The Protestant Episcopal Church In The Diocese Of Georgia
Market Review & Fund Performance AnalysisThe Protestant Episcopal Church in theDiocese of GeorgiaFor Period EndingDecember 31, 2009Capital Advisory Group7100 Forest Avenue, Suite 301Richmond, VA 23226(804) 648-3500
OVERVIEW1
Investment Manager Asset AllocationThe table below shows the distribution of assets across the Fund’s asset classes and investmentmanagers for the current and previous quarters.Asset Distribution Across Investment ManagersNetDecember 31, 2009Market ValueDomestic EquityPercent 239.8%3.8%6.7%6.6%13.4%4.5%4.8% International EquityHarbor International Fund Vanguard Developed Markets Index Fund 593,226355,512237,7148.4%5.0%3.4%Emerging Markets 304,984304,984 September 30, 2009InvestmentMarket ValuePercent 230,000 (550,000) 230,000 839.0%3.5%3.4%13.7%9.5%4.3%4.5% (50,000) 618,592336,563282,0298.8%4.8%4.0%4.3%4.3% 5724.9%8.8%9.8%6.4% 1,758,320623,622687,731446,96725.0%8.9%9.8%6.3% 3.3%5.2%3.5% 250,000 .1%4.7%0.0% Cash EquivalentsRidgeWorth U.S. Treasury Money Market 117,147117,146.841.7%1.7% (110,000) 357,848357,8485.1%5.1%7,148,623101% - 7,044,956100%J Hancock/Rainier Large Cap Growth FdEdgewood Growth FundVanguard Institutional Index FundAmerican Beacon Large Cap Value FundAlger Small & Mid Cap Growth FundCRM Small Mid Cap Value Instl FundEaton Vance TM Emerging Mkts FundFixed IncomeRidgeWorth Intermediate Bond FundVanguard Total Bond Market FundLoomis Sayles Global Bond FundAlternative InvestmentsTorrey International FundTorrey Development FundPrivate Advisors Stable Value FundPIMCO Commodity Real Return FundAlternative ModuleTotal Fund The Protestant Episcopal Church in the Diocese of Georgia 2
The Protestant Episcopal Church in the Diocese of GeorgiaReturnsfor Periods Ended December 31, 2009Last Quarter7.021.317.137.94Year to Date31.6830.7334.1237.21Last Year31.6830.7334.1237.21Last 2 Years(14.04)(10.81)(9.08)(8.09)Vanguard 500 Index;InvCAI MF:Lg Cap Broad 6.47(10.75)(10.34)(10.74)Am Beacon:Lg Cp Val;InstCAI MF:Lg Cap Value StyleRussell:1000 .09)(11.41)(13.06)Alger:SMidCap Growth;ACAI MF:SMID Growth StyleRussell:2500 3.97)(10.99)(8.97)CRM:Sm/Mid Cap Val;InstCAI MF:SMID Value StyleRussell:2500 46)(7.78)(6.81)Harbor:Intl;InstVanguard Dev Mkts;InvCAI MF:Intl Core Eq StyleMSCI:EAFE US 531.78(10.87)(13.50)(12.19)(13.62)Eaton Vance TM Em Mk;ICAI MF:Emerging Mkts StyleMSCI:Emer 9.23)(10.03)(8.45)Vanguard Tot Bd;InvRidgeWorth:Intm Bd;ICAI MF:Core Bond StyleBC:Aggr 935.496.904.645.58Loomis Sayles:GB;InstCAI MF:Gl Fixed Inc StyleBC:Gbl Aggr .325.85PIMCO:Comm RR Str;InstDJ:UBS Commdty Idx11.649.0139.9118.7239.9118.72(10.96)(13.25)Pvt Adv Stble ValCAIHED:Absolute Rtn FoFHFR:FOF )(3.60)(6.52)GA Episcopal Diocese-Portfolio PerformanceStyle TargetIndex .78)(6.72)(5.96)J Hancock III:Rnr Gr;AEdgewood Growth;InstCAI MF:Lg Cap Growth StyleRussell:1000 GrowthStyle Target: 42% Callan MF Core Domestic Equity, 18% Callan MF International Equity Non US Style; 13% Callan MFCore Fixed Income Style; 7% Callan MF Global Fixed Income; 20% Callan Core Diversified HFOFIndex Target: 42% Russell 3000, 18% MSCI ACWI exUS: 13% Barclays Capital Aggregate Index; 7% Barclays CapitalGlobal AggregateThe Protestant Episcopal Church in the Diocese of Georgia3
Market & Economic HighlightsGlobal MarketsThe global stock marketrally cooled in the 4thquarter but still achieved a3rd straight quarterly gainThe S&P 500 gained 6% forthe quarter and 26.5% forthe year but still remainsbelow its high on 10-9-07International stocks were up2.2% for the quarter whileEmerging Markets continuedto lead global equity marketadvances with an 8.6% and79% gain for the quarter andfull year, respectivelyThe Barclays’ AggregateBond Index gained a meager0.2% for the quarter,impacted by losses in thetreasury market as interestrates rose. The index gained5.9% for the yearHedge fund of fundsfinished the quarter with a1.3% gain, bringing