presenters - city of fresno employee retirement system€¦ · · 2014-03-20he continues to...

Presenters

This presentation contains confidential and proprietary information of Acadian Asset Management LLC. This presentation may not be reproduced or disseminated in whole or in part without the prior written consent of Acadian Asset Management LLC. © Acadian Asset Management LLC 2014. All rights reserved

An Acadian Asset Management

Presentation on Emerging Markets

Equity

for

City of Fresno Retirement Boards

March 25, 2014

John R. Chisholm, CFA Executive Vice President, CIO Jack W. Gastler Senior Vice President

pattiel

Text Box

Agenda Item: 1:00 pm Joint Meeting of the Retirement Boards Meeting Date: 3/25/2014

2

Acadian Presentation Team

John R. Chisholm, CFA – Executive Vice President, CIO John joined Acadian in July 1987. He is our Chief Investment Officer and oversees Acadian’s investment process and investment team. He continues to actively manage Acadian portfolios and direct research to enhance our approach, as he has since 1987. Earlier in his career, John served as systems engineer at Draper Laboratories and as an analyst for the International Asset Management Department at the State Street Bank and Trust Company (now SSgA). A CFA charterholder, he is a member of the Boston Security Analysts Society. Education: B.S., Engineering, MIT; M.S., Management, MIT. Jack W. Gastler – Senior Vice President Jack joined Acadian in January 2005. Jack is a senior officer on the Marketing and Client Service Team focusing on Taft Hartley and Public Pension Plans, and a highly regarded member of the institutional marketing community with 35 years of experience in financial services. Jack is a member and has served on various advisory committees of numerous industry pension associations including NCPERS, NASRA and NCTR. He was formerly with Nicholas Applegate as Vice President of Sales and Client Service, and has also worked in business development and management roles at Morgan Grenfell, Deutsche Asset Management, Cigna, Kidder Peabody, and Merrill Lynch. Education: B.A., Economics and Political Science, Columbia University.

3

Agenda

Organization

Investment Philosophy and Process

Performance and Portfolio Characteristics

Questions and Answers

4

Acadian Organizational Overview

Founded in Boston in 1986

Global equity and fixed income manager

Acadian manages risk-controlled, value-focused portfolios on behalf of pension funds, endowments, foundations, governments and other investors globally

February 28, 2014

USD 65.2B AUM World-wide Presence**

* Includes $279 million in the Frontier Markets Equity strategy and $279 million in the Emerging Markets Debt strategy. ** Wholly owned affiliates in Singapore licensed with the Monetary Authority of Singapore (Acadian Asset Management Singapore Pte Ltd.) and in the U.K. (Acadian Asset Management (UK) Ltd.), authorized and regulated by the Financial Conduct Authority.

Global Equity13.5 B

Non-U.S. Equity12.9 B

Managed Volatility

7.9 B

Small and Smid-Cap

7.3 B

Regional Equity3.3 B

Long-Short1.4 B

Emerging Markets*

18.6B

5

Why Acadian in the Emerging Markets?

Pioneering investor in emerging markets equities, beginning in 1994

Outperformance in 16 out of 20 years of strategy track record*

Experienced and diversely talented investment organization

Broad universe to exploit mispricings in one of the least efficient asset classes globally

Active and systematic approach to alpha generation and implementation

*Emerging Markets Equity Composite vs. the MSCI Emerging Markets benchmark. Before management fees. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future returns. The complete performance disclosure can be found in the composite performance disclosure page attached. Index Source: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

6

Client names appearing on this representative list were selected by Acadian from the group of our clients who permit Acadian to utilize their name based upon their name recognition and to reflect the range of client types we service. Client names appearing on this list were not selected based on account performance and do not constitute an endorsement or recommendation of Acadian or our services.

Acadian invests on behalf of some of the world’s largest and most sophisticated institutions.

Acadian Asset Management LLC Representative Client List

Public Sub-AdvisoryEmployees’ Retirement Fund of the City of Dallas Integra Capital Management CorporationFlorida State Board of Administration SEILos Angeles County Employees Retirement Association Vanguard GroupMaryland State Retirement & Pension System Taft-HartleyMassachusetts Pension Reserves Investment Management Board New England Carpenters Benefit FundsOhio Public Employees Retirement System Producer-Writers Guild of America Pension PlanOregon Public Employees Australia Public School & Education Employee Retirement Systems of Missouri AUSCOAL SuperVirginia Retirement System Colonial First State Investments Ltd.West Virginia Investment Management Board Canada Corporate Desjardins Global Asset Management3M Company Mouvement DesjardinsAltria Group University of Guelph Chevron Corporation EuropeKraft Foods Global LGT Capital Management LtdPfizer Nuffield FoundationThe Goodyear Tire & Rubber Company Oyster FundsEndowment/Foundation PKA A/S Cornell University Georgia Tech Foundation

= Denotes Emerging Markets client

7

Acadian Investment Team

*Employed at Acadian Asset Management Singapore Ptd Ltd **Employed at Acadian Asset Management (U.K.) Ltd ***Consultants to Acadian Asset Management LLC

Portfolio Managers Research Portfolio Construction Group Investment Process and Database

Richard Barry, CFA* Malcolm Baker, Ph.D.*** Daniel Adamson Ferdous Alam

Mark Birmingham, CFA Pavel Bandarchuk, Ph.D., CFA John Corron Kumud Anand

Brendan Bradley, Ph.D. Gary Bergstrom, Ph.D.*** Stella Hammond Erin Arai

Matthias Braeu, CFA Leonhard Brenner Ron Hirsch Geoffrey Kemmish

Bryan Carter, CFA Wesley Chan, Ph.D. Ben Hutchens* Kit Mei Loke*

Vasiliki Everett Paul Duchnowski, Sc.D. Charles Johnson Rob Ricciarelli, CFA

Ronald Frashure, CFA Adoito Haroon, CFA Mauricio Karchmer, Ph.D. Bernard Sim*

Boris Kovtunenko, Ph.D. Lianxin He Dan Le, CFA Jeff Sutthoff, CFA

Patrick McCafferty, CFA** James Li Michael McCart, CFA

Asha Mehta, CFA John O'Leary Michael Moy

Constantine Papageorgiou, Ph.D, CFA Dmitry Olevsky, CFA John Muller, Ph.D.

