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September 30, 2019
London Borough of Enfield
Investment Risk & Analytical Services
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Table of ContentsSection 1. London Borough of EnfieldLondon Borough of Enfield 5
1.1. Investment Hierarchy 6
1.2. Market Value Summary - One Month 9
1.3. Asset Class Performance 11
1.4. Policy Level Attribution Overview 13
1.5. Policy Level Attribution Detail - One Month 14
1.6. Growth Over Time-Inception to Date 17
Section 2. Blackrock PooledBlackrock Pooled 18
2.1. Asset Class Performance 19
2.2. Regional Performance - LEFD02 20
2.3. Growth Over Time-Inception to Date 21
Section 3. Henderson GlobalHenderson Global 22
3.1. Asset Class Performance 23
3.2. Growth Over Time-Inception to Date 24
Section 4. London LGPSLondon LGPS 25
4.1. Asset Class Performance 26
4.2. Growth Over Time-Inception to Date 27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Section 5. LongView PartnersLongView Partners
5.1. Asset Class Performance
5.2. Growth Over Time-Inception to Date
Section 6. MFS Global EquityMFS Global Equity
6.1. Asset Class Performance
6.2. Growth Over Time-Inception to Date
Section 7. Blackrock IL GiltsBlackrock IL Gilts
7.1. Asset Class Performance
7.2. Growth Over Time-Inception to Date
Section 8. CQS MAC A GBPCQS MAC A GBP
8.1. Asset Class Performance
8.2. Growth Over Time-Inception to Date
Section 9. EPOCH InvestmentEPOCH Invetsment
9.1. Asset Class Performance
9.2. Growth Over Time-Inception to Date
Section 10. Insight BondsInsight Bonds
10.1. Asset Class Performance
10.2. Growth Over Time-Inception to Date
45
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Section 11. WesternWestern 46
11.1.Asset Class Performance 47
11.2.Regional Performance - LEFD03 48
11.3.Greatest Asset Impact 49
11.4.Growth Over Time-Inception to Date 52
Section 12. CBRE Long Income FundCBRE Long Income Fund 53
12.1.Asset Class Performance 54
Section 13. M&G Inflation Opportunities FdM&G Inflation Opportunities Fd 55
13.1.Asset Class Performance 56
13.2.Growth Over Time-Inception to Date 57
Section 14. CFM StratusCFM Stratus 58
14.1.Asset Class Performance 59
14.2.Growth Over Time-Inception to Date 60
Section 15. Davidson KemperDavidson Kemper 61
15.1.Asset Class Performance 62
15.2.Growth Over Time-Inception to Date 63
Section 16. LansdowneLansdowne 64
16.1.Asset Class Performance 65
Section 16. LansdowneLansdowne 64
16.2.Growth Over Time-Inception to Date 66
Section 17. York CapitalYork Capital 67
17.1.Asset Class Performance 68
17.2.Growth Over Time-Inception to Date 69
Section 18. Adams StreetAdams Street 70
18.1.Asset Class Performance 71
18.2.Growth Over Time-Inception to Date 72
Section 19. Antin InfrastructureAntin Infrastructure 73
19.1.Asset Class Performance 74
19.2.Growth Over Time-Inception to Date 75
Section 20. INPPINPP 76
20.1.Asset Class Performance 77
20.2.Growth Over Time-Inception to Date 78
Section 21. Blackrock UK FDBlackrock UK FD 79
21.1.Asset Class Performance 80
21.2.Growth Over Time-Inception to Date 81
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Section 22. Brockton Capital FundBrockton Capital Fund 82
22.1.Asset Class Performance 83
22.2.Growth Over Time-Inception to Date 84
Section 23. Legal & General PropertyLegal & General Property 85
23.1.Asset Class Performance 86
23.2.Growth Over Time-Inception to Date 87
Section 24. PE Cash & Other AssetsPE Cash & Other Assets 88
24.1.Asset Class Performance 89
24.2.Growth Over Time-Inception to Date 90
Section 25. UT Cash & Other AssetsUT Cash & Other Assets 91
25.1.Asset Class Performance 92
25.2.Growth Over Time-Inception to Date 93
Section 26. AppendixAppendix 94
26.1.Disclaimer(s) 95
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September 30, 2019
London Borough of Enfield
S E C T I O N 1
London Borough of Enfield
Investment Risk & Analytical Services
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
6 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Investment Hierarchy% Rate of Return
Account/Group
EndingMarket Value
GBPEndingWeight
OneMonth
ThreeMonths
Yearto Date
OneYear
ThreeYears
FiveYears
Inceptionto Date
InceptionDate
London Borough of Enfield 1,264,292,932 100.00 0.41 3.04 12.02 7.20 7.79 8.98 8.59 31/03/1987Enfield Strategic BM 0.08 2.79 10.96 6.45 6.21 8.44 - 31/03/1987
Excess Return 0.33 0.24 1.06 0.75 1.57 0.54 - 31/03/1987
Total Equities 504,276,204 39.89 0.65 2.95 20.78 7.85 12.65 13.35 9.49 31/03/1987Enfield Equities BM 0.97 3.18 19.71 7.44 11.76 12.73 - 31/03/1987
Excess Return -0.32 -0.23 1.06 0.41 0.89 0.62 - 31/03/1987
Blackrock Pooled 185,789,933 14.70 1.16 3.91 21.58 7.79 12.35 13.33 14.08 31/03/2009LEFD02 Blackrock Blended BM 1.12 3.77 20.90 7.11 11.75 12.77 13.10 31/03/2009
Excess Return 0.05 0.14 0.68 0.68 0.60 0.56 0.99 31/03/2009
Henderson Global 28,339,742 2.24 -1.15 -4.69 5.25 - - - 7.32 24/10/2018LEFD05018 MSCI EM Mrkts ND 0.71 -1.11 9.44 - - - 12.82 24/10/2018
Excess Return -1.87 -3.58 -4.18 - - - -5.50 24/10/2018
London LGPS 81,671,238 6.46 -0.87 0.66 21.84 6.58 14.10 - 14.10 30/09/2016LEFD05016 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 - 11.65 30/09/2016
Excess Return -1.78 -2.59 1.75 -0.70 2.45 - 2.45 30/09/2016
LongView Partners 83,898,496 6.64 3.28 4.68 16.98 - - - 16.08 24/10/2018LEFD05019 MSCI ACWI ND 0.91 3.25 20.09 - - - 16.60 24/10/2018
Excess Return 2.37 1.42 -3.12 - - - -0.52 24/10/2018
MFS Global Equity 123,768,260 9.79 -0.36 3.82 26.01 13.33 12.96 14.69 14.53 31/07/2010LEFD05005 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 12.67 11.72 31/07/2010
Excess Return -1.27 0.57 5.92 6.05 1.30 2.03 2.82 31/07/2010
