPLACEMENT Some costs from our summer projects were transferred to the renewal and replacement account this period.5 CONTINGENCY & IMPROVEMENT EXP Expenses for summer repairs to various buildings applied to this account. 6 DEPRECIATION EXP - MULTIPLE Most costs from our summer projects were transferred and added to the depreciable value of the buildings. 7 HOUSING - MISC. OPERATING ADMIN FEES Advertising costs to fill vacant positions.8 UNIVERSITY SUPPORT Ownership of six southside residence halls transferred from the foundation to the university, this was an accounting adjustment for accumulated depreciation.9 MULTIPLE LINES Adjustments that reduce expenses in the debt covenant ratio include interest expense, depreciation, the adjustment for accumulated depreciation made for the transfer
of ownership of the Southside buildings, renewal and replacement expenses and contingency and improvement expenses. After these adjustments, the newtotal expense variance show actual expense reductions that Housing and Residence Life intentionally took to compensate for revenue reductions.
10 LOSS ON IMPAIRMENT The determination was made that we will not make repairs to the remaining Southside units. The value of these buildings is being written down to zero with a resulting Loss on Impairment.11 AMORTIZATION EXPENSE - HOUSING The change from FASB to GASB accounting standards require the Cost of Issuance expenses to no longer be amortized, but expensed at the time of issuance. A journal entry was created to reflect this accounting change.
Variance expense amount, net removal of noncash & reimbursement items
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Prepared by: _________________________________Reviewed by: _________________________________
6/30/2019Housing Income per Housing Statement of Revenue and Expenses 8,980,297.33 State Interest RecaptureHousing Expense per Housing Statement of Revenue and Expenses (10,493,587.49) Total Revenue 8,980,297.33 Adjusted Net Income (Loss) (1,513,290.16)
DEPRECIATION EXP--TRUCK 7,381.30Add: DEPRECIATION EXP--VILLAGE WEST 399,373.20 Interest Expense 1,649,744.47 DEPRECIATION EXP--VILLAGE EAST 545,509.02 Amortization Expense 0.00 DEPRECIATION EXP--SOUTHSIDE 51,730.22 Depreciation Expense 3,052,547.65 DEPRECIATION EXP--MARTIN 321,283.99 Contingency and Improvement 759,503.19 DEPRECIATION EXP--ARGO 221,083.67 Renewals & Replacements 637,702.11 DEPRECIATION EXP-- PACE 214,325.82 Southside accounting adjustment 717,919.33 Adjusted Net Revenue 5,304,126.60 DEPRECIATION EXP-- HERITAGE 535,133.70
DEPRECIATION EXP-- PRESIDENTS 756,726.75 Debt Service 2017-2018 2005 Bond Principal - OPERATING EXPENSES-PAYROLL 1,889,866.49 2005 Bond Interest INTEREST EXPENSE - HOUSING 1,649,744.47 Rev of prior year accrual (141,683.97) AMORTIZATION EXPENSE - HOUSING 0.00 Interest Payable 133,392.97 OPERATING EXPENSES- R&M 1,544,381.03 2009 Bond Principal - OPERATING EXPENSES-Admin & Gen 381,696.97 2009 Bond Interest - OPERATING EXPENSES- Utilities 1,070,150.05 2010/2015 Bond Interest - OPERATING EXPENSES- Insurance 187,281.49 2010/2015 Bond Principal - OPERATING EXPENSES- Other 717,919.33 2011 Bond Interest - CONSTRUCTION EXP - 2011 Bond Principal - 2015 Bond Interest - Total Expenditure 10,493,587.49 2015 Bond Principal - 2016A Bond Interest 1,118,981.26 2016A Bond Principal 1,150,000.00 2016B Bond Interest 203,032.50 Net Income (1,513,290.16) 2016B Bond Principal 652,000.00 2016C Bond Interest 378,193.90 10,493,587.49 2016C Bond Principal 776,196.00 4,702,292.13 Less Capitalized Interest - 5,791,295.36 Total Debt Service 2017-2018 4,270,112.66
Net Revenue 5,304,126.60 Total Debt Service 4,270,112.66 Debt Coverage Ratio# 1.24
#Debt Coverage Ratio is stated at 1.20 per bond documents.