Francis Seah, CFA* Jie Lu, Ph.D. Jennifer Sjostedt, CFA

Caroline Shi, CFA Stephanie Mallinger-Dogan Yury Tsitkou, Ph.D.

Ryan Stever, Ph.D. Matthew Rothman, Ph.D. Debbie Waters

Ryan Taliaferro, Ph.D. Bin Shi, Ph.D., CFA Jigger Vakharia

Rui Tang Holger Siebrecht, CFA

Alexandre Voitenok Akshay Sogani

Joshua White, Ph.D. Mark Weissman

Brian Wolahan, CFA Steve Zaffrann

Christopher Zani, CFA Yifan Zhang, Ph.D.

Average 15 years of experience Average 10 years of experience Average 17 years of experience Average 16 years of experience

John R. Chisholm, CFA – Chief Investment Officer

8

Market inefficiencies caused by behavioral errors can be exploited

Fundamental insights about mispricing can be best captured employing quantitative methods

Investment process must be adaptive to account for changing market dynamics

Investment Philosophy

9

Fundamental and Behavioral Insights with Empirical Support

Value – Upside potential – Investor overconfidence in ability to predict earnings

Growth – Improving business prospects – Investor underreaction

Quality – Fundamentally sound financial statements – Bounded rationality

Technical – Gauge of investor interest – Disposition effect

Investment Process Overview

Category/Rationale Empirical Evidence 1995-Present Monthly Return

Source: Acadian Asset Management LLC, AAM AC World universe AAM AC World Universe is not intended to represent investment returns generated by an actual portfolio. They do not represent actual trading or an actual account, but were achieved by means of using the AAM AC World Universe of securities for the period specified above. AAM AC World Universe results do not reflect transaction costs or other implementation costs. Past performance is no guarantee of future results. Every investment program has the opportunity for loss as well as profit. The information provided is for illustrative purposes only based on proprietary models. There can be no assurance that the forecasts will be achieved.

10

Acadian’s process is systematic, objective and consistent.

Investment Process

Objective Return Forecast

Bottom-up analysis:

Stock forecast relative to local market

+ Top-down analysis: Peer group forecast

relative to world equity

Stock Forecast

Portfolio Construction

Disciplined Portfolio Construction

Stock total return

forecasts

Transaction costs estimates

Liquidity estimates

Risk assessment

Client Portfolio

Cost-Effective Trading

Structured trading

process

Investment Universe

Broad Emerging Markets

Universe

6,000 stock investment universe

Source: Acadian The information provided is for illustrative purposes only based on proprietary models. There can be no assurance that the forecasts will be achieved.

11

Stock Forecast Example

Price to Intrinsic Value 1.40 Cash Flow Value 0.17 Cash Flow Efficiency 0.04

Bottom-Up Analysis

Stock Forecasts: Bangkok Expressway vs.

Thailand Market

Growth +0.04

Quality +0.47

Technical +0.28

Value +1.61

Momentum 0.22 Smart Reversal 0.19 Industry Leadership -0.13

Media Effect 0.02 Earnings Surprise 0.00 Recommendation Change 0.02

Asset Quality 0.35 Cash Flow Quality -0.17 Management Behavior 0.29

Stock Forecast Relative to Thailand Market: +2.40% Thailand Market Relative to Emerging Equity: -0.16% Emerging-Relative Assessment of Bangkok Expressway +2.24%

Value -0.51 Corruption Adjusted P/B -0.51

Growth +0.77 Recommendation Change 0.77

Technical -0.50 Mean Reversion -0.50

Risk -0.12 Volatility -0.12

Macro +0.20 Commodity Impact 0.20

Source: Acadian The information provided is for illustrative purposes only based on proprietary models . There can be no assurance that the forecasts will be achieved. The selected stock is intended to be an example of the process and is not a recommendation to buy or sell this specific security.

Top-Down Analysis

Peer Group Forecasts: Thailand Market

vs. Emerging Equity

12

Buy and sell discipline is objective

– Risk model-based portfolio construction process

– Maximizes value-added relative to risk

Considers multiple dimensions of risk

– Aggregate portfolio focus

– Dynamic active stock bounds

Optimize transaction costs

– Identify and efficiently allocate liquidity

– Utilizes proprietary non-linear transaction cost model

Portfolio Construction And Risk Control

13

Research Process

The goal of Acadian’s research effort is to continually improve performance results.

NOT FINAL

FINAL Idea

Generation Add to

Process

Refine/ Discuss

Ideas

Team led by Chief Investment

Officer

Assign/ Prioritize Projects

Chief Investment Officer and

research team heads

Implementation

Decision Yes/No Evaluate/ Present Results

Individuals Chief Investment Officer

Source: Acadian The information provided is for illustrative purposes only based on proprietary models. There can be no assurance that the forecasts will be achieved.

Research agenda Category Examples

New bottom-up factors New signals Natural language processing (NLP) and similarity-based measures

New top-down factors New signals Predicting Leading Economic Indicators (LEI)

Model and portfolio construction Process enhancement Extending Dynamic Factor Weighting (DFW)

Portfolio-review driven Existing signals Short-interest and extended banking sector signals

14

Emerging Markets Equity Portfolio Key Characteristics – February 28, 2014*

*Preliminary The data presented here is for a representative portfolio and is supplemental to the composite performance disclosure page attached. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future returns. Index Source: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Valuation

Price/Earnings 9.8 11.8Price/Book 1.2 1.5Price/Sales 0.5 1.0Price/Cash Earnings 5.1 7.2Yield 2.7% 2.7%Total Securities 281 822

MSCI EM Index

Emerging Markets Portfolio

Cap Size (USD Billions)

Large > $20B 35.2% 46.0%Med/Large $10-$20 18.8% 20.6%Medium $3-$10 34.5% 26.3%Med/Small $1.5-$3 5.1% 6.3%Small <$1.5 5.2% 0.8%Median Cap. 3.2 5.4Wtd. Avg. Cap. 33.4 43.7

MSCI EM Index


0.0

0.2

0.4

0.6

0.8

1.0

1.2

P/E P/B P/S P/CE Yield

Relative Valuation

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Large Med/Lrg Med Med/Small Small

Cap Size (USD Billions)

15

Emerging Markets Equity Portfolio Emerging and Frontier Markets Country Allocations – February 28, 2014*