Trilogy 808,535 0.06 - - - - - - - 30/09/2007LEFD04 MSCI ACWI ND - - - - - - - 30/09/2007
Excess Return - - - - - - - 30/09/2007
Total Bonds and Index Linked 275,602,866 21.80 -0.02 3.41 9.22 9.31 3.23 5.52 6.29 30/06/2005Enfield Bonds & IL BM 0.02 3.61 8.80 9.50 3.76 - - 30/06/2005
Excess Return -0.04 -0.20 0.42 -0.19 -0.53 - - 30/06/2005
Blackrock IL Gilts 93,123,992 7.37 -0.08 3.60 7.41 8.66 2.40 3.44 5.73 30/09/2005LEFD01 Blended Benchmark -0.07 3.51 7.29 8.53 2.32 7.37 7.99 30/09/2005
Excess Return -0.01 0.09 0.12 0.13 0.09 -3.93 -2.26 30/09/2005
CQS MAC A GBP 0 0.00 0.29 0.48 4.96 - - - 3.68 30/11/2018LEFD09001 3 Month GBP Libor 0.00 0.15 0.71 - - - 0.80 30/11/2018
Excess Return 0.28 0.33 4.26 - - - 2.87 30/11/2018
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
7 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
% Rate of Return
Account/Group
EndingMarket Value
GBPEndingWeight
OneMonth
ThreeMonths
Yearto Date
OneYear
ThreeYears
FiveYears
Inceptionto Date
InceptionDate
51,900,795 4.11 0.12 - - - - - 0.12 31/08/20190.07 - - - - - 0.07 31/08/2019
EPOCH Investment LEFD05020 3 Month GBP Libor Excess Return 0.05 - - - - - 0.05 31/08/2019
Insight Bonds 30,563,889 2.42 -0.91 -0.47 -0.96 -2.32 -1.31 -0.31 0.20 31/12/2013LEFD05006 Libor 3 Month GBP+4% 0.39 1.19 3.76 5.03 4.74 3.27 2.90 31/12/2013
Excess Return -1.30 -1.66 -4.72 -7.35 -6.05 -3.58 -2.71 31/12/2013
Western 100,014,190 7.91 0.09 6.02 17.12 16.75 5.15 7.73 6.90 31/03/2003LEFD03 ML Stg Non-Gilts 10+ -0.04 6.35 16.87 16.84 4.78 8.53 - 31/03/2003
Excess Return 0.13 -0.33 0.25 -0.09 0.38 -0.80 - 31/03/2003
Inflation Protection Illiquids 96,000,809 7.59 2.47 4.23 9.88 - - - 9.34 30/11/2018Enfield Inflation lliquids BM -0.03 0.91 3.32 - - - 3.86 30/11/2018
Excess Return 2.50 3.33 6.56 - - - 5.48 30/11/2018
CBRE Long Income Fund 18,485,220 1.46 -0.00 0.05 0.05 - - - 0.05 17/12/2018LEFD06007 BMK 0.00 0.05 0.05 - - - 0.05 17/12/2018
Excess Return -0.00 -0.00 -0.00 - - - -0.00 17/12/2018
M&G Inflation Opportunities Fd 77,515,589 6.13 3.07 5.21 11.58 12.42 7.26 9.80 7.84 30/04/2013LEFD05010 UK RPI +2.5% -0.03 1.09 3.76 4.93 5.69 4.98 4.93 30/04/2013
Excess Return 3.10 4.12 7.82 7.50 1.57 4.83 2.91 30/04/2013
Total Hedge Funds 123,399,279 9.76 -0.42 -0.10 0.57 -3.94 0.35 1.85 5.06 31/07/2007Enfield Hedge Funds BM -0.36 1.66 2.61 3.97 1.71 3.92 - 31/07/2007
Excess Return -0.06 -1.76 -2.03 -7.91 -1.36 -2.06 - 31/07/2007
CFM Stratus 26,339,095 2.08 -4.08 -2.62 8.81 1.83 1.32 - -2.21 31/12/2015LEFD06004 Libor 3 Month GBP 0.07 0.22 0.77 1.03 0.73 - 0.70 31/12/2015
Excess Return -4.15 -2.84 8.04 0.80 0.58 - -2.91 31/12/2015
Davidson Kemper 30,028,922 2.38 -1.04 4.77 8.53 9.35 6.68 - 6.22 30/11/2014LEFD05004 Libor 3 Month USD -0.99 3.91 5.57 8.83 3.98 - 3.24 30/11/2014
Excess Return -0.06 0.86 2.96 0.51 2.71 - 2.98 30/11/2014
Lansdowne 47,017,569 3.72 2.51 -2.05 -8.24 -14.04 -3.11 -0.27 5.08 30/09/2007LEFD05009 Libor 3 Mnth GBP 0.07 0.22 0.77 1.03 0.73 4.81 3.05 30/09/2007
Excess Return 2.44 -2.27 -9.01 -15.07 -3.84 -5.08 2.03 30/09/2007
York Capital 20,013,694 1.58 -1.17 1.03 2.22 -2.10 5.73 0.86 5.34 31/12/2009LEFD05011 Libor 3 Mnth USD -0.99 3.91 5.57 8.83 3.98 0.94 3.14 31/12/2009
Excess Return -0.18 -2.88 -3.35 -10.93 1.75 -0.08 2.20 31/12/2009
Private Equity 77,604,031 6.14 3.74 8.41 13.41 21.83 17.69 16.53 12.38 31/03/2007Enfield PE BM 0.91 3.25 20.09 7.28 11.65 13.01 - 31/03/2007
Excess Return 2.83 5.16 -6.68 14.54 6.04 3.52 - 31/03/2007
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
8 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
% Rate of Return
Account/Group
EndingMarket Value
GBPEndingWeight
OneMonth
ThreeMonths
Yearto Date
OneYear
ThreeYears
FiveYears
Inceptionto Date
InceptionDate
Adams Street 77,604,031 6.14 3.74 8.41 13.41 21.83 17.69 13.48 11.04 31/12/2004LEFD06005 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 8.96 7.44 31/12/2004
Excess Return 2.83 5.16 -6.68 14.54 6.04 4.52 3.61 31/12/2004
Infrastructure 64,438,837 5.10 -3.74 3.83 6.89 8.10 0.58 - 1.69 30/06/2016Enfield Infrastructure BM -4.38 5.35 5.00 6.40 3.14 - 3.80 30/06/2016
Excess Return 0.64 -1.52 1.90 1.69 -2.56 - -2.10 30/06/2016
Antin Infrastructure 18,964,363 1.50 -2.16 0.10 12.05 12.01 - - 5.89 31/12/2017
INPP 45,474,474 3.60 -4.38 5.35 5.00 6.40 3.13 8.86 8.36 31/12/2008LEFD05015 Fund returns -4.38 5.35 5.00 6.40 3.13 3.13 3.26 31/12/2008
Excess Return -0.00 -0.00 -0.00 -0.00 0.00 5.73 5.10 31/12/2008
Property 76,065,405 6.02 0.17 0.46 2.25 2.89 5.87 5.91 9.09 31/03/1987Enfield Property BM -0.08 0.40 1.31 2.22 6.75 7.53 - 31/03/1987
Excess Return 0.25 0.06 0.94 0.67 -0.88 -1.63 - 31/03/1987
Blackrock UK FD 37,516,227 2.97 0.25 0.20 0.75 1.84 3.92 5.17 3.54 31/07/2002LEFD05012 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 7.53 6.63 31/07/2002
Excess Return 0.33 -0.20 -0.55 -0.37 -2.83 -2.37 -3.08 31/07/2002
Brockton Capital Fund 4,665,420 0.37 0.00 1.21 14.26 14.69 16.69 - 6.40 30/11/2014LEFD06001 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 - 3.99 30/11/2014
Excess Return 0.08 0.81 12.96 12.47 9.94 - 2.41 30/11/2014
Legal & General Property 33,883,759 2.68 0.10 0.66 2.48 2.62 5.92 6.59 7.08 31/01/2010LEFD05013 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 7.53 7.70 31/01/2010
Excess Return 0.18 0.26 1.17 0.41 -0.83 -0.94 -0.62 31/01/2010
Cash 46,905,500 3.71 -0.71 2.54 3.51 4.11 3.03 - 2.99 30/06/2016
Cash & Other Transition Assets 55,588 0.00 -0.26 -30.62 -14.85 - - - -14.72 30/11/2018
Goldman Sachs cash funds 29,558,356 2.34 -0.69 3.00 5.18 6.93 3.37 - 3.26 30/06/2016