the2009 advance to 11.2%U.S. EconomyPoliticsGDP rose anannualized 5.7% inthe 4th quarterAdministrationsubmits 3.8 trillionfiscal 2011 budgetUnemploymentended the year at10% and is projectedto stay high in 2010GOP wins severalimportant seats fromDemocratsCPI rose 2.7% on ayear-over-year basisending in DecemberStill no resolution ona universal healthinsurance planTotal U.S. debt standsat 12 trillion and risingOil prices ended theyear at 79 per bblwith predictions ofhigher prices in 2010Retail sales declined0.3% in Decemberfrom the previousmonth and weredown 6.2% for all of20094
MARKET OVERVIEWACTIVE MANAGEMENT VS INDEX RETURNSMarket OverviewThe charts below illustrate the range of returns across managers in Callan's Separate Account database over themost recent one quarter and one year time periods. The database is broken down by asset class to illustrate the difference inreturns across those asset classes. An appropriate index is also shown for each asset class for comparison purposes. As anexample, the first bar in the upper chart illustrates the range of returns for domestic equity managers over the last quarter.The triangle represents the S&P 500 return. The number next to the triangle represents the ranking of the S&P 500 in thedomestic equity manager database.Range of Separate Account Manager Returns by Asset ClassOne Quarter Ended December 31, 9)(4%)(6%)(8%)(10%)10th Percentile25th PercentileMedian75th Percentile90th PercentileIndexDomesticEquityvsS&P 500Non-USEquityvsMSCI EAFEDomesticFixed-IncomevsBC Aggr BdNon-USFixed-IncomevsCiti Non-US GovRealEstatevsNCREIF IndexCashEquivalentsvs3 Mon 42.180.20(2.15)(2.11)0.04Range of Separate Account Manager Returns by Asset ClassOne Year Ended December 31, )(40%)(60%)10th Percentile25th PercentileMedian75th Percentile90th PercentileIndexBenchmark & Peer Group AnalysisDomesticEquityvsS&P 500Non-USEquityvsMSCI EAFEDomesticFixed-IncomevsBC Aggr BdNon-USFixed-IncomevsCiti Non-US GovRealEstatevsNCREIF IndexCashEquivalentsvs3 Mon 90.4926.4731.785.934.38(16.86)0.215
DOMESTIC EQUITYActive Management OverviewActive vs. the IndexDuring the quarter ended December 31, 2009, the domestic equity market continued to surge ahead, as the Dow Joneswas able to sustain a position above the 10,000 threshold. The NASDAQ, S&P 500 and the Dow continued to advancefor the third straight quarter, but slowed significantly in the last quarter. The median Large Cap Core manageroutperformed the S&P 500 by 5 basis points with a return of 6.09%. The median Small Cap Broad manager posted areturn of 4.77% for the quarter, 35 basis points lower than the 5.12% return generated by the S&P 600 index. For theyear ended December 31, 2009, all indexes and style groups were able to generate positive returns, with the medianLarge Cap Value Fund trailing all other groups with a return of 22.29%.Large Cap vs. Small CapThe fourth quarter of 2009 saw the median Large Cap Core manager's return of 6.09%, besting the median Small CapBroad manager, which posted a return of 4.77%. Similarly, the median Large Cap Growth manager outperformed themedian Small Cap Growth manager with returns of 7.45% and 5.71%, respectively. Large Cap Value was also able tooutperform Small Cap Value posting a return 4.69%, 64 basis points higher than Small Cap's 4.05% return. For theyear ended December 31, 2009, Small Cap beat out Large Cap handily across all capitalizations. However, the LargeCap segment of the market, so badly hit by the collapse of financial firms, may become more attractive as that sectorrecovers.Growth vs. ValueUnlike last quarter, Growth managers were able to outperform Value managers for the quarter ended December 31,2009. The median Small Cap Growth manager posted a return of 5.71%, beating its Value counterpart by 166 basispoints. The median Large Cap Growth manager, on the other hand, was able to distance itself from the median LargeCap