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All persons wishing to address theBoard must complete a speaker'scard, stating their name and theagenda item (including "OpenForum") they wish to address. TheBoard may take action on items noton the agenda only if findingspursuant to the Sunshine Ordinanceand Brown Act are made that thematter is urgent or an emergency.Presentations are limited to threeminutes.Oakland Police and Fire RetirementBoard meetings are held inwheelchairaccessiblefacilities.Contact Retirement Systems, 150Frank Ogawa Plaza, Suite 3332 orcall (510) 238-7295 for additionalinformation.RETIREMENT BOARD MEMBERSWalter L. Johnson, Sr.PresidentJaime T. GodfreyVice PresidentJames F. CooperMemberRetirement Systems150 Frank H. Ogawa PlazaOakland, California 94612AGENDASteven WilkinsonMemberRonald OznowiczMemberJohn C. SpeakmanMemberOsborn SoliteiMemberAttached here is the Agenda Package for the upcoming committee andboard meetings of the Oakland Police and Fire Retirement System.Please contact the Retirement Systems office at 510.238.7295 with anyquestions regarding the agenda package or upcoming meetings.Page 1 of 1
All persons wishing to address theBoard must complete a speaker'scard, stating their name and theagenda item (including "OpenForum") they wish to address. TheBoard may take action on items noton the agenda only if findingspursuant to the Sunshine Ordinanceand Brown Act are made that thematter is urgent or an emergency.Oakland Police and Fire RetirementBoard meetings are held inwheelchairaccessiblefacilities.Contact Retirement Systems, 150Frank Ogawa Plaza, Suite 3332 orcall (510) 238-7295 for additionalinformation.AUDIT COMMITTEE MEMBERSJohn C. SpeakmanChairmanJames F. CooperMemberOsborn SoliteiMemberRetirement Systems150 Frank H. Ogawa PlazaOakland, California 94612AGENDA*In the event a quorum of the Boardparticipates in the Committee meeting,the meeting is noticed as a SpecialMeeting of the Board; however, no finalBoard action can be taken. In the eventthat the Audit Committee does not reachquorum, this meeting is noticed as aninformational meeting between staff andthe Chair of the Audit Committee.SPECIAL MEETING of the AUDIT / OPERATIONS COMMITTEEof the OAKLAND POLICE AND FIRE RETIREMENT SYSTEM (“PFRS”)Wednesday, July 29, 2015 – 10:00 amOne Frank H. Ogawa Plaza, Hearing Room 3Oakland, California 94612- - - ORDER OF BUSINESS - - 1.2.3.Subject:From:June 24, 2015 PFRS Audit Committee Meeting MinutesStaff of the PFRS BoardRecommendation:APPROVE June, 2015 Audit Committee meeting minutes.Subject:From:Overview and Scope of Services report of FY 2015 Financial AuditWilliams – Adley & Co, PFRS financial auditorRecommendation:RECOMMEND BOARD APPROVAL of a report from PFRS financialauditor regarding Overview and Scope of Services of the financial audit ofPFRS fund for Fiscal Year ending June 30, 2015.Subject:From:Administrative Expenses ReportStaff of the PFRS BoardRecommendation:ACCEPT an informational report regarding PFRS AdministrativeExpenses from July 1, 2014 through May 31, 2015.4.Open Forum5.Future Scheduling
DRAFTPFRS Audit/Operations Committee Meeting MinutesJune 24, 2015Page 1 of 1A SPECIAL AUDIT/OPERATIONS COMMITTEE MEETING of the Oakland Police and Fire RetirementSystem (“PFRS”) was held Wednesday, June 24, 2015 in Hearing Room 1, One Frank Ogawa Plaza,Oakland, California.Committee Members Present: John C. Speakman, Chairman James F. Cooper, Member Osborn Solitei, MemberAdditional Attendees: Pelayo Llamas, Deputy City Attorney / PFRS Legal Counsel Teir Jenkins & David Low, Staff MembersThe meeting was called to order at 10:02 am. Member Solitei was not present at the start of the meeting.1. Approval of Committee meeting minutes – Member Cooper made a motion to approve the May 27,2015 Audit Committee meeting minutes, second by Chairman Speakman. Motion passed.[SOLITEI – ABSENT / COOPER – Y / SPEAKMAN – Y]( AYES: 2 / NOES: 0 / ABSTAIN: 0 )2. Administrative Expenses Report through April 30, 2015 – Investment Officer Teir Jenkinspresented the PFRS administrative expenses report for the fiscal year through April 30, 2015.(member Solitei arrived at 10:04 am.) Member Cooper made a motion to accept the AdministrativeExpenses Report from July 1, 2014 through April 30, 2015, second by member Solitei. Motionpassed.[SOLITEI – Y / COOPER – Y / SPEAKMAN – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )3. Open Forum – No Report.4. Future Scheduling – The next scheduled Audit Committee meeting was tentatively scheduled forWednesday, July 29, 2015.The meeting adjourned at 10:07 am.JOHN C. SPEAKMAN, COMMITTEE CHAIRMANDATEDRAFT