PE Cash & Other Assets 11,414,290 0.90 -1.05 3.14 2.85 2.98 1.61 - 2.04 30/06/2016LEFD06002 LIBID 7 Day 0.05 0.14 0.43 0.58 0.36 - 0.35 30/06/2016
Excess Return -1.10 3.00 2.42 2.40 1.25 - 1.70 30/06/2016
UT Cash & Other Assets 5,877,266 0.46 -0.24 0.46 0.49 0.49 11.35 - 10.45 30/06/2016LEFD05002 LIBID 7 Day 0.05 0.14 0.43 0.58 0.36 - 0.35 30/06/2016
Excess Return -0.28 0.31 0.06 -0.09 11.00 - 10.11 30/06/2016
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
9 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Currency: GBP
Market Value Summary - One Month
Account/Group31/08/2019
Market Value Net Contribution* Income Fees Appreciation30/09/2019
Market ValueLondon Borough of Enfield 1,258,846,659 310,000 2,519,287 0 2,616,986 1,264,292,932Total Equities 500,995,958 0 987,738 0 2,292,508 504,276,204Blackrock Pooled 183,656,060 0 21 0 2,133,852 185,789,933Henderson Global 28,670,720 0 174,515 0 -505,493 28,339,742London LGPS 82,389,155 0 257,524 0 -975,441 81,671,238LongView Partners 81,232,557 0 567,682 0 2,098,257 83,898,496MFS Global Equity 124,219,994 0 0 0 -451,733 123,768,260Trilogy 827,472 0 -12,003 0 -6,934 808,535
Total Bonds and Index Linked 275,657,488 0 334,757 0 -389,379 275,602,866Blackrock IL Gilts 93,196,887 0 0 0 -72,895 93,123,992CQS MAC A GBP 51,689,861 -51,838,966 0 0 149,105 0EPOCH Investment 0 51,838,966 61,829 0 0 51,900,795Insight Bonds 30,843,613 0 0 0 -279,724 30,563,889Western 99,927,128 0 272,928 0 -185,865 100,014,190
Inflation Protection Illiquids 90,904,639 2,790,000 0 0 2,306,171 96,000,809CBRE Long Income Fund 15,695,221 2,790,000 0 0 -1 18,485,220M&G Inflation Opportunities Fd 75,209,418 0 0 0 2,306,171 77,515,589
Total Hedge Funds 123,924,336 0 0 0 -525,056 123,399,279CFM Stratus 27,459,566 0 0 0 -1,120,471 26,339,095Davidson Kemper 30,345,680 0 0 0 -316,759 30,028,922Lansdowne 45,867,931 0 0 0 1,149,638 47,017,569York Capital 20,251,158 0 0 0 -237,464 20,013,694
Private Equity 75,964,787 -1,196,138 0 0 2,835,381 77,604,031Adams Street 75,964,787 -1,196,138 0 0 2,835,381 77,604,031
Infrastructure 66,941,524 0 1,037,254 0 -3,539,940 64,438,837Antin Infrastructure 19,383,875 0 0 0 -419,511 18,964,363INPP 47,557,649 0 1,037,254 0 -3,120,429 45,474,474
Property 76,022,547 -84,392 115,571 0 11,679 76,065,405Blackrock UK FD 37,507,029 -84,392 115,571 0 -21,981 37,516,227Brockton Capital Fund 4,665,420 0 0 0 0 4,665,420Legal & General Property 33,850,099 0 0 0 33,660 33,883,759
Cash 48,435,380 -1,199,470 43,968 0 -374,378 46,905,500Cash & Other Transition Assets 55,735 0 -8 0 -138 55,588Goldman Sachs cash funds 29,451,860 310,000 41,292 0 -244,796 29,558,356PE Cash & Other Assets 11,120,545 406,138 2,389 0 -114,781 11,414,290
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
10 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Currency: GBP
Market Value Summary - One Month
Account/Group31/08/2019
Market Value Net Contribution* Income Fees Appreciation30/09/2019
Market ValueUT Cash & Other Assets 7,807,241 -1,915,608 295 0 -14,662 5,877,266
*Net Contributions include Cash Contributions/Distributions, Security Deliveries/Receipts, Fees/Fee Rebates, Inter Account transfers for Consolidations & Benefits Payments. Copied History or Backloaded Data may not display the correct Contributions/Withdrawals creating misrepresentation.
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
11 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 1,258,847Net Contribution 310Income 2,519Fees 0Appreciation 2,617Ending Market Value 1,264,293
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 503,934,750 39.86 0.66 2.95 20.79 7.70 8.65
Common Stock 503,934,750 39.86 0.66 2.95 20.79 7.92 8.72Fixed Income 356,805,219 28.22 0.64 3.78 9.64 9.53 3.31
Marketable Bonds 148,161,345 11.72 0.12 4.06 12.80 10.70 3.11Inflation Linked Bonds 77,515,589 6.13 3.07 5.21 11.58 12.42 7.26Other Fixed Income 123,687,880 9.78 -0.28 2.56 5.21 5.72 1.47Fixed Derivatives 7,440,405 0.59 2.20 3.86 4.26 6.34 -5.08
Index Linked Gilts 901,270 0.07 0.08 3.12 6.53 8.79 1.55Real Estate 89,885,206 7.11 0.14 0.34 1.38 2.03 4.75Private Equity 82,269,450 6.51 3.52 7.98 13.44 21.38 18.04Hedge Funds 123,399,279 9.76 -0.42 -0.10 0.57 -3.94 15.65Other Assets 0 0.00Cash & Short Term Deriv. 50,216,721 3.97 -0.66 2.56 4.04 6.56 3.63Pending Cash -288,718 -0.02 - - - - - - -Futures Offsets -7,382,367 -0.58 - - - - - - -Foreign Exchange 113,285 0.01 - - - - - - -Infrastructure 64,438,837 5.10 -3.74 3.83 6.89 8.10 0.58Total Fund Gross of Fees 1,264,292,932 100.00 0.41 3.04 12.02 7.20 7.79 8.98 8.59
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
12 of 95 | Investment Risk & Analytical Services
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEnfield Strategic BM 0.08 2.79 10.96 6.45 6.21 8.44 Excess Return 0.33 0.24 1.06 0.75 1.57 0.54
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
13 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Index : Enfield Secondary BM • Analysis : Enfield PLA• Consolidation : London Borough of Enfield (Carved Out)
Policy Level Attribution Overview
Rate of Return RelativeAsset Allocation
RelativeStock SelectionTime Period Group Index Relative Residual
One Month 0.41 0.25 0.16 -0.06 0.21 0.01
The above Attribution Model is based on the Geometric methodology.
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
14 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Analysis : Enfield PLA
Policy Level Attribution Detail - One Month
The above Attribution model is based on Geometric methodology. The chart depicts the Top & Bottom accounts/groups based on Beginning Weight. The vertical dotted line represents the total consolidated result for a given metric.