Difference

Europe/Mid East/Africa 12.5% 17.7% -5.2%Czech Republic 0.2 0.3 -0.1Egypt 0.0 0.2 -0.2Greece 0.0 0.6 -0.6Hungary 0.0 0.2 -0.2Poland 1.5 1.8 -0.3Russia 4.0 5.7 -1.7South Africa 2.8 7.5 -4.7Turkey 4.1 1.4 2.7

Latin America 20.4% 18.2% 2.2%Brazil 14.6 10.2 4.4Chile 0.6 1.6 -1.0Colombia 0.1 1.0 -0.9Mexico 5.1 5.0 0.1Peru 0.0 0.5 -0.5

Asia 65.9% 64.1% 1.8%China 15.0 19.6 -4.6India 7.4 6.4 1.0Indonesia 0.6 2.6 -2.0Malaysia 3.1 4.0 -0.9Philippines 0.2 1.0 -0.8South Korea 20.0 16.3 3.7Taiwan 14.0 12.0 2.0Thailand 5.6 2.3 3.3

Frontier Markets 0.0% 0.0% 0.0%Pakistan 0.0 0.0 0.0

Cash 1.1


MSCI EM Index

Brazil

South Korea

Thailand

Turkey

Taiwan

India

Mexico

Czech Republic

Egypt

Hungary

Poland

Peru

Greece

Philippines

Colombia

Malaysia

Chile

Russia

Indonesia

China

South Africa

-8.0 -4.0 0.0 4.0 8.0

% Underweight/Overweight

16

Emerging Markets Equity Portfolio Industry Allocations – February 28, 2014*


Difference

Consumer Discretionary 12.0% 9.2% 2.8%Automobiles & Components 6.2 3.9 2.3Consumer Durables & Apparel 3.0 1.0 2.0Consumer Services 1.9 0.8 1.1Media 0.0 2.0 -2.0Retailing 0.9 1.6 -0.7

Consumer Staples 3.3% 8.3% -5.0%Food & Staples Retailing 1.6 2.1 -0.5Food, Beverage & Tobacco 1.4 5.2 -3.8Household & Personal Products 0.2 1.0 -0.8

Energy 9.8% 10.9% -1.1%Energy 9.8 10.9 -1.1

Financials 20.8% 26.1% -5.3%Banks 16.2 18.2 -2.0Diversified Financials 2.7 2.5 0.2Insurance 1.7 3.4 -1.7Real Estate 0.2 2.0 -1.8

Health Care 1.1% 1.8% -0.7%Health Care Equipment & Services 0.0 0.6 -0.6Pharmaceuticals, Biotechnology & Life Sciences 1.1 1.2 -0.1

Industrials 5.4% 6.6% -1.2%Capital Goods 4.3 4.8 -0.5Commercial & Professional Services 0.0 0.1 -0.1Transportation 1.1 1.6 -0.5

Information Technology 22.8% 17.2% 5.6%Semiconductors & Semiconductor Equipment 7.8 8.8 -1.0Software & Services 8.0 4.8 3.2Technology Hardware & Equipment 7.1 3.5 3.6

Materials 6.6% 9.6% -3.0%Materials 6.6 9.6 -3.0

Telecommunication Services 10.3% 7.1% 3.2%Telecommunication Services 10.3 7.1 3.2

Utilities 6.9% 3.4% 3.5%Utilities 6.9 3.4 3.5

Cash 1.1


MSCI EM Index

Tech Hardware & Equip

Utilities

Telecom Services

Software & Services

Autos & Components

Consumer Durables & App

Consumer Services

Diversified Financials

Pharm, Biotech & Life Scns

Comm & Prof Services

Food & Staples Retailing

Transportation

Capital Goods

Health Care Equip & Servcs

Retailing

Household & Pers Prods

Semicon & Semicon Equip

Energy

Insurance

Real Estate

Media

Banks

Materials

Food, Beverage & Tobacco

-8.0 -4.0 0.0 4.0 8.0

% Underweight/Overweight

17

Emerging Markets Equity Portfolio Top Ten Portfolio Holdings – February 28, 2014*

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. *Preliminary The data presented here is for a representative portfolio and is supplemental to the composite performance disclosure page attached. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future returns. Index Source: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Name Country Industry

Samsung Electronics South Korea Semiconductors & Semiconductor Equipment 5.9

Hyundai Motor Company South Korea Automobiles & Components 2.5

Infosys Limited India Software & Services 2.4

Hon Hai Precision Industry Taiwan Technology Hardware & Equipment 2.3

Bank of China China Banks 2.2

Tenaga Nasional Berhad Malaysia Utilities 2.1

China Petroleum & Chemical Corporation China Energy 2.0

LUKOIL Russia Energy 2.0

Fubon Financial Holding Taiwan Diversified Financials 1.9

HCL Technologies Limited India Software & Services 1.8


SummaryEmerging Markets

PortfolioMSCI EM

IndexActive

Weight(%)

% of Portfolio for Top 10 Active Weights 23.2 7.7 15.4

% of Portfolio for Top 20 Current Holdings 40.0 13.9 26.1

% of Non-Benchmark Portfolio Holdings 12.7

Active Share (%) 72.7

18

(Total Returns in USD – Before Management Fees) Emerging Markets Equity Composite Performance

**Benchmark: Inception – 12/31/2000: MSCI Emerging Markets (gross); 1/1/2001 - Present: MSCI Emerging Markets (net) Acadian Asset Management has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. The complete performance disclosure can be found in the composite performance disclosure page attached. Index Source: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Time Period Composite*MSCI Emerging

Markets**Value-Added

vs. Benchmark

1994 (performance inception: Jan 1, 1994) (6.6)% (7.3)% 0.7%1995 (5.1) (5.2) 0.11996 11.2 6.0 5.21997 (11.9) (11.6) (0.3)1998 (22.3) (25.3) 3.01999 65.2 66.4 (1.2)2000 (25.2) (30.6) 5.42001 5.7 (2.6) 8.32002 (2.3) (6.2) 3.92003 75.9 55.8 20.12004 33.7 25.6 8.12005 35.4 34.0 1.42006 33.1 32.2 0.92007 44.3 39.4 4.92008 (55.9) (53.3) (2.6)2009 78.4 78.5 (0.1)2010 23.0 18.9 4.12011 (17.8) (18.4) 0.62012 23.9 18.2 5.72013 (1.1) (2.6) 1.52014 through February (3.2) (3.4) 0.2

One Year Annualized Return (7.3) (6.0) (1.3)Three Year Annualized Return 0.0 (2.0) 2.0Five Year Annualized Return 19.6 16.9 2.7Since-Inception Annualized Return 8.3 5.3 3.0

Since-Inception Annualized Standard 24.8 23.7 5.4Deviation and Active Risk

Since-Inception Information Ratio 0.6

* Returns that include the most recent month are preliminary.