Value manager by posting a return of 7.45% compared to Value's return of 4.69%. For the twelve months endedDecember 31, 2009, Growth managers were able to maintain their dominance over Value managers. Historically,growth stocks outperform as the economy moved towards a recession, but many believe that growth stocks outperformat the start of economic expansions and bull markets. Let us hope, in this case, that the latter is true.S&P 500:S&P 500 Growth:S&P 500 Value:S&P Mid Cap:S&P 600:S&P 600 Growth:S&P 600 Value:Separate Account Style Group Median Returnsfor Quarter Ended December 31, 2%0%Small CapGrowthSmall CapValueSmall CapBroadMid CapGrowthMid CapValueMid CapBroadLarge CapGrowthLarge CapValueLargeCap CoreS&P 500:S&P 500 Growth:S&P 500 Value:S&P Mid Cap:S&P 600:S&P 600 Growth:S&P 600 Value:Separate Account Style Group Median Returnsfor One Year Ended December 31, %33.95%22.29%25.38%20%10%0%Small CapGrowthBenchmark & Peer Group AnalysisSmall CapValueSmall CapBroadMid CapGrowthMid CapValueMid CapBroadLarge CapGrowthLarge CapValueLargeCap Core6
DOMESTIC FIXED-INCOMEActive Management OverviewActive vs. the IndexSince the Federal Open Market Committee meeting in November 2009, market data suggests that economic activity hascontinued to pick up and that the deterioration in the labor market is abating. The housing sector has shown signs ofimprovement given positive expansion numbers in household spending. However, the housing sector continues to beconstrained by a weak labor market, modest income growth, lower housing wealth and tight credit conditions. TheFOMC will be maintaining the Fed Funds rate between 0.00% and 0.25%. The median Core Bond fund had a return of0.76% for the quarter ended December 31, 2009, 56 basis points higher than the Barclays Capital Aggregate Bondindex's return of 0.20%. For the year ended December 31, 2009, the median Core Bond fund outperformed theBarclays Capital Aggregate index by 475 basis points returning 10.68%.Short vs. Long DurationFor the year ended December 31, 2009, the spread between corporate bonds and Treasury securities continued to easeshowing 0.8% and 2.3% for AAA and BBB grade bonds, respectively. The FOMC reiterated that inflation is expectedto remain subdued. The Intermediate Fund outperformed the Extended Maturity fund by 276 basis points for the fourthquarter of 2009 and by 84 basis points for the year ended December 31, 2009.Mortgages and High YieldAt its November 2009 meeting, the FOMC stated that they were in the process of buying 1.25 trillion of agencymortgage-backed securities and 175 billion of agency debt. The Committee will be gradually slowing the pace ofthese purchases, estimating that these transactions will be executed by the first quarter of 2010. For the fourth quarterof 2009, the median Mortgage Backed fund outperformed the Barclays Mortgage Index by 48 basis points with a returnof 1.05%. For the year ended December 31, 2009, the median Mortgage Backed fund outperformed the index by 313basis points returning 9.02%. The median High Yield fund underperformed the Barclays Capital High Yield index bothfor the quarter and year ended December 31, 2009, with returns of 5.67% and 44.95%, differing from its index by 52and 1,326 basis points, respectively.Separate Account Style Group Median Returnsfor Quarter Ended December 31, 20098%BC Universal:BC Aggregate:BC Govt/Credit:BC Mortgage:BC High ndedMaturitySeparate Account Style Group Median Returnsfor One Year Ended December 31, 200960%ActiveDurationMortgageBackedBC Universal:BC Aggregate:BC Govt/Credit:BC Mortgage:BC High k & Peer Group AnalysisCorePlusHighYield7