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
15 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Analysis : Enfield PLA
Policy Level Attribution - One MonthWeights Rate of Returns Attribution Effects
BeginningWeights Return Contribution
RelativeAsset
Allocation
RelativeStock
Selection
London Borough of Enfield 100.00 0.41 0.41 -0.06 0.21
Enfield Secondary BM 100.00 0.25 0.25
MFS Global Equity 9.87 -0.36 -0.04 -0.00 -0.13
LEFD05005 MSCI ACWI ND 10.27 0.91 0.09
Blackrock Pooled 14.59 1.16 0.17 -0.01 0.01
LEFD02 Blackrock Blended BM 15.19 1.12 0.17
Trilogy 0.07 - 0.00 - -
LEFD04 MSCI ACWI ND 0.00 - 0.00
London LGPS 6.54 -0.87 -0.06 -0.00 -0.12
LEFD05016 MSCI ACWI ND 6.81 0.91 0.06
M&G Inflation Opportunities Fd 5.97 3.07 0.18 0.00 0.18
LEFD05010 UK RPI +2.5% 6.22 -0.03 -0.00
CBRE Long Income Fund 1.25 -0.00 -0.00 0.00 -0.00
LEFD06007 BMK 1.49 0.00 0.00
Insight Bonds 2.45 -0.91 -0.02 -0.00 -0.03
LEFD05006 Libor 3 Month GBP+4%
2.55 0.39 0.01
Blackrock IL Gilts 7.40 -0.08 -0.01 0.00 -0.00
LEFD01 Blended Benchmark 7.71 -0.07 -0.01
Western 7.94 0.09 0.01 0.00 0.01
LEFD03 ML Stg Non-Gilts 10+ 8.26 -0.04 -0.00
CFM Stratus 2.18 -4.08 -0.09 0.00 -0.09
LEFD06004 Libor 3 Month GBP 2.27 0.07 0.00
Davidson Kemper 2.41 -1.04 -0.03 0.00 -0.00
LEFD05004 Libor 3 Month USD 2.51 -0.99 -0.02
York Capital 1.61 -1.17 -0.02 0.00 -0.00
LEFD05011 Libor 3 Mnth USD 1.67 -0.99 -0.02
Lansdowne 3.64 2.51 0.09 0.00 0.09
LEFD05009 Libor 3 Mnth GBP 3.79 0.07 0.00
Adams Street 6.03 3.74 0.23 -0.00 0.17
LEFD06005 MSCI ACWI ND 6.27 0.91 0.06
INPP 3.78 -4.38 -0.17 0.01 -0.00
LEFD05015 Fund returns 3.93 -4.38 -0.17
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
15 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees • Analysis : Enfield PLA
Weights Rate of Returns Attribution Effects
BeginningWeights Return Contribution
RelativeAsset
Allocation
RelativeStock
Selection
Antin Infrastructure 1.54 -2.16 -0.03 -0.04 0.00
2.98 0.25 0.01 0.00 0.01Blackrock UK FDLEFD05012 IPD All Balncd Prpty 3.10 -0.08 -0.00
2.69 0.10 0.00 0.00 0.00Legal & General PropertyLEFD05013 IPD All Balncd Prpty 2.80 -0.08 -0.00
0.37 0.00 0.00 0.00 0.00Brockton Capital FundLEFD06001 IPD All Balncd Prpty 0.41 -0.08 -0.00
0.62 0.00 -0.00UT Cash & Other AssetsLEFD05002 LIBID 7 Day 0.50
-0.240.05
-0.000.00
Goldman Sachs cash funds 2.34 -0.69 -0.02 -0.02 0.00
0.88 0.00 -0.01PE Cash & Other AssetsLEFD06002 LIBID 7 Day 0.88
-1.050.05
-0.010.00
HSBC / NT PE cash account 0.00 - 0.00 0.00 0.00
6.45 3.28 0.21 -0.00 0.15LongView PartnersLEFD05019 MSCI ACWI ND 6.72 0.91 0.06
2.28 -0.00 -0.04Henderson GlobalLEFD05018 MSCI EM Mrkts ND 2.37
-1.150.71
-0.030.02
Cash & Other Transition Assets 0.00 -0.26 -0.00 -0.00 0.00
4.11 0.29 0.00 0.00 0.00CQS MAC A GBPLEFD09001 3 Month GBP Libor 0.00 - 0.00
0.00 0.12 0.00 0.00 0.00EPOCH Investment LEFD05020 3 Month GBP Libor 4.28 0.07 0.00
The above Attribution Model is based on the Geometric methodology.
-
N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
17 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
Blackrock Pooled
S E C T I O N 2
Blackrock Pooled
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Blackrock Pooled September 30, 2019
19 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 183,656Net Contribution 0Income 0Fees 0Appreciation 2,134Ending Market Value 185,790
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 185,754,648 99.98 1.16 3.91 21.59 7.80 12.35
Common Stock 185,754,648 99.98 1.16 3.91 21.59 7.80 12.35 Cash & Short Term Deriv. 35,285 0.02 0.06 0.18 0.54 0.71 0.46 Total Fund Gross of Fees 185,789,933 100.00 1.16 3.91 21.58 7.79 12.35 13.33 14.08LEFD02 Blackrock Blended BM 1.12 3.77 20.90 7.11 11.75 12.77 13.10Excess Return 0.05 0.14 0.68 0.68 0.60 0.56 0.99
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Blackrock Pooled September 30, 2019
20 of 95 | Investment Risk & Analytical Services Analysis: LEFD02
Regional PerformanceBase Rates of Return
Category
EndingMarket value
GBP - GOFEndingWeight
TargetWeight
OneMonth
ThreeMonths
Yearto Date
OneYear
ThreeYears
FiveYears
Inceptionto Date
Blackrock Pooled 185,789,933 100.00 100.00 1.16 3.91 21.58 7.79 12.35 13.33 14.08LEFD02 Blackrock Blended Bmk 1.12 3.77 20.90 7.11 11.75 12.77 13.10Excess Return 0.05 0.14 0.68 0.68 0.60 0.56 0.99Total Fund - Foreign Exchange 185,789,933 100.00 100.00 1.16 3.91 21.58 7.79 12.35 - -FTSE AW ND 1.12 3.77 20.90 7.11 11.75 12.77 13.10Excess Return 0.05 0.14 0.68 0.68 0.60 - -Equity 185,754,648 99.98 0.00 1.16 3.91 21.59 7.80 12.35 - -Blackrock World ex UK 173,174,163 93.21 93.34 1.04 4.11 22.14 8.38 13.12 - -FTSE A-W Developed x UK ND 0.98 3.96 21.40 7.55 12.40 13.66 14.03Excess Return 0.05 0.15 0.74 0.83 0.72 - -Blackrock Emerging Mkt - - 0.00 - - - - - - -MSCI Emerging Markets ND - - - - - - -Excess Return - - - - - - -UK Equity 12,580,485 6.77 6.66 2.94 1.27 14.40 2.73 6.84 - -FTSE All Share GBP 2.95 1.27 14.41 2.68 6.76 6.79 11.03Excess Return -0.01 -0.00 -0.01 0.04 0.08 - -
Cash & Short Term Deriv. 35,285 0.02 0.00 0.06 0.18 0.54 0.71 0.46 - -• Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Blackrock Pooled September 30, 2019
21 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
Henderson Global
S E C T I O N 3
Henderson Global
Investment Risk & Analytical Services
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N O R T H E R N T R U S T Henderson Global September 30, 2019
23 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 28,671Net Contribution 0Income 175Fees 0Appreciation -505Ending Market Value 28,340
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 28,339,742 100.00 -1.15 -4.69 5.25 7.32
Common Stock 28,339,742 100.00 -1.15 -4.69 5.25 7.32Total Fund Gross of Fees 28,339,742 100.00 -1.15 -4.69 5.25 7.32LEFD05018 MSCI EM Mrkts ND 0.71 -1.11 9.44 12.82Excess Return -1.87 -3.58 -4.18 -5.50
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Henderson Global September 30, 2019
24 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
London LGPS
S E C T I O N 4
London LGPS
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T London LGPS September 30, 2019
26 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 82,389Net Contribution 0Income 258Fees 0Appreciation -975Ending Market Value 81,671
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 81,671,238 100.00 -0.87 0.66 21.84 6.58 14.10 14.10
Common Stock 81,671,238 100.00 -0.87 0.66 21.84 6.58 14.10 14.10Total Fund Gross of Fees 81,671,238 100.00 -0.87 0.66 21.84 6.58 14.10 14.10LEFD05016 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 11.65Excess Return -1.78 -2.59 1.75 -0.70 2.45 2.45