Table 1OAKLAND POLICE AND FIRE RETIREMENT SYSTEMAdministrative Budget Spent to DateFiscal Year as of May 31, 2015ApprovedBudgetMay 2015YTD 5/31/2015RemainingPercent RemainingInternal Administrative costsPFRS Staff SalariesBoard Travel ExpendituresStaff TrainingAnnual Report & Duplicating ServicesBoard HospitalityPayroll Processing FeesMiscellaneous ExpendituresInternal costs Subtotal : 602,847 52,5007,5004,0002,20025,00026,500720,547 49,444 1492,12951,721 510,776 13,9915,6272,8021,73125,00016,592576,519 0%29.9%21.3%0.0%37.4%20.0%44,118 45,00089,118 9,120 9,120 37,515 42,13079,645 6,6032,8709,47315.0%6.4%10.6%100,971 40,00045,000185,971 9,823 9,823 101,779 26,81525,256153,850 52 180,000100,0002,585,752 215,940 215,940 1,219,025 87,37522,5001,328,900 1,086,72792,62577,5001,256,852 3,581,388 286,604 2,138,914 1,442,474 Actuary and Accounting ServicesAudit (a)Actuary (b)Actuary and Accounting Subtotal: Legal ServicesCity Attorney SalariesContract Services (c)Legal Contingency (d)Legal Services Subtotal: Investment ServicesMoney Manager FeesCustodial FeeInvestment Consultant (PCA)Investment Subtotal:Total Operating Budget (a) Reallocated Budget to increase line item by 14,118, per motion passed at the 12/17/2014 Board Meeting.(b) Reallocated Budget to increase line item by 10,000 to conform with Contract agreement, per Board Resolution 6765.(c) Includes payment of 25,615.00 for prior year (Fiscal Year 2013-2014) Actuarial Services.(d) Includes funds allocated for Outside Counsel47.1%51.5%77.5%48.6%40.28%
Table 2OAKLAND POLICE AND FIRE RETIREMENT SYSTEMCash in Treasury (Fund 7100)As of May 31, 2015FY 2014-2015Cash as of 4/30/2015 2,973,546 5,000,0005,000,000Deductions:Pension payment (April pension payable May 1, 2015)Current month expenses (see Table 1)Total deductions 4,795,023286,6045,081,627Ending Cash Balance as of 5/31/2015 2,891,919AdditionsCity ContributionsIncoming WiresDeath RefundsMisc. Receipts: Adjustments / CollectionsTotal additions:
Table 3CITY OF OAKLAND POLICE AND FIRE RETIREMENT SYSTEMCensusAs of May 31, 2015COMPOSITIONPOLICEFIRETOTALRetired Member:RetireeBeneficiaryTotal Retired Members:407151558267141408674292966Total Membership:558408966POLICEFIRETOTALRetired Member:Service RetirementDisability RetirementDeath AllowanceTotal Retired Members:369177125582221701640859134728966Total Membership as of May 31, 2015:558408966Total Membership as of June 30 2014:5814251,006Annual Difference:-23-17-40COMPOSITION
Oakland Police and Fire Retirement SystemPension Plan MembershipFiscal Year Ended June 30, FY2005 - 720082009201020112012201320142015 119511531107108210431006966
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMApproved BudgetFY 2014-2015 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Internal AdministrativecostsActuary and AccountingServicesLegal ServicesInvestment Services
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMBudget vs Actual as of May 31, 2015Internal Administrative Costs 1,000,000 900,000 800,000 700,000 600,000Budget 500,000Actual 400,000 300,000 200,000 100,000 Staff (salaries & training)Board (travel & hospitality)Misc (annual rpt, payroll proc &misc)
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMBudget vs. Actual as May 31, 2015Actuary and Accounting Services 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 AuditActuary
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMBudget vs. Actual as of May 31, 2015Legal Services 140,000 120,000 100,000Budget 80,000Actual 60,000 40,000 20,000 City Attorney SalariesLegal Contingency (Outside Counsel)