19

*Preliminary It is not possible to invest directly in any index. Index Sources: Standard & Poor’s, Russell, Morgan Stanley Capital International and Russell/Nomura. MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI. Copyright © 2014, Standard & Poor’s Financial Services LLC. All rights reserved. Russell Investments Copyright© Russell Investments 1998 - 2014. All rights reserved. Reference to the benchmark is for comparative purposes only. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future returns.

World Equity Valuation February 28, 2014*

U.S. U.S. Emerging Emerging Frontier Markets Int’l Int’l Small-Cap Europe Japan Japan WorldLarge-Cap Small-Cap Markets Markets SC Large-Cap (MSCI EAFE Large-Cap Small-Cap (MSCI(S&P 500) (Russell 2000) (MSCI EM) (MSCI EM Small) (MSCI EAFE) Small) (TOPIX) (Russell/Nomura) World)

Price/Earnings 18.3 40.4 11.8 19.2 11.6 17.0 22.8 17.4 16.1 17.6 18.1

Price/Book 2.7 2.4 1.5 1.3 1.4 1.7 1.5 1.9 1.2 1.0 2.2

Price/Sales 1.7 1.3 1.0 0.7 1.1 1.0 0.8 1.1 0.6 0.5 1.3

Price/Cash Earnings 11.5 15.1 7.2 9.7 6.8 9.1 10.4 9.3 7.6 8.4 10.5

Yield 2.0% 1.3% 2.7% 2.7% 4.2% 3.0% 2.2% 3.2% 1.8% 1.6% 2.4%

(S&P Frontier BMI ex-GCC)

(MSCI EU)

20

FUNDAMENTAL COMPANY DATA AND CLASSIFICATIONS

Sources Bloomberg CSFB/HOLT Compustat FTSE GMI Ratings MSCI – Indices, RiskMetrics S&P Thomson Reuters – IBES/First Call, Worldscope Other sources

PRICE, DIVIDEND, CORPORATE ACTION AND BOND YIELD DATA

Sources Bloomberg CRSP IDC MSCI OptionMetrics S&P Thomson Reuters – Reuters Datascope

SINGLE ACADIAN DATABASE Historical data from 1960s to present Over 40,000 securities Over 100 countries

Sources Bloomberg Consensus Economics Economist Intelligence Unit EPFR Factset Economics Haver

RISK MODEL DATA

Sources Internal

LIQUIDITY DATA

Sources Bloomberg Thomson Reuters IDC S&P

EXPECTATIONAL AND SENTIMENT DATA

Sources Directors Deals Thomson Reuters - IBES/First Call, Inflation expectation surveys, Lancer, StarMine, Thomson One Toyo Keizai

Acadian Global Database

IMF MSCI OECD S&P Thomson Reuters – IBES, Reuters Datastream Various publications

COUNTRY DATA

21

Emerging Markets Return Forecast Distribution

Source: Acadian, AAM EM universe with a market cap greater than $10M Methodology: Observations represents the number of forecasts. The highlighted values are 1 (2) standard deviations from the average observations. The information is not reflective of a particular time period and is provided for illustrative purposes only. The chart depicts our forecast distribution process based on proprietary models. There can be no assurance that the forecasts will be achieved.

-3.37

-1.71

1.63

3.29

0

100

200

300

-6 -4 -2 0 2 4 6

Obs

erva

tions

Forecast

1 Std Deviation2 Std Deviations

22

Acadian Investment Team Biographies

John R. Chisholm, CFA – Executive Vice President, CIO 29 years of investment experience Member of the Acadian Executive Committee and Operating Committee B.S. and M.S. from MIT CFA charterholder and a member of the Boston Security Analysts Society Member of the editorial board of the Journal of Investment Strategies

Ronald D. Frashure, CFA – Chairman 44 years of investment experience Member of the Acadian Operating Committee Graduate of MIT and Harvard Business School (Baker Scholar, with High Distinction) CFA charterholder and a member of the Boston Security Analysts Society Member of the Boston Council on Foreign Relations

Malcolm P. Baker, Ph.D. – Director, Research 11 years of investment experience Research consultant since 2006 Member of the Acadian Senior Investment Leadership Team Robert G. Kirby Professor of Finance, Harvard Business School Ph.D. from Harvard University M.Phil. from Cambridge University, B.A. from Brown University Brendan O. Bradley, Ph.D. – Senior Vice President, Director, Portfolio Management 15 years of investment experience Member of the Acadian Executive Committee and Operating Committee Ph.D. in Applied Mathematics from Boston University B.A. in Physics from Boston College Wesley S. Chan, Ph.D. – Senior Vice President, Director, Stock Selection Research 15 years of investment experience Ph.D. in Financial Economics from MIT Sloan School of Management A.B. in Economics from Princeton University James Dufort, CFA – Senior Vice President, Director, Model Integration 10 years of Investment experience Member of the Acadian Operating Committee M.B.A. from Indiana University, Kelley School of Business B.S. in Electrical Engineering from Tufts University, CFA charterholder

Mauricio Karchmer, Ph.D. – Senior Vice President, Director- Implementation, Portfolio Construction and Trading 18 years of investment experience Member of the Acadian Executive Committee and Operating Committee Ph.D. in Computer Science from the Hebrew University in Jerusalem

Matthew S. Rothman, Ph.D. – Senior Vice President, Director, Quantitative Global Macro Research, Portfolio Manager 15 years of investment experience Ph.D. in Finance from the University of Chicago M.A. in Statistics from Columbia University A.B. in Philosophy from Brown University