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T London LGPS September 30, 2019
27 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
LongView Partners
S E C T I O N 5
LongView Partners
Investment Risk & Analytical Services
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N O R T H E R N T R U S T LongView Partners September 30, 2019
29 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 81,233Net Contribution 0Income 568Fees 0Appreciation 2,098Ending Market Value 83,898
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 83,898,496 100.00 3.28 4.68 16.98 16.08
Common Stock 83,898,496 100.00 3.28 4.68 16.98 16.08Total Fund Gross of Fees 83,898,496 100.00 3.28 4.68 16.98 16.08LEFD05019 MSCI ACWI ND 0.91 3.25 20.09 16.60Excess Return 2.37 1.42 -3.12 -0.52
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T LongView Partners September 30, 2019
30 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
MFS Global Equity
S E C T I O N 6
MFS Global Equity
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T MFS Global Equity September 30, 2019
32 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 124,220Net Contribution 0Income 0Fees 0Appreciation -452Ending Market Value 123,768
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 123,768,260 100.00 -0.36 3.82 26.01 13.33 12.96
Common Stock 123,768,260 100.00 -0.36 3.82 26.01 13.33 12.96 Total Fund Gross of Fees 123,768,260 100.00 -0.36 3.82 26.01 13.33 12.96 14.69 14.53LEFD05005 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 12.67 11.72Excess Return -1.27 0.57 5.92 6.05 1.30 2.03 2.82
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T MFS Global Equity September 30, 2019
33 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
Blackrock IL Gilts
S E C T I O N 7
Blackrock IL Gilts
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Blackrock IL Gilts September 30, 2019
35 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 93,197Net Contribution 0Income 0Fees 0Appreciation -73Ending Market Value 93,124
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 93,123,991 100.00 -0.08 3.60 7.41 8.66 2.40
Other Fixed Income 93,123,991 100.00 -0.08 3.60 7.41 8.66 2.40Cash & Short Term Deriv. 1 0.00Total Fund Gross of Fees 93,123,992 100.00 -0.08 3.60 7.41 8.66 2.40 3.44 5.73LEFD01 Blended Benchmark -0.07 3.51 7.29 8.53 2.32 7.37 7.99Excess Return -0.01 0.09 0.12 0.13 0.09 -3.93 -2.26
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T Blackrock IL Gilts September 30, 2019
36 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
CQS MAC A GBP
S E C T I O N 8
CQS MAC A GBP
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T CQS MAC A GBP September 30, 2019
38 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceMARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 51,690Net Contribution -51,839Income 0Fees 0Appreciation 149Ending Market Value 0
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 0 0.29 0.48 4.96 3.68
Marketable Bonds 0 0.29 0.48 4.96 3.68Total Fund Gross of Fees 0 0.29 0.48 4.96 3.68LEFD09001 3 Month GBP Libor 0.00 0.15 0.71 0.80Excess Return 0.28 0.33 4.26 2.87
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T CQS MAC A GBP September 30, 2019
39 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
EPOCH Invetsment
S E C T I O N 9
EPOCH InvestmentInvestment Risk & Analytical Services
-
N O R T H E R N T R U S T EPOCH Investment September 30, 2019
41 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market ValueNet Contribution 51,839IncomeFees 0AppreciationEnding Market Value 51,901
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 51,900,795 100.00 0.12 0.12
Marketable Bonds 51,900,795 100.00 0.12 0.12Total Fund Gross of Fees 51,900,795 100.00 0.12 0.12LEFD05020 3 Month GBP Libor 0.07 0.07Excess Return 0.05 0.05
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T EPOCH Investment September 30, 2019
42 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
Insight Bonds
S E C T I O N 10
Insight Bonds
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Insight Bonds September 30, 2019
44 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 30,844Net Contribution 0Income 0Fees 0Appreciation -280Ending Market Value 30,564
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 30,563,889 100.00 -0.91 -0.47 -0.96 -2.32 -1.31
Other Fixed Income 30,563,889 100.00 -0.91 -0.47 -0.96 -2.32 -1.31 Total Fund Gross of Fees 30,563,889 100.00 -0.91 -0.47 -0.96 -2.32 -1.31 -0.31 0.20LEFD05006 Libor 3 Month GBP+4% 0.39 1.19 3.76 5.03 4.74 3.27 2.90Excess Return -1.30 -1.66 -4.72 -7.35 -6.05 -3.58 -2.71
Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T Insight Bonds September 30, 2019
45 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Western
S E C T I O N 11
Western
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Western September 30, 2019
47 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 99,927Net Contribution 0Income 273Fees 0Appreciation -186Ending Market Value 100,014
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 103,700,955 103.69 0.11 5.87 16.46 16.20 4.73
Marketable Bonds 96,260,550 96.25 -0.04 5.99 17.40 16.76 4.96Fixed Derivatives 7,440,405 7.44 2.20 3.86 4.26 6.34 -5.20
Index Linked Gilts 901,270 0.90 0.08 3.12 6.53 8.79 1.98Other Assets 0 0.00Cash & Short Term Deriv. 2,969,766 2.97 0.69 2.58 3.52 3.80 1.10Pending Cash -288,718 -0.29 - - - - - - -Futures Offsets -7,382,367 -7.38 - - - - - - -Foreign Exchange 113,285 0.11 - - - - - - -Total Fund Gross of Fees 100,014,190 100.00 0.09 6.02 17.12 16.75 5.15 7.73 6.90LEFD03 ML Stg Non-Gilts 10+ -0.04 6.35 16.87 16.84 4.78 8.53Excess Return 0.13 -0.33 0.25 -0.09 0.38 -0.80
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Western September 30, 2019
48 of 95 | Investment Risk & Analytical Services Analysis: LEFD03
Regional PerformanceBase Rates of Return
Category
EndingMarket value
GBP - GOFEndingWeight
TargetWeight
OneMonth
ThreeMonths
Yearto Date
OneYear
ThreeYears
FiveYears
Inceptionto Date
Western 100,014,190 100.00 100.00 0.09 6.02 17.12 16.75 5.15 7.73 6.90LEFD03 ML Stg Non-Gilts 10+ -0.04 6.35 16.87 16.84 4.78 8.53 -Excess Return 0.13 -0.33 0.25 -0.09 0.38 -0.80 -Total Fund - Foreign Exchange 99,900,905 99.89 100.00 0.04 6.13 17.21 17.05 5.34 - -Blended Benchmark -0.04 6.35 16.87 16.84 4.78 8.53 -Excess Return 0.08 -0.22 0.34 0.21 0.56 - -Fixed Income 103,700,955 103.69 0.00 0.11 5.87 16.46 16.20 4.73 - -Marketable Bonds 96,260,550 96.25 0.00 -0.04 5.99 17.40 16.76 4.96 - -Government Bonds 9,811,187 9.81 0.00 -0.23 5.70 12.39 14.76 3.87 - -Corporates 86,449,362 86.44 0.00 -0.02 6.02 18.02 16.87 5.05 - -