BOND MARKET ENVIRONMENTFactors Influencing Bond ReturnsThe charts below are designed to give you an overview of the factors that influenced bond market returns for thequarter. The first chart shows the shift in the Treasury yield curve and the resulting returns by duration. The second chartshows the average return premium (relative to Treasuries) for bonds with different quality ratings. The final chart shows theaverage return premium of the different sectors relative to Treasuries. These sector premiums are calculated afterdifferences in quality and term structure have been accounted for across the sectors. They are typically explained bydifferences in convexity, sector specific supply and demand considerations, or other factors that influence the perceived riskof the sector.Yield Curve Change and Rate of ReturnOne Quarter Ended December 31, 20097%2%September Yield CurveDecember Yield CurveReturnYield CurveShifted Up0%5%(2%)4%(4%)3%(6%)2%(8%)1%(10%)Rate of ReturnYield to rationQuality RatingDuration AdjustedReturn Premium to QualityOne Quarter Ended December 31, 2009TrsyAgcyAAAAA AAAAA AABBB BBBBBBBB BBBBB BBCCCQuality and Duration AdjustedReturn Premium by SectorOne Quarter Ended December 31, 2009Agencies0.07%0.12%(0.70%)(0.15%)1.20%Asset obonds0.37%Mortgages/CMOs0.39%Treasuries9.06%(4%) (2%)0%2%4%6%8%10%Return Advantage vs TreasuriesBenchmark & Peer Group Analysis12%(1%)0%1%2%3%4%Return Advantage vs Treasuries8
INTERNATIONAL EQUITYActive Management OverviewActive vs. the IndexDuring the fourth quarter of 2009, the median Core International fund outperformed the MSCI EAFE index returning2.73% and 2.18%, respectively. Both generated substantial gains for the year ending December 31, 2009, as the medianCore International fund had a return of 31.33%, 45 basis points lower than the MSCI EAFE index's return of 31.78%.The creditworthiness of countries such as Greece, Spain, and Ireland came into question during the quarter. Also,November's announcement that Dubai was seeking to delay some debt repayment created global concern.EuropeWhile British bank stocks remain the most exposed to the Middle East and Dubai's credit woes, Europe continued tosee positive economic activity. The median Europe fund trailed the MSCI Europe Index for the fourth quarter of 2009with returns of 3.09% and 3.24%, respectively. In addition to questionable credit for multiple European countries,underperformance can also be partially attributed to the risk considerations related to Europe's domestic bankingsystems. On a more positive note, for the year ended December 31, 2009, the median Europe fund posted a return of35.78%, yet underperformed the MSCI Europe index which posted a return of 35.83%.PacificThe median Pacific Basin fund outperformed the MSCI Pacific Index in the fourth quarter of 2009 posting a return of3.47% versus the index's 0.07% return. For the twelve months ended December 31, 2009, the median Pacific Basinfund outperformed the index with a return of 28.88% versus the MSCI Pacific index's return of 24.18%. Recovery inAustralia helped contribute to the success of the Pacific markets, as Pacific/Asia ex-Japan stocks were one of the topfive performing international categories. China also saw the return of investors due to its long-term growth potential.The median Japan Only fund ended in the red for the fourth quarter of 2009 with a loss of 4.28%, but managed to post apositive return of 5.80% for the year ended December 31, 2009. Though the yen remains strong, Japanese markets arefacing the risk of deflation.Emerging MarketsThe increased willingness of investors to return to Emerging Markets led to big returns for both the fourth quarter of2009 and the year ended December 31, 2009. The median Emerging Markets fund had a return of 8.72% in the fourthquarter of 2009, outperforming the MSCI Emerging Markets index by 14 basis points. For the year ended December31, 2009, the median Emerging Markets fund posted a whopping 78.68% return, which was bested by the MSCIEmerging Markets index's return of 79.02%. Latin American funds contributed to this performance, posting the topreturns.MSCI AC World IndexMSCI ACW ex US Free:MSCI EAFE:MSCI Europe:MSCI Pacific:MSCI Emerging Markets:Separate Account Style Group Median Returnsfor Quarter Ended December 31, opeCore Int'lCore PlusPacificBasinJapanOnlyReturnsGlobalEquityMSCI AC World IndexMSCI ACW ex US Free:MSCI EAFE:MSCI Europe:MSCI Pacific:MSCI Emerging Markets:Separate Account Style Group Median Returnsfor One Year Ended December 31, %33.00%28.88%5.80%EuropeBenchmark & Peer Group AnalysisCore Int'lCore ty9