Alexandre Voitenok – Senior Vice President, Director, Long/Short Strategies 12 years of investment experience M.Sc. in Software Engineering from Minsk Radio Engineering Institute Brian K. Wolahan, CFA – Senior Vice President, Senior Portfolio Manager 30 years of investment experience Member of the Acadian Operating Committee M.S. from MIT, B.S. from Lehigh University CFA charterholder and a member of the Boston Security Analysts Society Richard O. Barry, CFA – Senior Vice President, Managing Director (Acadian Asset Management Singapore Pte Ltd) 21 years of investment experience Member of the Acadian Operating Committee B.A. in Finance from Providence College CFA charterholder and a member of CFA Singapore Gary L. Bergstrom, Ph.D., – Consultant Over 40 years of continuous institutional investment experience Ph.D. from Massachusetts Institute of Technology L. Bryan Carter, CFA – Senior Vice President, Portfolio Manager 11 years of investment experience M.P.A. in International Development from Harvard Kennedy School B.S. in Economics and Spanish from Georgetown University CFA charterholder and member of the Boston Security Analysts Society Member of the Boston Council on Foreign Relations Geoffrey Kemmish – Senior Vice President, Chief Data Officer 28 years of investment experience B.S. in Mechanical Engineering and Economics from Birmingham University, England

Boris Kovtunenko, Ph.D. – Senior Vice President, Portfolio Manager 10 years of professional experience Ph.D. in Economics from Harvard University M.A. in Economics from New Economics School M.S. in Physics from Moscow State University

23


Jie Lu, Ph.D. – Senior Vice President, Portfolio Manager, Research 8 years of investment experience Ph.D. in Physics from MIT M.S. and B.S. in Physics from Tsinghua University, China Certificate of Financial Technology Options from Sloan School of Management, MIT

Patrick J. McCafferty, CFA – Senior Vice President, Portfolio Manager Acadian Asset Management (U.K.) Limited 13 years of investment experience M.B.A. and M.S. in Finance from Boston College B.S. in Business Administration from Boston University CFA charterholder and a member of the CFA Society United Kingdom Michael D. McCart, CFA – Senior Vice President, Associate Director, Portfolio Analytics 16 years of investment experience B.S. in Engineering and Economics, University of Pennsylvania CFA charterholder and a member of the Boston Security Analysts Society Constantine P. Papageorgiou, Ph.D., CFA – Senior Vice President, Senior Portfolio Manager 16 years of investment experience Member of the Acadian Operating Committee Ph.D. and S.M. in Electrical Engineering and Computer Science from MIT B.S. in Mathematics/Computer Science from Carnegie Mellon University CFA charterholder and a member of the Boston Security Analysts Society Jennifer W. Sjostedt, CFA – Senior Vice President, Portfolio Construction and Trading 21 years of investment experience Member of the Acadian Operating Committee M.S. from Boston College, B.A. from Middlebury College CFA charterholder and a member of the Boston Security Analysts Society Ryan Stever, Ph.D. – Senior Vice President, Portfolio Manager 9 years of investment experience Ph.D. in Finance from the University of California at Berkeley B.A. in Economics and Mathematics from Vassar College Ryan D. Taliaferro, Ph.D. – Senior Vice President, Portfolio Manager 12 years of professional experience Ph.D. in Business Economics (Finance) from Harvard University A.M. in Economics from Harvard University A.M. and A.B. in Physics from Harvard University M.B.A. in Finance and Economics from the University of Chicago Member of the advisory board of the Journal of Portfolio Management

Joshua S. White, Ph.D. – Senior Vice President, Portfolio Manager, Researcher 12 years of professional experience Former Assistant Director at the U.S. Securities and Exchange Commission Former professor at University of Illinois business school Ph.D. in Business Economics from Harvard University A.B. in Economics from Harvard University Pavel Bandarchuk, Ph.D., CFA – Vice President, Analyst, Research 7 years of investment experience Ph.D. in International Economics and Finance from Brandeis University Diploma in International Economics from Belarusian State University FRM designation, CFA charterholder and a member of the Boston Security Analysts Society Mark Birmingham, CFA –Vice President, Associate Portfolio Manager 19 years of investment experience A.B. in Computer Science from Princeton University CFA charterholder Matthias Braeu, CFA – Vice President, Associate Portfolio Manager 15 years of investment experience Undergraduate and graduate degrees from Business School of Banking and Finance (HFB) in

Frankfurt, Germany CFA charterholder Vasiliki Everett – Vice President, Portfolio Manager 20 years of investment experience B.A. in Economics from University of Rochester Certificates in Management and International Relations from University of Rochester Asha Mehta, CFA – Vice President, Portfolio Manager 14 years of investment experience Director of Responsible Investing M.B.A. with Honors from the Wharton School, University of Pennsylvania B.A. and B.S. from Stanford University CFA charterholder and a member of the Boston Security Analysts Society John Muller, Ph.D. – Vice President, Associate Portfolio Manager, Implementation 24 years of professional experience B.S. in Computer Science, University of Georgia Ph.D. in Computer Science, Georgia Institute of Technology

24


John F. O’Leary – Vice President, Portfolio Manager, Research 6 years of investment experience B.S. in Mathematics from Harvard University Dmitry Olevsky, CFA – Vice President, Associate Portfolio Manager, Research 12 years of investment experience M.B.A. from Harvard Business School B.S. in Structural Engineering from Michigan Technological University FRM designation and CFA charterholder Francis Seah, CFA – Vice President, Portfolio Manager, Senior Research Analyst (Acadian Asset Management Singapore Pte Ltd) 10 years of investment experience B.S. and M.S. from Nanyang Technological University CPA, Institute of Certified Public Accountants Singapore CFA charterholder and a member of CFA Singapore Computational Finance Certificate from Carnegie Mellon University Bin Shi, Ph.D., CFA – Vice President, Analyst, Research 8 years of investment experience Ph.D. in Engineering Statistics from Georgia Institute of Technology M.S. in Operations Research from Georgia Institute of Technology B.S. in Mechanical Engineering from Southeast University, China CFA charterholder Caroline Shi, CFA – Vice President, Portfolio Manager, Research Analyst 10 years of investment experience M.B.A. and M.S. in Finance dual degree from Boston College B.S. and M.S. in Engineering from Donghua University, China CFA charterholder and a member of the Boston Security Analysts Society Rui Tang – Vice President, Portfolio Manager 9 years of investment experience A.M. in Statistics from Harvard University A.B. in Economics from Harvard University Yury Tsitkou, Ph.D. – Vice President, Lead Analyst, Implementation 14 years of investment experience Ph.D. in Mathematics from Belarus National University M.A. in Economics from Binghamton University Mark Weissman – Vice President, Senior Analyst, Research 8 years of investment experience B.S. and B.A. in Engineering and Computer Science, SUNY at Buffalo