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMBudget vs. Actual as of May 31, 2015Investment Services 2,500,000 2,000,000 1,500,000BudgetActual 1,000,000 500,000 Money Manager FeesCustodial Fee: Northern TrustInvestment Consultant (PCA)
All persons wishing to address theBoard must complete a speaker'scard, stating their name and theagenda item (including "OpenForum") they wish to address. TheBoard may take action on items noton the agenda only if findingspursuant to the Sunshine Ordinanceand Brown Act are made that thematter is urgent or an emergency.Oakland Police and Fire RetirementBoard meetings are held inwheelchairaccessiblefacilities.Contact Retirement Systems, 150Frank Ogawa Plaza, Suite 3332 orcall (510) 238-7295 for additionalinformation.INVESTMENT COMMITTEE MEMBERSJaime T. GodfreyChairmanSteve WilkinsonMemberRonald OznowiczMemberRetirement Systems150 Frank H. Ogawa PlazaOakland, California 94612AGENDA*In the event a quorum of the Boardparticipates in the Committee meeting,the meeting is noticed as a SpecialMeeting of the Board; however, no finalBoard action can be taken. In the eventthat the Investment Committee does notreach quorum, this meeting is noticed asan informational meeting between staffand the Chair of the InvestmentCommittee.SPECIAL MEETING of the INVESTMENT AND FINANCIAL MATTERS COMMITTEEof the OAKLAND POLICE AND FIRE RETIREMENT SYSTEM (“PFRS”)Wednesday, July 29, 2015 – 10:30 amOne Frank H. Ogawa Plaza, Hearing Room 3Oakland, California 94612- - - ORDER OF BUSINESS - - 1.2.3.4.Subject:From:June 24, 2015 PFRS Investment Committee Meeting MinutesStaff of the PFRS BoardRecommendation:APPROVE June 24, 2015 Investment Committee meeting minutes.Subject:From:Investment Manager Performance Report – Fisher InvestmentsFisher InvestmentsRecommendation:ACCEPT an informational report regarding fund performance for PFRS“MSCI ACWI ex US assets” invested with Fisher Investments, aninternational equity Investment Manager.Subject:From:Investment Manager Overview – Fisher InvestmentsPension Consulting AllianceRecommendation:ACCEPT an informational review of Organization and Performance ofFisher Investments, an international equity Investment Manager.Subject:Preliminary Quarterly investment fund performance report for thequarter ending June 30, 2015Pension Consulting AllianceFrom:5.Recommendation:ACCEPT an informational report regarding the preliminary quarterlyinvestment fund performance report for the quarter ending June 30, 2015.Subject:From:Investment Market OverviewPension Consulting Alliance (PCA)Recommendation:ACCEPT an Informational Report regarding overview of the globalinvestment market through July 2015.Page 1 of 2
OAKLAND POLICE AND FIRE RETIREMENT SYSTEMSPECIAL INVESTMENT COMMITTEE MEETINGJULY 29, 2015ORDER OF BUSINESS, continued6.Subject:From:Recommendation:7.Open Forum8.Future SchedulingReallocation of PFRS assets from the Private Equity Asset Class toCovered Calls Asset ClassPension Consulting AllianceRECOMMEND BOARD APPROVAL of PCA recommendation toreallocate 5% PFRS Investments from the Private Equity Asset class tothe Covered Calls Asset Class.Page 2 of 2
DRAFTPFRS Investment & Financial Matters Committee MinutesJune 24, 2015Page 1 of 2AN INVESTMENT AND FINANCIAL MATTERS COMMITTEE MEETING of the Oakland Police and FireRetirement System (“PFRS”) was held June 24, 2015 in Hearing Room 1, One Frank Ogawa Plaza,Oakland, CaliforniaCommittee Members Present: Jaime T. Godfrey, Chairman Steve Wilkinson, Member Ronald Oznowicz, MemberAdditional Attendees: Pelayo Llamas, Deputy City Attorney / PFRS Legal Counsel Katano Kasaine, Plan Administrator David Low & Teir Jenkins, Staff Members David Sancewich & Sean Copus, Pension Consulting AllianceThe meeting was called to order at 10:34 am. Member Wilkinson was not present at the start of themeeting.1. Approval of Committee meeting minutes – Member Oznowicz asked if there were meeting minutesfor the May 27, 2015 Investment Committee to be approved. Staff explained that there was noquorum of Committee members at that meeting so no meeting minutes are made to be approved.Member Oznowicz made a motion to approve the April 29, 2015 investment committee meetingminutes, second by Chairman Godfrey. Motion passed.