Fund Universe Library

F. 2023 Quarterly Reports of Paid Invoices ... 4, ... 23) ... LACERA has contracted with EFL Associates (EFL) to assist with the Senior Investment Officer (Real Estate) and Finance Analyst III (Corporate Governance and Real Estate) recruitments. Candidates are still under review for the Finance Analyst III vacant position in the Credit and Risk Mitigation Section. July 25, 2023 Page 3 ... /30/ ... 8.6

Ted Granger, Chief Financial Officer (For Information Only) (Memo dated April 24, 2025) F. 2025 Quarterly Reports of Paid Invoices – 3rd Quarter Tamara Caldwell, Division Manager, Disability Retirement Services (For Information Only) (Memo dated April 15, 2025 – Attachment is Non-Public and Exempt from Disclosure as Private Information and Exempt from Disclosure under California Government Code Sections 7927.700, 54957.56(a)) ... ERA - Other Post Employment Benefits (OPEB) Pre-Funding Update Lui

A. Plante Moran’s Audit Results  Presentation of the Results of the Financial Audit by Michelle Watterworth, Partner, Jean Young, Partner, and Amanda Cronk, Senior Manager  LACERA’s 2020 Audited Financial Statements and Required Communications to those Charged with Governance for FYE June 30, 2020 ...  GASB 68 Disclosure Report, Schedule of Employer Allocations and Schedule of Pension Amounts by Employer for FYE June 30, 2019  GASB 75 Disclosure Report, Statement of Changes in Fiduciary Net

Fund Performance Report ... (For Information ... B. LACERA Total Fund Asset Allocation Jonathan Grabel, Chief Investment Officer Leandro Festino, Managing Principal – Meketa Investment Group Timothy Filla, Managing Principal – Meketa Investment Group (Memo dated December 22, 2017) Mr. Grabel and Messrs. Festino and Filla of Meketa Investment Group provided a brief presentation and answered questions from the Board. C. Real Estate Performance Measurement Report – 2nd Quarter 2017 John McClelland

B. Actuarial Risk Assessment Report Based on the 2024 Actuarial Valuation Luis A. Lugo, Deputy Chief Executive Officer Ted Granger, Chief Financial Officer Judy Tran, Assistant Chief Financial Officer Craig Glyde, Milliman (Presentation) (Memo dated May 28, 2025) C. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer (For Information Only) (Memo dated June 1, 2025) D. 1Q 2025 OPEB Trust Quarterly Board Book Meketa

A. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer Kathryn Ton, Senior Investment Analyst Soniah Ginoyan, Senior Investment Analyst (Presentation) (Memo dated February 25, 2025) B ... OPEB Trust Quarterly Board Book ... Meketa OPEB Trust Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer ... Kathryn Ton, Senior Investment Anal

Real Estate – Portfolio Performance. 7. Sector/Geography Guidelines. 23 ... • Provide quarterly performance reports on the total portfolio as well

04 Portfolio & Structural Updates ... Real Assets & Inflation Hedges ... $12,057 ... 15% ... Performance Summary as of March 2025 ... Monthly Return (net) Growth of a Dollar (trailing 5Y)3 ... Historical Net Performance as of March 2025 ... Mar 2025 ... Returns (net) ... 04/2015 – 03/2025 ... of months: ... 120 ... Total Fund 81,485 10 ... .0% 100.0% -1.0% 0.7% 4.5% 0.7% 6.2% 4.5% 10.4% ... Real Assets & Inflation Hedges 12,057 14.8% 15.0% 1.0% 2.5% 4.0% 2.5% 3.4% 0.4% 7.1% ... Reduction & Mit

REPORTS A. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer Kathryn Ton, Senior Investment Analyst Soniah Ginoyan, Senior Investment Analyst (Presentation) (Memo dated February 25, 2025) Mses. Del Bosque and Ton and Mr. Kim provided a presentation and answered questions from the Board. This item was received and filed. ... B. OPEB Trust Quarterly Board Book ... Meketa OPEB Tru