John Corron – Assistant Vice President, Trader 10 years of investment experience B.S. in Business Administration with concentrations in Finance and Economics from Northeastern University Paul Duchnowski, Sc.D. – Vice President, Associate Portfolio Manager, Research 7 years of investment experience B.S., M.S., and Sc.D. in Electrical Engineering from Massachusetts Institute of Technology Adoito Haroon, CFA – Assistant Vice President, Associate Portfolio Manager 10 years of professional experience Master’s in Finance from Princeton University M.B.A in Finance and Statistics from the Stern School of Business, New York University B.S. in Computer Science from Brown University CFA charterholder and a member of the Boston Security Analysts Society Christopher R. Zani, CFA – Assistant Vice President, Associate Portfolio Manager 13 years of professional experience B.A. in Management with a minor in Finance from Providence College CFA charterholder and member of the Boston Securities Analyst

Society Certified Financial Risk Manager and member of the Global

Association of Risk Professionals Holger Siebrecht, CFA – Assistant Vice President, Analyst 10 years of professional experience M.P.A. in International Development from Harvard Kennedy School B.S. in Economics from Duke University CFA charterholder and a member of the Boston Security Analysts Society Xin Du – Assistant Vice President, Analyst, Integration 1 year of investment experience Ph.D., in Civil and Environmental Engineering from Stanford University M.S. in Electrical Engineering and Computer Science from Stanford University M.S. in Financial Mathematics from Stanford University M.S. in Environmental Science from Tsinghua University B.E. in Civil Engineering and a minor Computer Science from Beijing Technology and Business

University

25


Xiaoting Zhang, CFA – Assistant Vice President, Analyst, Integration 4 years of investment experience M.B.A. from the University of Chicago M.S. in Financial Mathematics from the University of Chicago M.S. in Computer Science from Loyola University Chicago B.A. in Architecture from Tianjin University, China Certified FRM and CFA charterholder James Li – Assistant Vice President, Analyst, Research 3 year of investment experience M.S. in Operations Research from Columbia University B.E. in Industrial Engineering from Tsinghua University Stephanie Mallinger-Dogan – Assistant Vice President, Analyst, Research 5 years of investment experience Master of Science in Computational Finance (MSCF), Carnegie Mellon University,

Tepper School of Business Bachelor in Economics, University of International Business and Economics Anton S. Kapliy – Analyst, Model Integration Ph.D. in High Energy Physics from University of Chicago B.A. in Physics from University of Pennsylvania Leonhard Brenner – Analyst, Research 18 years of professional experience B.A. in Math and Computer Information Systems from SUNY at Potsdam Lianxin He – Analyst, Research 3 year investment experience M.S. in Physics from the University of Pennsylvania M.A. in Mathematics from the University of Pennsylvania B.A. in Mathematics and Physics from the University of Pennsylvania Akshay Sogani – Analyst, Research 3 year of investment experience M.S. in Finance from MIT Bachelor of Technology from Indian Institute of Technology Steve Zaffrann - Analyst, Research B.S. in Computer Engineering from the University of Wisconsin Yifan Zhang, Ph.D. – Analyst, Research B.S. in Statistics from Nanjing University Ph.D. in Applied Mathematics from Brown University

26

Acadian Marketing and Client Service Team Biographies

Churchill G. Franklin – Chief Executive Officer 39 years of professional experience Member of the Acadian Executive Committee, IT Steering Committee and co-chair of the Operating

Committee B.A. in American Literature from Middlebury College

Ross A. Dowd – Executive Vice President, Global Head of Marketing and Client Service 20 years of professional experience Member of the Acadian Executive, Operating, Compliance Committee and IT Steering Committees M.B.A. from the University of Chicago B.A. from the University of California at Santa Barbara Douglas C. Coughlin, CFA – Senior Vice President, Director, North American Client Service 25 years of professional experience Member of the Acadian Operating Committee M.B.A. with concentration in Finance from Clarkson University B.S. from Clarkson University CFA charterholder and a member of the Boston Security Analysts Society Amy R. Conklin – Senior Vice President , Director of Corporate Communications 25 years of professional experience M.A. in English from Cambridge University B.A. in English from Mount Holyoke College Laurent De Greef – Senior Vice President, Director, Global Consultant Relations 18 years of professional experience Member of the Acadian Executive Committee and Operating Committee Commercial Engineering degree from the Solvay Business School Member of the CFA Society of the UK Jack W. Gastler – Senior Vice President 35 years of professional experience B.A. in Economics and Political Science from Columbia University Renee L. Hoffman – Senior Vice President, Senior Consultant Relations Officer 17 years of professional experience Member of the Acadian Operating Committee Completed Wharton School for Executive Education B.A. in Business from Colby College Christine M. McLean – Senior Vice President, Client Service Business Manager 17 years of professional experience M.S. in Finance from Northeastern University B.A. from St. Michael's College

Ted W. Noon – Senior Vice President, Director, North American Business Development 12 years of professional experience Member of the Acadian Operating Committee M.B.A. from Harvard Business School (with Distinction) B.A from Middlebury College (Phi Beta Kappa) Sarah Molloy Roxe – Senior Vice President, Relationship Manager, Head, Commingled Fund Team 15years of professional experience M.B.A. from Harvard Business School B.A. from Georgetown University Kelly Young, CFA, CAIA – Managing Director Acadian Asset Management (U.K.) Limited 14 years of professional experience B.Sc. Hons Economics & Business Finance from Brunel University CFA charterholder and member of CFA UK CAIA charterholder and a member of CAIA Association Ho Yew Weng, CFA, CAIA – Vice President, Managing Director, Asia ex-Japan (Acadian Asset Management Singapore Pte Ltd) 17 years of professional experience M.A. in International and Development Economics from Yale University B.Sc. in Economics from the London School of Economics CFA charterholder and a member of CFA Singapore CAIA charterholder and a member of CAIA Association David E. Purdy – Vice President, Director, Marketing Analytics 14 years of professional experience M.B.A. with a concentration in Investments and Master’s in Finance from Northeastern University B.A. in Economics from Wheaton College Mari-Ann P. Allen – Vice President, Relationship Manager, Head of UCITS Funds 22 years of professional experience B.A. from Frederiksberg Gymnasium, Copenhagen, Denmark Matthew R. Carson, CFA – Vice President 18 years of professional experience M.B.A. from Harvard Business School B.S. in Mechanical Engineering and Psychology from University of Illinois (Tau Beta Pi) Jason J. Chalmers – Vice President 17 years of professional experience M.S. in Finance from Boston College Carroll School of Management B.S. in Economics from Northeastern University Charles A. Congdon - Vice President Acadian Asset Management (U.K.) Limited 33 years of professional experience M.A. from Oxford University