Fixed Derivatives 7,440,405 7.44 0.00 2.20 3.86 4.26 6.34 -5.20 - -Index Linked Gilts 901,270 0.90 0.00 0.08 3.12 6.53 8.79 1.98 - -Cash & Short Term Deriv. 2,969,766 2.97 0.00 0.69 2.58 3.52 3.80 1.10 - -Foreign Exchange 113,285 0.11 0.00 - - - - - - -Futures Offsets -7,382,367 -7.38 0.00 - - - - - - -Pending Cash -288,718 -0.29 0.00 0.01 -0.00 -0.00 -0.00 103.32 - -
• Excess is calculated using arithmetic methodology
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N O R T H E R N T R U S T Western September 30, 2019
49 of 95 | Investment Risk & Analytical Services
Greatest Asset Impact - One Month
TOP LARGEST HOLDINGS
Asset Description Sector/Industry Country30/09/2019
Market Value Gain/Loss30/09/2019
WeightBase
ReturnContribution
to FIFUT DEC 19 LIF LONG GILT Fixed Derivatives United Kingdom 10,604,960 8,649 10.23 0.08 0.01EUROPEAN INVT BK 3.875% BDS DUE ... Government Bonds United Kingdom 3,965,930 1,630 3.82 0.04 0.00EURO INV BANK 2.5% SNR 31/10/202... Government Bonds United Kingdom 2,097,055 3,781 2.02 0.18 0.00ENEL FIN INT NV 5.75% GTD SNR 14... Corporates Italy 1,837,397 -2,194 1.77 -0.12 -0.00ANHEUSER-BUSCH INB 2.85% GTD SNR... Corporates Belgium 1,813,225 -3,119 1.75 -0.17 -0.00WELLS FARGO & CO 4.875% SUB 29/1... Corporates United States 1,726,397 -6,865 1.66 -0.40 -0.01CITIGROUP INC 7.375% SNR 01/09/2... Corporates United States 1,718,431 -12,405 1.66 -0.72 -0.01COOPERATIEVE RABOB 5.375% SNR MT... Corporates Netherlands 1,643,092 21,979 1.58 1.36 0.02UK(GOVT OF) 4.5% BDS 07/09/2034 ... Government Bonds United Kingdom 1,590,672 -7,612 1.53 -0.37 -0.01BK OF AMERICA CORP 7% SNR EMTN ... Corporates United States 1,590,569 -6,389 1.53 -0.40 -0.01
SubTotal 28,587,728 -2,546 27.57 -0.00
LARGEST POSITIVE IMPACT
Asset Description Sector/Industry Country30/09/2019
Market Value Gain/Loss30/09/2019
WeightBase
ReturnContribution
to FIFUT DEC 19 EURX EUR-BUND Fixed Derivatives Germany -4,470,546 153,227 -4.31 -3.41 0.15GE CAP UK FDG UNLI 8% GTD SNR 14... Corporates United States 1,421,077 35,675 1.37 2.58 0.03HSBC HOLDINGS PLC 6% SUB 29/03/4... Corporates United Kingdom 1,419,088 27,743 1.37 1.99 0.03HSBC HOLDINGS PLC 7% SUB 07/04/3... Corporates United Kingdom 1,311,986 27,214 1.27 2.12 0.03FUT DEC 19 CBT UL T-BONDS Fixed Derivatives United States -622,921 25,558 -0.60 -3.94 0.02COOPERATIEVE RABOB 5.375% SNR MT... Corporates Netherlands 1,643,092 21,979 1.58 1.36 0.02AVIVA 6.875%-FRN LT2 20/05/58 GB... Corporates United Kingdom 739,333 17,121 0.71 2.37 0.02FUT DEC 19 EURO BUXL BND Fixed Derivatives Germany -384,839 16,662 -0.37 -4.23 0.01LEGAL & GENERAL GROUP BNDS 5.5% ... Corporates United Kingdom 437,666 14,205 0.42 3.35 0.01THE WELLCOME TRUST 2.517% SNR 07... Corporates United Kingdom 717,252 13,762 0.69 1.96 0.01
SubTotal 2,211,190 353,145 2.13 0.34
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N O R T H E R N T R U S T Western September 30, 2019
50 of 95 | Investment Risk & Analytical Services
LARGEST NEGATIVE IMPACT
Asset Description Sector/Industry Country30/09/2019
Market Value Gain/Loss30/09/2019
WeightBase
ReturnContribution
to FIELECTRICITE DE FRANCE ... Corporates France 1,530,721 -27,217 1.48 -1.75 -0.03FUT DEC 19 10 YR T-NOTES Fixed Derivatives United States 951,726 -21,685 0.92 -2.23 -0.02FUT DEC 19 CBT 5Y T-NOTE Fixed Derivatives United States 966,878 -18,272 0.93 -1.85 -0.02ELECTRICITE DE FRANCE 5.125% 22/... Corporates France 1,054,472 -16,185 1.02 -1.47 -0.02ELEC DE FRANCE 6.0% 23/01/2114 Corporates France 1,006,403 -13,040 0.97 -1.28 -0.01CITIGROUP INC 7.375% SNR 01/09/2... Corporates United States 1,718,431 -12,405 1.66 -0.72 -0.01FUT DEC 19 U.S. T-BONDS Fixed Derivatives United States 395,145 -11,925 0.38 -2.93 -0.01MUENCHENER RUECKVE 3.25%-FRN SUB... Corporates Germany 0 -18,824 0.00 -4.26 -0.01TESCO PROPERTY FIN 4 PLC 5.8006%... Corporates United Kingdom 1,516,386 -11,282 1.46 -0.74 -0.01E.ON INTERNATIONAL 5.875% SNR MT... Corporates Germany 695,316 -10,447 0.67 -1.48 -0.01
SubTotal 9,835,480 -161,281 9.48 -0.15
BEST PERFORMERS
Asset Description Sector/Industry Country30/09/2019
Market Value Gain/Loss30/09/2019
WeightBase
ReturnContribution
to FILEGAL & GENERAL GROUP BNDS 5.5% ... Corporates United Kingdom 437,666 14,205 0.42 3.35 0.01PRUDENTIAL 5.7%-FRN LT2 19/12/20... Corporates United Kingdom 389,069 10,992 0.38 2.91 0.01GE CAP UK FDG UNLI 8% GTD SNR 14... Corporates United States 1,421,077 35,675 1.37 2.58 0.03CREDIT AGRICOLE SA 7.5% ... Corporates France 424,718 10,119 0.41 2.41 0.01AVIVA 6.875%-FRN LT2 20/05/58 GB... Corporates United Kingdom 739,333 17,121 0.71 2.37 0.02HSBC HOLDINGS PLC 7% SUB 07/04/3... Corporates United Kingdom 1,311,986 27,214 1.27 2.12 0.03HSBC HOLDINGS PLC 6% SUB 29/03/4... Corporates United Kingdom 1,419,088 27,743 1.37 1.99 0.03THE WELLCOME TRUST 2.517% SNR 07... Corporates United Kingdom 717,252 13,762 0.69 1.96 0.01CAMBRIDGE(UNIVERSI 2.35% SNR 27/... Corporates United Kingdom 838,655 13,474 0.81 1.63 0.01OXFORD UNIVER 2.544% SNR 08/12/2... Corporates United Kingdom 480,637 7,104 0.46 1.50 0.01
SubTotal 8,179,482 177,408 7.89 0.17
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N O R T H E R N T R U S T Western September 30, 2019
51 of 95 | Investment Risk & Analytical Services
WORST PERFORMERS
Asset Description Sector/Industry Country30/09/2019
Market Value Gain/Loss30/09/2019
WeightBase
ReturnContribution
to FIORANGE 1.375% 04/09/2049 Corporates France 0 -15,874 0.00 -5.64 -0.01MUENCHENER RUECKVE 3.25%-FRN SUB... Corporates Germany 0 -18,824 0.00 -4.26 -0.01FUT DEC 19 EURO BUXL BND Fixed Derivatives Germany -384,839 16,662 -0.37 -4.23 0.01FUT DEC 19 CBT UL T-BONDS Fixed Derivatives United States -622,921 25,558 -0.60 -3.94 0.02FUT DEC 19 EURX EUR-BUND Fixed Derivatives Germany -4,470,546 153,227 -4.31 -3.41 0.15CVS HEALTH CORP 5.05% DUE 03-25-... Corporates United States 267,283 -9,403 0.26 -3.34 -0.01HCA INC 5.25% DUE 06-15-2049 Corporates United States 188,603 -5,889 0.18 -3.03 -0.01FUT DEC 19 U.S. T-BONDS Fixed Derivatives United States 395,145 -11,925 0.38 -2.93 -0.01DEVON ENERGY CORP FIXED 5% DUE ... Corporates United States 285,088 -7,082 0.27 -2.42 -0.01FUT DEC 19 10 YR T-NOTES Fixed Derivatives United States 951,726 -21,685 0.92 -2.23 -0.02
SubTotal -3,390,459 104,767 -3.27 0.11Fixed Income 103,700,955 0.11
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N O R T H E R N T R U S T Western September 30, 2019