On a preliminary basis, the SFERS Total Plan returned -1.5% in the month of April. Private Credit (+0.0%) was flat in April, followed by Private Equity (-0.2%), Fixed Income (-1.3%), Real Assets (-1.4%) and Public equity (-4.1%). Absolute Return¹ was up +1.6% in March. ... • For the current fiscal year, Public Equity (+12.8%) has been the highest returning asset class. Absolute Return¹ (+8.7%), Private Credit (+7.3%), Fixed Income (+4.3%), and Private Equity (+1.5%) are positive for the fiscal

Plan Value Report. ... Absolute Return performance is lagged ... one month. 2 • On a preliminary basis, the SFERS Total Plan returned +1.5% in the month of May. Public Equity (+3.6%) was the strongest performer followed by Fixed Income (+1.2%), Private Credit (+1.0%), Private Equity (+0.7%) and Real Assets (+0.3%). Absolute Return¹ was up +0.4% in April. ... • For the current fiscal year, Public Equity (+17.1%) has been the highest returning asset class. Private Credit (+9.1%), Fixed Income (+5.

Background: As of December 31, 2021, the Real Assets Portfolio had $4.9 billion in NAV (or 13.0% of total Plan.

On a preliminary basis¹, the SFERS Total Plan has returned +8.3% (annualized) over the trailing three years. Public Equity (+18.7%) and Absolute Return² (+9.2%) were the strongest performing asset classes, followed by Private Credit (+8.3%), Public Credit (+7.8%), Cash (+5.5%), Treasuries (+4.0%), Private Equity (+3.5%), and Real Assets (-0.7%). ... • On a preliminary basis¹, the SFERS Total Plan returned +7.4% in the fiscal year-to-date. Public equity (+14.8%) and Private Equity (+6.6%) were

For the fiscal year ended June 30, 2023, the Real Assets Portfolio returned 3.58%, outperforming the policy benchmark's return of 0.88%.

11, 2026 San Francisco Employees’ Retirement System 1145 Market Street, 5th Floor San Francisco, CA 94103 To our members, retirees, and other interested parties, We are pleased to present the 2025 Annual Report of the San Francisco Employees’ Retirement System, covering the fiscal year from July 1, 2024, to June 30, 2025. This report provides insights into the financial results and investment performance of our Defined Benefit Plan, as well as a review of the Deferred Compensation Plan. In 2025

On a preliminary basis, the SFERS Total Plan returned +0.3% in the month of January. Public Equity (+0.6%) was the strongest performing asset class, followed by Fixed Income (+0.2%). Real Assets (-0.3%), Private Credit (-0.1%), and Private Equity (-0.0%) were slightly down for the month. Absolute Return¹ was up +0.6% in December. ... • For the seven months of the current fiscal year, Public Equity has been the best performing asset class with a return of +7.7%. Private Credit (+5.1%), Fixed In

Wilshire's Quarterly Performance Summary report provides a detailed review of the market environment as well as return, risk and attribution

Real estate securities were up during the fourth quarter. Commodity results were negative for the quarter, with crude oil falling by -21.1% to

For the fiscal year ended June 30, 2024, the Real Assets portfolio returned -3.38%, underperforming the policy benchmark's return of 0.06%.

To: The Retirement Board Through: Alison Romano CEO & CIO From: Anna Langs, CFA, FRM Ba Do Managing Director, Asset Allocation Director, Investment Operations Date: March 12, 2025 Agenda Item: Report on Investment Performance of the Retirement Fund for the quarter ended December 31, 2024 _______________________________________________________________________________________ Recommendation: This is a discussion only item. Background: For the quarter ended December 31, 2024, the Retirement Fund wa

To: The Retirement Board Through: Alison Romano CEO & CIO From: Anna Langs, CFA, FRM Ba Do Managing Director, Asset Allocation Director, Investment Operations Date: January 14, 2026 Agenda Item: Report on Investment Performance of the Retirement Fund for the quarter ended September 30, 2025 _______________________________________________________________________________________ Recommendation: This is a discussion only item. Background: For the quarter ended September 30, 2025, the Retirement Fun