27


James E. Klapman – Vice President, Relationship Manager 20 years of professional experience M.B.A. with a concentration in Finance from Northeastern University B.A. in Economics and Government/Legal Studies from Bowdoin College Naureen Khan, CFA – Vice President Acadian Asset Management (U.K.) Limited 13 years of professional experience M.A. in International Finance & Business from Columbia University CFA charterholder and member of CFA UK Andrew D. Miller – Vice President 13 years of professional experience M.B.A. from Northeastern University B.A. from Wheaton College Sander van Ouwerkerk – Vice President Acadian Asset Management (U.K.) Limited 13 years of professional experience Bachelor of Business Administration (Hons) Hogeschool van Amsterdam Chartered Institute for Securities & Investments (CISI) - Fund Management Diploma Investment Management Certificate (IMC) Marlene M. Shaw – Vice President 11 years of professional experience B.A. from Williams College Christopher J. Tocco – Vice President, Senior Consultant Relations Officer 19 years of professional experience M.B.A., University of Missouri B.S.B.A., Finance and Management with a minor in Psychology, University of Missouri Derek Towle – Vice President 11 years of professional experience M.B.A. with a concentration in Finance from Boston University B.A. in Economics from the College of the Holy Cross Keith Wosneski – Vice President, Senior Consultant Relations Officer 19 years of professional experience M.B.A., University of Notre Dame B.S.B.A., International Business, University of Denver Kristen A. Gelwick – Assistant Vice President, Relationship Manager 13 years of professional experience B.A. in Business Administration from University of Rhode Island

Erica D. Colozzi – Assistant Vice President, Senior Associate 13 years of professional experience B.S. in Marketing from Southern New Hampshire University Jordan A. Mangan – Assistant Vice President, Senior Client Service Associate 13 years of professional experience B.A. from Denison University Erin H. Moschos – Assistant Vice President, Senior Associate 9 years of professional experience B.S. in Business Management from Bentley College Holly M. Soltys – Assistant Vice President, Senior Marketing Associate 10 years of professional experience B.S. in Finance from the University of Connecticut Corey Son – Assistant Vice President, Senior Marketing and Client Service Associate 11 years of professional experience M.S. with a concentration in Finance from Suffolk University B.S. in Finance from Bentley University Sean Barry – Associate 11 years of professional experience B.S. in Economics from Bridgewater State University Jessica B. Dickinson – Associate 10 years of professional experience B.A. in Economics from Duke University Heather Gantkin – Associate 7 years of professional experience B.S. in International Business and Spanish from Roger Williams University Leanne Goffredo – Associate 6 years of professional experience B.A., Political Science, Economics Minor, College of the Holy Cross Julia G. Khan – Associate 9 years of professional experience B.A. in Economics and English from Boston University Niklas Lindqvist – Associate Acadian Asset Management (U.K.) Limited 4 years of professional experience M.S. in Finance from Hanken School of Economics Member of the CFA Society UK

28


Laura Marsdale – Associate Acadian Asset Management (U.K.) Limited 8 years of professional experience B.S. in Business Administration from Northeastern University Elizabeth M. Matthews – Associate 8 years of professional experience B.A. in Psychology and Sociology and a minor in Business Management and Accounting from University of

Massachusetts, Lowell Mark A. Osyf – Associate 17 years of professional experience M.B.A. and M.S. in Finance, dual degree from Northeastern University B.S. in Business Administration from the University of Massachusetts-Amherst Yuliya Ruvinsky – Associate 7 years of professional experience B.S. in Finance from Bentley University

Christine M. Vigneron – Associate 9 years of professional experience B.S. in Business Administration from the University of New Hampshire Laura B. Weeks – Associate 8 years of professional experience B.A. in International Relations from Boston University

Greta Meyer – Marketing Specialist 3 years of professional experience B.A. in Government with a minor in Anthropology from Dartmouth College Sara Cameron - Consultant Relations Specialist 4 years of professional experience B.A. in Psychology with a minor in Administrative Science from Colby

College

Vasilika Polena – UCITS Client Service Specialist 10 years of professional experience B.A. in Economics with a minor in Political Science from University of

Massachusetts, Boston

29

Performance Inception: January 1, 1994. This composite was created on February 1, 1994. All figures stated in USD.

Acadian Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Acadian Asset Management has been independently verified for the periods January 1, 1994 through December 31, 2013 by Ashland Partners & Company LLP. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Acadian Asset Management is an investment adviser specializing in global equity management. Acadian Asset Management is defined to include assets managed by Acadian Asset Management LLC, an investment adviser registered with and regulated by the United States Securities and Exchange Commission, as well as assets managed by its two wholly-owned affiliates, Acadian Asset Management Singapore Pte Ltd, authorized by the Monetary Authority of Singapore, and Acadian Asset Management (UK) Limited, authorized and regulated by the Financial Conduct Authority of the United Kingdom. Methodology: Returns are net of estimated foreign withholding taxes on dividends, interest, and capital gains. As of January 1, 2010 Acadian’s methodology was augmented to produce a more accurate gross return figure by eliminating modest cash flows such as securities lending income and custodial fees which are regarded as independent of the investment management process; the reinvestment of all income and trading expenses continue to be included. Gross returns will be reduced by investment advisory fees and other expenses. Monthly composite results are asset-weighted by beginning-of-month asset values of member portfolios which are geometrically linked to arrive at the annual composite return. Net-of-fee performance is calculated using the highest management fee as described in section 2A of the firm’s Form ADV for the investment process utilized to manage this strategy; such form is available upon request. Net-net-of-fees additionally include incentive fees which, when applicable, are also accrued on a monthly basis. The standard fee schedule for accounts managed with this product is 1% on the first $50 million, 0.75% on the next $50 million, 0.65% on the next $50 million, and 0.50% thereafter. Prior to October 1, 2012 the standard fee schedule was 1.0% on the first $50 million and 0.75% thereafter. Management fees may vary according to the range of services provided, investment performance, and the amount of assets under management. Constituent portfolios are included from the first full month after inception to the present or the last full month prior to cessation of the client relationship with the firm. For example, an account that opened January 15, 2010 will be included beginning February 1, 2010. An account that terminated February 12, 2010 will be included through January 31, 2010. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Dispersion: Acadian’s broad definitions are mainly the product of a highly customized process that may result in modest differences with regards to portfolio characteristics among constituents. All accounts managed with directly comparable investment objectives are included, though it’s possible for members to utilize slightly different benchmarks in optimization and reporting. Although at times dispersion among constituents may be high, the long-term forecast for each portfolio is consistent with the overall composite. The ‘Dispersion’ statistic presented above is an annual, asset-weighted standard deviation calculation performed only on those portfolios who have been members for the entire calendar year. Thirty-six months are required to calculate the ‘Three Year ex-Post Standard Deviation’ statistic. These figures are not shown if the requirements necessary to perform the calculations are unavailable. Composite Description: This composite focuses on investments in emerging equity markets worldwide, with no developed markets exposure. A complete list of the firm’s composites and their descriptions is available upon request. Benchmark Description: The benchmark for the composite is MSCI Emerging Markets wherein a combination of gross and net (of dividends and withholding taxes) is used since the net version isn’t publicly available until January 2001. The net version of MSCI Emerging Markets was retroactively applied effective July 1, 2012. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Index Source: MSCI Copyright MSCI 2014. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