52 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
-
September 30, 2019
CBRE Long Income Fund
S E C T I O N 12
CBRE Long Income Fund
Investment Risk & Analytical Services
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N O R T H E R N T R U S T CBRE Long Income Fund September 30, 2019
54 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 15,695Net Contribution 2,790Income 0Fees 0Appreciation -0Ending Market Value 18,485
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 18,485,220 100.00 -0.00 0.05 0.05 0.05Total Fund Gross of Fees 18,485,220 100.00 -0.00 0.05 0.05 0.05LEFD06007 BMK 0.00 0.05 0.05 0.05Excess Return -0.00 -0.00 -0.00 -0.00
Excess is calculated using arithmetic methodology
-
September 30, 2019
M&G Inflation Opportunities Fd
S E C T I O N 13
M&G Inflation Opportunities Fd
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T M&G Inflation Opportunities Fd September 30, 2019
56 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 75,209Net Contribution 0Income 0Fees 0Appreciation 2,306Ending Market Value 77,516
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDFixed Income 77,515,589 100.00 3.07 5.21 11.58 12.42 7.26
Inflation Linked Bonds 77,515,589 100.00 3.07 5.21 11.58 12.42 7.26 Total Fund Gross of Fees 77,515,589 100.00 3.07 5.21 11.58 12.42 7.26 9.80 7.84LEFD05010 UK RPI +2.5% -0.03 1.09 3.76 4.93 5.69 4.98 4.93Excess Return 3.10 4.12 7.82 7.50 1.57 4.83 2.91
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T M&G Inflation Opportunities Fd September 30, 2019
57 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
CFM Stratus
S E C T I O N 14
CFM Stratus
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T CFM Stratus September 30, 2019
59 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 27,460Net Contribution 0Income 0Fees 0Appreciation -1,120Ending Market Value 26,339
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDHedge Funds 26,339,095 100.00 -4.08 -2.62 8.81 1.83 1.32 Total Fund Gross of Fees 26,339,095 100.00 -4.08 -2.62 8.81 1.83 1.32 -2.21LEFD06004 Libor 3 Month GBP 0.07 0.22 0.77 1.03 0.73 0.70Excess Return -4.15 -2.84 8.04 0.80 0.58 -2.91
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T CFM Stratus September 30, 2019
60 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Davidson Kemper
S E C T I O N 15
Davidson Kemper
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Davidson Kemper September 30, 2019
62 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 30,346Net Contribution 0Income 0Fees 0Appreciation -317Ending Market Value 30,029
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDHedge Funds 30,028,922 100.00 -1.04 4.77 8.53 9.35 6.68 Total Fund Gross of Fees 30,028,922 100.00 -1.04 4.77 8.53 9.35 6.68 6.22LEFD05004 Libor 3 Month USD -0.99 3.91 5.57 8.83 3.98 3.24Excess Return -0.06 0.86 2.96 0.51 2.71 2.98
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Davidson Kemper September 30, 2019
63 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Lansdowne
S E C T I O N 16
Lansdowne
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Lansdowne September 30, 2019
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Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 45,868Net Contribution 0Income 0Fees 0Appreciation 1,150Ending Market Value 47,018
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDHedge Funds 47,017,569 100.00 2.51 -2.05 -8.24 -14.04 -3.11 Total Fund Gross of Fees 47,017,569 100.00 2.51 -2.05 -8.24 -14.04 -3.11 -0.27 5.08LEFD05009 Libor 3 Mnth GBP 0.07 0.22 0.77 1.03 0.73 4.81 3.05Excess Return 2.44 -2.27 -9.01 -15.07 -3.84 -5.08 2.03
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Lansdowne September 30, 2019
66 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
York Capital
S E C T I O N 17
York Capital
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T York Capital September 30, 2019
68 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 20,251Net Contribution 0Income 0Fees 0Appreciation -237Ending Market Value 20,014
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDHedge Funds 20,013,694 100.00 -1.17 1.03 2.22 -2.10 5.73 Total Fund Gross of Fees 20,013,694 100.00 -1.17 1.03 2.22 -2.10 5.73 0.86 5.34LEFD05011 Libor 3 Mnth USD -0.99 3.91 5.57 8.83 3.98 0.94 3.14Excess Return -0.18 -2.88 -3.35 -10.93 1.75 -0.08 2.20
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T York Capital September 30, 2019
69 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Adams Street
S E C T I O N 18
Adams Street
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Adams Street September 30, 2019
71 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 75,965Net Contribution -1,196Income 0Fees 0Appreciation 2,835Ending Market Value 77,604
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDPrivate Equity 77,604,031 100.00 3.74 8.41 13.41 21.83 17.69 Total Fund Gross of Fees 77,604,031 100.00 3.74 8.41 13.41 21.83 17.69 13.48 11.04LEFD06005 MSCI ACWI ND 0.91 3.25 20.09 7.28 11.65 8.96 7.44Excess Return 2.83 5.16 -6.68 14.54 6.04 4.52 3.61
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Adams Street September 30, 2019
72 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Antin Infrastructure
S E C T I O N 19
Antin Infrastructure
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Antin Infrastructure September 30, 2019
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Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 19,384Net Contribution 0Income 0Fees 0Appreciation -420Ending Market Value 18,964
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDInfrastructure 18,964,363 100.00 -2.16 0.10 12.05 12.01 5.89Total Fund Gross of Fees 18,964,363 100.00 -2.16 0.10 12.05 12.01 5.89Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Antin Infrastructure September 30, 2019
75 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
INPP
S E C T I O N 20
INPP
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T INPP September 30, 2019
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Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 47,558Net Contribution 0Income 1,037Fees 0Appreciation -3,120Ending Market Value 45,474
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDInfrastructure 45,474,474 100.00 -4.38 5.35 5.00 6.40 3.13 Total Fund Gross of Fees 45,474,474 100.00 -4.38 5.35 5.00 6.40 3.13 8.86 8.36LEFD05015 Fund returns -4.38 5.35 5.00 6.40 3.13 3.13 3.26Excess Return -0.00 -0.00 -0.00 -0.00 0.00 5.73 5.10
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T INPP September 30, 2019