INTERNATIONAL FIXED-INCOMEActive Management OverviewActive vs. the IndexThe Global Fixed Income markets continued improving, given a strong market demand for risk and improvingeconomic fundamentals. Worldwide economic activity continued to show improvement through the fourth quarter withthe emerging markets taking the lead in global recovery. As such, the recent financial crisis saw unprecedentedcoordination between central banks in an effort to restore stability to world markets. Emergence from the recession willinevitably lead to a tightening of monetary and fiscal policies, increasing the risk of holding long duration assets. Theexport-driven economies of France and Germany responded well to a turn-around in global manufacturing demand, andJapan posted a positive growth story while the United Kingdom's economy continued to lag. In the fourth quarter, themedian Non-U.S. Fixed Income manager lost 1.43%, outpacing its index by a margin of 72 basis points. The medianGlobal manager lost 0.75%, beating its index by 118 basis points. For the year ended December 31, 2009, the medianNon-U.S. Fixed Income manager beat its index by 170 basis points, while the median Global Fixed-Income managerreturned 6.87%, outperforming its index by 431 basis points.Emerging MarketsThe credit markets witnessed a brief hiccup as Dubai World, a state-owned investment company, sought a standstillagreement on all of its debt until June 2010. The markets calmed after the United Arab Emirates offered support to theregion's credit markets. In Asia, the People's Bank of China decided to continue with its relatively easy monetarypolicy in order to ensure proper money and credit growth so as to avoid dramatic fluctuations in lending. Sovereign debtof countries in Latin America, such as Peru and Brazil, got credit upgrades from rating agencies. The median EmergingDebt manager once again outpaced all other managers with a fourth quarter return of 2.40%, besting the JP MorganEmerging Market index's return of 1.04%. For the year ended December 31, 2009, the median Emerging Debt managergained 32.29%, almost triple its index return of 11.69%.Separate Account Style Group Median Returnsfor Quarter Ended December 31, 20094%3%Citi World Govt:Citi Non-US Govt:Citi Non-US Hedged:JP Morgan Emerging lFixed-IncomeEmerging DebtSeparate Account Style Group Median Returnsfor One Year Ended December 31, 200950%DomesticCore BondCiti World Govt:Citi Non-US Govt:Citi Non-US Hedged:JP Morgan Emerging me0%Emerging DebtDomesticCore Bond10
Market & Economic HighlightsA number of economic, political and psychological factors influence emerging trends in thedomestic stock and bond markets. The following chart summarizes our reading of theprimary factors that are presently driving expectations for the next six to twelve months.INFLUENCINGFACTORPRESENT CONDITIONIMPACT ONBONDSIMPACT ovingRebounding2% to tivePositiveNeutralExtremely PositivePositiveNeutralNeutralPositiveStock Market FundamentalsEarnings GrowthEarnings ExpectationsValuation PositivePositiveNeutralCurrent IssuesConsumer ConfidenceEmployment itiveEconomic FundamentalsInflation/TrendFed Policy/LiquidityFiscal EnvironmentConsumer Spending TrendCapital Spending TrendGDP Growth ForecastCurrent Dollar TrendInterest Rate ConditionsShort-Term RatesLong-Term Rates/TrendYield CurveRelative Credit SpreadsSummary Observations - Bold denotes a change from the preceding Markets Outlook SummaryWhen the dust settled on one of