Fiscal year 2023 was volatile across the globe as inflation, rising interest rates and geopolitics remained front and center in the financial markets. In the United States, inflation reached 9.1% in June 2022 – the highest rate of inflation since the 1980s. In response, central banks began to increase borrowing costs. The Federal Reserve raised interest rates 3.5% during the fiscal year. U.S. inflation declined to 3.2% as of July 2023 but is still above the Fed’s target of 2.0%. Political fricti

Real Estate Pool 113,668,209 2,947,238,177 2,215 3,060,908,601 8.87% ... Real Estate: Real Estate Pool 2,069,902,633 8.61% Real Estate 2,069,902,633 8.61% 12.00% -3.39% ... Real Estate: Real Estate Pool 536,412,772 8.48% Real Estate 536,412,772 8.48% 12.00% -3.52% ... Real Estate: Real Estate Pool ... 684,104 18.73% 20.0 ... Real Estate: ... Real Estate: Real Estate 92,244,9 ... 9 5.4 ... % Real Estate 92,244,969 5.46% ... | Real Estate Pool | | | | | 3,092,195,220 | | | | (0) | - | (30,850,000)

Quarterly External Investment Manager Referral report. The Annual Financial Reports are now available and online under Publications at varetire

found in VRS ... 23 Annual Comprehensive ... Fiscal year 2023 was volatile across the globe as inflation, rising interest rates and geopolitics remained front and center in the financial markets. In the United States, inflation reached 9.1% in June 2022 – the highest rate of inflation since the 1980s. In response, central banks began to increase borrowing costs. The Federal Reserve raised interest rates 3.5% during the fiscal year. U.S. inflation declined to 3.2% as of July 2023 but is still abo

9.9 % ... .9 % Three ... Year Return on Investments 8.6 % 5.5 % Five-Year Return on Investments ... 10.4 % 8.7 % ... FINANCIAL SECTION Portfolio Highlights: Figure 2.1: Summary of Fiduciary Net Position 37 Figure 3.3: Traditional Equity Custom Benchmark Sectors and Figure 2.2: Summary of Changes in Fiduciary Net Position 38 Regions 174 Figure 2.3: Distribution of Active Members 39 Figure 3.4: Public Equity – Top 10 Exposures 175 Figure 2.4: Distribution of Retirees and Beneficiaries 39 Figure 3.

This document is a summary of VRS' audited financial statements and other information contained in VRS' Annual.

55 3. ... SECTION 56 Chief Investment Officer's ... 65 57 Investment ... 167 ... Highlights 170 V ... Money Managers 177 76 Public Equity Commissions 18 ... Schedule of Investment Expenses 180 77 Investment Summary 181 78 Description of Hybrid Defined ... 2 80 Description of Defined ... 83 ... Portfolio Highlights: Figure 3.3: Traditional Equity Custom Benchmark Sectors and Regions 170 Figure 3.4: Public Equity – Top 10 Exposures 171 Figure 3.5: Fixed Income Portfolio by Sector Allocation 172 Fi

77 Investment Summary ... INVESTMENT SECTION Investment Account: Figure 3.1: Asset Allocation Mix 166 Figure 3.2: Investment Performance Summary 166 ... Portfolio Highlights: Figure 3.3: Traditional Equity Custom Benchmark Sectors and Regions 168 Figure 3.4: Public Equity – Top 10 Exposures 168 Figure 3.5: Fixed Income Portfolio by Sector Allocation 169 Figure 3.6: Fixed Income – Top 10 Holdings by Market Value 170 Figure 3.7: Private Equity Program 170 Figure 3.8: Real Assets by Sector 171 Figu

Approval of Minutes Following a motion by Dr. Gooden, and a second by Ms. Pantele, the VRS Board of Trustees unanimously approved the minutes from its September 25, 2025, meeting. Report of the Chief Investment Officer Andrew Junkin, Chief Investment Officer, began his report with a market overview and discussed asset allocation, total fund performance and tracking error, concluding that risk measures are within Board approved levels. Lastly, Mr. Junkin discussed the New Investments and Terminat

ended June 30, 2024. funding more than $6.8 billion in benefits annually to our retirees. an estimated $122.4 million