[GODFREY – Y / WILKINSON – ABSENT / OZNOWICZ – Y]( AYES: 2 / NOES: 0 / ABSTAIN: 0 )2. Investment Manager Performance Review – State Street Global Advisors – Rosalind Jacobsenfrom State Street Global Advisors presented a review of the PFRS “MSCI EAFE assets” invested byPFRS with SSgA’s International Equity account. She explained the tax reclaim process SSgA utilizesfor value added service to the PFRS fund.Member Wilkinson arrived at 10:42 am.Member Oznowicz made a motion to accept the investment manager performance review by StateStreet Global Advisors, second by member Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )3. Quarterly Investment Performance Report through 3/31/2015 – Sean Copus gave a briefoverview of the investment performance report of the PFRS investment fund for the quarterly periodending March 31, 2015. The report was previous reported at the May 27, 2015 meeting and therewas no quorum of the committee present to make a motion to approve the performance report.Member Wilkinson made a motion to recommend board approval of the quarterly investmentperformance report through 3/31/2015 from PCA, second by member Oznowicz. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )4. Investment Manager Performance Overview by PCA of SSgA – David Sancewich from PensionConsulting Alliance presented a performance overview of State Street Global Advisors. MemberOznowicz made a motion accept the investment manager performance overview by PCA, second bymember Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )5. 15 Million 3rd Quarter 2015 Member Benefits Drawdown – Member Oznowicz made a motion torecommend Board approval 15 Million 3rd Quarter 2015 member benefits drawdown, second byMember Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )DRAFT
DRAFTPFRS Investment & Financial Matters Committee MinutesJune 24, 2015Page 2 of 26. Resolution No. 6855 – Transition from PCA Inc. to PCA LLC – Mr. Sancewich reported the workwith PFRS staff and PCA to finalize the transition of PCA Inc. into PCA LLC. Member Oznowicz madea motion to recommend Board approval of resolution No. 6855, second by member Wilkinson. Motionpassed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )7. Investment Market Overview – Mr. Sancewich reported the global market factors presently affectingthe PFRS investment fund. Following this report, Member Oznowicz made a motion accept theInvestment Market overview report, second by Member Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )8. 2015 Asset Allocation Review – Mr. Sancewich reported PCA’s analysis of the current assetallocation of the PFRS fund. His report included the PFRS portfolio expectation for the next 10 yearsbased on the 2015 capital market assumptions and provided a recommendation that the PFRS boardconsider moving the 5% asset allocation in private equity into the PFRS covered calls asset class.The Committee agreed to bring this matter back to the committee at a future meeting as an actionitem for Board Approval. After some committee discussion, Member Oznowicz made a motion toaccept the asset allocation report, second by member Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )9. Resolution No. 6854 – PFRS Investment Policy Amendment regarding Covered Calls – Mr.Sancewich detailed the PCA recommendation regarding the Covered Calls asset class manager’sreport on the allocation of funds in the covered calls asset class. He explained the reasoning toconvert the revision of the PFRS Investment Policy regarding the Covered Calls Asset class from80%/20% to 50%/50% allocation and updating the number of call option from once a month to fourtimes a month. He said the risk and financial costs do not increase and the return potential for theasset class increases. PFRS Legal Counsel reported that a typographical error exists