the most eventful and upended years in memory, investors had generous gains in stocks andcertain segments of the bond market to salve the wounds of a disastrous 2008 and first quarter of 2009. Stocks finished theyear strongly with about a 6% return in the 4th quarter, continuing their powerful run that began in early March. Bonds weremixed for the quarter, with government issues, both Treasuries and Municipals, actually losing value, while higher riskcorporate issues continued to deliver equity-type returns. The investor’s appetite for risk-taking appears to have returned in fullforce despite incessant media talk about a variety of economic headwinds. While it is reasonable to expect a cyclical correctionin stock prices after the huge run-up since March, our view of market conditions and the primary trend are still mostly positivefor stocks and more neutral overall for bonds. However, returns in both asset classes going forward should be far less excitingand quite a bit more uneven.11
DisclosurePlease remember that past performance may not be indicative of future results. Different types ofinvestments involve varying degrees of risk, and there can be no assurance that the futureperformance of any specific investment, investment strategy, or product made reference to directlyor indirectly in this summary, will be profitable, equal any corresponding indicated historicalperformance level(s), or be suitable for your portfolio. Due to various factors, including changingmarket conditions, the content may no longer be reflective of current opinions or positions.Moreover, you should not assume that any discussion or information contained in this summaryserves as the receipt of, or as a substitute for, personalized investment advice from CapitalAdvisory Group. Please remember to contact Capital Advisory Group if there are any changes inyour personal/financial situation or investment objectives for the purpose ofreviewing/evaluating/revising our previous recommendations and/or services. Please also adviseus if you would like to impose, add, or to modify any reasonable restrictions to our investmentadvisory services. A copy of our current written disclosure statement discussing our advisoryservices and fees remains available for your review upon request.12
MANAGER PERFORMANCE13
Actual vs Target Asset AllocationThe first chart below shows the Fund’s asset allocation at the beginning of the quarter. Thesecond chart shows the Fund’s target asset allocation. The last chart shows the average assetallocation for the Callan Endowment & Foundation Database.Actual AllocationFixed Income25.0%Alternative Investments18.1%Cash5.1%International Equity12.9%Domestic Equity39.0%Policy AllocationPolicyAllocationPolicyAllocationCallan Small Endowment and FoundationDom Fixed Income32.0%Fixed EquityEquityInternational1818.0%0 Equity18.0%Other5.0%Cash6.0%Int'l Equityq y13.0%18.0%Small CapCapSmall8.0%SmallCap8.0%8.0%Large CapLarge Cap34.0%34.0%CapLarge34.0%Domestic Equity44.0%The Protestant Episcopal Church in the Diocese of Georgia14
Investment Manager Asset AllocationThe table below shows the distribution of assets across the Fund’s asset classes and investmentmanagers for the current and previous quarters.Asset Distribution Across Investment ManagersNetDecember 31, 2009Market ValueDomestic EquityPercent 239.8%3.8%6.7%6.6%13.4%4.5%4.8% International EquityHarbor International Fund Vanguard Developed Markets Index Fund 593,226355,512237,7148.4%5.0%3.4%Emerging Markets 304,984304,984 September 30, 2009InvestmentMarket ValuePercent 230,000 (550,000) 230,000 839.0%3.5%3.4%13.7%9.5%4.3%4.5% (50,000) 618,592336,563282,0298.8%4.8%4.0%4.3%4.3% 5724.9%8.8%9.8%6.4% 1,758,320623,622687,731446,96725.0%8.9%9.8%6.3% 3.3%5.2%3.5% 250,000 .1%4.7%0.0% Cash EquivalentsRidgeWorth U.S. Treasury Money Market 117,147117,146.841.7%1.7% (110,000) 357,848357,8485.1%5.1%7,148,623101% - 7,044,956100%J Hancock/Rainier Large Cap Growth FdEdgewood Growth FundVanguard Institutional Index FundAmerican Beacon Large Cap Value FundAlger Small & Mid Cap Growth FundCRM Small Mid Cap Value Instl FundEaton Vance TM Emerging Mkts FundFixed IncomeRidgeWorth Intermediate Bond FundVanguard Total Bond Market FundLoomis Sayles Global Bond FundAlternative InvestmentsTorrey International FundTorrey Development FundPrivate Advisors Stable Value FundPIMCO Commodity Real Return FundAlternative ModuleTotal Fund The Protestant Episcopal Church in the Diocese of Georgia 15