CIO Quarterly Report - QE December 2025 - Page 17 Performance Summary 01-31-2026 - Page 26 Asset Allocation Report - January ... 2026 - Page 27 Daily Asset Allocation Report 04-01-2026 - Page 28 New Investments and Terminations 04-08- ... Page 29 ... ification and Asset ... Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset allocation. Last, Mr. Junkin reviewed the New Investments and Terminations Report. ... Mr. Howell discussed th

CIO Report Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset allocation. Last, Mr. Junkin reviewed the New Investments and Terminations Report. ... Performance-June30,2025 ... Total Public Equity 9.8 14.5 17.9 17.8 10.9 4.1 17.8 ~nchmarlc 9.8 13.7 17.1 16.7 10.4 3.9 16.7 ... 11. ... 10.3 ... 3.3 ... Total Private Equity 1'.1 16.9 3.6 5.7 1.6 1.5 5.7 ~nchmarlc 11.1 15.8 7.3 7.4 -1.4 -4-3 7.4 ... 1.3 1 ... 5.4 ... 3.9 -1.3 ... 2.9 ..

Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset allocation. Last, Mr. Junkin reviewed the New Investments and Terminations Report. ... Mr. Howell discussed the agenda for the private assets program reviews and provided a general overview of Private Equity, Credit Strategies, Private Investment Partnerships, and Real Assets. ... Mr. Noland provided a review of the Real Assets program. Review topics included an overview ofthe team

024 - Page 23 ... Performance Summary 01-31-2025 - Page 32 ... Page 33 ... 5 - Page ... discussed asset allocation ... CIO Report Mr. Junkin began his report with a market overview. Mr. Junkin then discussed total fund performance and asset allocation. Last, Mr. Junkin reviewed the New Investments and Terminations Report. ... oland provided a ... Fi .cal ... ii SYr ... Total Real Assets 1.1 5.7 3s4 -11.(1 (1.8 ,0.1 u Bendimark 5.6 3,3 ,0.1 -.3.-3 0.4 0.2 0.5 ... Portfolio Positioning Over T

Investments Report FOR THE QUARTER ENDING DECEMBER 31, 2025 ... FOR THE QUARTER ENDING DECEMBER ... The second quarter of the fiscal year produced solid results for the VRS portfolio, capping a strong calendar year and reinforcing the long-term strength of the investment program. For the calendar year ended December 31, 2025, the Total Fund returned 12.8%, in line with the board-approved benchmark and reflecting broad gains across public markets, credit and real assets. For the quarter

For the quarter ended March 31, 2026, the VRS portfolio posted positive results despite a more difficult and volatile market. The Total Fund returned 0.3% for the quarter and 11.5% for the one-year period, reflecting the benefits of diversification during a time of falling global stock markets, ongoing inflation concerns and uncertainty about interest rates. Long-term performance remains a clear strength of the VRS investment program. Over the five- and 10-year periods ended March 31, 2026, the

based on: - Value added services – e.g., providing education, distributing research, and performing analytics on ... Client service – e.g., responsiveness, timeliness, competency, and approach - ... ERA’s ... ’s assets ... 4th Quarter 2023 ... COMMINGLED FUNDS AERMONT Real Estate Fund IV 33.0 0.0% 1 S 4 B 3 AEW Value Investors Asia III 27.2 0.0% 1 S 4 B 4 AG Asia Realty Fund IV 76.3 0.1% 4 S 3 B 3 AG Europe Realty Fund II 42.6 0.1% 1 S 3 B 3 Bain Capital Real Estate Fund I 80.6 0.1% 5 S 3 A 3 Ba

The WSIB’s private equity GPs continue to seek quality investment opportunities in Washington state. As of June 30, 2023, the WSIB’s investment portfolio held $5.2 billion in Washington-based investments across its public equity, fixed income, real estate, tangible assets, innovation portfolio, and private equity investment programs. This represents approximately 3.3 percent of the state’s Commingled Trust Fund (CTF). Every investment was made in accordance with the WSIB’s statutory mandate. T

Net position was $137.2 of New York State having a net worth of at least $10 million, improved by one-to-four family residential dwellings

▻ CalSTRS' real estate portfolio NAV has decreased by $900M in the past six months to $49.0B (as of Q3 2023). The controlled portfolio is 76% of.