on theresolution document that staff will make a correction. Member Oznowicz made a motion torecommend Board approval of resolution No. 6854 amending the investment policy guidelines for thePFRS covered calls asset manager (Parametric Portfolio Advisors) with the correction to thetypographical error, second by member Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )10. Review of Lawsuit involving PFRS investment earnings from 2009 with Reams AssetManagement – Mr. Sancewich and the PFRS Staff reported the information regarding a lawsuitwhich involved investment returns associated with assets managed by Reams Asset Management in2009. Member Oznowicz made a motion to accept the informational report from staff, second bymember Wilkinson. Motion passed.[GODFREY – Y / WILKINSON – Y / OZNOWICZ – Y]( AYES: 3 / NOES: 0 / ABSTAIN: 0 )11. Open Forum – David Sancewich reported that the Oakland City Council asked him to recommendthe PFRS board review and consider divesting from investments that include fossil fuels.12. Future Scheduling – The next scheduled investment committee meeting was scheduled forWednesday, July 29, 2015.The meeting adjourned at 11:43 am.JAIME T. GODFREY, COMMITTEE CHAIRMANDATEDRAFT
F I S H E R I NVESTMENTSTMI N S T I T U T I O N A L G ROU PA LL F OREIGN E QUITY
A PRESENTATION TOCITY OF OAKLAND POLICE AND FIRE RETIREMENT BOARDPRESENTED BYMARGARET CHAN, VICE PRESIDENT / RELATIONSHIP MANAGERCHRISTO BARKER, RESEARCH ANALYST ‐‐ CAPITAL MARKETSALL FOREIGN EQUITYJULY 29, 2015
Woodside, CA (FI)Camas, WA (FI)London, UK (FIE)San Mateo, CA (FI)
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMCITY OF OAKLAND POLICE & FIRE RETIREMENT BOARDCONTENTSFirm Update2Process Overview5Performance7Portfolio Positioning11Market Outlook15Appendix17PAGE1
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMFirm UpdateProcess OverviewPerformancePortfolio PositioningMarket OutlookAppendixPAGE2
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMFISHER INVESTMENTSFIRM UPDATE, JUNE 2015Assets Under ManagementFirm‐wide: Fisher Investments Institutional Group (FIIG)Foreign: Foreign Equity Strategies Emerging Markets Equity StrategiesGlobal: Global Equity StrategiesUS: Small Cap Value Strategy Small and Mid Cap Value Strategy Mid Cap Value Strategy US Total Return StrategyOver 66 Billion*Over 32 Billion* 8.2 Billion 12.5 Billion 3.5 Billion 4.6 Billion 1.0 Billion 107.6 Million 1.7 Billion* The total of firm assets (FIIG AUM) in the table may not match the sum of the strategy assets due to the inclusion of some strategy values in broader strategy assets andthe exclusion of some accounts from all data owing to unique benchmarks.Members of the Investment Policy Committee, from left to right:William J. Glaser, Executive Vice President of Portfolio ManagementKenneth L. Fisher, CEO, Co‐CIOAaron S. Anderson, Senior Vice President of ResearchJeffery L. Silk, Vice Chairman, Co‐CIOAs of 06/30/2015. Fisher Investments is wholly‐owned by Fisher Investments, Inc. (FII). Since inception, FII has been 100% Fisher‐family and employee‐owned, currently having several shareholdersand over 60 equity option holders.The firm defines investment professionals as Investment Policy Committee (IPC) members, Research Analysts, Traders, Portfolio Implementation Specialists andAnalysts, Portfolio Specialists, Research Analytics & Production Analysts and Portfolio Guidelines Specialists. Please see the Firm Disclosure in the Appendix.PAGE3
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMRESEARCH GROUPSTRUCTURE AND FUNCTIONSInvestment Policy esResearchTeamCapital MarketsInnovation TeamImplementation TeamTeam LeaderTeam LeaderTeam LeaderTeam LeaderAnalystsAnalystsAnalystsAnalysts Global MacroEconomic, Political,Sentiment Analysis FundamentalSecurity AnalysisAssociatesAssociates ThemeDevelopment Regional /Country Coverage Global Sector /Industry Coverage Global Sector /Industry Coverage Monitor PortfolioHoldings Development / Modification ofPortfolio Drivers Implementation of Model Portfolios(Constructed by IPC) Quantitative Investment Analysis Order Generation Risk Management, Measurement andModeling Cash Flows & Portfolio Rebalancing Performance AttributionPAGE4