Bond Covenant Calculation
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Actual Other Program Student HSG Expenses Budget
Scholarship Services System Fundraising General & Admin 6/30/2019 6/30/2019 Variance % Unspent Operating Budget
Advancement Services $0.00 $0.00 $0.00 $0.00 $2,077.88 $2,077.88 $27,300.00 $25,222.12 92.39%
Alumni Relations $0.00 $0.00 $0.00 $0.00 $98,935.95 $98,935.95 $99,000.00 $64.05 0.06%
Board of Directors $0.00 $0.00 $0.00 $0.00 $21,409.76 $21,409.76 $37,300.00 $15,890.24 42.60%
Campaign $0.00 $0.00 $0.00 $48,506.17 $0.00 $48,506.17 $110,000.00 $61,493.83 55.90%
Development $5,169.17 $0.00 $0.00 $399,071.60 $0.00 $404,240.77 $404,277.00 $36.23 0.01%
Foundation $0.00 $0.00 $0.00 $0.00 $417,705.53 $417,705.53 $438,986.00 $21,280.47 4.85%
Community Engagement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19,650.00 $19,650.00 100.00%
Total Adv. Division Lines $5,169.17 $0.00 $0.00 $447,577.77 $540,129.12 $992,876.06 $1,136,513.00 $143,636.94 12.64%
Executive $0.00 $0.00 $0.00 $0.00 $186,864.90 $186,864.90 $230,206.00 $43,341.10 18.83%
Total $0.00 $0.00 $0.00 $0.00 $186,864.90 $186,864.90 $230,206.00 $43,341.10 18.83%
Total of Operating Budget $5,169.17 $0.00 $0.00 $447,577.77 $726,994.02 $1,179,740.96 $1,366,719.00 $186,978.04 19.85%
Non-Endowed Budget
Non-Endowed Budget $0.00 $398,959.34 $0.00 $5,725.00 $79,403.94 $505,709.84 $720,943.00 $215,233.16 29.85%
Total Non-Endowed Budget $0.00 $398,959.34 $0.00 $5,725.00 $79,403.94 $505,709.84 $720,943.00 $215,233.16 29.85%
Other Areas
Admistrative Fee $0.00 $0.00 $0.00 $0.00 ($130.95) $53,478.31 $85,000.00 $31,521.69 37.08%
Housing $0.00 $0.00 $0.00 $0.00 $0.00 $10,493,587.48 $10,077,598.56 ($415,988.92) (4.13%)
Other University Accounts $30,750.00 $537,928.38 $0.00 $21,400.00 $957,039.32 $7,335,722.96 $7,335,722.96 $0.00 0.00%
Total $30,750.00 $537,928.38 $0.00 $21,400.00 $956,908.37 $17,882,788.75 $17,498,321.52 ($384,467.23) (2.20%)
Total Other Areas $30,750.00 $537,928.38 $0.00 $21,400.00 $956,908.37 $17,882,788.75 $17,498,321.52 ($384,467.23) (2.20%)
Grand Total $35,919.17 $936,887.72 $0.00 $474,702.77 $1,763,306.33 $19,568,239.55 $19,585,983.52 $17,743.97 0.09%
University of West Florida FoundationA COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA
BUDGETED STATEMENT OF FUNCTIONAL EXPENSES
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Carried Forward Funds Carried Forward FundsUnspent Prior Years 360,246.20$ Unspent Prior Years -$
Total Carried Forward Budget 360,246.20 Total Carried Forward Budget -
Expensed During 18/19 Expensed During 18/19Alexander Haas & Gernerate (Consultants) 76,771.25 - Capitol Days 8,864.52 - PMA A/C compressor replacement 18,505.00 Pensacola Blue Wahoos 26,621.16 Emerald Coast Gala 1,000.00 Academic Works 26,865.89 Wealthpoint Prof 10,212.00 FREEWILL CO. Computer software 2,246.58 Commitment for meal plan scholarships 50,000.00
Total FY 18/19 Expenses to Date 221,086.40 Total FY 18/19 Expenses to Date -
Net FY 18/19 Activity 139,159.80 Net FY 18/19 Activity -
Net Carry Forward FY 18/19 139,159.80$ Net Carry Forward FY 18/19 -$
Unspent Division of Advancement Lines Unspent Executive Lines
The University of West Florida Foundation, Inc.Prior Years Unspent Budget Report
As of June 30, 2019
X:\FOUNDATION -Board Stuff\FDN - Audit Budget Committee\2020 Audit Budget Minues & Agendas\08.29.19\Prior Years Unspent Budget Report 2019.6.30
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Other Business
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UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.
