Office Of The Chief Investment Officer - UCOP
UNIVERSITY OF CALIFORNIAOffice of the Chief Investment OfficerUC Retirement Savings ProgramInvestment Performance and Program Reviewas of June 30, 2018Growing Portfolios Building PartnershipsUC Investments
Plan and People2
UC Retirement Savings Program at a GlanceUC Retirement Savings ProgramDeliver the best in class DC plan focused on participant outcomes through superior performance and cost managementUC Retirement Savings Program Facts 24.3 billion across 3 plans Established in 1967 Over 315,000 Participants 24.3 billion in assets 24.3B 3 Plans: 403(b), 457(b), DC Plan 2nd largest public DC plan in the US Largest 403(b) plan in the US Target Date Fund (Pathway) default since 2014 9.0 billion in Target Date FundsAs of June 30, 2018Tax Deferred 403(b) Plan: 17.0B70%457(b) Deferred Compensation Plan: 2.8B11%Defined Contribution Plan: 4.5B19%3
UC Retirement Savings Program Evolution2017/2018Party manager for PathwayWhite labeled all FundsMoved to Institutional Vehicles3rdUCRSP Assets and Evolution 1967-20182015Lineupstreamlined from64 to 16 d2004457(b) Planadded1987Added FidelityMutual Funds1967Plan InceptionAs of June 30, 20184
Investment Options at a GlanceTARGET DATE FUNDS - 9.0 billionUC Pathway FundsUC Pathway Income FundUC Pathway Fund 2015UC Pathway Fund 2020UC Pathway Fund 2025UC Pathway Fund 2030UC Pathway Fund 2035UC Pathway Fund 2040UC Pathway Fund 2045UC Pathway Fund 2050UC Pathway Fund 2055UC Pathway Fund 2060CORE FUNDS - 13.7 billionBond and Stock InvestmentsBond InvestmentsShort-TermUC Savings FundIntermediate-TermUC Bond FundDomestic StockLarge CapUC Domestic Equity Index FundUC Growth Company FundForeign StockDeveloped MarketsUC International Equity Index FundUC Diversified International FundSmall CapUC Domestic Small Cap Equity FundEmerging MarketsUC Emerging Markets Equity FundInflation-ProtectedUC Short Term TIPS FundUC TIPS FundSpecialty StockUC Real Estate FundUC Social Equity FundBROKERAGE WINDOW - 1.6 billionFidelity BROKERAGELINK As of June 30, 20185
Core Lineup Assets - DetailsCORE FUNDS - 13,664Bond and Stock InvestmentsBond Investments - 5,418Domestic Stock - 6,299Foreign/Global Stock - 1,364Short-TermUC Savings Fund - 4,003Large CapUC Domestic Equity Index Fund - 4,843UC Growth Company Fund - 937Developed MarketsUC International Equity Index Fund - 1,005UC Diversified International Fund - 141Small CapUC Domestic Small Cap Equity Fund - 519Emerging MarketsUC Emerging Markets Equity Fund - 218Intermediate-TermUC Bond Fund - 1,156Inflation-ProtectedUC Short Term TIPS Fund - 40UC TIPS Fund - 219Market Value in Millions, as of June 30, 2018Specialty Stock - 583UC Real Estate Fund - 210UC Social Equity Fund - 3736
Defined Contribution TeamMarco Merz, CFAHead of DefinedContribution Joined University of California in 201610 year career at BlackRockMost recently Senior Strategist for Defined ContributionFocus on Target Date Fund & Core lineup implementationFrequent speaker at DC Industry conferences including P&I, II and IMCAArthur Guimaraes, CPA, CBVChief Operating Officer Joined University of California in 2014Led UC glide path review and fund rationalization in 201510 year career in pension management in the US and CanadaMost recently, Vice President, Alberta Investment Management Co.Previously, senior member of Group Savings & Retirement team at Manulife7
2017 Lineup changes
2017 lineup changesOverview of ChangesImplementation DateI.Eliminated Calvert Fund – moved assets to Vanguard Social Fund2/28/2017II.Repackaged Fidelity and DFA funds to institutional funds10/02/2017III. Renamed 3 Vanguard funds to easier naming convention10/02/2017IV. Eliminated the UC Balanced Growth and UC Global funds10/02/2017V.12/31/2017Implemented 3rd party manager for PathwayLineup changes highlights:Transitioned 7.9 billion into new funds (35% of UCRSP plan assets);Completed a multi-stage communication campaign that reached over 300,000 participants;Reduced fees by over 6 million annually;Reduced operational complexity and risk;Allow participants to better understand their risk exposure; andImplement an easy to understand and consistent naming convention for all funds.9
Plan Design EnhancementsTop 30 Investment Consultants suggest enhancements in 2018that we incorporated in this fiscal yearReview Target Date FundReviewed Pathway and hired 3rd party via RFPEvaluate Investment FeesCompleted fee analysis and reduced fees by over 6million annually by moving to institutional fund vehiclesEvaluate How Plan Costs Are PaidUpdated approach to management feesEvaluate Administrative FeesMoved to flat per participant fee in line withconsultant recommendationsSimplify Core LineupWhite labeled 3 funds for a more intuitive namingconvention and eliminated 2 redundant investments10
Optimal Investment StructureUC Lineup now follows industry best practiceActiveUCPassiveTier 1: Default OptionTier 2: Core LineupCustom Target Date FundCapital Preservation: 1 FundHybridFixed Income: 1 FundEquity: 8 FundsInflation Protection: 2 FundsOptimalCustom Target Date FundCapital Preservation: 1 FundFixed Income: 2 FundsEquity: 6 FundsInflation Protection: 1 Fund11