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMFirm UpdateProcess OverviewPerformancePortfolio PositioningMarket OutlookAppendixPAGE5
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMINVESTMENT PROCESSOVERVIEWPortfolio DriversCapital Markets Research TeamInvestment Policy CommitteeCOUNTRY, SECTOR, THEMATIC WEIGHTSProspect List DefinitionInvestment Policy CommitteePROSPECT LISTStock SelectionSecurities Research TeamInvestment Policy CommitteeSTOCKPAGE6
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMFirm UpdateProcess OverviewPerformancePortfolio PositioningMarket OutlookAppendixPAGE7
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMCITY OF OAKLAND POLICE & FIRE RETIREMENT BOARDPERFORMANCEMandateAll Foreign EquityBenchmarkMSCI ACWI ex‐USMarket Value, as of 06/30/2015 17,808,3592015 YTD2014Since Inception03/31/2011(Annualized)Oakland P&F (Gross)5.7%‐2.0%4.4%Oakland P&F (Net)5.3%‐2.8%3.6%MSCI ACWI ex‐US4.0%‐3.9%2.8%Excess Return (Net)1.3%1.1%0.8%Performance is preliminary. Preliminary performance is subject to the final reconciliation of accounts and deduction of any outstanding advisory fees, which will have the effect of loweringperformance by the amount of the deductions. Performance is inclusive of dividends, royalties, interest and other forms of accrued income and may reflect end of month adjustments, suchas unsettled trades, accrued interest, and/or dividends that may have not yet been applied to your account at the custodian. Returns are net of advisory fees, unless otherwise noted, andinclusive of brokerage or other commissions. Sources: Eagle Investment Systems, LLC & FactSet. As of 06/30/2015.PAGE8
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMPERFORMANCE ATTRIBUTION2015 YTD – (01/01/2015 ‐ 06/30/2015)Country Selection: Slight Net traliaMalaysiaTurkeyUnited %0.00%0.50%1.00%1.50%1.00%1.50%Performance Contribution Relative to the MSCI ACWI ex US IndexSector Selection: Net PositiveHealth onsumer DiscretionaryInformation TechnologyIndustrialsFinancialsConsumer StaplesTelecom nce Contribution Relative to the MSCI ACWI ex US IndexFrom 01/01/2015 – 06/30/2015, excluding cash. Source: Eagle Investment Systems, LLC.PAGE9
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMPERFORMANCE ATTRIBUTION2015 YTD – (01/01/2015 ‐ 06/30/2015)Stock Selection: Net PositiveChinaSwitzerlandFinancialsFranceUnited KingdomGermanyCanadaNetherlandsHong .00%1.50%Performance Contribution Relative to the MSCI ACWI ex US IndexFrom 01/01/2015 – 06/30/2015, excluding cash. Source: Eagle Investment Systems, LLC.PAGE10
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMFirm UpdateProcess OverviewPerformancePortfolio PositioningMarket OutlookAppendixPAGE11
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMCOUNTRY ALLOCATIONOAKLAND P&F VS. MSCI ACWI ex‐USCountryUnited iwanFinlandMalaysiaRussiaSouth KoreaSingaporeSwedenSouth AfricaSpainHong KongAustraliaOther*CanadaJapan‐9.9%Relative 66.616.3*Other by (Benchmark Weight %, Relative Weight %): Thailand (0.5 ‐0.5), Norway (0.5 ‐0.5), Israel (0.4 ‐0.4), Philippines (0.3 ‐0.3), Chile (0.3 ‐0.3), Ireland (0.3 ‐0.3),Poland (0.3 ‐0.3), Qatar (0.2 ‐0.2), United Arab Emirates (0.2 ‐0.2), New Zealand (0.1 ‐0.1), Greece (0.1 ‐0.1), Austria (0.1 ‐0.1), Peru (0.1 ‐0.1), Colombia (0.1 ‐0.1),Portugal (0.1 ‐0.1)Percent of portfolio market value that is allocated to a given country, excluding cash. As of 06/30/2015. Eagle Investment Systems, LLC & FactSet.PAGE12
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMSECTOR & INDUSTRY ALLOCATIONOAKLAND P&F VS. MSCI ACWI ex‐USSectorRelative WeightInformation TechnologyHealth CareConsumer ‐3.4%Materials‐3.8%Consumer Staples ‐5.0%Telecom Services ‐5.2%Energy‐5.2%Top Five Industry Over/UnderweightsPharmaceuticalsSemiconductors & Semiconductor EquipmentInsuranceTextiles, Apparel & Luxury GoodsInternet & Catalog RetailDiversified Telecom Services‐2.6%Wireless Telecom Services‐2.6%Metals & Mining‐3.1%Banks‐3.5%Oil, Gas & Consumable Fuels‐4.9%10.4%9.6%4.2%1.4%Relative .62.63.115.46.7Percent of portfolio market value that is allocated to a given sector and industry, excluding cash. As of 06/30/2015. Eagle Investment Systems, LLC & FactSet.PAGE13