CONFLICT-OF-INTEREST POLICY 1. Scope. The following statement of policy applies to each member of the Board of Directors and to all officers of the University of West Florida Foundation, Inc. It is intended to serve as guidance for all persons engaged by the University of West Florida Foundation, Inc. in positions of significant responsibility for the activities of the Foundation. 2. Fiduciary Responsibilities. Members of the Board of Directors and officers of the Founda-tion serve the public trust and have a clear obligation to fulfill their responsibilities in a manner consistent with this ideal. High standards, ethical behavior, personal integrity, and impartiality are inherent to the reputation and ultimate success of the University of West Florida Foundation, Inc. All decisions of the Board and officers are to be made solely on the basis of a desire to promote the best interest of the Foundation, University of West Florida and the public good. Officers, Directors, and staff must refrain from engaging in any behavior that might be construed as self-dealing or in conflict with the mission, goals, and fundamental purpose of the Foundation. The integrity of the Foundation and University of West Florida must be protected and advanced at all times. Men and women of substance inevitably are involved in the affairs of other institutions and organizations. An effective board cannot consist of individuals entirely free from at least per-ceived conflicts of interest. Although most such potential conflicts are and will be deemed to be inconsequential, it is everyone's responsibility to ensure that the Board is made aware of situa-tions that involve personal, familial or business relationships that may be troublesome for the Foundation or University of West Florida. Thus, the Board requires each Board member and officer annually (1) to review this policy; (2) to disclose any possible personal, familial or business relationships that reasonably could give rise to a conflict of interest involving the Foundation or University of West Florida; and (3) to acknowledge by his or her signature that he or she is in accordance with the letter and spirit of this policy. 3. Disclosure. All Board members and officers are requested to disclose only those substantive relationships that they maintain (or members of their families maintain) with organizations that do business with the Foundation, University of West Florida or any related or affiliated organization, or which otherwise could be construed to potentially affect their independent, unbiased judgment in light of their decision-making authorities or responsibilities. Any uncertainties as to the appropriateness of listing a particular relationship may be resolved by consultation with the President of the UWF Foundation who in turn may consult with legal counsel, the Executive Committee, or the Board of Directors in a special-called meeting. Information disclosed or provided by any person pursuant to this policy shall be held in confidence except when, after consultation with that person, the best interests of the Foundation or University of West Florida would be served by disclosure. The following definitions are provided to assist Board members and officers in determining whether to disclose a particular relationship:
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Substantive Relationship. One in which a Board member, officer or family member, or an organization with which the Board member, officer or family member has a business relationship (1) does substantial business with the Foundation or University of West Florida or any related or affiliated organization or (2) has other direct or indirect dealings with the Foundation, University of West Florida or any related or affiliated organization from which the Board members, officer or family member benefits directly, indirectly or potentially from cash or property receipts totaling $10,000 or more annually. Business Relationship. One in which a Board member, officer, family member is an officer, director, employee, partner, trustee, controlling stockholder or the actual or beneficial owner of more than 5 percent of the voting interest of an organization. Family Member. A spouse, parents, siblings, children or any other relative of a Board member or officer if the latter resides in the same household as the Board member or officer. 4. Restraint on Participation. Board members or officers who have declared or have been found to have a conflict of interest shall refrain from consideration of proposed transactions, unless for special reasons the Board or administration requests information or interpretation. Persons with conflicts shall not vote, participate in discussion or be present at the time of the vote. Any proposed transaction in which a conflict of interest has been declared or found to exist must be approved by a majority of the disinterested members of the Board or the appropriate committee of the Board after disclosure of the conflict of interest. January 2018 (minor editorial change for clarity)
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BOARD MEMBER CONTACT INFORMATION UPDATES If you wish to update any of your contact information with the UWF Foundation
Board, please complete this form and return it to Lisa Mrahi at your earliest convenience.
1. Name: ______________________________________________
2. Mailing Address: ______________________________________
____________________________________________________
__________________________________________________________________
__________________________________________________________________
3. Phone: ______________________________________________
4. Email: ______________________________________________
5. Employment Information: Name of Firm: _ ______________________________________ Your Title or Position: __________________________________ City and State: ________________________________________
You may turn this form in during any Board meeting, or email it to Lisa at [email protected]
Thank you for helping us keep our records up to date!
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UWF Foundation, Inc. Board Calendar FY19‐20 updated 09.10.19 ‐ lfm
Date: 2019‐2020 Meeting Time Location Attendees August 08, Thursday Board Orientation Workshop 8:30 a.m. – 10:30 a.m. Bldg. 12 Alumni Conf. Rm. New Board Members August 29, Thursday Investment Manager Breakfast 7:30 a.m. – 9:00 a.m. Pensacola Yacht Club All invited August 29, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. UWF’s Global Online Bldg.