Real Estate Investment ... Portfolio Performance & Risk Updates ... 3. Portfolio Structural Updates ... 4. Key ... & Operational Updates 5. ... 6. Appendix ... 2 Portfolio Performance & Risk Updates Market Themes and Notable Items to Watch ... Upside Capture Ratio Downside Capture Ratio ... Total Fund Summary as of September 2024 ... $41,926 ... 51% ... Real Assets & Inflation Hedges ... $11,877 15% ... $17,8 ... 22% ... $1,164 ... Historical Net Performance as of September 2024 ... Total Fun

2022 Investment Highlights OPERF: Garnering National Recognition and Net-Zero Transition Pledge Portfolio Performance: 2022 and Over Time ... | | various market conditions and be capable of fulfilling various operational needs, such as short-term obligations to beneficiaries and long-term investment objectives for sustainable returns. Treasury’s strategic development of a diversified portfolio allowed it to navigate volatile market conditions in ... 22 and minimize ... . Despite a tumultuous yea

Vintage Year Partnership Capital Commitment ... Total Capital Contributed ... Total Capital Distributed Fair Market Value ... 4 Waterton ... 14 Landmark ... Real Estate Fund III $ ... 15 Rock ... 0 $1 ... 15 Harrison ... Real Estate Partners ... $11 ... .0 $108.5 $53.7 $95.5 1 ... 38x 11 ... 18% 2 ... 15 W ... L.L.C $17.4 $14.3 $0.0 $16.8 1.17x 7.19% 2015 Lone Star Fund IX $300.0 $302.3 $232.6 $89.4 1.07x 3.61% 2015 Harrison Street REP V Co-Investment $35.0 $36.1 $11.9 $46.6 1.62x 13.81% 2015 Ma

| Real Estate | | | 7.5-17.5% | | | 12.5% | | | | $ 13,719,337 | | 14.8% | | | | 19.98 | | | | 23.31 | | | | | 19.71 | | | | 13.62 | | | 11.91 | | | 11.23 | | | 10.81 | | | 11.45 | | | ... | Real Assets | | | 2.5-10.0% | | | | 7.5% | | | $ | 8,063,835 | 8.7% | | | | 18.07 | | | | 18.06 | | | | | 18.39 | | | | 11.41 | | | | 7.63 | | | 7.31 | | | 7.48 | | | 5.32 | | ... Asset Class Benchmarks: MSCI ACWI IMI NET (15.14) (11.78) 2.62 6.49 8.13 6.13 8.29 8.62 RUSSELL 3000+300 BPS QTR LAG (14.02) (13.

Returns for periods ending NOV-2 ... Real Estate 7.5-17.5% 12.5% $ 13,583,865 13.5% 2.84 3.35 (1.17) (3.92) 2.26 4.91 4.83 6.17 ... Oregon Custom Real Estate Benchmark 3.01 3.02 (3.02) (6.17) 0.47 2.57 2.65 4.41 ... Real Assets 2.5-10.0% 7.5% $ 10,875,835 10.8% 11.40 11.21 12.22 9.78 11.80 13.15 8.55 8.17

Returns for periods ending AUG-2 ... Real Estate 9.0-16.5% 12.5% $ 13,707,578 13.9% 2.78 4.01 (2.62) (3.51) 3.72 5.44 4.96 6.50 ... Oregon Custom Real Estate Benchmark 2.37 2.17 (4.46) (5.83) 1.67 2.36 2.82 4.67 ... Real Assets 2.5-10.0% 7.5% $ 10,695,684 10.8% 8.12 10.79 11.61 9.46 12.07 12.88 8.20 7.62