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMPORTFOLIO CHARACTERISTICSOAKLAND P&F VS. MSCI ACWI ex‐USCharacteristicOakland P&FMSCI ACWI ex‐US681,843Weighted Average ( 1.51.1Price/Book Value2.81.8Dividend Yield (%)2.42.9Number of HoldingsAs of 06/30/2015. Sources: Eagle Investment Systems LLC & FactSet.PAGE14
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F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTM2015 MARKET OUTLOOK A nicely positive year for global equities and a continued bull market The global economy should continue expanding, led by the US, UK andselect Emerging Markets Forward looking indicators suggest further economic expansion – LEIsglobally remain high and continue to rise Expect revenue growth, earnings growth and slight profit marginexpansion Falling resource prices reflect increased supply, not a sign of a weakeningglobal economy Weaker regions like the Eurozone should do better than dour expectations Equity valuations remain attractive to history and other asset classes Investor sentiment still has room for improvement before becomingeuphoricPAGE16
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F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMINVESTMENT PROFESSIONALSBIOGRAPHIESMargaret ChanVice President, Relationship Manager 10 years at Fisher InvestmentsMargaret serves as a liaison between the Investment Policy Committee and our institutional clients and theirinvestment consultants. In this role, Margaret communicates portfolio strategy, market outlook, performance,stock analysis, and conducts ad hoc research projects. Prior to her current role, Margaret was an InvestmentCounselor in the Fisher Investments Private Client Group. She was also previously a Senior Account Executive,in the Private Client Group.Christo BarkerResearch Analyst – Capital Markets 8 years at Fisher InvestmentsChristo generates fundamental and quantitative macroeconomic research for use in the investment process.Prior to joining the Research Department, Christo worked in multiple capacities within Fisher Investmentsincluding client services and as an Institutional Group Portfolio Analyst.PAGE18
F I SHER I NVES TMENTSI NSTITUTIONAL GROUPTMDISCLOSURESFIRMFisher Investments (FI) is an investment adviser registered with the Securities and Exchange Commission. As of June 30, 2015, FI managedover 66 billion, including assets sub‐managed for its wholly‐owned subsidiaries. FI and its subsidiaries maintain four principal businessunits – Fisher Investments Institutional Group (FIIG), Fisher Investments Private Client Group (FIPCG), Foreign Private Client Group (FPCG),and Fisher Investments 401(k) Solutions Group (401(k) Solutions). These groups serve a global client base of diverse investors includingcorporations, public and multi‐employer pension funds, foundations and endowments, insurance companies, healthcare organizations,governments and high‐net‐worth individuals. FI’s Investment Policy Committee (IPC) is responsible for investment decisions for allinvestment strategies.For purposes of defining “firm,” Fisher Investments was established as a sole proprietorship in 1979, incorporated in 1986, registered with theSEC in 1987, replacing the prior registration of the sole proprietorship, and succeeded its investment adviser registration to a limited liabilitycompany in 2005. “Years with FI” is calculated using the date on which Fisher Investments was established as a sole proprietorship throughFI is wholly‐owned by Fisher Investme
Fisher Investments, an international equity Investment Manager. 4. Subject: Preliminary Quarterly investment fund performance report for the quarter ending June 30, 2015 From: Pension Consulting Alliance Recommendation: ACCEPT an informational report regarding the preliminary quarterly