630 E. Government Street Committee Member
August 29, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested August 29, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member September 18, Wed *Please Note change of meeting Location*
Board of Directors Meeting (Best parking is Lot M by CFPA – signs & ambassadors will be out)
3:30 p.m. – 5:00 p.m. UWF Main Campus, Building 70 ‐ formerly “Applied Science & Technology”
All Board Members & Requested
November 14, Thursday Donor Dinner 5:30 p.m. – 9:00 p.m. Sanders Beach – C. Jones All invited November 14, Thursday Grant Committee Meeting 10:00 a.m.‐ 12:00 p.m. UWF Bldg. 12 Conf. Rm. Committee Member & Requested November 21, Thursday Investment Managers Breakfast 7:30 – 9 a.m. Pensacola Yacht Club All invited November 21, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member November 21, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Committee Member November 21, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested November 21, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member December 4, Wed. Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested December 12, Thursday UWF 2019 Holiday Fest 5:30 – 7:30 p.m. PNS Historic Village All invited December 14, Saturday Fall 2019 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies March 5, Thursday Investment Manager Breakfast 7:30 – 9:00 a.m. Skopelos at New World All invited March 5, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member March 5, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Committee Member March 5, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested March 5, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member TBA Grant Committee Meeting TBA UWF Bldg. 12 Conf. Rm. Committee Member & Requested March 17, Tuesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested May 2, Saturday Spring 2020 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies May 14, Thursday Investment Managers Breakfast 7:30 a.m. – 9:30 a.m. Pensacola Yacht Club All invited May 14, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.
UWF’s Global Online Bldg. 630 E. Government Street
Committee Member May 14, Thursday Nominating Committee 1:00 p.m. – 2:00 p.m. Committee Member May 14, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested May 14, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member June 17, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBA All Board Members & Requested
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UWF Events and Happenings Updated: 9/09/19 LFM September 2019 5 Radio Live 6:00 p.m. Museum of Commerce 12 Seligman First Amendment Lecture Series: An Evening with Carl Hiaasen* VIP Reception 5:00 – 5:40 p.m. Pensacola Room, Skopelos at New World
Lecture 6:00-7:15 p.m. New World Landing 20 Alumni Relations & Athletics at Gallery Night 5:00 – 7:00 p.m. Intendencia & Palafox across from World of Beer 21 Football - UWF Argos vs Virginia-Lynchburg 6:00 p.m. Blue Wahoos Stadium 27 State of the University 2019* 11:00 a.m. – 1:00 p.m. Mainstage Theatre, Center for Fine & Performing Arts (CFPA) 28 Football – UWF Argos vs Mississippi College 6:00 p.m. Blue Wahoos Stadium October 2019 3 Radio Live 6:00 p.m. Museum of Commerce 4 Alumni and Community Homecoming Breakfast – drop-in breakfast at the PMA 8:00 – 9:30 a.m. 4 Alumni Block Party: music, food, and family friendly Argo Spirit! 5:00 – 8:00 p.m. UWF Historic Trust Museum Plaza 5 Homecoming Football Game – UWF Argos vs Delta State* Community Maritime Park/Blue Wahoos Stadium Tailgate in Argo Village 3:00 – 5:30 p.m. Kickoff vs Delta State 6:00 p.m. 15 Pack it Pink Volleyball Game 7:00 p.m. UWF Field House 25 Ghost Tours of Haunted Downtown Pensacola Tour Times TBD – TT Wentworth Museum (ticket purchase required) November 2019 2 Football – UWF Argos vs North Greenville 4:00 p.m. Blue Wahoos Stadium
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7 Radio Live 6:00 p.m. Museum of Commerce 7 Tallahassee Alumni Network Event – location TBD Time and location details coming soon! 9 Alumni Tailgate – UWF @ Valdosta State – Valdosta State University Time and location details coming soon! 14 UWF Donor Recognition Dinner* 5:30 p.m. Sanders Beach Community Center 16 Football – UWF Argos vs West Alabama 4:00 p.m. Blue Wahoos Stadium 21 UWF Foundation Investment Manager Breakfast* 7:30 – 9:00 a.m. Pensacola Yacht Club December 2019 5 Radio Live 6:00 p.m. Museum of Commerce 8 Lunch and a Show: A Christmas Carol, UWF Center for Fine and Performing Arts Time TBD – (ticket purchase is required) 12 UWF Holiday Fest* 5:30 – 7:30 p.m. UWF Historic Trust Museum Plaza 14 Fall 2019 Commencement 9:30 a.m. – 7:00 p.m. Pensacola Bay Center 23 WUWF Holiday Concerts: Tidings of Comfort & Joy 6:00 p.m. and 8:00 p.m. First United Methodist Church *Denotes committee members presence requested