The Protestant Episcopal Church in the Diocese of GeorgiaReturnsfor Periods Ended December 31, 2009Last Quarter7.021.317.137.94Year to Date31.6830.7334.1237.21Last Year31.6830.7334.1237.21Last 2 Years(14.04)(10.81)(9.08)(8.09)Vanguard 500 Index;InvCAI MF:Lg Cap Broad 6.47(10.75)(10.34)(10.74)Am Beacon:Lg Cp Val;InstCAI MF:Lg Cap Value StyleRussell:1000 .09)(11.41)(13.06)Alger:SMidCap Growth;ACAI MF:SMID Growth StyleRussell:2500 3.97)(10.99)(8.97)CRM:Sm/Mid Cap Val;InstCAI MF:SMID Value StyleRussell:2500 46)(7.78)(6.81)Harbor:Intl;InstVanguard Dev Mkts;InvCAI MF:Intl Core Eq StyleMSCI:EAFE US 531.78(10.87)(13.50)(12.19)(13.62)Eaton Vance TM Em Mk;ICAI MF:Emerging Mkts StyleMSCI:Emer 9.23)(10.03)(8.45)Vanguard Tot Bd;InvRidgeWorth:Intm Bd;ICAI MF:Core Bond StyleBC:Aggr 935.496.904.645.58Loomis Sayles:GB;InstCAI MF:Gl Fixed Inc StyleBC:Gbl Aggr .325.85PIMCO:Comm RR Str;InstDJ:UBS Commdty Idx11.649.0139.9118.7239.9118.72(10.96)(13.25)Pvt Adv Stble ValCAIHED:Absolute Rtn FoFHFR:FOF )(3.60)(6.52)GA Episcopal Diocese-Portfolio PerformanceStyle TargetIndex .78)(6.72)(5.96)J Hancock III:Rnr Gr;AEdgewood Growth;InstCAI MF:Lg Cap Growth StyleRussell:1000 GrowthStyle Target: 42% Callan MF Core Domestic Equity, 18% Callan MF International Equity Non US Style; 13% Callan MFCore Fixed Income Style; 7% Callan MF Global Fixed Income; 20% Callan Core Diversified HFOFIndex Target: 42% Russell 3000, 18% MSCI ACWIxUS: 13% Barclays Capital Aggregate Index; 7% Barclays Capital GlobalAggregate; 20% HFR Hedge Fund of Funds IndexThe Protestant Episcopal Church in the Diocese of Georgia16
Performance RankingThe chart below shows the ranking of the Fund’s performance over various time periods versus theCallan Endowment/Foundation Database. The differences in performance across this universe can, inlarge part, be attributed to differences in asset allocation. The remainder of the variance(approximately 20% on average) can be explained by the relative performance of the investmentmanagers employed by the funds. The numbers to the right of the bar show the percentile ranking ofthe Fund and its benchmarks. The tables below the chart detail the rates of return plotted in the graphabove.Returnsfor Periods Ended December 31, 2009Group: CAI Endow-Fdn - Small ( 100 C (52)B (53)A (53)A (60)B (61)C (61)C (54)B (70)A (88)L
Large Cap Value was also able to outperform Small Cap Value posting a return 4.69%, 64 basis points higher than Small Cap's 4.05% return. For the year ended December 31, 2009, Small Cap beat out Large Cap handily across all capitalizations. However, the Large Cap segment of the market, so bad
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được
ST. PIIlLIP'S PROTESTANT EPISCOPAL CHURCH 210-216 West 134th Street, Borough of Manhattan. Built 1910-11 ; architects Vertner W. Tandy and George W. Foster, Jr. . St. Philip's Church building was designed in the neo-Gothic style by the firm of Tandy & Foster. The design of the facade, a response to certain liturgical
elected the 27th Presiding Bishop of the Episcopal Church on the first ballot on June 27. Bishop Curry, 62, is the first African-American to be elected Pre-siding Bishop of the Episcopal Church. The election took place during the 78th General Convention of the Episcopal Church. Of the 174 votes tallied, Bishop Curry received 121 (89 needed to .