Target Date Fund - Pathway
Pathway – Our Target Date FundDesigned to support participants’ spending throughout retirementLongShortTime HorizonPathway 2060Pathway 2055Pathway 2050Pathway Key Features An equity landing point of 30% with static allocations at andthrough retirementPathway 2045 Focus on diversification with broad asset class exposuresPathway 2040 Utilizes a strategic glidepath to help mitigate the risksassociated with market timingPathway 2035Pathway 2030Key Benefits for ParticipantsU.S. Large Cap EquityU.S. Small/Mid Cap EquityPathway 2025International Equity Constructed to navigate the major sources of uncertaintyparticipants faceEmerging Market EquityReal Estate/CommoditiesPathway 2020U.S. Bonds/Short Term Seeks to reduce volatility in an effort to keep participantssaving and investing across market cyclesU.S. TIPSdHigher Continuous research to anticipate, assess and adapt ahead ofevolving conditions to help meet participant needs now and inthe futurePathway IncomeInvestment RiskLower13
Pathway GlidepathPathway GlidePath Evolution vs. TDF providersAs of June 30, 201814
Pathway Performance – Quarter and 1 YearQ2 2018 performance relative to policy benchmarksNet of fee returns 2050Pathway2055Pathway2060Fund Policy Benchmark Value -0.05-0.05One year performance relative to policy benchmarksNet of fee returns (%) - thway2045Pathway2050Pathway2055Pathway2060Fund .62Policy Benchmark .03Value -0.41-0.41As of June 30, 201815
Pathway Performance – 3 Year and 5 Year3 year performance relative to policy benchmarksNet of fee returns 2050Pathway2055Pathway2060Fund Policy Benchmark Value Added0.200.180.160.110.110.090.070.050.040.100.105 year performance relative to policy benchmarksNet of fee returns 2050Pathway2055Pathway2060Fund Policy Benchmark Value s of June 30, 201816
Detailed Performance
Core Lineup Performance - DetailsAnnualized Total Return (%)US Large EquityUC Domes ti c Equi ty Index FundMarket Value ( M) 4,843% of Program19.97%3 Months4.073.890.18One Year15.3914.780.61Three Year11.7611.580.18Five Year13.4413.290.15Ten Year10.3110.230.08 014.2114.36-0.1510.8510.96-0.11 .4312.390.0411.3011.200.10 596.330.262.962.610.35Rus s el l 3000 TF IndexValue AddedUC Soci a l Index FundSpl i ced Soci a l IndexValue AddedUS Small/Mid Cap EquityUC Domes ti c Sma l l Ca p Index FundCRSP Sma l l Ca p IndexValue AddedGlobal/World ex-US EquityUC Interna ti ona l Equi ty Index FundMSCI Worl d ex-US IMI TF IndexValue AddedAs of June 30, 201818
Core Lineup Performance - DetailsAnnualized Total Return (%)Capital PreservationMarket Value ( M)UC Sa vi ngs Fund 4,003Two-Yea r U.S. Trea s ury Notes Income Return% of Program3 MonthsOne YearThree YearFive YearTen 0.147.938.03-0.108.038.010.02Value AddedInflation SensitiveUC Short Term TIPS FundBa rcl a ys 1-3 Yea r U.S. TIPS IndexValue AddedUC TIPS Fund 40 219Ba rcl a ys US TIPS IndexValue AddedDiversified Fixed IncomeUC Bond Fund 1,156Ba rcl a ys Aggrega te Fi xed Income Benchma rkValue AddedNew Large EquityUC Growth Compa ny Fund 937Rus s el l 3000 GrowthValue AddedWorld ex-US EquityUC Di vers i fi ed Intl . Fund 141MSCI EAFEValue AddedUC Emergi ng Ma rkets Fund 218MSCI Emergi ng Ma rkets IndexValue AddedReal EstateUC Rea l Es ta te Fund 210REIT Spl i ced IndexValue AddedAs of June 30, 20180.17%0.90%19
Target Date Funds Performance - DetailsAnnualized Total Return (%)Target Date FundsUC Pa thwa y Income FundPol i cy Benchma rkMarket Value ( M) 1,024% of Program4.22%3 Months0.570.65-0.08One Year4.274.31-0.04Three Year3.973.770.20Five Year3.192.890.30Ten Year3.763.090.67 3.310.26-Value AddedUC Pa thwa y Fund 2015Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2020Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2025 084.860.224.544.120.42 635.480.15-Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2030Pol i cy Benchma rk 246.100.144.904.540.36 00.090.12-Value AddedUC Pa thwa y Fund 2035Pol i cy Benchma rkValue AddedAs of June 30, 201820
Target Date Funds Performance - DetailsAnnualized Total Return (%)Target Date FundsUC Pa thwa y Fund 2040Pol i cy Benchma rkValue AddedMarket Value ( M) 791% of Program3.26%3 Months0.750.80-0.05One Year8.578.93-0.36Three Year7.287.210.07Five Year7.387.290.09Ten Year5.475.140.33UC Pa thwa y Fund 2045 7.880.07-Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2050 478.410.066.055.780.27 09.018.930.08-Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2055Pol i cy Benchma rkValue AddedUC Pa thwa y Fund 2060Pol i cy Benchma rkValue AddedAs of June 30, 2018 2130.88%21
UC Pathway Income Fund UC Pathway Fund 2015 UC Pathway Fund 2020 UC Pathway Fund 2025 . UC Pathway Fund 2030 UC Pathway Fund 2035 UC Pathway Fund 2040 UC Pathway Fund 2045 . UC Pathway Fund 2050 UC Pathway Fund 2055 UC Pathway Fund 2060 . CORE FUNDS - 13.7 billion Bond and Stock Investments . Bond Investments Short-Term UC Savings Fund
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)
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