78 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Blackrock UK FD
S E C T I O N 21
Blackrock UK FD
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Blackrock UK FD September 30, 2019
80 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 37,507Net Contribution -84Income 116Fees 0Appreciation -22Ending Market Value 37,516
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 37,516,227 100.00 0.25 0.20 0.75 1.84 3.92 Total Fund Gross of Fees 37,516,227 100.00 0.25 0.20 0.75 1.84 3.92 5.17 3.54LEFD05012 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 7.53 6.63Excess Return 0.33 -0.20 -0.55 -0.37 -2.83 -2.37 -3.08
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Blackrock UK FD September 30, 2019
81 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Brockton Capital Fund
S E C T I O N 22
Brockton Capital Fund
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Brockton Capital Fund September 30, 2019
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Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 4,665Net Contribution 0Income 0Fees 0Appreciation 0Ending Market Value 4,665
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDPrivate Equity 4,665,420 100.00 0.00 1.21 14.26 14.69 16.69 Total Fund Gross of Fees 4,665,420 100.00 0.00 1.21 14.26 14.69 16.69 6.40LEFD06001 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 3.99Excess Return 0.08 0.81 12.96 12.47 9.94 2.41
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Brockton Capital Fund September 30, 2019
84 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Legal & General Property
S E C T I O N 23
Legal & General Property
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T Legal & General Property September 30, 2019
86 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 33,850Net Contribution 0Income 0Fees 0Appreciation 34Ending Market Value 33,884
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 33,883,759 100.00 0.10 0.66 2.48 2.62 5.92 Total Fund Gross of Fees 33,883,759 100.00 0.10 0.66 2.48 2.62 5.92 6.59 7.08LEFD05013 IPD All Balncd Prpty -0.08 0.40 1.31 2.22 6.75 7.53 7.70Excess Return 0.18 0.26 1.17 0.41 -0.83 -0.94 -0.62
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T Legal & General Property September 30, 2019
87 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
PE Cash & Other Assets
S E C T I O N 24
PE Cash & Other Assets
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T PE Cash & Other Assets September 30, 2019
89 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 11,121Net Contribution 406Income 2Fees 0Appreciation -115Ending Market Value 11,414
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDCash & Short Term Deriv. 11,414,290 100.00 -1.05 3.15 2.86 3.17 1.68 2.11Pending Cash 0 0.00 - - - - - - -Total Fund Gross of Fees 11,414,290 100.00 -1.05 3.14 2.85 2.98 1.61 2.04LEFD06002 LIBID 7 Day 0.05 0.14 0.43 0.58 0.36 0.35Excess Return -1.10 3.00 2.42 2.40 1.25 1.70
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T PE Cash & Other Assets September 30, 2019
90 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
UT Cash & Other Assets
S E C T I O N 25
UT Cash & Other Assets
Investment Risk & Analytical Services
-
N O R T H E R N T R U S T UT Cash & Other Assets September 30, 2019
92 of 95 | Investment Risk & Analytical Services
Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME
1 MoBeginning Market Value 7,807Net Contribution -1,916Income 0Fees 0Appreciation -15Ending Market Value 5,877
*Market Values are in 000s.
Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDCash & Short Term Deriv. 5,877,266 100.00 -0.24 0.46 0.49 0.49 11.34 10.43Pending Cash 0 0.00 - - - - - - -Total Fund Gross of Fees 5,877,266 100.00 -0.24 0.46 0.49 0.49 11.35 10.45LEFD05002 LIBID 7 Day 0.05 0.14 0.43 0.58 0.36 0.35Excess Return -0.28 0.31 0.06 -0.09 11.00 10.11
Excess is calculated using arithmetic methodology
-
N O R T H E R N T R U S T UT Cash & Other Assets September 30, 2019
93 of 95 | Investment Risk & Analytical Services Category: Total Fund Gross of Fees
Growth Over Time - Inception to Date
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September 30, 2019
Appendix
S E C T I O N 26
Appendix
Investment Risk & Analytical Services
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N O R T H E R N T R U S T London Borough of Enfield September 30, 2019
95 of 95 | Investment Risk & Analytical Services
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London Borough of EnfieldInvestment HierarchyMarket Value Summary - One MonthAsset Class PerformancePolicy Level Attribution OverviewPolicy Level Attribution Detail - One MonthGrowth Over Time-Inception to Date
Blackrock PooledAsset Class PerformanceRegional Performance - LEFD02Growth Over Time-Inception to Date
Henderson GlobalAsset Class PerformanceGrowth Over Time-Inception to Date
London LGPSAsset Class PerformanceGrowth Over Time-Inception to Date
LongView PartnersAsset Class PerformanceGrowth Over Time-Inception to Date
MFS Global EquityAsset Class PerformanceGrowth Over Time-Inception to Date
Blackrock IL GiltsAsset Class PerformanceGrowth Over Time-Inception to Date
CQS MAC A GBPAsset Class PerformanceGrowth Over Time-Inception to Date
EPOCH InvetsmentAsset Class PerformanceGrowth Over Time-Inception to Date
Insight BondsAsset Class PerformanceGrowth Over Time-Inception to Date
WesternAsset Class PerformanceRegional Performance - LEFD03Greatest Asset ImpactGrowth Over Time-Inception to Date
CBRE Long Income FundAsset Class Performance
M&G Inflation Opportunities FdAsset Class PerformanceGrowth Over Time-Inception to Date
CFM StratusAsset Class PerformanceGrowth Over Time-Inception to Date
Davidson KemperAsset Class PerformanceGrowth Over Time-Inception to Date
LansdowneAsset Class PerformanceGrowth Over Time-Inception to Date
York CapitalAsset Class PerformanceGrowth Over Time-Inception to Date
Adams StreetAsset Class PerformanceGrowth Over Time-Inception to Date
Antin InfrastructureAsset Class PerformanceGrowth Over Time-Inception to Date
INPPAsset Class PerformanceGrowth Over Time-Inception to Date
Blackrock UK FDAsset Class PerformanceGrowth Over Time-Inception to Date
Brockton Capital FundAsset Class PerformanceGrowth Over Time-Inception to Date
Legal & General PropertyAsset Class PerformanceGrowth Over Time-Inception to Date
PE Cash & Other AssetsAsset Class PerformanceGrowth Over Time-Inception to Date
UT Cash & Other AssetsAsset Class PerformanceGrowth Over Time-Inception to Date
AppendixDisclaimer(s)
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