Performance Disclosure Emerging Markets Equity Composite

2004 33.7 32.4 25.6 1.4 18.5 17.6 6 2,834 12,6242005 35.4 34.0 34.0 2.8 18.0 16.4 13 4,869 32,1512006 33.1 31.8 32.2 1.4 18.8 17.3 17 7,265 64,0652007 44.3 42.9 39.4 3.2 19.5 18.1 21 10,016 83,6612008 -55.9 -56.4 -53.3 1.0 30.9 28.7 23 4,765 42,5492009 78.4 76.7 78.5 2.8 34.0 32.3 30 10,457 49,3142010 23.0 21.8 18.9 1.6 34.0 32.6 29 12,877 49,0322011 -17.8 -18.6 -18.4 1.3 25.0 25.8 29 11,157 42,2002012 23.9 22.7 18.2 1.3 21.4 21.5 25 15,054 51,9032013 -1.1 -2.1 -2.6 1.5 19.2 19.0 26 17,206 65,153

Composite Return (%)

Gross-of-Fees

Composite Return (%)

Net-of-Fees

MSCI Emerging Markets

Return (%)

Dispersion of Returns Within Composite (%)

Three-Year ex-PostStandard Deviation of Absolute

ReturnsComposite MSCI EM

Number of Portfolios in Composite

Assets in Composite

($MMs)

Total Firm Assets under Management

($MMs)

30

General Legal Disclaimer

Acadian provides this material as a general overview of the firm, our processes and our investment capabilities. It has been provided for informational purposes only. It does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or to purchase, shares, units or other interests in investments that may be referred to herein and must not be construed as investment advice. The value of investments may fall as well as rise and you may not get back your original investment. Past performance is not necessarily a guide to future performance or returns. Acadian has taken all reasonable care to ensure that the information contained in this material is accurate at the time of its distribution, no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of such information. This material contains privileged and confidential information and is intended only for the recipient/s. Any distribution, reproduction or other use of this presentation by recipients is strictly prohibited. If you are not the intended recipient and this presentation has been sent or passed on to you in error, please contact us immediately. Confidentiality and privilege are not lost by this presentation having been sent or passed on to you in error. Acadian’s quantitative investment process is supported by extensive proprietary computer code. Acadian’s researchers, software developers, and IT teams follow a structured design, development, testing, change control, and review processes during the development of its systems and the implementation within our investment process. These controls and their effectiveness are subject to regular internal reviews, at least annual independent review by our SSAE 16 auditor, and periodic review by other auditors. Also, any client or prospect who wishes to review our process and controls is welcome to conduct a review with its own audit team. However, despite these extensive controls it is possible that errors may occur in coding and within the investment process, as is the case with any complex software or data-driven model, and no guarantee or warranty can be provided that any quantitative investment model is completely free of errors. Any such errors could have a negative impact on investment results. We have in place control systems and processes which are intended to identify in a timely manner any such errors which would have a material impact on the investment process. Acadian Asset Management LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission. It is not registered with or authorized by the Monetary Authority of Singapore or with the UK Financial Conduct Authority. Acadian Asset Management LLC has two wholly-owned subsidiaries, Acadian Asset Management (Singapore) Pte Ltd and Acadian Asset Management (UK) Limited. Pursuant to the terms of service level agreements in place with each affiliate, employees of Acadian Asset Management LLC may provide certain services on behalf of each affiliate and employees of each affiliate may provide certain administrative services, including marketing and client service, on behalf of Acadian Asset Management LLC. Acadian Asset Management (Singapore) Pte Ltd, (Registration Number: 199902125D) is authorized by the Monetary Authority of Singapore. It is not registered with or authorized by the U.S. Securities and Exchange Commission or with the UK Financial Conduct Authority. Acadian Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority ('the FCA') and is a limited liability company incorporated in England and Wales with company number 05644066. It is not registered with or authorized by the U.S. Securities and Exchange Commission or with the Monetary Authority of Singapore. Acadian Asset Management (UK) Limited will only make this material available to Professional Clients and Eligible Counterparties as defined by the FCA under the Markets in Financial Instruments Directive.

ACADIAN ASSET MANAGEMENT LLC 260 FRANKLIN STREET BOSTON, MA 02110 TELEPHONE +1-617-850-3500 FAX +1-617-850-3501

ACADIAN ASSET MANAGEMENT (UK) LIMITED 36-38 CORNHILL LONDON, EC3V 3NG UNITED KINGDOM TELEPHONE +44-20-7398-7280 FAX +44-20-7398-7281

ACADIAN ASSET MANAGEMENT (SINGAPORE) PTE LTD 8 SHENTON WAY #37-02 SINGAPORE 068811 TELEPHONE +65-6508-2200 FAX +65-6508-2201 Company Registration No.: 199902125D ACADIAN-ASSET.COM

presenters - city of fresno employee retirement system€¦ · · 2014-03-20he continues to...

Documents